Emergency loans – Grantstation Trendtrack http://grantstation-trendtrack.com/ Tue, 23 Nov 2021 04:55:37 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://grantstation-trendtrack.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Emergency loans – Grantstation Trendtrack http://grantstation-trendtrack.com/ 32 32 Oil slips on plan to exploit emergency crude reserves https://grantstation-trendtrack.com/oil-slips-on-plan-to-exploit-emergency-crude-reserves/ Tue, 23 Nov 2021 04:35:00 +0000 https://grantstation-trendtrack.com/oil-slips-on-plan-to-exploit-emergency-crude-reserves/

An aerial view shows an Idemitsu Kosan Co. oil plant in Ichihara, east of Tokyo, Japan, Nov. 12, 2021, in this photo taken by Kyodo. Mandatory Credit Kyodo / via REUTERS

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MELBOURNE, Nov. 23 (Reuters) – Oil prices fell on Tuesday, reversing gains from the previous session, following growing talks the US, Japan and India will release crude reserves to control prices despite the threat of weakening demand as COVID-19 cases erupt in Europe.

The United States is expected to announce on Tuesday a loan of crude oil from its emergency stockpile as part of a plan it has drawn up with major Asian energy consumers to cut energy prices, said a source in the Biden administration familiar with the matter. Read more

US West Texas Intermediate (WTI) crude futures fell 58 cents, or 0.8%, to $ 76.17 a barrel at 4:23 a.m. GMT. Brent crude futures fell 42 cents, or 0.5%, to $ 79.28 a barrel.

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“US President Biden is reportedly preparing to announce a release of oil from his Strategic Oil Reserve along with several other countries …” ANZ said in a memo.

Brent and WTI both rose 1% on Monday following reports that the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, collectively referred to as OPEC +, may adjust their plan to raise oil prices. oil production if major consuming countries release crude from their reserves or if the pandemic dampens demand.

While there is talk of a coordinated release of crude that managed to bring prices below $ 80 a barrel and an actual release is only expected to have a temporary impact, analysts are turning their attention to the potential hit. of the demand for a fourth wave of COVID-19 cases in Europe.

“As Europe, and in particular Eastern Europe, struggles to stop the spread of COVID-19, the risk of containment-type measures is significant,” said Louise Dickson, analyst at Rystad Energy.

She said demand for jet fuel and jet fuel in Europe in November is expected to drop to 7.8 million barrels per day (bpd) from 8.1 million bpd in October, although this is partly a normal decline for this time of year.

“If a new wave of lockdowns are enacted in Europe, oil prices will not be spared for the remainder of the northern hemisphere flu season,” Dickson said in emailed comments.

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Reporting by Sonali Paul and Naveen Thukral; Editing by Stephen Coates and Richard Pullin

Our Standards: Thomson Reuters Trust Principles.

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Afghan families sell their daughters to marriage as economy collapses https://grantstation-trendtrack.com/afghan-families-sell-their-daughters-to-marriage-as-economy-collapses/ Sun, 21 Nov 2021 14:17:59 +0000 https://grantstation-trendtrack.com/afghan-families-sell-their-daughters-to-marriage-as-economy-collapses/

SHAIDAI, Afghanistan – Shy, with long locks of rusty henna-dyed hair, Benazir fidgets with a handful of gravel when the subject of his marriage is brought up.

She looks at the ground and buries her head in her knees when asked if she knows she has been promised to another family to marry one of their sons.

Her father says he will receive the equivalent of $ 2,000 for Benazir, but he did not explain the details or what is expected of her. She’s too young to understand, he said.

Benazir is 8 years old.

It is traditional for families here to pay a bride’s family a dowry for a wedding, but it is extreme to arrange a marriage for such a young child. And the economic collapse that followed the Taliban’s takeover in August forced already poor families to make desperate choices.

Eight-year-old Benazir, second from right, walks with his father in Herat, Afghanistan. CNB

The days are filled with hardship for the children here in Shaidai, a desert community on the mountainous edge of Herat, in western Afghanistan.

Children like Benazir and his siblings beg in the streets or collect garbage to heat their simple mud houses, because they don’t have enough money to buy wood.

Her father, Murad Khan, looks much older than he was 55 – his face is worn with worry. A day laborer who hasn’t found a job for months and with eight children to feed, his decision to sell Benazir to marriage at such a young age comes down to a cold calculation.

“We are 10 people in the family. I’m trying to keep 10 alive by sacrificing one, ”he said in Pashto.

Khan said the arrangement called for Benazir to marry a boy from an Iranian family when she hits puberty. He has not yet received the money for his dowry, and said as soon as he does, Benazir will be taken away by the man who bought her.

“I told the traders that I had sold my daughter and that I would pay them back, so they loaned me food.”

“He’s just going to take her hand and pull her away from me,” he said. “He’ll take her out and say, ‘She’s ours now.'”

A combination of a severe drought that has reduced yields for livestock and farmers, and the freezing of foreign aid by governments that do not recognize the new Taliban government, have pushed poor Afghans to the brink.

Promising their daughters for marriage early, in exchange for money, is seen as a lifeline for families who barely have a piece of bread to eat.

Benazir, right, lights a fire with discarded paper to bake bread with a group of children in Herat.CNB

The United Nations Population Fund has warned it is “deeply concerned” by reports that child marriage is on the rise in Afghanistan.

“We have received credible information from families offering girls as young as 20 days old for a future marriage in exchange for a dowry,” UNICEF Executive Director Henrietta Fore said in a statement.

“A piece of your heart”

Benazir’s best friend, Saliha, is only 7 years old and was sold for the same price, $ 2,000, to a relative of her father’s in-laws in the northern province of Faryab.

Benazir and Saliha already have responsibilities in the community. They go together to a local mosque to fetch water, a shortage in the desert, and bring the big jugs home.

Like her older neighbors, Saliha also weaves yarn – pulling on a cloud of tangled wool brought in by traders and twisting it into neat spools of twine. It takes four days to refine eight pounds of material, which earns him a dollar.

But the family is in debt. Saliha’s father, Muhammed Khan, says he took out loans from shop owners in the town.

Farzana is 8 months old but weighs only 6 ½ pounds.CNB

“I told the traders that I sold my daughter and that I will pay them back, so they loaned me food,” he said.

The money he earns from selling Saliha will help him pay it off and feed his four siblings.

It was a heartbreaking decision, he said.

“Your children are a piece of your heart. If I didn’t have to, why would I? ” he says.

Afghanistan was a poor country before the Taliban took power, backed by foreign aid. According to the World Bank, about 75% of public finances have been fueled by grants from the United States and other countries.

When the US military pulled out and the Taliban’s hardline Islamist government took over, much of the money for that aid was frozen. Wages dried up and the flow of money suddenly stopped, creating a humanitarian crisis.

And that is expected to worsen as the crisis worsens, with more than half of the Afghan population facing hunger and 3.2 million children suffering from malnutrition, according to the United Nations World Food Program.

The agency said it had never seen so many people facing emergency food insecurity levels in Afghanistan, with all 34 provinces affected.

In the relatively wealthy province of Herat in western Afghanistan, an emergency food center is running out of beds.

The facility run by Doctors Without Borders at Herat Regional Hospital treats the most severely malnourished babies, such as the tiny Farzana, who at 8 months weighs only 6 ½ pounds. She is one of 75 babies treated here.

His father is a butcher, but his business has collapsed so badly that he can no longer afford to feed his family.

Farzana lies quietly, a pale, thin little arm sticking out and her big eyes not blinking.

“What we are seeing are very small children, who are not breastfed well by mothers because the mothers are all so malnourished that they cannot produce enough breast milk to feed them,” Gaia said. Giletta, the head nurse of pediatrics with the doctors. Sans Frontières at the feeding center.

Due to disruptions in health care and aid agencies across the region, Giletta said, many children are not receiving primary care. For many of those who arrive, it is already too late, with a child dying almost every day here.

Another baby in the center, Ali, is small and pale, barely mustering the energy to cry. Her mother, Smita Umar, was herself malnourished, so Ali was born too weak to suckle. At 4 months old, he has already spent a total of three months at the center.

“My husband is a house painter,” Umar said. “But he sold his tools so that we could feed the baby. Things have gotten worse since the arrival of the Taliban. The little we had went to zero.

Richard Engel, Gabe Joselow and Ahmed Mengli reported from Herat. Yuliya Talmazan from London.

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British Business Bank’s due diligence on Greensill “woefully inadequate”, report says https://grantstation-trendtrack.com/british-business-banks-due-diligence-on-greensill-woefully-inadequate-report-says/ Sat, 20 Nov 2021 00:01:42 +0000 https://grantstation-trendtrack.com/british-business-banks-due-diligence-on-greensill-woefully-inadequate-report-says/

The British Business Bank demonstrated “woefully inadequate” due diligence in approving Greensill Capital to provide government-guaranteed loans through a coronavirus support program, a parliamentary committee has said.

A report from the House of Commons public accounts committee released on Saturday found that the state bank had accepted information from the now collapsed supply chain finance company “at face value”, while claiming that the British Business Bank “had not cast its net wide enough in gathering evidence on Greensill”.

The BBB has approved Greensill as a lender under its Coronavirus Large Business Interruption Loan (CLBILS) program, allowing the UK finance company to provide loans to government-backed companies of 80%.

Greensill then made eight loans totaling £ 400million to eight legal entities all linked to GFG Alliance, the metals group led by Sanjeev Gupta which is currently under investigation by the Serious Fraud Office. . The report noted that this appeared to ‘blatantly breach’ a £ 50million cap on loans the company could make to a single company.

“The British Business Bank only had to read the newspapers to be aware of the serious questions regarding Greensill’s lending model, its overexposure to borrowers and its ethical standards. millions of taxpayer dollars were already at risk, ”said Meg Hillier, Labor MP and chair of the public accounts committee.

“He said he was ‘very surprised’ to find out where these taxpayer-guaranteed loans had come under his supervision, in violation of his own lending and accreditation rules.”

Greensill Capital employed David Cameron as an adviser to the board of directors and the former prime minister led a broad lobbying effort to help his employer secure access to emergency coronavirus loan programs.

The findings of the public accounts committee follow a report by the National Audit Office in July which found that the UK government had shown “unusual” interest in Greensill’s loan program application.

The public accounts committee report found that when the BBB challenged Greensill for its excessive lending to the Gupta Metals Empire, the financial firm said it had received “political guides” as its support for the steel industry was welcome. The report notes that the Department of Business (BEIS) was “unable to explain the source of this perceived support.”

The committee also criticized “the government’s failure to effectively share intelligence” on Greensill and GFG between departments. He noted that although the Treasury informed BEIS that the National Crime Agency was investigating the Wyelands Bank in Gupta, the business department never forwarded this information to the BBB.

The BBB said the National Audit Office’s previous report determined that it had “appropriately applied a streamlined version of its established process” when approving Greensill to become a lender under the program.

“The NAO also saw that it was to the bank’s credit that its post-accreditation monitoring and audit processes quickly detected a potential problem, as they were designed to do,” added the BBB. “The Bank’s investigation into potential violations by Greensill Capital of the program rules for CLBILS is ongoing.”

The business department said: “The government was not involved in the decision to accredit Greensill. The decision was taken independently by the British Business Bank, in accordance with their usual procedures.

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Clean coal loans put China’s green dilemma in place https://grantstation-trendtrack.com/clean-coal-loans-put-chinas-green-dilemma-in-place/ Thu, 18 Nov 2021 06:56:00 +0000 https://grantstation-trendtrack.com/clean-coal-loans-put-chinas-green-dilemma-in-place/ A chimney of a coal-fired power plant stands behind a lion statue in Shanghai, China on October 21, 2021. REUTERS / Aly Song / File Photo – RC2QJQ97Y6ZQ

HONG KONG, Nov. 18 (Reuters Breakingviews) – China risks taking one step forward and two back. The State Cabinet, which oversees the central bank, has mandated a special repayment facility of $ 31 billion Read more to support “clean use of coal.” The People’s Bank of China will fully cover the loans; the cheap loans he just announced to help cut carbon emissions are only getting 60% support. Both facilities allow businesses to borrow at the benchmark lending rate.

The funds are intended to improve the efficiency of the extraction and processing of fossil fuels. The country depends on it for nearly 60% of its energy consumption, and a national electricity crisis led to a 4% increase in China’s coal production last month. Thus, any effort to reduce its pollution must be welcomed.

But they will only make the coal a little less dirty. Calling it “clean” raises the specter of greenwashing. The PBOC already tried to exorcise this from the financial sector earlier this year by making “clean coal tech” ineligible for issuance of green bonds. Now that principal may have gone up in smoke. (By Yawen Chen)

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Capital Calls – More Concise Information About Global Finance:

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Editing by Antony Currie and Thomas Shum

Reuters Breakingviews is the world’s leading source for financial information on agenda making. As the Reuters brand for financial commentary, we dissect big business and economic stories from around the world every day. A global team of around 30 correspondents in New York, London, Hong Kong and other major cities provide real-time expert analysis.

Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.


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Australia Solar Water Pumping System Market Report 2021: Analysis and Forecast by Power Rating, Design Type, Drive Type, Application and Competitive Landscape 2017-2027 – ResearchAndMarkets.com https://grantstation-trendtrack.com/australia-solar-water-pumping-system-market-report-2021-analysis-and-forecast-by-power-rating-design-type-drive-type-application-and-competitive-landscape-2017-2027-researchandmarkets-com/ Tue, 16 Nov 2021 14:57:00 +0000 https://grantstation-trendtrack.com/australia-solar-water-pumping-system-market-report-2021-analysis-and-forecast-by-power-rating-design-type-drive-type-application-and-competitive-landscape-2017-2027-researchandmarkets-com/

DUBLIN – (COMMERCIAL THREAD) – The report “Australia Solar Water Pumping System Market (2021-2027): Market Forecast by Power Rating, Design Type, Drive Type, Application, Regions and Competitive Landscape” a been added to ResearchAndMarkets.com offer.

The Australian Solar Water Pumping System market size is expected to grow at a CAGR of 11.0% during the forecast period 2021-2027

The growth can be attributed to Australian Government and State Government initiatives to offer rebates and incentives to support farmers and small producers through programs such as Renewable Energy Certificates, which include Small-scale technology certificates (STC) and large-scale production certificates. (LGC), emergency water infrastructure delivery, drought assistance programs, etc.

Programs such as the National Emergency Water Infrastructure Rebate Program and Drought Assistance Loans provide incentives and rebates to help primary producers build water infrastructure and provide loans. subsidized to ensure the sustainable future of small producers, respectively, which would drive the market size of solar water pumps. in Australia further.

Synopsis of the Australian Solar Water Pumping System Market

The growth of the solar water pumping systems market in Australia is largely attributable to the supportive measures taken by the Australian Federal Government in recent years. In addition, the Clean Energy Council has deployed environmentally friendly infrastructure, achieved renewable targets, and forged strong ties with foreign countries such as the China-Australia Free Trade Agreement.

However, the COVID-19 outbreak has left a slight negative impact on the solar pump market due to supply chain disruptions, stricter export inspections and protocols, nationwide lockdowns. . In addition, with the increase in the cost of electricity, small producers and farmers are increasingly aware of the low cost of running solar pumps and the unfavorable climatic conditions that create water supply shortages.

The global pandemic has hampered innovations and equipment on farms. Since the solar water pumping system involves a relatively higher initial cost, farmers are reluctant to install the pumping systems in times of crisis. Continued government support would lower prices for the global solar pumping system, further increasing demand during the forecast period.

Market analysis by power

In terms of rated power, the Up to 3 Hp and 3.1 to 10 Hp segments accumulated 70% of market revenue in 2020, with 3.1 to 10 Hp leading the market. Solar water pumping systems of 3.1 to 10 HP and below in Australia would dominate in the coming years due to increasing accessibility and growing preferences for multistage vacuum motors.

Market Analysis by Application

In the Australian off-grid solar water pumping system market, elevator irrigation has dominated the overall market revenue, accounting for over 65% of market revenue in 2020. With supporting government initiatives to harness the energies renewable in all economic activities and growing exports, the segment would continue to increase in the years to come.

Key attractiveness of the report

  • Impact of COVID-19 on the market.

  • 10 years of market figures.

  • Historical data From 2017 to 2020.

  • Baseline year: 2020

  • Forecast data until 2027.

  • Key performance indicators having an impact on the market.

  • Main developments and upcoming projects.

Highlights of the report

  • Overview of the Australian Solar Water Pumping System Market

  • Australian Solar Water Pumping System Market Outlook

  • Australian Solar Water Pumping System Market Forecast

  • Australia Off-Grid Solar Pumping System Market Size and Market Forecast Revenue and Volume, to 2027F

  • Historical data of Australia market revenue and volume of off-grid solar water pumping systems, by rated capacity, for the period 2016-2020

  • Market Size and Forecast of Australian Off-Grid Solar Pumping System Market Revenue and Volume, by Rating, to 2027F

  • Historical data of Australia Grid On-Grid Solar Water Pumping System Market revenue and volume, by rated capacity, for the period 2016-2020

  • Market Size and Revenue and Forecast of Australia Grid On-Grid Solar Water Pumping System Market, by Rating, to 2027F

  • Market drivers and constraints

  • Australian Solar Water Pumping System Market Trends and Industry Lifecycle

  • Porter’s Five Forces Analysis

  • Market Opportunity Assessment

  • Australia Solar Water Pumping System Market Share, by Players

  • Competitive benchmarking

  • Company Profiles

  • Main strategic recommendations

  • Market scope and segmentation

Companies mentioned

  • Davey Water Products Pty Ltd.

  • Franklin Electric (Australia) Pty. Ltd

  • Grundfos Pumps Pty Ltd.

  • KSB Australia Pty Ltd.

  • LJW Solar Pty Limited

  • Lorentz

  • Mono Pumps (Aust) Pty Ltd.

  • Pumps Orange Pty Ltd.

  • Rainbow Power Company Pty Limited

  • Shakti Pty Ltd. Pumps

The report provides detailed analysis of the following market segments:

By nominal power

Networked solar water pumping system

  • Up to 3 CV

  • 3.1 to 7.5 HP

  • Above 7.5 HP

Off grid solar water pumping system

  • Up to 3 CV

  • 3.1 to 10 HP

  • 10.1 to 12.5 HP

  • 12.6 to 19 HP

  • Above 19 HP

By type of design

  • Area

  • Submersible

  • By type of reader

  • AC pump

  • DC pump

By application

  • Irrigation elevator

  • Others (Water trough, livestock watering, municipal services, etc.)

By regions

  • Northern region

  • South region

  • eastern region

  • Western region

For more information on this report, visit https://www.researchandmarkets.com/r/pnpw7x

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]]> Seattle couple accused of stealing $ 1 million in unemployment benefits and small business loans https://grantstation-trendtrack.com/seattle-couple-accused-of-stealing-1-million-in-unemployment-benefits-and-small-business-loans/ https://grantstation-trendtrack.com/seattle-couple-accused-of-stealing-1-million-in-unemployment-benefits-and-small-business-loans/#respond Fri, 12 Nov 2021 01:55:32 +0000 https://grantstation-trendtrack.com/seattle-couple-accused-of-stealing-1-million-in-unemployment-benefits-and-small-business-loans/

Two Seattle residents have been accused of stealing more than $ 1 million in unemployment benefits and federal small business loans during the pandemic.

Bryan Alan Sparks, 40, and Autumn Gail Luna, 22, were charged on Wednesday with stealing at least $ 500,000 in unemployment benefits from the state’s Department of Employment Security (ESD) and loans of $ 520,000 to the Small Business Administration, according to a 16-count indictment filed in the United States. District court.

The unemployment benefit burden appears to be the biggest discovery to date, in dollar terms, resulting from the $ 650 million wave of unemployment fraud that hit Washington last year.

The couple were arrested on June 22 in Washington, DC, with cocaine, heroin and methamphetamine, according to the US prosecutor’s office in Seattle.

Prosecutors say that from March 2020 to at least January 2021, the couple used stolen social security numbers and other personal information to file fraudulent unemployment claims and apply for federal loans in the event of an economic disaster.

As part of the program, Sparks and Luna used more than a dozen cell phones and addresses in Seattle, Des Moines, Federal Way, Auburn and Lynnwood, among others, prosecutors said.

Sparks and Luna either sent the products to those addresses or deposited into bank accounts opened using stolen personal information, prosecutors said. Other people could also have been involved in the fraud, according to the indictment.

Sparks and Luna are charged with Conspiracy, Mail Fraud, Electronic Fraud and Aggravated Identity Theft. It was not clear if Sparks and Luna had a lawyer.

The indictments are the latest in massive fraud last year, when criminals tapped into federal pandemic emergency relief programs.

In September Reyes De La Cruz III, a former ESD employee, was accused of stealing at least $ 360,000 in unemployment benefits.

In May, federal investigators accused Abidemi Rufai of Lekki, Nigeria, of stealing more than $ 350,000 in benefits. A month later, federal prosecutors charged Chukwuemeka Onyegbula, a Nigerian computer engineer, with stealing around $ 290,000 in profits from ESD and other states.

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Banking sector reform, subsidy on the agenda https://grantstation-trendtrack.com/banking-sector-reform-subsidy-on-the-agenda/ https://grantstation-trendtrack.com/banking-sector-reform-subsidy-on-the-agenda/#respond Mon, 08 Nov 2021 18:00:00 +0000 https://grantstation-trendtrack.com/banking-sector-reform-subsidy-on-the-agenda/

The International Monetary Fund will learn about Bangladesh’s progress in reforming the banking sectors and local subsidies as well as the ongoing vaccination campaign as it prepares to hold its first dialogue with the government since the outbreak of coronavirus.

The Article IV consultation to be held from December 5 to 15 will focus on five key areas, namely Banking, Subsidy, Income and Exchange Rate Reforms, Covid Vaccination Program- 19, as well as $ 3 billion in loans to be granted to the country over a three-year period.

For all the latest news, follow the Daily Star’s Google News channel.

During an Article IV consultation, a team of IMF economists visits a country to assess its economic and financial development and discuss the country’s economic and financial policies with representatives of the government and the community. central bank.

Rahul Anand, assistant to the director of the IMF Institute for Capacity Development, will lead the mission. The last time an IMF mission visited Bangladesh was in 2019.

The banking sector reform program will focus on default loans and the latest situation in the banking sector.

In 2019, the IMF presented Bangladesh with a detailed proposal on how to improve the situation of the banking sector. The crisis lender did not sue him due to the pandemic. The upcoming mission will push for the reform agenda, sources at the Ministry of Finance and the Bangladesh Bank (BB) said.

The issue of non-performing loans (NPL) will be a priority. Official figures put the NPL rate at around 8.18% in June.

But in 2019, the IMF said the bad asset ratio, which stood at 11.50% for the year, would double, because not all sources of problem assets are captured by the definition. central bank defaulted loans.

The coronavirus pandemic has exacerbated the NPL scenario, with borrowers facing an unprecedented drop in business amid collapsing demand, weakening their ability to repay.

The IMF mission two years ago estimated that a large number of defaults were by choice and not due to unexpected financial hardship.

In addition, the balance sheets of some banks, including Padma Bank, deteriorated.

The government has taken steps to address the issue of banking reform.

He amended the law on banking companies. Once parliament passes the amendment, it will begin to tackle the bad debt problem.

The amendment includes a provision relating to asset management companies. The government is considering setting up a crown corporation to buy and trade distressed loans from banks as part of its efforts to clean up the financial sector.

The subsidy will be a priority during discussions between the IMF and the government.

The IMF still says energy prices should be aligned with international markets to keep the budget deficit manageable, officials say.

The government has set a budget deficit target of 6.3 percent for the current fiscal year, but it could exceed given soaring commodity prices internationally.

Bangladesh last week raised the price of fuel oils such as diesel and kerosene after their prices rose sharply in world markets.

A finance ministry official, however, said the price increase was not tied to any IMF conditions. The budget for the current fiscal year did not include funds for subsidies for the fuel sector.

He allocated Tk 9,000 crore for the electricity sector. But due to rising fuel prices, another Tk 6,000 crore might be needed if the electricity tariff is increased.

Likewise, the government may need to channel an additional Tk 2,000 crore to the agricultural sector in the form of subsidies if the price is not adjusted according to world fertilizer prices. Prices for most fertilizers jumped in 2021, driven by strong demand and higher input costs. The agricultural subsidy currently stands at Tk 9,500 crore.

The government can increase the prices of electricity and gas. The price of fertilizers can remain unchanged.

The taka exchange rate will be discussed at the meeting.

Although the central bank has introduced a floating exchange rate, it intervenes indirectly in the market when necessary in order to keep the local currency stable. The IMF wants it to be market driven.

A BB official said that a weak taka will create inflationary pressure, so the central bank does not allow too much depreciation.

In recent times, the taka has come under pressure from rising imports, prompting the central bank to sell US dollars. BB has sold dollars for $ 1.58 billion so far in the current fiscal year, which was nil in the last fiscal year.

The official average exchange rate hovers around Tk 85 per USD.

The IMF mission will also focus on reforms in the revenue sector, according to the finance ministry official.

In June 2019, the IMF said the organizational structure of the National Board of Revenue needs to be modernized to improve its coordination and efficiency.

Regarding the immunization program, the IMF will discuss expenditure related to immunization campaigns and the use of donor funds, as it sees immunization as the key to recovery from the pandemic.

Since the mass vaccination began in February this year, the government has administered eight crore in doses and set a target of increasing them to 12 crore in doses by January.

The government received $ 940 million from the Asian Development Bank and $ 500 million from the World Bank to implement the immunization program. An additional $ 500 million could come from the Asian Infrastructure Investment Bank and $ 300 million from Japan.

The government has allocated Tk 10,000 crore in the budget to immunize the population. So far, around Tk 12,600 crore has been spent on the purchase of vaccines.

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Adoption of Biden’s plan to tackle infrastructure crisis creates challenges and opportunities https://grantstation-trendtrack.com/adoption-of-bidens-plan-to-tackle-infrastructure-crisis-creates-challenges-and-opportunities/ https://grantstation-trendtrack.com/adoption-of-bidens-plan-to-tackle-infrastructure-crisis-creates-challenges-and-opportunities/#respond Sat, 06 Nov 2021 18:33:52 +0000 https://grantstation-trendtrack.com/adoption-of-bidens-plan-to-tackle-infrastructure-crisis-creates-challenges-and-opportunities/

In a bipartisan vote on Friday night, House officials passed President Joe Biden’s landmark legislation to deal with the country’s worsening infrastructure crisis. But as with any crisis management plan, the devil will be in the details of how his plan is executed. Once Biden signs the bill, the hard part begins: making sure the funds are spent the right way, for the right reason, and at the right time.

In a White House televised address on Saturday morning, Biden said the legislation would create union jobs, fix crumbling roads and bridges, expand broadband internet access and help communities resist the effects of climate change. .

He said the benefits will not only have a direct impact on people’s daily lives, but will also help the United States become more competitive globally. “I really believe that 50 years from now people will look back and say that was the time, that was the time this year and the next two years when Americans decided to win the competition of the 21st century, for get into the game, full caliber, ”Biden said.

Opportunities

Murray Rowden is the Global Head of Infrastructure at Turner & Townsend, an international construction consulting firm. He said that for private companies, “the infrastructure bill will present an opportunity to create public-private partnerships that will both amplify the funding of the bill, as well as strengthen infrastructure as a class. stable assets capable of providing the long-term, reliable returns that private investors seek.

“The bill will also give institutions at the local level, like economic development companies and green banks, the capital they need to stimulate private investment in sustainable assets and operations that reduce carbon emissions and we bring closer to the achievement of the objectives of the COP 26. summit ”, he declared.

Challenges

Endangered business advantages

Jason R. Escamilla, CFA, is the Founder and Chief Investment Officer of Impact Advisor. He warned that “when this bill is signed, two important measures favorable to business [will] disappear to pay for new expenses. There are a lot of companies that need this stimulus and don’t even know it.

The measures include the fourth-quarter employee retention credit and the Small Business Administration’s targeted economic disaster loan advance for businesses in low-income areas.

Skilled labor

According to Rowden, “The main challenge for businesses, especially in construction, will be overcoming the shortage of skilled labor to do the job. It will inevitably be difficult to achieve the objectives of the bill without the labor.

“Businesses will continue to see steady increases in wage costs, with the average construction wage in San Francisco already increasing 15.6% since 2019, and the average construction wage in New York and Chicago increasing by 7%. , 0 to 8.0% since 2019. ”

Supply chains

Rowden noted that “the other major challenge in putting this funding to work will be to rebuild and restore supply chains. The past year was marked by enormous volatility in the cost of raw materials and commodities, which either drastically increased the cost of construction or caused indefinite pauses on many programs. The Biden administration is firmly committed to removing constraints from the supply chain. But, it is likely that they will continue to be a bottleneck for some time to come.

National plan required

He noted that the United States “is the only major Western country without a national infrastructure plan and in desperate need of it. “If the federal government is going to inject trillions of dollars into the economy, it would be a great opportunity to combine this stimulus package with the deployment of a [plan] to help guide the proper use of these funds.

But Rowden said, “To get it right, the United States will need to prioritize ‘shovel worthy’ and not ‘shovel ready’. [projects]. “

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Protect paychecks under closer inspection https://grantstation-trendtrack.com/protect-paychecks-under-closer-inspection/ https://grantstation-trendtrack.com/protect-paychecks-under-closer-inspection/#respond Thu, 04 Nov 2021 23:47:00 +0000 https://grantstation-trendtrack.com/protect-paychecks-under-closer-inspection/

JACKSON, Mississippi (WLBT) – A 3-month investigation from On Your Side finds that more than $ 17 million in federal paycheck protection program loans have been disbursed to organizations and businesses associated with 64 lawmakers in State over the past eighteen months, a handful of which also provided false information to the US government when requesting money.

The scan, which found no evidence of fraud or illegal activity, relied on files from the Mississippi Secretary of State, disclosure documents filed with the state’s ethics committee and Small Business Administration public lending data provided by ProPublica.

This year alone, nearly 100,000 Mississippians received $ 2.3 billion in P3 loans from the CARES Act, which provided much-needed financial assistance to business owners.

“The CARES law was a framework law that distributed tons of money. And in every part of this act, people are trying to see if they can get the money, ”Acting US Attorney Darren J. LaMarca said. “We have seen issues in our office now, involving people who have never had a business and who have applied for a P3. People who once had a business, but it was no longer a problem, who applied. And then you have the ones who have a business, but then exaggerate the number of employees.

Most of these cases – say investigators – are however legitimate.

Representative Nick Bain (R-Corinth) runs a law firm in northern Mississippi that has secured more than $ 37,000 in P3 loans.

“It was beneficial; this ensured that we could pay our employees and make sure they had food on their tables during the months they needed it, ”Bain said. “I don’t regret taking this because it helped my employees. “

3 On Your Side researched every member of the House and Senate – 174 in total – and found that more than a third had either received a P3 loan directly or had a connection to a company that had done so.

In addition, a statewide elected official, Secretary of State Michael Watson, also received PPP money.

Our analysis revealed that the ten highest amounts paid to these people or businesses associated with them amounted to almost $ 14 million alone.

Companies linked to Representative Charles Busby (R-Pascagoula) got more than anyone else: $ 4.6 million.

Big M Transportation – a company that Representative Steve Massengill (R-Hickory Flat) works for and owns his family – has raised more than $ 3.7 million.

Four companies linked to Representative Willie Bailey (D-Greenville) have secured $ 2.8 million.

How did we determine if lawmakers had connections to businesses or organizations?

If they or their spouse owned, partnered, or had an interest in a business, such as a shareholder, it would count as a tie.

Lawmakers listed as registered agents, directors and other high-level positions in an organization’s documents filed with the Mississippi Secretary of State’s office would also be considered.

Lawmakers who were simply employed in a business with no other connection to the business or the owner did not.

3 On Your Side also found loans linked to five lawmakers that might warrant further scrutiny – two with false information.

Republican Senator John A. Polk’s company, Polk’s Meat Products in Magee, received more than $ 750,000 in P3s.

The Secretary of State’s website shows that Polk’s Meat Products has been registered as a company since 1975, but the person who applied for the loan listed it as a “sole proprietorship,” according to SBA records.

Although a corporation is a separate legal entity from the business owner, sole proprietorship means the owner operates the business and would not apply to entities with shareholders.

It is not known why Polk’s company chose this option.

Polk did not respond to multiple requests for comment.

Representative Earle Banks (D-Jackson) is a shareholder of Peoples Funeral Home, according to his declaration of economic interest.

This company has secured over $ 17,000 in P3 funds, but its loan information indicated the type of industry as “other management consulting” instead of what it is: a funeral home.

Banks did not respond to requests for comment.

It is important to note here that nothing uncovered in this investigation was found to be illegal or fraudulent, but in a few cases the information provided to the federal government by elected officials was false.

“I don’t think that means what they did was fraud. There could very well be many legitimate reasons, perhaps negligence. Maybe that’s a reason to learn more, ”said LaMarca.

Neither LaMarca nor FBI Special Agent Jackson Jermicha Fomby would address the details we found.

Click on here to see the full list of politicians and the P3 loans they have received.

“If there is anything that we feel is in violation of this, you know, the law that leads to the fraud, then we investigate,” Fomby said. “And then those facts are passed on to the US attorney’s office, and the US attorney’s office will make a decision on whether to prosecute.”

It may seem strange that some lawmakers – elected officials from across the state – have secured loans for their businesses.

Being a member of the Mississippi House or Senate is a part-time job, which means most, if not all, lawmakers work elsewhere, and many have their own businesses.

At the same time, lawmakers like Bain expect more attention to be paid to the money they borrow.

“We’re kinda in a fish bowl and people are looking at us. We are certainly held to a higher level. And I think it’s imperative that we treat each other this way, ”Bain said.

3 On Your Side found nothing irregular about Bain’s loans.

Our analysis found that the vast majority of that distributed PPP money – 80% – went to Republican lawmakers, many of whom also publicly criticized federal aid as “handouts.”

Watson disputed this in a statement he posted to 3 On Your Side.

“The PPP program was designed and implemented as an emergency measure to stabilize our economy. As a small business trying to help customers whose businesses have been criticized by government interference, it was the responsible thing to do, ”Watson said.

Last month, Sen. Chris McDaniel (R-Ellisville) said on social media that “welfare programs will never solve problems more effectively than local churches, charities and volunteers.”

Months earlier, his law firm took more than $ 415,000 in P3 money to help them out, according to SBA records.

McDaniel did not respond to requests for comment.

Bain believes that each situation varies depending on the company involved, and said law firms have been particularly affected.

“When you’re not able to go to work and you’re in a law firm, like ours, or any business where you deal with the public coming through the door, when in fact they are physically unable to do it, it’s a little different, ”Bain said.

House Speaker Philip Gunn declined to comment on the specific findings that 3 On Your Side shared with his office, but acknowledged the importance for its members to obey the law.

“All of our members are required to obey the law and should be held accountable by the proper authorities if it turns out that they are not doing so,” Gunn said in the statement.

Copyright 2021 WLBT. All rights reserved.

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Big banks resume pressure for foreclosures following pandemic – The Bureau of Investigative Journalism (en-GB) https://grantstation-trendtrack.com/big-banks-resume-pressure-for-foreclosures-following-pandemic-the-bureau-of-investigative-journalism-en-gb/ https://grantstation-trendtrack.com/big-banks-resume-pressure-for-foreclosures-following-pandemic-the-bureau-of-investigative-journalism-en-gb/#respond Wed, 03 Nov 2021 06:28:45 +0000 https://grantstation-trendtrack.com/big-banks-resume-pressure-for-foreclosures-following-pandemic-the-bureau-of-investigative-journalism-en-gb/

In an indescribable courtroom on the fifth floor of the glass-fronted Manchester Civil Justice Center, Angela * ‘s voice quivered as she addressed the judge. She tried to explain how she had always been employed until Covid-19 hit and her job dried up. She had just gone through a custody battle with her ex-partner and her sanity was suffering, she explained.

His last mortgage payment was in March 2020, and at the end of August this year his bank, TSB, filed a complaint with the courts. She was in arrears of £ 8,400 at the time. By the time the case went to court, Angela had started receiving universal credit and had managed to secure a £ 4,000 loan from her father. Her lawyer explained to the judge that she was also willing to bring a tenant into her spare bedroom and said “it is hoped that her situation will change” in the coming weeks.

But the judge seemed unmoved, saying no proposal had been made to clear the arrears. He granted a possession order. Outside, Angela was crying.

Great players

In addition to attending these cases in person, the Office has compiled the public details of more than 2,500 hearings in 10 of the busiest county courts in England and Wales. More than one in 10 was a mortgage file.

Lloyds Banking Group (which is made up of several brands including Lloyds, Bank of Scotland and Halifax) accounted for 38% of all mortgage hearings listed by these courts, meaning the group appeared to be responsible for nearly twice as many cases as its share of the mortgage market would suggest. The vast majority of these cases came from the Bank of Scotland; it accounted for 30% of all possession cases the Bureau recorded that were initiated by a mortgage provider.

Similar proportions of cases brought by these banks were recorded by Bureau reporters during hearings attended in person. In court, we recorded that Covid-19 was mentioned explicitly in a quarter of Bank of Scotland cases. In a case that has been adjourned, the defendant lost his job during the pandemic and fell into mortgage arrears. In another coronavirus-related case, a stay of possession order was issued against a defendant who had previously always paid on time.

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