Grantstation Trendtrack Thu, 22 Jul 2021 01:22:35 +0000 en-US hourly 1 Grantstation Trendtrack 32 32 BPI profits climb to 6.8 billion yen in second quarter 2021 Thu, 22 Jul 2021 00:54:29 +0000

Metro Manila (CNN Philippines, July 22) – The Bank of the Philippine Islands posts higher profits in the second quarter of the year despite the raging COVID-19 health crisis.

In a disclosure to the local exchange on Thursday, the Ayala-led bank reported net income of 6.8 billion yen, up 28.8% from the same quarter last year and 36.3% compared to the first three months of 2021.

The recent figure is BPI’s highest quarterly income since the start of the pandemic, he said, attributing the largest tally to “recognized lower provisions.” The bank’s second-quarter profit brought first-half net profit to 11.8 billion yen, an annual growth of 1.2%.

However, the company saw its total revenue drop 6.7% between January and June to 48.1 billion yen.

One of the country’s largest banks, BPI allocated 6.5 billion yen in loan provisions for the period, down 55.7%. BPI also reported a non-performing loan ratio of 2.94% and a bad debt coverage ratio of 120.3%.

Total loans reached 1.4 trillion yen at the end of June, down 4.5% on “weaker” demand for business, small and medium-sized business and auto loans. Overall, deposits also fell 4.5% to 1.7 trillion yen.

“Net interest income fell 6.6% to 33.9 billion yen as the NIM contracted 24 basis points from 3.56% to 3.32%, yields on assets income falling by 85 basis points, “he said, adding that non-interest income also fell 7.1% to 14.3 billion yen mainly due to lower trading income .

Fees and commissions, meanwhile, jumped 37.2% in the company’s paid businesses.

BPI’s total assets stood at 2.2 trillion yen, a decline of 3%, he added.

“Total equity increased to 285.8 billion pesos, with an indicative Common Equity Tier 1 ratio of 16.95% and a capital adequacy ratio of 17.82%, both above regulatory requirements. Return on equity was 8.4%, while return on assets was 1.1%, “the bank noted.

BPI is among the Philippine banks that received a downgrade of their outlook from “stable” to “negative” from global debt watchdog Fitch Ratings following a similar review of its outlook for the national economy.

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Utah County Commission Appoints Peter Brown as Project Coordinator | Government and Politics Thu, 22 Jul 2021 00:00:00 +0000

The Utah County commission voted on Wednesday to appoint Peter Brown to a new position of project coordinator hosted by the commission.

According to his LinkedIn pageBrown has served as the Utah County CFO since 2020 and is responsible for “the management of federal pandemic grants (COVID-19) for the government of Utah.”

The project coordinator position is one of two full-time budget administration positions the committee approved for creation on July 14 in a 2-0 vote. Commissioner Amelia Powers Gardner abstained from voting on the proposal, fearing it had not been approved to the degree expected by other county departments.

“So the reason I abstained was because I really didn’t appreciate that we were putting all the other departments in the county through a thorough process to add people, but… the commission was ready to do it. do it quickly for herself, ”Gardner told The Daily. Herald last week. “I just didn’t like that it didn’t follow the process that we are passing all the other departments in the county through to add a post, but yet when the commission wants to add posts below it- even, it cuts all corners and requires much less.

But Commissioner Bill Lee rebuffed Gardner’s comments on Wednesday, noting that the commission frequently approved staffing plan changes with little to no discussion and arguing that there was nothing “out of step” with the way the proposal had been adopted.

The Commissioner further argued that there had been discussions between the Commissioners “for some time” on the new positions, including behind closed doors.

“So we had a dialogue for a while on these positions,” he said.

Lee also noted that the commission is the appointing body in the county, “where (like) department heads are not, and they have to come to the commission for approval.”

“So there is a big difference when we do staffing, either at a department level or at a commission level (level), which is different,” he said.

During Wednesday’s meeting, Lee asked HR Director Ralf Barnes if he thought there was anything inappropriate about the way the proposal was approved. His answer ? “Not really.”

“It may seem unusually fast in this case. (But) I don’t think that’s irrelevant to the fact that it’s happened before, ”Barnes said. “It’s always up to the board to decide how much scrutiny it needs to make its decision. So it’s the variability that I think we see in these cases more than anything. “

Barnes continued, “I agree that in this case maybe it looked like it was quick and maybe the level of control wasn’t there. But you’re right, there has been a lot of behind-the-scenes talk about this one.

Gardner made no objection to the budget administration’s positions on Wednesday and voted to approve the resolution appointing Brown as the project coordinator, which was passed unanimously.

Brown’s post is temporary and will not exceed three years, according to the resolution. It will be paid for using funding from the American Rescue Plan Act and other federal COVID-19 funds.

Connor Richards covers government, the environment and southern Utah County for the Daily Herald. He can be reached at and 801-344-2599.

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Federal Cowlitz River Sediment Monitoring Fund on Track for Second Year | Local company Wed, 21 Jul 2021 23:30:00 +0000

The Cowlitz River Sediment Monitoring Survey will be federally funded again this year, putting the project back on track after several years in which the federal government did not allocate the necessary funds.

Congresswoman Jaime Herrera Beutler said in a press release on Wednesday that the Energy and Water Subcommittee Appropriations Bill FY22 included two projects in southwest Washington: monitoring sediment in the Lower Cowlitz River and a Columbia River Turning Basin Navigation Improvement Project.

The US Army Corps of Engineers monitored the amount of sediment still flowing from Mount St. Helens after the 1980 eruption and in local waterways as they present a flood hazard to communities in downstream.

In 2019, Cowlitz County, the Town of Castle Rock, and the dike districts of Longview, Kelso and Lexington paid the Corps $ 110,000 to survey the river after federal funding failed. This investigation was the first since 2015. The federal government allocated $ 870,000 in 2020 to the Corps to allow for a river survey and preconception work to raise the Lexington Dam, which was built in the years immediately after the eruption to slow the flow of silt volcanoes into the river. The dam, however, begins to fill with sediment and must be raised to remain effective.

This year, the Corps will receive $ 918,000 to complete operations and maintenance work and investigation.

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State budget cuts ‘ineffective’ tax breaks | New Wed, 21 Jul 2021 23:28:50 +0000

BOSTON – A controversial grant for filmmakers has been put in place as part of the state budget, even as lawmakers have withdrawn several other tax breaks.

A $ 47.6 billion spending package signed by Gov. Charlie Baker last week repeals three tax credits that a state commission said were not worth their weight in lost revenue.

One of the subsidies removed is a Medical Device User Fee Credit, which reimburses companies for certain fees they pay to the United States Food and Drug Administration.

The tax credit, which costs the state more than $ 600,000 per year, is “claimed by a number of large companies primarily,” the panel found in a report, and there is “no provision. similar tax in neighboring states ”.

“The use of this credit by less than half a dozen large companies is a strong indication that it is irrelevant,” the Tax Expenditure Review Commission report said. “Although its low cost suggests that it could be easily justified, we conclude that the average tax credit is too small to provide a significant incentive to the relatively large businesses that claim it.”

Another disappearing subsidy offers shipowners a dollar-for-dollar compensation for the federal excise tax on ports. It was also reported by the repeal commission.

“We conclude that while this credit provides an incentive to use Massachusetts ports, we find that it has no measurable benefit and is irrelevant today,” the report’s authors wrote.

A five-year tax exemption on income from the sale or transfer of energy conservation patents has also been removed. The panel noted that it was so tightly structured that “no one has ever used it”.

The commission of state officials, lawmakers and tax experts examined nearly a dozen tax credits, deductions and exemptions available to companies doing business in Massachusetts.

Greg Sullivan, commissioner and senior analyst at the Pioneer Institute, praised lawmakers for moving quickly to eliminate subsidies.

“When tax relief becomes law, sometimes it actually becomes permanent because it is not subject to review,” he said. “A lot of these tax credits are aimed at job creation and economic growth, but we need to make sure those benefits match the costs. “

True, the tax commission advised lawmakers to remove the film tax credit, which was due to expire in 2023. Instead, the legislature made it permanent and changed the eligibility criteria.

The program provides refundable tax credits equivalent to 25% of the production costs of feature films, television shows, documentaries and commercials shot in the state.

Critics call it a giveaway to Hollywood studios while supporters say it boosts a small but thriving film industry that creates jobs and contributes to the state’s economy revenue.

The tax group also questioned a sales tax exemption on alcoholic beverages, which it said has cost the state up to $ 130 million a year in lost revenue.

He pointed out that alcoholic beverages are not subject to the state’s 6.25% sales tax and are taxed at a lower rate than other retail products at a similar price.

“There is more state tax paid on a taxable grocery cart, containing items such as paper towels and toothpaste, than on an equal retail bottle of alcohol,” the report notes.

Lawmakers whose districts are close to the New Hampshire border have long lobbied to lift the alcohol sales tax altogether, to make the state’s liquor stores more competitive. Despite this, the legislature took no action on the commission’s suggestion.

Sullivan said the recommendations are only the first installment of tax credit reviews. The commission hired consultants to look at other tax breaks.

“It is a healthy exercise for any state to frequently review these tax expenditures,” he said. “We have to make sure we get our money’s worth.”

Christian M. Wade covers the Massachusetts Statehouse for newspapers and the North of Boston Media Group websites.

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How PPP Loans Helped Lane County Nonprofits Wed, 21 Jul 2021 13:05:03 +0000

From providing essential community relief to planning for various scenarios to keep the Olympic trials going, federal loans have helped nonprofits continue their key work during the coronavirus pandemic.

Between April 2020 and May 2021, $ 868.6 million entered Lane County from the Federal Paycheck Protection Program, which aimed to provide relief to businesses during the COVID-19 pandemic.

The federal government, through private lenders, has provided loans to about 6,500 businesses in Eugene, Springfield and the rest of Lane County, according to a Register-Guard analysis of US Small Business Administration data.

Read more:* For subscribers * Lane County employers have secured $ 868.6 million in P3s loans. Where did the money go ?

This analysis also found that at least 264 of the loans, totaling $ 58.9 million, went to nonprofits.