#Social Equity Licences

[cannabisbusinessexecutive]

Missouri regulators deny certification for majority of social-equity cannabis license winners

Of the 24 dispensary licenses selected through the lottery in June, The Independent has identified 14 that are likely connected to groups the state cracked down on previously David Huckins, a disabled veteran from Leavenworth, Kan., threw his name into the lottery this spring for a chance to win a social-equity marijuana dispensary license in Missouri. In June, he learned he landed one of 57…

[personalisedsupports]

Disability Support Services in Melbourne

Australia's national disability insurance scheme, the NDIS, supports people with a permanent and significant disability to access services and supports that meet their needs. It also gives them more choice over how their support is delivered, and gives them portability of entitlements across borders.

To help people navigate the system, two Australians have launched a new service called Clickability. The website is designed like travel-related website TripAdvisor but for disability services, and it's already available in Victoria and New South Wales.

The University of Melbourne

The University of Melbourne has a number of disability support services melbourne available for students. These include academic support, equipment loan and access to assistive technology, liaison, exam provision, advice and advocacy amongst others.

If you are unsure of how to support yourself, contact the University's Student Equity and Disability Support team who will help you find out what support is available to you. They also have a range of information guides which can help you navigate your studies and the supports on offer.

On enrolment, you will be asked to disclose whether you have a medical/mental health condition, disability or significant carer responsibilities. If you do, an introductory email from the Access and Disability Service will be sent to you inviting you to register for support.

After you register, you will receive an email from a Student Equitable Learning

Advisor with a link to book an appointment to create your Academic Adjustment

Plan. This can be done by phone, in-person or via a virtual appointment. You will need to provide your advisor with a letter from your GP verifying your medical condition and confirming the impact it has on your study.

National Disability Services

NDS is Australia's peak body for non-government disability service providers. It represents over 1100 service providers who deliver a wide range of services to Australians with disability.

National Disability Services is currently conducting a public consultation on the evolution of the Disability Services Act, which determines how government services are provided for people with disability. The aim is to ensure the Act is modern and suitable for the one in six Australians who live with disability.

The disability sector and people with lived experience can comment on the changes until 20 December. The feedback will help to identify and prioritise issues such as quality and safeguarding standards, and alignment of the Act to the United Nations Convention on the Rights of Persons with Disabilities.

The NDIS is a Commonwealth Government scheme that supports people with a permanent and significant disability (under the age of 65) to receive funding for reasonable and necessary support needs. It aims to improve access to services and support participants to make their own choices about how they want to live.

City of Melbourne

If you live in Melbourne you can access a range of disability support services. These include a wide range of community care, health and wellbeing programs, including social supports, meals on wheels, specialised care, occupational therapy, National Disability Insurance Scheme information and advocacy, positive ageing and carers support.

You can also get a driver’s licence or learner permit if you have a disability, as long as you are not in danger of losing your mobility and your disability doesn’t affect your ability to drive. You must provide VicRoads with a medical report that shows you can safely drive a car or motorcycle.

Many trams on Melbourne’s network have low floors and priority seats marked with a wheelchair symbol inside the door. These are designed for people who use mobility aids, such as scooters and wheelchairs.

All metropolitan train stations have tactile paths that make it easy for visually impaired people to travel to the platform. The time and destination of each train service is announced verbally before it arrives at the station.

Stop 1.

One of the most lauded agencies in the disability space is National Disability Services (NDS). They have a plethora of programs spanning everything from state to federal. Their website is an excellent place to start for information on all things disability. The aptly named Melbourne office is your one stop shop for all your disability support needs. The best part is that you can have a cup of tea and a slice of cake! The name of the game is courtesy of their team of dedicated professionals no small feat for the state of Victoria. It is the best possible way to make the most of a visit to this city.

[ladymazzy]

Revealed: top 10 children’s care providers made £300m profits

From the article:

'Profits among the top 20 providers of care home and fostering places now amount to 20% of their income. Despite the pandemic last year, their overall profits rose by more than 14% from 2020, according to the study commissioned by the Local Government Association (LGA).

The findings follow a series of warnings that marketisation of children’s social care is leading to some damaging outcomes. Several figures within the sector have reported children being placed far from their support networks where homes could be built more cheaply, or placed with families who lack the skills to provide the right care.

It comes months after a highly critical Competition and Markets Authority (CMA) warned that the UK had “sleepwalked” into a dysfunctional market for children’s social care, with councils struggling to pay for expensive places that often failed to meet the needs of the child.

...Some recent cases have brought home some of the long-running issues in children’s care. In January, Ofsted inspectors suspended the licence of one children’s home in Bolton after finding that a boy had not bathed, changed his clothes or been provided with a home-cooked meal for four months.'

[etorocryptomoon-blog]

eToro Review 2020: Read the features, pros, cons, and license details before investing

About eToro

eToro finds it’s identity as one of the leading social trading leaders and multi-asset brokerages. This online broker allows users to buy, sell, and trade a wide range of financial instruments. eToro takes pride in creating state-of-the-art, robust, and proven technologies which offer online trading through powerful and intuitive tools designed specifically to increase the trading performance.

eToro has served over 10 million users across the world. With that being said, eToro sure has expanded exponentially, and that’s why we decided to explore it in-depth and review what the fuss is all about. In this article, we’ve covered everything you need to know about eToro - including the pros, cons, how the platform works, fees, regulation, what asset eToro allows users to trade, and more.

Let’s start with an overview of the company:

About eToro

Founded in 2007, eToro was launched by three entrepreneurs who aspired to make trading convenient for everyone. In 2009, eToro launched WebTrader - an intuitive, online cutting-edge trading platform that enabled easy access to trade financial assets. In 2010, eToro launched OpenBook, the world’s first social trading platform, and in 2013, the company introduced a wide selection of stocks. Later on, in the year 2016 & 2018, eToro introduced CopyPortfolios and a state-of-the-art US cryptocurrency trading platform. With eToro, users can trade equities, forex, cryptocurrencies, stock market index, ETFs, commodities, and more.

Pros of eToro: 

One of the best advantages of using eToro is that the broker is apt for newbie traders. Irrespective of a user’s prior experience or lack of knowledge in buying and selling of assets, eToro makes it extremely convenient for everyone to onboard. Furthermore, it was one of the first pioneers of the online social trading phenomenon. Some of the pros of eToro are as follows:

● A highly intuitive trading platform ● Great UI and UX which makes it simpler to use ● Highly regulated   ● Free stock and ETF trading in the EU ● Option for investors to earn from their followers ● There are thousands of different assets to trade ● Seamless account opening ● Social trading experience

Cons of eToro:

● It requires regular monitoring ● Money management can be complex for the non-Forex traders ● It is expensive for non-EU customers

What are the assets that can be sold or bought at eToro

Initially, eToro was only focused on CFDs, and that explains the general misconception about their assets. Most people believe that irrespective of the financial instrument a user has invested in, they cannot own the asset in real. But that is not the case.

Shares and Stocks:

When a customer purchases traditional share or stock through eToro, they get full ownership of the asset and can share their review on etoro trusted review. It works the same way as buying any other conventional stock. However, it is crucial to mention a few fundamental terms and conditions for the same to remain valid.

Cryptocurrencies

Since 2017, eToro has been offering cryptocurrencies as well. Digital currencies are the financial instrument that a user can own at eToro, as opposed to holding a  CFD. The customers who wish to withdraw a number of cryptos to their wallet, would require a full exchange like Binance or Coinbase. 

Forex

Forex are one of the most commonly used segments available on the eToro platform. In fact, this department also has a dozen of tradable currencies that are paired across the minor, major, and also exotic threshold. eToro has a comprehensive number of cross pairs including EUR/PLN, ZAR/JPY, EUR/PLN, and CFD/HUF.

Copyportfolios 

One of the most popular management services offered by eToro is perhaps the CopyPortfolio service that allows the users to copy different markets on the basis of their investment strategies. eToro users can avail copy portfolio services for crypto portfolio, cryptoEqual, and Crypto-currency.

Licenses and Security 

One of the highly important factors to consider when buying or selling on a brokerage platform is their regulatory and license status. eToro is licensed and secured through three different authorities and commissions, including the UK Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), and Cyprus Securities and Exchange Commission (CySEC) - all of these make eToro

Customer Service 

eToro has a responsive customer support team that is operational on a 24/5 basis and most responsive via the live chat facility, which also means that if a customer needs help during the weekend hours, they’ll be required to wait for the weekdays.

Fee and Leverage 

eToro allows their European customers to trade for free, while it charges a low fee for the users who are a non-EU client. The charges come in the form of spread - spread is the difference between the bid price and the asking price. In a few cases, eToro asks for extra charges, for example, the inactivity charges. Other than that, there is no custody, account, or deposit fee - which makes eToro one of the least expensive platforms for European customers. However, the currency conversion and the withdrawal fees are higher on eToro. But the company charges a customer only after they withdraw or deposit money in currencies other than US dollars.

Final Thoughts 

In summary, it’s evident that eToro is taking charges as one of the fastest-growing brokers in the social trading space. eToro, not only has established its identity as one of the super convenient platforms to use for social trading and multi-asset trade, but it also hosts hundreds of instruments that are tradable at different prices. While a large number of assets available on eToro are hosted in CFDs form, customers can still own both the cryptocurrencies and blue-chips outright.

eToro offers a plus-point in terms of supported payment method as it allows the users to deposit their funds using many options - bank account, credit card, debit card, e-wallet, and more. eToro is secure to use since it holds licences from different regulatory bodies to protect their customer’s finds. On the other hand, eToro is not a cheap choice for non-EU customers and the customer support service is available only on a 24/5 basis.

[cannachiefsmedia-blog]

#1 Chuck Rifici, Chairman & CEO at Auxly

Corporate Bio

Chuck Rifici is a pioneer of the North American cannabis industry having created and managed opportunities that have positively impacted the Canadian landscape.  Chuck has founded and been involved in the creation of some of Canada’s largest and most successful cannabis efforts.  He is best known for having co-founded Canopy Growth Corporation (formerly Tweed Marijuana Inc.).

Today, Chuck is Chairman and CEO of Auxly Cannabis Group, a platform spanning the entire cannabis value-chain, minimizing risk while simultaneously maximizing exposure to multiple, geographically-diverse cannabis companies through a single source, and Founder and CEO of Nesta Holding Co., a private equity firm that creates wide ranging partnerships and brands within the cannabis industry. He is also the former Chairman of National Access Cannabis/Meta Cannabis Supply Co., a global leader in medical and recreational cannabis retail.

Chuck is a chartered professional accountant (CPA). He obtained his MBA from Queen’s University and holds a BASc in Computer Engineering from the University of Ottawa.

Social Media Links:     TWITTER      LINKED IN      INSTAGRAM

Exclusive Interview

How did you get involved with the Cannabis Industry?

My relationship with cannabis dates back a number of years and looking back I can pinpoint a pivotal moments that sealed the deal for me. I knew there would be a future for cannabis in the business world back in 2010, when California voters considered legalizing recreational cannabis, the ballot failed by 2%, but I realized I almost missed the boat and I vowed that I wouldn’t miss that opportunity again.  That’s what got me scanning for new regulatory changes in Canada, and ultimately, that gave me a head start on others. When the Harper government released the draft regulations (creating the MMPR, now ACMPR) on a Sunday, I spent the whole night reading and stopped everything I had going, so I could put all my focus into this.  I don’t think I slept a full night again for 6 months.  

What is your biggest accomplishment to date in the Cannabis Industry?

Yeah it's a tough one, I mean there's been lots of interesting things, certainly being a Founder of Canopy, it's hard to escape that and its been positive for me and obviously they've grown to be pretty big but I think the second time is always sweeter and creating Auxly and pulling  the team I pulled together there and as we ramp up for the next wave of products with infused products, vape pens, edibles I am really excited with what we put together and the team we built and so that is what I am most proud of right now.

What are your future goals?

In the next five years looking forward  to the normalization of cannabis in Canada and the acceleration of global expansion and I guess what I mean about that is looking forward globally to the trade of cannabis where we start seeing countries being able to export large quantities of cannabis and cannabis molecules for both medical and recreational use  and really see the industry grow as we see additional countries legalize. On the path towards that I am really looking forward to the next country to legalize federally whether that is Mexico or a European country or maybe the United States, if we get an early surprise. I think once we have 3, 4, 5 countries, you know very quickly we are going to have 10 to 20, and then 40 -50. I think it's inevitable and that's the most exciting part.

Do you think that inevitable globalization of  federal legalization will put more emphasis on the Cannabis Industry partner ecosystem?

Yeah I think as the industry grows and matures the nice part is you don't have to do everything, and as a company if you try to do everything, you're not going to be good at everything,  you really can specialize to some degree and so its nice now, we see it today with oil processing licences, we have people specializing in extraction, we have people who are pure play retailers, and as the industry keeps growing it allows  businesses and entrepreneurs possibly be specialized and really go after a very specific market or market opportunity. I think it's exciting as it makes the business more accessible because you don't have to be a massive public company to get involved in the business. You can choose the piece you want to work on and there will people you can sell to and people you can buy services from to enable that business, so  I think there will be more and more opportunity that is going to get created as the industry gets bigger.

Who/What inspires you?

It's funny I have never really been asked that before, or at least not for a long time. Let's see, for me, I am a big fan of people like Elon Musk and entrepreneurs taking huge risks. I find inspiration from people who tackle really big ideas and try to change the world. I think the Cannabis Industry is certainly not the most important thing  in the world but doing our small part, and I think as Cannabis is Legalized in Canada and the industry grows, it allows for the dismantling of the drug war and all the negatives that can from that and so I really like that positive effect of everything we work on in the business.

Do you use Cannabis products? If yes, what are your favorite Cannabis products/brands?

I do. I like vape pens I think  it's a great product. I think it will be the largest segment in the recreational space. Although I tend not to smoke too much flower, I am really excited for what we have coming with our Robinsons product in Auxly which we know tests very well against other products from their medical product and we are really excited to unveil that to the rest of Canadians when we hopefully get our sales license for that facility later this year.

[petnews2day]

Fifty-year home loans would get more on ladder but come with risks | Mortgages

New Post has been published on https://petnews2day.com/pet-industry-news/pet-financial-news/fifty-year-home-loans-would-get-more-on-ladder-but-come-with-risks-mortgages/

Fifty-year home loans would get more on ladder but come with risks | Mortgages

A 50-year home loan might sound depressing to some, but perhaps not if the alternative is never being able to buy a property. Long-term fixed-rate mortgages are an emerging financial product that should in theory allow first-time buyers who are currently priced out of the market to get on the housing ladder.

By spreading the repayments over longer – the average for mortgages taken out this year is 29 years – buyers should be able to borrow up to eight times their income, rather than the current average of 3.2 times, say potential providers. The loans would be backed by borrowing from pension funds and insurance companies rather than against less stable consumer deposits, to satisfy the Bank of England’s prudential requirement.

A long-term fixed-rate mortgage could allow a household with a £50,000 annual income to borrow £400,000 instead of about £150,000, and thereby unlock the bind many renters find themselves in where they cannot get a mortgage on the property they live in despite repayments being lower than the rent.

It is an attempt to solve a serious problem. Last year full-time employees in England could typically expect to spend about 9.1 times their workplace-based annual earnings on buying a home; an increase from 7.9 times earnings in 2020, according to the Office for National Statistics.

Perenna, a new firm awaiting its licence, plans to offer the long-term loans. Its co-founder, Colin Bell, said: “Long-term fixed-rate loans really appeal to first-time buyers. One of the reasons they can’t get on the ladder is they don’t meet affordability tests that rightly have to take into account interest rate rises. They can get a mortgage, but it’s a small one.”

He said that as things stood lenders could make only 15% of their loans at a loan-to-income ratio above 4.5. The Bank of England would have to increase this for long-term fixed-rate mortgages to make them an option for more first-time buyers.

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Fifty-year and other long-term mortgages would be transferable to other properties and, unlike conventional mortgages, could be bequeathed with a property after death, he said, though inheritance tax could be payable.

There are risks for consumers, said Nicholas Mendes, a mortgage technical manager at John Charcol, a mortgage broker. “The longer-term fixed rate could be more expensive over the course of the fixed-rate period,” he said.

UK Finance, the trade body for the banking and finance industry, said upsides included lower monthly payments and certainty over interest due. Downsides included paying more interest in the long term and building equity more slowly, and the mortgage term being likely to run into a customer’s retirement. It also said break charges could be higher.

Some fear initiatives such as long-term fixed-rate mortgages may be undermined by a lack of political drive to accelerate housebuilding, which could do more to solve the affordability crisis. About 340,000 new homes are needed each year in England, according to one estimate, compared with 216,000 built in 2019-20, the last year for which full figures are available.

“The government seems to be moving away from their commitment to build more houses,” said Paula Higgins, the chief executive of the Homeowners Alliance. “They are looking to stoke up demand through things like extending the right to buy [to affordable housing tenants]. But the reality is that average earnings and average house prices are getting further apart and we won’t be able to follow in the footsteps of our parents, when teachers and doctors were able to buy their own house.”

The impact of falling rates of homeownership has been socially significant. If the rate of ownership were to return to the level of the early 2000s, 1.4 million more families would now own their own homes. The political prize for a government that can reset that balance is considerable, but achieving it when house prices are rising at 10.5% a year remains extremely hard.

[melbournenewsvine]

Technology the key to customers getting behind net zero: AEMC

“But many of those enormous changes will be made in very small ways by non-experts in homes, small businesses, and on the road. “In the same way apps changed our attitude to mobile phones, the electrification of everything will change our household attitude to energy.“ Ms Collyer will say smart meters will empower customers to monitor and control their energy use and shop around for better retail offers. ”In the same way that my teenagers conduct their social lives through a myriad of apps and are connected to their school, work and friends in ways I couldn’t have imagined, we will see a generational shift in how people naturally engage with energy at home, in business, and on the road,” she will say. But the AEMC chairwoman concedes regulators needed to do a better job selling the merits of using smart meters, with recent research showing 30 per cent of people with smart meters didn’t even know they had them. Ms Collyer, who is also chairwoman of the Energy Security Board which is helping with the post-2025 design of the National Electricity Market – will say equity remains a major concern for energy regulators. Earlier this month the Australian Energy Regulator released a report warning that lower socio-economic groups could bear the brunt of the costs of the energy transition. “The cost of solar panels, let alone household batteries and EVs, is out of the question for many people,” Ms Collyer will say. “As a renter, your access to solar power is dictated by the will of your landlord. There can be technical or legal difficulties installing EV chargers in apartment buildings that don’t affect freestanding homes. “And it can still be a barrier to getting solar panels if you live somewhere with a lot of big trees. Three million rooftop generators is a lot – but it’s not everyone. We have to make plans that don’t build an even bigger energy division based on wealth and location.” Transgrid chief executive Brett Redman said Australia needed to get a move on rolling out its energy projects. Jeremy Piper It comes as Transgrid chief executive Brett Redman told the summit on Monday time was running out to build the transmission assets to support the 44 gigawatts of renewable energy which is expected to be connected to the grid by 2030. “To achieve that 2030 target, we need to make the grid fit for renewables as quickly as possible,” Mr Redman said. “That means we must put our foot on the accelerator and go faster than we’d ever thought possible. We must build grid scale wind and solar renewables from 16 gigawatts now to 44 gigawatts in 2030. Storage capacity in the form of batteries pumped hydro and virtual power plants need to increase from two gigawatts now to 15 gigawatts by 2030.” Mr Redman, the former chief executive of AGL Energy, said future transmission assets may need to be integrated to deliver efficiencies and save money in the roll-out. “We are at the point now where we must accelerate because two years too early is better than two years too late,” he said. “Current global supply chain pressures are not forecast to ease any time soon. Economies of scale at this scale are rarely afforded an infrastructure delivery of this critical and cannot and must not be delayed.” Mr Redman said he was encouraged by some state energy ministers, such as Victoria’s Lily D’Ambrosio, taking some ownership of social licence for new transmission projects, saying it can’t all be on the company. Compensation also helps win over landowners. “These big transmission projects benefit the many, but they really do impact the few so whatever we can do, to ease the way for the few. Don’t get me wrong, I know that money won’t solve it for everybody, but it can help.” Source link Originally published at Melbourne News Vine

[thekolsocial]

Improve Your Finances: Money Moves During Covid-19

New Post has been published on https://thekolsocial.com/improve-your-finances-money-moves-during-covid-19/

Improve Your Finances: Money Moves During Covid-19

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Improve Your Finances: Money Moves During Covid-19

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[vc_column_text]Covid-19 is not only a health crisis, it has also caused the economic floor to collapse. With physical and mental health as top priorities, financial challenges only serve to exacerbate and compound current pressures. Many people are feeling a real sense of hopelessness: anxiety over the unknown, the uncertainty of the future in a world now changed beyond recognition. Our new normal will be the biggest test of our collective resilience and a time to improve your finances.

As governments worldwide attempt to flatten the curve, and contain the virus, significant efforts have also been made to stimulate the economy, with fiscal packages to help individuals and businesses recover.  While we wait it out, looking forward to when restrictions will ease, it is of the utmost importance  to put into place a roadmap to protect our finances and insulate ourselves from future knocks.[/vc_column_text]

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1. Budget-Proof Your Expenses

[/vc_column_text][vc_column_text]Cutting costs can make getting through the current situation less stressful. Before you can do that, you need to understand your spending habits. Start with your fixed expenses. This includes every monthly cost necessary to maintain a basic standard of living i.e. housing, utilities, food, insurance and any childcare bills. Then, make a second list of variable expenses, including discretionary items, such as clothing, hobbies and entertainment, personal care, dining out etc.. Also write down any quarterly or annual payments such as the dreaded TV licence or your AA subscription. Be honest with yourself, try to eliminate any nice-to-have items that are non-essential. The goal is to trim as much fat as possible from your budget to preserve as much of your income and savings as possible.[/vc_column_text]

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2. Boost Your Emergency Fund

[/vc_column_text][vc_column_text]Take a close look at all your outgoings and cut back on any non-critical spending. Put any money you are saving from limited travelling, eating out and other events into your Emergency Fund. Having emergency savings is crucial at all times, but it is especially important during times like this. Ideally, there should be enough money to cover three to six months of essential living expenses. If you are still working, use your wages to bolster your savings. If you have been made redundant, transfer as much as you can to your fund – treat yourself, but do not splurge.[/vc_column_text]

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3. Do Away With Debt

[/vc_column_text][vc_column_text]If possible do not borrow, even from friends and relatives. We are all struggling, so asking family for money is insensitive. Try not to take out additional loans at this time, unless it is interest-free and required for a real emergency. If money is really tight, consider selling something of value for a quick injection of cash. We all have things lying around that can be sold. Remember, this is about weathering the storm and you can always buy it back or get something better later.[/vc_column_text]

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4. Tap Into Your Talents

[/vc_column_text][vc_column_text]Seek new opportunities to work and do something outside of your usual 9 to 5. A crisis is a time to figure what is now required in this fast-changing economy. How can you monetise your skills? Are there relationships that can be beneficial to you? What other income streams are available? If you only focus on what you currently do, you will miss the new ‘new’ that will emerge as the crisis dies down.[/vc_column_text]

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5. Take Stock Of Your Stocks And Shares

[/vc_column_text][vc_column_text]Just like our lives have become more precarious, the markets have never been more volatile. Tempting as it might be to divest and cash out investments, you would be wise to leave it be. Just as world leaders are relying on science to inform their decisions, we too have to be forensic with our analysis. Remind yourself that if you sit back and ride things out, the stock market is likely to recover in time. Now is also a great time to invest in quality companies whose stock is on sale, so if you’re good on the emergency savings front, you can use your spare cash to add to or diversify your portfolio.[/vc_column_text]

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6. Take A Holiday From Your Mortgage Or Rent

[/vc_column_text][vc_column_text]Mortgage providers are offering a three-month payment holiday to anyone affected by Coronavirus. Speak to your lender to find out more. It is worth noting that if you take a mortgage holiday you will still be charged interest for the time you are not making payments. If you are renting, the government has brought forward emergency legislation to protect you from eviction for at least three months, if you cannot keep up with payments.[/vc_column_text]

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7. Consider Available Lines Of Credit

[/vc_column_text][vc_column_text]Having access to extra money is crucial, so if you are low on emergency savings but own a home, it is a good idea to apply for a home equity line of credit. That way, you are not borrowing money you immediately accrue interest on. Moreover, if you have a store or credit card, car finance, an overdraft or other personal loans, you can ask for a temporary three-month payment freeze. The Financial Conduct Authority has suspended its credit card persistent debt rules, which means providers cannot cancel your card until October, at the earliest. This will give some relief to those relying on credit for everyday living costs. This is subject to approval by the lender, but if the payment freeze is denied, your lender should work with you to discuss other options. Taking advantage of a temporary payment freeze will not affect your credit rating.[/vc_column_text]

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8. Income Protection Insurance

[/vc_column_text][vc_column_text]Most people have life insurance. Read the policies and see if you are covered if you lose your job or sales in your business dries up. Check whether you have insurance policies that would cover your mortgage payments or replace some of your income. For example: payment protection insurance, mortgage payment protection insurance, accident, sickness and unemployment insurance. These types of insurance are often offered with life insurance policies or mortgages, so it is easy to forget you have cover.[/vc_column_text]

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9. Benefit From Universal Credit

[/vc_column_text][vc_column_text]If you are self-employed, self-isolating or caring for a child who is ill, and you are not on any benefits, then you may be able to get Employment and Support Allowance or Universal Credit. Find out what benefits you may be able to access at entitledto.co.uk.[/vc_column_text]

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10. Necessity Is The Mother Of Invention

[/vc_column_text][vc_column_text]Make creative efforts to improve your finances. Keep questioning your purpose and your contribution. Not just during this crisis but there afterwards. Your relevance to the world around you is tightly woven into what you bring to the table. Be sure you are solving problems, saving resources, enhancing efficiency, and making a difference, in as many little ways as you can. Now is the time – get your creative juices flowing, exercise your ingenuity, think laterally and outside the box – don’t let the current situation limit your self-belief.[/vc_column_text][/vc_column][vc_column fade_animation_offset=”45px” width=”1/3″]

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KOL Social Business Editor

[/vc_column_text][vc_column_text]Uchechi Eke is the Founder of Meeting of Minds,  an online community changing the way women of African descent connect and collaborate. With 56K+ followers across social media, the platform seeks to redress the lack of authentic spaces that equip women towards political, social, economic and cultural advancement. Uchechi is also a Management Consultant, working with national clients to achieve their growth ambitions. Through Business Development activities she provides 1:1 advice, delivers workshops, writes commercial and public tenders, and authors applications to grant making trusts. Over the last 12 years, she has won £70M+ for her clients. To find out more about Meeting Of Minds, go to the website.[/vc_column_text][/vc_column][/vc_row][vc_row padding_top=”0px” padding_bottom=”0px” content_text_aligment=”” use_row_as_full_screen_section=”no”][vc_column fade_animation_offset=”45px”][vc_column_text]Main image: Adobe Stock[/vc_column_text][/vc_column][/vc_row]

[moreoptions]

Valuecap退出资产管理业务

（吉隆坡19日讯）国库控股（Khazanah Nasional Bhd）、公务员退休基金局（KWAP）和国民投资机构（PNB）共同持有的投资控股公司Valuecap私人有限公司，寻求退出资产管理业务。

Valuecap今日发布文告指出，正在为旗下两家全资持牌资产管理子公司，VCAP Asset Managers私人有限公司（VCAM）和i-VCAP Management私人有限公司（i-VCAP）探讨各种策略方案，包括脱售和清盘。

这意味着资产管理公司在成立16年后将停止营运。

VCAM和i-VCAP目前都管理批发基金，而i-VCAP也管理交易型指数基金（ETF）。

Valuecap表示：“两家公司都提议终止各自的批发基金，而i-VCAP正在研究与ETF管理相关的各种方案，包括将ETF转让给另一家获得执照���基金管理公司的可能性。”

该集团还说，有关VCAM和i-VCAP以及所管理基金的任何决定，都将受到必要的监管批准。

“在此期间，VCAM和i-VCAP将随时向客户和单位持有人通报此事的进展。”

“本集团亦会与有关当局密切合作，以确保有关活动按适当程序进行，并符合所有监管规定。在与利益相关者协商后，我们将适时提供最新消息。”

Valuecap成立于2002年10月。在2003年开始运作后，Valuecap开始管理由股东委托的自营投资，即自有资金投资。

Valuecap最初从股东获得51亿令吉的资金，该基金自成立以来10年的平均年回酬率超过11%，其中股票部分的回酬率一直高于基准回酬率。

Valuecap管理的资产在2010年达172亿令吉的峰值。

2015年，股东又向Valuecap注入200亿令吉。根据彭博社，Valuecap的股票投资组合达7亿6000万美元。

TheEdgeMarket: Valuecap退出资产管理业务

STATE-OWNED investment vehicle, ValueCap Sdn Bhd, will cease its operations entirely by September 2020, after 17 years in business.

A source close to the matter said the investment firm — jointly owned by Khazanah Nasional Bhd, Retirement Fund Inc (KWAP) and Permodalan Nasional Bhd (PNB) — will undertake a mutual separation scheme (MSS) thrice next year, before ceasing operations by Sept 30, 2020.

“There are three different dates, first one being Jan 31, followed by April 30 and June 30, and this is considered the second round of MSS after last year,” the source told The Malaysian Reserve (TMR).

The source, who spoke under condition of anonymity, said some of the 50 staff that ValueCap has may be absorbed into its shareholding companies.

Last week, ValueCap announced it was in the process of exploring various strategic options for its two wholly-owned licensed asset management subsidiaries, VCAP Asset Managers Sdn Bhd and i-VCAP Management Sdn Bhd (i-VCAP), including divesting or winding up the companies.

The investment firm said both companies are proposing to terminate their respective wholesale funds, while i-VCAP is exploring various options in relation to the management of the exchange-traded funds (ETFs), including the possibility of transferring the ETFs to another licensed fund management company.

The decision to cease its operations, the source said, came from ValueCap’s shareholders.

Valucap’s average performance over the last five years has been healthy, posting good returns despite a poor last two years for the Malaysian equity market.

“While its fixed income performances have been ahead of the market, its equity performance is less than good,” the source said.

ValueCap’s investments, the source said, will be taken over by ValueCap’s shareholders and investors.

The source added that the RM20 billion capital injection four years ago by its shareholders has not been fully utilised. The amount utilised, however, was undisclosed.

“The balance will be given back to the shareholders. The money came mainly from Khazanah, PNB and KWAP,” the source added.

In 2015, former Prime Minister Datuk Seri Mohd Najib Razak announced an injection of RM20 billion into the investment firm to take advantage of the stock market corrections and enter the market without causing any disruption or volatility.

This was part of the government’s proactive measures to support the stock market and economy.

The first tranche was a fresh capital injection of up to RM8 billion, reported to be shared equally between the three shareholders. Of the total RM20 billion, each shareholder was to contribute 33.33%.

The source also noted the funds invested since ValueCap’s inception stood at RM18 billion with a return on investment of 6% on average annually over the last five years.

i-VCAP, incorporated on Oct 25, 2007, has a Capital Markets Services Licence issued by the Securities Commission Malaysia under the Capital Markets and Services Act 2007. Its principal business activity is the provision of Shariah-compliant investment management services.

VCAP specialises in sustainability-themed asset management based on Environmental, Social, and Governance factors.

According to Bloomberg, ValueCap has total equity investments worth US$760.4 million (RM3.2 billion) in 33 Bursa Malaysia-listed companies.

By sector, its largest exposure at present is in the financial (66.9%) and consumer staple (14.8%) sectors.

ValueCap’s largest investment is in Malayan Banking Bhd with 79.46 million shares or 0.71% interest valued at RM685.77 million.

ValueCap also has a 0.94% stake in CIMB Group Holdings Bhd valued at RM494.75 million and 2.06% in KLCCP Stapled Group valued at RM298.34 million.

ValueCap’s smallest investment is in Mitrajaya Holdings Bhd with a 1.01% stake worth RM2.73 million at market value.

It also owns 50 million shares in Sime Darby Plantation Bhd, now worth about RM273 million, 69 million shares in Telekom Malaysia Bhd worth some RM266.4 million and one million shares in Nestlé (M) Bhd valued at RM149.6 million.

TheMalaysianReserve: ValueCap to cease operations by end-September 2020

[petnews2day]

Westpac contacting 1000 borrowers a month facing large home loan repayment increases

New Post has been published on https://petnews2day.com/pet-industry-news/pet-financial-news/westpac-contacting-1000-borrowers-a-month-facing-large-home-loan-repayment-increases/

Westpac contacting 1000 borrowers a month facing large home loan repayment increases

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Recession looms for the economy, but banks are making record profits as they expand lending margins.

Westpac is contacting around a thousand borrowers each month who are facing very large increases in their home loan repayments.

McGrath said about 50,000 Westpac home loan borrowers would come off a fixed home loan with a rate of less than 4% either later this year, or the first three months of 2023.

They face refixing their loans at much higher rates, though McGrath said the bank was not seeing any particular uplift in people being under stress.

Westpac’s one-year fixed rate loan rate is 5.99%, for people with more than 20% equity, while its two-year rate is 6.19%.

READ MORE: * Banks’ big profits ‘mean they have duty to help struggling borrowers’ * Morgan Godfery: The big banks are making obscene profits. Let’s tax them * Westpac ‘not happy’ customers rate it lowest of big banks

Westpac has announced an annual after-tax profit for its 2022 financial year of $1.16 billion​, an increase of 12% on the previous year.

That betters its result last year, when the bank earned its first billion-dollar profit, with after-tax cash earnings of $1.01b.

Chief executive Catherine McGrath said the $1.16b profit was “solid”, and put the bank in a strong position to support customers, amid an uncertain economic environment.

STUFF

CoreLogic head of research Nick Goodall describes some of the things that could make the property market downturn worse.

All borrowers with home loans coming to the end of a fixed period would get letters from the bank, McGrath said, but those facing the largest increases would be contacted directly.

“We are targeting to call about a thousand customers per month, where we think that they could do with some additional help,” she said.

McGrath said Westpac had increased the number of people in its call centres, increased branch opening hours, and opened a regional banking hub in Waikato, in order to increase its capacity to deal with customer inquiries.

“Those things are letting us do earlier outreach to customers who are rolling off their fixed rates, to make sure we are helping them prepare for changes that will come ahead,” she said.

McGrath said 68% of home loan customers were ahead of their mortgages at the end of September.

But big bank profits are causing comment as households are hit with high inflation, and are staring down the barrel of a recession expected to push unemployment over 5%, causing tens of thousands of people to lose their jobs.

On Thursday, Finance Minister Grant Robertson said banks’ social licence required them to support borrowers if times got tough, and they found themselves struggling to make repayments on their home loans.

Westpac’s profit rise was boosted by the sale of its insurance business Westpac Life, and excluding that sale, the bank experienced a decrease in cash earnings of 2%. McGrath said the sale of Westpac Life had added a one-off gain of $126 million to the financial result.

Westpac grew its home lending by 5%, business lending by 4%, and deposits by 3%, she said.

It also experienced a big drop in customer satisfaction, with its net promoter score, which is a measure of how many more of its customers would recommend it to others than would not recommend it, dropping to just 7%.

screen grab/Stuff

Westpac’s net promoter score is the lowest of the big banks.

The net promoter scores for the other big banks, which were not named in Westpac’s results announcement, were 32%, 21%, 23%, and 16%.

Robertson’s guidance to banks followed news from the Reserve Bank Te Pūtea Matua on Wednesday that falling house prices had tipped 2% of people with mortgages into negative equity.

A borrower is in negative equity if they owe more on their mortgage than they could sell their home for.

House prices have dropped 11% from the peak but are down 15% in Auckland and 18% in Wellington, and for them to reach sustainable levels, the Reserve Bank said they needed to fall further.

Supplied

Catherine McGrath, Westpac chief executive, says the result is solid.

Westpac is the second of the big banks to publish its 2022 profit, following ANZ posting a record-breaking $2b profit.

Bank of New Zealand will announce its full-year profit on Wednesday.

The shares of three banks’ Australian parent companies are listed on the Australian ASX sharemarket. All have a large number of shareholders, including many pension funds like New Zealand KiwiSaver funds.

[scifigeneration]

Country rules: the ‘splinternet’ may be the future of the web

by Terry Flew

Both The Economist and WIRED are worried about the “splinternet”. The UK research organisation NESTA thinks it could “break up” the world wide web as we know it.

What is this awkwardly named idea? It’s the concept that someone’s experience of the internet in Turkey, for example, is increasingly different from their experience of the internet in Australia.

Travellers to China, in particular, will be familiar with this phenomenon. Thanks to the government’s tight control, they have to use Baidu rather than Google as their search engine, and are unable to access Facebook or news sites like The Economist and the New York Times.

Read More: Is America’s digital leadership on the wane?

We have a growing splinternet because of regional content blocking and the need for companies to comply with diverse, often conflicting national policies, regulations and court decisions.

This tension is particularly apparent when it comes to the likes of Google, Facebook and Twitter. These platform companies have users in almost every country, and governments are increasingly insisting that they comply with local laws and cultural norms when it comes to access and content.

The internet was never truly open

The idea of the internet as an independent, global and unregulated platform has always been something of a fiction. Even at the height of techno-futurist rhetoric about its potential to transcend national boundaries in the late 1990s, there were always exceptions.

The Chinese Communist Party understood from the start that the internet was simply a new form of media, and media control was central to national sovereignty and its authority.

But the splinternet refers to a broader tendency to use laws and regulatory powers within territorial jurisdictions to set limits on digital activities.

A threshold moment was Edward Snowden’s revelations in 2013. The documents he shared suggested that the US National Security Agency, through its PRISM program, had been collecting information from global users of Google, Facebook, Apple, Microsoft and Yahoo.

In countries such Brazil, whose leaders had had their communications intercepted, this accelerated moves towards developing national internet control.

Brazil’s Marco Civil da Internet law, for instance, now requires global companies to comply with Brazilian laws around data protection.

Is this a bad thing?

Until now, much of the appeal of the internet has been that it’s driven by user content and preferences, and not by governments.

But people are paying more attention to hate speech, targeted online abuse, extremism, fake news and other toxic aspects of online culture. Women, people of colour and members of certain religions are disproportionately targeted online.

Academics such as Tarleton Gillespie and public figures such as Stephen Fry are part of a growing rejection of the typical response of platform providers: that they are “just technology companies” – intermediaries – and cannot involve themselves in regulating speech.

A UK House of Commons report into “hate crime and its violent consequences” noted that:

…there is a great deal of evidence that these platforms are being used to spread hate, abuse and extremism. That trend continues to grow at an alarming rate but it remains unchecked and, even where it is illegal, largely unpoliced.

If we say online hate speech “should be policed”, two obvious questions arise: who would do it and on what grounds?

At present, content on the major platforms is largely managed by the companies themselves. The Guardian’s Facebook Files revealed both the extent and limitations of such moderation.

We may see governments become increasingly willing to step in, further fragmenting the user experience.

Fair play for all

There are other concerns at play in the splinternet. One is the question of equity between technology companies and traditional media.

Brands like Google, Apple, Facebook, Microsoft, Netflix and Amazon are eclipsing traditional media giants. Yet film, television, newspapers and magazines are still subject to considerably greater levels of country-specific regulation and public scrutiny.

For example, Australian commercial television networks must comply with locally produced material and children’s content regulations. These mostly do not apply to YouTube or Netflix despite audiences and advertisers migrating to these providers.

Read More: Discontents: identity, politics and institutions in a time of populism

It is increasingly apparent to media policy makers that existing regulations aren’t meaningful unless they extend into the online space.

In Australia, the 2012 Convergence Review sought to address this. It recommended that media regulations should apply to “Content Service Enterprises” that met a particular size threshold, rather than basing the rules on the platform that carries the content.

Do we want a splinternet?

We may be heading towards a splinternet unless new global rules can be set. They must combine the benefits of openness with the desire to ensure that online platforms operate in the public interest.

Yet if platform providers are forced to navigate a complex network of national laws and regulations, we risk losing the seamless interconnectedness of online communication.

The burden of finding a solution rests not only on governments and regulators, but on the platforms themselves.

Their legitimacy in the eyes of users is tied up with what Bank of England chair Mark Carney has termed for markets is a “social licence to operate”.

Although Google, Facebook, Apple, Amazon, Netflix and others operate globally, they need to be aware that the public expects them to be a force for social good locally.

Terry Flew is a Professor of Media and Communications at the Queensland University of Technology.

This article was originally published on The Conversation. 

[hong-kong-art-man]

FOR ME, LAW IS BREAD & ART IS JUICE. HOW ABOUT ANTHONY CHOW AND YOUNG LAWYERS?

Thank goodness. Almost 40 years ago, my family cornered me to becoming a lawyer. If I were a full-time artist in Hong Kong in the early 80s, I would starve and have one foot in the grave.

Now, I am a part-time literary man. Art gives me only the spiritual juice of life and it is the legal practice which keeps me alive with bread and bacon. Very sad, isn’t it? Sadder are those full-time artists underwater who try to survive at their frugal meal. I now can do law and art at the same time. I am the lucky one. Though I earn less now as a lawyer, I am happy to take the bad with the good. In life, one must be aware of the great divide between dream and reality and tip a right balance.

It is easier said than done. I think my old lawyer friend Anthony Chow and I have both lost the balance at our age and devoted too much time to the community, upsetting the desirable work-life equilibrium. As an example, it took me 2 months to match my schedule with that of Anthony, the ex-President of The Law Society of Hong Kong and present Chairman of The Hong Kong Jockey Club for a sit and chat.

I have known Anthony for more than 30 years. We did not meet often but that hedge between keeps our friendship green. Among all topics, there should be one on art but Anthony was in a hurry to go and so quite ‘professionally’, he and I could just talk about the career prospects for young lawyers in Hong Kong.

Having been in the legal profession since the 80s, Anthony & I experienced a lot of things in common: being employed, setting up our own firm, merging our practice with others and serving the Law Society in different capacities. We should be wise enough to advise young lawyers on their career options.

The first option is to become a ‘barrister’ who basically advocates in court. It is a profession distinct from ‘solicitor’. Put it this way: barrister is a court litigation specialist and a solicitor is often regarded as a general practitioner.

For a solicitor, there are 5 possibilities in front of you. One may join the judiciary and become a judge initially at the junior level. He can also work in the government as a legal counsel. The coin is stability but there are two sides of the same coin. Stability can mean a lack of challenge or boredom at a certain stage of your life.

Secondly, a solicitor can give up private practice and nowadays, more and more lawyers work as an ‘in-house lawyer or consultant’ in private corporations or institutions. As such, you will serve bosses who are not lawyers but may concurrently have the fun of taking control of lawyers in private practice to serve yourself as a backseat driver. The hard time is that some bosses thought they knew the law. The great time is you might be able to learn new things such as banking, insurance and international business etc. other than law.

The remaining 3 potentialities are all related to private practice: will you work in a local law firm? A Chinese Mainland law firm? An American or English international law firm?

Anthony said, “In the old days, a solicitor must be locally or UK qualified. In 1995, the colonial government of Hong Kong opened the legal gate by legislating and setting out to create a new kind of lawyer called ‘foreign lawyer’ who could practice law in Hong Kong by taking examination. Incidental to that was the development of Hong Kong into an international financial centre. ‘As in the workman so is the work’. Hong Kong did need international lawyers to handle the cross-jurisdictional legal matters of commercial complexity.”

Anthony went on, “The clients of a solicitor then started to change too and they were gradually sliced up into 2 categories: individual clients and corporate clients. It has been evolving as a norm that local law firms now serve individual clients more on cases such as conveyancing, divorce, personal injuries and probate etc. whereas corporate clients prefer to go to the international and Mainland law firms for their posh upmarket commercial and financial work. It may be disheartening from a money angle: solicitors in local firms earn less than those working in the registered firms of foreign lawyers. However, from a social and human perspective, a solicitor may derive greater satisfaction by serving a man in the street i.e. the public. In that moral regard, there is no better or worse.”

I concurred, “It may be pathetic if the profession treats ‘lawyer’ just as a badge of honour or restricted licence to make money. We must commend those lawyers who work hard in helping the poor, for example, the legally aided and on areas which defend human rights or Rule of Law. Happiness and money can be twins. When your happiness of belief is taken away, you may feel as bad as if your money were taken away.”

Anthony supported, “The internet world is changing fast. We cannot stick to one single straight path of planning our future. You should pause for a second when you can sense that your present career is not your cup of tea although people said how wonderful it is. One must ask who he is. I can tell you a bunch of stories that some lawyers working in the high-end foreign law firms suddenly realized that they were no more than assistants to the rich businessmen and that a foreign partnership might not be willing to take a local Hong Kong lawyer as an equity partner.”

In choosing a career, interest, belief, style and ambition do matter. The trick to realize yourself is by applying your legal potential in an environment and atmosphere which you can self-maximize and be intrigued by the gratifying legal work. Then, you will get paid with the greatest fulfilment and joy on a daily basis, and not just on the 1st day of every month―the Pay day.

【Link】https://corporate.hkjc.com/corporate/corporate-news/english/2018-08/news_2018083002004.aspx

【Link】 http://www.guantao.com/contact.aspx?TypeId=203&Id=475&Fid=t7:203:7

[ericfruits]

Sources and acknowledgments

In addition to the people mentioned in the text, the author would like to thank:

Goolam Ballim, Bailey Thomson Blake, Stacey Brewer, Peter Bruce, Vanessa Burger, Terence Corrigan, Anthony Costa, Andrew Faull, Patrick Gaspard, David Harrison, Maryana Iskander, Darias Jonker, David Lewis, Trudi Makhaya, Abbey Makoe, Menzi Ndlovu, Craig Paxton, Jabulani Sikakane, Mark Shaw, Ryan Short, Kim Thomas, Melanie Verwoerd, and the dozens of South Africans who preferred to voice their opinions off the record.

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Further reading

Academic and think-tank research greatly contributed to the special report. Here are some select papers and suggestions for further study.

“A poverty dynamics approach to social stratification: The South African case”, by Simone Schotte, Rocco Zizzamia, and Murray Leibbrandt (2018, World Development)

“Equity: A price too high to pay?”, by Nic Spaull, in Spaull, N. & Jansen, J. (eds): South African Schooling: The Enigma of Inequality. (2018, Springer)

“Identifying binding constraints in education”, Van der Berg, S., Spaull, N., Wills, G., Gustafsson, M. & Kotzé, J. (2016, Stellenbosch: Research on Socio-economic Policy)

Nic Spaull’s website is a treasure trove of papers and data on education: https://nicspaull.com/

“Wealth Inequality in South Africa: evidence from survey and tax data”, by Anna Orthofer, (2016, REDI 3x3 working paper)

The Econ 3x3 website has many excellent summaries of economic research into South Africa: http://www.econ3x3.org

The Institute of Race Relations and the Centre for Development and Enterprise are two think-tanks with strong reputations for public policy research: https://irr.org.za and https://www.cde.org.za/

University of Cape Town’s criminology department has the best crime research in the country: http://www.criminology.uct.ac.za/

In 2008 Harvard University published a series of working papers from top economists on the South African economy. Some of the findings are outdated but many, sadly, remain pertinent. https://growthlab.cid.harvard.edu/south-africa-growth-initiative

In 2017 the “High Level Panel” reported on, among other issues, land reform https://www.parliament.gov.za/high-level-panel

Two vital institutions working on land reform are the Land Accountability and Research Centre, and the Association for Rural Advancement http://www.larc.uct.ac.za/home-235 https://www.afra.co.za/

There are also many books on South African history and, increasingly, on the era of “state capture” as well. Here are some the author has read and recommends:

“Cyril Ramaphosa”, by Anthony Butler (2011, Jacana)

“Tomorrow is another country”, by Allister Sparks (1994, Struik)

“Long walk to freedom”, by Nelson Mandela (1995, Abacus)

“Dare not linger”, by Nelson Mandela and Mandla Langa (2017, Pan)

“A Short History of South Africa”, Gail Nattrass (2017, Biteback)

“The President’s keepers” (2017, Tafelberg)

“A nation in crisis”, by Paulus Zulu (2013, Tafelberg)

“Ramaphosa’s turn”, by Ralph Mathekga (2018, Tafelberg)

“The new black middle class in South Africa”, Roger Southall (2016, Jacana Media)

“Who will rule in 2019?”, by Jan-Jan Joubert (2018, Jonathan Ball)

“The republic of Gupta”, by Pieter-Louis Myburgh (2017, Penguin)

“Gangster state”, by Pieter-Louis Myburgh (2019, Penguin Random House)

“Fighting for the dream”, by R.W. Johnson (2019, Jonathan Ball)

“South Africa’s brave new world”, by R.W. Johnson (2009, Allen Lane)

“How long will South Africa survive”, by R.W. Johnson (2015, Hurst)

“Licence to Loot”, by Stephan Hofstatter (2018, Penguin)

“A time traveller’s guide to South Africa in 2030”, by Frans Cronje (2017, Tafelberg)

“After the party”, by Andrew Feinstein (2007, Tafelberg)

“Democracy & delusion”, by Sizwe Mpofu-Walsh (2017, Tafelberg)

“Enemy of the people”, by Adriaan Basson & Pieter Du Toit (2017, Jonathan Ball)

“Rape: A South African nightmare”, by Pumla Dineo Gqola (2015, MF Books)

“Rights to land”, by William Beinart, Peter Delius and Michelle Hay (2017, Jacana)

“How South Africa works and must do better”, by Jeffrey Herbst and Greg Mills (2015, Pan Macmillan)

“After Mandela”, by Alec Russell (2010, Windmill)

“Resident alien”, by Rian Malan (2009, Jonathan Ball)

“Midlands”, by Jonny Steinberg (2002, Jonathan Ball)

Special reportSouth Africa

https://econ.st/2WvLQYM

[freelanews-blog]

Segun Agbaje building a great African institution through digital transformation

When is a bank not a bank? That is a question Segun Agbaje, the multiple award-winning CEO and Managing Director of Nigeria’s Guaranty Trust Bank (GTBank) has been getting to grips with as he forges a new path for banking in Africa. Agbaje was always destined to become a banker, it seems, although he took a circuitous route. Initially, he qualified as an accountant and practised in the US before tiring of auditing and returning to Nigeria to follow his father’s footsteps into banking. There, in 1991, he joined an exciting new venture, the Guaranty Trust Bank, founded by a group of young Nigerians the previous year. As he worked his way up through positions of increasing responsibility, several events in which Agbaje played a leading role shaped his thinking about GTBank’s future: the initial public offering in 2004, listing on the Lagos stock exchange; entering the international capital markets with a Eurobond issue and listing on the London Stock Exchange in 2007. “Those transactions exposed me to the international financial markets and the people who worked in them – merchant banks, investment bankers, lawyers, investors,” he says. “It gave me a better understanding of what people wanted from a first-class bank and best-in-class practices. It also encouraged me to think about the bank as an international institution, rather than just a Nigerian institution, and what it took to compete in the global economy.” Agbaje became CEO of GTBank in 2011 and won the coveted African Banker of the Year award the next year. The award recognises financial industry leaders throughout Africa who have exercised “good vision and leadership” in guiding their organisation to strong financial performance, as well as having contributed to the impact of Africa’s financial services industry internationally. During his tenure as CEO, the bank and Agbaje have won numerous awards. What is particularly interesting is the trend in types of award since GTBank has been under Agbaje’s leadership. Awards for financial performance have been joined by Innovative Bank awards, Best Mobile Banking and Mobile Money awards, Best Digital Bank awards and, most recently, Digital Wallet of the Year award. ‘I’m not sure that, if we removed the word “bank” in five years, we would be losing anything. We might actually even be gaining something.” This trend reflects Agbaje’s pioneering attitude towards digital transformation and the role of banking. Traditional bankers might think his view of the bank’s future a radical departure from mainstream banking, but for Agbaje it is change that has to happen: “Banks are going to become platforms, so we will become a trusted single, integrated platform,” he says. “Because the competition for banks has changed, where it was once other banks, now it is fintechs, telcos, Apple Pay, PayPal, payday-loan companies, salary-advance companies, even coffee shops. Any bank that stays with the traditional banking model is going to get smaller and smaller. All these other companies will be taking part of your share of business.” If some of the digital giants, like Google and Apple, start to develop banking services, the word ‘bank’ could soon be associated with inefficiency and a lack of innovation, he adds. “I’m not sure that, if we removed the word ‘bank’ in five years, we would be losing anything. We might actually even be gaining something.” While there may be a lot of disruption in the banking sector, Agbaje has a head start on many traditional banks. For example, the bank launched its Habari mobile platform in November 2018: “What we’re trying to create is something where, when you come to the bank, however you do that, you are not just coming to pay and receive,” he says. “You can come into our ecosystem and do just about everything – pay for tickets, book holidays, stream music, buy online, watch videos, and then, because we are a bank, we can provide the payment engine.” The reputation of bankers and banking took a knock following the global financial crisis and Agbaje is well aware of the challenge banks face in terms of their relationship with the societies they serve. “A banking licence is a privilege, given to you by the regulator. Banks owe a social responsibility to the communities within which they operate,” he says. “Just as we monitor profits, costs and return on equity, we must also monitor how much we give back in terms of social responsibility.” This is not just talk. The bank interacts with the community in many ways, from football education programmes and tournaments to its internationally renowned annual conference on autism (now in its ninth year); from its You Read Initiative aimed at promoting a culture of reading to the Social Impact Challenge designed to unearth ideas that can enrich the lives of local communities. Many of the bank’s CSR initiatives are aimed at community development, promoting entrepreneurs and small businesses. For example, there is the GTCrea8 Convention aimed at helping undergraduates “build successful businesses out of their passion”. The bank is also building shared service facilities for businesses in the food and fashion sectors, so that these small businesses can benefit from the economies of scale enjoyed by large companies without the overheads. The initiatives reflect Agbaje’s passionate belief in Africa’s economic potential: “It is a continent that I am completely bullish about, because I don’t think there are many places in the world that have both the natural resources, the human population, the distribution of millennial; who are just incredible people. If you are able to tap into and unleash that human capital potential it is a continent that has a huge growth upside,” he says. “What we have in Africa is a leadership problem. There are pockets, organisations, where the leadership is good. Those organisations function the way you would in a developed economy. If you start to get people with a track record of achievement running things – whether that is in countries, governments, parastatals – they will bring that excellence and achievement to government and Africa will start to change.” He is just the leadership role model that the younger generation needs. “My values are simple ones. I believe in hard work, humility, integrity, and discipline. Those are the things that drive me,” he says. “If you have those values, show them, inculcate them into all the decisions that you make and you will be fine.” He has naturally given some thought to what he might do after his time at GTBank: “Maybe I will get another platform to do something in the private sector. It could be in a completely different sector to banking. My first choice would be an Africa-focused organisation. A second option would be something, if not solely focused on Africa, with an emerging market emphasis.” He would also be interested, he says, in mentoring young people with small businesses; helping them to think about organisational structure and governance, for example. But for now, with two-and-a-half years left on his contract, he is fully focused on the transformation underway at GTBank. “I’m not finished,” he says. “We are trying to build a great African institution; putting the bank in the position I think it should be in – not just financially, but socially, being a well-run enterprise.” Agbaje is not someone to trumpet his achievements, but if his vision for the future of one of Africa’s largest and most important banks comes to fruition, more plaudits are likely to be heading his way. Read the full article

[amolcurioussole]

Nation Wants Another "The Manmohan Singh"

Society attain concurrently, congress evolved as a moment and gradually it infused in grassroots of Nation. Nation fought altogether for freedom, against Britishers. We finally won over them, got freedom. Since then, dramatically our nation experienced the quest of changeover from the founding era to the establishment age. 

The establishment Age 

Green Revolution  

MS Swaminathan father of 'the Green Revolution' in India. Who paved the way for the Green revolution in the late 1960s. A period when Indian agriculture was converted into an industrial system due to the adoption of modern methods and technology such as the use of high yielding variety of seeds, tractors, irrigation facilities, pesticides, and fertilizers. The Green Revolution within India commenced in 1965 that led to an increase in food grain production, especially in Punjab, Haryana and Uttar Pradesh. Major milestones in this undertaking were the development of high-yielding varieties of wheat, and rust resistance strains of wheat. However, it proved to be a useful measure and was a missionary in helping the then Indian Government to independently produce necessary crops in own country instead of depending on foreign exports and whose policies were often misused by the foreign nations to blackmail India to serve their own political purpose and get dominated by those nations. 

Bank Nationalisation 

Bank nationalisation took place in 1969 in the former prime minister of India and Bharat Ratna late Indira Gandhi's era. Bank were asked to push funds towards sectors that the government wanted to target for growth. Indira Gandhi told the Lok Sabha on 29 July 1969 that the "purpose of nationalization is to promote rapid growth in agriculture, small industries and exports, to encourage new entrepreneurs and to develop all backward areas". Nationalised organisations have positive externalities in the long run which benefit the nation and improve infrastructure and welfare according to the government's needs and not the needs of their company. A private firm would less-likely care about local infrastructure or welfare, as they care about profit. 

White Revolution  

"Father of the White Revolution" in India,  

A white revolution initiated in 1970 by Verghese Kurien, who was a social entrepreneur whose billion-litre idea, operation flood, known as the worlds largest agriculture development program which benefits rural India most raising incomes and credit, elimination of debt dependence, nutrition, education, health, gender parity and empowerment, breakdown of caste barriers and grassroots democracy and leadership. It made India the world's largest milk producer from a milk-deficient nation, which doubled milk available per person and increased milk output four-fold, in the next 30 years. 

Telecom Revolution  

The telecom revolution in 1984 by Former Prime Minister of India and Bharat Ratna Late Rajiv Gandhi. "Father of Information Technology and Telecom Revolution of India". He is rightfully known as the architect of digital India. We all Indians know how Rajiv Gandhi connected nation by extending telecommunications. It was under his rule that Great Indiaretire Indian Exonovelopment of Telematics (C-DOT) was established in August 1984 to develop state-of-the-art telecommunication technology and meet the needs of the Indian telecommunication network. C-DOT revolutionised the communication network in the towns and even villages of India. Because of Rajiv Gandhi's efforts, the PCO (public call office) revolution took place. PCO booth connected even the rural areas to the world outside. In 1986, MTNL (Mahanagar Telephone Nigam Limited) was established which helped in the spread of the telephone network. With Sam Pitroda as an advisor to the then Prime Minister Rajiv Gandhi, six technology missions related to telecommunications, water, literacy, immunisation, oilseeds oil seeds were established. 

Crisis  

'The Great Indian Economic Crisis 1991'. 

Recall, how the Indian economy caught in crisis and how the nation suffer through that disastrous patch. Journey of the crisis began in 1985 when India started facing the problem of balance of payments as imports surged and the Indian trade balance was in deficit at a time when the government was running on a large fiscal deficit. By the end of 1990 in the run-up to the gulf war, India’s oil import bill increased, exports drooped, credit dried up, and investors took their money out due to lack of worthiness. The situation became so serious that the Indian foreign exchange reserves could scarcely finance three weeks' worth of imports while the government came close to defaulting on its financial commitments. By July that year, the low reserves had led to a sharp depreciation of the rupee, which in turn aggravated the twin deficit problem. Since these deficits had to be met by borrowings, the internal debt of the government accumulated rapidly, rising from 35 per cent of GDP at the end of 1980-81 to 53 per cent of GDP at the end of 1990-91. 

"A person's true character is often revealed in time of crisis or temptation. Make sure you have what it takes to be your best in such times." - Dr Paul TP Wong.   

One person rise to the situation. 

An Economist. He was little known at that time. And his name is Dr Manmohan Singh. He showed the way to the Nation, how to perform under pressure. Expectations were at stake and yes he has lived up to expectations and delivered in time. He is the real nationalist. Not like others who pretend to be but, actually they are not. 

Troubleshooter Dr Manmohan Singh  

Dr Manmohan Singh is known as The father of the new economic policy of India for remarkable work for the nation. Then he developed LPG Model and executes it effectively. 

1. Liberalisation 

Eliminating Industrial licencing and registration: 

Those who willing to start a new business, It was mandatory to obtain a license for initiating ventures in the private sector. Under this policy, the government exempted new players from licensing and other restrictions. 

Government put restrictions only on the following industries: 

1. Liquor 

2. Cigarette 

3. Defence equipments 

4. Industrial equipments 

5. Drugs 

6. Hazardous chemicals  

2. Privatisation 

Empower the private sector to set up industries which were previously reserved for the public sector. Privatisation was much needed for the growth of the industry, which leads the competition among the market players, which promotes higher utilisation of capacity and eliminate monopoly in the market. 

Steps taken for Privatisation: 

1. Sale of shares of PSUs 

The share of the private sector has increased from 45% to 55% 

2. Disinvestment in PSUs 

Government has sold enterprises worth Rs 30 thousand crores to the private sector. 

3. Minimisation of PSUs 

Number of public sector was reduced from 17 to just 2. 

3. Globalisation 

From local to global. Sky was no limit. Just fly high like a bird. Indian economy achieved global exposure at that time by taking the simple step forward. 

Steps taken for Globalisation: 

1. Tariff reduction 

2. Long term trade policy 

    (a) Liberal policy. 

    (b) Freedom to foreign trade.  

    (c) Open competition.  

3. Partial conversion of Indian currency 

4. Increased in equity limit from 40% to 100% of foreign investment except for some industries.  

Currently, the Indian Economy is suffering through the cold stage. India need charismatic characters who can pull the Indian economy out from the crisis. 

It could be, 

Raghu ram Rajan  

An Indian economist, former governor of RBI. Initially, he served with IMF as policymaker then he served as an economic adviser to the government of India, and we still know his string of three years with RBI as Governor.  

Or, it could be,   

Abhijeet Banerjee 

An American economist, he is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology. In 2013, he was named by the United Nations Secretary-General Ban- Ki-Moon to a panel of experts tasked with updating the Millennium Development Goals after 2015. 

It is very strange to know that, the BJP is in government and it is trying to push 'Atmanirbhar Bharat' program in this crisis-like situation. How contrary to the history of the Indian Economy. My honest concern about the same program is very practical. If the BJP government failed to deliver their own commitment, India will go in an era of Isolation for long periods of time.