2018 San Antonio construction industry conference
IN-PERSON EVENT |
Join construction industry professionals from around the state for the full-day event to explore the challenges, opportunities and trends facing the industry today.
The event includes a powerful lineup of industry topics, including:
- A Bexar County issues and capital projects update from Judge Nelson Wolff
- Accounting update, including revenue recognition and leasing changes
- Managing risk in the digital age
- Blockchain basics and how it may affect the industry
- Tax reform update
Exhibit tables and sponsorships are available for you to showcase your products and services. We hope you can join us for this informative annual event.


The Pueblo West Metro Board is on a mission, zealously seeking to saddle Pueblo West citizens with new taxes.
Most recently, the board unsuccessfully repeated its quest for a sales tax to fund road maintenance. Never mind that Pueblo County still owns Pueblo West’s roads. Initially, Pueblo West’s metro board negotiated with Pueblo County to assume road maintenance responsibility because developers wanted more input over road maintenance spending than county commissioners would allow - special-interest influence, of course.
Never mind that we continue paying county property taxes for road maintenance - and receive little benefit.
Currently, the metro board has activated a sales tax initiative for the November 5 ballot to fund construction of a new southwest Fire Station 2, on desolate bottomland that’s been prone to flooding.
Never mind that Pueblo West already has an existing southwest Fire Station 2, located on high ground, barely two miles from the board’s proposed new site, that simply needs renovation and expansion. As for response time and insurance rates, the barely two mile difference in locations shouldn’t affect either.
Now, the board is also zealously seeking to replace the district’s recently storm-damaged administration building, rather than repair and renovate it. Their eyes and attention have been on the Hanson Medical Clinic building, on Burlington. But, hold on.
In a story in last week's Pueblo West View, Dr. Hanson and his real estate associate agree that the Hanson Clinic is much more valuable as a medical facility than the $3 million the metro board had contemplated, and that the building isn’t for sale, yet.
Never mind that Dr. Hanson is father-in-law to a metro board member. Never mind that the same board member organized a tour of the building for other board members. Never mind that doing so made it a public meeting that the public wasn’t given notice for an opportunity to attend.
In a recent View article, another board member says it would cost possibly up to $7 million to build a new administration building, depending on size. The article also says the board is looking for around $1 million in insurance recovery on the existing administration building. The metro district manager says the board is hoping for grants, plus “... we have a healthy fund balance, about $1 million over what we’re supposed to have” - all quite intriguing.
So, why not just put those resources together and stay put, repair the damage and renovate the existing administration building? Otherwise, the metro board might be asking voters to approve yet another sales tax to buy an existing building, or construct a new one.
Currently, the metro district doesn’t have a Pueblo West sales tax, just the 1% county and 2.9% state. But had voters approved all these proposed sales taxes, we’d also be paying the 3.7% Pueblo sales tax rate.
These examples clearly suggest special-interest patronage. And the board wants Pueblo West citizens to foot the bill. I’ll stand against and vote against these propositions. You should too.
Bill Clemens is a retired newspaper executive who has served on the Pueblo West Metro District’s board of directors and the district’s agricultural committee.


Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
The following is a post by MPFJ staff writer, Kevin Mercadante, who is professional personal finance blogger, and the owner of his own personal finance blog, OutOfYourRut.com. He has backgrounds in both accounting and the mortgage industry.
There is no shortage of online brokerage firms these days, and you can be blinded by all the options they offer. Most have low fees, and there are slight differences between each that make all the difference in the world (funny how that works sometimes, right?!), depending on what type of trader you are, and how larger your portfolio will be.
Before you move your money into any of these accounts, it is important to check out the specials that they are offering – and they all seem to be offering them an ongoing basis. Most will at least reimburse you for exit fees paid to your current broker, but some firms also offer free- or lower cost-trades, either for a certain amount of time or a limited number of transactions.
Special offers aside, here are the basics on some of the more popular online stock brokers.
Scottrade offers basic stock trading at $7, and reasonable transaction costs for most other trades. In addition to stocks, you can also trade options, mutual funds, exchange traded funds (ETF‘s), certificates of deposit, and foreign securities.
You can also open a range of IRAs, including traditional, rollover, Roth, and SEP accounts. Scottrade is also offering banking services, including checking, savings, and money market accounts.
The service offers real-time stock quotes, free research, and phone apps. The minimum to open and account is $500.
One of the advantages of Sharebuilder is that it has no minimum balance requirement, and that opens the service to the smallest of investors. Basic stock and ETF trades are $6.95, and mutual funds trades are $19.95. You can trade options at $6.95 plus 75 cents per contract.
You can have both individual and joint investment accounts, and also education savings accounts (ESA’s), traditional and Roth IRAs, and rollover- and small business-401(k)’s.
Probably the best known online brokerage service – due to its aggressive advertising campaigns – E*Trade offers two commission structures on stock and option trades. The standard fee is $9.99 per trade, but if you’re an active trader – meaning that you execute more than 150 trades per quarter – the transaction fee drops to $7.99 per trade.
The company offers stocks, bonds, options, mutual funds, and ETF’s. You can hold an IRA with no fees and no minimum deposit requirements. The company also offers full service banking. There is a minimum deposit requirement of $500 to open a taxable account.
E*Trade offers trading in more than 7,600 mutual funds, which includes 1,100 no-load/no transaction fee funds.
The company’s Power E*Trade Account is available if you make at least ten trades per month, or 30 trades per quarter. This service provides advanced tools including advanced charts, and screening- and analytical-tools.
TradeKing (Which Now Includes Zecco.com After the Merger)
TradeKing offers one of the lowest transaction fees available for online brokers (the only one lower than this I know of is SogoTrade.com, which offers $3 trades). The basic fee of $4.95 applies to stocks, mutual funds, and options (plus $.65 per contract). There is no minimum amount to open up an account.
The company also offers trades in stocks, ETF’s and more than 8,000 mutual funds. There is no annual maintenance fee, however, if you do not execute any trades within a 12 month period, and the balance in your account is less than $2,500, you will be charged a $50 inactivity fee.
SmartMoney gave TradeKing it’s highest customer service rating in 2012, and when you combine that with some of the lowest transaction fees in the industry, it’s a tough combination to beat.
TradeMONSTER offers transaction trading fees that are (at $7.50 per trade) about middle-of-the-road as far as online brokers go. The company offers both individual and joint investment accounts, as well as no-fee IRAs. You can also trade stocks, options, mutual funds, and ETF’s. There are no FOREX offerings, and futures can only be traded through a separate account.
The company reportedly has excellent customer service, including research tools, portfolio analysis and reporting tools. On the negative side, they do require a minimum of $2,000 to open an account, and there are no extended trading hours, nor do they offer access to international exchanges.
Bringing it all together
The various account terms and fee structures can be confusing, so here’s a chart with a side-by-side comparison of each of the five brokers from above. Just be sure to do some deeper research into each company before making a decision. Some companies may offer even lower prices if you are a more active trader.
How about you all? Have you used any of these brokers, and if so, how has your experience with them been?
Share your experiences by commenting below!
***Photo courtesy of http://www.flickr.com/photos/perspective/186512551/sizes/s/in/photostream/


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ESMA’s AIFMD Q&A has recently been updated to clarify the requirements on:
how frequently the leverage of an alternative investment fund (an AIF) should be calculated; and
the calculation of the leverage exposure of an AIF whose assets are invested in short-term interest rate futures.
Frequency of AIF Leverage Calculation
An alternative investment fund manager (an AIFM) should calculate the leverage of each AIF that it manages as often as is required. The purpose of this is to ensure that the AIF is capable of remaining in compliance with leverage limits at all times. Consequently, the Q&A states that leverage should be calculated at least as often as the net asset value (the NAV) of the AIF is calculated, or more frequently if required. Circumstances which may lead to increased frequency of leverage calculation, include the following:
material market movements;
changes to portfolio composition; and
any other factors the AIFM believes require calculation of leverage more frequently than NAV in order for the AIF to remain in compliance with leverage limits at all times.
AIF Leverage Calculation where there is Investment in Short-Term Interest Rate Futures
ESMA clarified that the calculation of leverage exposure of an AIF (assessed under the gross or commitment calculation methods) due to its investment in short-term interest rate futures should not be adjusted for the duration of the futures.
Paragraph (1)(a) of Annex II of the Commission Delegated Regulation (EU) No 231/2013 (the Level II Regulation) sets out the method to be used, when converting all interest rate futures into equivalent positions in the underlying asset, when calculating the exposure of the AIF, as the product of the number of contracts and the notional contract size. The Q&A states that the duration of the financial instrument should not be considered for the purpose of that calculation. This does not, however, prevent AIFMs managing AIFs that, in accordance with their core investment policy, primarily invest in interest rate derivatives, from applying duration netting rules under the commitment method, in accordance with Article 8(9) of the Level II Regulation.


BANGOR — Democrat Libby Mitchell released a jobs plan Monday that focuses on locally grown food, more significant tax credits for businesses, and state borrowing to support roads and other projects.
One of five people in the race for governor, Mitchell told a small group of supporters at the party headquarters in Bangor that an expanded “seed capital tax credit” would help businesses create jobs.
“We have it now, but it’s not big enough,” she said. “We could expand it so that it could cover businesses who are growing and that can prove to us they can create sustainable jobs.”
Monday’s was the third in a series of policy announcements by Mitchell, who talked previously about government reform and education. She said she will talk about energy and the environment, and health care, at future news conferences.
Part of her plan focuses on agriculture: She said she wants to require that at least 25 percent of the food served in schools, prisons and state facilities to be locally grown or harvested.
“We need to expand these markets for our traditional industries as part of our culture heritage,” she said. “The Farm and Bait to Plate Program will help farmers and fishermen.”
She said she did not know what percentage of food now served in public facilities is local, but she wants it to be greater.
Her spokesman, David Loughran, said it’s not possible to estimate how much it would cost to implement the program because commodity prices change and so would the amount of food purchased for each facility.
Mitchell’s opponents on the Nov. 2 ballot are: Republican Paul LePage, who introduced his own plans for the state Monday; and independents Eliot Cutler, Kevin Scott and Shawn Moody.
Mitchell said the state Department of Labor already has a “rapid response” team that works with businesses and employees after companies close. She wants to get to struggling businesses before they close.
“Sometimes you want that in place prior to a business closing down,” she said. “At the first sign of trouble, there’s a central place that businesses can go within the governor’s office to get help and keep that business alive.”
The rapid response team would be part of a state department that Mitchell is proposing to create by combining the Department of Economic and Community Development and the State Planning Office.
The department would employ “business advocates” who would help business owners navigate state regulations. Mitchell said the new department would save money by allowing her to reduce the state work force and eliminate duplication.
On the issue of borrowing, Mitchell said she would present a “robust” bond package to support roads, bridges, ports, rail, drinking water infrastructure, and research and development.
As Senate president, Mitchell helped negotiate $44.3 million in new borrowing. In June, voters approved borrowing for roads, bridges, a deep-water pier in Portland, and rail. They will be asked in November to approve nearly $15 million in additional borrowing to support dental care and land conservation.
Mitchell said the state pays off bonds in 10 years and it must invest in roads and bridges. “The state has the capacity to pay bonds,” she said. “We certainly do not issue bonds except in a very responsible way.”
The state has $500 million in general obligation bonds, according to the State Treasurer’s Office. Tax-supported debt per capita in Maine is $760; the national median is $936, according to the treasurer’s office.
In Maine, general obligation bonds are paid back as part of the state budget and do not require a separate funding stream. Interest rates are not known until the bonds are put on the market.
In August, state Treasurer David Lemoine told legislators that interest rates on bond anticipation notes, which are borrowed before a regular bonding cycle, were at historically low rates.
The nontaxable short term bond anticipation note of $45 million is at a 0.27 percent interest rate. The taxable bond anticipation note for $24.5 million was secured for 0.49 percent. He said that in average economic times, the interest rate would be 4 percent or 5 percent.
Other parts of Mitchell’s plan include investing in green energy, and a Management for Maine program to help train entrepreneurs.
“We just need a focus,” she said. “I think our economic development in the past has been on one industry at a time. We’re looking at development as a whole.”
MaineToday Media State House Writer Susan Cover can be contacted at 620-7015 or at: [email protected]


Please note: As of January 20, 2021, information in some news releases may be out of date or not reflect current policies.
Solis v. Tripp Mechanical Services involving failure to remit employee contributions to the company's retirement plan in Falkland, NC
Date of Action: Jan. 17, 2013
Type of Action: Complaint
Name(s) of Defendant(s): Tripp Mechanical Services, Jarvis Edward Tripp, Jr., and Gina Tripp
Allegations: In January 2008, Tripp Mechanical Services, based in Falkland, N.C., established a savings incentive match plan for employees individual retirement account plan. During the course of an investigation by the U.S. Department of Labor's Employee Benefits Security Administration, the agency found that during various times from January 2009 to September 2010, Tripp Mechanical Services, Jarvis Edward Tripp, Jr., and Gina Tripp failed in their fiduciary responsibility to forward $9,469 in employee contributions to the plan in a timely manner and also allowed the funds to be commingled with general company assets.
Resolution: The department is asking the court to order the defendants to restore all losses, including interest or lost opportunity costs to the SIMPLE IRA plan, which occurred as a result of the defendants breach of their fiduciary obligations; and to permanently enjoin the defendants' from serving as fiduciary, administrator, officer, trustee, custodian, agent, employee, representative, or having control over the assets of any employee benefit plan subject to the Employee Retirement Income Security Act.
Court: United States District Court, for the Eastern District of North Carolina
Docket Number: 4:13-cv-00011-F
U.S. Department of Labor materials are accessible at www.dol.gov. The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.


Kodaikanal is a lesser explored destination as compared to others present in this list but it is not at all behind in any sense when it comes to a honeymoon tour. This enchanting place deserves several applause as it offers a pleasant refuge to couples who look to plan their honeymoon tour somewhere in Southern India.
» Payment Terms & Methods: * 40% advance to be paid for booking of the total tour package cost. * Airfare/Transport fare to be paid full at one time in advance. » Cancellation & Refund Policy: * Upon cancellation, refund will be made after deducting the Retention Amount.


PO Box 1900, Stn. “M”
110 – 12 Avenue SW
Year End Date:
* Important notice: On Nov. 1, 2010, CIBC Mellon sold its issuer service business to Canadian Stock Transfer Company Inc., now called AST Trust Company (Canada). AST Trust Company (Canada) received approval on Sept. 4, 2013 to commence business as a federally regulated trust company. As such, you will find information forms and contact details, previously located within CIBC Mellon’s Investor Centre and Issuer Centre page. Follow this link to access the AST Trust Company (Canada) website now.
AST Trust Company (Canada)
P.O. Box 700, Station B
Montreal, QC H3B 3K3
TransAlta and TransAlta Renewables Respond to Notice of Termination for the South Hedland Power Purchase Agreement Received from Fortescue Metals Group
CALGARY, Alberta (November 13, 2017) – TransAlta Corporation (“TransAlta” or the “Company”) (TSX: TA, NYSE: TAC) and TransAlta Renewables Inc. (“TransAlta Renewables”) (TSX: RNW) announced today that TEC Hedland Pty Ltd, a subsidiary of TransAlta, received formal...
CALGARY, Alberta (November 2, 2017) – TransAlta Renewables Inc. (“TransAlta Renewables” or the “Company”) (TSX: RNW) announced today its 2017 third quarter financial results, with Comparable EBITDA(1) of $96 million, a $13 million increase over last year, driven by...
CALGARY, Alberta (November 2, 2017) – The Board of Directors of TransAlta Renewables Inc. (TSX: RNW) today declared a monthly dividend of $0.07833 per common share payable on December 29, 2017, January 31, 2018, February 28, 2018 and March 29, 2018, to shareholders of...


Trading on the Dhaka Stock Exchange (DSE) ended on Tuesday (May 4, 2021) with the rise in the price index DSEX. Today, the transactions on the DSE have also increased compared to the previous day. The other market Chittagong Stock Exchange (CSE) also ended the same picture.
On Tuesday (May 4, 2021), DSE has shares and units traded worth of Tk. 1,356 crore (Tk. 13,561.005 mn). It has been increased by 16.92223% compared to that of previous day (Tk. 11,598.312 mn).
On this day, the DSE main price index DSEX is up by 24.11724 points at 5535.48129 points which is a 0.43759% increase compared to that of previous day. Among the other two indices, the DSE 30 index rose 2.66556 points and the DSES or Shariah index rose 1.08185 point.
On Tuesday (May 4, 2021), the Dhaka Stock Exchange (DSE) has a total of 355 companies and mutual funds traded, where 141 company’s prices advanced, 147 company’s prices declined, and 67 company’s prices remained unchanged.
Total trade is 188917 (1 lac 88 thousand 9 hundred 17) with a total trade volume of 359343248 (35 crore 93 lakh 43 thousand 2 hundred 48) shares worth of Tk. 13,561.005 mn.
On the other hand, the overall index CASPI on the Chittagong Stock Exchange (CSE) decreased by 49 points. The index stands at 16,002 points. Shares worth Tk 38.17 crore were traded on the CSE. A total of 261 companies and mutual funds traded on the CSE. Of these, 112 have increased, 103 have decreased and 48 have remained unchanged.


The concepts of gender pay and equal pay are often confused.
It is important for employers to understand their key differences and the related legislations and obligations to avoid risks, stay compliant and ultimately, build trust with employees.
This expert guide aims to equip you with essential information on gender pay gap reporting and strategies to master it.
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Following weeks of discussions, the Connecting Devon and Somerset (CDS) Programme have been unable to secure a value for money deal and BT was today told it would not be awarded a £35m public-funded contract for the next phase of the planned superfast broadband roll-out.
CDS’ decision follows lengthy discussions with BT and BDUK – the Government agency responsible for the national broadband roll-out. It emerged that BT could not meet the Government’s and CDS target of achieving 95% superfast broadband coverage by the end of 2017.
BT’s best offer does not meet the public value for money standards required under Section 151 of the Local Government Act. Finance officers who have a fiduciary duty to tax-payers said the offer was high risk.
After seeking clarification from BT about their bid, the Connecting Devon and Somerset (CDS) Partnership have decided to reissue the tender for this work as an open procurement exercise. The local authority partners of CDS are naturally disappointed on behalf of local residents and businesses that they could not agree a contract at this stage.
BT has said they would not be able to deliver the extent of superfast broadband required by 2017, prompting the partnership to re-engage in the market through an open procurement process.
CDS is the largest single superfast broadband programme in England and makes an important contribution to the Government’s national targets for the broadband roll-out
In January this year Connecting Devon & Somerset announced its plans to publish a tender for the second stage of its Superfast broadband programme, which will bring a further £45m investment and hoped to increase broadband coverage to at least 95% across the region.
As well as an open tender covering the Exmoor and Dartmoor National Parks, the results of which will be announced next week, CDS also issued a tender for the rest of the area using the national government procurement framework, through which BT responded.
Councillor David Hall, Cabinet Member for Somerset County Council, said: “This is a huge disappointment for us. BT have let the County Councils down, they have also let the Connecting Devon and Somerset Partnership down, and worst of all they have let residents, communities and businesses in Somerset and Devon down. We have a duty to seek best value for all our residents and their tender for the next phase of the programme was just not up to scratch.
“We are actually aware of the importance of Superfast Broadband for all our residents but we also needed to make sure we got value for money on behalf of our taxpayers. In taking this action we have acted in the best interests of those who live and run businesses in the region and we will now do everything we can to minimise the delay this causes to the programme. CDS will issue more details once timescales for a new procurement are confirmed. CDS will continue to work with BT on the delivery of phase one of the programme to meet the Government’s target of 90% coverage by the end of 2016.”
Councillor Andrew Leadbetter, Cabinet Member for Devon County Council, said: “I feel let down by BT and their lack of ambition, as well as their unwillingness to negotiate a good deal for the residents and businesses of Devon and Somerset! What they were offering did not represent good value for money and would not have addressed the issues of providing universal provision.
“I am only too well aware of how important good broadband connections are to our rural businesses and residents. But we’re committed to delivering value for money for our residents in everything we do. In all conscience we couldn’t sign up to this new deal because it just didn’t deliver. We are, however, still on track through the first phase of the project. We will now go to an open procurement process without delay. I am determined that this should be done as quickly as possible.”


Buying a property can be a complicated experience if you’re not well versed with the process. This is especially true when you buy abroad, where different rules, regulations and above all a different language help to make matters a little more complicated at first.
It stands to reason that there is a benefit to working with trusted professionals who not only have detailed knowledge of the rules and work in an efficient and client-focused way, but also apply their expertise on your behalf.
What a mortgage broker does
A mortgage broker does more than simply process the documentation and procedural steps – the job is very much centred upon being your personal consultant and broker handling the case with the bank.
What this means in practice is that we seek not just financing on your behalf, but specifically mortgages that suit your personal needs/situation, and which therefore offer the best option when it comes to terms, conditions, interest rates, repayment length and other clauses.
We do this for private individuals, businesses and people who require complex structures for their property purchase. Each situation is different enough to warrant personal attention, so while we have pre-developed standardised solutions that save time and optimise efficiency, they are adapted to the specific requirements of our individual clients.
Why choose Foxes
Foxes is a Marbella-based mortgage brokerage that covers the whole of Spain with a global client base. With many years of experience Foxes also has the expertise in-house to act as a legal and financial advisory consultancy. Our lawyers, financial experts and mortgage agents have developed long-standing relationships with the top professionals in the field, including banks and other lending institutions, and thanks to this can offer financing options under the best conditions.
We, therefore, blend the advantages of being a fully established Spanish firm with strong local contacts, with the fact that the core part of the team is made up of British, USA and other Northern European professionals – ensuring that language, business mentality and understanding your needs are never a problem.
In fact, it’s what we’ve built our reputation on, so let us know what kind of financing you need and put us to the test.


Add your LGE Debit or Credit Card to Mobile Wallet
Apple, the Apple logo, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Pay is a trademark of Apple Inc; Google Pay is a trademark of Google Inc; Samsung Pay is a trademark of Samsung Electronics Co., LTD.
Membership eligibility required: must be an existing member or must establish a base savings account at LGE with a $5 minimum balance to apply for a loan. All loans subject to approval.


Education Politics and Policy
CFPB Puts New Limits on How it Regulates ‘Abusive’ Practices - Politico
The Consumer Financial Protection Bureau on Friday issued a new policy on how it will go after companies for “abusive” practices against consumers, imposing new restrictions on when the agency will bring those types of enforcement actions under federal consumer protection law.
West Virginia Senate passes bill to give students college, wage data – WBOY
Lawmakers on Monday unanimously approved the measure, dubbed the Students’ Right-to-Know Act. It now moves to the House of Delegates for consideration.
Aiming to rein in student loan industry, Virginia House passes ‘borrowers bill of rights’ – Fredriskburg.com
Legislation aimed at forcing student loan service companies to be more transparent and forthcoming in their dealings with borrowers cleared the House of Delegates with bipartisan support Monday.
Democratic candidates are promising student loan debt forgiveness, but do voters care? – USA Today
But while campaigns have made college financing a major issue, and are likely to continue doing so in the final push before the Iowa Democratic caucus on Feb. 3, some voters say it’s just one of many factors that will impact who they cast their vote for.
Universal Technical Institute’s core automotive program outfitted with Volvo’s Advanced and Electrified Vehicles
Volvo Cars USA LLC has announced it will contribute 36 new vehicles to include twin-engine plug-in hybrid vehicles to Universal Technical Institute’s core automotive training program as part of its national Vehicle Lease Program for Schools initiative.
Maine Moves Ahead With Unified Accreditation – Inside Higher Ed
The state’s university system aims to become first in the nation to accredit its institutions jointly instead of individually. Officials say it will help meet challenges of tighter budgets and shrinking numbers of students.
For Many, A College Degree Is A Bad Investment – Forbes
For every 100 students entering a four-year college on a full-time basis, only about 60 obtain a bachelor’s degree after six (not the advertised four) years.
K12 Eyes Further Deals After $165M Acquisition of Coding Bootcamp Galvanize – EdSurge
Another bootcamp has been gobbled up by an education technology company looking to break into the corporate learning and career readiness market. This time, publicly traded virtual schooling and education management provider K12 paid $165 million in cash to buy Denver-based coding bootcamp Galvanize.


PayPal introduced its stablecoin named PayPal USD (PYUSD). The stablecoin is supported by deposits in U.S. dollars, short-term U.S. Treasuries, and comparable cash equivalents.
The company is gradually introducing its stablecoin, which is pegged to the USD, to customers based in the U.S. This move, announced on Monday, marks PayPal’s venture into the global payments landscape. Furthermore, the announcement is the first time a key U.S. financial institution is introducing its stablecoin.
Paxos Trust Company, a crypto financial services firm in New York, is issuing PYUSD. The firm will consistently release reports revealing the assets that secure the stablecoin, guaranteeing its safety and complete redeemability.
“Beginning in September 2023, Paxos will publish a public monthly Reserve Report for PayPal USD that outlines the instruments composing the reserves. Paxos will also publish a public third-party attestation of the value of PayPal USD reserve assets. The attestation will be issued by an independent third-party accounting firm and conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.”
PYUSD will be accessible on PayPal first, and eventually on its well-known Venmo app. It aims primarily to enable smooth digital payments and transfers on blockchain-based applications and Web3 platforms. People can use it for sending money, conducting online purchases, and trading among diverse cryptocurrencies endorsed by PayPal.
Developers find this stablecoin user-friendly since it is constructed on the Ethereum blockchain. This feature enables straightforward incorporation into a range of applications and wallets. Besides, it elevates the swiftness and reach of digital payments.
PayPal’s CEO Dan Schulman emphasized the need for a stable digital instrument seamlessly linked to fiat currencies, such as the U.S. dollar. He highlighted PayPal’s dedication to responsible innovation, compliance, and a history of introducing novel customer experiences. This establishes the essential groundwork for PayPal to foster the expansion of digital payments with PayPal USD.
Through this stablecoin, the divide between conventional fiat currencies and the burgeoning realm of digital currencies is bridged. Therefore, it enhances the convenience for individuals to embrace this groundbreaking monetary form.


Keith William Nicoletta, 48, of Dade City, Florida faces federal charges for fraudulently obtaining more than $1.9 million in Paycheck Protection Program (PPP) funds and using the emergency aid for unauthorized expenses, including to purchase a new Mercedes and Ford F-250 pickup truck. Nicoletta was arrested earlier this week, according to a criminal complaint unsealed by U.S. Attorney Maria Chapa Lopez on October 23, and, if convicted, could serve up to 40 years in federal prison. The charges against Nicoletta include bank fraud and illegal monetary transactions, and the case is being investigated by the Federal Bureau of Investigation (FBI) and the Internal Revenue Service (IRS) – Criminal Investigation unit, Tampa Field Office and prosecuted by Assistant U.S. Attorney Kristen A. Fiore.
Federal Pandemic Relief Fraud Cases
The federal government is making a concerted effort to root out fraud associated with the Paycheck Protection Program and make an example of offenders, and Keith Nicoletta’s PPP fraud case is one of dozens of pandemic relief fraud cases that have been taken on by the Department of Justice. To date, more than 57 people have been charged with fraudulently obtaining $175 million in PPP funds and/or using the funds for personal purchases or other unauthorized purposes.
In this latest PPP fraud case, Keith William Nicoletta is accused of committing bank fraud and engaging in illegal monetary transactions involving PPP funds he obtained through fraud. According to a news release issued by the U.S. Attorney’s Office for the Middle District of Florida on October 23, Nicoletta fraudulently obtained emergency PPP funds in May 2020, after falsely claiming on his PPP loan application that he had a local scrap metal business with 69 employees and monthly payroll expenses exceeding $760,000, or more than $9 million annually. In truth, Nicoletta did not report any wages to the state of Florida for any employees in 2020 or 2019.
Upon securing the PPP funds through fraudulent means, rather than using the money for payroll costs and legitimate business expenses as required by the Paycheck Protection Program, Nicoletta laundered the money, transferring it between various accounts at different financial institutions, authorities allege. He then withdrew more than $100,000 in cash and bought a 2020 Mercedes for more than $106,000 and a 2020 special edition Ford F-250 pickup truck for more than $66,000. Nicoletta also wired $537,000 to a property management company located in south Florida.
Defendants Allegedly Used PPP Funds for Personal Purchases
“We allege that many of these defendants took the relief money offered by the PPP program and spent it on things having absolutely nothing to do with relief – often on luxury items for themselves, their families, and their friends such as cars, jewelry, travel, and other personal expenses,” stated Acting Assistant Attorney General Brian Rabbitt at the PPP Criminal Fraud Enforcement Action Press Conference in September. “Unfortunately, almost every crisis brings out not only those who seek to help others, but also those who try to exploit the situation for their own unlawful purposes and financial gain.” A major concern during the ongoing COVID-19 crisis has been the high number of cases of CARES Act fraud, and these types of cases continue to roll in, as the federal government takes aim at a wide variety of fraudulent schemes. These include making false representations in PPP loan applications, using stolen PPP funds for unauthorized purposes, stealing taxpayer money, and ensuring that less money was available in the PPP program for legitimate businesses in genuine need of financial support during COVID-19.
Emergency Paycheck Protection Program Funds
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a federal law that was enacted in March 2020, to provide emergency financial assistance to millions of Americans experiencing economic hardship as a result of the unprecedented coronavirus pandemic. The centerpiece of the CARES Act was the Paycheck Protection Program, a loan program regulated by the Small Business Administration, meant to provide much-needed relief to qualifying small businesses and other organizations struggling to stay afloat during COVID-19. The SBA-backed loans distributed under the PPP program were intended to prevent massive layoffs and unemployment during the coronavirus crisis by helping businesses retain their employees and cover payroll and other authorized business expenses, such as mortgage and rent payments.
Under the PPP program, emergency funds were available to qualifying small businesses with 500 or fewer employees, including sole proprietorships, independent contractors, gig workers and self-employed individuals. Launched in April 2020, the PPP program initially provided up to $349 billion in potentially forgivable loans to small businesses hard hit by the coronavirus pandemic. In April 2020, Congress authorized more than $300 billion in additional funding for the PPP program, and by the time the program was closed to new applications in August, more than 5.2 million loans had been approved by the federal government for a total of more than $525 billion in emergency financial relief. The loans distributed under the PPP program have a maturity of two years and an interest rate of 1%, with no collateral or personal guarantees required.
Justice Department Moving Aggressively to Prosecute Offenders
One key requirement of the PPP program is that businesses receiving financial assistance must use the funds for payroll costs, interest on mortgages, rent and lease payments, and utilities. What makes the PPP program even more attractive is the fact that the loan can be 100% forgiven so long as the business spends the funds on authorized business expenses within a set time period and uses at least a certain percentage of the funds to retain its employees and fund payroll. These favorable terms made the PPP program a target for those who sought to abuse the program by committing fraud, which the federal government immediately moved to squash. Within months of the Paycheck Protection Program being announced, the Department of Justice brought its first charges of fraud in connection with the CARES Act and promised to devote extensive law enforcement resources to aggressively investigate and prosecute those who abused the PPP program and stole or attempted to steal taxpayer money.
“Early on, Attorney General Barr recognized that the pandemic would present fraudsters and other bad actors with a unique opportunity to take advantage of the crisis, and he directed the Department of Justice to take swift action to protect law-abiding Americans,” stated Rabbitt at the PPP Criminal Fraud Enforcement Action Press Conference. “We did this not only to protect the integrity of the PPP and the taxpayer funds it was disbursing, but also to send a message of deterrence to would-be fraudsters – while loans were still being made – that the Department was standing watch and would move aggressively to prosecute those who defrauded this critical program.”
Feds Launch Dozens of PPP Fraud Investigations Across U.S.
Over the past several months, there has been a wave of PPP fraud investigations initiated by the federal government, which has taken swift and immediate action to combat fraud tied to the Paycheck Protection Program, with the help of the FBI, the IRS and the SBA’s Office of the Inspector General, among other federal agencies. “Our cases are diverse in size and scope, involving fraud ranging from loan requests for just $30,000 to approximately $24 million,” said Rabbitt. The Department of Justice says that the PPP fraud cases they are investigating fall into two general categories. The first category involves individuals or small groups who lied about having small businesses or needing emergency PPP funds to pay their employees, and then used the funds to buy things for themselves. “As we allege in our charging documents, these defendants used lies to obtain millions of dollars in PPP funds and then spent those funds on things like luxury cars, homes, renovations, jewelry – and even adult entertainment and gambling in Las Vegas,” said Rabbitt. The second category of PPP fraud cases involves criminal rings that organized coordinated, systematic efforts to defraud the PPP program on a massive scale.
IRS Special Agent in Charge: PPP Loan Fraud “Will Never Be Tolerated”
Nicoletta is at least the second person in the region to face federal charges for fraud in connection with the Paycheck Protection Program. In early September, Casey David Crowther of Fort Myers, Florida, president of Target Roofing & Sheet Metal Inc., was charged with spending federal COVID-19 relief funds on personal purchases, including the purchase of 40-foot catamaran valued at nearly $700,000. According to the criminal complaint, which was unsealed last month, Crowther fraudulently applied for and secured a PPP loan in the amount of $2,098,700.
With billions of taxpayer dollars and the fate of troubled small businesses at stake, the Department of Justice has made good on its promise to aggressively pursue anyone attempting to use the COVID-19 crisis as an opportunity to commit fraud, criminally charging more than 57 people alleged to have defrauded the Paycheck Protection Program this year. “During these difficult times, while hardworking American citizens are facing a pandemic and struggling to take care of their families, crimes like these literally rob the coffers of critically needed relief funds,” said Special Agent in Charge Michael J. De Palma of the IRS Criminal Investigation unit, Miami Field Office, in a Department of Justice press release issued in August. “We will continue to tirelessly pursue the culprits behind these heinous schemes and bring them to justice. Any fraud of COVID-19 financial relief programs will never be tolerated.”
Other PPP Fraud Articles
Read More About Texas Max Charged in Multi-Million Dollar COVID-19 Relief Fraud
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(from the Edmond Sun)
Peak-season water bills are stirring up a lot of questions for city consumers worried about how much they pay for city water. At the same time the City Council is looking at the possibility of smart meters in Edmond.
Best practices in technology allow consumers to monitor their energy usages faster than before, said Josh Moore, city councilman.
Customers using advanced metering infrastructure (smart meters) are able to look online the next day and see how much electricity they used the day before and learn how much water they used the day before, Moore said.
City of Edmond staff will be recommending smart meters to the Edmond City Council at an upcoming meeting, said Kris Neifing, who manages the city’s Water Resources Department. The city held a workshop on smart metering in 2016. According to the city manager’s office the next meeting date for the city council to consider smart metering has not been set.
“The AMI system will allow customers to track usage throughout the month instead of seeing the usage one time each month when the bill is calculated,” Moore said. “So just the speed of the data and of the reporting where it shows nationwide that basically it cuts back on energy usage, because if you’re seeing that you’re overusing then you’re more common to back off and/or to use energy at different times of the day when it’s not on peak times.”
Moore said it’s not in the interest of the City of Edmond to sell its customers more water or more electricity. It costs a lot of money for us to expand its infrastructure, he continued.
“We would rather Edmond citizens either save their money or shop in Edmond, or eat in Edmond and support our business owners in Edmond,” Moore explained.
Smart metering is overdue in Edmond, said Moore, who hopes the project is passed as soon as possible by the city council.
Neifing pointed out that while billing for water is based on actual amounts used each billing cycle after the meters are read, customers can also levelize (or average) their payments to spread the peak costs throughout the year but have the same total costs over a 12-month period.
“Water consumption is billed on an inclining block rate which means the more water that a customer uses the more the water will cost,” Neifing explained.
The first 10,000 gallons of water are billed at a lower rate, currently $6.68 per thousand gallons plus a base charge of $11. The next tier is 11,000 to 20,000 gallons is $7.72 per thousand gallons of usage, and the next tier of 21,000-plus gallons is $9.64 per thousand gallons. Neifing said this practice allows customers using less water to have a lower bill. Customers consuming more water during summer months pay for more of the city’s costs associated with peak infrastructure, Neifing added.
“The primary driver for inclining block rates is the cost of infrastructure that is idle 8-9 months out of the year,” Neifing said.
May and June of this year resulted in very wet conditions for residents. During these conditions, residents tend to have less water usage.
The average daily water production during May and June was about 8-10 million gallons per day. Edmond experienced dry weather in July. Arid conditions brought no relief for vegetation, so the city’s water production quickly increased to 20 million gallons per day — which was near peak capacity capabilities.
“We have a Capital Improvement Plan to expand our Water Treatment Plant and make many other improvements in order to make our system more robust both now and in the future,” Neifing said. “The cost of these improvements is over $350 million dollars and the primary driver is outdoor water usage.”
Neifing said that water rates have increased gradually during the last decade and will continue to increase incrementally in order to pay for improvements to the water system. Improvements are vital for increased production capabilities and to replace aging infrastructure such as old water lines. The average increase on the water bill has been in the 4-5% range each year instead of large increases in one year to allow customers to absorb the increased costs over many years rather than seeing dramatic changes which many on a fixed income could not absorb easily, Neifing said.
The average water bill in the winter is 6,000 gallons of usage for residential customers at a cost of $44.40. The rates for water are posted at www.edmondwater.com or on the Utility Customer Service page on the city’s website, www.edmondok.com.
CITY EXPLAINS BILLING
The City of Edmond explains how water billing costs may impact customers:
Did all customers go up?
From July to August billings, for residential customers:
• 16.4% had a lower bill
• 15.6% had the same bill
• 68.0% had a higher bill
From July to August billings, for non-residential customers:
• 26.4% had a lower bill
• 27.7% had the same bill
• 45.9% had a higher bill
How much did our customers use?
Residential August billings:
41.9% of our customers used between 0-6000 gallons
14.4% of our customers used between 7-10,000 gallons
12.2% of our customers used between 11-15,000 gallons
8.75% of our customers used between 16-20,000 gallons
7.1% of our customers used between 21-25,000 gallons
4.75% of our customers used between 26-30,000 gallons
8.1% of our customers used between 31-50,000 gallons
2.7% of our customers used over 51,000 gallons


The Grants Officer is responsible for supporting the monitoring and reporting of all project grants, in accordance with grant management processes and compliance requirements. The Grants Officer supports the development of new budgets and tracks budgets and spending, providing grant administration according to donor requirements.
Job Responsibility #1: Project budget monitoring and reporting (40%)
- Supports the completion and timely submission of accurate financial reports for institutional donors including managing the reporting timeline
- Supports the process of project budget monitoring and cost allocations
- Assists in the development of new donor project budgets as required including budget narratives
- Organizes and facilitates the administrative start and end of new grants including organizing grant opening and closing meetings
- Assist with the coding of invoices and Expense Reports
Job Responsibility #2: Grants Administration (25%)
- Responsible for contract and project administration, ensuring proper record keeping for all donor contracts, correspondence, reporting, audit reports and close-outs.
- Arranges payments and transfers to country offices as needed in accordance with spending projections
- Compiles and monitors restricted revenue payment reports and conducts reconciliations as needed
Job Responsibility #3: Budget Development (25%)
- Supports the development of new project budgets and budget narratives for institutional funding sources aligned to donor requirements, in liaison with the International Programs team
- Maintains country-level budgets in liaison with the field teams, Senior Grants Analyst and Grants Manager
Job Responsibility #4: Project Compliance (10%)
- Supports donor compliance requirements to help ensure that grants and allocations are implemented in compliance with relevant donor contracts and War Child Canada policies, regulations, established standards and allowable costs.
- Monitors and tracks all contractual obligations to ensure project compliance
- Degree in finance, accounting, business, public administration, international development or relevant subject.
- Minimum of one year’s experience within a finance related position
- Experience of the NGO, charitable or non-profit organization desirable.
Knowledge and Technical Skills
- A high level of excel skill and spreadsheet competency.
- Ability to analyse data, with excellent analytical and problem solving skills and strong attention to detail.
- Strong organisational skills including the ability to simultaneously manage multiple priorities.
Competences and Personal Qualities
- Excellent interpersonal skills.
- Diplomacy and negotiation skills.
- Ability to work well with a team.
- Adaptability and flexibility.
Occaasionally to War Child Canada’s countries of operations
About the Organization
War Child Canada is a registered Canadian charity based in Toronto. Working with war-affected communities to help children reclaim their childhood through access to education, opportunity and justice, War Child Canada also takes an active role in raising public awareness around the impact of war on communities and the shared responsibility to act. War Child Canada works in Afghanistan, Iraq, Jordan, Sudan, South Sudan, the Democratic Republic of Congo and Uganda.


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What’s a Sugar Daddy? Many of you might be saying, “what’s in that for me? inch This article will talk about the basic fundamentals of a sugar daddy and give you an overview of why they are simply becoming so popular, and how to use these to your benefit. So , let’s https://iscience.blogactiv.eu/2019/11/08/simple-programs-in-finding-a-sugar-daddy-straightforward-advice/ start.
Precisely what exactly is a sugar daddy? A sugar daddy is a wealthy, important individual, often male, providing you with economically for a person’s potential. This could be by means of paying off a student loan, or assisting to pay for wedding and reception, or supporting to afford an investment.
The amount of money that it person is normally willing to place into your life is completely up to you, since it depends on the romantic relationship that you develop with them. Should you decide to employ this00 arrangement, then you should have a definite understanding of everything you are getting your self into. Certainly there are many advantages to this type of concept, and this is what we’ll discuss today.
You see, when you take advantage of this arrangement, it is possible to find a student money to purchase you, and who can furnish you with the required financial resources to satisfy your dreams. However , there are many stuff that you need to be cautious about when choosing a sugar daddy, similar to there are many facts that you need to search for when choosing sugar dating experience anyone else. Pupils for a certain things that you have to be aware of just before deciding to visit ahead with this type of agreement.
And so what’s a sugar daddy, in any event? They are a form of middleman between you, and the money that you want for making. Usually you can expect to receive a examine, which is the total amount that you may typically obtain from the bank in the event that you where to invest this on your own. This is due to this person will not have the same kind of access to your hard earned money that you just would have if you were to invest that yourself.
If you want to make sure that you will get the most out of this arrangement, then you have to know what you want in it. Looking to build enough funds to meet your needs, or do you want to make more? Would you like to live the rest of your life in luxury, or perhaps would you like to make enough money to help reduce your home loan on a home? Once you have an idea of what you wish, then you certainly will be better equipped to reply to these issues.


Mortgage Brokers Join UWM on the Inc. 5000 List of America’s Fastest-Growing Private Companies
Mortgage brokers ranked as some of the top companies, proving the wholesale channel is continuing to grow
PONTIAC, August 26, 2020 – Inc. Magazine unveiled its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies and it included a remarkable number of mortgage companies within the wholesale channel. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses.
Among others, United Wholesale Mortgage (UWM) was joined on the list by mortgage brokerages such as Affinity Home Lending, MortgageDepot and Molitor Financial. UWM, the #1 wholesale lender in the nation, and these independent mortgage companies experienced a combined three-year revenue growth average of 186%, demonstrating that the wholesale channel is on the rise and that mortgage brokers are expanding their businesses at impressive paces.
“I am proud of the growth at UWM and in the wholesale channel. Our team members continue to support the broker community by providing them with the best tools and technology in the industry, so the brokers can grow their business” said Mat Ishbia, president and CEO of United Wholesale Mortgage. “Seeing mortgage brokers rank so highly on this national list shows that brokers are dominating in the industry and their growth supports the growth of the wholesale channel,” Ishbia said.
Over the past three years, UWM has experienced an unprecedented increase in their loan volume and hiring numbers, almost tripling the number of team members between 2016 and 2019. At the end of 2019, UWM broke their company record with $107.7 billion in mortgage loan volume in 2019, more than doubling its 2018 production of $41.5 billion. Throughout 2020, UWM has continued to hire to support the surge in the housing market and continues to support independent mortgage brokers in expanding their business.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000.


KING Company only works with the top insurance carriers. We offer comprehensive insurance benefits designed to meet your medical needs.
- Individual Disability
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HEALTH INSURANCE CARRIERS
Blue Cross Blue Shield
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Self & Fully Funded
Types of Life Insurance
When deciding which type and amount of life insurance is right for you, you'll need to answer these important questions:
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Understanding the Different Types of Life Policies
Answering those questions can help you understand which type of life insurance would work for your situation.
The two main types are:
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KING Company represents over 50 different Life Insurance companies, but here are some of our partners:
Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.
DENTAL & VISION
Dental and Vision benefits are an important asset to you. We provide various programs that can be tailored to meet your needs.
HERE ARE SOME DENTAL & VISION PROGRAMS THAT WE OFFER:


Virginia Council for Private Education Action Center
The Education Scholarship Tax Credits Program (EISTCP) at the Department of Education has had tremendous success since the program began. It has grown from a little over 40 students and a few thousand dollars in scholarship funds in the first year, to approximately 4,000 students and over $15 Million in scholarship funds by 2019. The EISTCP works by providing a tax credit for donations to scholarship funds that qualifying, low-income families can apply for in order to send their children to a local private K-12 or pre-K school - many of which are schools that are faith-based.
Despite this tremendous progress, legislation (HB 521) was introduced by Delegate David Bulova (D- 37, Fairfax Station ) to repeal the entire EISTC program, thus eliminating Virginia’s only school choice program.
Urge your Delegate to OPPOSE HB 521!
NOTE: This action alert is targeting Democrats ONLY! If you are represented by a Republican delegate you will receive an error message.


This report on the Indian banking industry focuses on commercial banks. Commercial banks may be government owned banks, private sector banks, or foreign banks. The commercial banks in India have played a significant role in the development of the economy. With the structural reforms initiated in the economy in 1990s, it was imperative that a vibrant and competitive financial system be put in place to sustain the ongoing process of reforms. The result of the changes has led to the opening of the banking industry to the Indian private sector and foreign banks. The Government of India (GOI) has loosened many of the longstanding restrictions on foreign direct investment (FDI) in the past two years. The reforms have succeeded in easing external constraints on banking operations, efficient use of manpower, introduction of technology in the banks, transparency in reporting procedures, restructuring and recapitalizing banks and enhancing the competitive element in the market.
Over the coming years, banks in India will focus on the retail segment, cost reduction strategies, generating fee-based income, and brand building. Banks in India will be forced to adopt measures to survive, as the banking environment in India grows more competitive with the relaxation of restrictions, adoption of international standards, and increased efficiency through technology.
The banking industry in India is significantly different from that of other countries because of India’s geographic, social, and economic characteristics. Although the Indian banking industry opened up to private players only in 1993, the profitability of the Indian commercial banking sector is at par with most of the leading banking sectors of the world.
The Indian banking system can be broadly classified as organized and unorganized. The unorganized banking system is comprised of moneylenders, indigenous bankers, lending pawnbrokers, and traders. Whereas the organized banking system consists of scheduled banks and non-scheduled banks that are permitted by the Reserve Bank of India (RBI), India’s Central Bank, to undertake banking activities. The scheduled commercial banks (SCB) are required to follow guidelines set by the RBI. SCBs have access to financial assistance and refinance facilities from the RBI. Based on their ownership, scheduled commercial banks can be classified as Public Sector Banks (PSB), Private Sector Banks (“old and new” private banks), and Foreign Banks.
The banking sector in India is characterized by the predominance of Public Sector Banks (PSBs).
In FY04 (Indian fiscal year is from 1 April to 31 March), PSBs had 48,150 offices. Their assets of Rs.14, 714 billion ($334 billion) at the end FY04 accounted for 74.5% of the assets of all SCBs in India. It is estimated that 63.1% of the offices of PSBs are located in rural/semi-urban areas. This large network of branches enables the PSB’s to fund operations out of low-cost deposits. The State Bank of India (SBI) is the largest commercial bank in India. In FY04, SBI accounted for 20.6% of the aggregate assets of all commercial banks. Some of the other large PSBs are Punjab National Bank, Bank of Baroda, Canara Bank, Bank of India, Oriental Bank of Commerce and Corporation Bank.
However, with the entry of new private sector banks, the PSBs have suffered a gradual loss of market share. The PSBs accounted for 67.4% of the total assets during FY04, compared to 79.3% in FY03, and 52.3% in FY02.
In FY04, there were 30 private sector banks operating in India through 5,903 offices. Private banks are classified as old private sector banks and new private banks. In FY04, there were 20 old private sector banks operating in the country. These banks are regional in nature and estimated to have 4,473 offices. In July 1993, as part of the banking sector reform process, the RBI permitted entry to the private sector. This resulted in the introduction of new private banks. These new private sector banks operated through 1,430 branches in FY04.
The private sectors banks include ICICI Bank, HDFC Bank, UTI Bank, Federal Bank, Kotak Manhindra Bank and J&K Bank. In FY04, the total assets of the private sector banks aggregate
Rs. 3,673 billion ($83.5 billion) and accounted for 18.8% the total SCB assets. Though the share of private sector banks in total commercial bank assets increased from 12.6% in FY01 to 18.6% in FY04, most of the gain is accounted for by the new private sector banks. The share of the new private sector banks increased from 25.5% in FY97 to 67.1% in FY04.
There are 33 foreign banks operating through 222 offices. All offices of foreign banks in India are in the urban areas and metropolitan cities. In FY04, total assets of foreign banks aggregated at Rs.1, 363 billion ($31 billion) and accounted for 6.9% of total assets of all SCBs. In recent years, because of increased competition from new private banks the share of foreign banks in aggregate SCB assets has declined from 8.1% in FY1999 to 6.9% in FY04.
The major foreign banks in India are the Standard Chartered Bank, Citibank, Hong Kong & Shanghai Banking Corporation, ABN Amro Bank and the Deutsche Bank. The primary activity of most foreign banks in India had been corporate banking. However, since mid-1990s, foreign banks added consumer financing to their portfolio and today the foreign banks offer a wide-range of products such as automobile, home and household consumer loans as well as credit cards.
The commercial banks in India work broadly through three segments - corporate, retail and treasury. Earlier, Indian banking industry consisted mainly of the public sector banks, which were oriented towards the corporate and treasury segments. Declining interest rates, changing demographic profiles and the entrance of private and foreign banks are responsible for the emergence of the retail segment. In order to increase market penetration the retail banks in India started to develop and offer a wide range of products including car loans, housing loans, education loans, and credit cards. In FY03, bank retail assets grew at the rate of 30% per annum. Retail financing in India is currently estimated at $11 billion and is expected to triple by 2007. This expansion will require greater marketing and IT services.
The corporate banking segment in India supplies capital for business ventures to large and medium sized businesses. This banking segment accounts for more than 60 per cent of the banking assets and is the main business for the banks. This trend is likely to continue since SMEs are dependent on bank loans for their operations. Commercial banks provide a range of products and services including working capital finance, project term loans, corporate term loan, structured finance, dealer finance, channel finance, equipment leasing, loan syndication, and cash management services.
IT services are also becoming more popular with bank customers. ATMs, credit cards, and Internet banking, which are already widely used around the world, have yet to reach their full potential in India. These services and products are all expected to grow in the coming years. ATMs, numbered at 12,000 in 2004, are estimated to increase to 35,000 by 2007. Factors driving the growth of ATMs and other technology-based services are increased competition, the need to reduce transaction expenses, customer demand, geographic reach, and the potential for revenue collection.
One promising IT service in India is “m-banking” (mobile banking). M-banking service is cheaper than ATMs and attracts a high potential consumer demand. M-banking will most likely surpass Internet banking because it is more accessible to Indian customers who are more likely to have mobile phone access rather than Internet access. Worldwide m-banking commerce was valued at $5 billion in 2004 and is expected to surpass $35 billion by 2007. However, better technology for m-banking needs to be developed, especially for authenticating mobile devices. Both private and public sector banks have started offering m-banking services.
The recent financial reforms and greater competition in the banking industry have made it necessary for banks in India to cut costs through greater implementation of IT technology. Modernizing operations not only reduces costs, but also increases accuracy and responsiveness that make banks more competitive. Indian banks have been slow to adopt technology and therefore face increasing competition from foreign banks that already have IT infrastructure in place. In 2002-03, IT spending by Indian banks was only 1 percent of the revenue compared to 7 percent spent by banks in the U.S.
The Indian banking industry has also witnessed an increasing amount of mergers. This trend is likely to continue so that banks may remain competitive by taking advantage of larger customer bases, economies of scale, the cross sale of services, and the sharing of customer information and physical capital. Moreover, since public banks are restricted from merging with other banks, foreign banks that merge with private Indian banks will be able to gain an advantage from consolidation.
Problems that plague the Indian banking industry include poor capitalization, excessive liquidity, over-investment in government papers, reluctance to lend that hinders growth in the manufacturing sector, and inefficient operating processes. Indian banks also possess a high level of non-performing assets (NPAs), although this number remains low when compared to other Asian banking systems.
Successful banks in India will focus on the retail sector, generating fee-based income, cost reduction strategies, and brand differentiation. Banks will be forced to adopt these measures to survive, as the banking environment in India grows more competitive with the relaxation of restrictions and adoption of international standards.
Foreign banks currently possess only a marginal portion of the banking market in India, 7 percent of assets, 5 percent of deposits, and 7 percent of advances. Foreign presence in the banking sector is sure to increase because of both the expanding demand for banking services and the compliance with international standards set forth by WTO and Basel II agreements.
The foreign banks in India operate quite differently from the domestic banks. Fees produce a substantial portion of income (23 percent on average, compared to 9 percent each for public and private banks). The cost of deposits for foreign banks is near 4 percent, that is 2 points lower than public and private banks. The return on assets for foreign banks is double that of domestic banks. Foreign banks are more competitive due to greater technology use and better risk management.
India has agreed to provide a greater role for foreign banks as a part of the World Trade Organization (WTO) agreement. As a result the Indian banking industry is undergoing a rapid dismantling of long-standing regulations in preparation for the opening of the sector, which will be completed by 2009. The Government of India (GOI) has loosened many of the longstanding restrictions in the past two years. Increases in the presence of foreign banks, private banks, and foreign direct investment (FDI) have fostered a more competitive banking environment. The 2003-04 annual budget increased the limit of FDI in private banks from 49 percent to 74 percent. This increase allows foreign owners greater management control over private banks. The private banks benefit from the increase in FDI because FDI provides much-needed capital at competitive prices. A higher Capital Adequacy Ratio (CAR) improves the overall health of the Indian banking system.
By the end of 2006, Indian banks must adhere to the Basel II international capital adequacy standards. Banks will require greater information sharing systems and technology to better supervise risk. Also, banks will need to strengthen their CAR to avoid imposed restrictions on bank lending. Basel II compliance is one of the major drivers behind reforms in the Indian banking industry.
The Indian economy is growing strongly which ensures better debt recovery and asset valuation. Progressive bank reforms and low interest rates will increase borrowing activity. The banking sector in India offers great opportunity to foreign banks that possess the technology to serve the Indian population.
Information Source: Cygnus report “Indian Commercial Banking” 2004, RBI Banking Bulletins 2004 & 2005, and ICRA report “Indian Banking Industry” January 2005.
Indian Banks’ Association
Reserve Bank of India
Institute of Development and Research in Banking Technology
Upcoming Trade Shows and Events
Banknet India’s Conference and Exhibition, January 17, 2006, Mumbai
For details please visit the web link http://www.banknetindia.com/
Source: ChinaStones - http://china-stones.info/free-essays/finance/indian-commercial-banking.php


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DigiByte DGB: Listing on Lescovex
DIGIBYTE (DGB) is going to be listed on Lescovex exchange
We have decided to include DIGIBYTE (DGB) on Lescovex exchange.
Once our platform will be launched after our TokenSale on April 19th, it will be possible to trade Digibyte along with other cryptos, assets, commodities & fiat (EUR, USD, JPY, CNY and MXN).
3 hard forks
1 brand event


Tips for Finding the Best Company for Stocks Trading and Investment
When planning to make future or any other kind of investment you need to ensure that you are doing it right. In this regard, if you want to venture into stocks trading and investments you have to know the right company that you can use and will be there to ensure you succeed. It is always essential to investigate and have some tips that you can use as a guide and it is from there you can know the stocks trading and investments company you can choose, read more now. Always when you are looking for a stocks trading and investments company for this product you have to use the tips outlined here.
First, you require to check the reputation of stocks trading and investment company. You should not make the mistake of choosing a stocks trading and investment company before you learn about the reputation. You might end up making a wrong choice and it will cost you regrets. It’s advisable to look for a good way to help you in making the right choice. For this reason, you’re reminded to find out what a number of customers say and take it seriously, see more here.
You’ve to consider the working period of the stocks trading and investment company. Find out the stocks trading and investment company that has the best experience. The best thing to do during the selection is to inquire about the years of working for the purpose of making a comparison. It is evident that when you take this idea seriously you will be proud of the choice and be confident that your desire must be fulfilled.
You need to understand that checking the certification of the company is vital. You should not think that all the companies that are operating are legal. So that you do not doubt the company you are planning to select you need to verify the legalization. You require to ask for a license and the stocks trading and investment company should not have any problem with that, view here! The right permit is the one that is genuine.
Besides, put the price into consideration. The services that the company of your choice will offer you are not free meaning you must pay a price, discover more about investments here. The best thing is that each stocks trading and investment company has its own cost. Since you have a chance to compare the costs make sure that you utilize it, check this site. The Company that will be having pocket-friendly costs is the right for you.
Getting referrals is the last factor that you should consider in this article. Recommendations usually offer the best help and that is why you are advised to embrace them. You should get referrals from the people you are sure cannot mislead you.
Suggested Article: my review here


This feature is coming soon, check our pricing page to see which features are currently included.
An Organization enables your company to pay for multiple connected accounts. Example: you have 7 sales team members that use inlytics in a professional context. You invite them to your Organization and pay for them. Their personal billing plans will be paused as soon as they enter into your Organization. If you decide to delete the Organization, every team member will be back on their personal plan.
Remember: Organizations are NOT connected company profiles!
Remember: Organizations are NOT groups! Groups enable you to share and visualize team metrics in one dashboard. To create or join a group, you will need a business plan (everyone that want's to join a group also needs to be on the business plan). So when you create an Organization, everyone will automatically be able to join or create a group, since being in an Organization means you are on the business plan per default.
Remember: If you want to add more than 10 people to your organization, please reach out to us (email@example.com) so we can apply volume discounts for your account.
Let's make it simple: Organizations are there so you can pay for multiple users from just one account. This is helpful if you:
A personal account can only pay for itself. Not for others. Also, if you create an Organization you don't have to worry about user permissions. Every member of an Organization is automatically assigned a business plan.
Every team member that joins your organization, will be automatically assigned a business plan with all its benefits.
As soon as you create an Organization, you will be asked to deposit your business credit card or any other available payment option. That's because from now on this payment option will be charged. As soon as you have done that, your personal plan will be paused and you will be assigned a business plan your organization will pay for. Any further team member that joins the Organization by your invitation, will also be put on the business plan.
Navigate to your inlytics settings. In the top navigation of the page you will see the "Organization" tab.
When you open the settings page, you are able to create your Organization. You will be asked to deposit your business credit card or any other available payment option.
Click "create Organization". Now you can invite people you want to pay for.
You can invite team members to your Organization. There are 3 user levels you can assign to people:
If you want to change the account owner, please reach out to us (firstname.lastname@example.org)


Currency Converter South African Rand from Singapore Dollar and vice versaUpdated on by Stefan Banse
Singapore's concrete jungles slowly give way to Green Skyscrapers that look more like life habitats than business hubs. Singapore is finally capitalizing on its melting pot of cultures and getting some spark and is fast becoming one of Asia’s top destination places and becoming a very popular vacation destination for South Africans. For your adventure journey to Singapore, use our currency converter and printable conversion table as a travel guide.
Singapore Dollar - South African Rand: Current exchange rates from Aug 4, 2021
Our currency converter allows you to calculate the exchange rate of many other foreign currencies as well as the conversion from Singapore Dollar to South African Rand by clicking on the button to reverse the units from South African Rand to Singapore Dollar. In the following, we provide you with a brief overview of the current exchange rate between Singapore Dollar and South African Rand and vice versa.
1 Singapore Dollar (SGD) equals 10.576 South African Rand (ZAR)
1 South African Rand (ZAR) equals 0.095 Singapore Dollar (SGD)
Printable conversion tables for your trip to Singapore
The printed conversion table is a handy travel guide on the road. This means you always have all conversions from SGD to Singapore Dollar in your wallet for daily use.
1 Dollar = 100 Cents
1 ZAR = 0.095 SGD
1 Rand = 100 Cents
1 SGD = 10.576 ZAR
As source for the information in the "Exchange rates" category, we have used in particular:
- Euro reference rates of the European Central Bank - daily rates (German Federal Bank)
Last update on August 4, 2021
The pages of the "Exchange rates" category were last editorially reviewed by Stefan Banse on August 4, 2021. They all correspond to the current status.
Previous changes on October 25, 2020
- August 4, 2021: Daily update of exchange rates in the currency converter.
- Editorial revision of all texts in this category


VBS 'looting kingpin flees' home
Former VBS chairperson and the bank's alleged looting kingpin Tshifhiwa Matodzi has "fled" an upmarket Bryanston, Johannesburg, home after paying R600 000 rental upfront for a year.
Matodzi, his wife and two children, moved into the property in January but allegedly abandoned it last month over safety concerns. The family apparently left the five-
bedroom house following the release of the damning "Great Bank Heist" report by advocate Terry Motau, which alleged that Matodzi personally benefitted to the tune of R325m from the alleged looting of VBS.
Matodzi's landlord, who asked not to be named, is now accusing him of sending threatening SMSes following a dispute over access to the property. The landlord, who was under guard by heavily armed security officers, said he did not trust anyone because "I'm [being] followed by cars I don't know".
He said he was notified by his estate agent last month that Matodzi and his family have vacated the house, a year and three months before the lease lapsed.
"The agent phoned me and informed me these guys (Matodzis) have made a run and there's nothing in the house, it's a complete mess," he said.
When Sowetan visited the house yesterday, several of Matodzi's belongings, including a gas braai, curtains, a hammock, a framed BSc accounting certificate from UJ and furniture were still in the house that has now been put on sale.
The luxury house - which is expected to fetch over R7m when sold - has four bathrooms, three garages, two fireplaces and parking space that can take up to eight cars.
... the rent is fully paid till February next year.
The Matodzis lived in the home under a 24-hour security surveillance. The landlord said he has since taken ownership of the house after failing to get the Matodzis to explain what was happening.
"I took control of the house because there was 15 remotes programmed to the house... which was meant for four people," he said.
When approached for comment yesterday, Matodzi said water and electricity were cut off by the City of Johannesburg despite him having paid the landlord for the services.
"This man is trying to take advantage of the VBS situation. We don't owe him anything as the rent is fully paid till February next year."
Matodzi accused the landlord of keeping the money they had been paying for water and lights, leaving them disconnected in the middle of winter. "We couldn't find him at the time until [he] emerged in a rehab centre... this man has his own issues to deal with."
He said after the VBS saga hit the news in October, the landlord contacted his family and told them to leave the house.
He denied abandoning the property, saying he did not live on the property full time.
"We just rented his house because it was closer to schools and to the house we're building, I have lots of houses and didn't go to his house because I'm desperate," he said.
Matodzi accused the landlord of stealing some of his property, including a generator worth around R100 000.
The landlord said after un-programming all the remote controls to the house, the Matodzis and their bodyguards threatened him.
The landlord has since opened two cases of intimidation and assault at the Honeydew and Sandton police stations.
Sowetan has seen a letter written to the Matodzis by the landlord's lawyers alerting them that they have forfeited their two-months' rental deposit for vacating the property without a notice.
Matodzi showed Sowetan a City of Joburg termination notice dated October 29 which showed that the property owed R83 272 24 for unpaid services.
The explosive findings of a damning report into the failure of VBS Mutual Bank reveals how its architects and accomplices stole a bank. Business Day’s Warren Thompson explains what is happening at the bank.
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Lincoln County Sees 49% Increase in 2018 Wind Energy Production Tax Revenue
ST. PAUL, MINN. (April 9, 2019) – The Minnesota Department of Revenue Property Tax Division compiled the amount of wind energy production tax revenue that is paid to counties earlier this month. Lincoln County will receive more than $1.6 million in 2019 for 2018 production, reflecting a 49 percent increase over last year. This increase is due to the 200 megawatt Red Pine project that came online in 2017 and had a full year of operation in 2018.
Statewide, Lincoln County now ranks third in the state for the amount of wind energy production tax revenue, behind Mower County and Jackson County, respectively. Since 2004, Lincoln County has received $12.9 million in production tax revenue from wind projects. “Nearly 30 percent of the counties in Minnesota receive wind energy production tax revenue,” said Clean Grid Alliance Executive Director Beth Soholt. “It really makes a difference in these small towns.”
Nationally, wind farms pay more than $1 billion annually to rural communities according to the American Wind Energy Association’s (AWEA) 2018 Annual Market Report. This massive financial investment reflects a combination of $761 million per year paid by wind farms in state and local taxes that may be used to help support schools systems, fix roads, invest in emergency services, and even hold down property taxes. Another $289 million annually is paid in wind farm land lease payments, which provides a valuable cash-crop for farmers and ranchers.
In Minnesota, more than $12 million in wind energy production tax revenue is going to counties that host wind farms this year. In addition, another $10 - $15 million was paid in land lease payments to landowners last year, according to AWEA. “Lincoln County is just one of hundreds of rural communities around the country that is benefiting from the development and growth of our renewable energy sector. Wind energy is a low-cost, clean, and reliable form of renewable energy that makes sense for Minnesota,” said Soholt.
# # #
About Clean Grid Alliance (CGA): Clean Grid Alliance is a 501(c)(3) nonprofit organization based in St. Paul, Minn., that works to advance renewable energy in the Midwest. Its members are comprised of wind, solar, and storage developers, environmental organizations, public interest groups, clean energy advocates, farm groups and businesses providing goods and services to the wind, solar, and storage industries.


Brokerage firms show confidence in Hero Honda post split.
New Delhi, Dec. 21 -- Hero Honda Motor Ltd (HHML), the joint venture between Hero group and Honda came to an end after 26 years but the news had the whole industry and the stock market in a iffy. The impending exit rumours had kept HHML shares in tatters for some time. But the scrip rose 18 per cent on Monday, which is the highest since May 2009, after the company management on Thursday had announced that the spilt in the joint venture will lead to a decline in its royalty payments from early January. The royalty payment issue regarding technology was the main bone of contention between the partners which reportedly led to the end of the joint venture.
According to a report in the business daily The Business Line, it has been reported that despite the split, the company would start paying lesser royalty to Honda from January next year, Pawan Munjal, MD and CEO at Hero Honda, had said on Thursday. The company will also be free to use the 'Hero Honda' brand name till June 2014, he said.
The report mentioned that with the stock markets being closed last Friday, the effect of the announcement showed only on Monday. The scrip closed up 18 per cent over Thursday's close at Rs 1,981.2. The scrip touched a high of Rs 1,997.9. It had opened at Rs 1,766, which is also the lowest it was trading at on Monday. Hero Honda was also the best performing scrip amongst the Sensex stocks on Monday. The report quoted Munjal as saying "We hope to sign the definitive agreement in the next few weeks. There will be a continuous flow of new models some on a completely fresh platform. The deal is in the best interest of the company and its minority shareholders. The company wants to do much more now."
The report also quoted Vaishali Jajoo, auto analyst at Angel Broking who said that now with the concerns regarding royalty out of the way, there are no fears of earnings downgrades. "This announcement came as a positive for the stock which was being hammered well before the deal was announced," she added.
It was also reported that the scrip had taken a beating ever since rumours of the impending split started to make the rounds. From a high of Rs 2,060 in mid-November, it fell to a low of Rs 1,730.1 later that month. Now it has been reported that brokerages are recommending their investors to either accumulate shares of Hero Honda or to hold on to the shares they already own.
According to the report, Credit Suisse, in a research report, had upgraded its rating of the company from 'Neutral' to 'Outperform'. The research report then said that though the split might have a sentimental negative impact, it does not expect the Honda exit to have a detrimental impact on Hero Honda's prospects. Elara Capital, in a research report on Monday, has given a buy rating to the stock. It said that the royalty costs will not go up and in the long term, costs for the company are expected to reduce. Bank of America Merrill Lynch has also given a buy rating to the stock, according to the report.
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|Date:||Dec 21, 2010|
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Honors Interdisciplinary Studies, England 2014
PROGRAM FEES BREAKDOWN:
The amounts below are ONLY ESTIMATES and are subject to change:
Total Program Fee
|This is the ESTIMATED total program fee. This amount can increase based on airline taxes/departure fees or not meeting enrollment requirements.
|This is part of the total program fee. Pay to the Business Office. This is NON-REFUNDABLE. If the cost of the airline ticket increases, the required deposit amount will also increase. You will NOT see this in your Atlas account.
$900 - $1,150
| You must apply by the application deadline to qualify for the full scholarship amount. Funds will be posted to the students' account in Atlas prior to the program balance due date. This program has the following number of scholarships available: 18
*Scholarship amount will vary based on financial need.
$650 - $900
|Log into your Atlas account to see if you owe a balance payment. Students will sufficient financial aid may not have a final program balance payment. Payments must be made through your Atlas account. If you do not have financial aid, you can sign up for TIPs (Tuition Installment Plan) to help ease your program payments.
|This is an ADDITIONAL charge that you will see in your Atlas account. It is NOT part of the total program fee. Additional registration fees may apply.
PROGRAM OVERVIEW :
This trip will allow students to become completely familiar with the city of London and comfortable with the public transportation system. The tour will be guided by two Valencia professors and not a travel agent, allowing for experiences not normally provided by tour companies. Sites have been carefully chosen to provide a unique learning and travel experience. These sites (tentatively) include Windsor Castle, the Globe Theater, the Tower of London, multiple museums, Houses of Parliament, and a day trip to Bath and Stonehenge.
An in-depth, one city based, learning experience of the many cultural aspects of the city of London, England. This will be an opportunity to become familiarized with the transportation system, museums, cultural events, and major historical districts of the city of London. There will be an emphasis on the humanities including art, history and culture.
THINGS TO CONSIDER BEFORE YOU APPLY:
- The weather
in London during March can be somewhat chilly, with temperatures hovering at around 48-60 degrees F on average. It is a good idea to pack clothes that you can layer.
- Bring an umbrella that can withstand strong rain and wind.
- Bring along a pair of shoes that are comfortable to walk in. London is a city where going by foot is often the best option.
- If you have special dietary needs, bring extra money for meals and snacks.
- Valencia’s Student Development Office does not allow drinking alcohol on this trip.
- It is understood that students will be acting as cultural ambassadors from the U.S. and representing Valencia positively to our foreign hosts.
This program is partially funded by Valencia’s Student Development Office (SDO) which will be contributing a percentage towards the cost of participation for a limited number of students accepted into the program.
Eligible students can use their financial aid to cover the additional program costs (airfare, accommodations, meals, course tuition, etc.) as long as the course satisfies your degree requirements. Complete a MY EDUCATION PLAN and visit a Financial Aid Adviser for details.
You must complete a Budget Worksheet for Study Abroad with all the program costs and your scholarship awards when you meet with Financial Aid.
Feb 28-Mar 9, 2014*
This date is subject to change.
PROGRAM LEADER CONTACT:
Room: West Campus
Room: West Campus,
HOW TO APPLY:
Click hereto access the study abroad advisor contacts, scholarship eligibility requirements, and study abroad forms.
to apply to the IDH 2955 (1 credit) study abroad program. You will need a Dynamic Forms login.
IMPORTANT DATES & DEADLINES:
09/11 Mandatory Info Session
09/20 Application due
09/30-10/10 Applications interviews
10/14 Acceptance notification
10/18 Program deposit due ($400)
01/13 Program balance due
*Dates subject to change.
Please note that all orientation sessions are mandatory. The number of predeparture and re-entry meetings will depend upon your program.
8 Breakfasts and 1 dinner
Tours listed in program itinerary
Entrance fees to all sites
COST DOES NOT INCLUDE:
Passport application (if needed)
Visa (not required for U.S. citizens)
Spending money ($50/day)
SCHOLARSHIP ELIGIBILITY AND COURSE PREREQUISITES:
Apply by the deadline date
Be a degree-seeking Valencia student
Completed one semester within last year
Completed 12 college-level credits
Be at least 18 years old
Have a minimum GPA of 2.5
Students must be in good standing in the Valencia Honors Program.
PROGRAM PHOTOS & DESTINATION INFORMATION:
CIA World Fact book UK
Consular Affairs, Dept. of State UK
VIDEOS FROM PREVIOUS TRIPS:
Project Paris 2013
Valencia College reserves the right to alter or cancel the program at any time. In such cases, the College shall not be liable for airfare or other transportation costs incurred by the student. Students should consult their travel agent about travel insurance to defray unanticipated costs in the event travel plans change. Dates and prices are subject to change without notice dependent on economic fluctuations.