Tags Area http://tagsarea.com/ Tue, 17 May 2022 22:52:30 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://tagsarea.com/wp-content/uploads/2021/04/tags-area-icon-150x150.png Tags Area http://tagsarea.com/ 32 32 Bay Area gas rises above $6.10 as California hits new high https://tagsarea.com/bay-area-gas-rises-above-6-10-as-california-hits-new-high/ Tue, 17 May 2022 22:52:30 +0000 https://tagsarea.com/bay-area-gas-rises-above-6-10-as-california-hits-new-high/

California’s average gasoline price topped $6 a gallon for the first time on Tuesday, just two months after drivers were stunned to see $5 prices at the pump for the first time. And there are no signs of a decline anytime soon.

In San Jose, prices averaged $6.12 on Tuesday, Oakland hit $6.13, and San Francisco and Marin counties tied for the region’s most expensive at $6.27, according to AAA. The state’s average jumped 30 cents last month — and a staggering $1.36 year-to-date — as Russia’s invasion of Ukraine combined to a spike in inflation and increased demand for fuel to drive up gasoline prices.

On Tuesday, all 50 US states crossed the $4 per gallon mark for the first time.

“Even the annual seasonal drop in gasoline demand during the lull between Spring Break and Memorial Day, which would normally help drive prices down, is having no effect this year,” said Andrew Gross, gatekeeper. -says AAA, which blamed global oil costs, now over $114 a barrel, for “driving these high prices at the pump for consumers.”

For a round-trip commuter car ride from downtown San Jose to San Francisco, soaring fuel prices translate to burning $20 worth of gasoline in a vehicle averaging 30 miles per gallon. That’s up $5 from January 2022 and almost double the cost from January 2021.

The increasingly painful visits to the gas station follow one another 70% of Americans now say inflation is the number one problem facing the United States, beating out health care affordability, violent crime and COVID-19, according to a Pew Research Center survey released last week. Nationally, the annual inflation rate hit 8.3% in April, a pace close to its highest level in 40 years.

Athena Bonneau, an Indigenous Canadian journalist traveling through California, has seen gas prices climb steadily as she travels in the Pacific Northwest and the Bay Area.

“It started at $4 and went to $5 and now here,” said Bonneau, who paid $6.69 a gallon Tuesday in a Valero in Berkeley. “It’s the highest I’ve ever seen.”

Drivers feeling the pinch may wonder if Sacramento still plans to send gas tax financial relief after a flurry of proposals in March. The answer is yes, Californians can expect hundreds of dollars this year, but it probably won’t arrive in time for your summer road trip because budget negotiations between the governor and the Democratic leadership hang out.

California has long paid the the highest fuel prices in the countrya sting that is particularly felt now that the average price per gallon is $1.50 higher than the national average.

Among the reasons for the state’s highest status are a 51-cent gas tax — only Pennsylvania levies a higher gas tax — as well as environmental fees to help fight climate change. and a more expensive emission fuel mixture unique to the Golden State.

This whole country is also transitioning from winter to more expensive summer fuel blends by early June. These mixtures are intended to prevent gasoline evaporation and smog during warmer months and typically add seven to ten cents per gallon, according to AAA.

Yet there was also a difference of more than 30 cents between California and the national average that analysts can’t seem to explain, with fingers pointing to big gas station companies’ profit taking.

The oil industry reaped massive rewards as the Russian invasion of Ukraine drove up fuel costs and gas demand rebounded after COVID restrictions eased.

Saudi Aramco, which recently overtook Apple as the world’s most valuable company, said on Sunday its profits soared more than 80% in the first three months of the year as the government-backed company State takes advantage of the volatility of global energy markets and the oil boom. prices. California imports more than 16% of its oil comes from Saudi Arabia.

Meanwhile, London-based Shell reported adjusted profit of $9.1 billion earlier this month, up $3.2 billion from the same period last year.

The Associated Press contributed to this report.

]]>
The top seven drivers of consumer installment borrowing with credit cards https://tagsarea.com/the-top-seven-drivers-of-consumer-installment-borrowing-with-credit-cards/ Tue, 17 May 2022 18:30:00 +0000 https://tagsarea.com/the-top-seven-drivers-of-consumer-installment-borrowing-with-credit-cards/

DUBLIN, May 17, 2022 /PRNewswire/ — The “Installment Loans: Fintechs Gain Ground on Installment Loan Forecasts $212 billion report has been added to from ResearchAndMarkets.com offer.

The report explains the situation of consumer installment loans in United States and how fintechs and financial companies are now overtaking banks and credit unions when it comes to installment loans. Additionally, this research examines how companies are offering integrated financial products such as CCaaS to enable customers to offer their own credit card product. Using four assessment criteria, general guidance is provided for those seeking a relationship with a fintech provider.

“Banks used to dominate consumer lending, with installment loan products priced well below credit cards, but that’s no longer the case,” he said. Brian Riley, author of the research report. “Buy Now, Pay Later (BNPL) was a wake-up call for credit card issuers. BNPL was a revamp of a merchant funding model used long ago by companies like GECC (now Synchrony) and Household Finance Corporation (acquired by Capital One) Now fintechs are moving in the same direction with installment loans, Riley says.

Highlights of the research note include:

  • Consumer Debt Trends in the United States
  • Trends in Fintech and Financial Companies vs. Financial Institutions
  • Why banks and credit unions should define the consumer lending space, not follow fintech trends
  • Strengths, Weaknesses, Opportunities and Threats for Established Banks and Fintechs
  • Comparison of revolving and installment loan products
  • Consumer survey data on installment loan users and top fintech lenders

Main topics covered:

  • Summary
  • Household debt in United States
  • Unsecured Installment Loans: Defining the Space
  • Reasons why consumers choose non-traditional lenders
  • Installment Loans: Risks and Opportunities for Financial Institutions and Fintechs
  • What financial institutions should do
  • What Fintechs and Traders Should Do

Figures and tables

  • Figure 1: Consumer debt in United States totals $15.6 trillion in all warranty classes
  • Figure 2: Unsecured personal loans in the United States will reach $212 billion by 2025
  • Figure 3: Fintechs and financial companies overtook banks and credit unions in terms of market share between 2016 and 2021
  • Figure 4: Range of consumer credit products
  • from unsecured revolving and installment loans to secured loans
  • Figure 5: Nearly a quarter of cardholders surveyed said they use an online lender
  • Figure 6: Top seven drivers of installment borrowing by credit card consumers

Companies cited

  • Credit Acima
  • To affirm
  • American Express
  • Before
  • The bank rate
  • Mixing laboratories
  • Bread
  • Capital one
  • City
  • Discover
  • Equifax
  • Experian
  • World FIS
  • FICO
  • Fiserv
  • GECC
  • HFCs
  • JPMorgan Chase
  • Jack Henry
  • Klarna
  • loan club
  • LightStream
  • MasterCard
  • NerdWallet
  • Opportunity
  • Prosper
  • Bank of Regions
  • Rocket companies
  • SoFi
  • Synchrony
  • TSYS
  • Truist
  • Trans Union
  • Improve
  • Reached
  • Visa
  • well Fargo
  • worldpay
  • Zopa

For more information on this report, visit https://www.researchandmarkets.com/r/v23opm

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Woodsenior
[email protected]

For EST office hours, call +1-917-300-0470
For USA/CAN call toll free +1-800-526-8630
For GMT office hours call +353-1-416-8900

US Fax: 646-607-1907
Fax (outside the US): +353-1-481-1716

SOURCE Research and Markets

]]>
Bay Area is last place with rent below pre-pandemic levels https://tagsarea.com/bay-area-is-last-place-with-rent-below-pre-pandemic-levels/ Tue, 17 May 2022 11:13:00 +0000 https://tagsarea.com/bay-area-is-last-place-with-rent-below-pre-pandemic-levels/ The Bay Area is the last place in the United States with rental prices below pre-pandemic levels, according to a new report from Apartment List. Sounds like a rosy headline – for us tenants at least – but the question remains how long the “depressed” prices will last.

New data estimates that rents in the San Francisco-Oakland-Berkeley area are still down 3.3% from March 2020 and the San Jose-Sunnyvale-Santa Clara area is down 1.3% . Meanwhile, nationwide rental prices have soared more than 16% in the past year alone, with major Florida cities such as Miami climbing 34% since the month the pandemic shut down a large part of the United States.

In a separate report, Apartment List pegged the median one-bedroom rent in San Francisco at $2,390 in April, an increase of just 0.7% month-over-month, but an increase of 12.1% year over year.

Experts predict there are a number of factors affecting these further discounted prices, one of which is that the Bay Area has one of the most remote workforces. Tech companies have led the way in embracing working from home amid the pandemic and many continue to allow flexible or permanent work-from-home options.

San Francisco doesn’t dominate the highest of those median one-bedroom numbers in the region, however, according to Apartment List. San Mateo rents are about 1% higher, with a median room at $2,440. Fremont, Union City and Dublin also all have higher median one-bedroom rental prices.


Zumper, another apartment rental market, conversely still has San Francisco rents as the highest in the area. The median one-bedroom rent was $2,900 in April, according to their latest report, well above San Mateo’s median one-bedroom rent of $2,510.

Notably, rents are still well below New York averages, reports Zumper, which again took the top spot in the nation at $3,420 for a one-bedroom apartment.

Oakland prices rose even more modestly in April, with a slight 0.3% month-over-month growth and only 5.3% year-over-year growth. It’s still one of the cheapest cities in the San Francisco metro area, with a median one-bedroom of $1,660.

While prices in the Bay Area look “reduced, Apartment List senior economist Chris Salviati said they are unlikely to stay that way for long. Still, the Bay Area consistently lags the national average, and Salviati attributes much of that to the region’s lack of affordability before the pandemic began.

San Francisco is still the most expensive market in the country,” he said. “That’s a bit of a discount, but it’s nowhere near enough to make San Francisco an affordable market by any stretch of the imagination.”


]]>
San Francisco Giants’ Tommy La Stella reinstated from IL, makes season debut at Colorado Rockies https://tagsarea.com/san-francisco-giants-tommy-la-stella-reinstated-from-il-makes-season-debut-at-colorado-rockies/ Tue, 17 May 2022 03:18:49 +0000 https://tagsarea.com/san-francisco-giants-tommy-la-stella-reinstated-from-il-makes-season-debut-at-colorado-rockies/

DENVER — San Francisco Giants infielder Tommy La Stella was reinstated Monday from the 10-day injured list and made his season debut at Colorado.

In other moves, the Giants moved right-hander Anthony DeSclafani (inflamed right ankle) to the 60-day injured list and moved outfielder Luis González to Triple-A Sacramento. Right-hander Yunior Marte was signed to Sacramento on Sunday, and the Giants selected right-hander Mauricio Llovera on the contract.

La Stella, in the second year of a three-year, $18.75 million contract, missed time in his first year with the club due to a broken right hand and sprained ankles. hamstrings. He underwent surgery in October to repair an Achilles tendon problem, and recovery time forced him to miss the first five weeks of the season.

Giants manager Gabe Kapler has welcomed La Stella’s return, saying his veteran presence adds stability and resolve to the club. La Stella’s defensive versatility also gives Kapler extra flexibility in managing the lineup, and his batting adds to the team’s overall firepower.

“Tommy is one of the best plate appearances in baseball right now, simple as that,” Kapler said. “He’s got great discipline, fouls off the pitch, is extremely competitive in the batting box. He’s kind of the embodiment of what we want our batters to be, make a lot of contact, drive the baseball, occasionally draw a walk here and there and keep the line moving.”

Kapler also said DeSclafani hasn’t faced any setbacks in his rehabilitation from an ankle injury that sidelined him since April 22. he’s ready to fill a slot in the rotation when he returns.

“A long, slow ramp for a pitcher is the most protective thing we can do for them, Kapler said, adding that “bringing him back to the big leagues healthy and strong and capable of knocking down a workload. complete is the most important piece of this puzzle.”

The Associated Press contributed to this report.

]]>
Emory University student-run venture capital fund focuses on underrepresented entrepreneurs https://tagsarea.com/emory-university-student-run-venture-capital-fund-focuses-on-underrepresented-entrepreneurs/ Mon, 16 May 2022 19:26:07 +0000 https://tagsarea.com/emory-university-student-run-venture-capital-fund-focuses-on-underrepresented-entrepreneurs/

The venture capital industry is reckoning with its lack of diversity since the 2020 murder of George Floyd. But despite companies’ efforts to hire more diverse talent and support more underrepresented entrepreneurs, the needle didn’t move much. The problem is that many companies are trying to adapt this new lens to existing strategies while unlearning the biases. But what might the industry look like if future investors learned to be aware of diversity and inclusion from the start?

That’s the idea behind Emory University’s Peachtree Minority Venture Fund. In 2020, 21-year-old MBA student Willie Sullivan became involved in a school board project that examined how Emory could better support Atlanta’s diverse set of entrepreneurs. When he asked black entrepreneurs about the biggest obstacles they faced, the answer was time and time again a lack of capital. How to help these startups became apparent to Sullivan, he says: Emory should launch its own fund to support them.

A student-run venture capital fund is not a one-size-fits-all concept. Many colleges have launched them, including those not often associated with the venture capital ecosystem, such as the University of Connecticut and the University of Nebraska-Lincoln. But a venture capital fund with a diversity mandate makes Emory’s program new. It not only equips students with the knowledge to become successful future venture capitalists, but also how to approach the industry with full awareness of current biases and equipped with the tools to invest against them.

“Wouldn’t it be great if these students went on to work for a venture capital fund after working with a fund that caters to these communities? said Sullivan. “Right now a black contractor walks in and no one in the room understands. Our goal is not just to provide the capital investment, but to enable students to learn about minorities and under-reimagined entrepreneurs. »

After a year of planning with the school and fellow co-founders Kristen Little, Alan Quigley, and Chris Anen to figure out the logistics, Peachtree Minority Venture Fund was launched with $1 million in capital from Emory’s endowment and its corresponding class ran for the first time this past spring semester. The course has attracted undergraduate and graduate students from business and law schools.

Julian Smith, a 23-year-old MBA student, says the creation of the fund was one of the factors that prompted him to apply to Emory. “The purpose and motivation behind creating a fund with such an inclusive and exclusive mandate focused on minority founders was huge for me because of my knowledge of how disparities in the industry play out, says -he.

Undergraduate graduate Yael Cohen echoes Smith’s interest. “I was very keen to apply,” Cohen says. “I wanted to learn more about the venture capital space and thought it would be a great way to empower minority entrepreneurs and people who come from similar backgrounds to mine. I just wanted that hands-on experience.

Students learned about the entire investment lifecycle. Classes contained activities such as learning how to diligent on a pitch deck before the class split into groups to analyze a real one or having various VC talents including Shila Nieves-Burney and Tristian Walker come up and talk about their experiences. The class was divided into groups – investment committees – which each had an area of ​​interest ranging from sustainability to financial services. Each group carried out due diligence on companies in its sector. The fund backed three companies in its first half.

“Each team has dealt with 10 to 15 companies in the pipeline and self-sourced, they’re having amazing conversations,” said Humza Mirza, Emory ’22 MBA student and managing partner of Peachtree. Forbes. “A lot of [the students] have internships in investment banking and venture capital, which was a big part of it.

The class also learned about supporting holding companies beyond just finance. Hussain Punjani, a 22-year-old evening MBA student, says that due to the fund’s small check sizes and limited capital pool, it was beneficial to learn more about the other side of the job. “You’re supporting businesses through thick and thin with marketing, brand recognition, driver feedback and hiring, it’s so much more than just supporting with capital,” he says. .

One of the businesses supported by Peachtree was COMMUNITYx, a social media app that helps connect social justice activists with other activists, protests and causes. Founder Chloë Cheyenne said she contacted Peachtree while it was still in formation and had a relationship with company co-founder Miguel Vergara for six months before her startup became one of the company’s first investments. portfolio – which reflects the number of real companies. . Cheyenne tells Forbes that working with the company was no different than her other backers and that she truly admires the company’s mission.

“The way they evaluate companies and select companies making sure they are looking for founders and diverse companies that are creating solutions that change the world, is something that I hope will become more relevant in the world. ‘business,’ says Cheyenne.

Although Peachtree was the first student-run company to support diverse and underrepresented founders, they hope it won’t be the last. And there are signs that there will be copycat programs sooner rather than later. “It’s already happening,” Smith says. “I had a call with students from another VC and PE club. We had an hour-long conversation as they began to think about a similar D&I-focused venture capital fund.

]]>
The capital is rapidly evolving on its way to becoming Silicon Valley https://tagsarea.com/the-capital-is-rapidly-evolving-on-its-way-to-becoming-silicon-valley/ Mon, 16 May 2022 11:52:22 +0000 https://tagsarea.com/the-capital-is-rapidly-evolving-on-its-way-to-becoming-silicon-valley/
The capital is rapidly evolving on its way to becoming Silicon Valley

Aiming to bring the Silicon Valley model to the capital, the Ankara Metropolitan Municipality broke new ground. The IT department organized the electronic game marathon called “DevJam” in order to encourage young entrepreneurs and ensure the development of the game industry in Turkey.

University students from across the country, who stood at the North Star TechBridge, demonstrated their skills in the marathon which lasted 3 days, day and night. ABB President Mansur Yavaş said on his social media accounts: “As we build bridges between our young entrepreneurs and the developing world, we also support their skills. There is hope, if you have it,” he said.

The Ankara Metropolitan Municipality, which aims to bring the Silicon Valley model to the capital by closely following technological developments, has been breaking new ground.

ABB’s Information Technology Department hosted the electronic game marathon called “DevJam” organized by METU Google Developer Student Clubs to encourage young entrepreneurs to develop the gaming industry in Turkey.

Emphasizing that they will continue to provide all kinds of support to young entrepreneurs with his social media accounts, Metropolitan Ankara Mayor Mansur Yavaş said, “We are happy to host the DevJam event in our North Star TechBridge entrepreneurship center. While building bridges between our young entrepreneurs and the developing world, we also support their skills. There is hope, if you have it,” he said.

YOUNG PEOPLE HAVE NOT SLEEPED AND EXHIBIT THEIR TALENTS IN DIGITAL GAMES

the DevJam marathon, which started with a mini concert by the Ankara City Orchestra at the North Star TechBridge; kazan digital game development skillsIt was organized for those who want to learn and learn, and university students from all over Turkey who are interested in this field to meet and have fun.

In the electronic game marathon, which started on May 13 and lasted 3 days, day and night, experienced names in the digital game world also shared their knowledge of the developing world and game technologies. Young entrepreneurs, who also have fun playing many sports games ranging from golf to table tennis, embark on the marathon, even if they fall asleep from time to time. kazanHe fought to the death.

THANKS TO PRESIDENT SLOW

The young entrepreneurs, who met the professions of the future and developed in this direction, thanked the Mayor of Ankara Metropolitan Municipality, Mansur Yavaş, for hosting the game marathon by opening the doors of the North Star TechBridge, especially with its “student” applications:

Tuna Özkuşaksız (Head of METU Google Developer Students Club): “DevJam is a coding marathon held from May 13-15, 2022. North Star Valley has great opportunities, our friends are growing their businesses here, and many game developers can take advantage of the opportunities here. I would like to thank the Mayor of Ankara Metropolitan Municipality, Mansur Yavaş, and the Head of IT Department for supporting young entrepreneurs.

Goksel Pirik (Designer): “Our goal in organizing this game marathon is to bring together many developers and designers and get them to do something beautiful together. We and the participants who came to the game marathon really liked the North Star. There has all kinds of possibilities here. As a software developer, I want to thank our president Mansur Yavaş for his support.

Furkan Gözdeli said:”I participated in the DevJam gaming marathon to improve myself and meet people who are interested in the digital playground, the energy of the participants is very high. There are all kinds of opportunities in our region.

Utkan Sivrikaya: “I joined DevJam to have fun with my friends and meet new people. I’m a METU student, this is my first time at North Star and it’s just a wonderful facility. Everything has been thought out for us It’s a great place to develop games and meet new people.”

Oguz Akay: “I was looking for activities to write game code with my friends. We heard that METU would be hosting such an event and decided to attend. The energy of the participants is also very high, hosted by ABB and in a very beautiful environment.

Yaren Cetinkaya: “I joined to design a new game and meet new people. There are all the possibilities in the North Star and everything has been thought of for us.”

Staff of Aene: “I attended this event to improve on digital games and meet new people. There is everything here. From mini-golf to ping-pong, from outdoor to table football, everything was think.

Musahan Sever: “We have participated in the Devjam game marathon with our friends and we want to succeed in this field. Everything was planned and arranged during the event.

Ceren Aydin: “I study at METU Industrial Engineering. We’ve come together for DevJam. In this game marathon, which brings together amateur game creators, students from various parts of the country are very enthusiastic and enthusiastic about designing games.

Burak Baki: “I study at METU Industrial Engineering. DevJam is a great opportunity to showcase game developers and show off their talents. »

Excerpt from Yunus Record: “I am a computer engineering student at Abdullah Gül University. I joined the DevJam gaming marathon to become a game developer.

SILVER PRIZE MARATHON

Young entrepreneurs showed great interest in the “Başkent Kart” booth, which was set up as part of the DevJam game marathon, while cash prizes and surprise prizes were presented. kazanThey struggled fiercely with the presentations they made in order to be able

The young entrepreneurs of the university, who won the first prize at the end of the marathon, expressed their feelings with the following words:

Alperen Oztas: “This is our second ‘DevJam’ experience as a group. Our strength is very high when we come together as a team. We were the first in the past. I think our success will continue this way.

Ali Emre Kucukkurt: “I follow the gambling industry in Turkey and I want my contributions to be made in the future. The place is beautiful, they made us feel very comfortable here. The cleanliness and order are also excellent.

Emre Ozcatal: “We had our second DevJam experience. Again kazanWe did it and came first. The event went very well, I’m happy.

]]>
Mid-Century Modern Bay Area Home Sells for $1 Million More Than Asked https://tagsarea.com/mid-century-modern-bay-area-home-sells-for-1-million-more-than-asked/ Sun, 15 May 2022 16:09:34 +0000 https://tagsarea.com/mid-century-modern-bay-area-home-sells-for-1-million-more-than-asked/
Photo by Katie Dowd

A home in El Cerrito sold for over $1 million in April 2022.

Google Street View

An El Cerrito home has sold for a million dollars and more on its listing price of $1.295 million. The winning bid was an all-cash offer, KPIX reports.

The three-bedroom, two-bathroom mid-century modern home was built in 1963 and features wrap-around decks accessed by sliding doors from the kitchen, living room, and owner’s suite. “With stunning wood accents throughout, this lovely home has been upgraded with double-glazed windows, radiant heat and an insulated roof,” the Compass listing says.

The home, which hit the market in April, lasted just 10 days before a sale was underway. Listing agent Kevin Tannahill told KPIX the home received 11 offers, all of which were at least $200,000 more. The owners accepted the offer which was $1.155 million above the request, bringing the final sale to $2.45 million.

“It was a mid-century modern. Mid-century modern has a following in the Bay Area,” Tannahill told KPIX. “It was a unique house, that’s what drove the price up.”


Property records show the home last sold for $818,000 in December 2013.

The high bid puts the house well above typical home value for El Cerrito. According to Zillow, the average home price for the city of East Bay is $1,143,096, a 7% year-over-year increase.


]]>
Credit card rates are still set at 2% per month https://tagsarea.com/credit-card-rates-are-still-set-at-2-per-month/ Sun, 15 May 2022 16:00:00 +0000 https://tagsarea.com/credit-card-rates-are-still-set-at-2-per-month/

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is expected to keep the cap on credit card transactions at 2% per month or 24% per annum in a low interest rate environment as the country continues to recover from the impact of the pandemic.

Subject to confirmation by the Monetary Board, the cap on interest rates or finance charges on outstanding credit card balances approved more than a year ago would likely continue.

“There is no policy change,” BSP Governor Benjamin Diokno said in a text message.

The STAR first reported that the BSP imposes an interest rate or finance charge cap of 2% per month and 24% per annum on the outstanding credit card balance.

Similarly, additional monthly rates that credit card issuers may charge on installment loans have been retained at a maximum rate of 1%, together with a maximum processing fee of P200 per transaction on the use of advances funds on credit card.

BSP formalized the imposition of the Currency Board-approved cap through Circular 1098 issued in late September 2020, and the cap came into effect on November 3, 2020, to help Filipinos deal with the impact of the pandemic.

The maximum rates and charges are subject to review by BSP every six months.

Prior to the imposition of the cap, the annualized interest rate on credit card receivables averaged 36%.

Philippine banks and credit card issuers have reported lower revenues since caps were imposed on credit card fees.

The BSP has maintained an accommodative monetary policy by keeping interest rates at historically low levels since November 2020 to help the economic recovery gain momentum.

As part of its heavy-handed COVID-fighting measures, the central bank cut interest rates by 200 basis points in 2020, bringing the benchmark rate down to an all-time low of 2%.

The latest data from the central bank showed that consumer loans granted by universal and commercial banks increased by 3.6% to reach 867.79 billion pesos at the end of March.

Credit card loans recorded a strong increase of 12.1% to 446.06 billion pesos, offsetting the 4.2% decline in car loans to 333.16 billion pesos and the 5.5% decline general purpose consumer loans based on wages at 73.98 billion pesos.

At the end of March, credit growth accelerated by 8.9%, from 8.98 trillion pesos to 9.78 trillion pesos, as part of the continued reopening of the economy to following strict COVID quarantine and lockdown measures.

]]>
San Francisco police commissioner pleads for reform, reducing police power in traffic stops https://tagsarea.com/san-francisco-police-commissioner-pleads-for-reform-reducing-police-power-in-traffic-stops/ Sun, 15 May 2022 03:00:13 +0000 https://tagsarea.com/san-francisco-police-commissioner-pleads-for-reform-reducing-police-power-in-traffic-stops/

PC: sfgov.org

By Mansour Taleb-Ahmed

SAN FRANCISCO, Calif. — San Francisco Police Commissioner Max Carter-Oberstone introduced a new law here that would ban most traffic stops, to benefit criminal and racial justice and public safety, according to local news and national last week.

The commissioner explained: ‘We will never know how Philando Castile (who was killed by police during a traffic stop) felt when the police lights first flashed in his rear-view mirror on a balmy night. summer of 2016. But we can be reasonably certain of what he wasn’t feeling: surprise.

He added: “The traffic stop – apparently for a broken rear light – which hastened his tragic death and brought the nation’s attention to the nation’s attention was nothing out of the ordinary for Castile”, noting that Castile had been arrested 46 times.

According to Oberstone, in the United States, traffic laws are designed to work this way. He explained that “the offenses that populate our traffic laws are so vast that the average driver can hardly hope to spend a few minutes behind the wheel without committing an offence”.

Oberstone says even something as innocent as “hanging an air freshener in the rear view mirror or not illuminating your license plate” could cause people to pull over and get a ticket.

He acknowledged that “it is only a matter of time before a driver falls prey to the minefield of traffic violations that awaits him every time he turns on the engine”.

He said the system gives police “almost unlimited discretion to arrest any driver, at any time”.

The commissioner said one of the ways they often use their discretion is to initiate “pretext traffic stops…when police suspect a driver has committed a crime (or perhaps the driver just looks “suspicious”), but not enough evidence to stop and question them about it.”

He explained that the police were stopping the driver for “a minor traffic violation…in his opinion, whenever the police pull over a motorist, they have that leeway to start asking people about ‘the non-traffic crime they are interested in”.

He insisted that the traffic checks are only a “pretext for their real motivation. ”

Oberstone said he directly linked these issues and practices to the case of Philando Castile. As noted in court records, an audio recording of the dispatch revealed that the officer believed Castile’s “wide nose” “fit” the description of someone who had committed a robbery.

However, other tapes showed that the officer was completely wrong. Documents further revealed that the officer who shot Castille was “acquitted of the charges against him relating to the shooting”.

As a result, Oberstone argues that pretext stops do not make the country any safer, noting that numerous reliable studies have shown that “pretext stops reveal evidence of non-traffic violations at extremely low rates and that they have no effect on crime rates. ”

These studies also demonstrated that “when we invite agents to be guided by instinct and other uncontrolled heuristics, people of color are disproportionately affected.” And those same studies have proven that “racial disparities in arrestees erode trust in the police and reinforce the perception that police use race as an indicator of crime.”

The data showed around “20 million traffic stops every year, many of them for minor violations”.

From Oberstone’s perspective, remembering Castile and Daunte Wright, these shutdowns could quickly “turn deadly… The consequences don’t have to be deadly to have lasting effects.”

Regarding citations for minor traffic violations, Oberstone noted that they quickly result in “heavy fines, and for those who cannot pay, late fees and even license suspensions.” He also mentioned that these arrests have unleashed “fear, humiliation and other indignities” on innocent people.

Decision makers would have started to take notice of the problems. Philadelphia recently became the first city to implement a comprehensive policy to reduce pretext traffic stops.

Oberstone commented, “Policymakers owe it to their constituents to divert taxpayers’ money from the failed regime of pretense shutdowns and invest that money in programs that will keep officers and communities safe.”

Oberstone announced that he had introduced a law similar to that passed in Philadelphia.

According to him, his idea for a law would prohibit “arrests for minor traffic violations”. However, he revealed officers would still be able to do traffic checks for things that could pose a ‘threat to public safety’.

He also stressed that officers would still be able to enforce “low-level violations.” He pointed out that the officer will only have to “write down the driver’s license plate number and mail them a ticket.”

Second, Oberstone claimed that the law he introduced would limit “consent searches”, which he said would help prohibit officers from “seeking consent to search cars once they arrested the driver”.

This, he added, “will reduce the incentive to make pretextual stops in the first place, as well as the temptation to reach for a needle in a haystack”.

According to Oberstone, the law would also improve data collection.

He felt that “by letting the numbers tell the story, policy makers and the public can draw evidence-based conclusions about police enforcement of traffic laws and shine a light on any racial disparities”.

Oberstone said he hopes “the Police Commission will be able to vote on a final version of the bylaw this fall after public input is solicited and incorporated.”

As Oberstone asserted, “The substantial amount of money and time spent by officers making these ineffective stops could all be redirected to proven strategies for stopping and preventing more serious crimes – including greater responsiveness to emergency calls”.

Oberstone pointed out that while commentators often “reflexively” assume there is an inherent trade-off between police reform and public safety, he said that was “usually not the case.” He said reducing the use of pretext stops was the “best example”.

Oberstone explained whether people are primarily concerned about officer safety, better police response times, or even racial disparities, the new law will help the criminal justice system.
He pointed out that “everyone wins when pretext stops are phased out. Is there rarely a confluence of diverse stakeholders who stand to gain from a single policy proposal? »

]]>
Gennext in family offices is not afraid of riskier assets https://tagsarea.com/gennext-in-family-offices-is-not-afraid-of-riskier-assets/ Sun, 15 May 2022 00:52:00 +0000 https://tagsarea.com/gennext-in-family-offices-is-not-afraid-of-riskier-assets/ Investment products, from vanilla common stock PMS funds to complicated alternative investment products, long-term debt funds, private equity, venture capital and even peer-to-peer lending are now structured in the context of the “investment commitments” received from the bulging family in parentheses pools of offices.

But what makes family offices (FOs) the favorites is critical long-term capital with investment horizons of 6-10 years. These large pools of family capital are now managed by young descendants of wealthy business families. They are more adventurous with riskier investments such as seed-stage startups, unlisted companies, early-stage venture capital funds, and greenfield real estate projects.

“Family offices tend to be opportunistic and nimble. They seek asymmetric returns and the only way to achieve that is to invest across asset classes. In our family office, we invest across all asset classes. assets and over all durations,” said Gaurav Burman, Director of Dabur. International and fifth generation manager of the family investment program.

A leading sustainable consumer company has decided to co-invest in startups, private companies and venture capital funds. “It gave us access to those businesses and as we liked the business we took a substantial equity stake from the developers. When you cross a certain size it makes sense to acquire smaller businesses that can be put on the market ‘scale, and the largest distribution network parent company can scale it,’ said the leading third-generation promoter who runs the family office.

In the chemical and pharmaceutical industry, the next generation is working on R&D, smaller molecules and higher margin molecules. These are smaller companies, incubated separately and once they reach size, they are acquired by the company. “So we work with these boutique businesses and once they reach scale, we either integrate them or sell them separately,” the Mumbai-based family office member said.

Traditionally, decision making in business families belonged to the family patriarch or ‘elders’.


Broader asset allocation

“Given limited exposure to new asset classes, they would steer clear of more ‘exotic’ options such as PE/VC – which was totally off limits,” says Rishabh Mariwala, founder and director of Sharrp Ventures, who is part of the Mariwala Family Office.

“However, there are a few changes happening in these businesses… First, there is more liquidity for these business families now. Second, the new generation members of these families are exposed to new classes The founder is then pushed to evaluate opportunities that he might not have considered ten years ago, he adds.

The emergence of “wealth-tech” allows these traditional business families to self-assess their investment options. This has caused traditional business families to embrace asset allocation on a larger scale.

“Put simply, gold and real estate are no longer as exciting as they used to be. This forces these families to assess where they are investing,” adds Mariwala.

A report by 256 Network and Praxis Global Alliance India revealed that family offices are emerging as an important source of funding for startups in India. They have already invested more than 5 billion dollars and this figure should be multiplied by 5 to reach 30 billion dollars by 2025. There are currently at least 150 single family offices, compared to 40 three years ago.

“Next-generation family members are managing family office investments, especially in the new-age digital and technology solutions space. With many next-generation members reluctant to join legacy businesses and their inclination nature, interests and exposure towards all that digital can be leveraged,” said Nupur Pavan Bang, Associate Director, Thomas Schmidheiny Center for Family Enterprise, Indian School of Business.

]]>