Direct deposits – Direct Vanqex Sat, 15 Jan 2022 23:44:56 +0000 en-US hourly 1 Direct deposits – Direct Vanqex 32 32 Why Tonga’s volcanic eruption was so violent and what to expect next Sat, 15 Jan 2022 20:04:22 +0000

The Kingdom of Tonga doesn’t often attract global attention, but a violent eruption of an undersea volcano on January 15 sent shockwaves, literally, around half the world.

The volcano is usually not much to see. It consists of two small uninhabited islands, Hunga-Ha’apai and Hunga-Tonga, located about 100 m above sea level, 65 km north of Tonga’s capital, Nuku’alofa. But hidden under the waves is a massive volcano, about 1800 m high and 20 km wide.

A massive underwater volcano sits adjacent to Hunga-Ha’apai and Hunga-Tonga islands.
Author provided

The Hunga-Tonga-Hunga-Ha’apai volcano has erupted regularly over the past decades. During the 2009 and 2014/15 events, hot jets of magma and steam exploded through the waves. But those eruptions were small, overshadowed by the events of January 2022.

Our research on these earlier eruptions suggests that this is one of the massive explosions the volcano is capable of producing approximately every thousand years.

Why are volcano eruptions so explosive when seawater should cool the magma?

If magma rises slowly in seawater, even at temperatures around 1200℃, a thin film of vapor forms between the magma and the water. This provides a layer of insulation to allow the outer surface of the magma to cool.

But this process does not work when the magma is expelled from the ground full of volcanic gas. When magma rapidly enters water, all layers of vapor are quickly disrupted, bringing the hot magma into direct contact with the cold water.

Volcano researchers call this the “fuel-coolant interaction” and it’s akin to weapons-grade chemical explosions. Extremely violent explosions tear through the magma. A chain reaction begins, with new fragments of magma exposing the cool, hot interior surfaces to water, and the explosions repeat, eventually spewing volcanic particles and causing explosions at supersonic speeds.

Read more: A volcano’s ‘pulse’ can be used to help predict its next eruption

Two scales of Hunga eruptions

The 2014/15 eruption created a volcanic cone, joining the two former Hunga Islands to create a combined island approximately 5 km long. We visited in 2016 and found that these historic eruptions were just curtain raisers for the main event.

By mapping the seabed, we discovered a “caldera” hidden 150 m below the waves.

A map of the seafloor shows the volcanic cones and the caldera.
A map of the seafloor shows the volcanic cones and the massive caldera.
Author provided

The caldera is a crater-like depression about 5 km in diameter. Small eruptions (as in 2009 and 2014/15) mostly occur at the edge of the caldera, but very large ones originate from the caldera itself. These large eruptions are so large that the top of the erupting magma collapses inward, deepening the caldera.

Looking at the chemistry of past eruptions, we now believe that small eruptions represent the magma system slowly recharging to prepare for a big event.

We have found evidence of two huge past eruptions of the Hunga caldera in deposits on the ancient islands. We compared these chemical deposits to volcanic ash deposits on the largest inhabited island of Tongatapu, 65 km away, then used radiocarbon dating to show that large caldera eruptions occur approximately every 1000 years, the last at AD1100.

With this knowledge, the January 15 eruption appears to be right on time for a “big one”.

Read more: Why White Island erupted and why there was no warning

What we can expect now

We are still in the middle of this major eruptive sequence and many aspects remain unclear, in part because the island is currently obscured by ash clouds.

The two previous eruptions on December 20, 2021 and January 13, 2022 were moderate in size. They produced clouds up to 17 km high and added new land to the 2014/15 combined island.

The latest eruption escalated in magnitude in terms of violence. The ash plume is already about 20 km high. More remarkably, it extended almost concentrically for a distance of about 130 km from the volcano, creating a plume with a diameter of 260 km, before being deformed by the wind.

This demonstrates tremendous explosive power – which cannot be explained by magma-water interaction alone. Rather, it shows that large amounts of fresh, gas-laden magma erupted from the caldera.

The eruption also produced a tsunami across Tonga and neighboring Fiji and Samoa. The shock waves traveled several thousand kilometres, were seen from space and recorded in New Zealand about 2000 km away. Shortly after the eruption began, the sky was blocked over Tongatapu, with ash beginning to fall.

All these signs suggest that the great Hunga caldera has awakened. Tsunamis are generated by coupled atmospheric and oceanic shock waves during an explosion, but they are also easily caused by undersea landslides and caldera collapses.

It is not known if this is the high point of the eruption. It represents a significant release of magmatic pressure, which can decant the system.

A warning, however, lies in the geological deposits from the volcano’s previous eruptions. These complex sequences show that each of the major 1000-year caldera eruption episodes involved many separate explosion events.

Therefore, we could be for several weeks or even years in major volcanic unrest of the Hunga-Tonga-Hunga-Ha’apai volcano. For the sake of the people of Tonga, I hope not.

Baltimore State Attorney Marilyn Mosby faces charges of perjury and false mortgage application related to her purchase of two vacation properties | USAO-MD Thu, 13 Jan 2022 21:42:42 +0000

Baltimore, Maryland – A federal grand jury today returned an indictment charging Marilyn J. Mosby, 41, of Baltimore, Maryland, with federal charges of perjury and false mortgage applications, in connection with the purchase of two vacation homes in Florida.

The defendant will appear for the first time in US District Court in Baltimore, but a hearing has not yet been set.

The indictment was announced by United States Attorney for the District of Maryland Erek L. Barron; Special Agent in Charge Thomas J. Sobocinski of the Federal Bureau of Investigation, Baltimore Field Office; and Special Agent in Charge Darrell J. Waldon of the Internal Revenue Service – Criminal Investigation, Washington, DC Field Office.

According to the four-count indictment, on May 26, 2020 and December 29, 2020, Mosby submitted “coronavirus-related 457(b) distribution requests” for one-time withdrawals of $40,000 and 50 $000, respectively, of Baltimore City’s deferred compensation. Plans. In each request, the indictment alleges that Mosby falsely certified that she met at least one of the qualifications for distribution as defined by the CARES Act, specifically, that she suffered negative financial consequences. the Coronavirus due to being quarantined, furloughed, or laid off; having reduced working hours; being unable to work due to lack of child care; or closing or reducing the hours of a business she owned or operated. By signing the forms, Mosby “affirms[ed] statements and acknowledgments made in this application under penalty of perjury. The indictment alleges that Mosby experienced no such financial hardship and in fact, Mosby received his full gross salary of $247,955.58 from January 1, 2020 to December 29, 2020, in direct deposits of gross pay. bi-weekly $9,183.54.

Additionally, the indictment alleges that on July 28, 2020 and September 2, 2020, as well as January 14, 2021 and February 19, 2021, Mosby made false statements in mortgage applications for $490,500 for buy a house in Kissimmee, Florida and for a mortgage of $428,400 to buy a condominium in Long Boat Key, Florida. As part of both requests, Mosby was required to disclose his responsibilities. Mosby did not disclose on either application that she had unpaid federal taxes from a number of previous years and that on March 3, 2020, the Internal Revenue Service (IRS) placed a lien on all property and property rights belonging to Mosby and her husband in the amount of $45,022, the amount of unpaid taxes that Mosby and her husband owed the IRS as of that date. In each request, Mosby also answered “no” to the question: “Are you currently delinquent or in default on any federal debt or any other loan, mortgage, financial obligation, surety or loan guarantee”, even if it was suffering. in paying federal taxes to the IRS.

Finally, according to the indictment, a week before the Kissimmee vacation home closed on or about August 25, 2020, Mosby signed an agreement with a vacation home management company giving the management company rental control of the property it eventually purchased in Kissimmee. On September 2, 2020, Mosby signed a “second home covenant” which provided, among other things, that the borrower occupied and used the property as a second home; that the borrower retains sole ownership control of the property, including short-term rentals, and does not subject the property to any … agreement that obligates the borrower to either rent the property or give it to a management or any other person or entity any control over the occupancy or use of the property; and that the borrower keep the property available primarily as a residence for his personal use and enjoyment for at least one year, unless the lender agrees otherwise in writing. The indictment alleges that by falsely performing the “second home jumper”, Mosby could obtain a lower interest rate on the mortgage for the property than she otherwise would have received.

If convicted, Mosby faces a maximum sentence of five years in federal prison for each of two counts of perjury and a maximum of 30 years in federal prison for each of two counts of false mortgage loan applications. Actual sentences for federal crimes are generally lower than the maximum sentences. A federal district court judge will determine any sentence after considering US sentencing guidelines and other statutory factors.

An indictment is not a verdict of guilty. An individual charged by indictment is presumed innocent unless and until proven guilty in subsequent criminal proceedings.

United States Attorney Erek L. Barron commended the FBI and IRS-CI for their work in the investigation. Barron thanked Assistant U.S. Attorneys Leo J. Wise, Sean R. Delaney and Aaron SJ Zelinsky, who are prosecuting the federal case.

For more information about the Maryland U.S. Attorney’s Office, its priorities, and the resources available to help the community, please visit and /community-outreach.

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Buy State Bank of India shares for up to 32% rally, brokerage houses expect robust earnings growth Wed, 12 Jan 2022 07:43:02 +0000

State Bank of India’s stock price could see a strong rally thanks to strong earnings and an improving balance sheet.

State Bank of India’s share price could see a strong rally thanks to strong earnings and an improving balance sheet, analysts at national brokerage firm Motilal Oswal said. “The SBI appears well positioned to report a sharp rise in profits, driven by moderation in credit costs, as the bank strengthened its balance sheet and increased its PCR to ~ 88%,” analysts at Motilal Oswal said in a note. . The State Bank of India is the country’s largest public lender. The SBI share price has climbed more than 13% since the end of December to date. The pinned target price of Rs 675 each implies an additional upside potential of 32%.

Improve the fundamentals

The lender has improved the quality of its assets in recent quarters. In the first quarter of last year, SBI’s gross NPA was 5.4%, compared to 4.9% in the last quarter. The bank reports continuous improvement in its results, aided by controlled provisions. “SBI has undoubtedly one of the best civil liability franchises (CASA mix: ~ 46%). This puts him in a better position to handle the pressure on returns. In addition, the low cost of deposits would continue to support margins to a large extent. We estimate the RoA / RoE for fiscal 23E at 0.8% / 15.1%, ”said Motilal Oswal.

State Bank of India subsidiaries such as SBI Mutual Funds, SBI Life Insurance, SBI Cards and Payment Services and SBI Cap have shown strong performances in recent years and account for almost 31% of the total valuation.

While Motilal Oswal sees a sharp rise of 32% for the SBI, analysts at Edelweiss are also bullish on the title. The brokerage firm picked State Bank of India as one of its top picks in banking ahead of quarterly results. The brokerage firm has a “buy” rating on the script with a target price of Rs 650 per share.

Overview of results

In the October-December quarter, SBI is expected to record 6.7% year-on-year loan growth to Rs 26.1 lakh crore and 9% year-on-year deposit growth, ICICI Direct said. The SBI brokerage firm’s GNPA ratio can drop to 4.68%, taking into account slippages normalized to Rs 6000-7000 crore. ICICI Direct expects SBI’s net profit to grow 50% year-on-year to Rs 6,919 crore. ICICI Direct has a “Buy” rating on SBI with a target price of Rs 640 per share.

JM Financial, on the other hand, has more robust earnings expectations from the State Bank of India. JM Financial expects lender to see 74.4% yoy growth in net profit to Rs 9,064 crore while loans are expected to grow 6.3% yoy and deposits to 8.8 %.

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Forget Shareholder Resolutions, Fund Manager Says Hire Better Directors Mon, 10 Jan 2022 11:27:00 +0000

Two employees of SPCG, Thailand’s largest producer of solar farms, take notes between panels at Korat farm in Nakorn Ratchasima province on October 3, 2013. Thanks to generous government incentives, Thai energy companies are stepping up their push towards solar power to increase their profits over the next few years and heighten lackluster stocks. REUTERS / Athit Perawongmetha

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Jan. 10 (Reuters) – A Texas-based fund manager is not hopping on the bandwagon of his peers backing shareholder resolutions that call on companies to take stronger action on climate change. Dimensional Fund Advisors argues that it would be more effective to simply replace directors of companies who fail to resolve the problem.

Austin-based Dimensional only backed a tiny fraction of the climate-related shareholder resolutions followed by Boston-based rights group Ceres last year.

Company executives said measures requiring everything from emissions reporting to contingencies for extreme temperatures may or may not be important to investors, even if the measures are passed.

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While Dimensional wants boards of directors to oversee environmental risks, “Not all environmental issues are important to shareholders,” Jim Whittington, Dimensional’s responsible investment manager, said in a recent interview.

Meanwhile, Dimensional voted against corporate directors more often than its rivals, although it’s not clear how often those votes stemmed from environmental issues.

Whittington said business leaders are in the best position to judge a company’s exposure to climate risk.

“Our overall philosophy is that we try to protect and enhance shareholder value,” added Whittington. For some companies, measures to counter or adapt to climate change can certainly make sense, he said.

In 2021, Dimensional only supported two of the 49 climate-related shareholder resolutions followed by Ceres, at roughly the same level as in 2020 and the lowest support rate with significant margin among the top 58 managers. of assets.

The average vote on resolutions rose to 41% in 2021 from 31% in 2020, Ceres found, as giant asset managers BlackRock Inc (BLK.N) and Vanguard Group increased their support. Read more

Ceres said Dimensional was at risk of losing assets as investors invested more in funds focused on environmental, social and governance (ESG) issues. Dimensional has actually seen company-wide outflows from its funds, although analysts have cited other factors. Yet Dimensional’s ESG funds have made substantial inflows.

Many climate activists criticize Dimensional’s approach to voting, saying resolutions can spur companies to act faster.

“Dimensional must address the seriousness of the systemic risk created by climate change,” said Rob Berridge, senior director of shareholder engagement at Ceres.


With $ 710 billion in assets, Dimensional has carved out a reputation on Wall Street as an influential pioneer in quantitative and value-driven investing strategies. His opposing take on climate change resolutions is standing out as more of the asset management industry pays attention to ESG issues. Read more

The Austin-based company recorded net withdrawals of $ 10.3 billion for the first 11 months of 2021 and $ 37.7 billion for all of 2020, according to Morningstar Direct.

For the past year, Dimensional said its specialty sustainability-focused U.S. funds, which have backed more of the climate resolutions followed by Ceres, had net deposits of around $ 2 billion.

Morningstar analyst Daniel Sotiroff said the cash outflows were likely due to his investment in small businesses at a time when investors were looking for gains in large-cap companies, such as Tesla Inc (TSLA.O) and Inc.

Dimensional’s ESG approach “fits in with its house philosophy” that, with sufficient information, efficient markets will take into account the risks companies face, Sotiroff said.

When Dimensional votes against climate-related resolutions, it is often in the minority. Last May, he voted against a proposal by ConocoPhillips (COP.N) to disclose the so-called “Scope 3” carbon emissions created when consumers burn its fuel. The resolution passed with 59% support.

Dimensional’s chief investment officer Kristin Drake said in an interview that the oil and gas exploration and production company has little control over how its fuels are used. “For them even being able to calculate their Scope 3 emissions would be really difficult,” she said.

A Conoco rep declined to comment on Dimensional’s vote or whether he could set a Scope 3 goal.

In the case of Monster Beverage Corp (MNST.O), Dimensional’s opinions won out. The firm voted in June against a proposal by the soft drink giant to offer investors an annual climate vote. Drake said the idea would isolate boards of directors from liability. At Monster, he only won 7% support.

“If the shareholders are unhappy, they should vote against the directors,” Drake said.

A Monster spokesperson declined to comment.


Dimensional has supported directors less than other large asset managers. He voted in favor of company-appointed directors only 86% of the time at U.S. shareholder meetings in 2021, compared to an average of 91% for investors his size and over, according to research firm Insightia.

Insightia also found that approximately 8% of critical votes on Dimensional’s board of directors went against directors who sit on board committees overseeing environmental or similar matters.

Since few companies have such committees, the finding suggests that Dimensional was willing to vote against directors when they saw environmental concerns, said Doug Chia, chairman of consultancy firm Soundboard Governance.

Dimensional did not provide a breakdown of how often its board’s critical votes were linked to climate change.

“We vote against directors for reasons that we believe may contribute to insufficient oversight of E&S (environmental and social) risks, such as a lack of independence, low attendance and an excessive number of boards of directors “said Drake.

Dimensional backed two of the three dissident directors who won seats at Exxon Mobil (XOM.N) last May, choosing to back candidates from hedge fund Engine No. 1, which argued the oil major was not doing enough to fight against climate change.

In addition, on April 9, Dimensional also voted against the re-election of a director of Rio Tinto Plc (RIO.L) who chairs its sustainability committee. In an email to Reuters, Dimensional said the vote was due to “lingering concerns about Rio Tinto’s oversight of significant environmental and social risks.”

Candidate Megan Clark won 74% of the vote, the lowest of all directors. Read more

A Rio Tinto spokesperson declined to comment on Dimensional’s votes.

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Reporting by Ross Kerber in Boston Editing by Greg Roumeliotis and David Gregorio

Our Standards: Thomson Reuters Trust Principles.

CBI sets new programs to curb cash growth Sat, 08 Jan 2022 13:31:14 +0000

TEHRAN – The Director General of Monetary and Credit Operations of the Central Bank of Iran (CBI) presented the bank’s new programs to monitor the activities of banks in order to prevent the growth of liquidity in the country, reported the Mehr news agency.

According to Mohammad Nadali, monitoring the creation of liquidity by banks, moving banks away from corporate governance and monitoring the capital adequacy of banks are among the programs seriously pursued by the CBI in this regard.

Nadali put Iranian banks’ current liquidity creation ratio at 7.9, which means that every monetary unit that leaves the central bank increases 7.9 times as it revolves in the country’s banking network.

Central banks around the world are using various tools to limit the ability of banks to create liquidity and direct the money generated in the banking network to productive activities, the official said.

He further referred to the tools, methods and regulations that the CBI uses to limit the growth of liquidity in the country, saying: “One of these tools is the liquidity generation coefficient; the central bank regulates this coefficient by controlling the amount of legal deposit it receives from banks. “

“In order to limit the liquidity generation capacity of banks, the CBI requires them to keep a percentage of their assets in legal deposit with the central bank. This figure is currently around 10 to 13%, ”explained Nadali.

Alternatively, the central bank has also defined a specific liquidity coverage index for banks, on the basis of which they are required to hold a percentage of their assets in their portfolio. This is to prevent banks from lending too much.

The central bank also has a new program to have more effective supervision of the activities of banks using new tools and modern technologies.

“In order to have more control over the banks’ liquidity creation, we monitor the monthly growth of their balance sheets; we are increasing the legal deposit obligations of banks that do not comply with CBI regulations, ”he added.

EF /

hdfc: Hdfc Bk deposits up 14%, loans 16% in 2021 | Bombay News Tue, 04 Jan 2022 22:23:00 +0000 Mumbai: HDFC Bank said its deposits increased 13.8% to Rs 14.5 lakh crore as of December 31, 2021 from Rs 12.7 lakh crore the previous year. Advances increased 16.4% to Rs 12.6 lakh crore on Rs 10.8 lakh crore in December 2020.
The figures show that the country’s largest private bank increased its market share during the year. HDFC Bank has a market share of around 16% of bank loans. According to RBI data, aggregate bank deposits grew 9.6%, while advances rose 7.3% in 2021 (through December 17).
“Retail loans have increased by about 13.5% from December 2020 and about 4.5% from September 2021 and business and wholesale loans have increased by about 7.5% from compared to December 2020 and around 4.5% compared to September 2021, ”said HDFC Bank.
Growth in deposits came from the retail segment, which increased by around 17% from December 2020 and around 4% from September 2021. Wholesale deposits only increased by 1% from to December 2020 and fell about 1.5% from September 2021, the bank said.
Of the total deposits, the share of the current account and savings account (CASA) amounted to approximately Rs 6.8 lakh crore as of December 31, 2021, an increase of nearly 25% compared to the year former.
Retail loans included loans totaling Rs 7,468 crore purchased through the direct assignment route under the home loan agreement with HDFC. ]]>
Additional help from child tax credit ends, just as Covid resurfaces Sun, 02 Jan 2022 10:00:14 +0000

This does not happen. Polls have found the public to be roughly divided on whether the program should be extended, with opinions dividing along partisan and generational lines. And the expanded tax credit failed to convince the person whose opinion mattered most: West Virginia Democrat Senator Joe Manchin III, who raised concerns about the cost and structure of the program in its decision to oppose Mr. Biden’s climate, fiscal and social measures. policy bill. The bill, known as the Build Back Better Act, cannot be introduced in the equally divided Senate without the support of Mr Manchin.

For supporters of family allowances, the lack of an extension is all the more frustrating because, according to most analyzes, the program itself has been a remarkable success. Columbia University researchers estimate the payments lifted 3.8 million children out of poverty in November, a nearly 30% reduction in the child poverty rate. Other studies have shown that the benefit reduced hunger, reduced financial stress among recipients, and increased overall consumer spending, especially in rural states that received the most money per capita.

Last spring, Congress expanded the existing child tax credit in three ways. First, it made the benefit more generous, offering up to $ 3,600 per child, up from $ 2,000. Second, he began to pay off the loan in monthly installments, usually deposited directly into recipients’ bank accounts, turning the annual windfall into something closer to the child allowances common in Europe.

Finally, the bill made full benefits available to millions of people who previously had not been able to take full advantage of the credit because they earned too little to qualify. Poverty experts say the change, known in tax parlance as “full refundability,” was particularly significant because without it, a third of children – including half of all black and Hispanic children, and 70% of children raised by single mothers – did not receive full credit. Mr Biden’s plan would have made this provision permanent.

“What we saw with the child tax credit was a political success that was unfolding, but it is an achievement that we risk stopping just as it started,” said Megan Curran, director of policy at Columbia’s Center. on poverty and social policy. “The weight of proof is clear here in terms of what the policy does. This reduces child poverty and food shortages.

But the expanded tax credit doesn’t just go to the poor. Couples earning up to $ 150,000 a year could receive the full benefit of $ 3,600 – $ 3,000 for children 6 and over – and even the wealthiest families qualify for the initial credit of 2 $ 000. Critics of the policy, including Mr Manchin, have argued that it makes little sense to provide assistance to relatively well-off families. Many proponents of credit say they would willingly limit its availability to richer households in return for maintaining it for poorer ones.

Mr Manchin also publicly questioned the wisdom of unconditional cash payments and privately expressed concerns that recipients might spend the money on opioids, comments that were first reported by The Wall. Street Journal and confirmed by someone familiar with the discussion. But a Census Bureau survey found that most beneficiaries used the money to buy food, clothing, or other essentials, and many saved some of the money or paid back their expenses. debts. Other surveys have found similar results.

Residents of southern Cotabato welcome DENR operating ban lifted Sat, 01 Jan 2022 06:06:00 +0000

KORONADAL CITY, Philippines – Indigenous communities and leaders in the business and labor sectors here and in neighboring towns were delighted with the December 23 lifting of the four-year surface mining ban in the country.

Less than 20 kilometers from this city is the city of Tampakan where there are 5.8 billion euros (euro currency) of copper deposits, according to the estimates of local and foreign geologists and mining engineers, including Europeans and Australians.

The secretary of the Ministry of the Environment and Natural Resources, Roy Cimatu, lifted on December 23, via the administrative order of the DENR 2021-40, the ban on surface mining imposed in 2017 by his predecessor, the late Gina Lopez.

The administrative order is apparently a direct imprimatur for the surface mining of copper and gold in the country.

“This is a prayer answered, a collective wish of the Blaan community in Tampakan and elsewhere in southern Cotabato and the T’boli people of the province,” tribal chief Bai Dalena Samling told reporters on Saturday.

Samling said their main goal now is to have the provincial surface mining ban lifted by southern Cotabato Sangguniang Panlalawigan (SP) soon.

“We are grateful that there is an ongoing review by the SP of this provincial ordinance, based on growing clamor from Indigenous peoples and many other areas of the province for this provincial law to be lifted,” Samling said in Hiligaynon vernacular.

The copper deposits in the city of Tampakan, in southern Cotabato, lie on the ancestral lands of the Blaans, an indigenous tribe.

The tribe, like all other indigenous Filipino communities, is empowered by the 24-year-old Indigenous Peoples Rights Act (IPRA) to use the natural resources available in its centuries-old tribal estates for its own benefit.

Members of the South Cotabato SP have been examining for more than two months now the provincial environmental code that bans surface mining in the province.

The review is a response to petitions from the Blaan and T’boli sectors, central Mindanao business communities and key stakeholders for the mining of Tampakan’s vast copper deposits to boost socio-economic growth. from the south of Cotabato.

Edmund Ugal, a T’boli datu, said they were optimistic that South Cotabato SP will soon invalidate the provincial surface mine anti-mine ordinance, for them “anti-poor” and an affront to the also known IPRA. under the name of Republic 8371.

Influential Mindanao Business Council (MBC) chairman Vicente Lao said they were also in favor of lifting the provincial ordinance against surface mining in southern Cotabato.

“We hope that the local government can reconsider this ordinance. The fear some people have about surface mining needs to be addressed, ”Lao said.

He said they are certain that local communities will benefit a lot from mining operations in Tampakan due to the currently very high price of copper in the world market.

The Lao-led council is a large confluence of traders from all over Mindanao and has its groups in southern Cotabato and in this city, the provincial capital.

Leaders of Christian faith groups in central Mindanao have secretly called on journalists and social media bloggers to help lawmakers in South Cotabato province realize that they can do much to reduce poverty and the generation of income essential to health, education and social protection programs if they are withdrawn. the local ban on surface mining.

“We are not hypocrites like those in small groups or minority groups against this, some of them being missionaries using copper chalices for their worship rites,” said one of the sources, who requested anonymity.

Owners of business establishments, hotels, and restaurants here and in neighboring towns to southern Cotabato actually expect a socio-economic boom once copper mining in Tampakan takes place on orders from the communities. local.

“The nationwide ban on surface mining has been lifted by Secretary Cimatu. We also call on the SP to lift the provincial law against this type of mining, ”said Victor Villa, owner of Mang Goryo restaurant here and in the town of Cotabato.

Villa said he and other restaurant and grocery store owners around expect dramatic improvements in local businesses right after copper mining begins in Tampakan.

“We talk about it a lot at rallies,” he said.

Musicians find the courage to manage their money well Tue, 28 Dec 2021 18:10:50 +0000

Disruption is a fact of life. Species evolve, planets decay, and the ways of the past crumble as the future evolves. There has been no greater disruptor than the rise of the Internet which has systematically created options where there were none before.

John Waupsh and his CTO Ben Morrison, formerly of banking, admitted touring musicians have a money problem. This problem was not one of reckless spending, reckless bookkeeping, or losses due to waste or theft, although these problems are still rampant. Waupsh acknowledged that novice and fellow musicians moved from town to town as they performed their shows in homes, clubs, bars, and theaters.

This constant movement, along with the fact that shows are usually performed at night and on weekends when the banks are closed, gave John pause. How could musicians be better served by their financial institutions given that they are paid after hours and often have to pay local supporting musicians immediately after the event?

Previously, musicians had to collect a check for their performance and deposit it whenever they found a local branch of their bank, later they could deposit by photo. Either way, they should still fund the payment of their local backing musicians, as well as the organization of per diems and performance payments for their traveling group. None of this was easy and record keeping was a nightmare as the tour traveled by car, van, bus or truck from city to city.

Waupsh’s banking experience enabled him to create a neobank, a decentralized finance solution (“DeFi”). He and his team created the Nerve app for musicians and music makers. This app acts as the musician’s banking center. Money can be transferred to or from an account that ultimately is held by Piermont Bank, an FDIC-backed institution. Nerve accounts facilitate instant payments to any other Nerve account holder, provide free access to 55.00 ATMs, allow direct deposits from third-party payers, and consolidate activity data to facilitate tax record keeping and commercial. In addition, the app bundles access to data from social media and other third-party sources like Tik Tok, Spotify, YouTube, Instagram, and Facebook related to games or traffic, making it easier for their customers to track their impressions and growth or decline. of their online presence.

Ultimately, the plan is for Nerve to become the central banking solution for musicians and music creators due to its ability to centralize access to banking and financial records and services, aggregate streaming and social media tracking. and have a constantly updated portal so that those who make money from music can focus more on their craft and less on the flow of money from their business.

Banking in the cloud using a neo-bank DeFi solution backed by comprehensive FDIC protection offers the most portable solution, perfect for a business model where everyone is constantly on the move. As the Nerve team progresses with vendors and musicians property licensors, they can improve the means by which funds can be automatically transferred through Nerve directly to musicians, regardless of location. where they are at that time. The Nerve team works with integrated companies that serve musicians by facilitating their ability to deposit funds owed directly to Nerve accounts. What a great selling point – the money is coming to you, rather than having to chase it.

Earlier this month, Nerve announced its latest release: Collabs. Collaborations come in two forms: Legitimate which is designed for state sanctioned entities such as corporations, LLCs or partnerships, and Casual which are for individuals or groups without a formal entity in place. Collaborations are designed so that any group of musicians or music creators can create transparency in that anyone can have access to see the movement of funds to, from or through the account. However, only the account administrator can authorize the transfer of funds. This is meant to make things easier when, for example, a group of four men are on the road and everyone is curious about what the promoter has paid, how much has been deposited on merchandise sales, or whether he Enough on account for lunch might be more than a hot dog at the nearest AM / PM food stop. Whenever the money belonging to a group is handled by a single person, creating a way for all those who have an interest in that money to see it move avoids any trace of mistrust or regret.

I really enjoyed the conversations I had in preparation for this story, John Waupsh has an easy charm about him. Below, in video and audio podcast format, is my conversation with John Waupsh.

As part of researching this part, I opened a Nerve account for myself. It took a few minutes. They sent me a debit card as attractive as the Apple

branded credit card. They then offered me a savings account which took a minute to open and fund. I didn’t recognize the thought that went into this process until I needed to open another account for a company I’m involved with. This process took over an hour at a local bank. That’s when it hit me. Nerve is as disruptive to opening a bank account as Tesla

is to buy a car. Buying a Tesla takes five minutes or less on their website. The nerve is just as painless. There, in real life and in real time, it is the effect of the disturbance. Why would someone want to drag a folder full of documents into a bank where there may or may not be a banker with time to open an account when you could just go to the app store and download Nerve? Currently, Nerve is reserved for musicians and music creators. I bet they get a lot of it and quickly.

Connect to g-secs with RBI Retail Direct Sun, 26 Dec 2021 16:40:00 +0000

For a long time, Indian retail investors looking for a steady income have not had access to the safest and most reliable option on the market – government security.

Yes, most of the money you invest in insurance products, pension funds, and provident funds, and some of the money you invest in bank deposits and mutual funds is channeled to government debt securities (g-secs).

But this indirect ownership forces you to incur costs charged by these vehicles that eat away at your returns. Now, with the government allowing direct retail ownership, you can bypass these middlemen. Here’s a deep dive into RBI’s new Retail Direct platform for purchasing g-sec.

What it offers

This platform allows individuals to open and maintain a Retail Direct Gilt (RDG) account directly with the RBI.

To open your account you need a PAN card, savings account and an officially valid KYC document. NRIs eligible to invest in g-secs under FEMA can also open this account.

The onboarding process, which can be done entirely online, is not as straightforward as that of some new-age fintech platforms. But it can be completed in a day or two if your KYC details are properly captured in the central repository.

G-sec can be purchased either upon initial issuance or after having started trading on the secondary market.

RBI’s Retail Direct platform first gives you access to primary auctions. To access secondary market transactions that occur on Negotiated Dealing System – Order Matching (NDS-OM), you must apply separately on Retail Direct to obtain a user ID and password.

RBI Retail Direct is not the only platform that allows you to participate in g-sec auctions. GoBID and NSE broker-owned platforms such as Zerodha Coin also provide such access and may be easier to integrate.

But the RBI platform stands out from the rest in terms of cost, as it does not charge any fees for account opening, maintenance, or transactions.

The RBI conducts periodic g-sec auctions on a schedule (called a borrowing schedule) that it publishes every six months for g-sec and quarterly for Treasury bills. With this new platform, retail investors can invest a minimum of 10,000 up to 2 crore in these auctions.

How auctions work

When you log into Retail Direct, you will find a dashboard listing the titles currently up for auction. They can be of four types – dated government stocks (central government loans for 1 year to 40 years), treasury bills or treasury bills (central government loans for 91, 182 and 364 days), development loans from the ‘State (state government loans for 1 to 30 years) and sovereign gold bonds.

There you will find details such as the type of security, its expiration date, the total auction amount, the amount reserved for retail auction (known as the “non-competitive” auction amount) and the reserve price and the yield.

RBI sets a maximum coupon rate or minimum price for each security in each auction and institutions bid on that basis.

The lowest coupon or highest price at which an auction is fully subscribed becomes the yield or cut-off price. As a retail investor, you don’t need to know how to bid and you can just choose at the final cut-off price or the yield that will be discovered by the institutions. The money is withdrawn in advance from your bank account based on the reserve price set by the RBI.

If the auction finds a lower price, the excess is refunded. To find out the cutoff price or returns, you can follow the auction results posted on the RBI website.

Once you get an allowance in the auction, all you need to do is hold your bond until it matures, when the RBI will automatically redeem it.

Treasury bills are issued below their face value and redeemed at face value, the difference being your interest. The other g-sec pay semi-annual interest to the cut-off yield.

While g-secs are re-listed on the NDS-OM platform, where you can sell or buy them in theory, the majority of them (with the exception of recent 10-year-old g-secs) are low. traded and you may not be able to sell when you choose. So when buying g-sec, match their maturity with your financial goal and don’t budget for cash before maturity.

How to use them

With fixed income options like bank deposits, postal programs, MNTs, and debt mutual funds already on the menu, where could g-sec fit into your portfolio?

Well, g-secs might be suitable for investors who prioritize safety and assured returns over attributes like liquidity and taxation. Small savings programs can achieve better results than direct g-secs in terms of yields because the government tends to offer them special rates despite receiving similar sovereign support.

Mutual funds invest in corporate bonds and are certainly not as safe as g-dry. But they score more g-sec on liquidity (you can sell your units at any time to the fund) and offer more user-friendly t.axation.

If held for more than 3 years, debt fund growth options allow you to earn interest and pay 20% long term capital gains after indexation advantages. Interest of g-secs is taxed each year at your slab rate.