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2024-10-20 | Marketscreener.com | OFG Bancorp Reports 3Q23 Results | OFG Bancorp (NYSE: OFG), the financial holding company for Oriental Bank, reported results for the third quarter ended September 30, 2023.EPS diluted of $0.95 compared to $0.93 in 2Q23 and $0.87 in 3Q22. Total core revenues of $172.2 million compared to $170.5 million in 2Q23 and $156.8 million in 3Q22. CEO Comment José Rafael Fernández, Chief Executive Officer, said: “Third quarter results reflected year-over-year increases of 10% in core revenues and 9% in EPS. Highlights include continued loan growth, stable core deposits, low cumulative deposit beta of 19%, increased operating leverage, and strong performance metrics. We also benefited from overall higher interest rates and benign credit conditions as economic activity in Puerto Rico continues to do well.” “Oriental’s self-service portal, launched earlier this year as part of our ‘Digital First’ strategy, has been expanded to include more features and is rapidly being adopted by our customers. This is resulting in a growing number of digital transactions, enabling us to better meet the needs of the customers and communities we serve.” “Our results could not have been possible without the hard work and commitment of all our team members. We are thankful to them for executing our corporate vision.” 3Q23 Highlights Performance Metrics:Net interest margin of 5.80%, return on average assets of 1.76%, return on average tangible common stockholders’ equity of 17.59%, and efficiency ratio of 52.36%. Net Interest Incomeof $141.8 million compared to $139.6 million in 2Q23 and $126.5 million in 3Q22. 3Q23 reflected the full effect of 2Q23’s 25 basis point increase in the Federal Reserve Board’s funds rate and a partial effect of 3Q23’s 25 bps increase. Total Interest Incomeof $165.7 million compared to $158.0 million in 2Q23 and $134.7 million in 3Q22. Compared to 2Q23, 3Q23 primarily reflected higher yields (7.84% vs. 7.76%) on increased average balances of loans and higher yields on variable rate loans. Total Interest Expenseof $23.9 million compared to $18.3 million in 2Q23 and $8.2 million in 3Q22. Compared to 2Q23, 3Q23 reflected higher cost of funds (1.07% vs. 0.84%) on increased average balances of deposits and borrowings. Total Banking & Financial Service Revenuesof $30.4 million compared to $30.9 million in 2Q23 and $30.3 million in 3Q22. Pre-Provision Net Revenuesof $82.3 million compared to $80.8 million in 2Q23 and $69.6 million in 3Q22. Total Provision for Credit Lossesof $16.4 million compared to $15.0 million in 2Q23 and $7.1 million in 3Q22. 3Q23 included $11.4 million due to increased loan volume, $4.1 million in qualitative adjustment, and $0.7 million for a specific reserve for the sale of a small portfolio of non-performing Puerto Rico small business commercial loans. Credit Quality:Net Charge-offs of $18.8 million compared to $6.6 million in 2Q23 and $11.3 million in 3Q22. 3Q23 included $6.9 million for two loans previously and substantially reserved. 2Q23 included a recovery of $3.7 million from the sale of older, fully charged off auto and consumer loans. Early and total delinquency rates were 2.75% and 3.78%, respectively, and the nonperforming loan rate of 1.33% was in the lower ranges seen over the last five quarters. Total Non-Interest Expenseof $90.2 million compared to $88.9 million in 2Q23 and $87.5 million in 3Q22. Compared to 2Q23, 3Q23 operating expense decreased $1.3 million, due to a lower gain on sale of foreclosed real estate partially offset by lower general and administrative expenses. Loans Held for Investment (EOP)of $7.26 billion compared to $7.12 billion in 2Q23 and $6.68 billion in 3Q22. Loans increased 2.0% from 2Q23 and 8.6% year-over-year, reflecting increases in Puerto Rico and US commercial loans and retail auto and consumer loans. This was partially offset by regular paydowns of residential mortgages. New Loan Productionof $562.5 million compared to $691.8 million in 2Q23 and $511.3 million in 3Q22. 3Q23 reflected continued high levels of auto, commercial and consumer lending. Total Investments (EOP)of $2.07 billion compared to $1.70 billion in 2Q23 and $2.04 billion in 3Q22. 3Q23 investments increased from 2Q23 reflecting the purchase of $450 million fixed-rate mortgage-backed securities partly offset by regular repayments. Customer Deposits (EOP)of $8.54 billion compared to $8.54 billion in 2Q23 and $8.84 billion in 3Q22. Total Borrowings (EOP)of $451.5 million compared to $226.5 million in 2Q23 and $27.3 million in 3Q22. Cash & Cash Equivalents (EOP)of $532.7 million compared to $799.0 million in 2Q23 and $815.4 million in 3Q22. Compared to 2Q23, 3Q23 cash reflected new purchases of MBS. Total Assets (EOP)of $10.26 billion compared to $10.03 billion in 2Q23 and $10.06 billion in 3Q22. Capital:CET1 ratio of 14.03% level with 2Q23 and 13.38% in 3Q22. The Tangible Common Equity ratio was 9.74% compared to 9.99% in 2Q23 and 8.83% in 3Q22. Tangible Book Value per share of $21.01 compared to $21.06 in 2Q23 and $18.46 in 3Q22. Conference Call, Financial Supplement & Presentation A conference call to discuss 3Q23 results, outlook and related matters will be held today at 10:00 AM ET. Phone (800) 579-2543 or (785) 424-1789. Conference ID: OFGQ323. The call can also be accessed live onwww.ofgbancorp.comwith webcast replay shortly thereafter. OFG’s Financial Supplement, with full financial tables for the quarter ended September 30, 2023, and the 3Q23 Conference Call Presentation, can be found on the Quarterly Results page on OFG’s Investor Relations website atwww.ofgbancorp.com. Non-GAAP Financial Measures In addition to our financial information presented in accordance with GAAP, management uses certain “non-GAAP financial measures” within the meaning of SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Please refer to Tables 8-1 and 8-2 in OFG’s above-mentioned Financial Supplement for a reconciliation of GAAP to non-GAAP measures and calculations. Forward Looking Statements The information included in this document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and involve certain risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. Factors that might cause such a difference include but are not limited to (i) general business and economic conditions, including changes in interest rates; (ii) cybersecurity breaches; (iii) hurricanes, earthquakes, pandemics and other natural disasters; and (iv) competition in the financial services industry. For a discussion of such factors and certain risks and uncertainties to which OFG is subject, please refer to OFG’s annual report on Form 10-K for the year ended December 31, 2022, as well as its other filings with the U.S. Securities and Exchange Commission. Other than to the extent required by applicable law, including the requirements of applicable securities laws, OFG assumes no obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements. About OFG Bancorp Now in its 59thyear in business, OFG Bancorp is a diversified financial holding company that operates under U.S., Puerto Rico and U.S. Virgin Islands banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services, and Oriental Insurance, provide a wide range of retail and commercial banking, lending and wealth management products, services, and technology, primarily in Puerto Rico and U.S. Virgin Islands. Visit us atwww.ofgbancorp.com. View source version on businesswire.com:https://www.businesswire.com/news/home/20231019492008/en/ |
2024-10-19 | Marketscreener.com | Walgreens Flu Index Shows Flu Activity Steadily Climbing This Season | Walgreens launched the2023-2024 Walgreens Flu Indextoday to help communities track flu activity in their area and serve as an important reminder to take preventive measures, including an annual flu shot. Walgreens has produced this online, interactive tool for 10 flu seasons to show trends in flu activity week-over-week. This press release features multimedia. View the full release here:https://www.businesswire.com/news/home/20231019216442/en/ Walgreens launched the 2023-2024 Walgreens Flu Index today to help communities track flu activity in their area and serve as an important reminder to take preventive measures, including an annual flu shot. (Graphic: Business Wire) The Walgreens Flu Index shows that, to date, overall flu activity is 66% lower compared to the start of the 2022-2023 flu season, with activity increasing 13% over the past week. During the week of Oct. 9, flu activity was the highest in Puerto Rico, Hawaii and Louisiana. Several areas in the southern U.S., including Harlingen-Weslaco-Brownsville- McAllen, Texas, Lafayette, Louisiana, and Beaumont-Port Arthur, Texas, were designated the top markets with the most widespread flu activity so far. “After several atypical flu seasons, this year’s Flu Index is showing a more gradual ramp-up of flu activity closer to the pre-COVID norm,” said Kevin Ban, MD, Chief Medical Officer, Walgreens. “While it’s early days and flu season is always unpredictable, our historical data suggest this could be a return to a typical two-wave flu season where activity starts to peak in December and reaches its highest point in February, rather than the single peak we saw last year, which was earlier but lower than the norm.” Despite theunusualpatterns of flu activity last season, the virus still had a major impact on communities and the healthcare system, driving a similar level of illnesses, hospitalizations and deaths as in pre-pandemic years and contributing to the ‘tripledemic’ of flu, COVID-19 and RSV in the U.S. Getting a flu shot remains the best way to protect against the virus, and potentially serious outcomes of influenza. The annual flu shot has been shown to reduce the risk of having to go to the doctor with flu by as much as 40% to 60%.1 The Centers for Disease Control and Prevention (CDC) recommends that everyone 6 months and older get a flu vaccine by the end of October.2However, if individuals cannot get vaccinated until later, the CDC recommends still getting the flu shot because significant flu activity can continue through May.3It takes about two weeks after receiving the vaccine for antibodies to develop in the body and provide protection against the flu. “It’s just as important as ever to get your annual flu shot, and now is the time to do it,” said Dr. Ban. “With COVID-19 surging, pandemic precautions continuing to ease, and people gathering in person more frequently this fall and winter, keeping up with all CDC-recommended immunizations is the best way to keep you and your loved ones protected as we head into the holidays and peak flu season. As our pharmacy teams are working tirelessly to serve our communities, Walgreens makes it easy for the whole family to get annual flu shots, the updated COVID-19 vaccine and the RSV vaccine for those eligible, all in one visit.” Flu and COVID-19 vaccines are available at no cost to patients with most insurance or government assistance. To schedule a vaccination appointment, visitWalgreens.com/ScheduleVaccine, use theWalgreens appor call 1-800-WALGREENS. Walgreens also offers a variety of convenient, low-cost testing and treatment options to simplify the path to recovery for individuals experiencing respiratory symptoms, including a rapid 2 results in 1 test for COVID-19 and influenza A and B that are now available at most locations nationwide. To learn more, visitWalgreens.com/Testing, use theWalgreens appor call 1-800-WALGREENS. Top 10 DMAs with Highest Flu Activity 1. Harlingen-Weslaco-Brownsville-McAllen, Texas 2. Lafayette, La. 3. Beaumont-Port Arthur, Texas 4. Puerto Rico 5. New Orleans, La. 6. Honolulu, Hawaii 7. El Paso, Texas (Las Cruces, N.M.) 8. Columbus-Tupelo-West Point-Houston, Miss. 9. Corpus Christi, Texas 10. Anchorage, Alaska Top 10 States and Territories with Highest Flu Activity 1. Puerto Rico 2. Hawaii 3. Louisiana 4. Arkansas 5. Texas 6. Mississippi 7. Florida 8. Nevada 9. Alabama 10. Tennessee About the Walgreens Flu Index® The Walgreens Flu Index® is an online, interactive tool that ranks the top markets and states for flu activity in the United States, including Puerto Rico, and the top markets and states showing the largest increases in flu activity week-over-week. The index is updated weekly each Tuesday and is available through an online interactive map linkedhere. Users can search by market or state to see where their geographic area ranks for flu activity in any given week and how current flu activity compares to last season. Through thetime-lapse featureof the Walgreens Flu Index®, users can see how current flu activity compares to activity from last season. Every week, Walgreens tracks the incremental change of antiviral medications used to treat influenza across thousands of Walgreens and Duane Reade locations nationwide to create the Walgreens Flu Index®. Data for the Walgreens Flu Index® is analyzed at state and geographic market levels to measure absolute impact and incremental change of antiviral medications on a per store average basis and does not include markets in which Walgreens has fewer than 10 retail locations. The index is not intended to illustrate flu severity, but rather, based on this methodology, to show which populations are experiencing the highest incidence of influenza within the United States and Puerto Rico each week. Low-high rankings are designated based on a normal flu season, defined by an average of the last five flu seasons nationwide. For example, red regions on the Walgreens Flu Index® map indicates a much higher than normal flu season, while green regions indicate a much lower than normal flu season. About Walgreens Walgreens (www.walgreens.com) is included in the U.S. Retail Pharmacy and U.S. Healthcare segments of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), an integrated healthcare, pharmacy and retail leader with a 170-year heritage of caring for communities. WBA’s purpose is to create more joyful lives through better health. Operating nearly 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving nearly 10 million customers each day. Walgreens pharmacists play a critical role in the U.S. healthcare system by providing a wide range of pharmacy and healthcare services, including those that drive equitable access to care for the nation’s underserved populations. To best meet the needs of customers and patients, Walgreens offers a true omnichannel experience, with fully integrated physical and digital platforms supported by the latest technology to deliver high-quality products and services in communities nationwide. 1Centers for Disease Control and Prevention. “Vaccine Effectiveness: How Well Do Flu Vaccines Work?” February 28, 2023.https://www.cdc.gov/flu/vaccines-work/vaccineeffect.htm 2Centers for Disease Control and Prevention. “Who Needs a Flu Vaccine.” August 25, 2023.https://www.cdc.gov/flu/prevent/vaccinations.htm 3Centers for Disease Control and Prevention. “Flu Season.” September 20, 2022.https://www.cdc.gov/flu/about/season/index.html View source version on businesswire.com:https://www.businesswire.com/news/home/20231019216442/en/ |
2024-10-04 | GlobeNewswire | Barrick Strengthens Zambia Partnership, Invests in Major Expansion of Lumwana Mine | All amounts expressed in US$ LUSAKA, Zambia, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX)–Barrick’s transformation of its Lumwana mine into a world-class producer will provide strong impetus for the government’s thrust to revive the country’s copper industry, president and chief executive Mark Bristow said yesterday after a meeting with Zambian President Hakainde Hichilema. Barrick is investing almost $2 billion in an expansion project designed to increase Lumwana’s annual production to an estimated 240,000 tonnes of copper from a 50 million tonne per annum process plant over a 36-year life of mine, elevating this once-unprofitable operation into the front rank of copper producers. The project’s accelerated work program is targeting completion of the full feasibility study by the end of 2024, bringing expected expanded process plant production forward to 2028. Since Barrick took over operations at Lumwana in 2019, the mine has contributed almost $3 billion to the Zambian economy in the form of taxes, royalties, salaries and the procurement of goods and services. In addition to its local procurement policy, the company is also committed to local employment, and 99.3% of Lumwana’s current workforce are Zambian nationals. “Barrick believes that its host countries are its key stakeholders and that partnering with them creates sustainable value for both of us. In Zambia as elsewhere in our global network, we seek to share the economic benefits generated by our mines with the countries’ governments and people, notably our neighbouring communities,” Bristow said. Last year Barrick launched a Business Accelerator Program aimed at building business capacity for the Zambian contractors in Lumwana’s supply chain and to support them in effecting their own growth plans. It is also partnering with the country’s Ministry of Small and Medium Enterprises to support the development of these businesses. Looking at Lumwana’s current performance, Bristow said it was on track to deliver its production guidance for 2023 and was ramping up owner mining with both the reopening of the Malundwe pit as well as delivery of the new owner mining pre-stripping fleet. Republican President Hakainde Hichilema stated he was elated by the news of the planned expansion. “This is a show of confidence in our New Dawn government by one of the world’s leading mining companies. Our laser focus is on establishing Zambia as a global mining destination. We have also set ourselves the target of producing 3 million tonnes of copper by 2030. Barrick is a key strategic partner on this journey.” President Hichilema called on Barrick to prioritise local content and increase the participation of Zambian suppliers to the Lumwana mine. He also encouraged Barrick to deploy the most advanced mining technology and invest in downstream value addition in support of the New Dawn’s vision of establishing green industrial parks in Zambia. Barrick enquiriesInvestor and media relationsKathy du Plessis+44 20 7557 7738Email:barrick@dpapr.com Website:www.barrick.com Technical InformationThe scientific and technical information contained in this press release has been reviewed and approved by Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa & Middle East, a “Qualified Person” as defined in National Instrument 43-101 –Standards of Disclosure for Mineral Projects. Cautionary Statement on Forward-Looking InformationCertain information contained in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “transform”, “expand”, “target”, “expect”, “aim”, “growth”, “on track” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: planned capital expenditures and the anticipated benefits from the Lumwana Super Pit expansion project including estimated annual production and throughput and potential life of mine extensions at Lumwana; Lumwana’s transformation into a world-class copper mine; Barrick’s partnership with Zambia and Lumwana’s contributions to the Zambian economy; Lumwana’s ability to meet 2023 production guidance; the reopening of the Malundwe pit and delivery of a new pre-stripping fleet; Barrick’s commitment to employing host country nationals and creating long-term value for its host communities in Zambia including through the Business Accelerator Program; Barrick’s sustainability strategy; and Barrick’s future investments in community projects and contributions to the Zambian economy. Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Zambia and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; changes in mineral production performance, exploitation, and exploration successes; the possibility that future exploration results will not be consistent with the Company’s expectations; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. Barrick also cautions that its guidance may be impacted by the ongoing business and social disruption caused by the spread of Covid-19. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. |
2024-10-04 | Marketscreener.com | Barrick Strengthens Zambia Partnership, Invests in Major Expansion of Lumwana Mine | All amounts expressed in US$ LUSAKA, Zambia, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX)–Barrick’s transformation of its Lumwana mine into a world-class producer will provide strong impetus for the government’s thrust to revive the country’s copper industry, president and chief executive Mark Bristow said yesterday after a meeting with Zambian President Hakainde Hichilema. Barrick is investing almost $2 billion in an expansion project designed to increase Lumwana’s annual production to an estimated 240,000 tonnes of copper from a 50 million tonne per annum process plant over a 36-year life of mine, elevating this once-unprofitable operation into the front rank of copper producers. The project’s accelerated work program is targeting completion of the full feasibility study by the end of 2024, bringing expected expanded process plant production forward to 2028. Since Barrick took over operations at Lumwana in 2019, the mine has contributed almost $3 billion to the Zambian economy in the form of taxes, royalties, salaries and the procurement of goods and services. In addition to its local procurement policy, the company is also committed to local employment, and 99.3% of Lumwana’s current workforce are Zambian nationals. “Barrick believes that its host countries are its key stakeholders and that partnering with them creates sustainable value for both of us. In Zambia as elsewhere in our global network, we seek to share the economic benefits generated by our mines with the countries’ governments and people, notably our neighbouring communities,” Bristow said. Last year Barrick launched a Business Accelerator Program aimed at building business capacity for the Zambian contractors in Lumwana’s supply chain and to support them in effecting their own growth plans. It is also partnering with the country’s Ministry of Small and Medium Enterprises to support the development of these businesses. Looking at Lumwana’s current performance, Bristow said it was on track to deliver its production guidance for 2023 and was ramping up owner mining with both the reopening of the Malundwe pit as well as delivery of the new owner mining pre-stripping fleet. Republican President Hakainde Hichilema stated he was elated by the news of the planned expansion. “This is a show of confidence in our New Dawn government by one of the world’s leading mining companies. Our laser focus is on establishing Zambia as a global mining destination. We have also set ourselves the target of producing 3 million tonnes of copper by 2030. Barrick is a key strategic partner on this journey.” President Hichilema called on Barrick to prioritise local content and increase the participation of Zambian suppliers to the Lumwana mine. He also encouraged Barrick to deploy the most advanced mining technology and invest in downstream value addition in support of the New Dawn’s vision of establishing green industrial parks in Zambia. Barrick enquiriesInvestor and media relationsKathy du Plessis+44 20 7557 7738Email:barrick@dpapr.com Website:www.barrick.com Technical InformationThe scientific and technical information contained in this press release has been reviewed and approved by Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa & Middle East, a “Qualified Person” as defined in National Instrument 43-101 –Standards of Disclosure for Mineral Projects. Cautionary Statement on Forward-Looking InformationCertain information contained in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “transform”, “expand”, “target”, “expect”, “aim”, “growth”, “on track” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: planned capital expenditures and the anticipated benefits from the Lumwana Super Pit expansion project including estimated annual production and throughput and potential life of mine extensions at Lumwana; Lumwana’s transformation into a world-class copper mine; Barrick’s partnership with Zambia and Lumwana’s contributions to the Zambian economy; Lumwana’s ability to meet 2023 production guidance; the reopening of the Malundwe pit and delivery of a new pre-stripping fleet; Barrick’s commitment to employing host country nationals and creating long-term value for its host communities in Zambia including through the Business Accelerator Program; Barrick’s sustainability strategy; and Barrick’s future investments in community projects and contributions to the Zambian economy. Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Zambia and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; changes in mineral production performance, exploitation, and exploration successes; the possibility that future exploration results will not be consistent with the Company’s expectations; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. Barrick also cautions that its guidance may be impacted by the ongoing business and social disruption caused by the spread of Covid-19. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. |
2024-10-24 | The Times of India | New project aims to set up world's largest African ancestry database for genetic studies | iStock The aim is to build a "reference genome" to better understand genetic variants that affect Black people and potentially develop new medicines. Scientists are setting out to collect genetic material from 500,000 people of African ancestry to create what they believe will be the world's largest database of genomic information from the population. The hope is to build a new "reference genome" - a template to compare to full sets of DNA from individuals - and better understand genetic variants that affect Black people. It could eventually translate into new medicines and diagnostic tests - and help reduce health disparities. The initiative was launched Wednesday by Meharry Medical College in Nashville, Tennessee, as well as Regeneron Genetics Center, AstraZeneca , Novo Nordisk and Roche. The pharmaceutical companies are providing the funding, while the data will be managed by a nonprofit started by Meharry, called the Diaspora Human Genomics Institute. Organizers said there's a clear need for the project, pointing to research showing that less than 2% of genetic information being studied today comes from people of African ancestry. "We are going to bridge that gap, and this is just the beginning," said Anil Shanker, senior vice president for research and innovation at Meharry. Scientists have long known that the reference they compare to individual genomes has serious limits because it mostly relies on genetic material from one man and doesn't reflect the spectrum of human diversity. Although any two people's genomes - that is, a set of instructions to build and sustain a human being - are more than 99% identical, scientists say they want to understand the differences. The project is not connected with related research already underway. In May, scientists published four studies about building a diverse reference genome that they call a "pangenome." At that point, it included the genetic material of 24 people of African ancestry, 16 from the Americas and the Caribbean, six from Asia and one from Europe. In the new project , Meharry, a historically Black academic health sciences center, will recruit patients from the Nashville area to donate blood, then send it to the Regeneron Genetics Center, which will do the genetic sequencing for free. Other historically Black colleges and universities in the U.S., and the University of Zambia in Africa, will also recruit volunteers. Project organizers said they are also open to working with other universities in Africa, as well as medical centers and health departments there. Organizers expect enrollment to take about five years. All information will be kept anonymous. After the genetic sequencing, the data will go into a repository at the Diaspora Human Genomics Institute, and the database will be provided exclusively to HBCUs and the institutions involved in Africa. Outside researchers can access the information through those institutions. "You can imagine if these schools have such a resource, other academic institutions are going to want to collaborate with them," said Lyndon Mitnaul, executive director for research initiatives at Regeneron Genetics Center. Corporate partners will be able to use the data for research and to develop medicines and diagnostic tests. The 10-year initiative also involves establishing a grant program to support research and education in genomics and related fields at Meharry, plus broader STEM programs for grade-school children in diverse communities. Each of the pharmaceutical companies involved intends to contribute $20 million toward the genetic and educational parts of the effort. ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute's Science and Educational Media Group. The is solely responsible for all content. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on ancestry database African ancestry New project genetic studies world's largest database astrazeneca Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-13 | The Times of India | G20 ministerial for swift implementation of roadmap to deal with crypto assets | Agencies The finance ministers of the G20 nations on Thursday called for swift and coordinated implementation of the G20 roadmap to deal with the issues related to the crypto assets. The G20 Roadmap on Crypto Assets adopted by the G20 Finance Ministers was spelt out in a Synthesis Paper prepared jointly by the International Monetary Fund (IMF) and Financial Stability Board (FSB). "We adopt the roadmap proposed in the Synthesis Paper as a G20 Roadmap on Crypto Assets. We call for swift and coordinated implementation of the G20 Roadmap, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation and information sharing; and addressing data gaps," said a communique issued during the fourth meeting of the FMCBG. The G20 Roadmap on crypto assets is a detailed and action-oriented roadmap that will help coordinate global policy as well as develop mitigating strategies and regulations on such assets while also taking into consideration the specific implications on Emerging Markets and Developing Economies (EMDEs). The Finance Ministers and Central Bank Governors (FMCBG) communique drew guidance from the G20 New Delhi Leaders Declaration (NDLD) and benefited significantly from the consensus that was reached at the Leaders' Summit last month, a press statement issued by the finance ministry said. Did you Know? SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes. View Details » The communique was unanimously adopted at the fourth and final meeting of the G20 FMCBG under the Indian Presidency in Marrakesh, Morocco on the sidelines of the IMF-WB Annual Meetings. With regard to Strengthening Multilateral Development Banks (MDBs), the communique said that the ministers committed themselves to pursuing ambitious efforts to evolve and strengthen MDBs to address the global challenges of the 21st century with a continued focus on addressing the development needs of low and middle-income countries. "We re-emphasise the need for an additional push for continued and further impetus for ambitious implementation of the recommendations of the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs) within MDBs' own governance frameworks while safeguarding their long-term financial sustainability, with a regular review of the progress of implementation on a rolling basis," it said. The ministers appreciated the work undertaken by the G20 Independent Expert Group (IEG) in preparing Volume 2 of their report. The board of each MDB will be best placed to determine if and when a capital increase is needed in addition to CAF measures to support efforts in addressing global challenges and meeting development needs, it said. Going forward, it said, "we call on the International Financial Architecture Working Group to deliberate on the IEG recommendations in consultation with MDBs and suggest a way forward for better, bigger and more effective MDBs, including ways to work together better as a system, in our meeting in April 2024." It called upon the IMF and World Bank to report by our next meeting on the work undertaken to support efforts at enhancing domestic resource mobilisation of EMDEs, considering each country's circumstances. On managing global debt vulnerabilities, the ministers called for a swift conclusion of the debt treatment for Ethiopia while welcoming progress in Zambia and Ghana. Beyond the Common Framework, we also welcome all efforts for timely resolution of the debt situation of Sri Lanka and the ongoing progress and call for its swift conclusion as soon as possible. It also appreciated the efforts of the International Financial Architecture Working Group in taking forward the work on the debt agenda, including the preparation of the G20 Note on the Global Debt Landscape. The G20 Finance Ministers agreed to continue implementation of the G20 Roadmap for Enhancing Cross-Border Payments and appreciated the third annual progress report on the Cross-Border Payments Roadmap and the first annual monitoring report with key performance indicators for meeting the targets. With the new G20 2023 Financial Inclusion Action Plan, it was decided that the Global Partnership for Financial Inclusion would continue its work for advancing this in all three dimensions viz., access, usage and quality, for individuals and MSMEs through innovative methods, including digital public infrastructure in support of inclusive growth and sustainable development. Appreciating the critical step taken by the Financial Action Task Force (FATF) in finalising guidance on trusts and other legal arrangements, the communique said "we commit to effectively implement the associated revised standard on beneficial ownership transparency." It welcomed the positive developments in FATF towards revising its standards on asset recovery and reinforcing global asset recovery networks so as to enhance global efforts to recover criminal proceeds promptly and effectively. Apart from these outcomes, the communique reflects the outcomes from the various G20 Finance Track workstreams that were completed post-July FMCBG meeting and the G20 New Delhi Summit, it said. The communique also welcomed the upcoming Brazilian Presidency of the G20 and looked forward to continued work on enhancing global economic cooperation to achieve strong, sustainable, balanced and inclusive growth. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on cryptocurrency G20 finance crypto assets policy framework central bank G20 g20 cryptos crypto market crypto news (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-10-05 | Marketscreener.com | CBZ : Dividend Notice | Notice to Shareholders Interim Dividend Declaration Notice to Shareholders Notice is hereby given that the Board declared a final interim dividend of US$3,000,000.00 (0.4817 US cents per share) for half year ended 30 June 2023 payable in respect of all the ordinary shares of CBZ Holdings Limited (the Company). This dividend will be payable in full to allWithdrawalShareholders of the Companyof Cautionaryregistered as at theAnnouncementclose of business on 20 October 2023. TheShareholderspayment of the dividendare referredwill take placeto theon orCautionaryabout 27 OctoberStatements2023.issued by the CBZ Holdings Limited (the Company) Board during the course of The applicable shareholders' tax will be deducted from the Gross Dividends. years 2017, 2018 and 2019. The shares of the Company will be traded cum-dividend on the Zimbabwe Stock Exchange CBZ Bank Limited has been co-operating in investigations by up to the market day of 17 October 2023 and ex-dividend as from 18 October 2023. the Office of Foreign Asset Control (OFAC) regarding historical Shareholderstransactionsare requestedinvolvingto submita partytheir updatedthat wasmailingsubjectand bankingto OFACdetailseconomicto: sanctions. OFAC has concluded its investigations and the matter has First Transfer Secretaries (Private) Limited been resolved through the issuance of a Cautionary Letter. 1 Armagh Avenue Eastlea As a result thereof, the contents of the previous Cautionary Harare Announcements have ceased to have any relevance or effect on Email:- info@fts-net.com and ftsgen@fts-net.com Telephone:the Company- +263 242and782869/7cautionor +263is no242longer776628/49/59/69required.to be exercised by shareholders when dealing in their securities. BYByORDERorderOF THEof theBOARDBoard Rumbidzayi Angeline Jakanani GROUP CHIEF GOVERNANCE OFFICER Rumbidzayi Angeline Jakanani REGISTERED HEAD OFFICE 5 CampbellGroupRoadLegalPomonaCorporate Secretary Harare, Zimbabwe Telephone: (263-242) 748 050-79 Email:REGISTEREDinfo@cbzh.co.zw wwwHEAD.cbz.coOFFICE.zw 5th Floor, Union House 28 September 2023 60 Kwame Nkrumah Avenue Harare, Zimbabwe Telephone: 0242 - 748 050 - 79 Email: info@cbz.co.zw DIRECTORS: Marc L Holtzman, Edward E. Galante, Rebecca L. Gaskin Gain, Louis C. Gerken, Edward U. Mashingaidze, Blessing31Mudavanhu*August 2020(Group Chief Executive Officer), Tawanda L. Gumbo*(Group Chief Finance Officer) * Executive Director Partners for Success Banking|Insurance|Investments|Agro-Business Attachments Disclaimer CBZ Holdings Ltd.published this content on05 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on05 October 2023 06:56:13 UTC. |
2024-10-11 | Marketscreener.com | Caledonia Mining Corporation Plc: Record Quarterly Production at Blanket Mine | ST HELIER, Jersey, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or the "Company") (NYSE AMERICAN, AIM and VFEX: CMCL) announces gold production from the Blanket Mine in Zimbabwe ("Blanket") for the quarter ended September 30, 2023 ("Q3 2023" or the "Quarter"). All production numbers are expressed on a 100 per cent basis and are based on the final assay at the refiners. Highlights Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said: “I am pleased that Blanket is performing well and we have set a new quarterly production record. I look forward to achieving our guidance of between 75,000 and 80,000 ounces of gold for 2023. “We have invested heavily in Blanket over the last seven years, including investment this year to construct a new tailings storage facility which is expected to have a life of at least 15 years, based on the current production profile, and will support production well into the future. “The recent encouraging drill results at Blanket indicate that there is additional mineralisation that may, in due course, be accessed using the current infrastructure and which should further extend the life of Blanket. “Blanket continues to provide a solid foundation for the Company, providing us with a platform for our other growth projects in Zimbabwe.” Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act. Enquiries: ________1Refer to the technical report entitled "NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" with effective date September 1, 2022 prepared by Minxcon (Pty) Ltd filed by the Company on SEDAR (www.sedar.com) on March 13, 2023 Note: The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014(“MAR”)as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Cautionary Note Concerning Forward-Looking InformationInformation and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Caledonia’s current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. The forward-looking information contained in this news release is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: the successful implementation of mine plans, the establishment of estimated resources and reserves, the grade and recovery of minerals which are mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, the representativeness of mineralization being accurate, success of planned metallurgical test-work, capital availability and accuracy of estimated operating costs, obtaining required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and Caledonia’s experience of project development in Zimbabwe and other factors. To the extent any forward-looking information herein constitutes a financial outlook or future oriented financial information, any such statement is made as of the date hereof and included herein to provide prospective investors with an understanding of the Company's plans and assumptions.Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company’s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction. |
2024-10-11 | GlobeNewswire | Caledonia Mining Corporation Plc: Record Quarterly Production at Blanket Mine | ST HELIER, Jersey, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or the "Company") (NYSE AMERICAN, AIM and VFEX: CMCL) announces gold production from the Blanket Mine in Zimbabwe ("Blanket") for the quarter ended September 30, 2023 ("Q3 2023" or the "Quarter"). All production numbers are expressed on a 100 per cent basis and are based on the final assay at the refiners. Highlights Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said: “I am pleased that Blanket is performing well and we have set a new quarterly production record. I look forward to achieving our guidance of between 75,000 and 80,000 ounces of gold for 2023. “We have invested heavily in Blanket over the last seven years, including investment this year to construct a new tailings storage facility which is expected to have a life of at least 15 years, based on the current production profile, and will support production well into the future. “The recent encouraging drill results at Blanket indicate that there is additional mineralisation that may, in due course, be accessed using the current infrastructure and which should further extend the life of Blanket. “Blanket continues to provide a solid foundation for the Company, providing us with a platform for our other growth projects in Zimbabwe.” Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act. Enquiries: ________1Refer to the technical report entitled "NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" with effective date September 1, 2022 prepared by Minxcon (Pty) Ltd filed by the Company on SEDAR (www.sedar.com) on March 13, 2023 Note: The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014(“MAR”)as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Cautionary Note Concerning Forward-Looking InformationInformation and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Caledonia’s current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. The forward-looking information contained in this news release is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: the successful implementation of mine plans, the establishment of estimated resources and reserves, the grade and recovery of minerals which are mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, the representativeness of mineralization being accurate, success of planned metallurgical test-work, capital availability and accuracy of estimated operating costs, obtaining required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and Caledonia’s experience of project development in Zimbabwe and other factors. To the extent any forward-looking information herein constitutes a financial outlook or future oriented financial information, any such statement is made as of the date hereof and included herein to provide prospective investors with an understanding of the Company's plans and assumptions.Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company’s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction. |
2024-10-20 | ReadWrite | The Role of IoT in Providing Healthcare to the Aging Population | The aging population is one of the most rapidly growing demographics in the world. By 2050, the number of people aged 60 and over is projected to reach 2.1 billion,according to the WHO. However, this increase in the aging population comes with several challenges, including a higher incidence of chronic diseases, declining cognitive function, and frailty. IoT is increasingly important in providinghealthcareto the aging population. Here are ten ways that IoT will advance healthcare for aging populations. One of the main challenges in providing healthcare to the aging population is the communication gap between patients and caregivers.IoT can help bridge this gapby providing a way for patients to communicate their needs more efficiently. For example, wearable devices can be used to track the health of elderly patients and send alerts to their caregivers if there are any changes. This can help to ensure that patients receive the care they need promptly. Chronic conditions are one of the leading health concerns for the aging population, which is expected to increase in the coming years. IoT can help to manage chronic conditions by providing data that can be used to improve treatment and care plans. Specifically, IoT-enabled devices can be used to track patients’ health and collect data to identify trends and patterns. This information can then tailor treatment plans and improve patients’ overall care. Falls are a common problem among the elderly and can often lead to severe injuries. Through IoT, falls can be prevented by installing devices monitoring the environment and providing alerts when a fall is detected. These devices can help detect potential hazards and prevent falls before they occur. Speaking of falls, many older adults have difficulty with mobility, making it difficult to get around. This can lead to a decline in physical activity, worsening their health. IoT can help improve the mobility of older adults by providing devices that assist with movement. For example, wearable devices vibrate when the user is about to lose their balance. In addition, some devices can be installed in the home that automatically opens doors and turns on lights when someone approaches. Medication adherence is a significant concern for the elderly. Non-adherence can lead to a decline in health and an increased risk of hospitalization. John Gardner, Co-Founder & CEO of Kickoff (trainwithkickoff dot com), says, “IoT is a great tool for helping seniors stay on track with their medication and will help save lives.” IoT can help to ensure that patients take their medications as prescribed. For example, some devices dispense medication and track when it is taken. Some apps remind patients when it is time to take their medication. Others provide data to caregivers to see if patients are taking their medication as prescribed. Mental healthis a significant concern for the elderly, as many older adults suffer from depression and anxiety. These conditions can often lead to a decline in physical health and an increased risk of suicide. By using IoT, mental health can be monitored in real-time. For example, some wearable devices track the user’s heart rate and sleep patterns. This information can be used to identify changes in mood and behavior. Additionally, some devices can provide cognitive stimulation and social interaction through games and other activities. Proper nutrition is essential for the elderly, yet many older adults do not get the nutrients they need due to a variety of factors, such as: However, IoT can help toimprove nutritionfor the elderly by providing devices and services that make it easier to obtain and prepare nutritious meals. For example, meal delivery services provide healthy meals that can be easily prepared. In addition, some devices track the nutrient intake of the user and provide suggestions for improvement. Caregivers often have difficulty keeping track of their elderly loved ones, especially if they live far away, often leading to a decline in the quality of care that the older adult receives. IoT can help to connect caregivers and loved ones by providing devices that allow for remote monitoring. For example, some devices allow caregivers to track the location of the older adult. Others provide data on the person’s health, such as heart rate and blood pressure. Additionally, some devices offer two-way communication, so caregivers and loved ones can stay connected even when apart. Stephan Baldwin, Founder of Assisted Living (assistedlivingcenter dot com), reminds caregivers that “IoT can be a great way to keep track of elderly loved ones, but it’s important to use the technology responsibly. Choose easy-to-use devices that will provide the information you need.” One of the main goals of healthcare for the elderly is to reduce hospitalizations. However, hospitalizations can be costly and often lead to a decline in the patient’s health. IoT can help reduce hospitalizations by providing remote patient health monitoring devices. For example, some devices track the heart rate and blood pressure. Medical professionals can use this information to identify potential problems early on so that the patient can be treated before their condition worsens. While not often considered a health concern, financial security is essential to healthcare for the elderly. Unfortunately, many older adults live on a fixed income, making it difficult to afford healthcare costs. IoT can help to reduce the financial burden of healthcare for the elderly by providing devices and services that are low-cost or free. For example, many apps provide free health tracking. Additionally, some insurance companies offer discounts for customers who use IoT devices to track their health. According to Anthony Martin, Founder and CEO of Choice Mutual, “IoT can be a great way to save money on healthcare costs. Using devices to track your health, you can stay healthy and avoid costly hospitalizations.” As the population ages, healthcare becomes an increasingly important concern. The elderly are often more vulnerable to health problems due to a decline in physical and mental health. Additionally, the elderly often have difficulty affording healthcare costs. No matter the difficulty faced by seniors, IoT can help. IoT-connected devices and services can be used to improve nutrition, monitor mental health, connect caregivers and loved ones, reduce hospitalizations, and provide financial security. By using IoT, we can improve the health and well-being of the aging population. Featured Image Credit: Karolina Grabowska;Pexels; Thank you! |
2024-10-05 | The Times of India | Asian shares come off 11-month lows as Treasuries rally | Agencies Asian shares rebounded from 11-month lows on Thursday as a plunge in oil prices and softer U.S. labour data helped pull Treasury yields off 16-year peaks, although a looming U.S. payrolls report could make or break the rally. Tracking overnight gains on Wall Street, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6%. Japan's Nikkei climbed 1.2%. Hong Kong's Hang Seng index advanced 0.3%. China's mainland markets remain closed for holidays. Overnight, the rout in Treasuries took a breather after a cooler-than-expected U.S. private payrolls report and a 5% drop in oil prices offered some comfort to investors. Risk sentiment has taken a beating on the view that interest rates will stay high for longer. Ten-year yields eased 2 basis points to 4.7163% on Thursday, continuing their overnight retreat from a fresh 16-year high of 4.8840%. Much will depend on U.S. non-farm payrolls data on Friday. Economists expect 170,000 jobs created in September, slowing from 187,000 in August, while the jobless rate likely ticked lower to 3.7% from 3.8%. "I think those numbers will have to be a long way from those expectations for it to move the dial for the Fed, but numbers close to the expectations might serve to calm jitters in the Treasury market," said Stephen Miller, an investment strategist at GSFM, a Sydney-based fund. "Given where Treasury yields are at the moment, I think the risks are pretty evenly balanced between them on the downside and on the upside." The recent spike in yields has meant they have reached levels where, if sustained, would see a significant tightening in financial conditions, bolstering the case for no further hikes from the Fed. The CME FedTool now prices in a 23% chance of a hike in November, compared with 28% a day ago. The U.S. dollar came off highs and Wall Street rebounded, led by the tech heavy Nasdaq which rose more than 1% overnight. The battered yen also got a much needed reprieve, rallying 0.5% on Thursday to 148.34 per dollar. Traders are continuing to wonder whether a sharp rebound away from the 150 level on Tuesday was due to intervention from Japanese authorities. [FRX/] "Whether or not the BoJ intervened, we still judge the risk of intervention is high while USD/JPY follows U.S. Treasury yields higher," said Joseph Capurso, head of international economics at CBA. Despite the renewed strength for the U.S. dollar, analysts still see weakness for it ahead, a Reuters poll showed. Oil prices gained on Thursday after losing a colossal 5% to where they were at the beginning of the year. Brent crude futures rose 0.3% to $86.10 per barrel and U.S. West Texas Intermediate crude futures were also up 0.3% at $84.45. The price of gold gained 0.3% to $1,826.69 per ounce. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on stock exchange stock market Treasuries Hang Seng Asian shares Asian shares rebound (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-10-03 | Business Insider | Impact of 'funflation' to continue beyond Taylor Swift and Beyoncé, says Bank of America | Maybe theepic summer of Taylor Swift,Beyoncé, and "Barbenheimer"was just the beginning and not just a one-off outlier. That's what Bank of America analysts argued in a September 13 report called "Funflation in Full Force," in reference to the recent surge in spending on entertainment and live experiences. The analysts call live entertainment the "biggest star" in the media and entertainment universe and cite several factors that could sustain the momentum for years to come and boost the bottom lines of companies tied to these events. Bank of America said these are the five "sustainable and longer-term key drivers that will fuel solid growth for a number of years." Consumer spending is shiftingto experiences. Strong demand based on current pricing models could lead to more opportunities fordynamic pricing. More supply and demand as artists continue to get better at usingsocial-media platformsand promote themselves globally, especially in developing markets, to build fan bases. Live events are "relatively disruption-proof" as virtual events pale in comparison to attending in person. Strong sponsorship and experiential marketing. On the surface, this contradicts some earlier warnings that whileentertainment spendingdid prop up the economy, it would be fleeting. With the end of the summer concert tours, Bloomberg analysts argued thatthe entertainment boost won't last. The analysts described the spending as a "once-in-blue moon" phenomenon. "A large chunk of that strength comes from temporary factors," the analysts wrote. "These factors create a mirage of resilient consumption, when in fact it's running out of steam." Look a little deeper, and the two views might not be that contradictory. We could see a lull in the fall and winter with fewer big tours and blockbuster movies, followed by another boom in the warmer months next year. Of course, that may not helpthe economy,and there have already been signs ofmore cautious spendinglate in the year. There are also some looming factors that will put more pressure on spending, such as the resumption ofstudent-loan payments, soaring gas prices, rising insurance premiums, and plummeting personal savings. Bank of America did warn in its report that there is some risk in betting on "funflation" to continue. "We see the macro environment/consumers' willingness to spend during a potential downturn and regulatory as the two biggest overhangs in the near term," the analysts wrote. Bank of America also acknowledged that part of the summer of fun was driven by "pent-up demand for in-person, communal experiences following the pandemic." We don't know if that trend will hold as post-pandemiccabin fever wears off. The analysts also cited a 2022 Live Nation survey that found respondents were willing to spend the most money on live concerts and music festivals, and they're less inclined to cut back spending on those experiences than other expenses. Bloomberg Economics estimated that the tours fromSwift and Beyoncécombined would add an estimated $5.4 billion to the US gross domestic product. One factor event organizers will struggle to replicate is the star power of Swift and Beyoncé. But if Bank of America's predictions are correct, the economy may feel the effects of entertainment spending despite the diminished sparkle of the performers. Replicating theeconomic impact of Swiftiesand members of the Bey Hive may not be necessary if more events by smaller acts can generate enough heat. |
2024-10-23 | Business Insider | 9 entrepreneurs who left corporate America share the biggest challenges of running a business — and what to expect before quitting to work for yourself | Starting a business isn't for the faint of heart. It can be a risky, stressful, and all-consuming career path. "Entrepreneurship can get overglamorized," said Tyler Wright, wholeft a sales job to build a personal finance brandand coaching business. "There are pros — you have flexibility and the ability to control how much you make — but there's also a lot of extra work and time involved to get there." Wright and eight other entrepreneurs and small-business owners shared some of the major challenges that come with running a business and what to expect if you make the leap from corporate America to working for yourself. They don't share their challenges to deter prospective entrepreneurs. "I generally wish that more people would be willing to give it a try," said Phil Thompson, aconsultant turned artist. But it's what they wish they'd known before leaving their nine-to-fives. When you work for yourself, "you are now 100% accountable for everything," Mike Gardon, a former banker and the creator ofThe Break Community, said. You no longer have a boss to answer to or a team to follow through for, meaning you have to be more disciplined. "You have to manage yourself better and differently because you're working a jobandyou're trying to get something else off the ground, but you don'thaveto do it." Wright experienced that while building his brand,Defining Wealth. "There is a level of baked-in accountability when you work for somebody because you have to go to work at a certain time. You have to show up to meetings on time," he said. Whereas, if you're your own boss, "it can be difficult because there are no rules necessarily. You have to make the rules and stick to them." While he likes the flexibility of being an entrepreneur, "it can be a double-edged sword at times," he added. "With freedom sometimes comes more responsibility." You're also fully responsible financially. If sales drop, for example, you're the one who must figure out what went wrong and how to get back on track. As Thompson put it, "When things are not doing well, there's no one there to save you or buffer you." Being an employee typically comes with benefits like health insurance, retirement plans, and paid leave. "Entrepreneurs, on the other hand, must set up these complex items all on their own," said Ludomir Wanot, who quit a six-figure job at Amazon to build areal-estate-wholesaling business,Evergreen Housing Network. "I spent months figuring out the best and most affordable health-plan coverage." His current coverage is "not nearly as good as the healthcare I received at Amazon," he admitted. Plus, "it's quite a bit more expensive." Thompson said the No. 1 factor holding employees back from quitting and working for themselves is losing insurance and benefits. Not only are you leaving a salary and a consistent paycheck, but "then you get hit with this quite substantial monthly bill for your health insurance," he said. "It's expensive and it goes up every year." Thompson's wife, Katie Lauffenburger, also quit her corporate job to pursue a more artistic career creating ceramic homes. They now runWonder City Studiotogether. They found a good insurance broker who helped them shop for plans, and they recommend other small-business owners do the same. "When I first started, I remember having a really, really terrible health-insurance plan. It was a very high deductible but a very cheap monthly payment," said Thompson. "But now we're on kind of a classic Blue Cross standard plan and it's expensive, but we trust our broker to have gotten us the best possible deal for what we needed. So I would say shop around with different brokers and find one that you really like who is responsive." Hiring team members is another task you'll be responsible for as an entrepreneur, especially as you grow. "The team around you is not automatic," said Steph Gordon and Den Mathu,a couple in Toronto who quit their corporate jobs to become full-time online content creators. "You need to build that, and there are definitely growing pains." Ascontent creators, Gordon and Mathu work with video editors, lawyers, and accountants. They prefer to find smart, capable professionals by asking other creators in their industry for referrals. Hiring can be intimidating, "and you might get burned, but it's probably not going to break you," said Adah Fitzgerald, a former teacherwho now owns and runs a small-town bookstore. "Learn from it, because you have to have people. A lot of business owners wait too long to hire someone." Unlike corporate roles, which tend to be specialized, you'll likely be juggling multiple roles as an entrepreneur. "When I was in sales, I didn't have to worry about posting content for my company or HR or accounting or leadership," said Wright. "I just showed up and I did sales." Now, "I'm the CEO, I'm the CFO, I'm the head of content, I'm the head of accounting, I'm the head of everything," he continued. Lauffenburger had a similar experience, going from working on the design team at a software company and having specific tasks to doing everything herself as an artist. "When you're working for yourself, you're responsible for making the product, planning the product, marketing the product, maintaining your studio, training your assistant. You're responsible for everything." She said the task list feels never-ending and ever-expanding. If you're transitioning to a more entrepreneurial career, don't expect to work nine-to-five, added Katie McCarron, the founder of the family-run businessPortland Pet Food Company.Running a business "is 24-7, but you need to carve out time for yourself and make sure that you take care of yourself." Income fluctuation is probably the biggest transition from the corporate world to entrepreneurship, and there's no guarantee you'll ever get used to it. "With retail, there are seasonal ups and downs," explained Lauffenburger. "And even though we've had this business for so long and expect it now, it's still not comfortable. We never really get fully used to it." With experience, though, comes confidence that you can make it through a slow period. The first drought can be "super depressing," added Thompson. "It's easy to just wallow and be like, 'Well, I guess I'm never going to get sales,' and you question the universe." But after some time, you start to realize you're in control. "I can make a new product, I can do more marketing, I can send out an email newsletter," he said. "I'm in the driver seat and I can just decide to do more." |
2024-10-27 | Business Insider | I'm an employment attorney who rejects 98% of inquiries. Here are the wrongful termination cases that actually stand a chance. | I'm an employment attorney who has represented hundreds of employees and litigated many cases over the past decade. I own a law firm with offices in Fort Lauderdale, Miami, and shortly in St. Louis, Missouri. These days, most of our work involves representing employees in pursuing cases against corporate America for discrimination, sexual harassment, sexual assault, and retaliation. I believe in the work that we do. There are very real instances of corporate America engaging in misconduct, and we aggressively pursue those real cases. But I also believe that many — probably most — employees with workplace grievances are entitled, dramatic, maladjusted, delusional, and just looking for a payday. If anyone can say that with authority, it's me. Each week, I would estimate our firm gets more than 500 inquiries a week on employment cases. We reject about 98% of these. The numbers break down as follows and the percentages are approximations: 75% are clearly frivolous and there is no case 20% are plausible cases that I don't pursue due to a lack of evidence or unfavorable law 5% are real cases — of these real cases, I only take 2-3% Two categories of people make up the first group of inquiries (the 75%). They were fired and don't like the reason why They think they did a good job, or at least a not fireable job They were never given a final warning They don't feel valued or "validated" These people feel like their situation is terribly unfair and hurtful. In these types of cases, the details may change, but the general story is always the same: Company X recruited Fred and promised him the world (not in writing, of course). The company never trained Fred on key responsibilities. The company threw Fred to the wolves and made him figure things out on his own. Fred did his best. But his direct boss never empowered him. Fred's voice and opinions were not heard and validated. Fred was terminated. And his feelings are hurt. Modern society has convinced people that feelings and rights are interchangeable. But that is not true. Laws exist to protect rights, not feelings. Some people are aggrievedsolelybecause a company has given them critical feedback on their performance. These people have no concrete allegations of, e.g., discrimination, retaliation, or other corporate misconduct. But they have been fired, given a negative performance review, or placed on a "PIP plan."Let's call our example Joe. Joe is in his mid 40s. Joe has worked at Company X for 15 years in sales management. And, for the first time in his life, Joe has been told that his performance is not satisfactory. Company X placed him on a PIP plan. Joe's immediate reaction is not to evaluate his performance or consider whether he may be deficient in certain areas. People like Joe automatically attribute this to something illegal and nefarious (without specific facts supporting that conclusion). They want to "take legal action" or "figure out their rights." They cannot articulate any actual corporate wrongdoing. Instead, the perceived wrong is solely the employment action taken against them. And the harm to their feelings. Plausible cases involve a situation where something seems improper but there is no compelling, direct evidence and/or the law on that specific situation is not in not favorable. These are situations where the employee might have a viable case — but not a case that is strong enough for us to pursue. The bucket of plausible cases we receive is just above 20%. The remaining 5% are real legal cases arising out of workplace issues and corporate misconduct. These include: Discrimination Retaliation Sexual harassment Sexual assault Defamation The potential clients are good, solid people who seem reasonable and honest. At their jobs, they have been treated in a manner that is morally and legally wrong, inhumane, and sometimes utterly horrific. Still, we do not take all these cases because of economic realities. Many small companies that engage in the worst forms of misconduct do not have sufficient assets or insurance. A $10 million judgment is worthless unless you can collect. I've chased big judgments through layers of shell companies. I don't do that anymore. This is reality: It is not my job to play nursemaid to the universe and tilt at windmills. That leaves roughly 2% to 3% of cases that we accept. These days, most of those cases fall into a handful of specific buckets: Race discrimination (particularly against Black people) Age discrimination (particularly against folks 60 and older) Sexual harassment or outright sexual assault Many of these cases also have a retaliation component We see cases from every industry. But some of the ugliest, most egregious cases come out of the broader construction industry: workers constantly called the N-word and told that they would be killed if it was still the good old days; construction foreman riding around on his golf cart, gun strapped to his waist, shouting racial slurs at black workers digging in a trench; rampant sexual harassment and sexual assault; women raped by a coworker on a job site. And in these real cases, where we represent good people who have basically been beaten down and abused, we will go to the ends of the earth to vindicate their rights. But even then, litigation, trial, and even a big jury verdict won't undo whatever damage has been done. At best, litigation gets you a chunk of money. You must find and make your own peace. Jonathan Pollard is an employment attorney based in Fort Lauderdale, Florida. |
2024-11-01 | Business Insider | A new 'wake-up call for real-estate agents' could reshape how we buy and sell homes | Say you sold a house. You paid your mortgage, taxes, and insurance on time. You sunk money into your investment before deciding it was time to move on. You chose a broker, vetted buyers, and made it to closing. You pocketed some money — but not before paying your broker and the buyer's broker as much as 6%of the home's sale price, which could trim thousands of dollars off your profit. But what if you paid your broker too much, leaving your own wallet thinner unnecessarily? That's what a federal jury ruled on Tuesday. It found the National Association of Realtors (NAR) — the biggest trade association for the industry, with 1.6 million agents as members — and some large residential brokerages conspired to keep their commissions on home sales artificially high. As a result, the jury added, NAR and the brokerages are liable for about $1.8 billion in damages. The result? Home sellers might be able to keep more of the proceeds of their sales — and some might even decide not use a broker at all. Sissy Lappin, owner of a real-estate brokerage in Houston, Texas,told the Wall Street Journalthat Tuesday's verdict could push more people to buy and sell homes by themselves rather than hiring an agent. The verdict, she added, is "a wake-up call for real-estate agents." Insider's James Rodriguez argued in June that this case — plus a similar, biggerantitrust suit against NARand other brokerages whose damages could top $40 billion — "could radically reshape how we buy and sell homes forever." Rodriguez explained that these cases "could rewrite the rules of how agents get paid. The seller might no longer pay out both agents' commissions after the sale closes. Instead, a buyer would pay their agent directly. Proponents say these changes would increase competition among agents, dramatically lower commissions, and potentially save consumers as much as $20 billion to $30 billion a year." Currently, home sellers often list their properties for higher sums because they expect to pay broker fees. A decrease in standard commission rates, though, might motivate sellers to list their homes for a little less. The plaintiffs, home sellers in the Midwest, brought the antitrust suit against NAR and the brokerages, HomeServices of America and Keller Williams Realty, in 2022.They claimed that their agents unlawfully kept prices high for consumers despite technological advances that are free to everyone and reduce the costs of buying and selling homes. "NAR and corporate real-estate companies have had a stranglehold on real-estate commissions for too long," the plaintiffs' lawyer, Michael Ketchmark, said outside the courtroom Tuesday, according to the Journal. An NAR spokesperson said the organization plans to appeal the jury's verdict. |
2024-10-11 | Business Insider | We already have the tools we need to fight the climate crisis — but a 'green transition' will still take time, 5 sustainability leaders say | This year,a growing number of deadly wildfires, floods, extreme heat events, and droughts reminded us that theclimate crisisis raging. As the world races to adopt and implement long-term climate solutions, we should be using tools already at our disposal, like renewable energy and electric vehicles, according tomembers of Insider's One Planet Advisory Councilwho spoke to us during a recent roundtable conversation. Of course, there are roadblocks to adopting these solutions on a wider scale, including the ambivalence of consumers, a shortage of skilled labor, and a lack of government support. "I think innovation is exciting," Alyssa Gilbert, the director of innovation at the Grantham Institute for Climate Change and the Environment at Imperial College London, said during the meeting. "But it's really important that we don't get so excited about new things that we forget we have a lot of the solutions already." As EVs and sustainable products such as clothing creep into the wider culture, companies are paying attention to how consumers respond. For example, Ford chose to electrify two of its most iconic vehicles, the F-150 and Mustang Mach-E, which are popular with customers, said Cynthia Williams, the global director of sustainability, homologation, and compliance atFord Motor Co. "It's going to take time to transition," Williams said. "We need to work together to educate folks about the advantages of electric vehicles. Also, working with governments to harmonize regulations so that we're not pulled in 20 different directions to meet regulatory requirements. Set a goal to get to a carbon-free future and allow manufacturers some flexibility to get there. It's not going to happen overnight, but we do have a plan to get there." Fordreported its best third quarterfor EV sales this year at nearly 20,100 vehicles, but that still only accounts for 4% of the company's overall sales. The company plans to ramp up EV production during the end of the year as part of its $50 billion investment in the EV sector through 2026. Labor is a hurdle for the green transition, said Donnel Baird, the founder and CEO of BlocPower. His company analyzes, finances, and installs electric appliances and energy-efficiency upgrades in buildings in underserved communities. "The challenge isn't technology or finance," Baird said. "It's the lack of skilled workers in Europe, in the US, who can appropriately install and maintain the tech that exists. What we have is a blue-collar workforce problem that needs to be solved in order to try existing technologies at scale." Qmerit, a platform that connects homeowners with installers for EV chargers, rooftop solar, and battery storage,forecast that the electrician workforce could shrink14% by 2030, with demand jumping by as much as 25%. The shortage comes as the Inflation Reduction Act — which provides extensively for the green transition — is pouring nearly $400 billion over the next decade into those technologies. Even though the US has enacted the sweeping climate law, there are still new oil and gas projects cropping up — and subsidies for the companies developing them. And the US is not alone. Globally, governments spent a record $7 trillion subsidizing fossil fuels in 2022,according to an analysis by the International Monetary Fund. That is more than triple the GDP of the African continent, said Omar Elmawi, the former executive director of the Kenya-based Muslims for Human Rights. He's also the former coordinator of the StopEACOP movement, which works to prevent the expansion of the 900-mile-long East African Crude Oil Pipeline. Because more than 600 million people don't have access to electricity in Africa, Elmawi said there's an opportunity to leapfrog dirty energy there. "Renewables are cheaper compared to how much it costs to generate the same amount of energy from fossil fuels," Elmawi said. "Why are we still seeing more fossil-fuel projects come on board?" The ongoing expansion of fossil fuels has become a rallying cry for climate activists, who are frustrated that companies and governments aren't making more progress. They're increasinglyturning to more disruptive stunts, including defacing famous artwork and blockading the banks and insurance companies that finance oil and gas projects. "We're no longer disappointed, we're angry," Elijah McKenzie-Jackson, the cofounder of Waic Up, a nonprofit focused on climate communication and activism, said. McKenzie-Jackson noted that throughout history, mass protests and social movements have pressured the people in power to change — from granting women the right to vote to prohibiting discrimination based on race, sex, and religion. Disruptive tactics are necessary to change the status quo, he said. "Protest is a cry for help," he said. "We've gone through different avenues of the corporate world. We see where the doors are shut. So the one thing we can do is take to the streets." |
2024-10-10 | Globalsecurity.org | Thousands Of Turkmen Leave Turkey Amid Renewed Pressure As Some Eye Move To Russia | By RFE/RL's Turkmen Service October 09, 2023 Thousands of Turkmen have been forced to leave Turkey -- a key destination for migrants from Turkmenistan -- amid Ankara's renewed pressure on undocumented workers in recent months. Turkish police conduct raids in workplaces that are known to employ undocumented migrants, according to Turkmen citizens living in Turkey. "The campaign against migrants is increasing in Turkey. Since September 25, the police began entering factories and restaurant kitchens to detain migrant workers," an RFE/RL source in Istanbul said, adding, "Police immediately transfer the detainees to deportation centers." "There is no point of staying in Turkey anymore, it's impossible to get an official work permit there," one Turkmen said. "You can work illegally, but the [police] will eventually track you down and deport you." About 2,500 Turkmen in Turkish deportation facilities were flown home in August and September, according to sources in Ashgabat. Ashgabat initially provided free plane tickets for its citizens stuck in the deportation centers. But the sources in the Turkmen capital claim the government now demands that deportees pay for them. RFE/RL did not receive any comments from Turkmen officials, who usually refuse to speak to the independent media. Turkey's Migration Agency said there were some 198,000 Turkmen citizens living in Turkey legally as of mid-September. That is a steep decline from September of last year, when more than 230,000 Turkmen had valid Turkish resident permits or visas, according to migration officials. The real number of Turkmen citizens living in Turkey and other countries is thought to be much higher than official figures as many stay abroad with expired visas and other documents. Turkmen embassies don't renew or replace their citizens' expired or lost passports, insisting they return to Turkmenistan for such services. But Turkmen are reluctant to go home, fearing the authorities could prevent them from leaving the country -- a common practice by officials in recent years as Turkmenistan's population continues a steady decline. The latest wave of Turkey's clampdown on illegal migrants came in July. But migration problems for Turkmen citizens began much earlier -- in September 2022, when Turkey ended visa-free travel for Turkmen at Ashgabat's request. The authoritarian government, which is infamous for restricting its citizens' freedom of movement and other basic civil rights, had asked Ankara to cancel the rule that allowed Turkmen to stay in Turkey without a visa for up to 30 days. The visa-free regime allowed Turkmen to apply for visa extensions and residency permits or seek political asylum. New Destination Russia? Those who return home face dire unemployment, widespread poverty, and endemic corruption. Despite having great mineral wealth, revenue from the country's abundant natural gas resources hasn't trickled down to ordinary Turkmen. Many of the deportees from Turkey are contemplating going to Russia, which is home to millions of migrants from neighboring Central Asian countries. Some people are borrowing money at high interest rates to pay for a Russian visa and plane tickets, hoping they will be able to find work in Russia and repay their debts, several Turkmen told RFE/RL Turkmen Service correspondents. One resident from the city of Mary told RFE/RL on October 9 that many women from that southeastern province have left for Russia in search of work. "Most women migrants from Mary have gone to the [Russian resort city of] Sochi, where they work in restaurants and hotels," the local said. With little economic opportunity at home, remittances from relatives abroad are the only source of income for many Turkmen. The harsh reality of a weak economy in Turkmenistan has also led to many Turkmen staying in Turkey and working there illegally -- under the constant risk of being caught in a police raid or exploited by their employer. Earlier this year, a 31-year-old Turkmen migrant in Turkey told RFE/RL's Central Asian Migrant Unit that he decided to remain in Turkey despite having no valid documents. The man, who only gave his first name, Merdan, said he works for a moving company. "It is illegal work. Since I don't have a work permit, I can't get medical insurance," he said. "In case of a work accident in which I would break an arm or a leg, I would be on my own." The Mary Province native said he once had an accident when he "fell down some stairs" while he was carrying a fridge on his back. Undocumented, Merdan knows he has no legal protection and is vulnerable to exploitation. But like many Turkmen workers abroad, Merdan endures the hardship because he knows his family in Turkmenistan depends on the money he sends from Turkey. Written by Farangis Najibullah in Prague based on reporting by RFE/RL's Turkmen Service Source:https://www.rferl.org/a/turkmen-leave-turkey-pressure- russia/32630102.html Copyright (c) 2023. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036. |
2024-10-03 | The Verge | Instacart will accept Medicare Advantage for grocery orders | Instacart is expanding its payment options next year to include Medicare Advantage, Medicaid, and other supplement health benefits for grocery deliveries. The move comes after the company began accepting food stamps as payment earlier this year. The program, which will be administered through Alignment Health, will allow anyone who receives health insurance through Medicare Advantage, Medicaid and other eligible programs to use their plan-sponsored funds to purchase “eligible groceries, wellness essentials, and over-the-counter medications for delivery via Instacart,” the company said. The goal is to improve access to nutritious food and over-the-counter medicines for seniors, many whom experience food insecurity as a result of transportation challenges and economic instability. “eligible groceries, wellness essentials, and over-the-counter medications” “The new plans will give participating seniors greater independence, convenience, and the dignity of choice to select the essentials they need to support their health from Instacart’s broad selection of retail partners,” Sarah Mastrorocco, Vice President and General Manager of Instacart Health, said in a blog post. Instacart has been working to expand payment options to people on food stamps or other welfare programs for years now. The company partnered with grocery outlet Aldi on a pilot three years ago. Earlier this year, it announced that it now accepts food stamps in all 50 states . Most delivery platform apps aren’t equipped to accept food stamps as a universal form of payment, though that may be changing. Uber Eats announced recently it would begin to accept food stamps. An estimated 31 million people are enrolled in Medicare Advantage, while 92 million are on Medicaid. SNAP is the biggest food assistance program in the US, with an estimated 41.2 million people receiving monthly benefits in the 2022 fiscal year, according to the Pew Research Center . Comments |
2024-10-30 | NPR | She talked about depression at a checkup — and got billed for two visits. | Christine Rogers of Wake Forest, North Carolina, was asked to complete a mental health questionnaire as part of her annual physical. A brief conversation with her doctor landed her with a charge for a separate consultation.Kate Medley/KFF Health Newshide caption Christine Rogers of Wake Forest, North Carolina, was asked to complete a mental health questionnaire as part of her annual physical. A brief conversation with her doctor landed her with a charge for a separate consultation. Christine Rogers of Wake Forest, North Carolina, didn't hesitate when she was asked to fill out a routine mental health questionnaire during a checkup last November. Her answers on the form led her primary care doctor to ask about depression and her mood, and Rogers said she answered honestly. "It was a horrible year. I lost my mom," Rogers said she told her physician. After what Rogers estimates was a five-minute conversation about depression, the visit wrapped up. She said her doctor did not recommend treatment nor refer her for counseling. "It's not like anything I told her triggered, 'Oh my goodness, I'm going to prescribe you medication,'" she said. Then the bill came. The patient:Christine Rogers, 60, a public relations/communications worker who is insured by Cigna Healthcare through her job. Medical services:An annual wellness visit, which included typical blood tests, as well as a depression screening and discussion with a physician. Service provider:WakeMed Physician Practices, part of WakeMed Health & Hospitals, a Raleigh-based, tax-exempt system with three acute care hospitals, outpatient centers, and hundreds of physicians across a range of specialties. Total bill:$487, which included a $331 wellness visit and a separate $156 charge for what was billed as a 20- to 29-minute consultation with her physician. Her insurer paid $419.93, leaving Rogers with a $67.07 charge related to the consultation. Bill of the Month is a crowdsourced investigation byKFF Health NewsandNPRthat dissects and explains medical bills. Do you have an interesting medical bill you want to share with us?Tell us about it! What gives:Rogers said the bill came as a surprise because she knows annual wellness checks are typically covered without patient cost sharing as preventive care under the Affordable Care Act. And as part of an annual physical, patients routinely fill out a health questionnaire, which may cover mental health topics. But there is a catch: Not all care that may be provided during a wellness visit counts as no-cost preventive care under federal guidelines. If a health issue arises during a checkup that prompts discussion or treatment — say, an unusual mole or heart palpitations — that consult can be billed separately, and the patient may owe a copayment or deductible charge for that part of the visit. In Rogers' case, a brief chat with her doctor about mental health triggered an additional visit charge — and a bill she was expected to pay. Rogers said she didn't broach the subject of depression during her checkup. She was asked when she checked in to fill out the questionnaire, she said — and then the doctor brought it up during her exam. The Affordable Care Act requires insurers to covera variety of preventive serviceswithout a patient paying out-of-pocket, with the idea that such care might prevent problems or find them early, when they are more treatable and less costly. The federal government listsdozens of services of what is considered no-cost-sharing preventive care for adults and children, which includes such things as cancer screenings, certain vaccinations, and other services recommended by either of two federal agencies or the U.S. Preventive Services Task Force, an independent group of experts in disease prevention. Depression screening is covered as preventive care for adults, including when they're pregnant or in the postpartum phase. Rogers requested an itemized bill from her doctor's practice, which is part of WakeMed Physician Practices. It showed a charge for the wellness visit (free for her), as well as a separate charge for a 20- to 29-minute office visit. Earlier, Rogers said, she had discussed the initial bill with the office manager at her doctor's office, who told her the separate charge, roughly $67, was for discussing her questionnaire results with her doctor. For Rogers, it wasn't so much about the $67 she owed for the visit, as it was a matter of principle. The separate charge, she said, was "disingenuous" because she was specifically asked about her mental health. Also, annual physicals are intended to nip health problems in the bud, which sometimes requires a few more minutes of attention – whether it's to discuss symptoms of depression or palpate an abdomen for digestive issues Some experts like Sabrina Corlette say the charge seemed a bit over-the-top: Depression screening "is now a recommended part of the annual physical," said Corlette, a research professor and co-director of the Center on Health Insurance Reforms at Georgetown University. "Implicit in that is someone looks at answers and makes an assessment, and you should not be charged for that." Beyond the confusion of being charged for what she thought would be free preventive care, Rogers wondered how the bill was calculated: Her conversation with her doctor about depression did not last that long, she said. A 20- to 29-minute-visit billing code is commonly used in primary care, reflecting not just the time spent, but also the complexity of the condition or diagnosis, said Yalda Jabbarpour, a family physician in Washington, D.C. She also directs the Robert Graham Center for Policy Studies, which researches primary care in the U.S. Billing codes exist for other, shorter time frames, though those are rarely used except for the most minimal of services, such as a quick question about a test result, she said. Physicians said Rogers did the right thing, emphasizing that patients should be honest with their doctors during preventive visits — and not keep silent about issues because they are concerned about potential cost sharing. "If you have a condition like depression, not only does it affect mental health, but it can have significant impact on your medical health overall," said Stephen Gillaspy, senior director for health and health care financing at the American Psychological Association. The resolution:Confused by getting billed for a visit she thought would have no charge, Rogers initially called her doctor's office and spoke with the office manager, who told her the claim submitted to her insurer was coded correctly for her visit. She then called her insurer to question whether a mistake had been made. She said her insurer said no, agreeing that the physician had billed properly. Rogers paid the bill. After being contacted by KFF Health News, and with Rogers' permission, the WakeMed health system investigated the bill and said it was handled correctly. "We do split bills when a service is provided that is above and beyond the preventive components of a physical — in this case, beyond a positive screening for depression," WakeMed spokesperson Kristin Kelly said in an email. By contrast, Cigna Healthcare, Rogers' insurer, sent her a new explanation of benefits statement after being contacted by KFF Health News. The EOB showed Cigna had zeroed out any cost to Rogers associated with the visit. Cigna spokesperson Meaghan MacDonald, in a written statement, said the "wellness visit was initially billed incorrectly with two separate visit codes, and has now been resubmitted correctly so there is no cost-share for Ms. Rogers. We are working with the physician to ensure she is refunded appropriately." Theinsurer'swebsite says Cigna covers a variety of preventive services without copayment and encourages doctors to counsel patients about depression. Not long after receiving the new EOB, Rogers said she received a refund of $67.07 from WakeMed. The takeaway:While many preventive services are covered under the ACA, the nuances of when a patient pays can be complicated and open to interpretation. So, it is not uncommon for medical practices to narrowly interpret the term "preventive service." That creates a billing minefield for patients. If you respond on a questionnaire that you sometimes experience heartburn or headaches, most physicians will inquire about your responses to assess the need for treatment. But should that come with an extra charge? Other patients have written to KFF Health News and NPR expressing frustration over being billed for conversations during a checkup. Additional time spent during a wellness exam discussing or diagnosing a condition or prescribing medication can be considered beyond preventive care and result in separate charges. But if you receive a bill for a preventive service that you expected would be free, request an itemized bill with billing codes. If something seems off, ask the physician's office. If you're billed for time spent on extra consultation, question it. You know how long the provider spent discussing your health issue better than a billing representative does. Next, reach out to your insurer to protest. Most important, be honest with your primary care provider during your annual physical. Emmarie Huetteman of KFF Health News edited the digital story, and Taunya English of KFF Health News edited the audio story. NPR's Will Stone edited the audio and digital story. KFF Health News, formerly known as Kaiser Health News (KHN), is a national newsroom that produces in-depth journalism about health issues and is one of the core operating programs atKFF— the independent source for health policy research, polling, and journalism. |
2024-10-30 | NPR | She talked about depression at a checkup — and got billed for two visits. | Christine Rogers of Wake Forest, North Carolina, was asked to complete a mental health questionnaire as part of her annual physical. A brief conversation with her doctor landed her with a charge for a separate consultation.Kate Medley/KFF Health Newshide caption Christine Rogers of Wake Forest, North Carolina, was asked to complete a mental health questionnaire as part of her annual physical. A brief conversation with her doctor landed her with a charge for a separate consultation. Christine Rogers of Wake Forest, North Carolina, didn't hesitate when she was asked to fill out a routine mental health questionnaire during a checkup last November. Her answers on the form led her primary care doctor to ask about depression and her mood, and Rogers said she answered honestly. "It was a horrible year. I lost my mom," Rogers said she told her physician. After what Rogers estimates was a five-minute conversation about depression, the visit wrapped up. She said her doctor did not recommend treatment nor refer her for counseling. "It's not like anything I told her triggered, 'Oh my goodness, I'm going to prescribe you medication,'" she said. Then the bill came. The patient:Christine Rogers, 60, a public relations/communications worker who is insured by Cigna Healthcare through her job. Medical services:An annual wellness visit, which included typical blood tests, as well as a depression screening and discussion with a physician. Service provider:WakeMed Physician Practices, part of WakeMed Health & Hospitals, a Raleigh-based, tax-exempt system with three acute care hospitals, outpatient centers, and hundreds of physicians across a range of specialties. Total bill:$487, which included a $331 wellness visit and a separate $156 charge for what was billed as a 20- to 29-minute consultation with her physician. Her insurer paid $419.93, leaving Rogers with a $67.07 charge related to the consultation. Bill of the Month is a crowdsourced investigation byKFF Health NewsandNPRthat dissects and explains medical bills. Do you have an interesting medical bill you want to share with us?Tell us about it! What gives:Rogers said the bill came as a surprise because she knows annual wellness checks are typically covered without patient cost sharing as preventive care under the Affordable Care Act. And as part of an annual physical, patients routinely fill out a health questionnaire, which may cover mental health topics. But there is a catch: Not all care that may be provided during a wellness visit counts as no-cost preventive care under federal guidelines. If a health issue arises during a checkup that prompts discussion or treatment — say, an unusual mole or heart palpitations — that consult can be billed separately, and the patient may owe a copayment or deductible charge for that part of the visit. In Rogers' case, a brief chat with her doctor about mental health triggered an additional visit charge — and a bill she was expected to pay. Rogers said she didn't broach the subject of depression during her checkup. She was asked when she checked in to fill out the questionnaire, she said — and then the doctor brought it up during her exam. The Affordable Care Act requires insurers to covera variety of preventive serviceswithout a patient paying out-of-pocket, with the idea that such care might prevent problems or find them early, when they are more treatable and less costly. The federal government listsdozens of services of what is considered no-cost-sharing preventive care for adults and children, which includes such things as cancer screenings, certain vaccinations, and other services recommended by either of two federal agencies or the U.S. Preventive Services Task Force, an independent group of experts in disease prevention. Depression screening is covered as preventive care for adults, including when they're pregnant or in the postpartum phase. Rogers requested an itemized bill from her doctor's practice, which is part of WakeMed Physician Practices. It showed a charge for the wellness visit (free for her), as well as a separate charge for a 20- to 29-minute office visit. Earlier, Rogers said, she had discussed the initial bill with the office manager at her doctor's office, who told her the separate charge, roughly $67, was for discussing her questionnaire results with her doctor. For Rogers, it wasn't so much about the $67 she owed for the visit, as it was a matter of principle. The separate charge, she said, was "disingenuous" because she was specifically asked about her mental health. Also, annual physicals are intended to nip health problems in the bud, which sometimes requires a few more minutes of attention – whether it's to discuss symptoms of depression or palpate an abdomen for digestive issues Some experts like Sabrina Corlette say the charge seemed a bit over-the-top: Depression screening "is now a recommended part of the annual physical," said Corlette, a research professor and co-director of the Center on Health Insurance Reforms at Georgetown University. "Implicit in that is someone looks at answers and makes an assessment, and you should not be charged for that." Beyond the confusion of being charged for what she thought would be free preventive care, Rogers wondered how the bill was calculated: Her conversation with her doctor about depression did not last that long, she said. A 20- to 29-minute-visit billing code is commonly used in primary care, reflecting not just the time spent, but also the complexity of the condition or diagnosis, said Yalda Jabbarpour, a family physician in Washington, D.C. She also directs the Robert Graham Center for Policy Studies, which researches primary care in the U.S. Billing codes exist for other, shorter time frames, though those are rarely used except for the most minimal of services, such as a quick question about a test result, she said. Physicians said Rogers did the right thing, emphasizing that patients should be honest with their doctors during preventive visits — and not keep silent about issues because they are concerned about potential cost sharing. "If you have a condition like depression, not only does it affect mental health, but it can have significant impact on your medical health overall," said Stephen Gillaspy, senior director for health and health care financing at the American Psychological Association. The resolution:Confused by getting billed for a visit she thought would have no charge, Rogers initially called her doctor's office and spoke with the office manager, who told her the claim submitted to her insurer was coded correctly for her visit. She then called her insurer to question whether a mistake had been made. She said her insurer said no, agreeing that the physician had billed properly. Rogers paid the bill. After being contacted by KFF Health News, and with Rogers' permission, the WakeMed health system investigated the bill and said it was handled correctly. "We do split bills when a service is provided that is above and beyond the preventive components of a physical — in this case, beyond a positive screening for depression," WakeMed spokesperson Kristin Kelly said in an email. By contrast, Cigna Healthcare, Rogers' insurer, sent her a new explanation of benefits statement after being contacted by KFF Health News. The EOB showed Cigna had zeroed out any cost to Rogers associated with the visit. Cigna spokesperson Meaghan MacDonald, in a written statement, said the "wellness visit was initially billed incorrectly with two separate visit codes, and has now been resubmitted correctly so there is no cost-share for Ms. Rogers. We are working with the physician to ensure she is refunded appropriately." Theinsurer'swebsite says Cigna covers a variety of preventive services without copayment and encourages doctors to counsel patients about depression. Not long after receiving the new EOB, Rogers said she received a refund of $67.07 from WakeMed. The takeaway:While many preventive services are covered under the ACA, the nuances of when a patient pays can be complicated and open to interpretation. So, it is not uncommon for medical practices to narrowly interpret the term "preventive service." That creates a billing minefield for patients. If you respond on a questionnaire that you sometimes experience heartburn or headaches, most physicians will inquire about your responses to assess the need for treatment. But should that come with an extra charge? Other patients have written to KFF Health News and NPR expressing frustration over being billed for conversations during a checkup. Additional time spent during a wellness exam discussing or diagnosing a condition or prescribing medication can be considered beyond preventive care and result in separate charges. But if you receive a bill for a preventive service that you expected would be free, request an itemized bill with billing codes. If something seems off, ask the physician's office. If you're billed for time spent on extra consultation, question it. You know how long the provider spent discussing your health issue better than a billing representative does. Next, reach out to your insurer to protest. Most important, be honest with your primary care provider during your annual physical. Emmarie Huetteman of KFF Health News edited the digital story, and Taunya English of KFF Health News edited the audio story. NPR's Will Stone edited the audio and digital story. KFF Health News, formerly known as Kaiser Health News (KHN), is a national newsroom that produces in-depth journalism about health issues and is one of the core operating programs atKFF— the independent source for health policy research, polling, and journalism. |
2024-10-10 | Business Insider | Home buyers are finally seeing a light at the end of the tunnel, but it is going to be painful for homeowners and sellers | Thehousing marketis in an ugly place right now for buyers and while things may be stabilizing, that just means pressure will likely shift from buyers to sellers. Redfin CEO Glenn Kelmanmade headlines in recent weeks with several interviews where he said thehousing markethad hit "rock bottom." "It's been a slow-building disaster," Kelman said in aninterview with CNBC. "The housing market is just taking a beating because affordability is at a four-decade low. The only people who are moving are the ones who absolutely have to. I wouldn't call that a Goldilocks scenario, I would call that rock bottom. But that's where we are right now, and the only relief is that it can't go much lower." While the market might not get worsefor buyers, sellers are not yet at rock bottom after enjoying years of rising home values. In the see-saw of the real estate market, buyers may be ready to come up in the world at the same time sellers begin to sink. Kelman warned that high rates could hold well into 2024 — something echoed recently by theCleveland Fed— but there are signs that things are easing for at least some people. Home construction is on the rise at a time of year when it typically slows.Altos Researchrecently noted that new house inventory rose 1.8% in the last week of September compared to the week before. Zillow also noted arise in listings, with the real estate listing firm's senior economist, Jeff Tucker, writing, "There are more motivated sellers and more active listings overall than any time since last December." In addition, more sellers are dropping their asking prices. According to Redfin, during the four weeks ending September 24,6.5% of US homes for sale had a price drop,up from 5.8% in August. Zillow's numbers were even more aggressive, saying 9.2% of listingsdropped their pricesin the week ending September 16, the highest level since November 2022. A growing inventory mixed with active price cuts is good news for people buying houses, and several experts arepredicting big cost drops, including Jeremy Grantham, co-founder and chief investment strategist of GMO. "House prices will come down," Grantham said on"The Compound and Friends" podcast."30% would be a pretty good guess." David Rosenberg, Rosenberg Research president and former chief North American economist at Merrill Lynch, told Insider in February thathouse prices could fallby as much as 25% from their peak in 2022. All that good news for buyers is nice. But even for some of them, rock bottom might be an illusion. While they are still buying into elevated mortgage rates and much higher monthly payments, they are also looking at a time when insurance rates for many homes are surging thanks toclimate change. Homeowners with a mortgage typically pay theirhomeowner's insuranceas part of their monthly mortgage payment. So not only is the mortgage payment increasing thanks to interest rates, but it is getting a double-whammy with insurance premiums on the rise. There is good news for some buyers, but that also means things are starting to get worse for sellers and rock bottom could be a ways off for them. Highmortgage interest rates— the highest in 23 years — have hurt buyers ashome ownershipis now deemed unaffordable in nearly 80% of all US counties. However, home prices have stayed high this year in partthanks to those same interest rates. Homeowners locked into significantly lower rates have been reluctant to sell their houses unless necessary. This decreased the supply of homes for sale and kept prices rising. "If you have a 3% mortgage, you're not dying to sell that house and get into a 7% mortgage," Richmond Fed President Tom Barkin said in an interview with the"Odd Lots" podcast."It just changes the financial formula. And so what you see in terms of the effect is still a very limited supply of houses for sale." In this way, both buyers and sellers were stuck. Thanks to the continued rising value of homes this year,homeowner equityis the highest in 35 years. But that might not last if prices start to fall. If home prices start to tumble, not only does that hurt sellers, but it also hurts the value of all houses, eating at the equity owners might be counting on down the road. And then there are those pesky insurance rates. These could also causehome pricesin many areas to plummet, which, again, hurts both sellers and equity for people not selling. Kelman did note that just because the market has stopped getting worse doesn't mean it will get better anytime soon. Any rebound would likely have to wait for the Fed to start dropping interest rates, putting an ease on mortgages. In other words, rock bottom would be nice right about now, but most Americans participating in the housing market are probably not there yet. |
2024-11-01 | Business Insider | I moved to Denver and regretted it because it was freezing, expensive, and hard to make friends. I'm much happier now living in Spain. | This as-told-to essay is based on a conversation with Eric Michiels, a 51-year-old a former resident of Denver, Colorado, about his experience living in Denver. It's been edited for length and clarity. I moved to Denver, Colorado in May 2021 from Atlanta, Georgia because of a job decision. I have a wife and two kids in their 20s and we all moved together. I was excited about moving to a place with more outdoor activities and more opportunities to be in nature. In Denver you can hike, run in the mountains, snowboard, and mountain bike. We had high expectations of Colorado, and while I can't deny that the scenery in Colorado is truly beautiful, I guess I was naive and didn't properly do enough research. The weather is truly unpredictable in Colorado. It might be super cold in the early morning, but by 10 a.m. it's extremely hot. Thewinterswere especially terrible for us. I remember being informed by our apartment complex that the temperature would drop below negative 5 degrees for three days in a row and to be prepared if the power went out. We have two dogs that are 11 and 12 years old, and having to walk them three times a day was a problem — they didn't want to be outside. During our first snowstorm, our dog was at the vet and they kept us waiting all day to pick him up. By the time they finally said to come, it was snowing extremely hard. I had a Toyota Prius, and because Denver is extremely hilly, the car couldn't make it; it was too slippery. We ended up having to call a friend who had a pickup truck, and even his all-terrain vehicle had issues getting to the vet. Although people in general are friendly, it's a difficult place to make true friends. From all the relationships I tried to build in Denver, no one was asking for my phone number or inviting me to meet up; it was always me communicating to see if we could sit down and talk. In Atlanta, I'd been able to meet and talk to people who would share their struggles and life with me — as much as I shared with them. Even attending churches, people in Denver seemed less engaged and didn't really invite us into their lives. I remember after I left one church I visited, no one ever spoke to me or followed up. After I emailed the pastor and inquired about a men's bible group, I was connected with a guy who ran it and we met for coffee. We had what I thought was a great conversation, and he said he would invite me to multiple men's activities. But he never did — he never reached out again, and neither did I. We tried to invite people over every three to four weeks, but people were always busy or tired. While I always believe that churches should be the most welcoming places to generate community and friendships, I also tried joining a hiking group, to see if being part of a group that does weekly activities would generate deeper relationships. For the two years we lived in Denver, only four couples ever invited us to their homes, which felt like a very low ratio. In Atlanta, people practice Southern hospitality — friendliness and inclusiveness, inviting us to barbecues or church events — and it makes you feel a lot more welcome. Denver is extremely expensive and has one of thehighest average rentsin the US. I lived in Lakewood, which is about a 20-minute drive from Denver. The housing prices are ridiculous, and rents there arerising fasterthan in other cities. Many houses and apartments are old in Denver and because there's ahigh demandfor them, it felt like no one cared about renovating them. We rented an old two-bedroom, two-bath apartment in a decent area and it went for $2,300 — but as of May 2023, the price went up to $2,800. Another way I saw the expense of living in Denver: During the winter, I volunteered at a severe weather shelter where the homeless could spend the night in a warm place. I talked with many homeless people and found out that many of them simply had lost their jobs or struggled financially and couldn't pay rent or save up a deposit to move into a place. I'm in my early 50s, and I think the US is a place where you live to work — and I don't want that for the rest of my life. I want to have more free time and be in much better weather. We had a consensus in our family that we should move to another country. Moving to Spain wasn't easy — we sold all of our furniture and our car. Traveling with 10 bags between us and three pets was definitely a challenge with the airline. I was able to get aDigital Nomad Visa, which you can apply for within 90 days of arriving in Spain. I live seven minutes from the beach here, and the weather is great. It's dry like Colorado but there's always a breeze from the ocean that makes the hot weather bearable. We rent a two-story apartment with four bedrooms and two bathrooms for $1,400. Internet is about $60 a month. Some things are more expensive here — for example cars and technology — but the day to day is a lot cheaper. Healthcare is also better here. In Spain we pay $50 a month each for insurance, and that gives us pretty much access to free health and dental care. That's very comforting. In the tech sector, during the summer, many people here only work six hours a day. They can go home at 3 p.m., be with their families, and even enjoy time by the beach or the pool. They make up for those hours during the fall, spring, and winter by working over 40 hours a week the rest of the year. People also take siestas seriously — many businesses close at 1 p.m. and open up again at 3 p.m. or 4 p.m. I take a siesta every day and unplug for at least an hour. Another really great thing we've noticed here is when we go out to eat, no one's looking at their phone. Everyone is engaged with each other at the table enjoying a meal together. People care to know about you — where you come from, how you're adapting, your family, and your situation. We're fluent in Spanish and English, which helps. You can freely knock on a neighbor's door and ask for butter or wine, and it happens both ways — they come to your door wanting help if they need it. If you moved to another country and want to share your story, email Jenna Gyimesi atjgyimesi@insider.com. |
2024-10-29 | Business Insider | A Gen Xer moved to North Carolina to save money for retirement. Her beachfront home cost about half as much as her California property, but the weather doesn't compare. | Sandra decided that instead of retirement by the beaches of Los Angeles, she'd instead enjoy life by the North Carolina shore. Sandra, who is in her early 50s and is originally from California, met her Massachusetts husband while in the Navy, and at the time she knew she never wanted to move to the East Coast. It was too cold, she said, and it didn't have the same charm as California. Sandra, whose identity is known to Insider, chose to use just her first name, citing privacy concerns. But after seeing prices rising and more people moving into her area, Sandra was ready to move. She visited North Carolina for a wedding, and after talking to some contacts in the area, she realized that was where she'd begin her retirement. A few months in, she's loving the change of scenery and pace in North Carolina. She loves the people, the prices, and the politics — as well as the fall weather. "I do miss California, the people and certain other aspects, but I really don't miss the high prices," said Sandra, who is planning to retire in December. "We just decided that if we wanted early retirement, since we still had a mortgage, to sell the house and then move elsewhere and just retire whenever," she added. "My husband will continue working remotely, but if he decides he wants to retire next year, then he can, and it gives us more financial freedom." Around818,000 people left Californiafor other states between 2021 and 2022, while just 475,800 moved in, according to US Census migration data released last week. Many, including Sandra, have cited California's high cost of living, from housing costs to taxes, as a major reason for making the move. Nearly 23,000 former Californians made the move to North Carolina. Some have moved to larger cities like Raleigh and Charlotte, while others have moved to the coast to still get the beach feel. Sandra said she misses the California weather, as her first summer in North Carolina was quite humid, though she's been enjoying the moderate fall weather. Sandra had never been to North Carolina before her nephew got married a few years ago. She and her husband desperately wanted to move to Charleston or Hilton Head in South Carolina, though they couldn't secure a property. So, they settled for a coastal property one state north. "I liked the idea of moving here, but I thought, I hate the heat, and if I'm going to move here, I need to be near the ocean and I have to be somewhere that's air conditioned or has a pool," Sandra said. Still, she doesn't miss the higher prices for everything from home costs to the price at the pump. Sandra and her husband bought a house in "quaint" Ventura 25 years ago, but over the last few years, she noticed traffic was picking up, gas prices have put a dent in her wallet, and many more people were moving in from Los Angeles. She said her California home sold for over $2 million and she and her husband wereable to buy a similar beachfront home in North Carolina for $1.2 million that they paid off in full. Even though she said insurance is a bit higher in North Carolina given the prevalence of hurricanes, her taxes have been cut by around half. Real estate prices in California were rising fast, and the couple thought they should sell their home and move to another coastal town. She was paying around $1,000 a month just in property taxes, yet she started feeling less safe walking around her community. Though she misses her friends, she said the people she's met in North Carolina have been very welcoming. Her area is also a lot less crowded than her California neighborhood, she said, with a lot fewer younger people. The more diverse politics of her area — since North Carolina is a purple state — was also a plus over deep red South Carolina, she said. Gas prices — which came in at $5.33 a gallon in California as of Friday,according to AAA— were way lower in North Carolina at $3.23 a gallon. Groceries, though, are relatively similar between the two states, she said. Still, she said she was shocked by how low the wages are in her area, which has made her wonder how many are able to make ends meet compared to what many in California are making. Whereas the median household income in California is $84,097, in North Carolina it comes in at $60,516, according toGOBankingRates' analysisof data fromthe US Census Bureau's American Community Survey. While she's not sure if this is where she'll stay for the rest of her life — she said she'll give it a few years — she's loving it so far and is preparing all her winter clothes for what may be a much colder seasonthan she's used to. Have you recently moved from California to another state? Reach out to this reporter at nsheidlower@insider.com. |
2024-10-05 | Business Insider | Scientists used a laser beam to bend a bolt of lightning for the first time | Researchers were able to deflect lightning using a powerful laser shot into the sky — a scientific first. A powerful laser was able to deflect a lightning bolt almost 200 feet before it hit a lightning rod, greatly improving the rod's function. The findings,published in January, show that lasers could one day be used as protection againstdangerous thunderstorms, which kill an average of43 peoplein the US every year and cost US homeownersalmost $1 billionin insurance claims in 2022. The idea to use a lasers lightning rod goes back to the early 70s, said Aurélien Houard, a research scientist in the Laboratoire d'Optique Appliquée at Swiss university EPFL and coordinator of the project, ina blog post on French site Polytechnique Insights. The principle is simple:laser beams, if they are powerful enough, can heat the air so intensely that they trigger molecules to release their electrons. This creates a channel full of charged electrons along the laser beam — and all those electrons attract lightning bolts, which seek the path of least resistance between the clouds and the ground. The problem is that this channel is very short-lived, and laser beams flicker. Though scientists had been able to deflect lightningin the lab, they'd never been able to do it in real-life conditions. To make sure the channel stayed open long enough to bend lightning during a storm, scientists developed alaserable to fire high-powered pulses 1,000 times per second. That was a joint effort by the University of Geneva (UNIGE) and EPFL in Switzerland, the École Polytechnique in France, and TRUMPF scientific lasers firm in Germany. Their laser pulsed 100 times faster than their previous laser, which means the laser is "100 times more likely to catch lightning," Houard saidper The Wall Street Journal. To test the new gear, the scientists brought their 3-ton laser to the top of the 8,000-foot-high Mount Säntis in Switzerland. The advantage of this location is its 400-foot communications tower, which is reliably hit by lightning at least 100 times per year. The laser was powered up any time the weather forecast predicted thunderstorms. Eventually, the scientists were able to record a natural lightning bolt that, for the first time, followed the laser beam before hitting the tower. "Of course, we needed to analyze a lot more data following this," said Jean-Pierre Wolf, professor of applied physics at UNIGE, said ina video accompanying the findingsin French. "But that picture spoke a thousand words, there was no doubt possible. When I saw this picture, I knew we had it," he said. The finding provides hope that lasers could one day offer a much-needed new avenue for protection against lightning bolts. Lightning rods, which were invented by Benjamin Franklin, remain the best form of protection we've got against lightning, per a press release accompanying the findings. The problem is that their protection extends only as far as the rod is tall. That means a 10-foot tall rod will protect anyone within 10 feet of the pole, but not any further than that, per the press release. A laser, on the other hand, could reach high in the clouds. "We found that the discharge could follow the beam for nearly 60 meters (196 feet) before reaching the tower," Wolf said,per CNN. That meant that the laser "increased the radius of the protection surface from 120 meters (393 feet) to 180 meters (590 feet)." The next step is to try to develop a laser that can reach even higher up in the sky. That is possible in theory. Houart cautioned, however, that this technology is likely at least ten years away from being polished enough to reach the market,The Wall Street Journal reported. The findings were published in the peer-reviewed journalNature Photonicson January 16. |
2024-10-09 | The Verge | Should Walmart be data-mining your Ozempic prescriptions? | Last week, Walmart made headlines with a claim that new weight loss drugs might be making people buy less food. Walmart US CEO John Furner told Bloomberg that people taking Wegovy, Ozempic, and similar drugs showed a “slight change” in their purchasing habits: “just less units, slightly less calories.” How does Walmart know this? Because, Bloomberg indicates, it can compare people’s prescription history against their food shopping patterns. It’s the kind of data mining that’s likely possible for any big retail-and-pharmacy operation — and one that raises questions about how private health records should be. We don’t know the details of Walmart’s research. The company didn’t respond to a request for more information from The Verge , and Bloomberg offers a brief two-sentence recap: The Bentonville, Arkansas-based retailer is studying changes in sales patterns using anonymized data on shopper populations. It can look at the purchasing changes among people taking the drug and can also compare those habits to similar people who aren’t taking the shots. Walmart is strategically well-positioned to do this. It operates both a pharmacy program and a network of around 5,200 stores across the US, including about 3,500 one-stop-shopping supercenters, so it’s got a lot of people filling prescriptions the same place they buy food. Many shoppers likely wouldn’t be surprised to learn that Walmart is tracking general retail purchases to forecast future customer demand, and Bloomberg suggests Walmart and others could use this data to prepare for a future where people buy less food. But someone’s prescriptions are more legally and ethically sensitive than their average grocery run. Pharmacy records can bluntly reveal health conditions many people would rather keep private — not just whether they’re trying to lose weight, but whether they’ve obtained abortion pills or are dealing with stigmatized mental health conditions. And while the US leaves huge gaps in consumer privacy protections, pharmacy records are protected by the Health Insurance Portability and Accountability Act (HIPAA), which limits how they can be disclosed without patient consent. That raises a question Bloomberg doesn’t mention: should companies like Walmart be able to funnel them into other parts of their business operations? And if so, what should the limits be? “The buying and selling of prescription data is a complex issue balancing patient privacy, commercial interests, and regulatory oversight,” says Tara Sklar, faculty director of the Health Law & Policy Program at the University of Arizona’s law school. At a federal level, Sklar says, HIPAA restricts how companies can release health data that’s tied to an individual. The catch here, however, is “individual.” Companies — including major chains like CVS and Rite Aid — have faced fines for doing things like throwing out pill bottles with visible patient names and prescriptions. But per Bloomberg , Walmart promises its data is anonymized, or stripped of identifying details that could be tied back to specific patients. Unfortunately, the idea that huge, complex datasets can be meaningfully “anonymous” is largely a polite fiction . (Absent more detail from Walmart, it’s also not clear what kind of patient consent might have been given for the Ozempic research.) “Even anonymized prescription details can reveal a lot about individuals,” says Sklar. “Details like medication, dosage, timing, prescriber, pharmacy, etc. can be very unique to an individual, which makes it easier to re-identify someone.” The more widely this information is released, the greater the odds that it could be used in ways it’s not intended, and that people could see private details of their lives exposed. Walmart is far from the only company that’s in a position to do this kind of analysis. Amazon, for instance, launched its own pharmacy service in late 2020 as part of a larger push into health care and has moved steadily into grocery sales. Its access to medical data has raised concerns among privacy advocates . Privacy isn’t the only issue on the table either: a recent antitrust lawsuit accuses Amazon of leveraging its data trove to cement a retail monopoly. We don’t know if Amazon is using health records for the kind of research Walmart described — the company didn’t respond to questions from The Verge about the matter. But pharmacy records could add yet another powerful source of data to its operation. “Patients do not expect pharmacies to share or sell records of their medication, anonymized or not.” Sklar notes that HIPAA isn’t the only rule in play around medical records. The Federal Trade Commission also publishes a set of guidelines dubbed the Fair Information Practice Principles (FIPPs) that emphasize making sure a company’s use of health data is consistent with patients’ expectations. And recently, the FTC has cracked down on some allegedly flagrant breaches of trust — like the case of GoodRx, which allegedly let Google, Facebook, and other web companies target ads using personal health information. GoodRx agreed to an unusually harsh ban on sharing health details with third parties as part of a settlement. “Patients do not expect pharmacies to share or sell records of their medication, anonymized or not,” says Sklar. But in an economy filled with highly consolidated companies that prize unfettered access to data, it’s unclear when customers can expect that their pharmacy records will be used for purposes besides their own health care — and what options they have if they don’t want that data spread around. And on top of all that, this research doesn’t really tell us if Ozempic is making people buy less food. GLP-1 drugs like Ozempic and Wegovy, which are formally approved for diabetes but widely used for weight loss , do appear to have skyrocketed in popularity. But Walmart’s Furner told Bloomberg it’s “too early to draw any definitive conclusions” on their impact for the company — and when publicly available details on the research are so skimpy, that goes doubly true for anyone outside it. Comments |
2024-10-30 | Business Insider | I quit Amazon after 2 months. The job was as stressful as I'd read about. | This as-told-to essay is based on a conversation with Navdeep Singh, a 25-year-old former software engineerat Amazon. The following has been edited for length and clarity. I grew up with my mom and two brothers in the Seattle area. We didn't have a lot of money, and I always believed that I needed a high-paying job to support my family. In 2020, I graduated with a computer science degree from Washington State University. While I enjoyed studying computer science, my priority wasn't to enjoy what I was doing. I wanted to get a degree that could get me closer to financial security. My family didn't really know anything about tech jobs, so when I told my mom I could make over six figures as a new grad, she didn't even believe me at first. I was really happy I landed a job at Amazon right after graduation and felt a huge weight lift from my shoulders. It was my dream to get a high-paying job and I felt like I had made it. I wouldn't need to worry every time I bought something (I used to worry about even spending $10) and I could now afford to pay off my student loans quickly. I was aware of Amazon's reputation as a stressful place to workafter reading posts on Reddit, Blind, and other news outlets, but I assumed that only the worst cases were being reported. I thought, on average, working at Amazon is probably not as bad as people say it is, and the negative stories must be outliers. It wouldn't be that bad if I prepared well and worked hard. Because the team had their own deadlines and was a bit burned out, I was told to not ask them questions. And the first team meeting was awkward, too. My manager asked icebreaker questions, but people gave really short answers, and no one cracked smiles or made any jokes. As a new hire, I had an assigned mentor — a more experienced team member — to guide me on tasks. As I was setting up my computer, I asked him about which option I should select for setting up the service, and he told me to figure it out myself. He could have easily spared one second to tell me which options to choose from since he already had his system set up, but he chose not to. Then, I ended up spending a big chunk of time setting up the service independently. The situation became confusing and contradictory to me. On one hand, I was assigned a mentor to receive guidance, but on the other hand, it appeared that I wasn't supposed to be asking questions as much as possible. At Amazon, when someone submits a code change, an automatic email notification gets sent to everyone. I could see that most people on the team were working on weekends, sometimes as late as 9 p.m. Seeing this made me realize that this working schedule wasn't going to be sustainable for me. Our deadlines were also set up on a very structured and detailed timeline — it felt a bit like we were being micromanaged. My manager specified what tasks should be done that day, then the next day, and then the next. The deadlines were aggressive for a new grad like me — I had never used the technology before, and I didn't get the time to learn the technology either. I don't think new grads should be thrown on a project's critical path so quickly, or, if they are assigned such roles, they should at least have more support and be able to ask any questions. Even though I had an onboarding buddy, I felt discouraged from collaborating with them. It felt contradictory when managers told me that I didn't have to work on weekends or late nights, but also pushed for certain deadlines. It seemed like if I didn't think I could complete a task by a specific time, I'd have to work outside of normal work hours to get it done. I remember seeing an experienced engineer complain in the team chat: "It feels like a thankless job." After he said that, our manager met with him. He came out of the meeting singing a different tune and apologized for the message he wrote in the team chat. It looked like he was being forced to change his attitude. I felt almost paralyzed: I couldn't ask questions because I was expected to solve the problem by myself, yet I was afraid that I would make a mistake. During this time, my team hired more new grads, and I couldn't help but compare myself to them and think I was the worst one among them. With each passing day, I gradually lost my self-confidence. Soon, I found that even the simplest tasks became impossible to solve because I was so afraid to make errors. I could feel the anxiety when I tried to read the screen. Every time I typed out some code, I over-thought it — what if this is wrong? What if they fire me if I mess up this email? What if they fire me if I ask this question in the team chat? I also couldn't concentrate. I felt something in my brain break, as if the glue that was holding everything together was coming apart. I'd never experienced something like this in my entire life and, at that time, I remember thinking I would do anything to make this feeling stop. Choosing to quit was a difficult decision for me. My managers were surprised when they found out I was quitting and tried to convince me not to leave — they even said they would be more supportive. But the next day, I got on a call with my mentor and another experienced team member. During the call, I asked them a question, and they said they had already explained it to the other new grads and they didn't want to explain it again. I was caught off guard and it again felt like they were saying one thing but doing another. I decided it wasn't a good work environment for me, and I didn't feel like I was going to succeed at that point — so I finally quit. I thought things would get better, but it didn't. Two months after quitting Amazon, I still didn't feel like doing anything. I expected that I would have tried to look for a new job by this time, but I didn't really feel like doing that. I felt like my future in software was over and that I should just give up and do something else. I realized that I might be depressed. I read that LSD and otherpsychedelics could be used to treat depressionand that researchers are testing them in clinical trials, so I tried it out myself. I wasn't seeing a doctor, but I thought I didn't have anything to lose. It was a horrible decision — it made me feel even more depressed and even paranoid for a while. I eventually started feeling better, and the biggest thing that helped me was doing one LeetCode problem every single day. The consistency and predictability of doing that one thing really helped. After a year of doing that, I landed a job at Google. In hindsight, I don't think quitting Amazon was the smartest thing to do since I may have missed out on a lot of money. Had I been fired instead, I could have received severance. But walking away from my salary or potential severance was worth it for me — working at Amazon really made me question myself and whether I was dumb. After Amazon, I started my YouTube channel, which turned out to be a lot more successful than I could have imagined (and I'm truly grateful for the success). I just wish I had known sooner that what happened while I was at Amazon didn't define me or my capabilities.Editor's note: An Amazon spokesperson, August Aldebot-Green, told Insider in a statement,"We appreciate this as an account of one employee who was with Amazon for a very short time, but it shouldn't be used to broadly characterize Amazon's workplace culture. The reality is that Amazon is one of the world's most sought-after employers, ranking first on this year's LinkedIn Top Companies list. We care deeply about employees' well-being and provide world-class health insurance as well as mental health resources for those who may be struggling, which they can access from their first day on the job. Still, we recognize that there will always be people for whom Amazon is not a fit, and we support those employees in their desire to seek out fulfilling roles at other companies." If you recently quit your big tech job and want to share your story, email Aria Yang atayang@insider.com. |
2024-10-02 | ABC News | Why you should wait a few days before taking an at-home COVID test if you’re sick | The best time to take an at-homeCOVID-19test may be on the fourth day of having symptoms, according to a study published in the journalClinical Infectious Diseases. Researchers looked at nearly 350 people and found that viral load peaked a few days after symptoms started. “Viral load just refers to the amount of virus that is replicating in your body, So the more virus that is replicating, the more chance of a test turning positive,” said John Brownstein, Ph.D., chief innovation officer at Boston Children’s Hospital and an ABC News Contributor. “Right at the beginning point of an infection, there's limited viral copies. But as the infection progresses, you'll have an increasing amount of virus replicating in your body,” he added. The study found that at-home tests were most accurate on the fourth day of symptoms. They could still pick up some infections in the first three days but were more likely to be negative. The findings show that people should not be able to rule out COVID-19 just based on a negative test early on after symptoms start, the study authors said. Most of the people in the study had either been vaccinated or had a previous COVID infection. Current guidelines recommend testing immediately if you have symptoms and if it’s negative, following up at least 48 hours later with another antigen test or opting to take a PCR test as soon as possible, according to theCenters for Disease Control and Prevention. “New variants may cause differences in [the] timing of viral load. It may affect the timing of when tests may be the most optimal to detect the virus,” Brownstein said. “This study highlights the challenges of optimizing test performance and timing for the most effective action,” he added. The federal government recently re-launched a program that allows Americans to order free COVID tests straight to their home. Tests can be ordered atCovidTests.Gov. Some “expired” COVID tests have also had their expiration dates extended by theFood and Drug Administration. At-home tests typically have a shelf life of around 4-6 months from the day they were manufactured. Federal health authorities continue to encourage everyone to anonymously report their at-home COVID tests toMakeMyTestCount.org. COVID hospitalizations have declined for two consecutive weeks, following a steady uptick for about two months. Updated COVID vaccineswere recently greenlit by federal health authorities but had a rocky distribution start following reports of supply issues and insurance snags, according to the Department of Health and Human Services. The issues appear to have been resolved. “At this time, we understand that systemic technical issues have been largely, if not completely, resolved and are not limiting patient access to vaccines. Should further issues arise, we stand ready to swiftly implement system improvements,” the insurance companies said in a letter to the secretary of Health and Human Services, Xavier Becerra, obtained by ABC News. Retailers also confirmed that updated COVID vaccines were now available in greater supply. “All stores now have the supply needed to meet demand in their communities. Additional appointments have been added to our scheduler and will continue to be made available at our sites based on supply. We are updating Walgreens.com and our app with real-time appointment availability so patients have accurate information,” Walgreens told ABC News in a statement. “I think we're through the sort of crunch of the initial rollout where you had that sort of massive demand immediately. That has now stabilized, demand has stabilized, supply has stabilized, meaning that there's a lot of options for people out there to get access to the booster right now,” Brownstein said. ABC News’ Cheyenne Haslett and Dr. Genevieve Jing contributed to this report. |
2024-10-24 | ABC News | Former reality TV star who was on 'Basketball Wives LA' sentenced to prison for fraud | ST. LOUIS --A former cast member of the reality TV show “Basketball Wives LA” was sentenced Tuesday to four years in prison for 15 fraud-related felonies, including schemes connected to the COVID-19 pandemic. Brittish Williams, 33, of St. Louis, pleaded guilty in May to five federal counts of misuse of a Social Security number, four counts of bank fraud, three counts of making false statements to the IRS and three counts of wire fraud. Assistant U.S. Attorney Diane Klocke said the actions took place over roughly a decade, and the crimes continued even after Williams was indicted. U.S. District Judge Henry E. Autrey also ordered Williams to pay restitution of $565,000. “You knew what you were doing. You knew it was wrong and you did it anyway," Autrey said. Federal authorities said Williams illegally obtained loans meant for businesses hurt by the pandemic. They said she also used false Social Security numbers to defraud banks and credit card companies, submitted fake medical bills to an insurance company, and lied on tax returns. Williams appeared on “Basketball Wives” in its third season in 2014, when she was engaged to Lorenzo Gordon, who played professionalbasketballoverseas. “Brittish Williams was getting paid to portray her celebrity lifestyle on ‘Basketball Wives’ when in fact she was a typical fraudster,” Jay Greenberg, special agent in charge of the FBI's St. Louis office, said in a statement. Williams, at the May hearing where she pleaded guilty, promised that her days of crime were behind her. “I will not be committing any more crimes for the rest of my life,” she said at the time, the St. Louis Post-Dispatch reported. |
2024-10-05 | ABC News | 4M Americans have gotten latest COVID shot -- on par with last fall's vaccine rollout | More than 4 million Americans have been vaccinated with the newestCOVID shotas of Thursday, according to the latest government data, putting the uptake about equal to that of theCOVIDvaccine rolled out in October of last year. While vaccination rates remaining on par with last year's rollout is positive news for public health experts, the shot has reached fewer than 2% of Americans. There are about 8 million more shots on hand for distribution, according to the Department of Health and Human Services, and in total 12 million shots have been shipped to pharmacies, doctors offices and clinics over the last few weeks. Public health officials rubber stamped thelatest COVID shot in September, matching the shot to the currently-circulating strain of the virus and recommending it for everyone 6 months and older. It's the first time that the COVID vaccine distribution has shifted over to the commercial market as opposed to the government, which purchased and distributed COVID vaccines while the country was in an emergency phase of the pandemic. "COVID-19 vaccine distribution, which has shifted to the private market, is a lot different than it was last year when the government was distributing them," a Health and Human Services Department spokesperson said. The transition from government-run logistics to a medley of private insurance companies working with pharmacy chains, doctors offices and public health centers has resulted in a bumpy rollout, at times riddled with confusion about the cost of the vaccines, which are intended to be free, and challenges in getting appointments, particularly for children. Insurance companies are supposed tocover the costof COVID vaccines, per a law enacted by Congress, and anyone without insurance should have access to free vaccines through a Centers for Disease Control and Prevention-run program. Pediatric vaccines have also beenslowerto become available than adult vaccines. According to CDC Director Mandy Cohen, manufacturers distributed adult doses of the shot first, but pediatric doses are following suit. "Manufacturers and distributors were getting out the adult vaccines first. So that was what was shipping in the first number of days," Cohen said last week. "The supply is filling out, and make sure that you're calling ahead to your pediatrician or your pharmacy to see if the vaccine is available, and if not, check back again." Insurance companies, pharmacies and the government have said they've addressed any initial issues with the rollout and continue to monitor for ways to improve access. "Certainly we're aware of what consumers have experienced, these unexpected issues of point of service," White House Press Secretary Karine Jean-Pierre said Monday. "And so, this is certainly a top priority for this administration." But public health officials warn that access issues during the initial rollout could deter people from getting their shots. According to Walgreens, the busiest weeks for COVID-19 immunizations historically have been the first four weeks after a vaccine becomes available. And there has historically been a waning interest in COVID shots -- just 17% of Americans, or 56.5 million people, received the booster shot that was rolled out last fall, according to data released by the CDC in May. That's compared to nearly 70% of Americans, or 231.6 million people, who got vaccinated with the first COVID series. There is also less data surrounding vaccinations -- as well as COVID cases -- because states are no longer required to report data with the same timeliness or consistency as they were during the public health emergency, which ended in May. The data that is available, however, shows that hospitalizationsrose over the summerand hit a peak in mid-September. Hospital admissions have decreased by about 3% since last week. The government also relaunched its free COVID test resource, COVIDTests.Gov, about two weeks ago, predicting a fall and winter rise in cases once again. So far, 45 million tests have been ordered and over 10 million tests delivered, according to the Department of Health and Human Services. Officials expect they'll continue to have ample inventory to meet demand, a spokesperson for the department said. |
2024-11-01 | NPR | 'I was tired of God being dead': How one woman was drawn to witchcraft | Writer Diana Helmuth wanted to learn what it means to be a practicing witch. So she spent a year delving into the occult.Robin King/Simon and Schusterhide caption Writer Diana Helmuth wanted to learn what it means to be a practicing witch. So she spent a year delving into the occult. From the historic Salem witch trials to the teens inThe Craftand Netflix'sChilling Adventures of Sabrina, witches have long cast a spell on Hollywood's imagination – but they're not just figments of our imagination. People who practice witchcraft are everywhere. Just ask Diana Helmuth. Who is she?Helmuth is a writer and aspiring witch. Helmuth's memoir details her spiritual journey, and the earnest fumbling she did along the way.Simon and Schusterhide caption What's going on?In the midst of COVID lockdowns, Helmuth decided to spend a year as a practicing witch, consulting primary sources and talking to witches who had been practicing a long time. What's she saying?Helmuth spoke withAll Things Consideredabout her foray into modern witchcraft. On why she began her journey in the first place, despite being skeptical of religion and spirituality: During COVID and, I think in general, as I got older, [I was drawn to] the idea of a self-directed religion that promised me a way to have some control over the universe. I think increasingly we find ourselves facing things that really affect us deeply that we have very little control over: climate change, housing prices, health insurance bills, pandemics, who's going to become the president. And here's this religion — this spirituality — that says, "You can have an effect on these things that feel so much bigger than you. You just need a couple of candles and some willpower." If I'm being really honest, I was tired of God being dead. I didn't want to feel like I didn't care about the divine anymore. I wanted to admit to myself that I did care, that I did want to feel held by the divine, but getting through the shame of that is something that is interrogated throughout the book. Like, why was that so hard for me to admit? On a moment in her witchcraft journey where everything finally clicked: It took me until month seven before I tried to make a connection with the goddess, who is a central figure in almost every form of witchcraft. Whether or not she's a real deity up in the sky or she's a metaphor for the interconnectedness of everything on Earth, there's this idea of a goddess. And I was hesitant around it because I didn't want to feel like I was playing make-believe. Again, this goes back to just being so afraid of feeling stupid. So I go, and I set up this ritual to try and talk to a particular goddess. And I'm by myself in my office in Oakland. I'm sitting in front of an altar that I've made out of a cardboard box. I have a stranger's playlist going on Spotify. My cat is on the other side of the door staring at me, and after about an hour, something happened. I just suddenly felt flooded with bliss. And after that experience, it became very difficult for me to continue to make fun of this part of myself that wanted to be connected with the divine. Shame just wasn't involved. On finding her own way to practice witchcraft: I felt I found a correct way to practice witchcraft for myself, but I — to be honest — still don't feel 100% sure about it. And something I have accepted is maybe that's the point. So I dabbled with a lot of these subcultures within witchcraft or that overlap with witchcraft, like astrology and tarot. And there are things where I'm just like, this just isn't for me. There was one thing that really stuck with me, which were my tarot cards, which I was not expecting. My tarot cards scare me. Like, I don't like to look at them for too long. I have learned that I don't always want to ask them a question because I don't necessarily want the answer because it's not always fun, you know? Sometimes, it's terrifying. Sometimes, you don't want to look at yourself in the mirror that hard. So, what now? Learn more: |
2024-10-24 | Business Insider | Michael Cohen says Trump execs called themselves the 'Gang of Four' like the radical Maoists convicted in 1981 | Four top Trump Organization executives used to call themselves the "Gang of Four," according to testimony by Michael Cohen on Tuesday, inthe former president's civil fraud trial in New York. The nickname turned out to be an interesting choice, given that the original Gang of Four was a group of radical Maoists who,after running amok during China's Cultural Revolution,wound up convicted in 1981 in a highly publicized show trial. Nearly a decade ago, the Trump Org version of the Gang of Four met monthly with executives for Aon Insurance, which insured many of Trump's assets at the time, Cohen testified. Trump, who was not in the gang, would crash these in-person meetings, disrupting them with such remarks as "maybe we should self insure," and "we'd better get a good premium," Cohen testified. "Was Mr. Trump ever involved in these 'Gang of Four' meetings?" Cohen was asked by Colleen Faherty, a top attorney for New York Attorney General Letitia James, whose 2022 fraud lawsuit has put Trump, his company, and his two eldest sons on trial. "Yes," Cohen answered, alleging Trump's involvement. Linking Trump to the insurance negotiations is important for the AG, who has alleged that the former president fraudulently inflated the value of his assets by billions of dollars a year to mislead lenders and insurers into offering him higher cost savings. "On rare occasions, we would go up to his office to discuss an insurance issue," Cohen said on the witness stand, sitting some 20 feet away from Trump himself, who sat at the defense table. "For the most part, Trump would go two-thirds into the meeting," Cohen added. "He would just show up." The "gang" was comprised of four of Trump Org executive vice presidents, including Cohen, then Trump's special counsel. The other three members were Matt Calamari, Trump's chief operating officer, Ron Lieberman, vice president of management and development, and Allen Weisselberg, the chief financial officer. Cohen didn't speak to the origin of the nickname or its historical roots during his testimony. The nickname was coined by an Aon executive, he said. In official emails, though, Aon would call the group the "Team of Four," a 2013 email that was moved into evidence showed. "I am excited that the Trump Organization has created a Team of Four to review the Trump Organization's insurance program, insurance policy buying decisions, claims management and risk protection protocols," an Aon executive told the gang members in an email. Earlier in Cohen's testimony on Tuesday,he linked Trump directly to the fraudulent net-worth statements. "I was tasked by Mr. Trump to increase the total assets based upon a number that he arbitrarily elected," Cohen testified. The fourth week of the trial got off to a rocky start. Monday's testimony was canceled due to what the attorney general's office told reporters was a "COVID exposure." Tuesday's testimony was then briefly delayed, asan unmasked Trump watched his unmasked lawyerscomplain of the infection risk from a total of four attorney general's team members testing positive for the virus. The judge told everyone that N95 masks were available to anyone in the courtroom and that no trial delay was necessary. |
2024-10-10 | Business Insider | Airbnb boss Brian Chesky says he personally called CEOs he knew to ask if they could hire the thousands of staff he laid off during the pandemic | Airbnb's CEO Brian Chesky made the tough decision to lay off 1,900 staff during the pandemic and he took a personal hand in helping employees secure jobs after, he said inThe Diary of a CEO podcast with Steven Bartlett. Chesky, who cofounded Airbnb in 2008, told Bartlett that the company was slammed by the COVID-19 pandemic as travel came to a halt due to the lockdowns requiring people to stay in their homes. As a result the company had tolay off 25% of its workforceto cut costs. Chesky explained to Bartlett that he wanted people to leave with "dignity" and have the chance to get good roles. "We created an alumni directory where if you were laid off, you could opt into a public directory, we publish your information, and we point recruiters to your information," he said. "We ended up getting hundreds of thousands of recruiters and people visiting those profiles and a lot of those people got rehired." He added: "This is how I want to be remembered. I only remember that when I'm in peril, we're in our darkest hour, I'm not just worrying about how we will survive, I'm trying to call CEOs of other companies to see if they can hire our people." When describing the layoffs, Chesky said it was like "breaking up with 2,500 people," and said that he had a "deep feeling of love for all of them," referring to his employees. During its pandemic layoffs, Airbnb'sseverance packages were substantial. Laid off staff received 14 weeks of base pay plus an additional week for each year they spent at the company; a year of health insurance cover; four months of mental health support, and they were also able to keep their company-issued laptops. Chesky told Bartlett that after he sent theemail about the layoffsto staff, he received hundreds of 'thank you' letters from people who had been let go, not just because of the generous benefits but because he conducted the layoffs with respect. Chesky's approach stands in contrast to some other, more brutal recent tech layoffs, most notably the swift, sometimes chaotic layoffs at what was then Twitter after it was taken over by billionaireElon Musk. After Musk bought X in October 2022, he laid off 3,700 staff with little notice, with many only finding out they'd lost their jobs after their access to Slack and their work laptops were cut off. Software giant Salesforce is another firm to receive criticism for recent layoffs,with some staff complaining about what they saw as poor communication about the cuts, with some finding out while on vacation or through colleagues. "It's like checking the missing bulletin board after a major disaster," one employee said at the time. |
2024-10-18 | ABC News | Employer-sponsored health coverage costs jumped this year. More hikes may be coming | The cost of health coverage through work jumped this year, in part because of inflation, according to a survey of U.S. employers. Premiums for both family and single plans climbed 7% after barely rising in 2022, according to a report Wednesday by KFF, a nonprofit that researcheshealth careissues. Later this fall, companies begin their annual coverage enrollment window for 2024, and health care experts say another price hike could be coming. “It’s hard to imagine that there won’t be another year of health care cost increases, at least at the level we’re seeing right now,” said Paul Fronstin, director of health benefits research for the Employee Benefit Research Institute. Employer-sponsoredhealth insuranceis the most common form of coverage in the United States. KFF says almost 153 million Americans have it. Companies generally pay most of the premium — 70% or more in many cases. That can soften the impact of price hikes on employees. Coverage costs also are taken out of paychecks beforetaxes, which helps mitigate the financial pinch workers may feel, noted Fronstin, who was not involved in the KFF study. KFF noted that premiums climbed roughly with wages and inflation. The wider economy has felt those two pressures for more than a year, and now they are starting to affect health care costs, said Gary Claxton, a senior vice president with KFF. He noted that there can be a delay because health care contracts can keep costs stable after prices start rising in other parts of the economy. Fronstin said health care provider consolidation also can drive up care costs, which ultimately affects premiums. He also thinks the U.S. health care system — with its limited capacity to treat people — is still catching up on providing care that was delayed during the COVID-19 pandemic. “There’s only so much room for catch up,” he said. “I don’t believe colonoscopy centers are running 24/7 to catch up.” ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content. |
2024-10-25 | NPR | A new RSV shot could help protect babies this winter — if they can get it in time | Emily Bendt cradles her two-week-old infant, Willow, at her home near Portland, OR in early October 2023. Bendt, a pediatric nurse, closely followed the recent approval of the RSV monoclonal antibody Nirsevimab but has been unable to find it for her daughter.Amelia Templeton/OPBhide caption Emily Bendt cradles her two-week-old infant, Willow, at her home near Portland, OR in early October 2023. Bendt, a pediatric nurse, closely followed the recent approval of the RSV monoclonal antibody Nirsevimab but has been unable to find it for her daughter. Emily Bendt got excited when she first heard the Centers for Disease Control and Prevention had approved a new shot to protect infants from RSV. That was back on August 3, when she was in the last trimester of pregnancy. By October 5, she had given birth, and was cuddling with her new baby, Willow, on the couch at home in Vancouver, Washington. This story was produced in partnership withKFF Health News. But her excitement had turned into frustration. The new therapy, called Nirsevimab, had started shipping in September — but Bendt, a pediatric home health nurse, couldn't find it anywhere. That very morning, at Willow's two-week check-up, Bendt had asked the pediatrician when Willow could get it. "She literally just shrugged and was like, well it's coming but we don't know when," Bendt says. "I don't know why I feel like I'm having to chase people down and still not get answers." Bendt searched online too, for clinics or pharmacies or government websites offering Nirsevimab — and found nothing. By mid-October, demand for Nirsevimab had alreadyoutstripped supply, according to the pharmaceutical company Sanofi. In response, the CDC issuedinterim guidanceMonday to help pediatricians allocate the limited supply of doses, advising them to focus on the infants at highest risk of RSV complications: babies under 6 months old, and those with underlying medical conditions. RSV is the leading reason babies under 12 months end up in the hospital, and anestimated100-300 infants die from it in the U.S. every year. Nirsevimab, a monoclonal antibody, is actually one of twonew therapiesavailable this fall that could dramatically reduce the risk of lung infections for infants. The other option is a new RSV vaccine from Pfizer. It was first recommended for adults 60 and older, and then on September 22, the CDCapprovedits use in pregnant people, too, as a way to confer immunity on their infants. But this adult vaccine is only recommended during a relatively short window in pregnancy, weeks 32 through 36, due to a potential but unproven concernit may increasepreterm births. That might limit uptake of the vaccine during pregnancy. The CDC is now asking prenatal care providers to warn their patients about the potential Nirsevimab supply shortages, with the hope that driving up the maternal vaccination rate could help ease the demand for Nirsevimab. Supply is not the only challenge facing Nirsevimab. Pediatricians say its high cost, as well as bureaucratic obstacles in Medicaid's vaccine distribution system for children, are also slowing down Nirsevimab dissemination. They fear these problems leave infants at risk - unnecessarily - of hospitalization this winter. In clinical trials, Nirsevimab reduced RSV hospitalizations and health care visits in infants by almost 80%. "This is groundbreaking, honestly," saysDr. Katie Sharff, chief of infectious disease for Kaiser Permanente Northwest. Nirsevimab is a monoclonal antibody treatment, not a traditional vaccine. The passive immunity it confers lasts about five months. But that's long enough to get babies through their first RSV season, when they're at highest risk for complications. After an infant's first winter, "their airways develop and their lungs develop," Sharff says. "So getting RSV later, as a child instead of as an infant, [means the child is] probably less likely to have severe complications of difficulty breathing, needing to be on a ventilator." Sharff's own daughter had an RSV infection as an infant, needed care in the emergency department, and went on to develop asthma, a condition that'smore commonin children that had severe RSV infections. For health systems that have been worn down by the so-called "tripledemic" of respiratory viruses – Covid, flu and RSV – keeping infants out of the hospital this winter could be a game-changer. Last year was a historically bad season for RSV. Earlier in the pandemic, measures that states took to slow the spread of COVID-19, such as masking, depressed RSV infections for a while, too. But as infection-control measures were rolled back, more babies and toddlers were exposed to RSV for the first time, at the same time. The virus came roaring back. Serious RSV cases requiring pediatric hospitalization soared during the winter of 2022-2023. In Oregon, the surgepromptedGov. Kate Brown to declare a public healthemergencyand forced local hospitals to add capacity to their pediatric ICUs. Some hospitals even had tosend patientsout of state. "The promise of Nirsevimab is that should never, never happen again," saysDr. Ben Hoffman, professor of pediatrics at Oregon Health & Science University's Doernbecher Children's Hospital, and president-elect of the American Academy of Pediatrics. Nirsevimab is approved for all infants up to 8 months old, and for some older babies and toddlers considered at higher risk due to RSV. The American Academy of Pediatrics recommends that every baby whose mother did not get the RSV vaccine while pregnant receive Nirsevimab in the first week of life. Except for the first dose of the hepatitis B vaccine, the standard childhood vaccinesstartbeing given one month after birth, in the pediatrician's office. Nirsevimab could be given in hospitals, before newborns go home. Or pediatricians could give it at a baby's first office visit, but that can occur two weeks after birth, or even later. It's unclear what clinical location will ultimately become the standard place where infants receive this shot in the U.S., or even if the shot will become standard for newborns. (That depends on whether the maternal RSV vaccine becomes a standard part of pregnancy care in the U.S.) But what is clear is that neither pediatricians nor hospitals have become the go-to source for Nirsevimab this year, leaving many parents confused about where to find the shot. Mid Valley Children's Clinic in Albany, Oregon, where 70 percent of the patients are eligible to get free vaccines through the Vaccines For Children program. But Samaritan Health, which runs the clinic, has opted to purchase additional doses of the RSV shot Nirsevimab without reimbursement so that the most vulnerable newborns can get the shot before they even head home from the hospital.Amelia Templeton/OPBhide caption Mid Valley Children's Clinic in Albany, Oregon, where 70 percent of the patients are eligible to get free vaccines through the Vaccines For Children program. But Samaritan Health, which runs the clinic, has opted to purchase additional doses of the RSV shot Nirsevimab without reimbursement so that the most vulnerable newborns can get the shot before they even head home from the hospital. One major issue is the initial price: at $495 per dose, it's the most expensive standard childhood shot. Many pediatricians have been reluctant to order it, unsure about whether they'll be reimbursed by insurers. Because ofa quirkin the Affordable Care Act, commercial insurance plans can wait up to a year before they are required to cover it. "When all of a sudden you have a new product that you're supposed to give to your in entire birth cohort, and you've got to pay $500 that may or may not get paid back, that's just not financially viable, saysDr. Sean O'Leary, a pediatric infectious disease specialist at the University of Colorado School of Medicine. Some insurers have announced they will cover Nirsevimab right away, but not all. Sanofi has announced an order-now, pay later option for doctors, which would give them more time to work out reimbursement deals. Even when cost is not an issue, problems remain. A government program that supplies free shots to about half of the children in the United States is structured in a way that makes it hard to give Nirsevimab to newborns right after birth. The program,Vaccines for Children, is a safety-net program that provides vaccines to children on Medicaid, uninsured children, and Alaska Native and American Indian children. Health care providers can't bill Medicaid for shots like Nirsevimab. Instead, they have to register and enroll in the VFC program. Through it, the federal government purchases shots from companies like Sanofi at a discount, and then arranges for them to be shipped for free to VFC-enrolled providers, which tend to be pediatric practices or safety-net clinics. But most hospitals aren't part of VFC, which presents a problem. Pediatricians say the fastest, fairest way to get Nirsevimab to as many families as possible, is to offer it just after birth, before families leave the hospital. "Many of our newborns go home to caring, affectionate, loving siblings who are actively dripping snot at the time that the child is born," saysDr. Eddie Frothingham, a pediatrician with Mid Valley Children's Clinic in Albany, Oregon. "The sooner we can protect them, the better." Right now, only about 10 percent of birthing hospitals nationwide are enrolled in VFC and can get Nirsevimab for free. In Oregon, out of more than 40 hospitals that deliver babies, just one is enrolled in VFC. Until Nirsevimab's debut a few months ago, most hospitals didn't have a strong incentive to participate in Vaccines for Children. The rest of the childhood vaccine series is typically given to kids by pediatricians, in outpatient clinics. The VFC program can be burdensome and bureaucratic, according to interviews with several Oregon hospitals and immunization experts. The program's stringent anti-fraud measures discourage health care providers from enrolling, they say. Once enrolled, providers have to track and store VFC-provided vaccines separately, apart from their other vaccine supplies. The person giving a pediatric shot has to know what insurance the child has, and account for each dose in a state-run electronic record system. Mimi Luther, the immunization program manager for the state of Oregon, says the rules are nearly impossible for most hospitals to follow. A refrigerator at Mid-Valley Children's Clinic in Albany, Oregon with supplies of government-funded vaccines for children on Medicaid. The pink "VFC" stickers help clinics follow stringent federal rules and ensure only eligible children get the "Vaccines for Children" shots.Amelia Templeton/OPBhide caption A refrigerator at Mid-Valley Children's Clinic in Albany, Oregon with supplies of government-funded vaccines for children on Medicaid. The pink "VFC" stickers help clinics follow stringent federal rules and ensure only eligible children get the "Vaccines for Children" shots. "I look forward to the day when the feds have the opportunity to modernize that system to make it easier for providers to enroll and stay enrolled," she says. The CDC hasrelaxed some program rulesin light of the shortage of Nirsevimab, allowing providers to "borrow" up to 5 VFC doses for infants covered by private insurance - so long as those doses are paid back within a month. For now, Nirsevimab is reaching patients in various ways, and many infants aren't getting it as soon as recommended. This has forced some hospital systems to make difficult choices. Many are allowing infants to leave the hospital without the shot, assuming they will get it at the first pediatric outpatient visit. Frothingham says that also creates an equity problem. Newborns whose parents don't have transportation, or financial resources, are more likely to miss those first pediatric appointments after birth. Samaritan Health Services, the health system Frothingham works for, has decided to privately purchase a small number of doses to offer in its hospitals, for newborns whom doctors flag as high risk, due to breathing problems or family poverty. "It's important to us that infants be able to access this regardless of their financial or social circumstances," Frothingham says. Nationwide, many birthing hospitals are trying to enroll in the VFC program fornextyear. But this fall, most hospitals won't have free Nirsevimab on hand. Most babies who get RSV ultimately recover, including those who require hospitalization to help with their breathing. But it's challenging to treat, and it does kill an estimated100-300 childrenevery year. In his decades in medicine, OHSU's Hoffman has lost infant patients to RSV. "Knowing that some kids may potentially suffer because of delayed access or absence of access to a product that could potentially save their lives is awful," Hoffman says. "No pediatrician in the country is happy right now." This story comes from NPR's health reporting partnership withOregon Public BroadcastingandKFF Health News. |
2024-10-28 | Wired | 25-Year Lasagna, Special Ops Oatmeal, and the Survival Food Boom | I’m looking at two bowls of lasagna. These ready-to-eat meals with a 25-year shelf life come from two US-based survival food companies. Preparation is simple: Just add hot water. One can be eaten after about 12 minutes, the other after just six. Neither looks particularly appetizing. It probably doesn’t help that I’m a picky eater, but they prove hard to swallow. There is no relation to actual lasagna in taste or texture. One is exceptionally salty, with a particularly unpleasant smell. The other has the aftertaste of a protein shake and a disconcerting mouthfeel. However, I’m not starving or fighting to survive in the middle of the apocalypse. Under such circumstances, I assume these would make an acceptable meal—perhaps even an enjoyable one. Since the pandemic, survival food like this has been in high demand: “Covid increased our sales tenfold,” says Tim Lawlor, vice president of marketing at Readywise, which can make up to 1 million food servings a day out of its 100,000-square-foot facility in Salt Lake City. “We went from fringe to mainstream—all of a sudden a lot of my friends were calling me and asking if they could get some emergency food. I think people now understand the importance of having a bit of food insurance, just like they have car insurance or health insurance. It’s since dropped slightly down, but people are still on edge.” Readywise’s best seller is a four-week, one-personbundlethat retails for $300 and supplies 2,000 calories a day. It includes breakfast and dinner options, such as pancake mix, pasta Alfredo, and dried banana chips: “With a month’s worth of food, you get to put together a good plan,” Lawlor says. “And so that’s what most people want to do. But we do have a very big celebrity that is buying up to $50,000 worth of food—that’s five years.” Most of Readywise’s products can last 25 years, when stored correctly. The food is freeze-dried to pull out all its moisture, then stored in a mylar pouch with an oxygen absorber. One big problem is fat, which doesn’t last that long: “The reason we do a meat bucket separately is that fats degrade over time,” Lawlor says. “The meats have a 15-year shelf life because after about 15 years the fats will start to degrade.” |
2024-10-24 | ABC News | Walmart expands health care coverage for employees who want doulas during pregnancy | NEW YORK --Walmart, the nation's largest private employer, is expanding nationwide itshealth carecoverage next month for employees who want to enlist the services of a doula, a person trained to assist women during pregnancies. The coverage was first offered to Walmart employees in Georgia in 2021, and then last year the Bentonville, Arkansas-based discounter offered the same benefit to employees in Louisiana, Indiana and Illinois. The exception is Hawaii, which has its own set of health benefits, Walmart said. Walmart said the program, which kicks off nationwide on Nov. 1, is meant to address racial inequities in health care and improve the maternal and infant health of its workers and their babies, especially in areas where access to care may be limited. Doulas are trained experts that must receive credentials from either the National Black Doulas Association or DONA International. “As things evolve and we’ve come out of COVID, we continue to see the gaps where maternal care is not always available or there needs to be additional support,” said Lisa Woods, Walmart's vice president, physical and emotional well-being. Woods declined to specify the number of Walmart employees who have taken part in the program so far, noting that the biggest challenge was educating employees on what doulas actually do. It plans to better publicize the offering and include the expanded coverage in this year's annualhealth insuranceenrollment materials. The expansion of the doula benefits comes as a new collection of reports from the March of Dimes, a nonprofit organization committed to ending preventable maternal health risks and death, shows that more than 5.6 million women live in counties with limited or no access to maternity care services, pushing families to find new ways to get needed care. The loss of obstetric units in hospitals was responsible for decreased maternity care access in nearly 1 in 10 counties across the U.S, according to the report. Black women are three times more likely to die from a pregnancy-related cause than white women, largely due to differences in the quality of health care, underlying chronic conditions and structural racism, according to the Centers for Disease Control and Prevention. Employing a doula as a part of a birthing team decreases cesarian sections by 50%, shortens the time of labor by 25% and decreases the need for other medical interventions by more than half, according to the National Black Doulas Association. Employees on Walmart's medical plan can receive assistance from a doula with coverage of up to $1,000 per pregnancy. The company already has in place a “Life with Baby” program, which offers no-cost resources like one-on-one coaching from a nurse, tools to track daily progress and gifts for new babies. Other major U.S. companies are also offering full or partial doula services for employees, including CVS Health and Microsoft. Tracy Collins, president and founder of the National Black Doulas Association, noted that Walmart's move to expand the program nationwide could help increase momentum for the use of doula services to help address racial inequities in maternal care. “I am seeing major corporations take an interest in wanting to align with the (National Black Doulas Association) for the look of supporting a Black business or a Black and brown company, but they don’t follow suit,” Collins said. Jillian Bowman, a 28-year-old mother of a now 17-month-old boy from Clarksville, Georgia, who works as an hourly optician at a nearby Walmart store in Clayton, Georgia, turned to a doula service after she was unhappy with her care at a local ob-gyn practice. Bowman had gestational diabetes and was told that she would need a C-section, which would have required a longer recovery period. Midway through her pregnancy, Bowman turned to a doula and was able to get the service covered by Walmart's insurance plan. The doula guided her through her pregnancy. She credited her doula for being able to have a natural birth at a local hospital. “I wasn’t getting as much attention from the medical team there,” she said. “But having her there and having her prepare for all of that, I felt so much more confident going into the whole thing.” ________ Follow Anne D’Innocenzio: http://twitter.com/ADInnocenzio |
2024-10-19 | BBC News | Kenya healthcare: President William Ruto signs controversial UHC bills | Kenya's President William Ruto has approved controversial legislation that will see the biggest shake-up of the health sector in more than 20 years. His plan revolves around promoting universal healthcare, and requires all workers to contribute 2.75% of their salaries towards a new health fund. The government says it will make healthcare more affordable and accessible for poorer Kenyans. But it has proved unpopular with many Kenyans, who see it as a new tax. They say it is the latest in a series of measures that Mr Ruto has introduced, worsening the cost-of-living crisis, despite the fact that he won elections last year with a promise to ease the financial difficulties of families. Some also fear that the new healthcare fund will be beset by corruption, like the existing one, meaning they are often unable to access the health services they are entitled to. But parliament has backed Mr Ruto, passing the Social Health Insurance Bill, along with three other health bills, on Tuesday. Currently, Kenyans pay between 150 Kenyan shillings ($1; £0.80) and 1,700 shillings monthly to a National Health Insurance Fund (NHIF). It will be replaced with a new fund, with the minimum contribution set to double and most salaried workers contributing a higher proportion of their pay. With the new law, every Kenyan must register as a member of the Social Health Insurance Fund that replaces NHIF. Mr Ruto says the universal health insurance will ensure that every Kenyan can go to the hospital and receive treatment without facing financial hardship. The new laws, however, do not address what happens when individuals cannot afford contributions. Kenya's Health Minister Susan Nakhumicha has said that the new plan is better as it "will allow Kenyans of all walks of life to contribute according to their income". She said lower earners currently pay a higher percentage of their income than the better off. Employers, who are required to match their employees' contributions, have opposed the 2.75% deduction as too high. They say that it will hurt businesses and aggravate the cost-of-living crisis, which fuelled a wave of protests across Kenya earlier this year. In June, Mr Ruto signed the Finance Act, another unpopular piece of legislation that introduced a 1.5% housing levy payable by both employers and employees, to help the government to provide affordable housing at a time when prices are so high that many urban Kenyans cannot afford to buy homes. Some health and civil society organisations have also spoken out against the health plan, saying that the 2.75% deduction is substantial, considering the recent rise in fuel prices and living costs. "This rate takes a lot more from distressed salaried citizens, whose incomes support large households of family and services," the Kenya Faith Based Health Services Consortium said in September. Kenyans will be required to register to the proposed National Social Health Insurance Fund to access public health services and those who fail to enrol would be denied services. The government will help Kenyans who cannot contribute towards the fund through a kitty of 26 billion shillings. The new fund will replace the current NHIF, which has lost billions of taxpayer-contributed funds to corruption, denying many paying Kenyans access to healthcare. Some Kenyans fear that the new fund will have more money, and there will be more corruption, while they will still be denied healthcare by the state. Critics also fear that the new social healthcare body will spend most of the collected funds on administrative expenses like the current NHIF, leaving few resources for direct healthcare costs. Additional reporting by Dorcas Wangira |
2024-10-09 | Boing Boing | California governor Gavin Newsom vetoes law that would have capped price of insulin | Insulin, required by diabetics to control their blood sugar levels, isastronomically expensivein the U.S.—far moreso than other countries. California governor Gavin Newsom, whorecently announced a state-supported non-profit supplier of insulin, hasvetoed a law that would have capped the price of the drug there at $35 a month. The bill would have banned health plans and disability insurance policies from imposing any out-of-pocket expenses on insulin prescription drugs above $35 for a 30-day supply. That would have included deductibles and co-pays. … State senator Scott Wiener, a Democrat from San Francisco who crafted the bill, called Newsom's veto "a major setback that will keep tens of thousands of diabetic Californians trapped in the terrible choice between buying insulin and buying food". The bill would have banned health plans and disability insurance policies from imposing any out-of-pocket expenses on insulin prescription drugs above $35 for a 30-day supply. That would have included deductibles and co-pays. … State senator Scott Wiener, a Democrat from San Francisco who crafted the bill, called Newsom's veto "a major setback that will keep tens of thousands of diabetic Californians trapped in the terrible choice between buying insulin and buying food". The law is unnecessary, Newsom says, because the government insulin is going to be cheap and a price cap would encourage insurers to cheat by moving the cost to premiums. "With CalRx, we are getting at the underlying cost, which is the true sustainable solution to high-cost pharmaceuticals," Newsom wrote in a message explaining why he vetoed the bill on Saturday. "With co-pay caps however, the long-term costs are still passed down to consumers through higher premiums from health plans." Who needs policy when you can solve all the problems with public-private partnerships? |
2024-10-16 | NPR | Medicare shoppers often face a barrage of unsolicited calls and aggressive ads | Open enrollment for Medicare begins Sunday and ads like this billboard inside California's John Wayne Airport are popping up. Marketing of Medicare plans is subject to new, stricter federal regulations this year.Leslie Walker/Tradeoffshide caption Open enrollment for Medicare begins Sunday and ads like this billboard inside California's John Wayne Airport are popping up. Marketing of Medicare plans is subject to new, stricter federal regulations this year. One minute last December Leslie Montgomery was a medieval warlord pillaging a nearby kingdom. The next she was a retiree drowning in a flood of confusing Medicare sales calls. The 75-year-old had been deeply immersed in her favorite free online game when a banner ad appeared warning her that she might be missing out on money from the federal government. She clicked, and within minutes, she received an avalanche of calls with health insurance quotes she had never requested. A batch of federal regulationsissued this year aim to protect consumers like Montgomery. Following a sharp rise incomplaints of misleading marketingof private Medicare plans anda damning reportby Senate Democrats, the Biden administration finalized new rules to rein in deceptive Medicare marketing tactics. Those reforms face their first big test as Medicare's open enrollment period kicks off. It's an annual chance for the country's 65 million Medicare beneficiaries to shop for higher quality, lower cost insurance coverage. It's easy to see why Montgomery gets tempted by these kinds of online ads. She's one ofabout 12 million peoplein the U.S. whose medical and social vulnerabilities qualify them for both Medicare and Medicaid. Earlier this year, she was diagnosed with Parkinson's disease, and not long after was evicted from her home in an R.V. park for seniors. The Phoenix, Ariz., resident now lives on just $50 a month of disposable income. So, she clicks. As insurance brokers peppered her phone last December, Montgomery repeatedly explained that she was interested in the offer of extra cash from the federal government, not in switching plans. "And they say, 'Well, you have to have therightinsurance policy to get it,' " she recalls. As soon as she hears that she hangs up — she doesn't want a new health plan. "It's extremely frustrating to figure that somebody is there to help you and then you find out they're not there to help you," Montgomery says. "They're basically there to shaft you." Get trustworthy help shopping for Medicare plans Open enrollment — which runs from Oct. 15 to Dec. 7 this year — allows seniors to choose a new Medicare plan if they wish. "It's a potentially high stakes decision with really important implications for beneficiaries' health and finances," saysGretchen Jacobson, a vice president at the Commonwealth Fund, a private foundation that also conducts health policy research. Research shows that picking a flawed plan canwaste seniors' often limited income, and even lead people toget lower quality careor leave lifesavingprescriptions unfilled.Some of the enrollment choices people make can also behard and expensive to undodown the road. Yet, the Kaiser Family Foundationestimatesthat only about a third of people compare plans during this annual two month window. Medicare shopping is tough. In addition to the traditional Medicare coverage offered by the federal government, the average person can now choose from more than 60 other products, includingMedicare plans run by private insurers(known as Medicare Advantage) and separate prescription drug coverage. Every fall, millions of Medicare shoppers are bombarded by information about these dozens of options — and that information is often incomplete and in some cases fraudulent. Private insurers and brokers ran more than640,000 commercialson TV alone last fall. Yet,two out of three seniorsstill say they would like to learn more about their options. "It's both too much information and too little information all at once," saysBrandon Wilson, a senior director at consumer advocacy group Community Catalyst. Paid marketing skews heavily toward Medicare Advantage, which ismore than twice as profitablefor private insurers than any other type of coverage they offer. Nearly 9 out of 10 TV ads that ran last fall focused on Medicare Advantage, according to the Kaiser Family Foundation. Anew surveyby the Commonwealth Fund also found that deceptive marketing tactics further muddy the waters. Three-quarters of respondents reported receiving unsolicited calls, which are federally prohibited. Half said they'd received information about a specific plan from the government, which does no such outreach. "We were very surprised," says Jacobson, who led the research. "What was really concerning was that low-income people consistently reported these activities more frequently than higher-income people across almost every measure that we asked about." Nearly a third of people living on less than $25,000 a year reported that an ad had misled them. The same group was twice as likely as peers with higher incomes to say they'd felt pressured to switch coverage. People with low incomes who are eligible for both Medicare and Medicaid have even more options in the form of special Medicare Advantage plans calledDual-Eligible Special Needs Plans. These offerings often include extra benefits, but can increase confusion. This year the situation is even trickier as many pandemic-era protections that kept people enrolled in Medicaidare ending. Insurance brokers and agents are atop source of adviceas older adults attempt to navigate this enrollment maze, but the information they offer is incomplete. Private insurers pay these third party intermediariescommissionsthat can range from $50 to $762 per sign-up and other unreported payments to push certain plans. Brokers and agents are not legally required to present clients with all available options in their area. "Their compensation is not always aligned with how they would like to advise beneficiaries," Jacobson says, pointing to findings fromfocus groupsconducted with insurance brokers. Leslie Montgomery got help weighing her Medicare options from the nonprofitMedicare Rights Center. She knows these decisions can be treacherous for some seniors. "I do my research on things, but somebody who doesn't do that can really get themselves into a lot of bad trouble," she says.Greg Montgomeryhide caption That disconnect is especially true for lower income clients, Jacobson noted. Advising potential clients to stick with traditional Medicare generates little to no money for the broker — unless the person purchases private insurance to supplement their government coverage. "So when a low-income person talks with a broker, for the most part, the only avenue for that broker to make money is to enroll that person in a Medicare Advantage plan," Jacobson says. That means, just like with advertisers, people cannot assume brokers are painting a full, unvarnished picture of their coverage options. The details of Medicare Advantage plans are especially important for consumers to understand since they canrestrictpeople's access tocertain doctorsand drugs more than traditional Medicare coverage does. "This research highlights the need to make more trusted, neutral resources available," says Brandon Wilson of Community Catalyst referring to the new Commonwealth survey. Leslie Montgomery was able to turn to one of those trusted resources — ahelplinerun by the nonprofitMedicare Rights Center— earlier this year. Another alluring ad had caught her eye — this time on a postcard in her stack of mail, and she wanted to run it by an expert. A trained helpline volunteer helped Montgomery weigh the new plan's shiny offer of $100 per month to spend on vitamins, aspirin and other over-the-counter items against the benefits of her current coverage. She realized she was better off staying put. The Medicare Rights Center says its call volume spikes by about a third around open enrollment. Still, people are far more likely to make enrollment decisions alone or turn to brokers than to use unbiased helplines or the federal government'splan comparison tool. Recent regulatory changesby the Biden administration aim to elevate the overall quality and transparency of promotional materials. New restrictions limit how the Medicare logo and name can be used. The federal government has also cracked down on misleading promises of cost savings and on the use of superlatives like "best" or "most." Despite these efforts, many people on Medicare remain confused by what constitutes fraud and90% of seniorsin the Commonwealth survey report they do not know how to file a federal complaint about Medicare marketing. Sen. Ron Wyden alsorecently announcedthat the Senate Finance Committee will hold a hearing about deceptive marketing practices on October 18, suggesting that lawmakers also believe that further reforms might be needed. In the meantime, Medicare experts and advocates say more federal funding should go towardState Health Insurance Assistance Programs, which received $55 million this year — less than a dollar per Medicare beneficiary — to provide free, local one-on-one counseling. They have also called for morereforms to broker compensation, such as requiring reporting of bonus payments or making sales commissions equal across all plan types. Leslie Montgomery still believes in the importance of open enrollment as a chance for seniors to stretch their often limited dollars. She also knows how treacherous a time it can be. "I do my research on things, but somebody who doesn't do that can really get themselves into a lot of bad trouble," Montgomery says. This story comes from the health policy podcastTradeoffs, whose coverage of complex care is supported, in part, by Arnold Ventures. Dan Gorenstein is Tradeoffs' executive editor, and Leslie Walker is a senior reporter/producer for the show, wherea version of this storyfirst appeared. Carmel Wroth edited this story for NPR. |
2024-10-18 | NPR | Leonard Allan Cure, freed after a wrongful conviction, is shot dead in a traffic stop | Leonard Allan Cure spent 16 years in prison after a wrongful conviction by a Florida jury.Innocence Project of Floridahide caption Leonard Allan Cure spent more than 16 years imprisoned in Florida on a wrongful conviction, fighting relentlessly for his release before he was finally freed three years ago. On Monday, he was killed by a Georgia sheriff during a traffic stop on his way home from visiting his mother. Cure, who was Black, was pulled over in Camden County near the Florida border by a sheriff's deputy at about 7:30 a.m., according to the Georgia Bureau of Investigation. The agency is conducting an independent probe into the fatal shooting by the officer. "It is god awful that he would escape that injustice to have his life claimed by more bias," civil rights attorney Ben Crump, who is representing Cure's family,saidat a Wednesday news conference. "Just because you're Black should not be the determining factor whether you get a death sentence for a traffic stop," he added. Later on Wednesday, the Camden County Sheriff's Office released graphic dashboard and body camera footage of the shooting. The video shows Staff Sgt. Buck Aldridge driving in his patrol vehicle when a pickup truck passes him at a higher rate of speed. He pulls the truck over. Aldridge exits his car and immediately yells for Cure to "step out!" and put his hands on the back of the truck. Cure exits but at first refuses to move to the back of the truck. Aldridge grabs Cure's arm, but he pulls it away. Aldridge again tells Cure to put his hands on the back of the truck or he'll stun him with his Taser, and Cure complies. Cure asks for Aldridge's name and whether there's a warrant out for his arrest. Aldridge tells Cure he's being arrested for speeding and reckless driving. "OK, so that's a speeding ticket, right?" Cure says. "Sir, tickets in the state of Georgia are criminal offenses," Aldridge replies. Cure asks if he's going to jail, to which Aldridge says he is. As Cure says "no" and then lifts his left arm in the air, Aldridge deploys his Taser, hitting Cure in the back. Moments later, Cure spins around and begins swinging his arms. Aldridge continues to stun Cure before the two begin grappling. Cure grips his hand on Aldridge's face, and Aldridge takes out his baton and hits Cure with it. Cure says, "yeah, b****," before Aldridge unholsters his gun and shoots Cure in the left side, causing him to fall to the ground. As Aldridge calls in "shots fired" on his radio and tells Cure to remain on the ground, Cure says, "too late." Aldridge, breathing heavily, leans on his vehicle's hood for support and waits for backup to arrive. In an earlierstatementthat did not name Aldridge, the GBI said that Cure got out of his car at the officer's request and that he initially "complied with the officer's commands until learning he was under arrest." According to preliminary findings by the agency, an altercation ensued during which Cure was stunned with a Taser. Authorities said Cure assaulted the deputy, who stunned him again. The arresting deputy also used a baton to try to subdue the 53-year-old before firing his weapon, the GBI said. The GBI reported that the deputy was not injured in the incident. The officer has been placed on administrative leave pending an investigation, according to Larry Bruce, the public information officer for the Camden County Sheriff's Office. In an email to NPR, Bruce said that Cure was stopped after being clocked on radar driving at 90 mph in a 70 mph zone and then accelerating to more than 100 mph. Cure was being charged with speeding and reckless driving, Bruce said. The family of Cure and their attorneys said it was the latest example of a problematic culture at the Camden County Sheriff's Office. The sheriff's office has been the subject of so many complaints over the last two years, particularly at the county jail, that it was dropped by its insurance company, reportedThe Current, a Georgia-based investigative news site. In one high-profile example, aformer deputy was firedand is facing criminal charges stemming from a traffic stop in which she slapped a handcuffed driver in the face and slammed the motorist's head into her patrol vehicle. In 2004,Cure was convictedof armed robbery with a firearm and assault with a firearm, and sentenced to life in prison. According to the Innocence Project of Florida, which worked on Cure's case, a jury found him guilty of robbing a Walgreens in Dania Beach, Fla., one year earlier, even though he had an alibi and there was no physical or forensic evidence tying him to the crime. Cure appealed his conviction several times over the years, and in 2020 he was released from prison after the Broward State Attorney's Conviction Review Unit raised questions about how he was identified as a suspect and included in a lineup in the initial investigation. Authorities later dropped all charges against Cure, making him the first person exonerated by the unit. "He was charismatic, extremely intelligent and he was a man of integrity, if nothing else," Michael Cure said of his younger brother. "My brother mattered to us. He had dreams, aspirations and goals." He added that his family now joins the other families of Black men who have been killed by police. "It's so unfortunate that I along with my family have to stand here before you today in this unfortunate club that these officers create for us," he said. "We're now one of those families." The Innocence Project of Floridasaid in a statementthat it was "devastated" by Cure's death. "We will do all we can to support Lenny's family and all who knew him and loved him." Broward State Attorney Harold F. Pryor and his team alsoexpressed their condolences. "The Leonard we knew was a smart, funny and kind person," they said in a statement. "After he was freed and exonerated by our office, he visited prosecutors at our office and participated in training to help our staff do their jobs in the fairest and most thorough way possible." Earlier this year, Florida Gov. Ron DeSantissigned a lawawarding Cure $817,000 in compensation and offering an official apology on behalf of the state. After his release, Cure reconnected with his family outside of Atlanta, the Innocence Project of Florida said. Working a steady job, Cure was aspiring to go to college for music production and was in the process of purchasing his first home near Atlanta. |
2024-10-30 | Business Insider | Magic Johnson is now a billionaire, decades after turning down a Nike deal that could have netted him $5B | Forbes magazine has declared basketball starMagic Johnsona billionaire, decades after he lost out on a Nike deal that could have netted him $5 billion. The business magazine estimatedJohnson's wealth to be $1.2 billion, most of which is from his investments in sports franchises and other companies. It said that Johnson, whose real name is Earvin Johnson, made around $40 million during his career as a basketball player, during which he starred for the legendary 1980s LA Lakers team. But Johnson passed up an early opportunity to make billions, he revealed in a recent interview, when in 1979 he declined an offer to be paid in shares by Nike before the company became one of the world's biggest brands. "My family didn't come from money, that's one thing that hurt us sometimes. When you don't come from money, you don't know. I didn't even know what stocks [were] at that time," Johnson told theAll The Smoke podcast earlier in the year. Instead, said Johnson, he accepted a sponsorship deal with Converse, that paid him $100,000 a year upfront. The Nike deal would've seen Johnson paid $1 for every pair of trainers sold and 100,000 shares in company stock. Back then, Nike shares were worth around 18 cents each, while today they are valued at around $100, so a shares deal would've been hugely more profitable long term. "So I passed on the stocks. Can you imagine? 45 years, $5 billion that stock would have been worth today," Johnson said. Forbes said that Johson has invested in LA sports franchises the WNBA's Los Angeles Sparks, MLB's Los Angeles Dodgers, and the MLS' LAFC. He also has investments in companies including Iowa-based life insurance company EquiTrust, and PepsiCo. He is the 4th sports star to be declared a billionaire by the magazine, after NBA stars Michael Jordan and LeBron James,and golfer Tiger Woods. Johnson retired in 1991 after being diagnosed with HIV, then briefly returned to the game before retiring for good in 1996. |
2024-10-30 | BBC News | Magic Johnson declared a billionaire by Forbes | Former basketball star Magic Johnson has been declared a billionaire by Forbes, making him only the fourth athlete to join the exclusive club. The business magazine estimates Johnson's wealth at about $1.2bn (£990m). The other athlete billionaires are NBA players Michael Jordan and Lebron James, and the golfer Tiger Woods. Johnson has investments in numerous companies including ownership stakes in various sports teams. But Forbes says his stake in a life insurance company holds most of his wealth. The 64-year-old had one of the most iconic careers in NBA history before retiring in 1996, but it was outside of sport where he made most of his money. Forbes states that Johnson made $40m from his NBA career. Johnson has ownership stakes in three Los Angeles-based sports teams, including MLB's Los Angeles Dodgers. Outside of sport he has investments in Starbucks, Burger King, 24 Hour Fitness and the life insurance company EquiTrust. Johnson says he could have become a billionaire sooner had he not turned down shares in Nike when he was entering the NBA in the 1970s. He took a deal with Converse, which offered him $100,000 a year, instead. "My family didn't come from money, that's one thing that hurt us sometimes. When you don't come from money, you don't know. I didn't even know what stocks [were] at that time," Johnson said on the All The Smoke podcast earlier this year. "So I passed on the stocks. Can you imagine? 45 years, $5 billion that stock would have been worth today." |
2024-10-28 | ABC News | Prosecutor refiles case accusing Missouri woman accused of killing her friend | TROY, Mo. --A Missouri prosecutor has dropped and refiled the murder case against Pamela Hupp, a killing that inspired a TV miniseries. Lincoln County Prosecuting Attorney Mike Wood charged Hupp with first-degree murder in July 2021, accusing her of killing her friend, Betsy Faria, a decade earlier. Faria's husband, Russ, spent time in prison for the crime before his conviction was overturned. On Friday, Wood told the St. Louis Post-Dispatch that his office decided to refile the case to petition for a closer venue. The original case had been moved on a change of venue to Springfield, about four hours away from Lincoln County. Wood hopes the move will ease the financial and travel burden on prosecutors, witnesses and Faria’s family. “It was too much to ask of witnesses and Besty Faria’s loved ones,” he said. Phone calls seeking comment Saturday from Hupp's attorney were unanswered. Prosecutors allege Hupp fatally stabbed Faria in 2011 for the $150,000 life insurance policy that Faria had switched over to Hupp days before her death. They say Hupp staged the scene to implicate Russ Faria. Russ Faria was sentenced in 2013 to life in prison but the conviction was overturned in 2015. The Lincoln County Sheriff’s Department last year reached a $2 million settlement with him for the wrongful conviction. The Faria case was the subject of an NBC miniseries last year, “The Thing About Pam,” which starred Renee Zellweger. Hupp already is in prison for another killing. In 2019, she was sentenced to life in prison without the possibility for parole for the 2016 fatal shooting of 33-year-old Louis Gumpenberger. In that case, Hupp staged a fake kidnapping to divert attention from herself in a reinvestigation of the Faria killing, prosecutors said. They claimed she lured Gumpenberger to her home with claims she was a producer for NBC’s Dateline in need of help reenacting a 911 call. Gumpenberger had mental and physical disabilities from an accident. |
2024-10-23 | Business Insider | Insider Today: You should buy a house now | Welcome back!If you're feeling bummed about not having a doomsday bunker like the ultra-rich, don't worry. OpenAI's Sam Altman joked they won't really matter if there is anAI apocalypse. In today's big story, we're looking at why it'sagoodtime to buy a house. (No, that's not a typo.) What's on deck: But first, mortgage rates be damned. If this was forwarded to you,sign up here. Buy, buy, buy It's a pretty terrible time to buy a house these days, which is why it's a good time to buy a house. That sentence might not make much sense, but stick with me. The housing market is anabsolute mess. For the first time since 2000,mortgage rates hit 8%. Existing home sales are expected to close at their lowest levels since 2011. So whetheryou're buying or selling a home, you're probably pretty frustrated. But you shouldn't necessarily throw in the towel on your homebuying dreams just yet. The housing market's rough waters mean the brave few willing to navigate them will have an easier time finding a house than when everyone piles back in once rates start to fall. Insider's Jennifer Sor detailed why it's agood time to buy a house. And Insider's Jacob Zinkula spoke to housing experts about theadvice they'd have for homebuyerswilling to jump into the fray. Part of the issue is that mortgage rates won't magically drop overnight. And when they do start to come down, they're still not going to drop as low as you might hope. If that's not a compelling argument, don't forget the competition will only get stronger the longer you wait. As Gen Zers startconsidering buying homes, that just means another wave of people to compete with houses for. And whilehome buildershave seen some bright spots, they won't solve all the supply issues that'll come when buyers ramp back up. Instead, more people are queuing to buy a finite amount of houses with every passing day. If you thought the bidding wars a couple of years ago were bad, imagine what it'll be like with people flush with cash after being sidelined for the past year. As someone who's trying to buy their first home, I can't tell you how maddening an experience it's been. I'd like to think all this time on the sidelines gives me a chance to save more money to buy a better house, but then I realize that's what everyone else is thinking. So yes, the housing market may not be pretty right now, but maybe that's a good thing. A former Point72 president who resigned after a #MeToo scandal is raising a new fund.Doug Haynes ishoping to raise $1 billion for Norias Research Group, a new fund based in West Palm Beach, Fla. Haynes resigned from Steve Cohen's Point72 in 2018, a month after being named a defendant in a sexual discrimination lawsuit. Billionaire Leon Cooperman isn't very bullish on the S&P 500.The famed investor said stocks are overpriced and the S&P 500won't hit a new high for a long time. Instead, a "rolling correction" will occur that will "take a long time for us to work out the problems," he said. Investments set to take off in 2024.Some of the top minds at Ameriprise Financial outlined how to maximize gains heading into 2024. Sectors on the rise next year includefinancials, industrials, and materials. People are grieving the "death" of their AI lovers after chatbot app Soulmate abruptly shut down.They're making digital memorials, forming ad hoc support groups, and collectively mourning on Reddit. Soulmate's closure highlights the perils ofentrusting your deepest emotionswith a smartphone app. The auto industry overestimated EV demand this year.Now companies are scrambling. The industry experienced multi-year growth. But that's started to slow, leaving some wonderingif carmakers pushed EVs too early. Amazon shut down a Slack channel where thousands of employees discussed performance improvement plans.#focus-and-pivot-info was deleted about a month ago. But another channel appears to bethe new gathering spot. The new way insurance companies are ripping you off.Insurance companies sell their policies as friendly neighbors that can offer you peace of mind. But that neighborly charm begins to wane when they start usingloopholes and exclusions to deny your claims. Microsoft CEO Satya Nadella dishes on AI, Activision Blizzard deal, and more.He sat down with Mathias Döpfner, CEO of Insider's parent company, Axel Springer, for an in-depth interview. They discussed cricket, Marxism, familial love, mistakes, Microsoft,and other wide-ranging topics. Nvidia CEO gave a super honest look at what it's like to start your own company.Jensen Huang says hewouldn't do it againif he had to go back. He said that "to this day, I trick my brain into thinking, 'How hard can it be?' Because you have to." Move over Peloton —ruckingis Silicon Valley'slatest fitness craze. Participants in Denver'sbasic-income experimentrevealedhow it impacted their lives. The seventherapistsyou shouldfollow on TikTok. Meet thecandidates who could replaceMorgan Stanley's CEO. Mark Zuckerberg ismaking good on his promiseto accelerate the use ofThreads. Weight-loss startupCalibrateisselling itself to a private equity firmas patient complaints stack up. Russian soldiersare reportedlygetting hard drugs deliveredto their trenches in Ukraine to escape boredom. Haunted spots The most haunted spot in every state.NBA players reported seeing ghosts at a hotel in Oklahoma City. Otherspooky spotsinclude a former penitentiary, homes, and churches. The Insider Today team:Dan DeFrancesco, senior editor and anchor, in New York City.Diamond Naga Siu, senior reporter, in San Diego.Hallam Bullock, editor, in London.Lisa Ryan, executive editor, in New York. |
2024-10-27 | The Times of India | Avocados to buckwheat: India is shipping in more fitness and less binge | iStock Representative Image New Delhi: India 's rising preference for healthy foods is showing up in its imports, with a surge in inbound shipments of avocado , dry fruits , buckwheat and olives, even as those of ice-creams, cakes and confectionery, and salad dressings decline. There is also more demand for and higher imports of fruits and vegetables, amid a general sway towards natural immunity boosters since the pandemic. In the first five months of FY24, imports in value terms were up 70% for avocado from a year earlier, while more than doubling in case of shelled almonds, and growing 80% and 62% for pistachio and olives, respectively. Imports of cereals such as buckwheat and millets have also grown sharply, albeit on a smaller base. Climbing imports for these products suggest an increasing demand for high-end eatables perceived as healthy alternatives to those available domestically. "People have continued with healthy and immunity-boosting food products after the Covid-19 pandemic and we expect almond imports to be around 20% higher this year, from the previous year," said Vijay Kumar Bhuta, president, Dry Fruit Traders Association. Olive oil imports grew 24% in the same five months this year, despite a 60% rise in prices due to two consecutive years of drought in Europe, while imports of palm oil - considered less healthy -declined 26%. Besides, India's free trade agreement with Australia has given a boost to imports of nuts and citrus fruit such as oranges and avocados. Avocados and olives are high-end premium products in India and the high growth is on a low base. "The quality of the Indian avocado - with almost 12% oil content - is different from the South American ones, which are softer, take less time to ripen and have a buttery texture owing to larger oil content of about 18%," said Mohit Singla, chairman, Trade Promotion Council of India. "While India is growing large quantities of avocado, the predictability of the Indian variant is often low," he said, explaining the rise in inbound shipments. Indians also upped their consumption of imported fruit and vegetable juices by 5% during April-August 2024. Mixed condiments and seasonings imports, meanwhile, saw a 4.6% rise to $12.46 million in the five months ended August 31, 2023. In contrast, the imports of several consumption items have declined following a change in consumer preferences post-pandemic. This year, imports of pasta fell 16.25% on-year to $12.91 million during April-August and those of bread, pastry, cakes, and biscuits were down 9.5% to $32.24 million. "A lot of these confectionery products are now available in India and made with ingredients specific to our taste and requirements. In a way, import substitution has happened," said an official. India's goods imports in April-September this financial year were $326.98 billion, lower than $372.56 billion a year ago. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on consumer preferences india healthy foods avocado dry fruits covid 19 (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-30 | Business Insider | Kelly Johnson, who is married to House Speaker Mike Johnson, practices an ancient form of Christian counseling that classifies people into 'choleric', 'phlegmatic,' and other personality types purportedly ordained by God | Kelly Johnson, the wife of the newly elected House speaker, ran a Christian counseling service that is affiliated with an organization that advocates against abortion and homosexuality and whose practices are built on the teachings of the Greek physician Hippocrates. It is not clear if Kelly Johnson will continue her practice. Not long after Rep. Mike Johnson becameHouse speaker last week, Kelly Johnson's website became inaccessible. Johnson, her husband of more than 24 years, rose overnight from a virtually obscure House lawmaker to the position that is second in line to the presidency.The couple is deeply religious; both Kelly and Mike Johnson previously worked with religious organizations and causes the religious right advocates for. Along with her counseling, Johnson is also listed as an advisor to the Louisiana Right for Life, an anti-abortion organization. Kelly Johnson's website listed a specialty in Temperament counseling, a specialty that she received training for from an organization founded in the 1980s by a Christian couple. According to the materials the organization provides, the National Christian Counselor's Association is adamant that its offerings take place outside of more traditional state-licensed settings so that counselors and clients can be fully engaged through their faith. "The state licensed professional counselor in certain states is forbidden to pray, read or refer to the Holy Scriptures, counsel against things such as homosexuality, abortion, etc," a catalog of the organization's offerings states. "Initiating such counsel could be considered unethical by the state." The temperament-based approach breaks people down into five types: Melancholy, Choleric, Sanguine, Supine, and Phlegmatic. Richard and Phyllis Arno, who established a test to identify people's temperament, founded the National Christian Counselors Association in the early 1980s. They and their advocates prefer the term temperament over personalities as the term personality is characterized as a "mask" while temperaments are "inborn" and thus inherent to each individual regardless of outside influences such as parenting. Their work is largely based on Hippocrates' view that there were four temperaments. Tim LaHaye, a controversial and influential figure on the evangelical right, pointed to Hippocrates' beliefs when he began his own work in the 60s and 70s. The Arnos cited LaHaye in one of their books. LaHaye was vehemently opposed to LGBTQ people, writing an entire book on why he believed gay people were depressed because homosexuality was immoral and antithetical to the Bible.According to The New York Times,LaHaye's anti-Catholic and antisemitic writings led him to step down from an honorary position leading Congressman Jack Kemp's 1988 GOP primary campaign. LaHaye later pushed President George W. Bush's election in 2000 and worked with then-Arkansas Gov. Mike Huckabee in the 2008 presidential primaries. LeHaye became enormously popular and wealthy later in his life after he penned a series of apocalyptic novels. One post for an affiliated counselor on the organization's websitedescribesa deliverance ministry in addition to temperament testing. Using this approach to drive demons out of a client makes sure the person is "better able to receive and act upon godly counsel, including recommendations from the APS profiles." (APS profiles are the abbreviation for the couple's temperament testing system.) Not all Christian counseling is created the same. Some more traditional counselors may add Biblical elements to science-based approaches, while others counseling might take the form of pastoral guidance, and some reject more science-based approaches in favor of a faith-based model that emphasizes the power of God and scripture. It's not entirely clear where Johnson falls on this informal scale. She has a Bachelor's degree in Elementary Education from Louisiana Tech and a Master's in Education from Centenary College. In a personal testimonial, Johnson wrote about "deliverance through extraordinary trials, including her recovery from a broken neck in a 2007 car accident and other serious health challenges." Her counseling, which had a varying fee structure, was affiliated with Cypress Baptist Church in Benton, La., which according to Louisiana Baptist Message is where the couple attends services. Their church, in keeping with the denomination's views, proclaims it is welcoming to all, but makes it clear it "recognizes only the biblical definition of marriage" and only sex through marriage. The organization does advise counselors to follow some elements of more traditional counseling, including maintaining the confidentiality of what is discussed. Counselors are also advised to hold malpractice insurance. A representative for the organization did not immediately return Insider's request for comment. The Johnsons are deeply religious and have both publicly professed their "biblical worldview." The future House speaker rose to fame in the 1990s when he and Kelly became de facto spokespeople for "covenant marriages," a special agreement offered in some states that makes it more difficult for married couples to get a divorce. Johnson later cut his teeth as a litigator seeking to advance school prayer and defend bans on same-sex marriage. He also served in a leadership role with the Southern Baptist Convention, the largest Protestant denomination in the US. Before his rapid political rise, Johnson wrote frequent guest columns for his local newspaper in which he questioned LGBT Americans,as CNN previously reported. At one point, he wrote in favor of criminalizing gay sex. Johnson said on Thursday night that he now views the issue of same-sex marriage as settled law after the Supreme Court's landmark Obergefell v. Hodges ruling. He said he has nothing personally against LGBTQ people, he justquestions "their lifestyle choices." |
2024-10-05 | Business Insider | 5 ways China's trying to get people to have more babies — from cash incentives to cracking down on the 'bride price' | China is desperately trying to get people to have babies. The push for marriage and babies comes after China last year sawa record lowof6.83 million marriagesregistered. The country's population has even started shrinking for the first time in six decades, hitting 1.425 billion this year — falling behind India's 1.428 billion population, according to the United Nations. An aging population will have profound implications for China's economy, labor force, and healthcare system. China has been so keen on adding babies to its population that it scrapped its infamousone-child policyin 2016 and in 2021 started allowing couples to have up tothree kids. But the push doesn't appear to be enough to entice people to have more babies. Here's how China has tried to get its people to have more babies over the past two years. In February, the government of Hangzhou, a tech hub in East China and home to the e-commerce giant Alibaba, started grantednew parents20,000 Chinese yuan, or about $2,800, as a one-off subsidy for having a third child this year. Wenzhou, a city in southeast China, is offering would-be parents up to 3,000 yuan in subsidies per child. Other Chinese cities and provinces, such as Shanghai and the major coal producer Shanxi, also increased the number of paid marriage leave days from three to up to 30. In June, the travel agency Trip.com said it would offer employees who had worked for the company for three years or more an annual cash bonus of 10,000 yuan for the first five years of their child's life. The incentives are part of a 1 billion-yuan program Trip.com is investing in to support family planning and working families, it said in the announcement. Other companies offering similar incentives include the agricultural firmBeijing Dabeinong TechnologyandQiaoYin City Management, which offers sanitation services. Chinese authorities and companies are not only incentivizing people have babies but also pushing its citizens — primarily women — to get married and have babies earlier in life. In August, a county in eastern China started offering couples 1,000 yuan in cash if the bride was 25 years old or younger, according toa post on its official WeChat account. The minimum legal age for marriage is 22 for men and 20 for women. Changshan County in the Zhejiang province said the reward was to promote "age-appropriate marriage and childbearing" for those marrying for the first time. As male children are traditionally favored in China, there is a huge number of bachelors, particularly in the rural regions. The country's now defunct one-child rule is believed to have played a part in skewing the population's gender ratio. To make it less financially prohibitive for men to get married, China—including Daijiapu, a town in the southeastern province of Jiangxi and the central province of Hebei — has been cracking down on a customary practice that requires a man to pay his prospective in-laws a"bride price," or a betrothal giftto the family of his bride in a show of his wealth and sincerity. In March, the issue made it into the ongoing National People's Congress meeting. A delegate from the state-backedAll-China Women's Federation, a women's rights organization, proposed that authorities look into measures to curb expensive betrothal gifts. In June,Beijing announcedit would extendmedical-insurance coverageto locals for more than a dozen fertility treatments, including in vitro fertilization, embryo transplantation, and the freezing and storing of semen. Some areas, such asSichuan in Western China, have since Januaryrelaxed restrictionson birth registrations that previously allowed only married couples to register their newborns. The Sichuan authorities said at the time the move was intended to shift the focus onbirth registrationto "the desire and results of childbearing." The measures are a big deal since having children out of wedlock is culturally unacceptable in China. Authorities have even started discussing whether to allow single women tofreeze their eggs. Discussions appear to be in their early stages. Laws prohibit unmarried women from all assisted reproductive technology, including egg freezing. Men, regardless of their marital status, are allowed to freeze their sperm. Other than doling out incentives and subsidies, Chinese authorities in July 2021 went as far as banning theprivate-tutoring industrycountrywide. The move is directed at making education less financially stressful for families, who are often pressured to spend large amounts of money to help their children get ahead in school. However, the crackdown on for-profit classes not only decimated China's $120 billionprivate-education industrybut also sent it underground. As a result, some parents are spending more on private tutoring than before the ban,Bloombergreported in July. |
2024-10-22 | Business Insider | I was drowning in student-loan debt, so I bought a house and flipped it. I used the profit to pay off my loans. | Growing up in a familyof 11, we had to watch our pennies. Being raised in these circumstances always made me appreciate the value of a dollar. When I had to decide which college to attend to earn my bachelor's degree in education, I looked at everything based on dollars and cents. So, I did the sensible thing and attended acommunity collegefor my associate's degree first. During those two years, I worked at a local gym while taking my classes. I was essentially able to pay off my courses as I took them. It's amazing howaffordable community collegecan be, especially while living at home. Once community college ended, I went on to a state university to keep costs down as well.Still, by the time I graduated with my bachelor's degree,I owed about $20,000to Sallie Mae. There I was, completing my first two weeks as a teacher and finally seeing my paycheck. Yikes! To break it down, I was earning $750 every two weeks — or $1,500 a month. I made more money working part-time at the gym. Between rent, utilities, car insurance, andstudent loans, I was breaking even every month. I knew if I kept paying only those minimum payments, it would take me 20 years to officially pay off the loan — but also with tens of thousands of dollars extra because of those pesky high-interest rates. I wondered how I could pay back my student loans within a few years instead of decades, and I started brainstorming ways I could save money. I realized my rent and utilities were costing me about $1,000 a month. I thought I could do better. At first, I started to look at cheaper apartments. But the ones that would save me a hundred or two every month were almost unlivable. I've always been a big fan of HGTV. I watched most of the house-flipping shows and thought to myself that I could probably do something similar. I started thinking outside the box. I had very little money in the bank. There was a combined $1,500 in all my accounts. Still, I started looking at houses for sale. I came across a two-bedroom, two-bathroom house in Lake Thunderbird, Illinois, with a good yard and some privacy as it was surrounded by woods. It was listed at $120,000 but had been for sale for a year. No one had been living in it for at least six months. After negotiating and playing hardball, I bought it for $95,000 in 2010. I only put down $1,500 and used private mortgage insurance. The house had good bones. It had a decent layout and was about 1,100 square feet with a detached two-car garage. I didn't have to tear down walls, but I did have to do some sweat equity. I stained the cabinets, changed out faucets, replaced countertops, painted all the walls, and replaced the flooring. I'm not the most handy of men, so I pulled in help from knowledgeable friends when needed. I tackled each project one at a time as I was living there. My mortgage, including property taxes, was about $750 a month. As I essentially had no money to put down on the home loan, I was paying another $40 a month for the private mortgage insurance. In three years, the house was immaculate. Could I have finished it quicker? Certainly. But while I was living there, I was teaching, too. When all was said and done, I sold it for about $120,000. I'd paid the mortgage down to just under $85,000 by that point, so I left the sale with a good-sized check in my hands. With the money from the sale, I brought my student-loan debt down to zero. Sallie Mae could no longer control me. Plus, I still had enough money left over to find another place to live. Waking up each day and knowing I'm not in debt other than my current mortgage makes me almost giddy, especially considering where I came from. Plus, it wasn't too difficult to achieve. By keeping an eye on ways to limit expenses for college and focusing on how much money is coming in and going out, many people can do what I did and pay back their loans faster. |
2024-10-17 | Business Insider | Trump and NY AG Letitia James are fighting hard over one short but incriminating quote from his NY fraud trial | Behind the scenes at Trump's civil fraud trial, they're fighting on paper over a single, brief bit of testimony from Monday that New York officials say places Donald Trump at the top of a conspiracy to trick banks and insurers about how much he's really worth. In the testimony, one of the Trump Organization's current top finance executives said he'd been told by his boss, then-CFO Allen Weisselberg, that"Mr. Trump" likes to see his bottom line "go up" each year. Trump's side calls the testimony, by the Trump Organization's assistant vice president for finance operations, Patrick Birney, inadmissible hearsay. Butin court papers filed Tuesday afternoon, New York Attorney General Letitia James pushed hard to keep it in the trial. It is perhaps the strongest evidence directly implicating Trump,who famously shuns emails and computersand relies instead on spoken directives. Trump's lawyers are expected to respond in a brief of their own in the coming days. "We write further to the discussion on the record regarding the admissibility of the testimony from Patrick Birney that Allen Weisselberg told him "Mr. Trump wanted his net worth on the Statement of Financial Condition to go up," James' filing from Tuesday begins. Birney's testimony is, actually,doublehearsay. It alleges that Trump said something to his CFO, and that the CFO then relayed that something to Birney. Neither Weisselberg nor Trump – both defendants in James' massive fraud lawsuit – have yet been asked to verify what they allegedly said in this game-of-telephone relay. But in sworn depositions before the attorney general's office, both Weisselberg and Trumphave minimized their own involvementin the drafting of the net worth statements. As hearsay, Birney's testimony cannot be admitted as proof that Trump actually did order his underlings to defraud banks, the judge noted on Monday. "Is it admissible to show the truth of the statement? I would say no," New York Supreme Court Justice Arthur Engoron, who is presiding over the non-jury trial, said when Trump's side first raised the hearsay objection, minutes after Birney left the witness stand. Still, "Itcanbe admitted as evidence that they conspired," Engoron added, saying he needed to hear more arguments before deciding. The judge asked both sides to send him within the next few days their brief arguments on whether Birney's statement is admissible or not. Eric R. Haren, a special counsel to James, argued in the attorney general's brief that it doesn't necessarily matter if Trump ordered his numbers "go up." What matters is whether Trump and Weisselberg entered into an agreement or conspiracy. The trial is being held to determine if Trump and four top executives – including Weisselberg, Eric Trump, and Donald Trump, Jr. – conspired to falsify business records and to commit insurance and bank fraud. "Regardless of its truth, Mr. Weisselberg's statement tends to show the existence of an illicit agreement or scheme," Haren argues. James has already proventhat Trump and his top executives grossly misrepresented his worth by billions of dollars a year in the annual net worth statements he submitted to banks, insurers, and others. And the judge has already ruled that a receiver be appointedto take over the company and to "dissolve,"meaning sell-off, unspecified properties that benefitted from the fraud. But the trial, which is expected to last well into December, will now determine if Trump and the other defendants intentionally conspired to break state banking and insurance laws, and what the final penalties will be. James is seeking repayment of some $250 million she says Trump pocketed in interest-rate savings and other benefits. She also wants to permanently ban Trump and his top executives from ever running a business in New York state. Trump has called the AG's case a politically motivated witch hunt, a claim he repeated as recently asTuesday from just outside the courtroom doors. |
2024-10-31 | Forbes | 5 Startup Opportunities In Finance | In this article we dive into five specific areas within the finance industry that offer promising ... [+] opportunities for new innovative startup projects and offer a few example business ideas. The financial sector is undergoing a significant transformation, with technology at the forefront of change. Fintech startups are capitalizing on unique opportunities to revolutionize traditional financial models and introduce innovative solutions. Let's dive into five specific areas within the finance industry that offer promising opportunities for new innovative startup projects. 1. Personal Finance Management Apps Financial management is not just important for businesses. Individuals are increasingly looking for more control and transparency over their finances. Personal finance management apps are addressing this demand by providing users with tools that make money management easier. Mint, for example, is a popular platform that offers budgeting, expense tracking, and financial goal setting. Users can link their bank accounts and credit cards to get a complete view of their financial health. The success of these apps lies in their ability to simplify complex financial data and offer insights that empower users to make informed decisions. Example business idea: a financial well-being app that goes beyond simple budgeting and focuses on personal goal-setting and priority optimization to help you make financial decisions suited to your specific situation, preferences, and ambitions. 2. Peer-to-Peer Lending Peer-to-peer (P2P) lending platforms have transformed the way individuals and small businesses access loans. These platforms connect borrowers with individual investors, eliminating the need for traditional banks and transferring the cost savings to the lenders and borrowers. LendingClub
LC
and Prosper are good examples of P2P lending success stories. They provide an alternative lending source, often with competitive interest rates. Startups in this niche can leverage technology to streamline the loan approval process, assess borrower risk, and enhance the overall lending experience. Example business idea: a loan marketplace focused on educational loans. Students seeking financing for tuition, books, and living expenses can connect with investors interested in supporting education. The platform could offer flexible terms and competitive rates, helping students avoid the burden of high-interest traditional student loans. 3. Robo-Advisors Robo-advisors use algorithms and automation to offer low-cost, diversified investment services. Wealthfront and Betterment are leading players in this space, allowing users to invest in diversified portfolios tailored to their financial goals and risk tolerance. Robo-advisors have gained popularity for their simplicity and cost-effectiveness. Startups can continue to innovate in this area by enhancing the sophistication of investment algorithms and expanding the range of services offered. With the advancement in artificial intelligence, this niche is bound to experience rapid growth. 4. Insurtech The insurance industry has experienced a digital transformation through insurtech startups that disrupted traditional insurance models by leveraging technology to simplify the insurance process. Lemonade, for instance, uses artificial intelligence and behavioral economics to offer fast and transparent home and renters insurance. The success of insurtech lies in its ability to enhance the customer experience and streamline claims processing, ultimately reducing costs. Startups in this niche can explore new insurance products, customer-centric services, and innovative risk assessment models to disrupt the industry further. Example business idea: Develop an insurtech startup that offers travelers on-demand insurance coverage. Users can purchase insurance for the duration of their trip, and the app can use geolocation data to adjust coverage based on the user's location. This model caters to the needs of modern, spontaneous travelers. 5. Regtech Regulatory technology, or regtech, is revolutionizing how financial institutions navigate compliance and regulatory challenges. Startups in this niche, such as ComplyAdvantage, employ advanced technologies like artificial intelligence to help businesses detect financial crimes and ensure compliance with regulations. These platforms offer a cost-effective and efficient way to address compliance concerns, which is crucial in an industry highly regulated by governments worldwide. Regtech startups can expand by diversifying the range of compliance issues they address and by tailoring solutions to specific markets and sectors. |
2024-10-05 | The Times of India | Indian Overseas Bank saw its market capitalization nearly double during July-Sep quarter | Agencies 91.60 percent gain propelled the state-owned lender to the eighth place in the top 20 Indian banks by market capitalization as of September 30, from rank 14 three months ago. Five other public sector banks rose in the market cap rankings over the previous quarter. Central Bank of India 's market cap grew 76.59 per cent over the previous quarter, while Union Bank of India gained 59.56 per cent, Indian Bank gained 44.78 per cent and UCO Bank 58.94 per cent, each climbing up two notches in the ranking, S&P Global Market Intelligence data showed. Bank of India market cap grew 48.64 per cent, pushing it up one spot. HDFC Bank , which merged with its housing finance parent Housing Development Finance Corp. Ltd. on July 1, remained the biggest Indian bank by market capitalization.The market cap of the combined company grew 21.63 per cent in the third quarter . State Bank of India, India's biggest bank by assets, grew its market capitalization by 4.49 per cent in the September quarter. Private-sector rival ICICI Bank Ltd. grew its market cap by 1.95 per cent to keep its rank as the second-largest Indian lender by market capitalization. Nineteen of the top 20 Indian banks saw their market cap increase. Kotak Mahindra Bank was the only lender in the list to see a drop in its market capitalization, which fell 6.02 per cent. India's midsize state-owned banks saw a surge in market capitalization in the third quarter, catching up with the rally in the stocks of bigger rivals, due to improving metrics and a solid economic growth outlook, according to S&P Global Market Intelligence data & analysis. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on Market Capitalization bank of india Third Quarter Indian Overseas indian bank india Public Sector Banks Indian Overseas Bank hdfc bank uco bank (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-10-10 | Forbes | Leveraging Fintech And Blockchain Innovations In Finance | Rudy Shoushany is the Founder & host of DxTalks: The Digital Transformation talk show and digital events for MENA. Follow him on Linkedin. Financial services are undergoing a reckoning. Fintech innovations have disrupted traditional banking models by introducing seamless customer experiences, transparent processes and fast transactions. Meanwhile, blockchain helps enable secure, intermediary-free dealings through its decentralized ledger technology. Combined, these groundbreaking technologies have thrust financial institutions into a new digital era with opportunities and existential threats. As the digital transformation market continues to expand, with a projected value of $3.3 trillion by 2025 and a compound annual growth rate (CAGR) of 22.7%, the question many organizations are weighing is whether they will use this technology to lead the charge into the future. Examples Of Use Cases Of Digital Transformation In Fintech Digital transformation involves leveraging modern technologies like AI, big data, blockchain and mobile to reinvent customer experiences and internal processes in financial services. Below are a few examples of this. Fintech has introduced several notable innovations. For example, digital lending platforms like LendingClub provide faster and cheaper access to loans using AI-based credit scoring, neobanks like Chime offer modern mobile banking apps and debit cards to provide a seamless digital banking experience, and payment services like Stripe allow online businesses to accept payments from customers efficiently. These solutions enable straight-through processing, reduce manual paperwork and minimize human errors to boost efficiency. Fintechs also use alternative data sources and machine learning to build more predictive models for risk management. Building loyalty starts with knowing customers better. Using data analytics, banks can gain customer insights to offer: • Tailored financial advice based on spending patterns and goals • Intelligent chatbots for instant query resolution • Real-time notifications on transactions, balances, bills, etc. Blockchain enables transactions without intermediaries through distributed ledger technology. Key applications in finance include: • Cross-border payments: The Ripple blockchain network allows faster international transfers and settlements. • Trade finance: Platforms like we.trade simplified trade finance processes using smart contracts before they shut down operations due to a lack of investment and crypto uncertainty. • KYC processes: Shared ledgers reduce duplication in client verification. • DeFi services like Fluus allow inclusion and crypto payment globally. How Financial Institutions Can Strategically Adopt Fintech Fintech has brought disruption and opportunity in equal measure to the financial sector. While a competitive angle exists, these innovations also dramatically allow banks and institutions to improve productivity, customer engagement and future readiness. It will be crucial that companies use a strategic approach to harness fintech potential. Based on my experience working with leading financial brands on their digital transformation efforts, here are the six steps needed to harness fintech effectively. Gain stakeholder buy-in by interviewing leaders across business units to identify pain points and growth opportunities. Survey customers on their evolving needs and where current experiences fall short. Audit processes and legacy systems that can be improved through fintech. This will illuminate priority areas to focus fintech efforts and build alignment on the "why." With insights from the audit, clearly define the overarching objectives for fintech innovation. Is the priority to enhance the customer experience? Reduce costs? Develop new revenue streams? Matching objectives to business goals ensures you build capabilities in high-impact areas aligned with the overall strategy. Based on the objectives, narrow down specific fintech applications with the strongest potential ROI. These could include AI-enabled chatbots for customer service, alternative credit scoring models for lending, big data analytics for fraud detection and more. Prioritize use cases that solve top pain points identified in the audit. Fintech solutions require modern APIs, cloud computing, big data and mobile capabilities. Assess current architecture and upgrade infrastructure if needed to support integration with fintech. Take an API-first approach to enable open access to data and processes. Cultivate fintech skills like human-centered design, agile software development and lean startup thinking internally. Hire dedicated resources into a fintech innovation team to spearhead efforts. Make upskilling employees on digital trends a priority through training programs to drive adoption. Join consortiums exploring emerging technologies like blockchain. Launch accelerator programs to discover promising startups and collaborate on solutions. Leverage fintech platforms like Plaid to quickly integrate services using APIs. Future Of Financial Services: Driven By Digital Transformation The financial services sector is undergoing a profound digital disruption. From blockchain and AI to open banking APIs and IoT, emerging technologies are reshaping every aspect of banks, insurance companies, investment firms and beyond. Leaders who embrace this transformation strategically stand a better chance of thriving in today's landscape. Here are a few predictions I have for the future of financial services. Financial institutions will increasingly provide ultra-personalized experiences and tailored products using AI and advanced analytics on customer data—banking apps that integrate with e-commerce platforms to provide special financing offers based on purchase history at checkout, for example, or investment portfolios that are automatically rebalanced using robotic advisors that factor in your changing life priorities. Technologies like RPA, smart contracts and machine learning will likely drive end-to-end digital processes for cost reduction and efficiency. I believe manual underwriting, claims assessments and other backend procedures will be fully automated to optimize operations, and we'll see the first self-driving finance organizations. Rounding Up: Leveraging Innovations In Finance When harnessed strategically, fintech and blockchain present a chance to transform services, bolster capabilities and delight customers. Business leaders should take a proactive approach to co-innovating alongside startups and building internal capabilities. While change brings growing pains, I believe the most significant risk is clinging to the status quo. I find this especially true as the opportunity for fintech and blockchain to revolutionize finance has never been greater. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify? |
2024-10-03 | The Times of India | Break of 19,500 to weaken Nifty further: Analysts | ANI The medium-term bullish sentiment remains unaffected as long as the 19,000-19,200 zone holds. It will be critical for Nifty to sustain above the 19,500 mark to extend Friday’s gains. However, if the index falls below 19,500, analysts anticipate the possibility of additional selling pressure, potentially leading to a decline to 19,200 level. For traders considering long positions, stocks like Bajaj Finance, DLF, Granules, Grasim, Sun Pharma, Hero Motocorp, NTPC, and Tata Power are worth considering. VIRAJ VYAS TECHNICAL & DERIVATIVES ANALYST, ASHIKA STOCK BROKING Where is Nifty headed? Nifty has witnessed a corrective spell last week after touching life-highs in mid-September. While the corrective move has retraced faster than the swing move from 19,250 to 20,200, the index has witnessed an inside bar (Bullish Harami) formation. This pattern suggests potential bullish momentum in the upcoming week, significantly if the index surpasses 19,800. Keeping an eye on critical support around 19,500 is crucial. If breached, it could lead to a substantial corrective move with targets around 19,200- 19,250. Furthermore, the index trades below the 21-day exponential moving average of 19,715, signifying near-term bearishness. Any attempt at recovery is likely to face resistance around this level. What should investors do? The medium-term bullish sentiment remains unaffected as long as the 19,000-19,200 zone holds. This presents an opportunity for investors to use dips to accumulate quality stocks. The broader market is strong, suggesting potential for continued stock-specific rallies and notable sectoral rotation. Stocks such as Axis Bank, Dalmia Bharat, Sun Pharma, NTPC, Tata Power and Tata Communications exhibit strength and could outperform. KAPIL SHAH TECHNICAL ANALYST, EMKAY GLOBAL FINANCIAL SERVICES Where is Nifty headed? Nifty is currently going through time-wise correction, hovering around the 50-day moving average, which has supported it during earlier declines. As long as it sustains above 19,500, the outlook remains positive. Moving above 19,800 can further validate this positive outlook. However, a fall below 19,500 may attract further selling pressure up to 19,200. What should investors do? The pharma sector found support at the lower band during a consolidation patch. Sun Pharma, one of the leading stocks, showed a very bullish development with a 100-month rounding bottom breakout. After a decade of underperformance, the realty sector formed an all-time high. On the bearish side, the IT index was the worst performer, losing 3%. The index may experience pain up to the 31,200 level. AJIT MISHRA SVP-RESEARCH, RELIGARE BROKING Where is Nifty headed? Nifty attempted to cross the short-term moving average hurdle last week but didn’t succeed. Going ahead, the tone would remain bearish until it crosses 19,750 and expect the 19,200-19,450 zone to be tested soon. Conversely, a decisive break above that hurdle may fuel a recovery to 19,850-20,000. What should investors do? We suggest continuing with a stock-specific trading approach, citing a mixed trend across sectors and the prevailing buoyancy of the broader indices. We feel it is prudent to maintain positions on both sides, focusing on overnight risk management. Bajaj Finance is set to end its two-year-long consolidation phase. Trading closer to its record high. DLF has formed a fresh buying pivot after a marginal retracement to the short-term moving average. Accumulate Granules on dips. Grasim is one of the best performers within the cement space. Inching gradually higher after the consolidation breakout. Hero Motocorp will likely resume uptrend soon as fresh base formation above the major moving averages after a surge. A breach of the previous swing low indicates a negative tone for Kotak Bank. UPL is facing tremendous pressure on the rise. Recent price action has resulted in the formation of a fresh shorting pivot. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on Nifty Analysts index traders stocks (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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Weekly Top Picks: Eight stocks with consistent score improvement and upside potential of up to 40% 9 mins read 4 stocks with 5 % to 8.87% dividend yields and continuous dividend payments for 7 years 7 mins read Weekly Top Picks: Seven large & mid caps with consistent score improvement and upside potential of up to 42% 9 mins read What do Q2 LIC results indicate for other Insurance companies? Two Life and 3 non-life Insurance players with “buy” and “strong buy” ratings 3 mins read Large cap stocks with upside potential of more than 25% 4 mins read 5 stocks for a high dividend yielding portfolio 8 mins read Eight midcap stocks, 2 with“ Strong Buy” and 6 with “Buy” recommendations with potential upside of up to 35% 7 mins read Six high ROE and low PEG ratio stocks, right combination for wealth creation 8 mins read
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2024-10-06 | The Times of India | Hot Stocks: Brokerage view on Tata Motors, Vodafone Idea, Godrej Consumer and Bajaj Finance | ET Bureau & Agencies Brokerage firm Nomura maintained a buy rating on Tata Motors while CLSA maintained a sell rating on Vodafone Idea , and Jefferies has a buy rating on Godrej Consumer and Bajaj Finance . We have collated a list of recommendations from top brokerage firms from ETNow and other sources: Nomura on Tata Motors: Buy| Target Rs 786 Nomura maintained a buy rating on Tata Motor with a target price of Rs 786. JLR reports QoQ and YoY increase in retail and wholesale volumes for Q2. The global investment bank sees a strong order book and healthy growth of retail demand. JLR is on track to meet full-year FCF estimates. CLSA on Vodafone Idea: Sell| Target Rs 7 CLSA maintained a sell rating on Vodafone Idea with a target price of Rs 7. There is a continued share loss even in priority circles. The company has slashed Capex plans. The first priority is bank debt repayments. Going forward, fundraising is critical for 5G rollout. Jefferies on Godrej Consumer: Buy| Target Rs 1200 Jefferies maintained a buy rating on Godrej Consumer with a target price of Rs 1200. Weak volume growth but margin expansion is coming to the rescue. India's volume growth moderated to a mid-single digit impacted by adverse weather conditions. The global investment bank expects 26% YoY EBITDA growth and 28% EPS growth off a low base led by margin expansion. Jefferies on Bajaj Finance: Buy| Target Rs 8830 Jefferies maintained a buy rating on Bajaj Finance with a target price of Rs 8830. Capital raising is along expected lines. FY25E EPS & BVPS may rise 6% & 13%. The return on equity (ROE) will fall slightly. The stock is among the top NBFC picks. (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times) Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on tata motors share price tata motors bajaj finance brokerages stock recommendations stocks to buy sensex nifty vodafone idea godrej consumer (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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Weekly Top Picks: Eight stocks with consistent score improvement and upside potential of up to 40% 9 mins read 4 stocks with 5 % to 8.87% dividend yields and continuous dividend payments for 7 years 7 mins read Weekly Top Picks: Seven large & mid caps with consistent score improvement and upside potential of up to 42% 9 mins read What do Q2 LIC results indicate for other Insurance companies? Two Life and 3 non-life Insurance players with “buy” and “strong buy” ratings 3 mins read Large cap stocks with upside potential of more than 25% 4 mins read 5 stocks for a high dividend yielding portfolio 8 mins read Eight midcap stocks, 2 with“ Strong Buy” and 6 with “Buy” recommendations with potential upside of up to 35% 7 mins read Six high ROE and low PEG ratio stocks, right combination for wealth creation 8 mins read
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2024-10-05 | The Times of India | Bajaj Finance plans Rs 10,000-crore fundraise as Jio takes guard | IANS Rs 8,800 cr to be infused through QIP and Rs 1,200 cr from parent Bajaj Finserv. MUMBAI: Bajaj Finance , India’s biggest non-banking finance company (NBFC) by market capitalisation, plans to raise as much as Rs 10,000 crore in a restricted share sale as it shores up its capital position amid the entry of Reliance Industries ’ Jio Financial into retail lending. The exercise would involve equity divestment in favour of institutional investors and the holding company, Bajaj Finserv . This is the company’s first equity capital raise since November 2019 and comes even as it is sitting on a comfortable capital adequacy of 23% — more than double the 10% mandated by the Reserve Bank of India for NBFCs classified in the upper layer and considered important for India’s financial system. Bajaj Finance will issue Rs 8,800 crore worth of shares to institutional investors through a qualified institutional placement ( QIP ) and will also allocate shares worth Rs 1,200 crore to promoter company Bajaj Finserv. The fundraising will have to be approved by the company’s shareholders in a proposed extraordinary general meeting. Analysts say the company is preparing both for future growth and arming itself against the upcoming competition through this share sale. “India is clearly in the midst of a strong retail lending cycle as Bajaj Finance’s pre-results numbers show. They have enough capital for now, but they are building ammunition for increased competition from the likes of Jio in the future,” said Shewta Daptardar, analyst at Elara Capital. “This capital could also be useful if the company wants to pursue acquisitions in the future.” Jio Financial Services, the financial business separated from India’s largest company Reliance Industries, debuted on the local stock market in August. Although not much is known yet about what Jio will exactly do, the company is widely expected to compete in the consumer finance space hitherto dominated by Bajaj. Jio has already announced a tie-up with investment giant BlackRock to launch an asset management company — a space where Bajaj itself is a relatively new entrant. In an event last month, Bajaj Finserv chairman Sanjiv Bajaj said the Indian market is large enough to accommodate more NBFCs. “Even being present in 4,000 cities (currently) with assets close to Rs 3 lakh crore, we still have less than 2% of India’s credit market…We know nothing about Jio’s plans; hence it is very difficult to comment on that. They have a large base of customers with tremendous technological and digital strengths. We are already servicing some customers through their stores, which is a small business for us,” Bajaj had then said, responding to a question on Jio’s entry into financial services. To be sure, Bajaj has a customer franchise of 76.56 million as of September 2023, with a 26% growth in new loans. Pre-earnings data published by the company this week showed that assets under management (AUM) expanded a third to Rs 2.90 lakh crore as of September 30, from Rs .18 lakh crore a year ago. The company had a liquidity surplus of Rs 11,400 crore as of September, with deposits of Rs 54,800 crore. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on bajaj finserv reliance industries bajaj finance bajaj finance rbi qip bajaj finserv jio financial (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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Weekly Top Picks: Eight stocks with consistent score improvement and upside potential of up to 40% 9 mins read 4 stocks with 5 % to 8.87% dividend yields and continuous dividend payments for 7 years 7 mins read Weekly Top Picks: Seven large & mid caps with consistent score improvement and upside potential of up to 42% 9 mins read What do Q2 LIC results indicate for other Insurance companies? Two Life and 3 non-life Insurance players with “buy” and “strong buy” ratings 3 mins read Large cap stocks with upside potential of more than 25% 4 mins read 5 stocks for a high dividend yielding portfolio 8 mins read Eight midcap stocks, 2 with“ Strong Buy” and 6 with “Buy” recommendations with potential upside of up to 35% 7 mins read Six high ROE and low PEG ratio stocks, right combination for wealth creation 8 mins read
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2024-10-02 | Business Insider | 'Shark Tank' investor Kevin O'Leary warns commercial real estate woes will topple banks and throttle businesses | Pressure is building on regional banks, commercial real estate developers, and small businesses, Kevin O'Leary has warned. "It's getting worse by the week," the "Shark Tank" investortold Fox Businesson Friday. "Lots of private equity firms are admitting there's cracks in the system." The Federal Reserve has hiked interest rates from nearly zero to north of 5% over the last 18 months, in a bid to cool inflation which hit a 40-year high of over 9% last summer. Steeper borrowing costs have pulled down the value of commercial properties and weighed on debt-reliant developers,fueling a credit crunchas banks balk at lending to the sector. Regional banks in particular arefeeling the squeeze, as they're the main lenders to the CRE space, and have seen the value of the real estate and bonds on their balance sheets tumble as rates have climbed. Smaller banks are also a key source of financing for small businesses, which are weathering a painful period of stubborn inflation, costlier debt, and lingering fears of a recession. "We're going to see more cracks in regional banks, and that's putting pressure on the loan books of those banks which are hitting small business," O'Leary said. Many CRE developers face the prospect of refinancing their loans within the next three years at interest rates of 9% to 14% a year, compared to between 3% and 5% when they first borrowed the cash, the celebrity investor said. "That makes these buildings uneconomic," he noted, underscoring that the pain in the CRE sector would have knock-on effects on regional banks and small businesses. O'Leary – whose nickname is "Mr. Wonderful" — cautioned that if banks run into trouble, businesses with over $250,000 in their payroll accounts might pull their money out en masse, or be left unable to pay their employees. The Federal Deposit Insurance Corp. only guarantees a maximum of $250,000 per account holder at any one bank if the lender becomes insolvent. "You don't want a regional bank failing because you can't past $250,000 guarantee it," O'Leary said, adding that many payroll accounts have well over $250,000 in them ahead of payday. The founder of O'Leary Funds and O'Leary Ventures urged lawmakers to support a $100 million guarantee for non-interest-bearing accounts, which would protect payroll accounts. "They've got to have some plan for when these banks start failing," he said. O'Leary hasrecently touted the S&P 500given the tailwind of aggressive government spending,sounded the alarm on the triple threatfacing the US economy, andwarned mortgage rates could surge past 8%if the Fed lifts rates to north of 6%. |
2024-10-26 | NPR | Feeling the pinch of high home insurance rates? It's not getting better anytime soon | In this aerial view, the destruction left in the wake of Hurricane Ian is shown on Oct. 2, 2022, in Fort Myers Beach, Fla. The state's home insurance market is reeling after disasters like this one.Win McNamee/Getty Imageshide caption In this aerial view, the destruction left in the wake of Hurricane Ian is shown on Oct. 2, 2022, in Fort Myers Beach, Fla. The state's home insurance market is reeling after disasters like this one. MIAMI — Many in Florida are findinghomeowners' insurance unaffordable, and it's only getting worse. Gregg Weiss lives in an older neighborhood in West Palm Beach. His home and many others are nearly a century old. It's a great place to live he says, except when it comes to buying homeowners insurance. Two years ago, he was shocked at a notice he received from his insurance company. "The windstorm portion of our insurance went from about $10,000 a year which is not cheap," he says. "But it doubled and went up to $20,000." He called his insurance agent and got some surprising advice. "She said honestly, my recommendation is: pay off your mortgage and self-insure yourself." Weiss, who's currently serving asPalm Beach County's mayor, says he and his wife took her advice. They paid off their mortgage and dropped their insurance. And he knows others who are doing the same. But for homeowners in Florida who have mortgages and are required to carry insurance, there's little recourse except to cover the steep increases. There are reports that because of the high insurance costs, some are beingforced to leave the state. In many places, including California, Colorado and Louisiana, there's been a steep rise in the cost of homeowners' insurance. But it's particularly staggering in Florida, a state that already has the highest insurance costs in the nation. Many Floridians have seen insurance premiums go up by more than 40% this year. And despite efforts by lawmakers to stabilize the market, costs are likely to keep rising. Officials have heard the complaints. After a recent hearing at the state Capitol in Tallahassee,Florida's insurance commissioner, Michael Yaworsky, said, "Everyone is in this together. It is a very difficult time for Florida homeowners." The cost of homeowners' insurance in Florida is more than three-and-a-half times the national average. There are lots of reasons — among them, the three hurricanes that battered the state in the last two years. But policymakers and the insurance industry say excessive litigation has played a major role in driving up prices. Yaworsky says reforms passed by lawmakers last year and signed by the governor have begun to limit lawsuits. "After years of trying to get it done," he says, "the governor and others finally pushed it through. And it should improve the situation over time." Butstate Sen. Geraldine Thompsonsays nearly a year after the bill was signed, homeowners in her Orlando district are still waiting. "We find now the litigation has gone down," she says. "It has dropped. But the premiums have not dropped." Another inexorable factordriving up insurance costs is climate change. Sophisticated modeling by bigreinsurance companieshas led the industry to take a hard look at the risk in places like Florida, which is struggling with sea level rise as well as more dangerous storms.Benjamin Keys, a professor of real estate at the University of Pennsylvania, says, "What we have is a real changing landscape in insurance markets, a recognition that risks have increased in recent years. Disasters are occurring with more frequency and severity than previously forecast." A woman looks at the remains of a home in a neighborhood decimated by a fire on January 2, 2022 in Louisville, Colorado. Nearly a thousand homes were destroyed, making it the most destructive wildfire in Colorado history.Michael Ciaglo/Getty Imageshide caption A woman looks at the remains of a home in a neighborhood decimated by a fire on January 2, 2022 in Louisville, Colorado. Nearly a thousand homes were destroyed, making it the most destructive wildfire in Colorado history. The rising cost of construction — up nearly 40% over the last five years — is also driving up premiums. In Florida's challenging market, seven insurance companies became insolvent over the last year. But, following the recent legal reforms, Mark Friedlander with theInsurance Information Institutebelieves the market may be stabilizing. "Companies that were not writing business are opening up again and starting to write risk. And companies are starting to see some positive light at the end of the tunnel," he said. Five new insurance companies have been approved to begin writing policies in Florida. Even so, Friedlander says,homeowners shouldn't look for relief anytime soon. It's a similar outlookin California,Louisianaand many other states seeing double-digit increases in the cost of insurance. Real estate professor Benjamin Keys says if private insurers keep backing away from what they see as high-risk markets, the federal government may be asked to step in. "Will we see a national wind insurance program? Will we see a national wildfire insurance program?" He says, "I think that those are possibilities." There is a precedent. More than 50 years ago, because private insurance wasn't available, the federal government created theNational Flood Insurance Program. |
2024-10-05 | Business Insider | Insuring your home can cost $40,000 in Colorado as the climate crisis wreaks havoc on the market, one insurance CEO said | This as-told-to essay is based on a conversation with Oscar Seikaly, CEO at NSI Insurance Group, which is based in Florida but underwrites policies nationally, about skyrocketing insurance premiums and how unpredictable disasters around the country raise prices for everyone. The conversation has been edited for length and clarity. Over the past 10 years, insurance premiums have changed dramatically. The prediction back then was that the California wildfires would spread to Colorado, and that'salready started to happen. Two years ago, a really bad wildfire came very close to Aspen, and that triggered premiums to go up tremendously. Now, I've seen premiums go up at least three times. In the past, you were able to insure a $5 million home for $7,000 per year. Now that's $35,000, $40,000. Insurance is still available,unlike some places like Florida, but you have fewer options. One of my clients had a $6,500 policy on a multimillion-dollar home in Aspen. He'd been renovating it for the past year and a half and when he was done, his premium was $35,000. He was like, "What do you mean? I know there's an increase but it shouldn't be that high." I showed him the responses from all of the companies. Most didn't even want to insure it at all because they already have too much business here. They don't want to add more houses. He was from Florida, so he's seen that movie before. His shock was like "It's also happening here? Why here?" Every house in Aspen is vulnerable. Many of the houses are far from a fire station. The insurers worry that by the time the fire truck has arrived, the house will already be gone. And that's a $20 million hit for insurers. Take the average house in Aspen: You have $5 million for the house, $3 million for the contents, another $2 million for loss of rents. You have another $1 million for landscaping. The exposure is very high. Wildfires have no mercy. In the past, you have actuary and insurance companies predict what an insurance company's going to pay in the next five years and, based on that, they come up with a rate. They used to predict pretty accurately what was going to happen.Predictions have not been as good as they should be in the last few years. Everything has been a surprise. They're in panic mode. Reinsurance costs have gone up tremendously.All these insurance companies have to buy from reinsurance companies and there's only three or four main ones in the world. When reinsurers say, "Well, this year costs are going up 60%," what happens is the insurers have to pass that on to the policyholders. Now policyholders have an increase in their premiums because the reinsurers are experiencing disasters all around the world. It's not sustainable to just charge Northern California, where there's increased risk. The reinsurer basically spreads the risk. Everybody will end up paying for it. Right now, the increases are just reaching homeowners with the highest limits of tolerance. When you buy a $5 million house or a $10 million house, paying $30,000 or $20,000 a year is not going to make a difference. |
2024-10-20 | Time | How Killers of the Flower Moon Compares to the Best-Selling Book It Adapts | Warning: This post contains spoilers forKillers of the Flower Moon. Over the course of the nearly three-and-a-half-hour runtime ofKillers of the Flower Moon,filmmaker Martin Scorsesepresents a significantly different version of the true story told in journalistDavid Grann's 2017 best-selling bookof the same name. At the center of both narratives is the sinister series of murders of members of the Osage Nation that took place in early 1920s Oklahoma. Known as the "Reign of Terror," the murders were committed at a point in time when the Osage were considered the richest people per capita in the world following the discovery of oil reserves under their land. But while Grann's account largely focuses on how the crimes against the Osage came to be investigated and partially solved by a team of FBI field agents led by former Texas Ranger Tom White (played by Jesse Plemons in the movie), Scorsese shifts the spotlight to the story of love and betrayal at the heart of the tragedy. The film, which arrives in theaters Oct. 20 ahead of a streaming debut on Apple TV+, traces the relationship between an oil-rich Osage woman, Mollie Kyle (Lily Gladstone), and white World War I veteran Ernest Burkhart (Leonardo DiCaprio), who comes to live in Osage County and marry Mollie at the behest of his rancher uncle, William K. Hale (Robert De Niro), the self-proclaimed "King of the Osage Hills." Audiences follow the troubled romance from the pair's first meeting through the early years of their marriage to the breaking of their ill-fated union. Read more:Martin Scorsese Still Has Stories to Tell The book reads like a mystery of sorts, with Grann laying out the facts of the Osage murders—including those of Mollie's mother, three sisters, and brother-in-law—before detailing how White came to uncover the truth about the killings: that Hale, with the help of Ernest, had arranged for the deaths of Mollie's family members as well as a number of other Osage in order to cash in on their oil headrights and life insurance policies. As its subtitle, "The Osage Murders and the Birth of the FBI," suggests, the book also greatly expounds upon the broader historical context that played a role in what happened to the Osage and how J. Edgar Hoover’s nascent Federal Bureau of Investigation got involved in the case. Read More:HowKillers of the Flower MoonCaptures the True Story of the Osage Murders The movie, on the other hand, makes it clear pretty much from the start that Hale and Ernest are the ones behind the deadly conspiracy to profit off the Osage. Scorsese shifts the focus from the fledgling FBI's investigation into the murders to the relationship between Mollie and Ernest—a decision that came about when the filmmaker realized he was initially "making a movie about all the white guys." "I was taking the approach from the outside in, which concerned me," Scorsese toldTIME. At that point in time, DiCaprio, who was initially cast to play White, switched to the role of Ernest, whom he portrays as a spineless and easily-manipulated villain. Still, Gladstone's shrewd Mollie falls for Ernest and stands by him for years, only losing faith after he finally confesses to his role in the murders while testifying against Hale and other conspirators. Mollie and Ernest's marriage became the driving force of the film, according to Scorsese, after the couple's real-life granddaughter, Margie Burkhart, reminded him of the significance of their relationship within the overarching historical narrative. "She said we have to remember that Ernest loved Mollie, and Mollie loved Ernest," he said during an Oct. 16 press conference. "It's a love story. So what happened was the script shifted that way and it became gritty." Read More:The Ending ofKillers of the Flower MoonIs Astonishing Depicting the progression of Mollie and Ernest's relationship allowed Scorsese to transform Grann's book from a whodunnit into more of an exploration of the systemic complicity that made the Osage murders possible. "What I wanted to capture, ultimately, was the very nature of the virus or the cancer that creates this sense of a kind of easygoing genocide," he said. "When there is betrayal that deep, and we know for a fact that it was that way, there's our story." However, the movie's suggestion that Ernest loved Mollie is a controversial representation of the truth to some involved in the project. At the film's premiere, Osage language consultant Christopher Cote told theHollywood Reporterthat, as an Osage himself, he really wanted the movie to be told from the perspective of Mollie and her family. At the film’s premiere, Osage language consultant Christopher Cote shares his complicated feelings about#KillersOfTheFlowerMoonpic.twitter.com/DKR0KcsLTs "I think it would take an Osage to do that," he said. "Martin Scorsese not being Osage I think he did a great job representing our people. But this history is being told almost from the perspective of Ernest Burkhart. And they kind of give him this conscience and they kind of depict that there's love. But when somebody conspires to murder your entire family, that's not love. That's beyond abuse." |
2024-10-08 | Business Insider | With McCarthy out as Speaker, Pelosi no longer in party leadership, and Feinstein's death, California's clout in Congress has taken a major hit. The Golden State is now at a political crossroads. | For decades, California maintained the equivalent of a political home run that was the envy of lawmakers on Capitol Hill. Nancy Pelosi, who led the House Democratic Caucus for 20 years — with eight of those years as speaker — was the party's preeminent fundraiser and one of the most skilled political tacticians to lead the lower chamber. Kevin McCarthy, who grew up in Bakersfield and rose up the ranks to become speaker, would become one of most prolific GOP fundraisers in the country. And Dianne Feinstein — the trailblazing female politician who cut her teeth in local government in San Francisco and went on to become the chair of the Senate Intelligence Committee — was for years one of the most respected voices on intelligence matters. But McCarthy wasremovedas speaker last week in a stunning vote. Pelosi remains in Congress, but isno longera member of the leadership team. And after Feinstein'sdeath, the state's two senators now count themselves among the body's most junior members. What will this huge political upheaval mean for California? Both parties have had to adjust to the sea change in statewide politics in recent decades. Republicans, who in the 1990s and early 2000s were still competitive in major races, have not won a statewide contest since 2006 — when Arnold Schwarzenegger was reelected as governor and Steve Poizner won the insurance commissioner race. So McCarthy's prominence as a California Republican in leadership on Capitol Hill was an even greater asset for the party, as he led recruitment efforts to elect members from across the political spectrum while also cultivating major conservative donors. While McCarthy said last week that he'll work toboostthe party's narrow 221-212 majority, the new speaker — whether it be a figure like Majority Leader Steve Scalise of Louisiana or Rep. Jim Jordan of Ohio — will still have to do the heavy lifting. Minority LeaderHakeem Jeffriesof New York, Pelosi's successor, isaimingto pick up the seats needed to vault Democrats back into the majority, which will include developing relationships in California. But Pelosi's California connections ran deep, from Gov. Gavin Newsom and the late Sen. Feinstein to the party's robust congressional delegation and local leaders across the state. With a sizable chance that the House majority could come down to California, the 2024 races present a huge test for both parties. For generations, the center of political gravity in California has been in the San Francisco Bay Area. Vice President Kamala Harris is a former San Francisco District Attorney. Newsom served as mayor of San Francisco from 2004 to 2011. And prominent figures like former Gov. Jerry Brown (an ex-Oakland mayor), former Sen. Barbara Boxer, and the late Rep. Ron Dellums (who was also a former Oakland mayor) all had their political careers rooted in the region. Pelosi has represented her San Francisco-based House district since 1987. And Feinstein, a former San Francisco mayor, served in the Senate from 1992 until her death last month. So while the Bay Area continues to play a major role in shaping the state's politics, much of the power has shifted to Southern California. Sen. Alex Padilla, who succeeded Harris in the Senate in 2021, is from Los Angeles. Newly appointed Sen. Laphonza Butler has ties to both Newsom and Harris, but she has not held elective office in the past. And while it is unclear if Butler will run for a full term in the Senate next year, two of the leading Democratic candidates in the race — Reps. Katie Porter and Adam Schiff — represent districts in Southern California. Rep. Barbara Lee is the sole Democratic officeholder from the Bay Area currently in the race. And the most competitive House races in the state next year will mostly be in Los Angeles and Orange counties — in Southern California. While both Harris and Newsom are major power players in the party, with both potentially running for president in 2028, next year's elections may shake up longstanding regional norms in the state. |
2024-10-11 | Forbes | States Shouldn’t Play Politics With Their Investments—Period | States Shouldn’t Play Politics with Their Investments—Regardless of the Direction The prevalence of state treasurers in the more liberal areas of the country investing their state’s pension money in funds that prioritize environmental, social, and governance (ESG) issues makes for bad policy. Such investment priorities are unwise, I've argued, because they effectively prioritize social policy over the best interests of the people whose pensions depend on those returns. Many of the states that have been most aggressive in embracing ESG funds for their state’s investments also have sizable pension fund shortfalls, which the politicization of pension investments especially circumspect. Recently, some states where the oil and gas industry have a large presence prohibited their state’s investments from using ESG criteria for investing. Such actions are intuitively seen as direct reactions to steps taken by other states that mandate ESG investment, which some states see as harming fossil fuel companies within their state. For instance, Texas prohibits its insurance companies from using ESG criteria in its investment decisions, and Florida passed a law earlier this year prohibiting the use of ESG factors in state and local government investment decisions and the government contracting processes. However, the Oklahoma Government has taken its opposition to ESG investing one step further—and in doing so is harming its own pensions’ finances in the very same way that liberal states do with their restrictions. Oklahoma State Treasurer Todd Russ recently put forth a list of financial service companies that “boycott the oil and gas industry” by which—consequently—the state will no longer do business with. The list includes several large banks and asset managers that have invested tens of billions of dollars in Oklahoma oil and gas companies and helped hundreds of thousands of pensioners grow their retirement savings. Both restricting investments to funds that have ESG criteria and prohibiting state pension plans from putting their money with investment companies that also manage ESG funds are not in the best interest of the state’s residents. Just like restricting investment to ESG funds, restricting investment from funds with ESG offerings will also reduce investment returns and cost retirees money. In the case of Oklahoma, Russ acknowledged that taking Oklahoma investment money out of BlackRock and State Street, the two largest investment managers on the list, would cost the state’s pension at least $10 million due to lower returns. The size of BlackRock and State Street allows them to offer index and other minimally-managed funds at a management fee lower than most of their competitors. It’s also worth noting that the list does not seem to be inclusive: For instance, the Oklahoma list omits several firms that have voted for more climate-related shareholder proposals or that hold similar memberships in sustainability organizations as the firms Russ included in his boycott list. The lack of clear guidelines or criteria led some companies to suggest that Russ’ true intentions may be, in fact, to use the boycott list to score political points at the expense of pensioners. For example, Northern Trust—which is not on the list—voted for more than 80% of climate-related shareholder proposals in 2022 and ranked in the top 15 of Ceres’ asset managers list – higher than both BlackRock and State Street which are in the bottom 10. Northern Trust also happens to be a member of Climate Action 100+ and the Net Zero Asset Managers Initiative. I do not mean to insinuate that Northern Trust should be placed on the prohibited list—because there clearly should not be such a list—but the fact that it has been relatively active on the ESG front but is excluded indicates that the list itself is somewhat subjective. The politicization of banks and asset managers has already impacted Oklahoma communities. For instance, officials in Stillwater were recently forced to freeze a series of infrastructure projects after discovering that their inability to finance those projects via the Bank of America meant that they would be forced to pay higher bank fees, adding $1.2 million in additional costs. The Oklahoma Public Employees Retirement System (OPERS) noted the harms of these divestments and voted to exercise its fiduciary exemption, as permitted under the law. Joseph Fox, executive director of OPERS, stated that “compliance with the divestment and contractual prohibitions of the Oklahoma Energy Discrimination Elimination Act would be inconsistent with its fiduciary responsibility." Ginger Sigler, the executive director of the Oklahoma Police Pension and Retirement System, has also voiced her opposition to the creation of a list of prohibited financial advisers, noting that the underlying basis for placement on the list hasn’t been disclosed. Constraining the choices of investment managers by state pension administrators, regardless of the reason, will be costly to their beneficiaries. Research conducted by economists at the Wharton School of Business and the Federal Reserve Bank of Chicago estimated that Texas’ anti-ESG laws will cost issuers between $300 and $500 million in additional interest on money borrowed within just the first year of the legislation taking effect. Similarly, the Sunrise Project found that if states were to enact anti-ESG banking restrictions similar to what Texas passed in 2021, issuers in Kentucky, Louisiana, Oklahoma, West Virginia, and Missouri could collectively be on the hook for hundreds of millions of dollars more in lost interest through municipal bonds. Oklahoma’s desire to teach investment managers a lesson amounts to putting politics over pensions, and if unchecked would set a precedent for other conservative states to emulate—to the detriment of their government’s retirees. Limiting competition for government services—in this case the privilege of managing a portion of a state’s pension portfolio—effectively increases what states have to pay for this service, which pushes costs onto the state’s retirees and taxpayers—albeit in a way that may not be obvious to the typical voter. State pension administrators should select investment advisors who can achieve the highest return for the least risk, regardless of any political calculus on either the left or the right. Oklahoma—and other states—are hurting their taxpayers and retirees solely to make a political statement. |
2024-10-25 | Boing Boing | A poison specialist is accused of killing his wife — by poisoning her | A 32-year-old Minnesota woman was hospitalized in August for what she thought was food poisoning. And after four days under medical care, she died "following a sudden onset of autoimmune and infectious illness." But two months and a toxicology report later, her death was ruled a homicide — and her husband, a poison specialist, was accused of murder. Connor Bowman, a 30-year-old former Mayo Clinic resident who most recently worked at the University of Kansas fielding poison-control calls, was arrested on October 20 and charged with second-degree murder after an autopsy found toxic levels of colchicine — used to treat gout — in Betty Bowman's system. She did not have gout and had not been prescribed the medication. FromCBS: While hospitalized, Betty suffered heart issues, fluid buildup in her lungs, and had to have part of her colon removed. She eventually died from organ failure. … The complaint says they told police Connor, who used to work at the Mayo Clinic, contacted the office to halt the autopsy and push for Betty's immediate cremation, saying she "didn't want to be a cadaver." He had also contacted one of the death investigators to inquire about the scope and timeline of the toxicology analysis. One of Betty's friends told investigators she was "a healthy person," and her marriage was in peril due to infidelity and other issues, and divorce was on the horizon. She also claimed the couple had separate bank accounts due to Connor's medical school debts, and that Connor told the friend he was set to collect $500,000 in life insurance, according to the complaint. Investigators also spoke with a man who had been texting with Betty in the days before her death. On the night before her hospitalization, the man told police Betty texted to say she was at home drinking with Connor. The next morning, Betty texted him to say she felt sick and couldn't sleep, and she thought the culprit was a large smoothie she had consumed. The university later alerted the detective in late September that Connor had been using university-issued devices in the days before Betty's death to search for information on the gout drug colchicine and sodium nitrate, which can limit the movement of oxygen in the body. Bowman, currently at the Olmsted County Jail,has a scheduled court dateof November 1. |
2024-10-02 | Time | Go Midwest, Young Man | Jake Via, a 39-year-old who has lived everywhere from Brazil and Seattle to Sun Valley, Idaho, and Austin, Texas, calls Milwaukee “the greatest city on earth.” And he’s serious.When Via and his wife Anabel planned to relocate from Salt Lake City in 2021, they made an extensive list of cities, and they are grateful that they ended up in Milwaukee instead of other cities they considered like Charlotte, Pittsburgh, or Phoenix, where his parents live. One reason is that Via says his “climate anxiety” has been growing while he’s lived in the American West, in cities running out of water and whose air is frequently polluted by wildfire smoke or smog. When an earthquake struck Salt Lake City in March of 2020, Via and his wife, who grew up in Mexico City, decided they’d had enough, and embarked on a search for a place to settle where they wouldn’t have to worry about water or earthquakes or fires. Milwaukee ranked highly because it’s relatively immune to natural disasters, has access to a huge body of freshwater—Lake Michigan—has affordable houses for sale, and is diverse, which was important to the mixed-race couple. Now that they've moved, Via loves not having to worry about running out of water, not having to water his lawn because of Milwaukee's frequent rains, and being able to keep his window open for a good chunk of the year because he doesn't need air conditioning. Via knows most people still aren’t considering the climate when they move—states beset with blistering heat and hurricanes like Arizona and Florida are still gaining population, fast. But “I can’t wrap my head around not considering factors like, is there going to be water to drink in 30 years,” he says. “Or what’s going to be the average outdoor temperature? Or is the local government making the changes needed to protect the things needed for human life?” For decades, the Midwest has been a region left behind as manufacturing and other jobs dried up. Milwaukee County’s population has shrunk 12.3% in the last 50 years. Illinois has lost more than 2 million people since 2009. And while sunbelt states like Florida and Texas grew between 2020 and 2022, Illinois, Michigan and Ohioall lost population, according to the Council of State Governments. But some Midwestern leaders see their resilience to climate change as one means of reversing this decline. They’re putting their immunity from severe weather front and center, investing in making their cities more sustainable, and not shying away from the idea they can attract new residents like Via who are concerned about the climate. “As the climate continues to change and people make decisions about where they will move as individuals or where they will relocate or start businesses, folks will consider—do we want do it in a place that’s more likely to see intense hurricanes and storms year over year, a place that has earthquakes constantly, a place where it is unbearable to go outside for weeks or months?” Milwaukee Mayor Cavalier Johnson says. “Or do they want to do it in a place that’s more insulated from these things, like Milwaukee.” Similarly, the Citizens’ Research Council, a public policy group in Michigan, recently published areportsuggesting that climate migrants were one potential solution to the state’s declining population. Though Michigan has not historically prioritized its environment, the group argues, instead of putting industry first, focusing on natural resources could attract new residents and investments. Luring people to the Midwest will be a tall order—the region has been losing population for decades for reasons that are not changing overnight, including cold winters, lack of good jobs, and, in some states,high taxes. Leaders selling their locations as a safe place from climate change may not sway many people who are just looking for a warm and affordable place to live;86% of the 50 zip codesthat have seen the largest increase in new residents since 2020 were in Texas, Florida, and Arizona. Still, just about every list of the “best cities for climate change” include many Midwestern cities;Architectural Digesthas Milwaukee and Columbus, Ohio, in its top 10; Policygenius, an insurance platform, has Milwaukee, Columbus, and Minneapolis onits list. The top 10 list put together by Jesse Keenan, a climate adaptation expert at Tulane University, almost exclusively consists of Midwest and Rust Belt cities, including Detroit, Duluth, Milwaukee, Minneapolis, and Buffalo, and Rochester in New York. Those aren’t the only cities that will benefit, Keenan says; many other places are benefiting from a change in preferences “but in general, people will be moving north and east.” Of course, climate change is not the only reason people pick where to live—people also seekjob opportunitiesand more affordable housing. Today, many young people are also looking for places that are affordable and that have embraced the kind of urban planning that makes it easy to walk or bike around town, says Keenan. Minneapolis, for instance, has transit-oriented development and mixed-income housing. East Lansing, Mich., has urban density, which is more climate-friendly than places where you have to get in your car to go anywhere. “A lot of these things were done in the name of sustainability and better urban planning and mitigating carbon footprint, but they’ve also been financially successful” in that they attracted new businesses and residents, he says. But climate change is an increasingly important consideration for businesses, according to the Site Selectors Guild, an association for consultants who help companies choose where to locate. Though factors like workforce availability and risk management are currently high among reasons that companies choose a certain place to locate, site selectors surveyed said that climate change, environment and sustainability would be the top motivator by 2032, according to theState of Site Selection 2022. Midwestern cities and states that have long seen nothing but people leaving are seizing on the opportunity to try and attract new residents and businesses. “Businesses in the Milwaukee region face a low risk of natural disasters, decreasing the risk to people and buildings,” bragsChoose Milwaukee, a website trying to attract businesses to the region sponsored by a regional economic development group. Buffalo will be “a climate refuge,” Buffalo Mayor Byron W. Brown said in his 2019 State of the City address; the city has since appointed aclimate action managerto lessen the city’s carbon footprint and prepare it for climate change. Michigan’s economic development website makes no secret that the state is “Ranked No. 1 Best for Climate Change” Milwaukee has portrayed itself as free from natural disasters like earthquakes and hurricanes, including on a PowerPoint it shows businesses considering relocating there, says Jim Paetsch, executive director of Milwaukee 7, the economic development group. It used to be that people would laugh when they saw the slide and ask why he didn’t include locusts or other Biblical plagues. “Nobody laughs anymore,” he says. Read More:Where We'll End Up Living as the Planet Burns Indeed, the first GOP debate was held in Milwaukee, and the party also chose the city for its nominating convention in 2024—Mayor Johnson says the city reminded the GOP that having a convention in Florida in the summer would be extremely hot and sticky, a strategy that appears to have worked. The 2020 Democratic National Convention was also held in Milwaukee. The signs these campaigns are working are currently more anecdotal than anything else. Johnson, the Milwaukee mayor, says he often hears from local real estate agents that many of their clientele have relocated from the west or places more prone to natural disasters. Intel chose the Columbus, Ohio region in January 2022 to invest $20 billion on at leasttwo leading-edge chip facilitiesto onshore production; the company will become the area’slargest water user.The number of data centers—the huge buildings housing servers and help keep the Internet running—has been growing more quickly in the Midwest because of the relatively low cost of real estate, availability of power, and low level of risk from natural disasters, says John Dinsdale, chief analyst at Synergy Research Group. Population-wise, all that can really be said is that population losses are slowing in some Midwestern cities, including Milwaukee and Toledo, Ohio; some Midwestern cities, including Duluth, Minn., and Columbus, added population between July 2021 and 2022, according to data compiled by William Frey, a demographer at the Brookings Institution. “The pandemic had a huge impact on migration patterns and the 2021-2022 data provide a hint of where and how revival will occur,” he says. Weather and affordability played a big role in Dianne Minardi and Dan Constable’s decision to move to Milwaukee from Atlanta. The couple, who both work remotely in higher education, had lived in Las Cruces, N.M., where it got so hot they would have to wake up at 6 am to walk their dog, and where there was always a fear of running out of water. When they moved to Atlanta, they thought they might stay there, but they quickly realized that they were nearly priced out of the market. Minardi also didn’t love the humidity and heat. “I just wanted to move somewhere where I can afford to live and the temperature is not going to force me to move again in my lifetime,” she says. Since they are both from Ohio, they looked into the Midwest and wanted a walkable city where they could have a lot of space to garden. A friend told them about Milwaukee and they bought a house over FaceTime, never having visited the city. They moved in January 2023 and love their house and neighborhood, a few short blocks from Lake Michigan, as well as the food scene and general friendliness of the city. Minardi says she’s glad they bought when they did. “My biggest concern was that everyone would move here and it would get too expensive for us to,” she says. For many Midwestern leaders, the hint of some reversal of population decline is enough to suggest that they need to invest more in sustainability, walkability, and the type of projects that will attract new residents. Milwaukee’s Mayor Johnson, for instance, wants to build a protected bike lane network across the city. Michigan’s Gov. Gretchen Whitmerhas unveiled plansto make Michigan generate all of its electricity from solar, wind, and other carbon-free sources by 2035. “I don’t think we can just say, as a state, ‘The south is going to boil and we can just rest and people will come here,’” Eric Lupher, president of the Citizens Research Council of Michigan. “We have to get the rest of our ducks in a row, so to speak, try to be better at trying to attract more companies.” Indeed, for Via and some other Midwestern migrants, the fact that some Midwestern local governments appear invested in preparing for climate change is appealing. Milwaukee is trying to remove highways and make its downtown more walkable, he says, while places like Salt Lake City and Phoenix seem to be ignoring the challenges that lay ahead. “I was tired of living in places that made sense when there was 100,000 people living there but that no longer made sense when there were millions of people—and nobody talking about it or doing anything about it.” |
2024-10-31 | BBC News | American bully XLs added to list of banned dogs | American bully XLs are being added to the list of banned dogs in England and Wales, making it illegal to own one without an exemption from 1 February next year. From January the dogs will also have to be muzzled and on a lead in public. There will be a longer deadline for owners to ensure the dogs are neutered. It follows a number of attacks involving the breed, although owners insist the dogs, despite their appearance, make lovable pets. From 31 December 2023 it will be against the law to sell, abandon, breed from or give away an American bully XL, or have one in public without a lead or muzzle. If your dog is less than one year old on 31 January 2024, it must be neutered by 31 December next year. If your dog is older than one year old on 31 January 2024, it must be neutered by 30 June. The guidance is similar to that issued for the four breeds which were banned under the Dangerous Dogs Act 1991: the American pit bull terrier, the Japanese tosa, the Dogo Argentinos and the Fila Brazileiro. Published by Defra, the new rules also give details defining an American Bully XL, which is not a breed recognised by the Kennel Club in the UK. According to this, the dogs are a "large dog with a muscular body and blocky head, suggesting great strength and power for its size. Powerfully built individual". Prime Minister Rishi Sunak announced the breed would be banned following a series of incidents. These included the death of a man after a suspected attack by an American bully XL in Walsall on 14 September. Days earlier, an 11-year-old girl, along with two men, were attacked by an American bully XL in Bordesley Green, Birmingham. In 2021, 10-year-old Jack Lis died from severe neck and head injuries after he was attacked by an American bully XL in Caerphilly. His mother, Emma Whitfield, has been calling for the dogs to be banned. The new guidance does not apply to Northern Ireland or Scotland. Both currently ban the pit bull terrier, Japanese tosa, Dogo Argentino and Fila Braziliero. If Scottish ministers agree, then the ban will be applied in Scotland. In Northern Ireland a ban on an American bully XL would require a separate change to legislation, either by a sitting Assembly and Executive or through an intervention by the Northern Ireland Secretary. The UK's chief veterinary officer Christine Middlemiss previously said there would not be a "cull" of American bully XLs but rather guidance to allow owners to keep them under certain conditions. To do this, owners have to apply to register their pets on the Index of Exempted Dogs. This is subject to a £92.40 application fee, to cover administration costs. The current exemption scheme for banned breeds allows for an exemption if a court is satisfied that the dogs do not pose a danger to the public and their owners are deemed to be fit and proper people to own a dog of that type. There are almost 3,500 banned dogs living legally at home with their owners in England, Scotland and Wales under the scheme, data released from the government to the BBC has revealed. Before a dog can be exempt it must be neutered, micro-chipped and have third party insurance. There are also strict conditions, including being kept on a lead and muzzle in public. The Dangerous Dogs Act gives the government the power to ban any breed appearing "to be bred for fighting or to have the characteristics of a type bred for that purpose". Police have the power to seize any prohibited dog that is in a public place. Many animal charities have opposed a ban. The Dog Control Coalition - which includes Battersea, Blue Cross, the Dogs Trust, BVA, the Scottish SPCA, the Kennel Club and Hope Rescue - told the BBC that breed-specific bans had been proven to be ineffective. The problem, it says, lies with owners. "The government must tackle the root issue by dealing with the unscrupulous breeders who are putting profit before welfare, and the irresponsible owners whose dogs are dangerously out of control," it says. |
2024-10-23 | Gizmodo.com | Interstellar Tune-Up: NASA’s Voyager Spacecraft Get Crucial Updates | NASA’s Voyager team has rolled out important measures in an attempt to further prolong the interstellar journey of the two Voyager spacecraft, which have been transmitting data from deep space since 1977. Voyager 1 and Voyager 2 are still ticking after all these years, and NASA would very much like to keep it that way. In the latest attempt to prolong the 46-year-old mission, engineers implemented modifications to the thrusters and introduced a software patch, ensuring the Voyager spacecraft continue their unparalleled exploration of interstellar space. The Voyager mission, comprising Voyager 1 and Voyager 2, was only supposed to last for four years, focusing on exploring Saturn and Jupiter, but NASA continually extended the missions over the years and decades. Voyager 2 was given the opportunity to visit Uranus and Neptune, making it the only spacecraft to visit these distant ice giants. Later, in the 1990s, the mission’s scope was broadened to allow both probes to venture beyond the heliosphere—a protective bubble generated by the Sun. Voyager 1 reached this outer boundary in 2012, followed by Voyager 2 in 2018. The probes continue to collect invaluable data from the solar system boundary, but engineers recently identified a troubling issue with their thrusters. These thrusters, responsible for ensuring the probes’ antennas stay pointed towards Earth, have experienced an accumulation of fuel residue within their narrow tubes—an issue also noted in a few other space vehicles, according to a NASA press release. This gradual buildup has become significant and now threatens the smooth operation of the twin spacecraft. “This far into the mission, the engineering team is being faced with a lot of challenges for which we just don’t have a playbook,” Linda Spilker, project scientist for the mission, explained in the press release. “But they continue to come up with creative solutions.” The mission team did in fact come up with a creative fix for the thruster issue. “The adjustments to the thruster rotation range were made by commands sent in September and October, and they allow the spacecraft to move almost 1 degree farther in each direction than in the past,” the space agency explained. Although these changes might occasionally result in data loss, they are anticipated to delay complete clogging of the tubes for at least another five years. Additionally, a software patch is set to address a glitch identified last year in Voyager 1's onboard computer. The computer started delivering garbled status reports due to a misdirection in the attitude articulation and control system (AACS), which caused commands to be written into the computer’s memory instead of being executed. This new patch, serving as a precautionary measure, will ensure such glitches do not recur. “This patch is like an insurance policy that will protect us in the future and help us keep these probes going as long as possible,” Suzanne Dodd, Voyager project manager, said. “These are the only spacecraft to ever operate in interstellar space, so the data they’re sending back is uniquely valuable to our understanding of our local universe.” Given the vast distance—Voyager 1 and Voyager 2 are over 15 billion and 12 billion miles away from Earth, respectively—transmitting patch instructions takes over 18 hours. Owing to the potential risks associated with this update, Voyager 2 will be the first to receive the patch as a precautionary testbed for its counterpart. The upload is scheduled for October 20, and if no immediate problems are identified, the patch’s functionality will then be assessed. Back in July, mission engineers had to contend with an unrelated issue. A series of commands inadvertently caused Voyager 2’s antenna to deviate 2 degrees from Earth, disrupting its ability to communicate with the Deep Space Network (DSN) on Earth. During this episode, the spacecraft was unable to send data to or receive data from our planet. In early August, after the DSN facility in Canberra, Australia sent a command instructing Voyager 2 to reposition its antenna, full communications were successfully restored. That NASA continually finds ways to extend these missions is truly remarkable, making it possible to keep gathering unprecedented data from the edge of our solar system. That said, Voyager 1 and 2 won’t last forever, with NASA expecting the probes to keep working into the back half of the 2020s. For more spaceflight in your life, follow us on X (formerly Twitter) and bookmark Gizmodo’s dedicated Spaceflight page. |
2024-10-07 | The Times of India | Mind Over Money: Krav Maga & meditation keep this MD & CEO of gaming company mentally fit | Agencies In a dynamic and demanding world of startups and businesses, maintaining mental fitness becomes a top priority. For Nitish Mittersain , Joint Managing Director and CEO of Nazara Technologies , achieving this balance is crucial. “I have crafted a regimen that combines physical activity, intellectual stimulation, and a commitment to self-care. Regular exercise, whether it's hitting the gym , practising Krav Maga , or enjoying long walks, forms a cornerstone of my routine,” Mittersain told ETMarkets in an interview. Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Technology Officer Visit Indian School of Business ISB Chief Digital Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Additionally, Nitish Mittersain finds solace and focus in the wisdom of Stoicism, regularly immersing himself in the timeless teachings of Marcus Aurelius' "Meditations." Edited excerpts: Q) How do you keep yourself mentally fit? Mental fitness is a priority for me, given the demanding nature of the startup and business world, it's important to find a balance among work, personal life, and self-care. Regular exercise, whether it's hitting the gym, practicing Krav Maga, music or going for long walks is a cornerstone of my routine. Additionally, I read stoicism regularly such as “Meditations” by Marcus Aurelius to enhance focus and clarity. As the saying goes, "A healthy mind in a healthy body," and this holds true for maintaining mental well-being in the bustling business landscape. Q) What sparked your interest in music? My interest in music has roots in my early years. Growing up, there was constant music playing because my mom was a professional bhajan singer. Music, with its ability to convey emotions and connect people across cultures, always fascinated me. Whether playing an instrument like the saxophone or simply appreciating different genres, music has been a consistent source of joy and inspiration in my life. As Victor Hugo said, "Music expresses that which cannot be said and on which it is impossible to be silent," encapsulating the profound impact of music on the human soul. I particularly enjoy jazz and have been part of a jazz band for decades. For me, practicing the saxophone is also a great way to destress. Q) Krav Maga training increases the level of strength. How does it keep you mentally fit as well? What is your experience? Krav Maga, beyond its physical benefits, significantly impacts mental fitness. This self-defence system demands sharp focus, quick decision-making, and adaptability to various scenarios. The discipline required in Krav Maga training extends to mental resilience as well, preparing the mind to stay calm and composed under pressure. Personally, I've found that this mental fortitude gained through Krav Maga not only serves me well in self-defence situations but also translates into a more composed and effective approach to business and leadership challenges. Q)You also spend considerable time in the gym. What is the frequency? Regular gym sessions are a fundamental part of my routine, typically scheduled at least 4 times a week. Exercise is not just about physical health; it's about mental vigour, too. It helps in managing stress, enhancing focus, and boosting overall productivity. The discipline of regular workouts grants me the freedom to stay mentally sharp and maintain a healthy work-life balance. Q)What role does mental fitness play, especially in leadership roles? Mental fitness is the backbone of effective leadership. The ability to maintain a clear, focused mind amid complex challenges is important. It enables making informed decisions and staying resilient in the face of adversity. Especially in the startup world where stress is high, both physical and mental fitness are critical. Q)Tell us a little bit about yourself – education and what motivated you to start the company? I have studied for a Bachelor of Commerce (BCom) from University of Mumbai. The genesis of Nazara Technologies stemmed during my college years from a vision to amalgamate technology with my deep-rooted passion for gaming. Witnessing the immense potential of the gaming industry and recognizing the evolving digital landscape motivated me to establish Nazara. It was about creating a platform that brings people together through interactive and engaging entertainment, a vision that continues to drive the company's endeavors today. (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times) Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on nazara technologies mind over money gym mental wellbeing krav maga meditation nitish mittersain nazara technologies mental fitness (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-10-20 | Time | How Killers of the Flower Moon Captures the True Story of the Osage Murders | Warning: This post contains spoilers forKillers of the Flower Moon. Based on journalist David Grann's 2017 best-selling book of the same name,Killers of the Flower Moonrecounts the true story of how a white businessman and self-proclaimed "true friend" of the Osage Nation orchestrated the brutal murders of numerous members of the tribe in early 1920s Oklahoma. Directed and co-written byMartin Scorsese, the film centers on the relationship between an Osage woman, Mollie Kyle (Lily Gladstone), and white World War I veteran, Ernest Burkhart (Leonardo DiCaprio), nephew of the aforementioned wealthy rancher, William K. Hale (Robert De Niro). Set at a point in time when the Osage were considered the richest people per capita in the world following the discovery of oil reserves under their land, the movie follows Ernest as he marries Mollie at the direction of his uncle and then conspires with him to kill off Mollie's family and a number of other Osage in order to cash in on their oil headrights and life insurance policies. Grann's book reads as a whodunnit mystery that explores the broader historical context of what came to be known as the "Reign of Terror"—including how the crimes against the Osage were investigated and partially solved by a team of government field agents led by former Texas Ranger Tom White (played by Jesse Plemons in the movie). But in adapting the book, Scorsese said that he wanted to shift the spotlight away from"all the white guys"and make Mollie and Ernest's marriage the driving force of the film. "What I wanted to capture, ultimately, was the very nature of the virus or the cancer that creates this sense of a kind of easygoing genocide," he said at an Oct. 16 press conference. "When there is betrayal that deep, and we know for a fact that it was that way, there's our story." Here's how faithfully Scorsese's version of theKillers of the Flower Moonstory captures the real history behind the Osage murders. Read more:Martin Scorsese Still Has Stories to Tell In 1906, nearly 45 years after the Osage Nation had legally purchased and settled on a permanent reservation in north central Oklahoma Indian Territory, Osage Principal Chief James Bigheart and a half-Native lawyer named John Palmer negotiated a deal with the U.S. government wherein every full-blood Osage received an allotment of 657 acres of land that included a headright in the tribe's communal mineral trust. While surface property could be sold or leased, the deal stipulated that mineral trust headrights—the right to receive a quarterly distribution of funds from the tribe's underground mineral estate—could only be inherited by their owner's legal heir. This meant that when oil fields were discovered under the reservation just a few years later, the Osage became some of the wealthiest people in the world. However, there was a catch: the Osage were not free to spend their own money. The U.S. government put a system of guardianship in place, under which any Osage who was deemed "incompetent" was assigned a guardian (almost always a white man) who controlled their money. The system often resulted in guardians withholding or outright stealing money from the Osage. The movie shows Mollie visiting her guardian to request access to her own money to pay medical bills. As is shown in the movie, Ernest met Mollie while he was working as a taxi driver in Osage County. They married in 1917 at Hale's urging and eventually had three children together, Elizabeth, James "Cowboy," and Anna. Years later, while Ernest was on trial, Anna died at the age of 4 after contracting whooping cough. The film depicts Mollie and Ernest as having a loving relationship even as he was conspiring to murder her family. While it's impossible to know how Ernest and Mollie truly felt about each other, Scorsese said that it was the couple's real-life granddaughter, Margie Burkhart, who convinced him that their marriage should be the heart of the movie. "She said we have to remember that Ernest loved Mollie, and Mollie loved Ernest," he said during an Oct. 16 press conference. "It's a love story. So what happened was the script shifted that way and it became gritty." However, the suggestion that Ernest actually loved Mollie is controversial to some involved in the project. At the film's premiere, Osage language consultant Christopher Cote told theHollywood Reporterthat, as an Osage himself, he was hopingKillers of the Flower Moonwould be told from the perspective of Mollie and her family. Read More:The Ending ofKillers of the Flower MoonIs Astonishing "I think it would take an Osage to do that," he said. "Martin Scorsese not being Osage I think he did a great job representing our people. But this history is being told almost from the perspective of Ernest Burkhart. And they kind of give him this conscience and they kind of depict that there's love. But when somebody conspires to murder your entire family, that's not love. That's beyond abuse." The Reign of Terror began in 1921 with the deaths of Mollie's sister Anna Brown (played by Cara Jade Myers) and Charles Whitehorn (Anthony J. Harvey), who were both found shot in the head in remote rural areas within a short time of each other. Over the course of the next four years, at least 24 members of the Osage Nation and their allies—including Mollie's mother Lizzie (Tantoo Cardinal), sisters Minnie (Jillian Dion) and Rita (JaNae Collins), brother-in-law Bill (Jason Isbell), and cousin Henry Roan (William Belleau)—died violent or suspicious deaths. The movie shows Ernest slowly poisoning Mollie, who was diabetic, by giving her injections of what she was told was insulin to keep her weak and wasting away in bed during the later years of the Reign of Terror, an alleged attempt on her life that Mollie survived. When Rita and Bill Smith and their housekeeper Nettie Brookshire (Shonagh Smith) were killed in an explosion at their home in 1923, it prompted the Osage Tribal Council to appeal to the federal government for help. It was at this point in time that the newly created Bureau of Investigation (the agency that would later become the FBI) assigned White to the case and it became the Bureau's first murder investigation. White led a team of field agents, several of whom went undercover in the community, to gather evidence and uncover the truth: that Hale, along with a number of accomplices, had orchestrated the murders of over 20 Osage as part of a scheme to profit off their deaths. Hale's accomplices included Ernest and his brother Bryan (Scott Shepherd) as well as a a lineup of local career criminals. After both Hale and Ernest were arrested in January 1926 for the murders of Rita, Bill, and Nellie, Ernest ended up confessing to his role in the crimes and identified Hale as the mastermind of the plot. He also named local thief and bootlegger John Ramsey (Ty Mitchell) as Henry Roan's killer. That April, another local bootlegger, Kelsie Morrison (Louis Cancelmi), and Bryan Burkhart were charged with Anna's murder. Drawn-out and arduous legal proceedings ensued, with Ernest agreeing to testify for the prosecution in the Smiths' murder before being intimidated into instead testifying for the defense before once again changing his mind, pleading guilty, and testifying for the state. Ultimately, Ernest, Hale, Ramsey and Morrison were all sentenced to life in prison—Ernest for Rita, Bill, and Nellie's murders; Hale and Ramsey for Henry Roan's; and Morrison for Anna's. However, Ernest, Hale, and Ramsey were all eventually paroled and, in 1966, Ernest received a full pardon from Oklahoma governor Henry Bellmon. Mollie, who stood by her husband until he confessed to his role in her family's murders in court in 1926, divorced Ernest and later got remarried to a man named John Cobb. She died at the age of 50 in 1937. While Hale was suspected of being the mastermind behind the 24 murders that took place during the Reign of Terror, theKillers of the Flower Moonbook delves into how deadly violence against the Osage was part of a more sweeping conspiracy. In fact, Grann's research indicates that in the years before Anna Brown's death and the years after Hale went to prison, there were numerous other Osage who died under mysterious circumstances—and their deaths were never investigated. “I thought I was writing a book about this singular evil figure who had been apprehended by the FBI,” Grann toldSmithsonian Magazine. “Instead, I began to realize that this was less a story about who did it and who didn’t do it. It was really about a culture of killing and a culture of complicity… [with] many of these murders carried out by individuals who were profiting from this very corrupt system of targeting the Osage, often marrying into their families and then plotting to kill them to steal their oil money and inheritance.” |
2024-10-19 | Boing Boing | Silvio Berlusconi's vast but worthless art collection burdens his heirs | Billionaire Italian sex pest and sometime Prime Minister Silvio Berlusconi left an "art" collection to his inheritors, but it turns out to be all but worthless, much of it trash bought from late night telesales shows. The collection of 25,000 paintings isclaimedto be worth about £17.4m, centered on "six or seven" items of artistic value which include works by Titian and Rembrandt. As a small fraction of his £5bn estate, it is reportlya "headache" to his heirs. The 25,000 paintings are largelycroste, poor quality works of little to no value. The billionaire's purchases are held in a 3,200sqm warehouse close to his mansion near Milan. They include paintings of Madonnas, vivid images of naked women and cityscapes of Paris, Naples and Venice among others, according to La Repubblica. … Woodworms have already destroyed part of the collection. In some cases, the cost of exterminating the pests exceeds the value of the paintings. Pour one out for the insurance agent who will have to deal with Trump's estate when it too attracts some "woodworms." |
2024-10-12 | Business Insider | I downsized from my city apartment to a tiny house in the countryside to save money – but my cost of living increased instead | This as-told-to essay is from an interview with Stacie DaPonte, 31, about living in a tiny house outside Toronto. It has been edited for length and clarity. I've always lived small, even when I was renting a 400-square-foot apartment in downtown Toronto for $1,000 a month. I love city life, but when the pandemic hit, I was stuck at home more. COVID-19 shuttered a lot of live music venues and bookstores, so much so that Toronto didn't feel like home anymore. That set me researching what it would take to downsize to a tiny house in the countryside. When I first started researching tiny homes, I figured it would be an easy transition for me. I work from home as a digital project manager, so moving wasn't an issue with work. However, most people who downsize are selling the properties they live in. I didn't have that luxury. I'd been putting money into a savings account my entire adult life. I paid about 70% of the cost of the house upfront and took out a line of credit from my bank to pay off the rest. I am contributing to that on a monthly basis. On top of renting the land, my monthly expenses work out higher than my cost of living in the city. I could afford a 240-square-foot home, which cost $58,850. But that was just for the shell of a house. I paid a 50% deposit when I signed the contract, 30% toward the build completion, and the final 20% the day before the delivery. I still had to pay for appliances, a hot-water heater, a sink, and furniture, so including those things, the place cost about $78,000. I shopped around a bit before I chose a builder. There were very few tiny-home builders then, and I couldn't afford the transportation costs if it was built in another province. I wanted a local builder so I could deliver the materials and fixtures I'd ordered and check on the progress of the build. I contacted three companies based in Ontario, and two didn't respond. In the end, I didn't have a great experience with the builder, but I managed to get my house built. I spent nine months trawling the internet and messaging people in Facebook groups to find land to park my tiny home. I lease the land from a privately owned mobile-home park an hour and a half north of Toronto. I found this landowner through a friend of a friend of a friend. Before finding this place, I asked three private landowners if I could set up on their property. When they realized how much work was involved with meeting zoning requirements — such as requesting a minor variance to move a setback from 3 feet to 2 feet — they changed their minds and opted out. There are restrictions on backyard land leasing based on minimum square footage. These vary by country, state, province, county, and city. Some counties I was looking at had building minimums of 1,000 square feet. I don't have friends or family with land, so I was contacting people on the internet. Some I met in person, but I'm a stranger to them, and it's hard to convince a stranger to go through a possibly yearlong permitting process, even if I covered all of the expenses. I invested seven months and paid a consultant to work with municipal planning divisions and site surveyors, but none of those efforts amounted to a win. In the end, I found a private trailer park outside a town called Barrie. It's a great fit for tiny houses because it's zoned for recreational vehicles. There were several there before I moved mine to the site. I see myself living here indefinitely. There's more of a community feel — when someone walks by, they say hi. My front yard is a river and I'm surrounded by ducks. I have a container garden where I grow some of my own food, which cuts down significantly on groceries in the summer. When I tried growing things on my city apartment's balcony, the plants never got enough sun. I am much more in tune with nature now. I'm not detached from the cycles of the seasons. In the winter, I have to shovel snow. In the summer, I have fresh produce. If my schedule allows, I hike in the afternoon. I've gotten into birdwatching and I love to notice their migration patterns. Sometimes I just sit outside for an hour with my binoculars. My cost of living now is higher than when I was renting. I couldn't buy the tiny house all at once with cash, so I am paying off a line of credit. I pay $300 a month and will have paid it off in three years — considerably shorter than paying off a normal mortgage. I pay $550 a month to lease the land. Water is another $15 to $20 a month. Propane for heat and hot water runs another $35. I relied on public transit when I lived in the city, but now I have a car. Gas, car insurance, and car repairs are additional costs — and I had to learn to drive. Owning a house requires maintenance, no matter the square footage. I'm responsible if the plumbing, hot-water heater, or propane has a problem. The scale of the house doesn't diminish that — it's a lot more work than I thought. It can be hard living and working in the same space. I sleep in the loft where my computer is out of reach. Otherwise, it's too hard to turn my brain off. The size of the house limits movement for sure. I can't sit upright in my lofted bed. When I practice yoga, I can't spread my arms sideways or I hit the stove. A lot of people struggle with downsizing their belongings, but I've always been very minimal. I don't have a lot of kitchen gadgets. I also keep winter clothes in storage during the summer and vice versa. Being conscientious of my purchases has always been super important to me. I don't buy things frivolously — when I do purchase something, I make sure I need it and that's sustainably sourced. I know that down the road, this lifestyle will save me money. But part of me thinks this setup is more expensive in the short term and perhaps not worth all the effort. I might find a place to lease for less or buy land to live on. Tiny living is a reality I hope more people see and read about. I also don't want to overly romanticize the movement. Not everyone who lives tiny is living debt-free and easy breezy. |
2024-10-18 | The Indian Express | Tripura govt asks Durga Puja organisers to join fight against drug menace | Ahead of the Durga Puja celebrations, the Tripura government Wednesday appealed to all puja organisers to take active part in the ‘drug-free campaign’ and make people aware of it through placards, street dramas, hoardings etc. The state government has also launched an app on which the puja organisers can upload the photos of their pandals showcasing the awareness against drugs. “We will honour the first three rank holders with financial assistance and certificates. Chief Minister Dr Manik Saha will honour them,” said Sports and Youth Affairs Minister Tinku Roy at a press conference at the Civil Secretariat in Agartala. Earlier this year, the Chief Minister had said that Tripura has turned into a major corridor for drug trade. The route used for the trade includes different northeast states and even Bangladesh. As per statistics of different security agencies, Tripura now ranks highest in seizures and destruction of illegal drugs across northeast India. Initiatives in sports sector On a different issue, Roy said the Sports and Youth Affairs department will organise a national-level yoga competition in the under-17 category in Agartala from November 22 to 27. “Participants from different states will take part in the competition. We are hoping to make a big arrangement. Our department has already started working for it,” he said. “In the sports sector, the state government has undertaken several tasks, including renovation of the indoor hall of the NRCC and two yuva awas buildings at Udaipur in Gomati district and Kailasahar in Unakoti district. The construction work of a 200-bedded yuva awas at Ambassa is on the verge of completion and would soon be inaugurated by Saha,” Roy said. “We have also set a target to complete all half-done construction works by March next year,” he said. Roy also informed that Tripura will soon start a scheme named ‘Mukhyamantri Krira Unnayan scheme’ to provide financial assistance to the sporting talents by bringing them under insurance cover at the earliest. Initiatives in labour sector In the labour sector, the minister highlighted different initiatives taken by the government for tea garden workers, their children and others. According to Roy, the initiatives by the Labour department include providing land to 2,000 tea-garden workers under the Tea Workers’ Welfare scheme, puja bonus to all outsourced workers engaged in different tasks like, housekeeping and unorganised labourers, education loan for 6,960 children of labourers, marriage benefit of Rs 50,000 to 135 women construction labourers in the 2022-23 fiscal year under the Construction Workers’ Scheme, medical benefits to pregnant women labourers and benefits to 865 pensioners. “A slew of developmental construction works are on. For this, labour is a big priority. We are trying to convince labourers to take benefits of ESI. We also have plans to make a few sheds for the labourers near the Govind Ballabh Pant (GBP) hospital so that people who come for treatment, can get low cost accommodations,” said Roy. Other benefits underBJP-IPFT government While comparing the benefits given during the former Left Front government, Roy said, “In the Left regime, marriage benefits of only Rs 10,000 used to be given. The BJP-IPFT government gives Rs 50,000. Accident benefits of only Rs 5,000 used to be given then and now it has been raised to Rs 4 lakh.” “We hiked the amount given to the youths pursuing ITI or any diploma courses from Rs 8,000 to Rs 12,000 and from Rs 5,000 to Rs 20,000 for general degree courses,” he said. He added that the government has provided financial assistance to 23 persons for their treatment from the Juvenile Justice Fund, that provides funds between Rs 10,000 and Rs 3,00,000. Currently, 2,036 HIV patients and 2,865cancerpatients are getting allowances of Rs 2,000 each every month. “After I took charge of the Social Welfare and Social Education department, this year, 83 HIV patients and 270 cancer patients were added for allowance benefits. We are also giving Rs 4,000 as allowance to children who lost their fathers or have been deserted by their fathers,” the minister said. |
2024-10-06 | ReadWrite | ChatGPT Controversies – Are Our Apprehensions Right or Wrong? | ChatGPT needs no introduction. This incredible AI-powered chatbot is designed to use natural language processing to answer questions like a knowledgeable human being would. Due to its impressive abilities, ChatGPT could be considered an AI game changer as it can interpret concepts, understand language nuance, and provide answers in a detailed manner. A sibling model to InstructGPT, ChatGPT allows users to have human-like conversations with the chatbot. Internet users worldwide have found ChatGPT to be an effective tool to answer their questions and help them with tasks such as composing emails, preparing essays, articles, blog posts, and even coding processes. The humongous success of ChatGPT forced many companies to release their own versions of AI chatbots, such as Google Bard, Zapier AI Chatbot, Microsoft Bing AI, Chatspot, and more. This remarkable, path-breaking technology has managed to bring about a new paradigm in how users can interact with technology. Many businesses have started using ChatGPT for writing their marketing, sales, and ad copy.Customer service chatbots have revolutionized customer serviceby allowing businesses to interact with their customers like never before, resulting in improved customer satisfaction and brand loyalty. ChatGPT has managed to transform the current digital landscape; however, it has been marred by controversies. Our blog post will explain some of the limitations of ChatGPT and illuminate the controversies surrounding it – so that you can understand if ChatGPT is worth using for your business, too. ChatGPT is simple to use and has the power to transform our future; however, thinking that it’s all upside and no downside is a misconception. There are several reasons why we need to be concerned about ChatGPT. Here are some of them. Here is example #1, below — Seriously, do you want this info out there? First and foremost, there is no way to check how much information ChatGPT has collected about you from when you created your account. Isn’t this scary? It’s especially concerning because the scale and scope of the data and storage required by ChatGPT are much higher than other technologies. The AI-powered chatbot has received heavy criticism from users, privacy experts, and government agencies about its data retention policies. ChatGPT gathers user details from three sources (at three different stages). Data collected from your conversations with ChatGPT is the most worrying factor. Along with your IP address and location, other personal details such as browser type, the date and time when you started using ChatGPT, and the length of each of your sessions can also be automatically retrieved from your device and browser. Your browsing activity also gets tracked byOpenAI using cookiesin the chat window and on its site. Apparently, these details are collected for analysis purposes and to find out how users interact with ChatGPT. Using ChatGPT to proofread your personal documents can be dangerous because ChatGPT stores transcripts of your conversations and logs any information you put into the chat, including personal information anddata points. Using ChatGPT for your professional work can be even more dangerous if the document you are trying toproofread includes confidential informationabout your company, clients, or employees. Imagine what could happen if you unknowingly give your client’s contact details. It could land you in trouble — if not legally, certainly with your client. There were some instances in the recent past when some users were able to see chat heads (conversation headings) in the sidebar that didn’t belong to them. This happened due to a security flaw on ChatGPT. Sharing users’ chat histories due to a security breach is a serious concern, especially because of the enormous number of users using this chatbot – more than 100 million monthly active users. While AI assistants like Alexa or Siri use the internet to locate the answer to the specified question, ChatGPT works differently. It works on a model where it constructs a sentence word by word and generates a reply that could be the most likely answer to the question. In a nutshell, it gives an answer based on guesswork, and in all likelihood, the answer may not be entirely relevant for the question or could be completely wrong. If you think this happens only for complicated questions, you are wrong. ChatGPT could fail at a simple mathematical calculation and even generate a wrong answer for a simple logical question. The funny thing is that it can argue wrong answers with so much conviction that it sounds believable and true. ChatGPT supporters have been arguing that it generates wrong answers because the users are not being specific, their prompts are either ambiguous or very short, the question does not have a proper context, and so on. They even suggest that users need to have a back-and-forth conversation to get an ideal response. While some of these arguments do make sense, you can’t help but wonder why it is so tricky and challenging to get the right answers from an AI that supposedly knows so much. We can agree that when it comes to some complicated queries, users should provide detailed and specific prompts while avoiding vague or ambiguous prompts. But do they really need to do this for some basic logical questions too? Haven’t there been instances when ChatGPT struggled with basic fundamental math and was also not able to comprehend simple, straightforward reasoning? It can be surprising to know that an AI tool can be biased like most human beings. But, don’t forget that an AI tool like ChatGPT, or any technology for that matter, is designed by humans. Purely on an emotional level, this is one of the most worrying issues of ChatGPT, as it can generate controversial or upsetting answers that discriminate against race, gender, age groups, and minority groups. What is the root cause of this issue? Well, this AI tool was designed in such a way that it uses past data and considers it as an important criterion to arrive at a decision for the question asked or task assigned to it. The problem is that what was considered right or normal in the past could be completely unacceptable or ethically wrong in the present. Many companies use ChatGPT to review the resumes they receive from job applicants. The major issue is that the AI tool uses a linguistic pattern from past resumes to analyze the resumes of the current candidates to identify the ideal candidates. How is this a problem? In the past, women were underrepresented, and there used to be gender bias in the workplace, and more importance was given to male candidates during interview sessions. ChatGPT will follow the same model while screening current candidates, resulting in a hiring program that could be inadvertently biased toward male candidates. Many companies have faced this issue, including the tech giantAmazon. It’s not only gender bias, ChatGPT has also been criticized and accused of being politically biased against groups like senior citizens and people who are differently abled. ChatGPT can help school students with any task involving brainstorming and summarizing, thereby helping them complete their assignments, whether it’s an English essay writing assignment or something else. However, it’s not just assignments; students have also started using AI to assist them with their online exams. This has forced education management authorities to rewrite courses and make changes to their curriculum to stay one step ahead of the students who are using AI in an unethical manner. ChatGPT can be helpful to students in some ways; however, its cons overshadow its pros. One of the significant impacts of ChatGPT is that it can affect the creativity of students. Frequent use of the AI chatbot can lead to a lack of creativity and self-involved ideas. It can also lead to a lack of emotional intelligence in students because the AI chatbot lacks empathy and human instincts in its functions. Even though it is designed to have a human-like behavior, it is nowhere close to achieving that because of the mechanical and machine-like answer it generates and also because of flaws like the ones that we have covered in this post. We can strongly suggest that school authorities and educators need to ensure that students don’t become dependent on ChatGPT for their assignments and other tasks. We can also say that this is very important to ensure their creativity is not affected. But will they be required to use their creativity in the future? There are already discussions about the possibility of ChatGPT replacing humans in the workplace. So, will students really need to learn to write — and develop and hone their skills for their future professional endeavors, considering that ChatGPT could reduce or completely eliminate their need in the workplace? If a company can getrelevant contentfor its website from ChatGPT, it isunnecessary to hire a content writer. Similarly, ChatGPT can handle many other areas, including proofreading, email marketing, social media management, translation, customer service, news reporting, recruiting, technical support analysis, and so on. If a company can complete all these tasks using an AI chatbot, it can avoid hiring multiple people for each role. This way, the company can save a lot of money by avoiding salaries, increments, insurance, and so on. We can argue that technological advancements in the past have also resulted in jobs being lost in large numbers. Still, ultimately, it was for the larger good as such technological advancements have helped mankind in several ways. Remember, change is the only constant, and you should embrace it. So, technological advancement isn’t the issue here. It is the speed at which AI advancement is taking place, causing multiple industries to face various changes rapidly all at once. ChatGPT is far from perfect, as it still requires human intervention – to provide input and review the output, considering its flaws. Be it school assignments, an article about a product or service, or something else, it requires humans to review and edit the content before it can be submitted or published. So, it is nowhere close to replacing humans in any field as it requires human assistance to fine-tune its output. Companies could use ChatGPT to replace specific job roles; however, if you are worried about mass layoffs, it is unlikely to happen as the AI chatbot cannot be used by companies to replace job roles that require human qualities such as critical thinking, innovation, emotions, empathy, and creativity. This illuminates an important point – the importance of upskilling and upgrading in today’s competitive world. As long as you are constantly working on upgrading your skills, you will not just be able to sustain but also thrive. Featured Image Credit: Provided by the Author; Pexels; Thank you! |
2024-10-11 | Business Insider | Caroline Ellison believed Sam Bankman-Fried directed $100 million bribe to Chinese officials | Caroline Ellison testified at Sam Bankman-Fried's criminal trial Wednesday that she believed the disgraced crypto mogul paid "in the ballpark of $100 million" in bribes to Chinese government officials. The apparent bribes were paid, Ellison said, in late 2021 in an effort to unlock two cryptocurrency trading accounts owned by Alameda Research. Bankman-Fried owned the cryptocurrency hedge fund, and Ellison became a CEO of the company in mid-2021. Ellison talked about the episode on the witness stand in a downtown Manhattan federal courtroom as part of a larger discussion, guided by Assistant US Attorney Danielle Sassoon, about how Bankman-Fried discouraged employees to put things in writing, and whether Ellison and Bankman-Fried "often spoke in coded terms about potential criminal activity." "Yes. When Alameda paid what I believe was a large bribe to Chinese government officials to get our accounts unlocked," Ellison said. In early 2021, Alameda had accounts on two different China-based cryptocurrency exchanges, which together held about $1 billion in assets, Ellison testified. According to Ellison, Chinese regulators froze the funds early that year as part of a money laundering investigation into a person who had traded with Alameda. Bankman-Fried and his inner circle tried different ways to get the funds unlocked. At first, they hired a lawyer in China to negotiate with government officials to unfreeze the account. After months of trying, the efforts went nowhere, Ellison said. Then they entertained a proposal from Alameda Research employee David Ma, which Ellison said she understood to be simply bribing key government officials, she testified. Ma's proposal was controversial within the Alameda Research office, Ellison said, and the idea was tabled. Another method, Ellison said, was to hire "Thai prostitutes" and use their accounts to arrange trades with Alameda Research that were intentionally bad for the crypto hedge fund, thereby transferring value away from Alameda's accounts and to the sex workers, Ellison said. Then, Ellison said, Alameda would reclaim the assets from the Thai sex workers through non-frozen accounts. The strategy didn't work, Ellison testified. After a year of failed efforts, Bankman-Fried said he would do things Ma's way, Ellison testified. Ma supplied several cryptocurrency addresses, which Bankman-Fried directed Ellison to send money to, she said on the witness stand. "He said he found a way to get our accounts unfrozen and all we had to do is send crypto to these addresses," she said. Neither Ma nor a representative could immediately be reached for comment. Along with Bankman-Fried, Ma is a defendant in a civil lawsuit in California related to insurance claims over the collapse of FTX, but he does not have a lawyer listed on the court docket. "My impression is that they were unfrozen by paying a bribe," Ellison testified Wednesday. Prosecutors allege that Bankman-Fried defrauded investors and lenders of Alameda, as well as customers of his cryptocurrency exchange FTX, by commingling FTX customer funds with Alameda investments. Ellison has pleaded guilty to her own criminal charges related to the scheme and is testifying for the second day on the witness stand as part of a cooperation agreement. Some of the alleged bribesappear to have been referenced in an earlier indictment against Bankman-Fried, but were not included in the set of charges that have gone to trial. US District Judge Lewis Kaplan struck several parts of Ellison's testimony about the alleged bribe from the court record Wednesday, siding with arguments from Bankman-Fried's lawyers that they weren't directly related to the charges against him, and that she was using inferences about what happened instead of citing hard facts. After a lengthy sidebar in the middle of Ellison's testimony, Kaplan explained to jurors that Bankman-Fried wasn't facing any criminal charges related to any alleged bribes to foreign government officials. He said Ellison's testimony should only be considered to illustrate the level of trust between Bankman-Fried and Ellison, and his potential motive. Ellison alluded to the payments in a document prosecutors pulled up as a court exhibit. In it, Ellison listed "$150 million for the thing" among other big events for Alameda Research in 2021. Ellison said she referred to the potential bribes as "the thing" because "it might leak and be used against us in a court case." "I didn't want to put in writing that we paid bribes to get our accounts unlocked," she testified. |
2024-10-21 | Business Insider | Sam Bankman-Fried's ex-friends and top lieutenants all demolished his criminal defense from the witness stand | During opening statements at Sam Bankman-Fried's trial, it quickly became clear that prosecutors and his defense attorneys had very different approaches. Prosecutors told a simple story of straightforward theft. Bankman-Fried, they alleged, stole funds deposited by customers of his cryptocurrency exchange, FTX, by moving it to his hedge fund, Alameda Research, and took out loans for his own benefit. Three of his close friends and associates —Caroline Ellison,Gary Wang, andNishad Singh— had already pleaded guilty to conspiring with Bankman-Fried and would testify in the trial. The mechanics, involving financial concepts like cryptocurrency, highly leveraged loans, and market-makers, could be esoteric. But in a federal courthouse in downtown Manhattan, Assistant US Attorney Thane Rehn put it in plain terms. "He spent the money on lavish houses for himself, his parents, and his friends," Rehn said. "He spent it so he could get introduced to celebrities. He spent millions more on political donations to gain influence in Washington. He poured money — other people's money — into his own investments to try to make himself even richer." Bankman-Fried's attorneys say it was a little more complicated. According to his lawyer Mark Cohen, the whole case is in the mechanics. Alameda took legitimate loans from FTX for legitimate business purposes, including for market-making purposes, he said. "Some things got overlooked" in the details at FTX, andEllison made irresponsible decisions as the CEO of Alameda, Cohen said,leaving FTX exposed to disaster if cryptocurrency prices fell. Crypto prices did fall in 2022, Cohen said, which led to the mess where customers couldn't withdraw money from their FTX accounts. But, he suggested, the losses could also be attributed to risky margin trading from customers. Very unfortunate? Sure. Criminal? Absolutely not, Cohen argued. As the trial has gone on, it's become clear that Bankman-Fried's lawyers have a problem. According to testimony from Bankman-Fried's former friends and business associates, the excuses about Alameda's market-making capabilities and spot margin trading are red herrings. They just took the money, they've all said. In their opening statement and cross-examination of witnesses, Bankman-Fried's lawyers have tried to complicate the story in two particular ways. One, FTX allowed users to engage in spot margin trading. That allowed users to put up collateral in order to make particularly risky trades on the exchange. In certain circumstances where they were on the wrong side of a trade, they could lose money from their accounts. Two, Bankman-Fried's lawyers have stressed Alameda's role as not just a trading firm on FTX, but as a market maker. Alameda had special privileges that allowed it to hold a negative balance on FTX — ultimately, negative $65 billion. Ellison, the now-former CEO of Alameda, testified that meant Alameda had an essentially unlimited line of credit from FTX, without any regard for whether the money belonged to customers. To secure an acquittal in a criminal trial, defense attorneys need to convince just one juror to have reasonable doubt of their client's guilt. Prosecutors have accused Bankman-Fried of fraud, money laundering, and conspiracy, with a potential sentence of over a century. If any juror doubts even one count, it could help Bankman-Fried, who is 31 years old, spend less time in prison. It's a high bar to clear, according to Sarah Krissoff, an attorney at Cozen O'Connor and former federal prosecutor in New York. But Bankman-Fried's attorneys may convince jurors that Bankman-Fried genuinely believed his actions were acceptable in the wild-west cryptocurrency industry. "He thought this was okay in this world where crypto wasn't regulated, and so he had sort of no concept that this was a fraud," Krissoff said. "Now, the issue is that if all of the other insider witnesses have said, 'I knew this was wrong, and I pled guilty to crimes related to it.'" Ellison, Singh, and Wang were all in Bankman-Fried's inner circle. Ellison led Alameda Research for much of 2021 and 2022. Wang co-founded Alameda and FTX with Bankman-Fried and led the latter as its chief technology officer. Singh knew Bankman-Fried since he was in high school and was the top developer at FTX, having intimate knowledge of its code. All of them lived together in a $35 million penthouse that Bankman-Fried purchased in the Bahamas with Alameda's funds. And all of them pleaded guilty to conspiring with Bankman-Fried to take customer money. The challenge for Bankman-Fried's attorneys is to convince jurors that he didn't know about any wrongdoing. They've suggested that Bankman-Fried's former lieutenants and close friends are motivated to testify against him in hopes of getting lighter sentences for themselves. "The question isn't so much necessarily, 'Is all of that wrong, or is that stuff criminal?'" said Paul Tuchmann, an attorney at Wiggin and Dana, and a former federal prosecutor in New York. "It's 'Did SBF know about it? Did he direct them to do it?'" But while the defense attorneys have tried to obfuscate each witnesses' relationship with Bankman-Fried and his knowledge of wrongdoing, those witnesses have been forthright on the witness stand. "The government has flipped everybody else in order to prosecute Sam Bankman-Fried," Krissoff said. "And by doing that, the fact that multiple other individuals have agreed 'I knew I was doing something wrong, I was committing a crime, I did something wrong, I knew it was illegal at the time' — it doesn't help his intent argument." Bankman-Fried does have some points in his favor. In one memo shown to jurors, circulated in the fall of 2022 — before FTX and Alameda collapsed — Bankman-Fried lamented Ellison's skills running Alameda while he focused on FTX. He said the trading firm would have done better if he were at the wheel, which bolsters the defense attorneys' argument that Ellison, but not Bankman-Fried, is to blame. ButEllison has held Bankman-Fried firmly responsible. It was Bankman-Fried, she testified, who directed her to spent "in the ballpark of $10 billion" in customer deposits to repay loans as Alameda was collapsing. "He was the one who set up the systems that allowed Alameda to take the money, and he was the one who directed us to take customer money to repay our loans," she said. Who told Ellison to come up with a bunch of alternative balance sheets to give a rosy portrait of Alameda's finances to lenders? "Sam directed me to," Ellison testified. Who was responsible for the margin trading system that Bankman-Fried's lawyers suggested was to blame for lost customer deposits? "Sam directed a lot of these specifics of how the code should run and what it should be doing," Singh testified. "As an example, Sam designed all the rules for the margin system and the liquidation engine, and Gary implemented them." Every witness who developed FTX's software also pointed out that the spot margin trading program — which actually did introduce the possibility of customers losing funds — was something that individual customers needed to opt into. And FTX often bragged that its liquidation engine was so well-designed that losing funds would be extremely rare. In order to lose those segregated funds, customers would need to have their collateral liquidated, for market makers to reject those positions, and for a separate insurance fund to be completely drained, according to Can Sun, FTX's former top lawyer. "It has been FTX's consistent position that they have never depleted the insurance fund, we have never clawed back users, and we have no intention of clawing back users as well," Sun testified in the trial. "It was one of FTX's main marketing and selling points." Bankman-Fried's lawyers will have a tough time changing the narrative in front of the jury. One way to do it would beif Bankman-Fried took the witness stand himselfand testified about his version of the story. Doing so would beincredibly risky, particularly because Bankman-Fried has given so many interviews about his experience already. If prosecutors catch him in a lie during cross-examination, his potential sentence could be much harsher. "He's challenged here," said Krissoff, the former federal prosecutor. "He would be in a much better position if he had not spoken out publicly so much about this before and he could just craft his testimony fresh." The trial is expected to wrap up in the next week or two, depending on whether or not Bankman-Fried decides to testify. |
2024-10-13 | The Times of India | RBI's forex interventions used to manage volatility, not fix rupee level: Das | Das said the war in Ukraine led to a spike in crude oil prices and other commodities such as edible oil and wheat. India's inflation would have been within target if this war had not happened. Marrakech, Morocco: The Reserve Bank of India ( RBI ) intervenes in the currency market to prevent excess volatility in the exchange rate without targeting a particular level of the rupee , governor Shaktikanta Das said on Thursday. He also said there is a need to fully understand cryptocurrency risks before it is legitimised. Das said emerging markets always face spillover risks and India took a conscious decision to build buffers against these risks. The strengthening dollar because of rising and high US interest rates has made global currencies volatile. The Indian rupee closed at ₹83.2 to a dollar on Thursday, dropping from ₹82.7 at the start of September. "I will not hesitate to say we intervene," Das said at a session organised on the sidelines of the International Monetary Fund and World Bank annual meeting. "We are open about it (currency intervention) and it is necessary for the market," he said, calling out the US decision in 2021 to put India and 10 other countries on a 'Monitoring List' for their currency practices. "We have to get out of this one-sided approach to call someone a manipulator, or a stabilised currency, or put on the watchlist. It's a message to the IMF, so please review it," he said at a session moderated by IMF's Krishna Srinivasan, Director of its Asia and Pacific Department (APD). He said it was a conscious decision by India to build buffers against spillover effects as emerging market economies always face such risks. "India has to be self-reliant," he said, adding that strong reserves have given the confidence to markets that India will be able to meet its external obligations. India has foreign currency reserves of about $600 billion. Crypto Assets Das said crypto assets and stablecoins need to be fully understood before they are legitimised. "We should know how many sharks are there before we enter the water," he said, adding that currency is a sovereign function and these private currencies could have consequences for domestic and global financial and monetary systems. These, he said, beg a fundamental answer as to whether governments and central banks are comfortable with private currencies. "Currency is a sovereign function," he said, adding that concerns around the use of these entities in terror financing, and laundering had already been flagged. Das said the Central Bank Digital Currency (CBDC) will be the future and it is important that every country works on it even though paper currency remains relevant. CBDCs can facilitate efficient and faster cross-border transactions and the RBI is in active discussion with other countries to take it forward. RBI and North Block Relationship On the relationship with the government, he said central banks have autonomy but autonomy does not mean that it stops conversation with the government. "There has been close coordination between the government and RBI... Active coordination has helped us...Thanks to the close coordination with the government, RBI did not take any knee-jerk steps when the vegetable prices spiked as the government took measures to cool them," he said, adding that the central bank has been able to deal with inflation more effectively due to this close coordination. He said there must be a conversation not just during crises but also during normal times as monetary authorities also need the government's support to amend laws. He said India's Covid measures, both by the government on the fiscal front and monetary authority, were calibrated and targeted. He pointed out that there was no excessive fiscal or monetary expansion, unlike the advanced economies. This kept inflation in check whereas advanced economies saw sharp spikes. Das said the war in Ukraine led to a spike in crude oil prices and other commodities such as edible oil and wheat. India's inflation would have been within target if this war had not happened. He said the September inflation print had come out at 5%, in line with RBI's expectation. Last year, in April, at its peak, Consumer Price Index-based inflation had reached 7.8%, then slowly came down, reaching 4.7% in the June quarter, but again crossed 7% due to higher vegetable prices. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on RBI volatility rupee Shaktikanta Das emerging markets (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. 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2024-10-12 | Forbes | How AI Is Revolutionizing The Insurance Industry | Rapidly evolving business environments are increasing competition and risk in the insurance sector. Several other challenges, such as theft and fraud, are creating additional hurdles. As a result, insurers are seeking better ways to generate accurate insights from data to enhance pricing mechanisms, understand customers, safeguard fraud, and analyze risks. The Vienna Insurance Group (VIG) is an industry leader that is addressing these challenges by re-imagining its business—with Artificial Intelligence (AI) as a key enabler. Historical context of VIG VIG was created when three companies merged during the initial stages of industrialization in the 19th century. At the time, most buildings were built of wood, which increased risk of fire hazards. The digital transformation of insurance companies has increased speed, efficiency, and accuracy across every branch of insurance. Generative AI, for example, significantly accelerates digitization for insurers. The original company was founded by an Imperial Army officer in 1824 who introduced the idea of guaranteeing payment in case of loss or damage caused by fire. The two other companies included Austria’s first life insurance company and Austria’s first municipal pension institution. Together, they formed the building blocks of VIG, the largest insurance group in the region. Diversity enables success “We’ve been functioning in a vastly diverse region for two hundred years,” said Carsten Dehner, Chief Data & Analytics Officer at VIG. “That gives us tremendous local power. We know the ins and outs of doing business in every country where we operate. We were the first to expand eastward after the fall of the Iron Curtain in 1989.” Speaking at the SAP and SAP Fioneer Financial Services Forum Europe in Frankfurt, Germany, Dehner highlighted his belief that diversity, especially in turbulent times, is a key success factor. It is one of the core values of VIG along with an emphasis on decentralized structures, local entrepreneurship, and high levels of autonomy on the part of the insurance companies within the group. “We are enablers and accelerators,” Dehner explained, referring to the group’s sustainability strategy. VIG’s commitments include no new investments in coal and eliminating existing investments in coal by 2035, and no investments in any company that produces or trades in banned weapons such as biological and chemical weapons, cluster munitions, anti-personnel mines, and nuclear weapons. The company’s focused investments include affordable, environmentally-friendly housing and increased investments in green bonds. Technology accelerates achievement “Future disruption is already here. It’s called AI,” said Dehner. “Everything will be more and more data driven, so we need to create the right business models in order to make the right steering decisions.” The digital transformation of insurance companies has increased speed, efficiency, and accuracy across every branch of insurance. Generative AI, for example, significantly accelerates digitization for insurers. It can assist companies like VIG in assessing risk, detecting fraud, and reducing human error in the application process. AI is revolutionizing the insurance industry by enabling automation, optimizing claims, and developing effective customer engagement strategies. VIG’s long-term business strategy in Central and Eastern Europe is to offer individual products and services that meet the specific needs of customers in very different markets. According to Dehner, just looking at the various supervisory requirements requires integrating very different data structures. He explained that it's very challenging to have the right IT infrastructure to support the evolving business models while integrating generic data with all the data generated in the different markets. “Connecting all that to flexible services is the big challenge,” he said. The group runs SAP Finance and Controlling Accelerator software, the SAP General Ledger application, and the SAP S/4HANA for financial products subledger solution to deal with the increasing changes and complexity in the business. These tools provide the systems and processes the company needs to comply with regulations. For example, the general ledger is the set of master accounts where transactions are recorded, and subledger is an intermediary set of accounts that are linked to the general ledger. Having a detailed product subledger allows the company to manage the complexity and required data parameters while still adapting to the standard. “High-performing finance requires granular, accurate, and timely finance data,” said Dehner. “These tools enable us to not only keep up, but to have clean data as our single source of truth. They simplify the architecture, basically putting us in control. We have a single hub connecting our operational and financial data, where we can embrace new business models and comply with regulations.” This far-sighted approach to technology, along with its commitment to sustainability and long legacy of diversity are what differentiates VIG from competitors in the market – and what will keep it in the pole position for decades to come. Follow me on Twitter @magyarj |
2024-11-01 | Forbes | How Jabbar Williams Generated Millions Through Truck Rental Logistics | Jabbar Williams discovered renting box trucks instead of purchasing became a more viable business ... [+] model. As a psychology graduate of HBCU Clark Atlanta University, Jabbar Williams prides himself on being a serial entrepreneur. As he describes, he entered the "infamous rat race working in corporate America," employed within the finance sector for 16 years as a branch manager but maintained other ventures outside of work. He constantly created additional income streams by establishing a t-shirt business, offering credit repair services, and entering real estate investing. "In 2018, I got into the real estate industry and started fixing and flipping houses [and] did well, fixing and flipping houses, because that's my real passion. Then the pandemic hit [and] real estate came to a standstill, building materials was sky high, nobody was getting evicted, nobody was moving. I needed to start another business because I always knew I wanted more," he explains. The financial independence entrepreneurship afforded Williams motivated him to leave his nine-to-five occupation. "I had reached the ceiling at my position, and then I ended up training my boss. So that was a slap in the face. Then, I entered into logistics in January of 2021. I've already heard over the years that you can make a lot of money in logistics," he says. However, although the field is lucrative, Williams considered the maintenance, the breakdowns, and the overhead to run this particular enterprise. He met an associate who advised him he could enter the industry utilizing the rental route. After much consideration, an intrepid Williams acquired his first rental truck in January 2021. Three weeks later, he scaled up to a second box truck, eventually expanding to having eight trucks at one point, thereby initiating the success of his business. Williams discovered renting box trucks instead of purchasing became a more viable business model. Obtaining a commercial vehicle requires creditworthiness, a substantial downpayment, and readily accessible income or upkeep of the truck while in transit. To bypass those financial potholes as an upcoming entrepreneur within the supply chain management, Williams went to an Ryder, opened a rental account, and commenced his business with only $3,200. "So $200 for my LLC, $680 for my authority, that's the MC/DOT and BOC3/UCR, that's the numbers you see on the side of the truck," he describes, the requirement he fulfilled to operate a business interstate and land contracts with prominent exporters. Jabbar Williams owner of Box Truck Shawty. "I paid $1375 for my insurance down payment and $1,000 for my rental deposit. I don't pay for maintenance on any of the trucks, so if anything happens to the truck, it breaks down, they'll swap me out in a sub-unit; I got good at it, [and] as I said, scaled up to eight trucks. I'm happy to have no overhead when it comes to that, and I never drove a box truck, by the way. I started this whole process while working a nine-to-five," he happily indicates. To date, Williams' business has grossed over two million dollars which has led him to teach thousands, whom he affectionately calls “boxheads,” how to have a thriving rental box truck company through his e-book, online courses, master classes, and mentorship. "I have a first cousin; he's a Secret Service agent working for 17 years in the D.C. area. He's never [driven] a truck, and he has four trucks up and running," he says. Williams boasts of the numerous positive reviews from his previous students who have three to four trucks, all of which sing his praises on his Instagram page because his direction has changed the trajectory of their lives. "If you have a criminal record, coming home from jail, or, for example, I helped a lot of people in prison as well. [There's] no background checks [to] what I'm doing," he adds. Recently, he held a mentorship program with 90 students and offered a sold-out monthly masterclass with 40 registrants. Williams acknowledges he is such a stand-out in the industry due to how he steers interested parties towards rental trucks, which alleviates the arduous task of assembling a substantial down payment and assisting new business owners to advance their ventures. "I use the same mindset like Turo, Airbnb - controlling something without the cost of ownership. When we were younger, it was told to own a house, stocks, bonds, something that matures over time, that's great. But not owning something that's a liability, that's losing value. Especially if you're starting out, I don't recommend people buying a truck for the simple fact that you might not like it; everything is not for everybody. So if you try a rental ride and you don't like it, you can get out of it because you're renting a truck," he reasons. The contracts he has secured through his company Box Truck Shawty based in Atlanta, Georgia, have been primarily through Amazon Relay, "I only work with Amazon. I teach people how to get a contract, and basically, what we do is we pick up from a distribution center with a 26-foot box truck, and we either take that freight to another distribution center or we take it to a post office." The month of November is Amazon Relay's peak season as holiday shopping ramps up, and Williams plans to expand to secure ten more rental trucks because Amazon's delivery rates increase. Then, after the holidays, he will scale down to five trucks. “In 2018, I went through a divorce I was married for 10 years, I literally lost everything. I was sleeping on my cousin's couch, [experienced] losing my mom, and I was in a fatal car wreck when I was 19. I'm a positive person, I believe that you could look at the glass half empty or half full, and you can make excuses or complain or you can just go out and get it,” he says. “I feel like if I was able to bounce back and create a company that generated revenue over $2 million in two and a half years, I feel like anybody can do it. You just got to have the correct mindset to do it.” |
2024-10-18 | International Business Times | End The War On Innovation And Small Life-Science Companies | America's life-science industry is braced for the impact of last year's Inflation Reduction Act, which will soon impose price caps on a range of popular drugs covered by Medicare. Many economists along with the Congressional Budget Office have forecast that the IRA will reduce drug research and development, curtailing the number of new medicines that come to market. Indeed, several companies have already said they've canceled important disease research in response to the new law. It hardly seems like the time to double down on costly drug price controls. Yet that's exactly what Congressional Democrats are now doing. Earlier this year, several Senators proposed the SMART Prices Act, and late this summer, their House counterparts introduced HR 4895. These bills would expand the number of drugs subject to price controls, and the House bill would even extend the price caps beyond Medicare to drugs covered by private insurance. This has left small life-science companies -- which have limited resources, but produce a disproportionate number of new treatments -- concerned about their very survival. Among other major flaws, the new price-control bills are absurdly premature. The Centers for Medicare and Medicaid Services just announced the first 10 drugs subject to IRA price caps which won't take effect until 2026, so there's been no chance to evaluate their full impact. But companies and patient groups are right to be troubled by this extra intrusive legislation. Drug development is a costly and time-consuming endeavor. From discovery through clinical trials to commercial distribution, it can take 10 to 15 years and cost more than $2 billion to launch a single new drug, with most candidates washing out along the way. Life-science companies survive off the big successes, which cover the enormous outlays and provide investors with enough of a return to compensate for the substantial risks. By capping the potential return on successful drugs, price controls change the calculus. In a study published in June, health data firm Vital Transformation found that newly proposed IRA expansions would cause a substantial fall in biopharmaceutical revenues, with a commensurate drop in research and development spending. This would translate into industry job losses of up to 223,000, with total U.S. job losses potentially exceeding one million. This decimation of industry would hit particularly hard in California, Massachusetts, and New York. The Vital Transformation study further projects that the reduction in available capital due to government price ceilings could result in 230 fewer FDA approvals of new medicines over the next decade. Small life-science companies, which account for about 80% of experimental drugs in the pipeline, would feel the greatest impact. An expanded IRA would dissuade new entrants into the market, and likely cause many of these firms to suspend operations. Far from enhancing competition and innovation, which tends to drive down drug prices -- an expanded IRA would squash it. Even IRA provisions that were designed to help small life-science companies do not reflect industry realities. For example, small companies considered "narrowly focused" -- defined as those receiving 80% of their Medicare revenue from a single drug -- are exempt from price-setting rules. But many smaller companies don't have the budget to significantly scale up operations, and must rely on larger companies for mass production and distribution. Yet if they do so, they're no longer exempt from price controls under IRA rules. Millions of Americans rely on prescription drugs to keep them healthy, if not alive. The price caps already enacted are likely to wreak havoc on the biotech industry in ways we haven't even seen yet, depriving patients of new medicines. Congress should take stock of what it has wrought before expanding its damaging policies even further. Karen Kerrigan is the president and CEO of the Small Business & Entrepreneurship Council. |
2024-10-19 | The Indian Express | UPSC Essentials | Society and Social Justice: Poverty and associated issues (Part 2) | (In UPSC Essentials’ series‘Society & Social Justice’, which we have started for social issues topics of UPSC CSE, our subject experts will give an overview of the theme from both, static and dynamic points of view. Our first three topics were ‘Population’ , ‘Urbanisation’, and ‘Literacy’. For the month of October, we take up the topic of‘Poverty and associated issues’. In part 1, we discussed about the basic concept, causes, measuring poverty, poverty’s link with inequality and hunger. In part 2,Manas Srivastavatalks toPranay Aggarwalabout urban and rural poor, pain of poverty, and more. Don’t miss the interesting quotes and introduction lines he shares towards the end of the interview.) About the Expert:Pranay Aggarwalis an educator and mentor for aspirants preparing for UPSC Civil Services examination. With more than 10 years of experience guiding civil service aspirants, he is acknowledged as an expert on civil service exam preparation, especially on subjects like Social Issues and Sociology. He is the India representative on Research Committee on Education for UNESCO’s International Sociological Association and a member of Indian Sociological Society’s committee on social movements. He is also the Convenor of Indian Civil Services Association, a think tank of senior bureaucrats. Relevance:Poverty is one of the most asked themes in social issues and related papers of UPSC. It is interconnected with various other themes like population, unemployment, hunger etc. Your coverage of the topic must include both static and current affairs dimensions of Poverty. It is an important theme inGS I (Society), GS II, GS III, Prelims and personality test.Aspirants will find it relevant forEssaysas well. Pranay Aggarwal:The terms‘urban’ and ‘rural’ poor referto two distinct groups of individuals experiencing poverty in different settings, namely, urban and rural areas. According toNITI Aayog, the proportion of multidimensionally poor in urban areas stood at 5.2 per cent of the urban population in 2019-21, while in rural areas it was nearly four times higher at 19.2 per cent of the population. Interestingly, rural areas have also witnessed a much faster rate of poverty reduction than urban areas. The poverty in rural areas declined from 32.5 per cent in 2015-16 to 19.2 per cent in 2019-2021. During the same period, the urban areas saw a reduction in poverty from 8.6 per cent to only 5.2 per cent. Here’s some insight into these two categories: Urban Poor — The urban poor are individuals and households residing in urban areas — including metros, cities and towns; who experience poverty. — Urban poverty is often characterised by challenges such as high living costs, limited access to affordable housing, and inadequate sanitation and healthcare facilities. — Employment in the informal sector is common among the urban poor, which may involve jobs in street vending, construction, domestic work, or small-scale trading. — While urban areas offer better employment opportunities compared to rural regions, they also have a higher cost of living, making it challenging for the urban poor to make ends meet. —Microfinance initiativesin urban areas often focus on providing small loans for income-generating activities, skills development, and access to financial services to help the urban poor escape poverty. These programmes may also support asset creation, such as small businesses, to enhance income security. Rural Poor — The rural poor comprise of the individuals and households residing in rural areas, which are typically characterised by poor living conditions and over dependence on agriculture as a source of livelihood. — Rural poverty is often associated with factors such as landlessness, low agricultural productivity, limited access to education and healthcare, and a lack of infrastructure. — Agriculture is a primary source of livelihood for many in rural areas, and fluctuations in crop yields and income can impact the rural poor’s economic stability. — The rural poor are more constrained by traditional restraints of caste, gender and ethnicity while trying to escape poverty; than the urban poor. — The rural poor often face challenges related to limited access to formal financial services, which can hinder their ability to save, invest, and manage income effectively. — The microfinance programs aimed at rural poverty, such as the SHG-Bank Linkage Program, focus on providing access to credit, savings, and insurance services to promote financial inclusion, asset creation, and income security for the rural poor. Microfinance can also support the development of small-scale enterprises, farm activities, and other income-generating projects. — Addressing rural poverty is indeed a significant challenge. Microfinance plays a crucial role in asset creation and income security for the rural poor by providing them with access to financial resources, promoting entrepreneurship, and enhancing economic opportunities. The ultimate goal is to help them break the cycle of poverty, achieve financial stability, and improve their overall quality of life. Pranay Aggarwal:Poverty is accompanied by a range of negative consequences and hardships. These consequences can affect various aspects of individuals’ lives, including their physical, emotional, and social well-being. Here are some of the common pains of poverty that the poor experience: 1. Food Insecurity:Hunger and malnutrition are prevalent among the poor due to their limited access to nutritious food. This can lead to physical health issues, stunted growth, and cognitive impairments, especially in children. 2. Inadequate Healthcare:Poor individuals often lack access to quality healthcare, leading to untreated illnesses and chronic health problems. The cost of medical care can be a significant burden for them. 3. Limited Access to Education:Poverty can hinder access to education, limiting opportunities for personal and professional growth. Children from impoverished backgrounds may not receive a quality education, limiting theirfuture prospects. 4. Housing Instability:Poor households may struggle to afford safe and stable housing. This can result in overcrowding, homelessness, and exposure to environmental hazards. 5. Economic Stress:The constant financial stress and uncertainty associated with poverty can lead to anxiety, depression, and mental health issues. Poor individuals may also experience a lack of control over their lives. 6. Social Exclusion:Poverty can lead to social isolation and exclusion. Individuals may face discrimination, stigmatisation, and exclusion from participation in community activities. 7. Unemployment and Underemployment:Limited job opportunities, low wages, and job insecurity can trap individuals in cycles of poverty, making it difficult to escape. 8. Reduced Life Expectancy:Poor living conditions, limited access to healthcare, and exposure to hazardous environments can lead to a shorter life expectancy for individuals in poverty. 9. Lack of Access to Clean Water and Sanitation:Poor communities may lack access to clean drinking water and proper sanitation facilities, which can result in waterborne diseases and poor hygiene. 10. Intergenerational Poverty:Poverty often persists across generations. Children born into poverty are more likely to experience the same hardships, creating a cycle of poverty that can be challenging to break. 11. Limited Savings and Financial Vulnerability:Poor individuals typically lack savings or a financial safety net, making them vulnerable to unexpected expenses or emergencies. 12. Reduced Social Mobility:Poverty can limit opportunities for upward social mobility, hindering the ability of individuals to improve their economic and social circumstances. These pains of poverty are interconnected and can have long-lasting effects on individuals and their communities. Addressing poverty requires a comprehensive approach that not only provides immediate relief but also focuses on addressing the root causes and breaking the cycle of intergenerational poverty. Pranay Aggarwal:TheCovid-19pandemic had a significant impact on exacerbating class-based inequality and poverty in India. One can point out some of the following factors leading to the unfortunate situation: 1. Economic disruption:The lockdowns and restrictions imposed to curb the spread of the virus led to widespread job losses and income reductions. Informal and low-skilled workers, who already had precarious employment, were disproportionately affected. Many of them lost their livelihoods, pushing them further into poverty. 2. Inadequate social safety nets:India’s social safety net programmes, while existing, often suffered from gaps in coverage and efficiency. The pandemic highlighted the need for more extensive and effective social protection systems to support those in need. 3. Access to healthcare:The pandemic exposed the disparities in access to healthcare. Poorer communities often lacked access to quality healthcare facilities and faced challenges in receiving timely medical attention. The highhealthcare costs associated with Covid-19 treatment placed additional financial burdens on affected families. 4. Education disruption:The closure of schools and the shift to online education disproportionately affected students from lower-income households who lacked access to necessary technology and a conducive learningenvironment. This disrupted their education and could lead to long-term consequences, limiting future opportunities. 5. Digital divide:The pandemic emphasized the digital divide, with many poorer individuals and families lacking access to the internet and technology, making it challenging for them to work or study remotely, access critical information, or benefit from e-commerce services. 6. Increased debt:Many individuals and families, particularly in the lower-income strata had to take on debt to meet essential needs during the pandemic. This has led to increased financial insecurity and a cycle of debtthat could persist beyond the immediate crisis. 7. Impact on the informal sector:India has a substantial informal sector workforce. The lockdowns severely affected these workers, and many have struggled to regain their previous economic standing, leading to prolonged economic hardship. 8. Reverse migration:The pandemic triggered reverse migration as urban areas shut down. Rural areas received an influx of returning migrants, which strained local resources and created challenges for both rural and urbancommunities. 9. Entrepreneurial impact:Small and medium-sized businesses faced significant challenges during the pandemic. Many had to close or reduce operations, resulting in lost income for both business owners and employees. A paper published by the IMF further suggests that the economic downturn associated with the pandemic temporarily increased poverty and inequality in India.The paper also suggests that the government’s expansion of food subsidies played a significant role in mitigating the increase in poverty during the pandemic. A 2022 report by NCAER suggested that the COVID-19 pandemic resulted in a serious reversal of poverty reduction which was in progress in India since the 1990s. Interestingly, a well researched counter to such arguments has been presented by Aravind Panagariya in a recent paper. Addressing the accelerated class-based inequality and poverty resulting from the pandemic requires a multi-pronged approach. It includes strengthening social safety nets, improving healthcare infrastructure, enhancing access to education, and promoting inclusive economic growth. Additionally, targeted interventions to supportthe most vulnerable and marginalised populations are essential to mitigate the long-term consequences of the pandemic on poverty and inequality in India. Pranay Aggarwal:Certainly, here are some impressive introductions and quotes related to the topic of poverty and inequality in India which students may find useful: 1. “Poverty is the worst form of violence.” – Mahatma Gandhi 2. “It is not enough to be compassionate. You must act."”- 14th Dalai Lama 3. “Poverty is like punishment for a crime you didn’t commit.” – Eli Khamarov 4. “Overcoming poverty is not an act of charity; it is an act of justice.” –Nelson Mandela 5. Behind every statistic on poverty, there are real people with dreams,struggles, and untapped potential. Each person represents a unique struggle against a backdrop of hardship and a testament to the need for sustained efforts to reduce poverty. 6. The pursuit of a poverty-free India is not merely a governmental objective; it is the collective aspiration of a nation, an unwavering commitment to inclusivity and justice. 7. The vast inequalities in India are not just a matter of economics but also a challenge to its social fabric, testing the very idea of a fair and just society. 8. In the struggle against poverty, the battlefields are not just remote villages or crowded urban slums; they are the hearts and minds of individuals yearning for a life of dignity. 9. Poverty is not only the absence of wealth, it is a condition that robs individuals of their dignity, opportunities, and the ability to lead fulfilling lives. It is the presence of despair, an insidious force that silently gnaws at the roots ofhuman dignity. 10. As we march along in the third decade of the 21st century, it is disheartening to acknowledge that poverty remains an all too familiar companion for a significant portion of the global population. Yet, it is also a testament to our collective will and determination that we persist in the fight to reduce and eventually eradicate this scourge. What have been the anti-poverty strategies that India has applied so far? Some case studies and success stories. What is the way forward in dealing with poverty? and many more points to ponder… UPSC Essentials: Society & Social Justice | Population and associated issues (Part 1) UPSC Essentials: Society & Social Justice | Population and associated issues (Part 2) UPSC Essentials| Society & Social Justice — Urbanisation and associated issues (Part 1) UPSC Essentials | Society & Social Justice : Urbanisation and associated issues (Part 2) UPSC Essentials | Society & Social Justice : Urbanisation and associated issues (Part 3) UPSC Essentials | Society & Social Justice : Literacy and associated issues (Part 1) UPSC Essentials | Society & Social Justice : Literacy and associated issues (Part 2) UPSC Essentials | Society & Social Justice : Literacy and associated issues (Part 3) UPSC Essentials | Society & Social Justice : Poverty and associated issues (Part 1) Share your views and suggestions in the comment box or at manas.srivastava@indianexpress.com. You can also post your doubts, questions, and suggest themes on topics related toSociety and Social Justice. |
2024-10-04 | The Times of India | NEDFi declares 8% dividend amounting to Rs 800 lakhs to its shareholders in 2022-23 | IANS Financial institution , North Eastern Development Finance Corporation Limited ( NEDFi ) declared dividend 8 percent amounting to Rs 800 lakhs to its shareholders in 2022-23. NEDFi held its 28th Annual General Meeting at Guwahati to present its Annual Report for the Year 2022-23 to the shareholders CMD, NEDFi, PVSLN Murty highlighted NEDFi’s achievements during the financial year 2022-23. The year marked a historic milestone by achieving record-breaking figures in various key parameters such as extending financial assistance , projects assisted, loan portfolio, gross profit etc. Notably, the net worth of NEDFi crossed a significant milestone of Rs 1000 crores. NEDFi has facilitated private capital investment of over Rs 20000 crores in the region through its interventions. The major thrust areas are health care, tourism & hospitality, education, agri-allied & food processing, microfinance etc. In FY 2022-23, the gross income of the Corporation was Rs 207.50 crores against Rs 199.21 crores compared to the previous year. The gross profit and net profit were Rs 115.92 crore and Rs 80.00 crore as against Rs 101.83 crore and Rs 76.74 crore respectively in the previous financial year. The Corporation’s sanction grew by 11% to Rs 798.03 crore from Rs 719.01 crore in the previous year. NEDFi significantly expanded its focus on MSME by financing a remarkable total of 3,948 projects, marking a substantial increase from the 1,016 projects supported in the previous fiscal year. As on March 31, 2023, financial assistance was extended to 12,642 projects with cumulative sanction of Rs 7,385.03 crore. The loan outstanding grew by 26.54% to Rs 1,554.10 crore from Rs 1,228.11 crore in the previous year. The Corporation, jointly with the Ministry of DoNER , had set up the North East Venture Fund (NEVF) with a corpus of Rs 100 crores. As on March 31, 2023, the Fund had provided, in-principle, commitment of Rs 93.17 crores for 62 portfolio companies. In FY23, the Corporation embarked on a multifaceted journey aimed at promoting entrepreneurship and catalyzing economic growth in the region. These initiatives, though seemingly small in scale, had a profound impact on uplifting grassroot beneficiaries and addressing financial disparities. NEDFi Micro Lending Scheme " played a pivotal role in empowering micro-entrepreneurs by providing direct financial support for various income-generating activities through Business Correspondents at affordable interest rates. In FY23, the Corporation made significant strides in promoting entrepreneurship and capacity building across the North Eastern region through a diverse array of initiatives. This included organizing business meets for first-generation entrepreneurs, mentoring assistance through Business Facilitation Centres, capacity-building programmes, sustainable livelihood programmes, marketing support etc. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on corporation Financial institution Financial assistance Dividend declaration ministry of doner nedfi micro lending scheme guwahati north eastern region NEDFi (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-05 | Forbes | It’s Time To Excubate Blockchain Technology. | Blockchain One of the challenges that’s often levelled at blockchain is that it’s a solution looking for a problem. And that even the most hardcore aficionados of the technology will have to admit there is some truth in this adage. No one has ever woken up in the morning and said, “I need a blockchain, and if I don’t have one, my business will go bankrupt.” Indeed, there’s a wide variety of electronics and data engineers of all hues that will tell you that there are plenty of conventional digital database solutions that will solve any problem that blockchain can. But the ability to replace existing solutions should never be the benchmark for a new piece of technology. After all, before the electric light, there was the kerosene lamp and the candle, and no one ever complained about having to use those. Of course, people started fires and explosions accidently because of kerosene lamps, but that was put down to fire safety, not lacking electric lamps. In fact, it was a while before people connected generating electricity to a means of generating light. For the first 100 years, they were thinking more about motors, telegraphs and even treating gout, rather than replacing the kerosene lamp. So people won’t necessarily see the problems that blockchain is going to solve, because they don’t necessarily see the problems. And as far as needing a reliable ledger goes, Blockchain certainly won’t be the first piece of ledger technology. We had these 7,000 years ago in Mesopotamia, for example, in the form of clay tablets so they’re not new. Mesopotamia Clay tablet But what is often forgotten in the conversation about ledgers, is that ledgers rarely just exist by themselves. Because, what a blockchain can also replace is the social structures around a conventional system. For example, the kind of ledger that they might have at an insurance company or at a national bank is only part of the network of trust that surrounds it. There are clerks, presidents, accountants, and auditors all inspecting the books, making sure no one randomly or intentionally comes in and alters them. There are receptionists and security guards, and all of these people are responsible for maintaining the trust in the ledger, as much as the ledger itself. As seen through this lens, the cost of maintaining a ledger when trust is important, is quite high. It means that only well endowed institutions can afford one, like land registries. If the value tied up in the registry is less noticeable, like frequent flyer programs or Green Shield stamps or some other loyalty card scheme, you still need a registry and people to protect it. But as you have less value at stake, you need fewer people. Because if you add people, you add security, and if you take people away things are more liable for corruption. For example in Switzerland, not only do they have a notary to check important documentation, but you also often have an apostille, who performs an extra layer of verification, validating the credentials and existence of the notary. Other countries don’t use it much, but in Switzerland they do and it probably reflects the culture of dependable banking and security there. It also adds a layer of cost to the proceedings, but in a wealthy country like Switzerland, they expect it. It’s important to mention this precisely because blockchain technology will replace both the ledgers and the trust layer of operatives that surround it. When you send a document to the land registry, it's not enough that there are people in the land registry to maintain the ledger. The fact that the document has been through a solicitor and the solicitor is audited by a regulator before it ever darkens the doorstep of a land registry, is all part of the professional network that protects the integrity of the ledger. Of course they’re expensive to maintain and run, like mainframe computers were expensive to maintain and run. And so there are limited numbers of them. Nation states, major institutions, and so on. So what blockchain offers is to create an industrial strength ledger trust for a mass low-cost deployment. You can have the rigour and sophistication of a bank or land registry, but with some tokens that you’re issuing to loyal fans of your YouTube channel, or your local pottery club, or whatever. Cost of running ledger So what we’re really describing here is commercial grade bookkeeping for records and tokens on a mass scale and for cents. Where anyone can create their own currency or ledger book and manage it how they like, or rather according to smart contracts. And they can do so safe in the knowledge that if it becomes really valuable, no one will be able to knock it off and steal their value. We have had tokens for a long time in but these will be even cheaper to administer and less vulnerable to fraud. And new products and services can be created that haven’t been contemplated before. This is really the promise of Web 3.0. The other significant feature of this new world is that there will emerge a standard protocol for information interchange. SMTP, HTTP, POP3, EDI, are all standards which have allowed engineers to build with ready made formats. We don’t know who is going to win the format dominance race yet, but it’s happening as we speak. Right now, I would say that where the industry is with this is where web building was around 2011. By then, there was WordPress, and you didn’t have to be an expert to use code and Dreamweaver to create sites anymore. It was becoming plug and play. Well we’re going to see an explosion of new applications very soon as the technology invites everyone to have a go. We will be able to buy branded items in a virtual gaming world. We can sell our virtual Nike shoes in a metaverse environment, to someone else. If that someone else is a celebrity, like say Snoop Dog, it’s possible that those virtual Nike trainers acquire value, even though they are second hand. Who knows precisely yet what's going to happen, but it will be exciting. To see how these solutions might play out, you only have to go to a conference like the Web3 Fest run by Ralf Glabischnig and his team at Inacta Ventures. The team at Inacta had decided that one-day conferences on blockchain across many different sectors weren’t helping anyone anymore, because there was a double hit of unfamiliar technology and unfamiliar industry contexts to get one’s head around. Delegates needed to understand how blockchain would affect or evolve their particular industry, and there was plenty of material to cover in each. So Inacta curated a blockchain conference, called Web3 Fest, spanning several different industries over six days. Gaming one day, finance the next, art, information and government the one after, and so on. At Web3 Fest they also launched, together with Crypto Oasis in the UAE, an initiative called The Green Block, which is focused on what blockchain and AI can contribute to sustainability. There was a whole day of programming on this topic. In December they will publish a compendium of companies working in the space as a first step in connecting industry with them to develop meaningful projects. The conference agenda enabled the many-faceted nature of blockchain to show its potential and proved a rewarding series of talks showing how each sector was developing. All this tells us is that we do start finding the problems to solve, they'll be coming thick and fast, from all sorts of sectors. One other point became very clear from the conference. We will need to think about the creativity levels as we start replacing tiers of people and their ledgers. When you try to reengineer processes, people naturally reengineer in a way that reflects the old system. They imagine the car as a horseless carriage rather than a new paradigm for how a city could be conceived. They see small changes, tinkering and like for like replacements rather than more complete overhauls. For Ralf, who spent some of his early years as a software consultant reengineering processes, the maxim is very clear. “Get innovative people outside of your industry to analyse your industry. Find someone who has no clue about insurance or banking and get them to help you redesign an insurance or banking process with blockchain. That way you’ll guarantee a much more efficient use of the tool.” Also, if you’re going to work with people inside the industry they should do it in an entity created outside of their company, develop the idea and then bring it back in. They also obviously need to be mentally agile and without too much invested in the status quo. The Inacta team refer to it as “excubation” as opposed to the incubation of new ideas and processes inside a company. It revolves around getting out of the incumbent mindset. If you incubate, the larger body tends to kill off innovation, but when you excubate, innovation can thrive. It all comes back to the Ford adage. “If you’d asked people what they wanted, they’d tell you they wanted a faster horse.” And blockchain will almost certainly do more than give us faster ledgers. |
2024-10-24 | Forbes | Essential Tech Skills For Running An Insurer In 2024 | Robert Clark is the founder and CEO of Cloverleaf Analytics, a leading provider of insurance intelligence solutions. The insurance industry has entered a new era, and the technology skills that many started their careers with are not recognizable in some instances. If someone wanted to start a career in the insurance industry 20 years ago, the concept of cloud computing, real-time analytics, cryptocurrency and other staples of today’s digital economy would seem like science fiction. While cybersecurity was an issue, the complexity of threats powered by ML and AI and the impact of compromised systems and infrastructure make today's cybersecurity concerns seem like a different practice. The education of a graduate from 20 or more years ago would be more focused on the use of core systems and the surrounding processes that help run agencies or carriers. The technologies that would not even be a dream to someone in the 1990s or early 2000s for running an insurance business are the current standard and basis for the future of insurance and commerce. Customers, whether they are in B2C or B2B settings, will not be clamoring for a return to the old world of slow, generic, and expensive insurance products and services—much in the same way that no one is asking to return to the world before the Industrial Revolution. In this article, I will cover the main technological and technical skills a new professional or seasoned executive should have to thrive in 2024 and on. Data Analytics And Artificial Intelligence (AI) Data analytics is like the paper and pen of yesterday's insurance industry. Without paper and pen, there would be no business, and so too in today's digital economy with data. Every layer of an insurance carrier or agency needs to have a true understanding of customer and internal business data. This is far beyond Excel or Salesforce data—they should have insights into business strategies, internal operations, insurance products, claims, customer behavior and security along with third-party data that could influence their business or customer expectations. New employees should be familiar with the foundational data categories and what platforms can help them derive meaningful insights. This intelligence doesn't end with entry-level employees—middle and senior management must stay sharp by working with technologies and professionals that can give them a continuous stream of insights to help with strategic decisions and sensitive business operations. Senior leaders should be able to identify "lipstick on a pig" solutions. This is to say they should be able to differentiate large incumbent technology platforms that are based on the old economy from cutting-edge insurtechs that can help them reach their next level of growth. Sometimes it is the other way around, with the insurtech providing smoke and mirrors, and the large incumbent technology provider being the more innovative one. Being able to balance this technology evaluation process so insurers can be more effective leaders is a must for management. From there, an insurer can evaluate the right AI technologies that can help them automate processes, predict trends, create new products and enhance customer experiences. Without a solid analytical foundation, AI is worse than science fiction if an insurer deploys a tool with poor data. It would lead to a continual string of bad decisions that can put an insurer out of business. Cybersecurity And Data Privacy Even if an insurer has their house in order in terms of data capture, management and analytics, everything can be lost within a few minutes if there aren’t proper cybersecurity, data privacy, risk management and regulatory compliance programs in place. Having experience in (or at least a basic understanding of) these areas and how they apply to every job function is essential to protect insurers and consumers from risk. Awareness of security risks also applies to offline activities of employees. Are insurance employees leaving passwords on or inside their desks if they work in an office? Is there confidential company or customer information not secured at home? Do remote employees shred confidential information? The competencies in these areas aren’t enough—technology teams need to have cyber insurance policies in place to preserve their business in the event of a cyber breach. Blockchain Technology In Insurance Perhaps the most disruptive technology in the insurance industry today is blockchain. Analyst firms and management consultancies are forecasting the expanded use of cryptocurrencies in claims and sales. There are even blockchain-based insurers like Nexus Mutual that have created a decentralized means of delivering insurance. Professionals first need to understand what blockchain is and if there is a way to incorporate it into their insurance customer relationships. This could open new revenue streams for customer segments that are passionate about having greater transparency and trust in how the business of insurance operates. IT Infrastructure Management And Cloud Computing The end of the 20th century and the beginning of this century saw the entrance of (at the time) cutting-edge core systems. Most carriers have made the shift to some instance of cloud core systems or are trying to. Having a cloud foundation alleviates some of the concerns around security, cost and resource availability. Additionally, cloud core systems enable forward-thinking carriers to more efficiently experiment and implement advanced technologies like NLP, AI and other emerging technologies that are based in the cloud. While not as exciting as the technologies making the headlines, ensuring insurance professionals understand the importance of cloud core systems will provide a more sustainable future for their business. Other Skills And Closing Thoughts Other competencies that insurance technology professionals should have headed into 2024 include how to maximize the availability and usage of advanced communication technologies that can improve employee productivity and transform customer experiences. This could include chatbots, virtual assistants and omnichannel communication skills. To ensure insurers can be of value in 2024, support employees by providing in-depth technology training programs, support experimentation and failure where it won’t cost the insurer their business and encourage employees to watch other industries that are ahead of the curve in using technology to better serve customers. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify? |
2024-10-25 | The Times of India | Nithin Kamath’s AMC Zerodha Fund House launches maiden funds | Agencies Nithin Kamath, CEO and cofounder, Zerodha Nithin Kamath ’s asset management company (AMC) Zerodha Fund House , a joint venture of the stock broking platform and portfolio investing platform Smallcase, has launched its maiden funds. The new fund offer (NFO) for the same started on October 20 and will be open till November 3. The Zerodha Nifty LargeMidcap 250 Index Fund and Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund are open-ended, passive, index equity mutual fund schemes. Passive funds are those which replicate a market index like the Nifty or Sensex. The Index Fund is an open-ended scheme replicating the Nifty LargeMidcap 250 Index, and the ELSS is an open-ended passive equity-linked savings scheme with a statutory lock-in period of three years and tax benefit replicating the Nifty LargeMidcap 250 Index, the fund said in a statement. “This NFO is an effort to provide a simple equity product with a good mix of stability and growth, which can be used by investors as a singular investment solution to invest in the Top 250 companies who stand to benefit from the long-term growth of the Indian economy,” chief executive Vishal Jain said in the statement. ET reported in August that Zerodha AMC received final approval from the regulator to launch the fund. Kamath, CEO and cofounder of Zerodha, had then said his motivation to launch the mutual fund business was the shallow participation in Indian markets and an opportunity to create simple products for investors. Zerodha had received Sebi's in-principle approval to start an AMC business in 2021. The fund house aims to be index-only and create simple funds and ETFs that all investors can understand and put their money in. Bengaluru-based Smallcase hosts baskets of stocks or ETFs on its platform and counts Zerodha as one of its investors. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on zerodha Nithin Kamath Mutual fund Asset Management Company zerodha fund house (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-10-21 | The Times of India | Learn With ETMarkets: Track commodity market trends with 2 powerful technical analysis tools | iStock The commodity market can be attractive for trading for several reasons, but it's important to note that whether it is better for trading depends on your individual financial goals, risk tolerance, and trading strategies. The commodity market is popular because of its simplicity, and this market has the benefits of diversification, hedging, inflation hedges, liquidity, seasonal patterns, and the physical use of everyone, making it simple to understand. But when we talk about trading in the commodity market, it becomes a bit difficult because trading is required to identify the price direction or trend identification of the market. However, with the help of technical and fundamental analysis, one can predict the market to a great extent. Here, we will discuss the methods and how to use them to analyze the commodity market. Technical analysis : This method gives the price direction of a particular commodity for short-term, mid-term, and long-term trend prospects. Price charts, indicators, and volume are tools for predicting the market in any time frame. Below are some technical indicators and methods that are suitable for the prediction of the commodity market. Elliot Wave Analysis: This method works well in a commodity market because the commodity market mostly follows the physically traded commodity and involves mass psychology. It is helpful to identify the impulsive and corrective wave in the commodity market. This method uses important patterns like triangle, flat, zigzag, irregular, and running correction. The impulse pattern shows upcoming large movements and their price extensions and confirms the trend through price, time, volume, trend lines, and Fibonacci ratio analysis. Momentum Indicators RSI and MACD: These two indicators show the overbought, oversold position, and strength in the price trend. The divergence and hidden divergence in momentum indicators help to initiate trade in the market. Apart from this RSI helps to identify the trend in a bull market RSI does not go below 30 levels while in a bear market, it does not cross 70 levels. These indicators are used fully in Elliot wave analysis and can be used in combination with other indicators and charts. Fundamental Analysis: This method helps to identify broader trends in the market and during the time of economic data release, it helps to identify trends and gives the timing of the market movement. All commodities have different fundamentals. The economy changes, and inflation interest rates majorly impact Gold and silver prices while agriculture commodities are affected by demand-supply and monsoon conditions. (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times) Connect with Experts - Wealth creation made easy (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com .) Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on quality of life rsi trading technical analysis price direction (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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Weekly Top Picks: Eight stocks with consistent score improvement and upside potential of up to 40% 9 mins read 4 stocks with 5 % to 8.87% dividend yields and continuous dividend payments for 7 years 7 mins read Weekly Top Picks: Seven large & mid caps with consistent score improvement and upside potential of up to 42% 9 mins read What do Q2 LIC results indicate for other Insurance companies? Two Life and 3 non-life Insurance players with “buy” and “strong buy” ratings 3 mins read Large cap stocks with upside potential of more than 25% 4 mins read 5 stocks for a high dividend yielding portfolio 8 mins read Eight midcap stocks, 2 with“ Strong Buy” and 6 with “Buy” recommendations with potential upside of up to 35% 7 mins read Six high ROE and low PEG ratio stocks, right combination for wealth creation 8 mins read
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2024-10-06 | The Times of India | Master of Minimalism: Why Nobel Prize-winning author Jon Fosse remains the 2nd-most adapted playwright in Norway | AP One of the most prolific writers and playwrights in Norway, Fosse is the most performed playwright, second only to Henrik Ibsen, the father of realism in theatres. Norwegian author, poet, and playwright , Jon Fosse has been awarded the prestigious Nobel Prize in Literature . In a press note, the Royal Swedish Academy of Sciences bestowed the prize on the author for his “innovative plays which give voice to the unsayable.” Along with the prize, the 64-year-old playwright was also awarded a hefty amount of money, about 11 million kronor. In an interview with Norwegian broadcaster NRK , the author said that he felt “overwhelmed and frightened” at winning the award. “I am overwhelmed and somewhat frightened. I see this as an award to the literature first and foremost, without other considerations,” he said during the interview. Who Is Jon Fosse? One of the most prolific literary figures in Norway, Fosse is the most performed playwright, second only to Henrik Ibsen , the father of realism in theatre. His work spans over seventy novels, innumerable poems, plays, as well books for young adults. Many of his works have been translated into Persian as well as English. Some of his best-known novels include the ‘Melancholia’ series. Set in 19th-century Norway, it revolves around the life and times of the painter Lars Hertervig. Other notable works include the reflective novel ‘Morning & Evening’ which is narrated mostly in retrospect, and explores around the life of a fisherman. Master Of Minimalism Often hailed for his minimalistic and introspective tone, and for avoiding excesses of dramatism, Fosse is often credited as being a worthy successor of Ibsen. For example, in plays such as ‘Someone Is Going To Come’ and ‘Dreams Of Autumn’, Fosse makes sure his tone is not maudlin, but keeps the language lucid, without giving in to the familiar desire of making it more ornamental or verbose. In an interview with the BBC , Nobel committee chairman Anders Olsson, praised him profusely for delving deep into the emotional chaos experienced by people. “What is special with him is the closeness in his writing. It touches on the deepest feelings that you have - anxieties, insecurities, questions of life and death - such things that every human being actually confronts from the very beginning,” he told the news outlet. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on fosse playwright literature Jon Fosse Nobel Prize someone is going to come and dreams of autumn royal swedish academy of sciences henrik ibsen Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-31 | The Times of India | Oil steady as OPEC supply, weak China data cap prices | Agencies Oil prices were steady on Tuesday as a drop in euro zone inflation was balanced by higher OPEC output. December Brent crude futures, were 21 cents, or 0.24%, higher at $87.66 a barrel by 1342 GMT ahead of their expiry later on Tuesday. The more heavily traded January contract rose 7 cents, or 0.08%，to $86.42. U.S. West Texas Intermediate crude rose 4 cents, or 0.05%, to $82.35. Both Brent contracts traded $1 higher earlier in the day, but prices remain below $90 a barrel on weak Chinese economic data and as the conflict in the Middle East remains contained for now. OPEC crude output rose by 180,000 barrels per day (bpd) in October, according to a Reuters survey, driven principally by Nigeria and Angola. Euro zone inflation was at its lowest level in two years in October, falling to 2.9% from 4.3% in September according to Eurostat's flash estimate. But weaker-than-expected manufacturing and non-manufacturing activity data in China stoked fears of slowing fuel demand from the world's No. 2 oil consumer. Its official purchasing managers' index missed a forecast and dipped back below the 50-point level separating contraction from expansion. Oil prices had fallen on Monday in part "because Israel's ground offensive in the Gaza Strip is so far proceeding only gradually and has thus not yet sparked any further escalation of the Middle East conflict," Commerzbank analysts said. But investors continue to be wary of the potential for other countries in the region to enter the conflict. "Looking at the upside risk cases, if regional powers are pulled more directly into the conflict, oil supply could be threatened. Though not our base case, should Iranian crude exports fall by around 300,000-500,000 bpd, this could further constrain the already undersupplied market," Giovanni Staunovo of Swiss bank UBS said. Israel's Prime Minister Benjamin Netanyahu dismissed calls for a halt to fighting to ease a humanitarian crisis on Tuesday, as Israeli forces attacked Hamas in the network of tunnels under the Palestinian exclave. Investors were also looking ahead to a U.S. central bank meeting ending on Wednesday. Analysts expect interest rates to be held steady, according to a poll by CME's Fedwatch tool Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on opec trixie yap laura sanicola ubs benjamin netanyahu (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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Weekly Top Picks: Eight stocks with consistent score improvement and upside potential of up to 40% 9 mins read 4 stocks with 5 % to 8.87% dividend yields and continuous dividend payments for 7 years 7 mins read Weekly Top Picks: Seven large & mid caps with consistent score improvement and upside potential of up to 42% 9 mins read What do Q2 LIC results indicate for other Insurance companies? Two Life and 3 non-life Insurance players with “buy” and “strong buy” ratings 3 mins read Large cap stocks with upside potential of more than 25% 4 mins read 5 stocks for a high dividend yielding portfolio 8 mins read Eight midcap stocks, 2 with“ Strong Buy” and 6 with “Buy” recommendations with potential upside of up to 35% 7 mins read Six high ROE and low PEG ratio stocks, right combination for wealth creation 8 mins read
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2024-11-01 | NPR | Up First briefing: Gaza-Egypt Rafah crossing partially opens; Trump family testifies | Good morning. You're reading the Up First newsletter.Subscribehere to get it delivered to your inbox, andlistento the Up First podcast for all the news you need to start your day. The Rafah border crossing between Gaza and Egyptopened for limited evacuations this morningfor the first time since the Oct. 7 Hamas-led attacks against Israel. Some foreign passport holders and dozens of seriously wounded people will be allowed to leave Gaza, according to local sources. The first group of people have reportedly entered the Rafah terminal for processing to enter Egypt. People enter the Rafah border crossing in the southern Gaza Strip before crossing into Egypt on Wednesday.Mohammed Abed/AFP via Getty Imageshide caption People enter the Rafah border crossing in the southern Gaza Strip before crossing into Egypt on Wednesday. Check outnpr.org/mideastupdatesfor more coverage, differing views and analysis of this conflict. Donald Trump's son Donald Trump Jr. is set to testifytoday in aNew York civil fraud case. His siblings, Eric and Ivanka, as well as the former president are expected to testify this week and next. The judge presiding over the case has ruled the Trump Organization committed fraud by lying about the value of their assets. The trial will determine if it was committed on purpose and the amount the defendants should pay if found liable. President Biden heads to Minnesota todayto highlight his administration's investment in rural America. He'll be speaking in the home state of Rep. Dean Phillips, Biden's newest challenger for the Democratic presidential nomination. An illness spread by sand fliescalled cutaneous leishmaniasis — once thought to be primarily a tropical disease —has been present in the U.S. for years, according to new CDC research. Most reported cases have been in Texas. The illness is rarely fatal but can be disfiguring. A girl tries to collect usable belongings amid the wreckage of vehicles after the explosion at Al Ahli Arab Hospital in Gaza.Ali Jadallah/Anadolu via Getty Imageshide caption A girl tries to collect usable belongings amid the wreckage of vehicles after the explosion at Al Ahli Arab Hospital in Gaza. This essay is written bySteve Inskeep. He's hosting Morning Edition from locations in Israel and the occupied West Bank this week. The other night, we accepted an invitationto visit the Israeli military spokesman's office. My colleaguesReena AdvaniandZiad Buchhobserved how young almost everyone seemed. Israelis commonly perform compulsory military service after high school. Many others have been called back to service for this war, and with the exception of a few senior officers, hardly anyone seemed to be out of their twenties. We'd come to see the latest versionof an Israeli government video showing the Hamas attack on Oct. 7. On screen, many people were young. One scene, taken from security cameras in a home, shows two boys in their underwear, having been surprised in bed by the early-morning attack. Their father tries to herd them into a shelter but is apparently killed in front of them. Another scene shows Palestinian attackers, mostly very young men, taking celebratory selfie videos, often showing the people they had killed in the frame.As Israel responds to theHamas-led attack, much of the suffering hasfallen on the young. As of today, Gaza's Health Ministry said more than 8,500 people had been killed. The U.N. says nearly 70% of them are women and children. Many civilianstell storiesof searching for water for their children; Israelcut off the supplyat the start of the war. War is nearly always conducted by the young, though older people tend to send them. It often is inflicted on the young, who are not consulted beforehand. There's a special irony of this conflict in that it turns on arguments over land that stretch back generations — even centuries — long before any of today's participants were born. Open enrollment starts Nov. 1 for Affordable Care Act marketplaces.Carmel Wroth/NPRhide caption Open enrollment starts Nov. 1 for Affordable Care Act marketplaces. Open enrollment begins todayfor Affordable Care Act plans. If you're among the millions of Americans comparing benefits and prices,here are the changesyou need to know about: Need more helpnavigating open enrollment?Life Kithas a glossaryof essential insurance terms. Participants sporting Santa Claus costumes jump into the water during the 111th edition of the Copa Nadal swimming race in Barcelona's Port Vell on December 25, 2020.Josep Lago/AFP via Getty Imageshide caption Participants sporting Santa Claus costumes jump into the water during the 111th edition of the Copa Nadal swimming race in Barcelona's Port Vell on December 25, 2020. This newsletter was edited byMajd Al-Waheidi. |
2024-10-06 | Al Jazeera English | Trump revealed US nuclear submarine secrets to Australia businessman: Media | Trump reported to have told Australian billionaire Anthony Pratt about tactical capabilities of US nuclear submarines. Former United States PresidentDonald Trump shared classified informationabout US nuclear submarines with a billionaire Australian businessman shortly after he left office, in a meeting at hisFlorida private members club, Mar-a-Lago, US media have reported. The New York Times, citing two unnamed sources familiar with the matter on Thursday, identified the Australian businessman as Anthony Pratt, who heads one of the world’s largest packaging companies. ABC News, which first revealed the story, said Pratt later shared sensitive details about the US submarines with “scores of others, including more than a dozen foreign officials, several of his own employees, and a handful of journalists”. Sources told the Times that Trump’s disclosures “potentially endangered the US nuclear fleet”. Federal prosecutors already investigatingTrump for holding classified material at Mar-a-Lagoafter he left office, have interviewed Pratt twice about the incident, the New York Times reported. Pratt may now be called by prosecutors to testify against Trump in his classified documents trial, which is due to start next May in Florida. Pratt met Trump at his Palm Beach club in April 2021, and told the ex-president he thought Australia should start buying its submarines from the US, ABC reported. In response, Trump allegedly told the businessman exact details about the capabilities of US nuclear submarines. In his conversation with the Australian, Trump revealed at least two critical pieces of information about the tactical capacities of US submarines, including “how many nuclear warheads the vessels carried and how close they could get to their Russian counterparts without being detected”, the New York Times reported. Confirming ABC News reporting, Trump is said to have discussed classified nuclear submarine intel with an Australian businessman/member of MAL after leaving office@alanfeuerBen Protess@jonathanvswanmehttps://t.co/kcOfRjT2xk — Maggie Haberman (@maggieNYT)October 5, 2023 Trump has not yet responded to the revelations, according to new reports. Aside from the classified documents case, Trump faces three other indictments: one federal and one in Georgia over his efforts to overturn his election loss and stay in power, and one in New York stemming from election-eve hush money payments in 2016 to an adult entertainment actress. Trump is currently on trial in New Yorkon charges of wildly and fraudulently inflating the value of his assets so as to get better terms from banks and insurance companies. Follow Al Jazeera English: |
2024-10-12 | Phys.Org | Likelihood of hail in Australia has changed substantially over the last four decades | Understanding how hailstorm frequency has changed over time can help us build resilience against future hail events.By studying atmospheric patterns across Australia over the last 40 years, scientists from UNSW Sydney and the Bureau of Meteorology have discovered that the number of "hail-prone" days have decreased across much of Australia, but have increased by up to approximately 40% in some heavily populated areas.A "hail-prone" day is any given day when the atmosphere has all the required ingredients for a hailstorm to form."Hailstorms are really difficult to measure and model," says Dr. Tim Raupach, a researcher inatmospheric scienceat the UNSW Climate Change Research Center, who led the study. "Because of this, we don't really have a good idea of how they have changed over time, or how they are projected to change into the future."To paint a clearer picture of how the frequency of hail events has changed, the researchers studied historical estimates of atmospheric conditions, with hail-prone conditions acting as a "proxy" for hail occurrence over the past four decades."We wanted to produce a continental map of how hail hazard frequency has changed across Australia, and to be able to look into whatatmospheric changesare driving these patterns," says Dr. Raupach.The latest study, published recently in the journalnpj Climate and Atmospheric Science, provides the first continental-scale analysis of hail hazard frequency trends for Australia.The team of researchers, which included scientists from the Bureau of Meteorology, hope that this research will help our understanding of hail events, which is important to theinsurance industry, as well as agricultural and city planning sectors.How do hailstorms form?Not just any thunderstorm can produce hail. Hailstorms require certain atmospheric "ingredients" to form. One of the important ingredients is that the atmosphere needs to be unstable."This means that there is a propensity for updrafts to form—updrafts occur when there's warm air near the ground and cooler air further up. And if a little bit of that warm air gets into the cool air, then it rises like a balloon and it draws air up into an updraft," says Dr. Raupach.There also needs to be enough moisture in the updraft for there to be supercooled liquid water and ice all swirling around high in the storm."Another factor is that hail melts as it falls. And so even if you have hail forming up high, it has to be large enough to survive melting to actually reach the ground as a block of ice."And finally, hail formation is enhanced bywind shear—the changing properties of the wind by height. "This is the wind changing direction or velocity as you get higher in the atmosphere," says Dr. Raupach. "If there's a lot of shear, then the storm tends to be more severe and more prone to forming hail."When all of these factors are present, the atmospheric conditions become "hail-prone."Producing a 'hail proxy'The researchers combined the known ingredients required for a hailstorm to develop a "hail proxy," which they applied to 40 years of reanalysis data. Reanalysis products combine observations with numerical weather modeling techniques to obtain an estimate of the state of the atmosphere in the past.The team then used the hail proxy to turn the reanalysis record of atmospheric conditions into an indication of whether each day was hail-prone or not. "This means that instead of looking for occurrences of hail at the surface, because our records there are so spotty, we used an estimate of the atmospheric conditions on a grid of points across Australia for the past four decades," Dr. Raupach says.Using this statistical analysis on historic estimates, the researchers were able to produce a map of how the number of hail-prone days per year have changed across the whole continent, at a resolution of about 30 kilometers per pixel."The Bureau's long-term weather radar archive was used to compareradar observationswith the reanalysis hail proxy," says the Bureau of Meteorology radar research scientist Dr. Joshua Soderholm.Radars work by sending out pulses of electromagnetic radiation and looking for "echoes" of the pulses reflected off particles in the atmosphere. They can indicate there may be hail present when there are particularly strong echoes in the atmosphere."Data from 20 Bureau radar sites across the country was used in the comparison, with between 12 and 24 years of records at each site," says Dr. Soderholm."The radars cover a shorter time period and have limited spatial coverage, but they can pick up indicators of hail. Our radar results helped to corroborate the pattern of results we saw," says Dr. Raupach.Changes in hail-prone days"We found that the number of days considered hail-prone have decreased over much of the country, but increased over the southwest and southeast where there are large population centers," says Dr. Raupach.In particular, the annual number of hail-prone days increased by up to approximately 40% around Sydney and Perth. This relates to about a 10% increase per decade in the number of days that could cause a hailstorm."We found a decrease in hail-prone days across most of the country, particularly across Queensland, but also across the center and the north of the country. But we did see some increases in the southeast and the southwest. And that happens to coincide with large populations and exposed assets, including in Sydney, Canberra, and Perth."As Dr. Raupach explains, a hail-prone day is far from guaranteed to produce hail. "Really what we're interested in is the changes in the data. It's all relative. So even though not every hail-prone day produces hail, we can say that if there are more hail-prone days, there is an increased chance of hail."Building resilient citiesWhile we don't know exactly what is driving these significant changes in hail patterns, the research team have carefully considered the role climate change may be playing."This is not a climate attribution study, but we kept in mind a broad view of how we might expect hailstorms to behave in a warmer atmosphere," says Dr. Raupach. "The changes vary a surprising amount by region, and those differences highlight where we need more understanding."The general expectation is that under climate change, surface hail may become less frequent due to increased melting, because the atmosphere is warmer and more hail melts away before it hits the ground. On the other hand, a warmer atmosphere would be expected to be more unstable, leading to generation of larger hailstones. Since large hail is more likely to survive increased melting, when hail does occur it may be larger and therefore more severe.The research team discovered that the observed patterns in hail-prone day changes are primarily driven by changes in extreme atmospheric instability. "And those changes are incredibly complex," says Dr. Raupach. "They also depend a lot on the region. Where you have increased instability, then you might get more generation of hail and larger hailstones being generated in those regions that might survive more melting. But where you have decreases in instability, then you have kind of a dampening effect."The links with climate change are multifaceted and more work needs to be done to understand how these hailstorm patterns will continue to change under warming conditions.Importantly, these findings feed into our understanding of changes to the risk from hail. "This is essential information for theagricultural industry, because hailstorms can raze crops, the insurance industry, because of the damage hail can cause, and for city planning," says Dr. Raupach.In fact, hail damage is a leading cause of insured losses in Australia. "Hail is really one of the driving factors in the year-to-year costs for the insurance industry. The industry is interested in understanding how this hazard might change in the future."Dr. Raupach and his team hope this information on trends can be incorporated into planning for how we build resilient infrastructure. "We need to think about resilient agriculture that can deal with potential increases in the hail hazards, if they were to continue into the future," says Dr. Raupach. "And likewise, how we can protect our densely populated areas from damage due to hailstorms."This research has shown us how particular weather patterns have changed between 1979 to 2021, but Dr. Raupach is keen to extend his research to help predict future trends in hailstorms. "I am interested in moving from what we've observed in the past, to projections for the future. And that means using simulations and climate models to get the same kind of information for the future for Australia and globally." |
2024-10-26 | The Times of India | Australia fines Uber Aus$412,500 for sending over two million emails on a single day | AP Uber apologised, with a spokesperson telling AFP it had "made a mistake" in sending the marketing emails. Australia 's communications watchdog fined Uber on Thursday for sending more than two million emails to customers in breach of anti-spam laws. The barrage of emails, advertising an alcohol home delivery service, was sent on a single day in January, the Australian Communications and Media Authority (ACMA) said. The messages did not offer customers an option to unsubscribe, and more than 500,000 of them were sent to people who had asked not to receive marketing emails . The rideshare and food delivery firm was fined Aus$412,500 (US$260,000). Australian law says businesses cannot send marketing emails without a customer's permission. The emails must also contain an option to unsubscribe. ACMA chair Nerida O'Loughlin said Uber's actions were an "avoidable error". "Customers are fed up with their wishes not being respected," she added. Uber apologised, with a spokesperson telling AFP it had "made a mistake" in sending the marketing emails. Businesses have paid more than Aus$11 million in fines for breaching spam and telemarketing laws in Australia in the past 18 months, the ACMA said. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on uber australia spam laws emails marketing emails (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. Can Indian drug makers benefit? ‘Use no more than what you need’: How Amazon reached the top of India’s green energy market 3 insights to kick-start your day, featuring subscriptions Zurich Insurance-Kotak Mahindra General Insurance deal Stock Radar: Marico sees profit booking after hitting 52-week high in October; should you buy? 1 2 3 View all Stories |
2024-10-06 | The Times of India | Most funds linked to JP Morgan Index actively managed, could attract foreign inflows soon | Agencies "When it comes to creating conducive conditions, the central bank has been very helpful and has held regular discussion with the overseas entities regarding any operational procedures," a source said. Mumbai: Many funds linked to the JP Morgan emerging market bond index that now features India are actively managed, implying the impact of overseas flows could be felt as early as December when global investors decide fresh allocations for the next calendar year. In recent conversations with market participants, JP Morgan's index managers have said that around 75% of the assets under management (AUM) linked to the bond indices are 'active', and that the total AUM tracking the platforms could be more than $300 billion, sources aware of the matter told ET. "With active funds being 75% of more than the $300 billion-AUM tracking the JP Morgan index, pre-positioning could start from December 2023 to March 2024 itself as long as foreign portfolio investors (FPIs) are registered here. The JP Morgan index managers said that they (FPIs) are mostly registered here," a source said. In an active fund, the managers of the fund are free to decide their investment plans within the index as against a passively managed fund that 'tracks' an index and hence represents stickier flows. From a broader perspective, domestic fiscal developments or the global view on emerging markets could be factors that lead to churn in actively managed fund allocations. The JP Morgan index managers expressed optimism about the prevailing settlement process through tax certificates while acknowledging significant improvements in the turnaround time for FPI registrations. "These were the reasons the FPIs gave positive feedback to the index committee about India's inclusion this time after years of waiting and watching. This time around, 73% of the investors representing 90% of the AUM agreed for index inclusion as against 50% the last time," a source said. Last month, JP Morgan said that India will be included in its GBI-EM Global Index suite starting June 2024 and is expected to reach the maximum weight of 10% in the GBI-EM Global Diversified Index (GBI-EM GD) with inclusion of government bonds to be staggered over a 10-month period. The GBI-EM GD accounts for $213 billion of the estimated $236 billion benchmarked to the GBI-EM index family, JP Morgan said. At present, 23 government bonds, which fall under the Reserve Bank of India's (RBI) fully accessible route (FAR) category are eligible for index inclusion. "The index managers said that there would be conditions on trading metrics such as the bid-offer spreads of the eligible bonds. If the spreads are too wide or if the bond is lacking in liquidity, it can be excluded by the active fund managers and replaced with a liquid security. The overall weights will be decided based on the outstanding of each security," a source said. The sources said that some discussions on tax structures were continuing between investors and the finance ministry, with the former presenting a case for how index inclusion-related flows would lead to lower borrowing costs for the Centre. Some discussions on the use of Belgium-based clearing platform Euroclear were also ongoing although investors are said to have communicated that the absence of the overseas clearing platform would not be a major hurdle. "When it comes to creating conducive conditions, the central bank has been very helpful and has held regular discussion with the overseas entities regarding any operational procedures," a source said. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Saturday, 04 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition Apple Rings Louder: Sept Qtr Sees Record Revenue in India Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share. Young & Restless Driving Change at Motown’s Luxe St Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales. Sony Wants Own Exec as Head of Merged Co Instead of Zee’s Goenka Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET. Read More News on JP Morgan Index foreign inflows funds global investors AUM (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. 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2024-10-13 | The Punch | NPFL: Insurance, Plateau clash as 3SC battle Gombe | The Nigeria Premier Football League enters matchday three with three mouthwatering fixtures billed up for Saturday (today), PUNCH Sports Extra reports.Reigning Federation Cup champions, Bendel Insurance, will aim to record their second league win of the Nigeria Premier League season when they host Plateau United at Samuel Ogbemudia Stadium in Benin City.The Benin Arsenal kicked off their campaign last weekend defeating Shooting Stars 2-0 courtesy of goals from Evans Ogbonda and Tamara Ezekiel but they face a Plateau United side who returned to winning ways last weekend with a 1-0 win over Heartland.They had lost 2-1 to 3SC in their opening league fixture.Speaking ahead of the game, Insurance midfielder, Kelly Kester, stated that the players are fully ready for the encounter but urged the fans not to relent in their support for the team.“All we need now is the prayer and support of the fans,” he said.Related NewsMum received strange call before suspect slit her throat – Gombe mechanicPoor organisation bane of NPFL, says Mikel1,487 corps members to serve in Gombe“We are fully ready for the game and the prayer will see us through as we aim to improve on our performance.“We will try to do our best to deliver against Plateau United on Saturday (today).”In Akure, eighth-placed Sunshine Stars is expected to make it two wins from two home matches when they host Heartland at the Akure Township stadium.The Owena Whales started off their campaign at home with a 1-0 win over Kano Pillars but suffered a 3-2 loss to Lobi Stars in Markurdi.Elsewhere, Lobi Stars will be confident of a good result when they face Katsina United at the Muhammed Dikko Stadium.The Markudi-based side looks set to take advantage of the Katsina State governor’s decision to dissolve the management of the state-owned club on Wednesday with immediate effect following their 1-0 loss to Kano Pillars last weekend. Reigning Federation Cup champions, Bendel Insurance, will aim to record their second league win of the Nigeria Premier League season when they host Plateau United at Samuel Ogbemudia Stadium in Benin City.The Benin Arsenal kicked off their campaign last weekend defeating Shooting Stars 2-0 courtesy of goals from Evans Ogbonda and Tamara Ezekiel but they face a Plateau United side who returned to winning ways last weekend with a 1-0 win over Heartland.They had lost 2-1 to 3SC in their opening league fixture.Speaking ahead of the game, Insurance midfielder, Kelly Kester, stated that the players are fully ready for the encounter but urged the fans not to relent in their support for the team.“All we need now is the prayer and support of the fans,” he said.Related NewsMum received strange call before suspect slit her throat – Gombe mechanicPoor organisation bane of NPFL, says Mikel1,487 corps members to serve in Gombe“We are fully ready for the game and the prayer will see us through as we aim to improve on our performance.“We will try to do our best to deliver against Plateau United on Saturday (today).”In Akure, eighth-placed Sunshine Stars is expected to make it two wins from two home matches when they host Heartland at the Akure Township stadium.The Owena Whales started off their campaign at home with a 1-0 win over Kano Pillars but suffered a 3-2 loss to Lobi Stars in Markurdi.Elsewhere, Lobi Stars will be confident of a good result when they face Katsina United at the Muhammed Dikko Stadium.The Markudi-based side looks set to take advantage of the Katsina State governor’s decision to dissolve the management of the state-owned club on Wednesday with immediate effect following their 1-0 loss to Kano Pillars last weekend. The Benin Arsenal kicked off their campaign last weekend defeating Shooting Stars 2-0 courtesy of goals from Evans Ogbonda and Tamara Ezekiel but they face a Plateau United side who returned to winning ways last weekend with a 1-0 win over Heartland.They had lost 2-1 to 3SC in their opening league fixture.Speaking ahead of the game, Insurance midfielder, Kelly Kester, stated that the players are fully ready for the encounter but urged the fans not to relent in their support for the team.“All we need now is the prayer and support of the fans,” he said.Related NewsMum received strange call before suspect slit her throat – Gombe mechanicPoor organisation bane of NPFL, says Mikel1,487 corps members to serve in Gombe“We are fully ready for the game and the prayer will see us through as we aim to improve on our performance.“We will try to do our best to deliver against Plateau United on Saturday (today).”In Akure, eighth-placed Sunshine Stars is expected to make it two wins from two home matches when they host Heartland at the Akure Township stadium.The Owena Whales started off their campaign at home with a 1-0 win over Kano Pillars but suffered a 3-2 loss to Lobi Stars in Markurdi.Elsewhere, Lobi Stars will be confident of a good result when they face Katsina United at the Muhammed Dikko Stadium.The Markudi-based side looks set to take advantage of the Katsina State governor’s decision to dissolve the management of the state-owned club on Wednesday with immediate effect following their 1-0 loss to Kano Pillars last weekend. They had lost 2-1 to 3SC in their opening league fixture.Speaking ahead of the game, Insurance midfielder, Kelly Kester, stated that the players are fully ready for the encounter but urged the fans not to relent in their support for the team.“All we need now is the prayer and support of the fans,” he said.Related NewsMum received strange call before suspect slit her throat – Gombe mechanicPoor organisation bane of NPFL, says Mikel1,487 corps members to serve in Gombe“We are fully ready for the game and the prayer will see us through as we aim to improve on our performance.“We will try to do our best to deliver against Plateau United on Saturday (today).”In Akure, eighth-placed Sunshine Stars is expected to make it two wins from two home matches when they host Heartland at the Akure Township stadium.The Owena Whales started off their campaign at home with a 1-0 win over Kano Pillars but suffered a 3-2 loss to Lobi Stars in Markurdi.Elsewhere, Lobi Stars will be confident of a good result when they face Katsina United at the Muhammed Dikko Stadium.The Markudi-based side looks set to take advantage of the Katsina State governor’s decision to dissolve the management of the state-owned club on Wednesday with immediate effect following their 1-0 loss to Kano Pillars last weekend. Speaking ahead of the game, Insurance midfielder, Kelly Kester, stated that the players are fully ready for the encounter but urged the fans not to relent in their support for the team.“All we need now is the prayer and support of the fans,” he said.Related NewsMum received strange call before suspect slit her throat – Gombe mechanicPoor organisation bane of NPFL, says Mikel1,487 corps members to serve in Gombe“We are fully ready for the game and the prayer will see us through as we aim to improve on our performance.“We will try to do our best to deliver against Plateau United on Saturday (today).”In Akure, eighth-placed Sunshine Stars is expected to make it two wins from two home matches when they host Heartland at the Akure Township stadium.The Owena Whales started off their campaign at home with a 1-0 win over Kano Pillars but suffered a 3-2 loss to Lobi Stars in Markurdi.Elsewhere, Lobi Stars will be confident of a good result when they face Katsina United at the Muhammed Dikko Stadium.The Markudi-based side looks set to take advantage of the Katsina State governor’s decision to dissolve the management of the state-owned club on Wednesday with immediate effect following their 1-0 loss to Kano Pillars last weekend. “All we need now is the prayer and support of the fans,” he said.Related NewsMum received strange call before suspect slit her throat – Gombe mechanicPoor organisation bane of NPFL, says Mikel1,487 corps members to serve in Gombe“We are fully ready for the game and the prayer will see us through as we aim to improve on our performance.“We will try to do our best to deliver against Plateau United on Saturday (today).”In Akure, eighth-placed Sunshine Stars is expected to make it two wins from two home matches when they host Heartland at the Akure Township stadium.The Owena Whales started off their campaign at home with a 1-0 win over Kano Pillars but suffered a 3-2 loss to Lobi Stars in Markurdi.Elsewhere, Lobi Stars will be confident of a good result when they face Katsina United at the Muhammed Dikko Stadium.The Markudi-based side looks set to take advantage of the Katsina State governor’s decision to dissolve the management of the state-owned club on Wednesday with immediate effect following their 1-0 loss to Kano Pillars last weekend. “We are fully ready for the game and the prayer will see us through as we aim to improve on our performance.“We will try to do our best to deliver against Plateau United on Saturday (today).”In Akure, eighth-placed Sunshine Stars is expected to make it two wins from two home matches when they host Heartland at the Akure Township stadium.The Owena Whales started off their campaign at home with a 1-0 win over Kano Pillars but suffered a 3-2 loss to Lobi Stars in Markurdi.Elsewhere, Lobi Stars will be confident of a good result when they face Katsina United at the Muhammed Dikko Stadium.The Markudi-based side looks set to take advantage of the Katsina State governor’s decision to dissolve the management of the state-owned club on Wednesday with immediate effect following their 1-0 loss to Kano Pillars last weekend. “We will try to do our best to deliver against Plateau United on Saturday (today).”In Akure, eighth-placed Sunshine Stars is expected to make it two wins from two home matches when they host Heartland at the Akure Township stadium.The Owena Whales started off their campaign at home with a 1-0 win over Kano Pillars but suffered a 3-2 loss to Lobi Stars in Markurdi.Elsewhere, Lobi Stars will be confident of a good result when they face Katsina United at the Muhammed Dikko Stadium.The Markudi-based side looks set to take advantage of the Katsina State governor’s decision to dissolve the management of the state-owned club on Wednesday with immediate effect following their 1-0 loss to Kano Pillars last weekend. In Akure, eighth-placed Sunshine Stars is expected to make it two wins from two home matches when they host Heartland at the Akure Township stadium.The Owena Whales started off their campaign at home with a 1-0 win over Kano Pillars but suffered a 3-2 loss to Lobi Stars in Markurdi.Elsewhere, Lobi Stars will be confident of a good result when they face Katsina United at the Muhammed Dikko Stadium.The Markudi-based side looks set to take advantage of the Katsina State governor’s decision to dissolve the management of the state-owned club on Wednesday with immediate effect following their 1-0 loss to Kano Pillars last weekend. The Owena Whales started off their campaign at home with a 1-0 win over Kano Pillars but suffered a 3-2 loss to Lobi Stars in Markurdi.Elsewhere, Lobi Stars will be confident of a good result when they face Katsina United at the Muhammed Dikko Stadium.The Markudi-based side looks set to take advantage of the Katsina State governor’s decision to dissolve the management of the state-owned club on Wednesday with immediate effect following their 1-0 loss to Kano Pillars last weekend. Elsewhere, Lobi Stars will be confident of a good result when they face Katsina United at the Muhammed Dikko Stadium.The Markudi-based side looks set to take advantage of the Katsina State governor’s decision to dissolve the management of the state-owned club on Wednesday with immediate effect following their 1-0 loss to Kano Pillars last weekend. The Markudi-based side looks set to take advantage of the Katsina State governor’s decision to dissolve the management of the state-owned club on Wednesday with immediate effect following their 1-0 loss to Kano Pillars last weekend. |
2024-10-14 | The Punch | Leaders Insurance maintain 100% record | Bendel Insurancerecorded their second win of the season defeating Plateau Uniter by a lone goal on Saturday at the Samuel Ogbemudia Stadium in Benin city to temporarily go top of the 2023/2024 Nigeria Premier Football League table with six points, PUNCH Sports Extra reports. Benjamin Tanimu’s 14th minute penalty goal ensured the Federation Cup champions picked all the three points at stake despite a spirited display from their visitors who threatened to equalise on few occasions during the encounter. At the Akure Township stadium, Heartland earned a share of the spoils after they left it late to secure a 1-1 away draw against Sunshine Stars. Michael Olalusi scored the opener for the Owena Whale in the 42nd minute from the penalty spot but Patrick Nwogbaga netted an equaliser for Heartland FC in the 75th minute. However, the host failed to take advantage of another spot kick to secure victory when they were awarded a late penalty in the match as all their efforts to add to their tally in the final minutes were unsuccessful as the game finished 1-1. The draw sees Kennedy Boboye’s side move up to fourth in the NPFL log with four points from three games but they could drop further down in the log if the likes of Doma United, Rivers United and other teams with a win record victories in their encounter on Sunday (today). Elsewhere, Katsina United found it difficult to break down a resolute Lobi Stars team as the game finished in a goalless draw. |
2024-10-10 | The Punch | Imade late goal earns Al-Thaid first win | FormerBendel Insurance striker, Osarenkhoe Imade, scored a 98th-minute winner to guide his new UAE club, Al-Thaid United, to their first win of the season,PUNCH Sports Extrareports.The University of Benin Petroleum Engineering graduate recently penned a three-year deal with an option of a fourth year with Al-Thaid.The striker scored 11 goals across all competitions for Insurance last season while also scoring the winning goal in their Federation Cup final victory against Rangers last season, their first FA Cup triumph in 43 years.The 22-year-old has shown no sign of slowing down after he grabbed the late winner as Al-Thaid United claimed a 3-2 win over Dubai United at the Al-Dhaid Stadium during the round five fixtures in the United Arab Emirates Division 1 on Monday.The win was Al-Thaid’s first this season, having lost three and drew one of their previous four fixtures.Related NewsThe victory saw Al-Thaid move away from the bottom of the table to 15 with four points.Coincidentally, the UAE club are yet to lose a game since the Nigerian joined them, having suffered three straight defeats before the 1-1 draw against Dubai City last week.Reacting to his first goal Imade wrote, “When the time is right, I the Lord will make it happen… GOD IS THE GREATEST.”Imade will hope to add to his tally when action resumes after the international break with a trip to Al Taawon on October 22. The University of Benin Petroleum Engineering graduate recently penned a three-year deal with an option of a fourth year with Al-Thaid.The striker scored 11 goals across all competitions for Insurance last season while also scoring the winning goal in their Federation Cup final victory against Rangers last season, their first FA Cup triumph in 43 years.The 22-year-old has shown no sign of slowing down after he grabbed the late winner as Al-Thaid United claimed a 3-2 win over Dubai United at the Al-Dhaid Stadium during the round five fixtures in the United Arab Emirates Division 1 on Monday.The win was Al-Thaid’s first this season, having lost three and drew one of their previous four fixtures.Related NewsThe victory saw Al-Thaid move away from the bottom of the table to 15 with four points.Coincidentally, the UAE club are yet to lose a game since the Nigerian joined them, having suffered three straight defeats before the 1-1 draw against Dubai City last week.Reacting to his first goal Imade wrote, “When the time is right, I the Lord will make it happen… GOD IS THE GREATEST.”Imade will hope to add to his tally when action resumes after the international break with a trip to Al Taawon on October 22. The striker scored 11 goals across all competitions for Insurance last season while also scoring the winning goal in their Federation Cup final victory against Rangers last season, their first FA Cup triumph in 43 years.The 22-year-old has shown no sign of slowing down after he grabbed the late winner as Al-Thaid United claimed a 3-2 win over Dubai United at the Al-Dhaid Stadium during the round five fixtures in the United Arab Emirates Division 1 on Monday.The win was Al-Thaid’s first this season, having lost three and drew one of their previous four fixtures.Related NewsThe victory saw Al-Thaid move away from the bottom of the table to 15 with four points.Coincidentally, the UAE club are yet to lose a game since the Nigerian joined them, having suffered three straight defeats before the 1-1 draw against Dubai City last week.Reacting to his first goal Imade wrote, “When the time is right, I the Lord will make it happen… GOD IS THE GREATEST.”Imade will hope to add to his tally when action resumes after the international break with a trip to Al Taawon on October 22. The 22-year-old has shown no sign of slowing down after he grabbed the late winner as Al-Thaid United claimed a 3-2 win over Dubai United at the Al-Dhaid Stadium during the round five fixtures in the United Arab Emirates Division 1 on Monday.The win was Al-Thaid’s first this season, having lost three and drew one of their previous four fixtures.Related NewsThe victory saw Al-Thaid move away from the bottom of the table to 15 with four points.Coincidentally, the UAE club are yet to lose a game since the Nigerian joined them, having suffered three straight defeats before the 1-1 draw against Dubai City last week.Reacting to his first goal Imade wrote, “When the time is right, I the Lord will make it happen… GOD IS THE GREATEST.”Imade will hope to add to his tally when action resumes after the international break with a trip to Al Taawon on October 22. The win was Al-Thaid’s first this season, having lost three and drew one of their previous four fixtures.Related NewsThe victory saw Al-Thaid move away from the bottom of the table to 15 with four points.Coincidentally, the UAE club are yet to lose a game since the Nigerian joined them, having suffered three straight defeats before the 1-1 draw against Dubai City last week.Reacting to his first goal Imade wrote, “When the time is right, I the Lord will make it happen… GOD IS THE GREATEST.”Imade will hope to add to his tally when action resumes after the international break with a trip to Al Taawon on October 22. The victory saw Al-Thaid move away from the bottom of the table to 15 with four points.Coincidentally, the UAE club are yet to lose a game since the Nigerian joined them, having suffered three straight defeats before the 1-1 draw against Dubai City last week.Reacting to his first goal Imade wrote, “When the time is right, I the Lord will make it happen… GOD IS THE GREATEST.”Imade will hope to add to his tally when action resumes after the international break with a trip to Al Taawon on October 22. Coincidentally, the UAE club are yet to lose a game since the Nigerian joined them, having suffered three straight defeats before the 1-1 draw against Dubai City last week.Reacting to his first goal Imade wrote, “When the time is right, I the Lord will make it happen… GOD IS THE GREATEST.”Imade will hope to add to his tally when action resumes after the international break with a trip to Al Taawon on October 22. Reacting to his first goal Imade wrote, “When the time is right, I the Lord will make it happen… GOD IS THE GREATEST.”Imade will hope to add to his tally when action resumes after the international break with a trip to Al Taawon on October 22. Imade will hope to add to his tally when action resumes after the international break with a trip to Al Taawon on October 22. |
2024-10-29 | The Times of India | In Benin, Voodoo's birthplace, believers bemoan steady shrinkage of forests they revere as sacred | AP Gilbert Kakpo, a Voodoo priest, stands by a a sacred tree, who he claims is the protector of women at the Bohouezoun sacred forest in Benin (Image credit: AP) PORTO-NOVO: For many people in Benin , the forests empowered them before they were born, or in the first months of their lives. Barren women performed Voodoo rituals by sacred trees to get pregnant. Others were brought as newborns by parents seeking to ward off evil spirits . Some entered at a crossroads as adults, asking for guidance. In the cradle of Voodoo, the forests were places of hope. Yet as the woodlands shrank, due to economic development and other factors, it has dealt a blow to communities struggling to protect the spirits believed to live within them. In many cases, according to believers, the spirits fought back. When residents in the village of Houeyogbe agreed to let the government destroy much of its forest to build roads and install electricity, locals say the spirits unleashed a plague, with inexplicable deaths and mounting illnesses. In Ouidah, Benin's epicenter of Voodoo, a gas station that replaced the Aveleketezou forest years ago has not turned a profit, residents say. Station employees said that when they filled cars with gas, it turned to water. Benin is home to thousands of sacred forests, which believers say are vital to a religion rooted in nature. They see the forests as homes for spirits, which priests pray to and seek guidance from. But for decades the West African nation's forests have been threatened, initially by anti-Voodoo attacks and then by the expansion of farming and urbanization. Between 2005 and 2015, the total area of Benin's forests decreased more than 20%, with the rate of deforestation continuing at more than 2% a year, according to the World Bank. AP Children play under the remaining sacred tree of the Odjou Ekoun Oro forest in the village of Houeyogbe, Benin, near Port Novo (Image credit: AP) As the government grapples with preserving the forests while developing the country, Voodoo worshippers worry the loss of its spaces could have profound effects. Not only is it an environmental concern but believers say it threatens the social fabric of Benin's 13 million people - approximately 11% of whom practice Voodoo. "When (the government) brought roads to our region and we had to stop everything in the sacred forest, people started getting sick and having all kinds of problems," said Benoit Sonou, a Voodoo priest who witnessed the destruction of his community's forest as a young man. Some 50 years later, he sits on the gravel road where the forest once stood, beside the two remaining trees the community salvaged. They're cordoned off behind a concrete wall in hopes they won't be touched. One of the world's oldest religions, Voodoo originated in the kingdom of Dahomey - present-day Benin - and is rooted in animism, the belief that all things, from rocks and trees to animals and places, have a spirit. Today, millions of people practice it, turning to Voodoo priests to perform rituals to ward off evil spirits, overcome illness and achieve professional and personal success. While Benin has many Christians - comprising nearly half the population - Voodoo is embedded in most people's lives. Gatherings don't begin without dropping water on the ground, a ritual that pays respect to ancestors. Initiation into Voodoo takes many years. And with few exceptions, only those initiated are allowed to enter the sacred forests. Many of the parks ban women, due to beliefs they'll go mad if they enter. The men must enter naked. In the West, Voodoo is sometimes regarded as evil, or conflated with witchcraft. In Benin, Voodoo priests say the religion is grounded in positivity, based on tolerance and acceptance, and abides by a strict set of rules. Carefully guarded stories about which spirits inhabit which forests have been passed down through generations. Believers say the spirits usually live in baobab or Iroko trees, considered the most sacred, and are places where priests perform the rituals, such as drinking blessed water or gin, eating cola nuts or sitting in a sacred spot, such as inside a tree. "The sacred forest is a vital area," said Dada Daagbo Hounon Hounan II, the Supreme Spiritual Voodoo Chief. "It's an area that enables the reception of positive energies and positive vibrations to direct and rule the world." AP Voodoo worshippers listen to Gilbert Kakpo, a Voodoo priest who says countless people have been helped through the spirits' powers (Image credit: AP) Only certain priests can communicate with the spirits, doing so through chants, prayers or making noise like ringing a bell. During an October visit to several sacred forests in southern Benin, The Associated Press heard what sounded like intense swirling wind emanating from two forests after Voodoo priests called to the spirits. It's unclear what the sounds were, but religion experts say what matters is that people believe they can communicate with the forest. "It all points back to the idea that we don't live in a world where the only actors are the human ones," said Danny Hoffman, a cultural anthropologist who is director of the University of Washington's Henry M. Jackson School of International Studies. Losing these forests eliminates places for experimentation and innovation, he said. "When we lose spaces demarcated for spiritual practices, these are spaces where people come together and try to understand how they're going to respond to new challenges and new difficulties." Standing in front of a sacred tree, priest Gilbert Kakpo said women with childbirth troubles go there for help. "Our divinity is the protector of women," he said. "If you're a woman who's had miscarriages or has given birth to stillborn children and you come here for rituals, you'll never endure those hardships again ... I can't count the number of people who have been healed or treated here." It's hard to quantify how much sacred space has been lost in Benin, and to pinpoint the root cause. Locals and officials look to the early 1970s. The government at the time cracked down on Voodoo believers, arresting and lynching people and chopping down trees deemed sacred. Decades later, new administrations made amends with the Voodoo community, but by then development had surged. Between 2001 and 2012 approximately 45% of Benin's sacred forests had disappeared or were diminished, according to the Circle for Safeguarding of Natural Resources. The aid group tries to preserve sacred forests by working with communities to demarcate boundaries, raise awareness about cutting trees and teach people how to financially benefit through honey harvesting or snail farming. Urbanization and desertification shrank the forests, but the biggest factor was agricultural expansion driven by poverty, said Bienvenu Bossou, the group's executive director. Benin's economy depends on agriculture exports, notably cotton and cashew nuts, and Bossou says many people- unable to afford fertilizer- expanded their farms into the forest to use its rich soil. Others blame the government's development push. Earlier this year in the village of Ouanho, residents said the government destroyed part of the forest to construct roads without notice. Now the spirits, which need protection, are too exposed by the fading forests, residents say. The government is doing what it can to protect the spaces, but can't always ask for permission to build, one official said. "The state is doing its best not to construct where there are sacred forests. We often ignore the sacred forests because we don't want them to prevent us from developing the country," said Florent Couao-Zotti, the technical adviser for the ministry of culture. The government has banned cutting down trees without state approval and since 2016 has invested some $3 billion into the culture and tourism sectors, which will indirectly help the forests, he said. As Benin's population grows at nearly 3% a year, communities are trying to reconcile how to develop their land while preserving the forests. "It's very hard to see how we can cope with development while maintaining our cultural heritage," said Andre Todonou, a youth leader in Houeyogbe, where the forest was reduced to a handful of trees. Many villagers say the creation of roads, water and electricity was necessary to feel more connected to the rest of the country. Others say allowing any development to overtake the forests is sacrilegious and risks angering the spirits. "We don't want any topographic or urbanization work that will destroy our forests and bring instability to our community," said His Majesty Oviga Toffon, king of the Adjarra region. The divinities guarantee peace of mind and stability and shouldn't be angered, he said. Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on voodoo sacred forests spirits Benin (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. ... more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Riding high on the AI wave, are Indian tech startups missing the bus on innovation? Low index option premiums are like Jezebel, sinking retail traders. Prop traders, punters, too, flail Selling cut-price generics, Mark Cuban is shaking up US pharma. 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2024-10-09 | The Punch | Bad roads destroying league, laments Onu | Abia Warriorshead coach, Erasmus Onu, says bad roads across Nigeria are negatively affecting the Nigeria Premier Football League,PUNCH Sports Extrareports.Onu said the Warriors’ loss to Kwara United on Sunday was a result of the poor state of road network in Nigeria.The gaffer, who made the comment while speaking to journalists in Ilorin after his side’s 1-0 loss to Kwara, expressed the need for Nigerian league clubs to prioritise air trips for their teams.“Bad roads will kill our league. I think it’s time we start arranging with airlines. We got to Ilorin at 5 am this morning and the stress of the journey really affected us.“It was a terrible journey. We have been on the road and had to travel all night because of bad roads,” he said.Bad road conditions have long been a concern for Nigerian football clubs, with the safety and well-being of players, coaches and officials often compromised as a result.Related NewsPoor organisation bane of NPFL, says MikelAbia, Heartland clash in Oriental derbyNPFL: Insurance eye return to winning waysSeveral tragic incidents over the years have highlighted the risks associated with road trips by NPFL clubs. These incidents range from accidents and robberies to kidnappings.Nine female footballers and two coaches were killed in an auto crash in Mangu, Plateau State in December 2008. The following month, 17 Adamawa United players lost their lives while traveling to a league match in Abuja.In 2015, Kano Pillars and defunct Giwa FC players were attacked by gunmen on their way to games. Armed robbers attacked Enyimba team bus in Okene, Kogi State, while on their way to the Super Four tournament in Kaduna in 2016.In March 2020, two Enugu Rangers duo Ifeanyi George and Emmanuel Ogbu were killed in a car crash on the Benin-Agbor road whilst travelling to Lagos following a break in the Nigerian league due to the coronavirus pandemic..Meanwhile, it was a hard-fought victory for Kwara, who got their first maximum points in the league to the admiration of their home fans.Having lost their opener to Katsina United in the first week 0-1, the Harmony Boys came into Sunday’s game with the sole burden of impressing the Ilorin fans who had missed watching them on home soil. Onu said the Warriors’ loss to Kwara United on Sunday was a result of the poor state of road network in Nigeria.The gaffer, who made the comment while speaking to journalists in Ilorin after his side’s 1-0 loss to Kwara, expressed the need for Nigerian league clubs to prioritise air trips for their teams.“Bad roads will kill our league. I think it’s time we start arranging with airlines. We got to Ilorin at 5 am this morning and the stress of the journey really affected us.“It was a terrible journey. We have been on the road and had to travel all night because of bad roads,” he said.Bad road conditions have long been a concern for Nigerian football clubs, with the safety and well-being of players, coaches and officials often compromised as a result.Related NewsPoor organisation bane of NPFL, says MikelAbia, Heartland clash in Oriental derbyNPFL: Insurance eye return to winning waysSeveral tragic incidents over the years have highlighted the risks associated with road trips by NPFL clubs. These incidents range from accidents and robberies to kidnappings.Nine female footballers and two coaches were killed in an auto crash in Mangu, Plateau State in December 2008. The following month, 17 Adamawa United players lost their lives while traveling to a league match in Abuja.In 2015, Kano Pillars and defunct Giwa FC players were attacked by gunmen on their way to games. Armed robbers attacked Enyimba team bus in Okene, Kogi State, while on their way to the Super Four tournament in Kaduna in 2016.In March 2020, two Enugu Rangers duo Ifeanyi George and Emmanuel Ogbu were killed in a car crash on the Benin-Agbor road whilst travelling to Lagos following a break in the Nigerian league due to the coronavirus pandemic..Meanwhile, it was a hard-fought victory for Kwara, who got their first maximum points in the league to the admiration of their home fans.Having lost their opener to Katsina United in the first week 0-1, the Harmony Boys came into Sunday’s game with the sole burden of impressing the Ilorin fans who had missed watching them on home soil. The gaffer, who made the comment while speaking to journalists in Ilorin after his side’s 1-0 loss to Kwara, expressed the need for Nigerian league clubs to prioritise air trips for their teams.“Bad roads will kill our league. I think it’s time we start arranging with airlines. We got to Ilorin at 5 am this morning and the stress of the journey really affected us.“It was a terrible journey. We have been on the road and had to travel all night because of bad roads,” he said.Bad road conditions have long been a concern for Nigerian football clubs, with the safety and well-being of players, coaches and officials often compromised as a result.Related NewsPoor organisation bane of NPFL, says MikelAbia, Heartland clash in Oriental derbyNPFL: Insurance eye return to winning waysSeveral tragic incidents over the years have highlighted the risks associated with road trips by NPFL clubs. These incidents range from accidents and robberies to kidnappings.Nine female footballers and two coaches were killed in an auto crash in Mangu, Plateau State in December 2008. The following month, 17 Adamawa United players lost their lives while traveling to a league match in Abuja.In 2015, Kano Pillars and defunct Giwa FC players were attacked by gunmen on their way to games. Armed robbers attacked Enyimba team bus in Okene, Kogi State, while on their way to the Super Four tournament in Kaduna in 2016.In March 2020, two Enugu Rangers duo Ifeanyi George and Emmanuel Ogbu were killed in a car crash on the Benin-Agbor road whilst travelling to Lagos following a break in the Nigerian league due to the coronavirus pandemic..Meanwhile, it was a hard-fought victory for Kwara, who got their first maximum points in the league to the admiration of their home fans.Having lost their opener to Katsina United in the first week 0-1, the Harmony Boys came into Sunday’s game with the sole burden of impressing the Ilorin fans who had missed watching them on home soil. “Bad roads will kill our league. I think it’s time we start arranging with airlines. We got to Ilorin at 5 am this morning and the stress of the journey really affected us.“It was a terrible journey. We have been on the road and had to travel all night because of bad roads,” he said.Bad road conditions have long been a concern for Nigerian football clubs, with the safety and well-being of players, coaches and officials often compromised as a result.Related NewsPoor organisation bane of NPFL, says MikelAbia, Heartland clash in Oriental derbyNPFL: Insurance eye return to winning waysSeveral tragic incidents over the years have highlighted the risks associated with road trips by NPFL clubs. These incidents range from accidents and robberies to kidnappings.Nine female footballers and two coaches were killed in an auto crash in Mangu, Plateau State in December 2008. The following month, 17 Adamawa United players lost their lives while traveling to a league match in Abuja.In 2015, Kano Pillars and defunct Giwa FC players were attacked by gunmen on their way to games. Armed robbers attacked Enyimba team bus in Okene, Kogi State, while on their way to the Super Four tournament in Kaduna in 2016.In March 2020, two Enugu Rangers duo Ifeanyi George and Emmanuel Ogbu were killed in a car crash on the Benin-Agbor road whilst travelling to Lagos following a break in the Nigerian league due to the coronavirus pandemic..Meanwhile, it was a hard-fought victory for Kwara, who got their first maximum points in the league to the admiration of their home fans.Having lost their opener to Katsina United in the first week 0-1, the Harmony Boys came into Sunday’s game with the sole burden of impressing the Ilorin fans who had missed watching them on home soil. “It was a terrible journey. We have been on the road and had to travel all night because of bad roads,” he said.Bad road conditions have long been a concern for Nigerian football clubs, with the safety and well-being of players, coaches and officials often compromised as a result.Related NewsPoor organisation bane of NPFL, says MikelAbia, Heartland clash in Oriental derbyNPFL: Insurance eye return to winning waysSeveral tragic incidents over the years have highlighted the risks associated with road trips by NPFL clubs. These incidents range from accidents and robberies to kidnappings.Nine female footballers and two coaches were killed in an auto crash in Mangu, Plateau State in December 2008. The following month, 17 Adamawa United players lost their lives while traveling to a league match in Abuja.In 2015, Kano Pillars and defunct Giwa FC players were attacked by gunmen on their way to games. Armed robbers attacked Enyimba team bus in Okene, Kogi State, while on their way to the Super Four tournament in Kaduna in 2016.In March 2020, two Enugu Rangers duo Ifeanyi George and Emmanuel Ogbu were killed in a car crash on the Benin-Agbor road whilst travelling to Lagos following a break in the Nigerian league due to the coronavirus pandemic..Meanwhile, it was a hard-fought victory for Kwara, who got their first maximum points in the league to the admiration of their home fans.Having lost their opener to Katsina United in the first week 0-1, the Harmony Boys came into Sunday’s game with the sole burden of impressing the Ilorin fans who had missed watching them on home soil. Bad road conditions have long been a concern for Nigerian football clubs, with the safety and well-being of players, coaches and officials often compromised as a result.Related NewsPoor organisation bane of NPFL, says MikelAbia, Heartland clash in Oriental derbyNPFL: Insurance eye return to winning waysSeveral tragic incidents over the years have highlighted the risks associated with road trips by NPFL clubs. These incidents range from accidents and robberies to kidnappings.Nine female footballers and two coaches were killed in an auto crash in Mangu, Plateau State in December 2008. The following month, 17 Adamawa United players lost their lives while traveling to a league match in Abuja.In 2015, Kano Pillars and defunct Giwa FC players were attacked by gunmen on their way to games. Armed robbers attacked Enyimba team bus in Okene, Kogi State, while on their way to the Super Four tournament in Kaduna in 2016.In March 2020, two Enugu Rangers duo Ifeanyi George and Emmanuel Ogbu were killed in a car crash on the Benin-Agbor road whilst travelling to Lagos following a break in the Nigerian league due to the coronavirus pandemic..Meanwhile, it was a hard-fought victory for Kwara, who got their first maximum points in the league to the admiration of their home fans.Having lost their opener to Katsina United in the first week 0-1, the Harmony Boys came into Sunday’s game with the sole burden of impressing the Ilorin fans who had missed watching them on home soil. Several tragic incidents over the years have highlighted the risks associated with road trips by NPFL clubs. These incidents range from accidents and robberies to kidnappings.Nine female footballers and two coaches were killed in an auto crash in Mangu, Plateau State in December 2008. The following month, 17 Adamawa United players lost their lives while traveling to a league match in Abuja.In 2015, Kano Pillars and defunct Giwa FC players were attacked by gunmen on their way to games. Armed robbers attacked Enyimba team bus in Okene, Kogi State, while on their way to the Super Four tournament in Kaduna in 2016.In March 2020, two Enugu Rangers duo Ifeanyi George and Emmanuel Ogbu were killed in a car crash on the Benin-Agbor road whilst travelling to Lagos following a break in the Nigerian league due to the coronavirus pandemic..Meanwhile, it was a hard-fought victory for Kwara, who got their first maximum points in the league to the admiration of their home fans.Having lost their opener to Katsina United in the first week 0-1, the Harmony Boys came into Sunday’s game with the sole burden of impressing the Ilorin fans who had missed watching them on home soil. Nine female footballers and two coaches were killed in an auto crash in Mangu, Plateau State in December 2008. The following month, 17 Adamawa United players lost their lives while traveling to a league match in Abuja.In 2015, Kano Pillars and defunct Giwa FC players were attacked by gunmen on their way to games. Armed robbers attacked Enyimba team bus in Okene, Kogi State, while on their way to the Super Four tournament in Kaduna in 2016.In March 2020, two Enugu Rangers duo Ifeanyi George and Emmanuel Ogbu were killed in a car crash on the Benin-Agbor road whilst travelling to Lagos following a break in the Nigerian league due to the coronavirus pandemic..Meanwhile, it was a hard-fought victory for Kwara, who got their first maximum points in the league to the admiration of their home fans.Having lost their opener to Katsina United in the first week 0-1, the Harmony Boys came into Sunday’s game with the sole burden of impressing the Ilorin fans who had missed watching them on home soil. In 2015, Kano Pillars and defunct Giwa FC players were attacked by gunmen on their way to games. Armed robbers attacked Enyimba team bus in Okene, Kogi State, while on their way to the Super Four tournament in Kaduna in 2016.In March 2020, two Enugu Rangers duo Ifeanyi George and Emmanuel Ogbu were killed in a car crash on the Benin-Agbor road whilst travelling to Lagos following a break in the Nigerian league due to the coronavirus pandemic..Meanwhile, it was a hard-fought victory for Kwara, who got their first maximum points in the league to the admiration of their home fans.Having lost their opener to Katsina United in the first week 0-1, the Harmony Boys came into Sunday’s game with the sole burden of impressing the Ilorin fans who had missed watching them on home soil. In March 2020, two Enugu Rangers duo Ifeanyi George and Emmanuel Ogbu were killed in a car crash on the Benin-Agbor road whilst travelling to Lagos following a break in the Nigerian league due to the coronavirus pandemic..Meanwhile, it was a hard-fought victory for Kwara, who got their first maximum points in the league to the admiration of their home fans.Having lost their opener to Katsina United in the first week 0-1, the Harmony Boys came into Sunday’s game with the sole burden of impressing the Ilorin fans who had missed watching them on home soil. .Meanwhile, it was a hard-fought victory for Kwara, who got their first maximum points in the league to the admiration of their home fans.Having lost their opener to Katsina United in the first week 0-1, the Harmony Boys came into Sunday’s game with the sole burden of impressing the Ilorin fans who had missed watching them on home soil. Having lost their opener to Katsina United in the first week 0-1, the Harmony Boys came into Sunday’s game with the sole burden of impressing the Ilorin fans who had missed watching them on home soil. |
2024-10-11 | The Punch | Only competent contractors will handle road projects – FG | The Federal Government says only competent contractors will subsequently be engaged in handling road projects across the country to reduce the incidence of delay in completion.Minister of Works, David Umahi disclosed this to State House Correspondents after a meeting with President Bola Tinubu on Tuesday in Abuja.He said that some contractors have been identified with collecting several road projects at once without the capacity to handle such projects.“The delay of contractor completion has been identified as the propensity of contractors to take on several road projects that they do not have the equipment to tackle.“This has led to delays and sometimes abandonment of projects nationwide. This needs to change so that the renewed hope of the Tinubu-led administration can reach and benefit the people,’’ he said.Umahi said that the President also approved the contract for various roads across the country that needed urgent attention, including the Benin-Sapele, Third Mainland bridge rehabilitation, and the East-West road, among others.On the use of asphalt, the minister said that contractors are allowed to use it with certain conditions attached so as to ensure quality jobs.Related NewsFG launches CNG conversion centre in AbujaConsider work-and-pay model for indigent students, VCs urge FGNweke asks FG to reduce cost of governance“The ministry is only providing an alternative to asphalt by introducing the use of concrete in road constructions. But if any contractor wishes to continue with the asphalt, then he must meet the conditions.“The conditions are that you will guarantee Nigerians that when you finish this asphalt road job, you are very sure it will not fail within at least 15 years. The design shelf life is 20 years, but assure us in writing from a reputable insurance company and from their own company that this road will not fail within 15 years.“So we are saying that concrete is very friendly with water, and so we want you contractors to have an alternative. There is a catalyst in the use of concrete pavement. It will create jobs for our people. Everything about the construction is local.“10 manufacturers of cement have indicated an interest in building cement factories. That is good for our economy. It will reduce pressure on the Naira. The road is going to be much more durable,’’ he said.Umahi called for the cooperation of all stakeholders to the various reforms by the administration to create a new economic prosperity for Nigerians, adding ”no gang up by anybody or group” will deter this determination.NAN Minister of Works, David Umahi disclosed this to State House Correspondents after a meeting with President Bola Tinubu on Tuesday in Abuja.He said that some contractors have been identified with collecting several road projects at once without the capacity to handle such projects.“The delay of contractor completion has been identified as the propensity of contractors to take on several road projects that they do not have the equipment to tackle.“This has led to delays and sometimes abandonment of projects nationwide. This needs to change so that the renewed hope of the Tinubu-led administration can reach and benefit the people,’’ he said.Umahi said that the President also approved the contract for various roads across the country that needed urgent attention, including the Benin-Sapele, Third Mainland bridge rehabilitation, and the East-West road, among others.On the use of asphalt, the minister said that contractors are allowed to use it with certain conditions attached so as to ensure quality jobs.Related NewsFG launches CNG conversion centre in AbujaConsider work-and-pay model for indigent students, VCs urge FGNweke asks FG to reduce cost of governance“The ministry is only providing an alternative to asphalt by introducing the use of concrete in road constructions. But if any contractor wishes to continue with the asphalt, then he must meet the conditions.“The conditions are that you will guarantee Nigerians that when you finish this asphalt road job, you are very sure it will not fail within at least 15 years. The design shelf life is 20 years, but assure us in writing from a reputable insurance company and from their own company that this road will not fail within 15 years.“So we are saying that concrete is very friendly with water, and so we want you contractors to have an alternative. There is a catalyst in the use of concrete pavement. It will create jobs for our people. Everything about the construction is local.“10 manufacturers of cement have indicated an interest in building cement factories. That is good for our economy. It will reduce pressure on the Naira. The road is going to be much more durable,’’ he said.Umahi called for the cooperation of all stakeholders to the various reforms by the administration to create a new economic prosperity for Nigerians, adding ”no gang up by anybody or group” will deter this determination.NAN He said that some contractors have been identified with collecting several road projects at once without the capacity to handle such projects.“The delay of contractor completion has been identified as the propensity of contractors to take on several road projects that they do not have the equipment to tackle.“This has led to delays and sometimes abandonment of projects nationwide. This needs to change so that the renewed hope of the Tinubu-led administration can reach and benefit the people,’’ he said.Umahi said that the President also approved the contract for various roads across the country that needed urgent attention, including the Benin-Sapele, Third Mainland bridge rehabilitation, and the East-West road, among others.On the use of asphalt, the minister said that contractors are allowed to use it with certain conditions attached so as to ensure quality jobs.Related NewsFG launches CNG conversion centre in AbujaConsider work-and-pay model for indigent students, VCs urge FGNweke asks FG to reduce cost of governance“The ministry is only providing an alternative to asphalt by introducing the use of concrete in road constructions. But if any contractor wishes to continue with the asphalt, then he must meet the conditions.“The conditions are that you will guarantee Nigerians that when you finish this asphalt road job, you are very sure it will not fail within at least 15 years. The design shelf life is 20 years, but assure us in writing from a reputable insurance company and from their own company that this road will not fail within 15 years.“So we are saying that concrete is very friendly with water, and so we want you contractors to have an alternative. There is a catalyst in the use of concrete pavement. It will create jobs for our people. Everything about the construction is local.“10 manufacturers of cement have indicated an interest in building cement factories. That is good for our economy. It will reduce pressure on the Naira. The road is going to be much more durable,’’ he said.Umahi called for the cooperation of all stakeholders to the various reforms by the administration to create a new economic prosperity for Nigerians, adding ”no gang up by anybody or group” will deter this determination.NAN “The delay of contractor completion has been identified as the propensity of contractors to take on several road projects that they do not have the equipment to tackle.“This has led to delays and sometimes abandonment of projects nationwide. This needs to change so that the renewed hope of the Tinubu-led administration can reach and benefit the people,’’ he said.Umahi said that the President also approved the contract for various roads across the country that needed urgent attention, including the Benin-Sapele, Third Mainland bridge rehabilitation, and the East-West road, among others.On the use of asphalt, the minister said that contractors are allowed to use it with certain conditions attached so as to ensure quality jobs.Related NewsFG launches CNG conversion centre in AbujaConsider work-and-pay model for indigent students, VCs urge FGNweke asks FG to reduce cost of governance“The ministry is only providing an alternative to asphalt by introducing the use of concrete in road constructions. But if any contractor wishes to continue with the asphalt, then he must meet the conditions.“The conditions are that you will guarantee Nigerians that when you finish this asphalt road job, you are very sure it will not fail within at least 15 years. The design shelf life is 20 years, but assure us in writing from a reputable insurance company and from their own company that this road will not fail within 15 years.“So we are saying that concrete is very friendly with water, and so we want you contractors to have an alternative. There is a catalyst in the use of concrete pavement. It will create jobs for our people. Everything about the construction is local.“10 manufacturers of cement have indicated an interest in building cement factories. That is good for our economy. It will reduce pressure on the Naira. The road is going to be much more durable,’’ he said.Umahi called for the cooperation of all stakeholders to the various reforms by the administration to create a new economic prosperity for Nigerians, adding ”no gang up by anybody or group” will deter this determination.NAN “This has led to delays and sometimes abandonment of projects nationwide. This needs to change so that the renewed hope of the Tinubu-led administration can reach and benefit the people,’’ he said.Umahi said that the President also approved the contract for various roads across the country that needed urgent attention, including the Benin-Sapele, Third Mainland bridge rehabilitation, and the East-West road, among others.On the use of asphalt, the minister said that contractors are allowed to use it with certain conditions attached so as to ensure quality jobs.Related NewsFG launches CNG conversion centre in AbujaConsider work-and-pay model for indigent students, VCs urge FGNweke asks FG to reduce cost of governance“The ministry is only providing an alternative to asphalt by introducing the use of concrete in road constructions. But if any contractor wishes to continue with the asphalt, then he must meet the conditions.“The conditions are that you will guarantee Nigerians that when you finish this asphalt road job, you are very sure it will not fail within at least 15 years. The design shelf life is 20 years, but assure us in writing from a reputable insurance company and from their own company that this road will not fail within 15 years.“So we are saying that concrete is very friendly with water, and so we want you contractors to have an alternative. There is a catalyst in the use of concrete pavement. It will create jobs for our people. Everything about the construction is local.“10 manufacturers of cement have indicated an interest in building cement factories. That is good for our economy. It will reduce pressure on the Naira. The road is going to be much more durable,’’ he said.Umahi called for the cooperation of all stakeholders to the various reforms by the administration to create a new economic prosperity for Nigerians, adding ”no gang up by anybody or group” will deter this determination.NAN Umahi said that the President also approved the contract for various roads across the country that needed urgent attention, including the Benin-Sapele, Third Mainland bridge rehabilitation, and the East-West road, among others.On the use of asphalt, the minister said that contractors are allowed to use it with certain conditions attached so as to ensure quality jobs.Related NewsFG launches CNG conversion centre in AbujaConsider work-and-pay model for indigent students, VCs urge FGNweke asks FG to reduce cost of governance“The ministry is only providing an alternative to asphalt by introducing the use of concrete in road constructions. But if any contractor wishes to continue with the asphalt, then he must meet the conditions.“The conditions are that you will guarantee Nigerians that when you finish this asphalt road job, you are very sure it will not fail within at least 15 years. The design shelf life is 20 years, but assure us in writing from a reputable insurance company and from their own company that this road will not fail within 15 years.“So we are saying that concrete is very friendly with water, and so we want you contractors to have an alternative. There is a catalyst in the use of concrete pavement. It will create jobs for our people. Everything about the construction is local.“10 manufacturers of cement have indicated an interest in building cement factories. That is good for our economy. It will reduce pressure on the Naira. The road is going to be much more durable,’’ he said.Umahi called for the cooperation of all stakeholders to the various reforms by the administration to create a new economic prosperity for Nigerians, adding ”no gang up by anybody or group” will deter this determination.NAN On the use of asphalt, the minister said that contractors are allowed to use it with certain conditions attached so as to ensure quality jobs.Related NewsFG launches CNG conversion centre in AbujaConsider work-and-pay model for indigent students, VCs urge FGNweke asks FG to reduce cost of governance“The ministry is only providing an alternative to asphalt by introducing the use of concrete in road constructions. But if any contractor wishes to continue with the asphalt, then he must meet the conditions.“The conditions are that you will guarantee Nigerians that when you finish this asphalt road job, you are very sure it will not fail within at least 15 years. The design shelf life is 20 years, but assure us in writing from a reputable insurance company and from their own company that this road will not fail within 15 years.“So we are saying that concrete is very friendly with water, and so we want you contractors to have an alternative. There is a catalyst in the use of concrete pavement. It will create jobs for our people. Everything about the construction is local.“10 manufacturers of cement have indicated an interest in building cement factories. That is good for our economy. It will reduce pressure on the Naira. The road is going to be much more durable,’’ he said.Umahi called for the cooperation of all stakeholders to the various reforms by the administration to create a new economic prosperity for Nigerians, adding ”no gang up by anybody or group” will deter this determination.NAN “The ministry is only providing an alternative to asphalt by introducing the use of concrete in road constructions. But if any contractor wishes to continue with the asphalt, then he must meet the conditions.“The conditions are that you will guarantee Nigerians that when you finish this asphalt road job, you are very sure it will not fail within at least 15 years. The design shelf life is 20 years, but assure us in writing from a reputable insurance company and from their own company that this road will not fail within 15 years.“So we are saying that concrete is very friendly with water, and so we want you contractors to have an alternative. There is a catalyst in the use of concrete pavement. It will create jobs for our people. Everything about the construction is local.“10 manufacturers of cement have indicated an interest in building cement factories. That is good for our economy. It will reduce pressure on the Naira. The road is going to be much more durable,’’ he said.Umahi called for the cooperation of all stakeholders to the various reforms by the administration to create a new economic prosperity for Nigerians, adding ”no gang up by anybody or group” will deter this determination.NAN “The conditions are that you will guarantee Nigerians that when you finish this asphalt road job, you are very sure it will not fail within at least 15 years. The design shelf life is 20 years, but assure us in writing from a reputable insurance company and from their own company that this road will not fail within 15 years.“So we are saying that concrete is very friendly with water, and so we want you contractors to have an alternative. There is a catalyst in the use of concrete pavement. It will create jobs for our people. Everything about the construction is local.“10 manufacturers of cement have indicated an interest in building cement factories. That is good for our economy. It will reduce pressure on the Naira. The road is going to be much more durable,’’ he said.Umahi called for the cooperation of all stakeholders to the various reforms by the administration to create a new economic prosperity for Nigerians, adding ”no gang up by anybody or group” will deter this determination.NAN “So we are saying that concrete is very friendly with water, and so we want you contractors to have an alternative. There is a catalyst in the use of concrete pavement. It will create jobs for our people. Everything about the construction is local.“10 manufacturers of cement have indicated an interest in building cement factories. That is good for our economy. It will reduce pressure on the Naira. The road is going to be much more durable,’’ he said.Umahi called for the cooperation of all stakeholders to the various reforms by the administration to create a new economic prosperity for Nigerians, adding ”no gang up by anybody or group” will deter this determination.NAN “10 manufacturers of cement have indicated an interest in building cement factories. That is good for our economy. It will reduce pressure on the Naira. The road is going to be much more durable,’’ he said.Umahi called for the cooperation of all stakeholders to the various reforms by the administration to create a new economic prosperity for Nigerians, adding ”no gang up by anybody or group” will deter this determination.NAN Umahi called for the cooperation of all stakeholders to the various reforms by the administration to create a new economic prosperity for Nigerians, adding ”no gang up by anybody or group” will deter this determination.NAN NAN |
2024-10-30 | The Times of India | Marico Q2 Results: Net profit rises 17% YoY to Rs 353 crore; firm to pay Rs 3 dividend | Agencies Consumer goods company Marico on Monday reported a 17% year-on-year (YoY) growth in its consolidated net profit to Rs 353 crore for the quarter ended September 2023. The same stood at Rs 301 crore a year ago. Revenue from operations declined marginally to Rs 2,476 crore in the said quarter as against Rs 2,496 crore in the corresponding quarter of previous year. The Board has also approved an interim dividend of Rs 3 per equity share of the financial year 2023-24 . The record date for reckoning the list of shareholders who will be entitled to receive the said interim dividend will be November 7. The said interim dividend will be paid to the shareholders on or before November 29. EBITDA for the quarter came in at Rs 497 crore, while margins were at 20%. The company has reported underlying volume growth of 3% in the domestic business and constant currency growth of 13% in the international business. The India business delivered a turnover of Rs 1,832 crore, down 3% on a YoY basis, lagging volume growth due to price corrections in key portfolios in the last 12 months. Parachute Rigids registered a 1% volume growth amidst subdued consumer sentiment, while the franchise gained 35 bps in market share on MAT basis. "With pricing cuts coming into the base, value growth should mirror volume growth from Q3," the company said. In the international business, Bangladesh clocked a 2% constant currency (CC) growth amidst ongoing macroeconomic headwinds. Vietnam grew 13% with a steady performance in both the HPC and Foods portfolios. MENA delivered 34% and South Africa posted 23% growth. On Monday, Marico shares closed 0.76% lower at Rs 533.65 on NSE. Connect with Experts - Wealth creation made easy Experience Your Economic Times Newspaper, The Digital Way! Friday, 03 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition WhatsAppening? Telcos Call Out Tech Cos over Biz SMSes An industry grouping representing India’s top three telcos has accused global consumer-technology majors, such as Microsoft and Amazon, of “presumably circumventing and bypassing the legal telecom route” by using WhatsApp and other unregulated platforms to send enterprise messages to customers, causing a likely ₹3,000-crore annual revenue loss to both the Centre and the service providers. Apple asked to Join CERT-In Probe into iPhone Hacking Bid The government has asked Apple to join a probe into the alleged state-sponsored hacking attempts on iPhones belonging to prominent Indians, including some members of the opposition in Parliament, according to S Krishnan, secretary, ministry of electronics and information technology. Go First Lessors Can Take Back Planes, Engines: DGCA to HC The Directorate General of Civil Aviation (DGCA) told the Delhi High Court Thursday that Go First’s leased aircraft and engines can be preregistered and returned to lessors, severely denting the bankrupt airline’s revival prospects. Read More News on marico Marico Q2 Results Marico Q2 earnings Marico Q2 show Marico Q2 PAT Marico Q2 revenue (What's moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price ... more less Pick the best stocks for yourself
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2024-10-05 | GlobeNewswire | Meal Vouchers & Employee Benefits Solutions Market to Hit $346.65 Billion by 2030 | Exclusive 125-Pages Research Report | Pune, India, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The globalmeal vouchers & employee benefits solutions market sizewas valued at USD 214.36 billion in 2022 and is anticipated to grow from USD 221.99 billion in 2023 to USD 346.65 billion by 2030, exhibiting a CAGR of 6.6% during the forecast period. This information is published byFortune Business Insights, in its report titled, “Meal Vouchers & Employee Benefits Solutions Market, 2023-2030”. Get a Sample Research PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/meal-voucher-and-employee-benefit-solutions-market-104412 Leading Players Featured in the Research Report: Companies leading the meal vouchers & employee benefits solutions market are Monizze NV SA (Belgium), Spendit AG (Germany), Alelo Brasil (Brazil), Axis Bank Ltd (India), Rakuten Group Inc. (Japan), Unum Group (U.S.), Cinqo Group (Bahrain), Edenred SA (France), Sodexo Group (France), Circula GmbH (Germany), CIRFOOD (Italy), and more. Report Coverage: The research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies and product types. Besides, the report encompasses the latest market trends, market segments, and highlights vital industry developments. In addition to the factors mentioned above, the market analysis encompasses several factors that have contributed to the market’s growth in recent years. Drivers and Restraints: Growing Awareness of Financial Benefits to Boost Market Growth The meal voucher system is profitable for both the employees and employers as it has several fiscal benefits. Employers' social insurance changes can be waived if they offer a voucher, and the employee can enjoy tax benefits by using these vouchers. Additionally, such programs have proved to increase employee productivity due to superior quality meals and other advantages offered such as discounts on train/bus tickets or gift vouchers and holidays. Consequently, employers play a vital role in boosting employee engagement at their workplace and presenting benefits that will accelerate the meal vouchers & employee benefits solutions market growth. However, the high prices of meal vouchers & employee benefits solutions might restrict their demand among small-sized enterprises. Furthermore, data security concerns with respect to using digital meal vouchers might also limit the demand for meal voucher solutions. Browse Summary of this Research Report: https://www.fortunebusinessinsights.com/meal-voucher-and-employee-benefit-solutions-market-104412 COVID-19 Impact: COVID-19 Pandemic-Induced Restaurant Closures Hindered Market Growth The COVID-19 pandemic compelled many restaurants, food courts, and hotels to shut down their business. Due to this, working professionals found it difficult to dine in restaurants and cafeterias. This factor had a negative impact on the companies’ revenues from such services and the market of meal vouchers & employee benefits solutions observed a slowdown in revenue generation. What are the factors driving applications of the Meal Vouchers & Employee Benefits Solutions Market? Segments: Employee Benefits Segment to Lead due to High Demand from Business Organizations Based on product type, the market is segmented into meal vouchers and employee benefits. The employee benefits segment is expected to hold a dominating meal vouchers & employee benefits market share as organizations are increasingly demanding employee benefits solutions to satisfy their employees’ needs and improve their purchasing power and motivation level. The global market is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Get a Quote Now: https://www.fortunebusinessinsights.com/enquiry/get-a-quote/meal-voucher-and-employee-benefit-solutions-market-104412 Regional Insights: Europe Market to Show Notable Growth Due to Supportive Government Policies Europe is predicted to capture the largest meal vouchers & employee benefits solutions market share as the regional governments are introducing favorable policies to promote the implementation of meal vouchers and employee benefits solutions. Many leading players in this market are trying to expand their presence across Europe by acquiring the region’s top employee benefit solution providers. These factors will fuel the regional market growth. The North America market is anticipated to account for a major market share during the forecast period as the region has a vast presence of leading employee benefit solution providers. Many American companies are also becoming aware of employee perks, further accelerating the regional market expansion. Detailed Table of Content: TOC Continued...! Speak to Our Expert: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/meal-voucher-and-employee-benefit-solutions-market-104412 Competitive Landscape: Key Companies to Execute Merger & Acquisition Strategies to Cement Their Market Positions The top companies involved in the market are focusing on expanding their business operations by signing merger & acquisition agreements to cement their market positions. For example, in May 2020, Edenred announced the acquisition of Brazil-based Cooper Card’s client portfolio, which specializes in offering employee benefits solutions. The acquisition was expected to strengthen Edenred’s position in the South American market. These initiatives will help the leading market players expand their geographical presence. Key Industry Developments: Read Related Insights: Demi Fine Jewelry Market Sizeto Hit USD 5.32 Billion by 2030 | 189 Pages Research Report Travel Retail Market Sizeto Worth USD 117.18 Billion by 2030 | With a Striking 9.85% CAGR during [2023-2030] Comic Book Market Sizeto Hit USD 22.37 Billion by 2030 | 160 Pages Research Report About Us: Fortune Business Insights™delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in. Address: Fortune Business Insights Pvt. Ltd. 9th Floor, Icon Tower, Baner, Mahalunge Road, Baner, Pune - 411045, Maharashtra, India. Phone: US: +1 424 253 0390 UK: +44 2071 939123 APAC: +91 744 740 1245 Email:sales@fortunebusinessinsights.com Follow Us:LinkedIn|Facebook|Twitter Attachment |
2024-10-30 | Marketscreener.com | HSBC : Cancellation of Treasury Shares | HSBC HOLDINGS PLC 30 October 2023 Cancellation of Treasury Shares HSBC Holdings plc (theCompany) announces today that it has cancelled the 325,273,407 ordinary shares of US$0.50 (Ordinary Shares) that it held in treasury. Following the cancellation, the Company does not hold any treasury shares. The Company's issued share capital with voting rights is 19,473,203,852 Ordinary Shares. The Company also has in issue one non-cumulative series A sterling preference share with a nominal value of GB£0.01 which does not, in the ordinary course, contain voting rights at general meetings of the Company. Therefore, the total number of voting rights in the Company is 19,473,203,852 and this is the figure which may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change in their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules and/or under Part XV of the Hong Kong Securities and Futures Ordinance. Any such notification should be sent to investorrelations@hsbc.com and shareholderquestions@hsbc.com. Corporate Governance & Secretariat + 44 (0) 207 991 3048 # # # # About BSX The Bermuda Stock Exchange (BSX), a wholly owned subsidiary of Miami International Holdings, Inc., is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organised in 1971. BSX specialises in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities. To learn more about BSX visithttps://www.bsx.comor contactinfo@bsx.com Attachments Disclaimer HSBC Holdings plcpublished this content on30 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on30 October 2023 16:59:43 UTC. |
2024-10-11 | Marketscreener.com | HSBC : Grant of Conditional Awards | Grant of Conditional Awards # # # # About BSX The Bermuda Stock Exchange (BSX), a wholly owned subsidiary of Miami International Holdings, Inc., is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organised in 1971. BSX specialises in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities. To learn more about BSX visithttps://www.bsx.comor contactinfo@bsx.com Attachments Disclaimer HSBC Holdings plcpublished this content on11 October 2023and is solely responsible for the information contained therein. Distributed byPublic, unedited and unaltered, on11 October 2023 12:38:06 UTC. |
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