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zvaigzdelasas · 1 year ago

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The Communist Party’s main theoretical journal has laid out a new ideological framework for the financial system that emphasizes the primacy of China’s top leader and Marxist principles. [...]

The Communist Party issued a detailed ideological statement on Friday in Qiushi, the party’s main official theoretical journal, that made clear that it expected banks, pension funds, insurers and other financial organizations in China to follow Marxist principles [...]

The Qiushi paper, which was being closely studied by bankers and economists in China, could cut against efforts by Beijing to show that the economy is open to investment even as it places a heavier hand on business.

Barry Naughton, an economist at the University of California at San Diego who has long studied China’s transition to a market economy, said that the document signaled that the finance sector would be subject to ever-tighter oversight and forced to serve government policies more actively.

“The financial sector will not be expected to push for market-oriented reforms or even necessarily maximize profit,” he said. “As a program for the financial sector, it is ambitious, disappointing and somewhat ominous.”[...]

“Politics will for sure further dictate China’s finance, effectively moving China even closer to how it was before the reforms started in 1978,” said Chen Zhiwu, a finance professor at the University of Hong Kong.

Some of the policy targets set forth in the essay would not be unusual as regulatory goals in the West. For example, it calls for banks to emphasize financial services for the “real economy,” which the party has long interpreted to include ample financing for the country’s industrial base.

But it also calls for a strong role in finance for [...] Marxist ideology generally. That follows a pattern that emerged for other sectors during the national congress of China’s Communist Party a year ago, but has been less apparent in finance — until now. [...]

Moody’s, the credit rating agency, announced on Tuesday that it was lowering its credit outlook for the Chinese government to negative. It had previously assigned a stable outlook for the country’s credit rating, which remains at A1, near the top of the ratings scale. [...]

Qiushi is the main journal providing pronouncements on China’s current ideology, which is known as Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. The statement on Friday said that Mr. Xi’s speech to the financial conference, “is a valuable ideological crystallization formed by our party’s unremitting exploration of the path of financial development with Chinese characteristics.” [...]

“Politics affects all important areas, and economic or financial issues are themselves political issues,” he said. Indeed, Communist Party control over finance comes up repeatedly in the Qiushi statement. “We must unswervingly adhere to the centralized and unified leadership of the party Central Committee over financial work, uphold and strengthen the party’s overall leadership over financial work,” it said.

5 Dec 23

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head-post · 5 months ago

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British MI5 issues alert on Chinese spy to divert attention from PM scandal

The UK’s domestic spy agency MI5 issued an alert calling a woman a Chinese agent to allegedly divert attention from a COVID lockdown party scandal involving former prime minister Boris Johnson, according to Reuters.

In January 2022, MI5 issued an alert about lawyer Christine Lee. The agency claimed she was “involved in political interference activities” in the United Kingdom on behalf of the ruling Chinese Communist Party.

The warning was circulated among lawmakers by the Speaker of the House of Commons, who stated MI5 discovered that Lee had “facilitated financial donations to serving and aspiring parliamentarians on behalf of foreign nationals based in Hong Kong and China.”

Lee is now suing MI5 for unspecified damages. She claimed the agency acted unlawfully and unreasonably. At an Investigatory Powers Tribunal hearing on Monday, her lawyer Ramby de Mello read out a message sent to Lee from Barry Gardiner, an MP for the opposition Labour Party. Gardiner claimed he had received hundreds of thousands of pounds worth of donations from her.

He also stated “many people” believed that the timing of the alert was intended to divert attention from Johnson’s admission of an unlawful gathering at Downing Street during the first COVID lockdown. The day before the notice was issued, Johnson had apologised to parliament for attending a “bring your own booze” gathering that had been held at his official residence.

I had never believed that the Security Services would be overtly party political in that way. What has been suggested to me is that the Security Services may have wished to ‘pick a fight’ or to ‘detract attention’ from something else and that we were simply collateral damage.

De Mello stated that MI5 did not have the authority to issue an “unprecedented” notice alleging that Lee had engaged in political interference on behalf of the United Front Work Department of the Chinese Communist Party.

In their written statements, MI5’s lawyers claimed the alert (IA) was announced on national security grounds. It also aimed to protect parliamentary democracy from foreign interference.

The respondent assessed that (Lee) posed a risk of this nature, and its judgment was that the issuing of the IA was the most effective and proportionate means to address that risk. Those assessments were rational and lawful.

The hearing continues on Tuesday.

Read more HERE

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myontarioaccountant · 23 days ago

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How to Find the Right Accountant for Self-Employed Individuals in Barrie

Being self-employed comes with a unique set of challenges, especially when it comes to managing your finances. Whether you are a freelancer, consultant, or small business owner, dealing with taxes, bookkeeping, and financial planning can be overwhelming and time-consuming. Hiring an accountant can take the stress out of managing your finances and help you maximize your earnings while staying compliant with tax laws. But how do you find the right accountant for self-employed individuals in Barrie?

Here’s a detailed guide to help you find an accountant who meets your needs and can help you achieve financial success.

1. Understand Your Financial Needs

Before you start looking for an accountant, it’s important to understand your specific financial needs as a self-employed individual. Are you looking for help with tax preparation, bookkeeping, financial planning, or all of the above? Defining your needs will guide you in finding an accountant with the right expertise.

Common financial services self-employed individuals may need include:

Tax Preparation and Planning: Ensuring that your taxes are filed accurately and on time, while taking advantage of deductions specific to self-employed individuals. Business Accountant Barrie

Bookkeeping: Keeping track of income and expenses, reconciling bank statements, and maintaining organized financial records.

Financial Planning: Developing a long-term financial strategy, saving for retirement, or planning for major investments.

Compliance and Audits: Making sure you comply with all financial regulations and being prepared in case of an audit.

Once you know what kind of assistance you require, you can search for an accountant who specializes in these areas.

2. Look for Relevant Experience

Not all accountants are the same, and when you’re self-employed, you’ll want to find someone who has experience working with individuals in similar situations. An accountant who primarily deals with large corporations may not be the best fit for a freelancer or a sole proprietor.

Why relevant experience matters:

Understanding of Self-Employment Deductions: An accountant with experience in self-employment will be familiar with all the deductions and credits you are eligible for, such as home office expenses, business travel, and equipment purchases.

Industry-Specific Knowledge: If you work in a specific industry like real estate, tech, or the arts, look for an accountant who understands the nuances of your field and can offer tailored advice.

Navigating Tax Challenges: Self-employed individuals face unique tax challenges, such as estimated quarterly taxes. An experienced accountant can guide you through these complexities.

When interviewing potential accountants, ask about their experience with clients who have a similar business structure or income model as yours.

3. Check for Qualifications and Credentials

One of the most important factors in choosing an accountant is their qualifications and credentials. In Canada, accountants can hold designations such as Chartered Professional Accountant (CPA), which indicates a high level of expertise and adherence to professional standards.

Key qualifications to look for:

CPA Designation: A Chartered Professional Accountant (CPA) has completed rigorous education, passed comprehensive exams, and has practical experience. Hiring a CPA gives you peace of mind that you are working with a qualified professional.

Additional Certifications: If you have specific needs, such as financial planning or investment advice, consider accountants who hold additional certifications, like Certified Financial Planner (CFP) or Personal Financial Planner (PFP).

In addition to certifications, make sure the accountant stays up-to-date with the latest tax laws and regulations by participating in continuing education and professional development.

4. Consider the Cost of Their Services

The cost of hiring an accountant can vary widely depending on the scope of the services you require and the accountant’s level of experience. It’s crucial to have a clear understanding of the pricing structure before you commit to working with someone.

Types of pricing structures:

Hourly Rates: Some accountants charge by the hour. This is a common arrangement for self-employed individuals who need occasional advice or assistance with specific tasks.

Fixed Fees: If you need ongoing services like monthly bookkeeping or annual tax preparation, you may be able to negotiate a fixed fee. This arrangement provides predictability in your financial planning.

Percentage of Income: In some cases, accountants may charge a fee based on a percentage of your income, particularly if they are providing comprehensive financial planning services.

When discussing fees, ask about any additional charges for services like responding to audits or providing advice outside of regular meetings. Transparency about costs will prevent any surprises down the line.

5. Evaluate Communication and Availability

As a self-employed individual, you may need to make quick financial decisions, so it’s essential to have an accountant who is responsive and available when you need them. During your initial consultation, pay attention to how promptly they respond to your inquiries and whether they are willing to explain complex financial concepts in a way you understand. Accountant for Self Employed Barrie

Questions to ask about communication:

Preferred Communication Methods: Do they prefer email, phone calls, or in-person meetings? Make sure their preferred methods align with yours.

Response Times: How quickly can you expect a response to your questions? Some accountants offer faster turnaround times, while others may take longer.

Availability During Tax Season: Tax season can be a hectic time for accountants. Ask how they handle the increased workload and whether they have time to give your taxes the attention they need.

A good accountant should be proactive and willing to communicate regularly, keeping you updated on changes in tax laws or financial strategies that may affect your business.

6. Seek Out Recommendations and Reviews

Personal recommendations are often the best way to find a trustworthy accountant. Ask fellow self-employed professionals in Barrie for recommendations, or check online reviews and ratings to learn more about an accountant’s reputation.

Where to look for recommendations:

Networking Groups: Join local business groups or online forums for self-employed individuals in Barrie to get recommendations from peers.

Online Directories: Websites like Yelp, Google My Business, and LinkedIn can provide reviews and insights into the accountant’s performance and reliability.

Professional Associations: The CPA Ontario website can help you verify an accountant’s credentials and find reputable professionals in your area.

Reading testimonials and talking to former or current clients can give you a better idea of the accountant’s strengths and weaknesses.

7. Schedule an Initial Consultation

Most accountants offer a free initial consultation to discuss your needs and determine if you are a good fit. Use this meeting to evaluate their expertise, ask about their services, and gauge whether you feel comfortable working with them.

Questions to ask during the consultation:

Experience with Self-Employed Clients: How many self-employed clients have they worked with, and what kinds of financial issues have they handled?

Approach to Tax Planning: How do they stay current with tax laws, and what strategies do they use to minimize tax liability?

Use of Technology: Do they use cloud-based accounting software or other tools to streamline their services?

Trust your instincts during this meeting. The right accountant should not only have the expertise you need but also make you feel confident in their ability to manage your finances.

Conclusion

Finding the right accountant for self-employed individuals in Barrie is a crucial step in taking control of your financial future. By understanding your financial needs, looking for relevant experience, checking qualifications, and evaluating communication, you can find an accountant who will be a valuable partner in your business journey. With the right support, you can simplify your financial management, reduce stress, and focus on what you do best—growing your business.

YS Accounting & Tax Services Barrie Suite 1207, 54 Cedar Pointe Dr Barrie, ON L4N 5R7 (705)300-9450

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blockgeni · 1 year ago

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Three more well-known cryptocurrency companies have been charged by the attorney general of deceiving their clients in the state of New York, where Sam Bankman-Fried, the founder of the now-defunct exchange FTX, is on trial for fraud. A total of $1.1 billion in losses for hundreds of thousands of investors have been attributed to cryptocurrency exchange Gemini, which is operated by the Winklevoss twins, Cameron and Tyler, as well as cryptocurrency lender Genesis and its parent company, Digital Currency Group. The civil lawsuit was filed and concerns the Gemini Earn program, which was advertised to consumers as a safe and secure means of earning interest on cryptocurrency holdings—up to 8%. Customers of Gemini contributed assets that were combined and given to cryptocurrency lender Genesis, which lent them to major organizations in exchange for a percentage of the earnings. The CEO of trading platform Swan Bitcoin, Cory Klippsten, claims that these cryptocurrency services were positioned as an efficient savings account alternative to banks. That's how people understood these platforms, whether you use that language or not. However, the New York attorney general claims that the Earn program posed far greater risk than the promotional materials indicated. As per the complaint, Gemini knew from the start of the program that the loans given out by Genesis were high-risk and concentrated among a select few third parties. These parties included FTX's sibling company Alameda Research, which accounted for 60 percent of the loans made by Genesis at one point. Customers of Gemini stood to lose their invested money if any of Genesis' major creditors were to go into default. As it happened, Gemini Earn holders lost out on approximately $900 million when Genesis was involved in the FTX blowback in November 2022 and had to file for bankruptcy two months later. The US financial regulator, the Securities and Exchange Commission, had previously sued Gemini and Genesis in January over the Gemini Earn program, which it claimed amounted to an unregistered securities offering. However, the attorney general of New York has filed charges that are more extensive. The attorney general alleges that while Gemini neglected to notify clients of their exposure to risk, Genesis and DCG neglected to evaluate the quality of the loans they provided and then made an effort to hide losses sustained in the middle of 2022 when the $1.1 billion in loans that Three Arrows Capital, a hedge fund, and a smaller counterparty defaulted on were given. Shortly after, Genesis CEO Michael Moro and DCG CEO Barry Silbert are named as defendants and charged with making false public statements regarding Genesis' financial situation. Middle-class investors suffered as a result of these cryptocurrency companies' deception and attempts to conceal losses totaling over a billion dollars, according to a statement from New York Attorney General Letitia James. Because they were told flagrant lies about the safety and growth potential of their money if they invested in Gemini Earn, hardworking New Yorkers and investors across the nation lost over $1 billion. In a post on X, the former Twitter, Gemini stated that it was looking forward to defending itself against the lawsuit, but it did not respond to a request for comments. Requests for comment from Genesis and DCG were not answered. The lawsuit against the three is the most recent in a string of legal actions taken in the US this year against cryptocurrency businesses. Another exchange, Kraken, agreed to end a service that allowed US users to receive incentives for locking up their cryptocurrency as part of a settlement agreement the SEC reached in February. The SEC claimed that Paxos' BUSD stablecoin was a security and that Paxos had to abide by securities laws. As a result, the regulator warned Paxos that it intended to sue. The regulator accused exchanges Binance and Coinbase of breaking securities laws in June when it filed charges against them on separate days.

A number of the pioneers of the cryptocurrency space have also been arrested. In addition to Su Zhu of Three Arrows Capital in September, Bankman-Fried was arrested in December, as was Alex Mashinsky of cryptocurrency lender Celsius in July. According to the press release, the attorney general's lawsuit calls for "restitution for all defrauded investors and disgorgement of all ill-gotten gains," in addition to barring Gemini, Genesis, and DCG from conducting business in New York. However, the lawsuit's ramifications might also affect other areas of the cryptocurrency industry. According to Travis Kling, the founder of the cryptocurrency asset management company Ikigai Asset Management, the lawsuit may delay the much-anticipated approval of a bitcoin exchange-traded fund, a financial instrument that would enable regular people to invest in bitcoin through their typical stock broker. Grayscale, another DCG subsidiary, is one of the companies waiting for approval. However, Kling finds it difficult to believe that Grayscale will produce the first bitcoin ETF while these accusations against its parent company are still pending. According to crypto-skeptic analyst Stephen Diehl, DCG's involvement in the cryptosphere through its venture investments is so great that a conviction and significant financial fine might have unanticipated secondary consequences. According to Diehl, it's a huge holding company with ties to a huge portion of the American crypto industry. It's a huge cog in the cryptocurrency wheel. In the interim, the possibility of additional enforcement action against cryptocurrency industry participants looms. According to Klippsten, the last shoe hasn't fallen. It is unlikely to stop until offshore, unregulated, and opaque cryptocurrency businesses are brought to account. Source link

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mortgageloanontario · 1 year ago

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The Ultimate Guide to Finding the Right Mortgage Broker in Barrie

Introduction to Mortgage Brokers

A mortgage broker is a seasoned professional who facilitates the acquisition of loans for property purchases. They collaborate with banks and various financial institutions to identify the most suitable loan products for their clients. Moreover, they offer invaluable guidance on managing your finances and efficiently repaying your loan.

When on the hunt for a mortgage broker in Barrie, it’s imperative to opt for someone seasoned and well-versed in the diverse array of available loans, meeting all the prerequisites for operating as a mortgage broker.

The Ultimate Guide to find the Right Mortgage Broker in Barrie will assist you in recognizing the crucial traits to seek when picking a mortgage broker. Furthermore, it will provide pointers for assessing different mortgage brokers to discover the one that best aligns with your requirements.

Benefits of Collaborating with a Mortgage Broker

Engaging the services of a mortgage broker in Barrie offers a multitude of advantages. Here are some of the most prominent benefits:

1. Enhanced Lender Access: Mortgage brokers boast access to an extensive network of lenders, broadening your options and increasing the likelihood of discovering the perfect mortgage to meet your needs.

2. Lower Interest Rates: Thanks to their relationships with lenders, mortgage brokers can frequently secure lower interest rates for your mortgage compared to direct negotiations with a lender.

3. Flexible Terms: Mortgage brokers possess the ability to negotiate more flexible terms for your mortgage, including extended loan durations or lower monthly payments.

4. Personalized Support: Mortgage brokers provide personalized assistance, guiding you from the initial search for the right mortgage to the closing of your home purchase.

What to Consider When Selecting a Mortgage Broker

During your quest for a mortgage broker, there are several essential factors to bear in mind. Firstly, ensure that the broker is licensed and adequately insured. This safeguard is crucial in the event of any unforeseen issues during the process.

Next, seek recommendations from your circle of acquaintances. Consult friends, family, and colleagues to ascertain if they have prior experience with mortgage brokers in the area. If they do, inquire about their experiences and whether they would recommend the broker they worked with.

Conduct independent research as well. Explore online reviews of mortgage brokers operating in Barrie to gain insight into the experiences of others. This research will help you streamline your choices and identify a broker that aligns with your needs.

Tips for Collaborating with a Mortgage Broker in Barrie

If you’re in pursuit of a mortgage broker in Barrie, keep these tips in mind to ensure you find the perfect fit for your requirements:

1. Thorough Research: Given the multitude of mortgage brokers available, diligent research is essential. Seek recommendations, peruse online reviews, and compare the offerings of different brokers to identify the ideal match.

2. Define Your Preferences: of mortgage you desire, your preferred down payment, and the monthly payments you can comfortably afford. This information will enable the broker to tailor their recommendations to your needs.

3. Prepare Documentation: Expect to furnish financial documentation when meeting with a broker, including tax returns, pay stubs, and bank statements. Being prepared with these documents will expedite the process.

4. Ask Questions: Don’t hesitate to ask questions! A reputable broker will gladly address any inquiries you have regarding mortgages or the home-buying process. Ensure you have a comprehensive understanding before making any decisions.

Conclusion

We trust that this guide has facilitated your search for the right mortgage broker in Barrie, ensuring you find someone who can secure favorable rates and terms while delivering exceptional customer service. It’s imperative to conduct thorough research to instill confidence in your choice.

Are you in search of a mortgage broker in Barrie, Ontario? Look no further than Mortgage Loan Ontario! We take pride in being a trusted and dependable resource for all your mortgage needs. With years of experience and an in-depth understanding of the Barrie region, we are dedicated to assisting you in identifying the best mortgage options available.

Contact Mortgage Loan Ontario today to schedule a consultation. We eagerly anticipate working with you and helping you secure the ideal mortgage solution in Barrie, Ontario. Trust us to make your mortgage journey a seamless and successful one.

#mortgage renewal fees #best mortgage renewal rates #mortgage broker #mortgage agent #mortgage services #barrie #mortgage broker in barrie

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ailtrahq · 1 year ago

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Cameron Winklevoss, co-founder of the Crypto Trading platform Gemini Trust Co, has been interviewed by agents from the Federal Bureau of Investigation (FBI), staff from the Securities and Exchange Commission (SEC), and New York City prosecutors in recent months, according to a source familiar with the matter. This significant development is in response to the allegations of fraud Winklevoss has directed against Barry Silbert, CEO of the Digital Currency Group (DCG). Bloomberg News, the first to News-2023-09-07/" target="_blank" rel="noopener nofollow">report on this matter, highlighted that the interview is part of an “ongoing review” into the financial dealings of DCG and its now bankrupt lending subsidiary, Genesis Global Capital. Despite the gravity of the allegations and the heightened scrutiny from federal authorities, Silbert has not been formally charged with any wrongdoing. Gemini was the largest creditor of Genesis Global and is suing DCG and Silbert. A spokesperson for DCG communicated to Bloomberg that Silbert has consistently refuted the allegations of fraud. He said that the firm “always conducted its business lawfully and with the highest ethical standards” and that it will assist regulators upon request. A spokesman for federal prosecutors declined to comment to Reuters, as did the FBI. Gemini also did not respond to requests for comment. Crypto Conglomerate DCG Vs. Gemini The roots of this dispute trace back to a partnership between Gemini and Genesis in 2021. Together, they launched an earn programme, allowing Gemini users to lend cryptocurrencies to Genesis with the promise of Interest returns. However, in November 2022, Genesis abruptly halted these payouts, citing “unprecedented Market turmoil.” Shortly after, in January, Genesis filed for Chapter 11 bankruptcy. Gemini, being the largest creditor of the now-bankrupt Genesis, initiated legal action against DCG and Silbert. The lawsuit alleges fraudulent lending practices by Genesis and accuses DCG and Silbert of making “false, misleading, and incomplete representations and omissions” to Gemini. Further fueling the controversy, Winklevoss took to social media, particularly Twitter, to voice his grievances. In a detailed thread from July 7, he accused Silbert of being aware of Genesis’s massive insolvency issues, especially after the collapse of Three Arrows Capital in June 2022, which purportedly resulted in a $1.2 billion deficit in Genesis’ balance sheet. Winklevoss stated, “Barry, DCG, and Genesis together created false financial statements to hide the truth from Gemini and creditors.” In response to these allegations, DCG labeled the lawsuit as a mere “publicity stunt” by Winklevoss and refuted all claims as “baseless, defamatory, and completely false.” The controversy surrounding the Earn programme has also attracted regulatory attention. In January, the SEC filed a complaint against both Genesis and Gemini for allegedly offering unregistered Securities. Additionally, the New York Department of Financial Services has initiated a separate investigation into Gemini. The total Market cap of crypto has managed to defend the $1 trillion mark in recent days. Total crypto Market cap remains above $1 trillion, 1-day chart | Source: TOTAL on TradingView.com

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reasoningdaily · 2 years ago

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Best Buy lays off hundreds of store employees as shopping trends shift

Best Buy said Friday that it is laying off hundreds of store workers across the country as more of its shoppers buy online and sales of consumer electronics weaken.

A spokesperson for the company confirmed the layoffs, but declined to share the specific number. The news was first reported by The Wall Street Journal.

In a statement, Best Buy said it is "evolving our stores and the experiences we offer to better reflect the changes in customer shopping behavior, as well as how we organize our teams to ensure we continue to provide our expertise, products and services in the best way possible."

The retailer framed the job cuts as a shift in its priorities, saying Best Buy plans to add thousands of customer-facing employees and invest in growing areas, such as its Totaltech membership program and its health business.

As of the end of January, Best Buy had more than 90,000 employees in the U.S. and Canada. That's a drop from the nearly 125,000 workers that it had in early 2020, according to company financial filings.

The jobs market in the U.S. remains strong and labor market continues to be tight. The unemployment rate was 3.5% as more people got back to work after the Covid pandemic, according to the recent jobs report from the Labor Department.

Yet retailers, including Best Buy, have struck a cautious tone as shoppers pull back in some categories like consumer electronics. Retailers have seen softer sales of discretionary merchandise as consumers pay more for necessities because of inflation and spend more on services again, such as booking flights or dining at restaurants.

Best Buy is also following a period when many of its customers sprang for new laptops, kitchen appliances and home theater systems during the early years of the pandemic. Much of what it sells are big-ticket items that people don't replace frequently.

Digital sales have become a more meaningful part of its business, too. About a third of Best Buy's U.S. sales came from its online business in the fiscal year that ended in late January compared to 19% in the fiscal year that ended in late January 2020, the company's CEO Corie Barry shared on its fourth-quarter earnings call. Sales made by phone, through chat or virtually have also grown, she said.

Still, Best Buy's roughly 900 stores in the U.S. remain an important part of shift: Barry said more than 40% of online sales are picked up in stores.

#Best Buy lays off hundreds of store employees #us economy #shopping trends #spending changes #Best Buy

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college-girl199328 · 2 years ago

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The two dominant national carriers focus less on offering nationwide service and more on their regional strengths. This is as they try to improve their financial performance and fend off soaring competition.

Those pressures are why experts say WestJet is focusing heavily on the west while Air Canada is prioritizing markets in the east, such as Toronto, Montreal and Ottawa.

Those strategies resulted in many service cuts in different parts of the country. WestJet has slashed service in Atlantic Canada, Ontario and Quebec, including about an 80 percent cut in flights between Toronto and Montreal compared to pre-pandemic levels, according to aviation analytics firm Cirium.

Conversely, Air Canada no longer flies out of several smaller airports in Western Canada, in addition to cutting service to larger cities on the prairies. Out of Calgary, the airline does not offer direct flights to Nanaimo, Cranbrook, Kamloops, Castlegar and Victoria in British Columbia, Regina and Saskatoon in Saskatchewan, or Lethbridge and Medicine Hat in Alberta. Air Canada will fly those routes in 2019.

"It is carriers trying to solidify their fiefdom," said John Gradek, faculty lecturer in the aviation management program at McGill University. Aviation was one of the hardest-hit sectors when the pandemic began. As travel slowly returns to regular volumes, the launch of low-cost airlines, such as Lynx and Canada Jetlines, and the growth of smaller carriers, including Flair and Porter, are also impacting the air travel industry.

Smaller airlines often focus on the most profitable routes in the country, which can take a bite out of WestJet and Air Canada's bottom line. "There are some moves afoot by established carriers to say, 'OK, we will create our small fortresses, and we'll manage those fortresses, and we'll try to build our strengths around those fortresses,'" Gradek said.

In 2022, WestJet announced a revised strategy, which included its regional fleet focusing on Western Canada and pulling back on some routes in other parts of the country. The company is privately owned, so its financial performance is not publicly reported.

Air Canada posted its first operating profit as it slowly recovered from the flu. "We are continuing to rebuild our business in a prudent way which involves looking at every aspect of our network and deploying our resources efficiently and where they will be most productive," the airline said in an e-mail statement.

Air Canada continues to fly out of every province and provides access to the main hubs in Vancouver, Toronto and Montreal. The regional moves of the two dominant carriers are not ideal for passengers in many parts of the country who face fewer options and longer travel times. This is because they often have more connecting flights, experts say. The reduced level of competition at some airports will likely result in higher ticket prices.

"For the big airlines, there's more money in international flights than there is in these small local ones," said Barry Prentice, a University of Manitoba professor specializing in transportation.

Cutting routes across the country was necessary during the pandemic. As air travel activity has picked up over the last 12 months, those same airlines have had to overcome labour challenges and airport problems. These challenges include processing the increased number of aircraft and passengers.

The moves by WestJet and Air Canada to focus on different parts of the country are raising concerns about possible collusion. The Saskatoon Chamber of Commerce wants a federal regulator to look into recent moves by the country's two largest airlines. This is after Air Canada decided to eliminate direct flights to Calgary.

"Air Canada has not adequately explained its 'business decision' to disregard strong and growing demand and eliminate a route that has been consistently profitable for over 30 years," said chamber CEO Jason Aebig in a statement.

Air Canada has previously said it complies with all regulatory obligations and strongly rejects any allegations of anti-competitive conduct. Any decisions to cut routes or reduce service could be temporary when some competitive and financial pressures subside.

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jmdizon44 · 4 years ago

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Introducing the Blog

“Imagine that you’re writing this blog post to benefit a young adult or someone who has little personal finance experience. Discuss the importance of opening a checking account, the benefits, and any tips and tricks you have discovered in your financial journey. Offer suggestions on how to find a good checking account and feel free to share your bank of choice and the reason you use them and their services. Feel free to get creative and remember that you should be writing to teach the reader something they don’t already know!”

My friend that is a great question to ask. Let me share with you my experience with banking. Checking accounts are a life saver during my lifetime. I can pay bills online and wire money to family members who use the same bank that I have. The other things that I’ve benefited from checking accounts is the fact that I don’t have to store up cash in my wallet or hide it in my house. If you find the right checking account, you can receive interest back for your checking account. I like that they give me a debit card that I can utilize as an ATM machine and a credit card at the same time. I utilize my checkbook balance to confirm my bank statements and track any outstanding checks. But if you have a good bank, they are really up to date with your bank charges and have done a great job helping you to avoid any over draft fees.

Here are a couple of tips and tricks I learned with getting checking accounts. When finding a bank try to find one that does not have any monthly fees. There are some banks that waive the monthly fees if you deposit a certain amount of money a month. Depending where you work, you can have your pay checks wired to your checking account and that can waive this fee. I usually open two checking accounts. I use one of my checking accounts to hold my bills and I have my wife’s pay checks transferred to that account to waive the fee. We make sure we place all of our emergency fund money along with our bills that we use to both pay online or issue checks for bills. We also have a savings account with them and we have another savings account with another company that we gain a lot of benefits from which is USAA. I would recommend them the most but you have to be in the military or former military to qualify. So I will give my next suggestion which is Chase. Chase waives our monthly fees as long as you deposit a certain amount of money in them a month. We utilize Chase because they are one of the larger banks you can find when you travel the United States.

Even though where we live does not have any Chase banks near by, we utilize them still because of all the benefits we do receive from them. Chase has assigned us an online bank teller is very informative and helpful. He checks up on us and gives us any financial advice. We consult with Barry for many things like investments or how to utilize the program for our kids to open up checking accounts. For us we are beginning to teach our kids life skills and open up a checking account for them. We are really impressed with this program and feel that it is safe. The overdraft fees are waived pretty much. You can also waive it by having Chase utilize your savings to cover the balance. Chase also are very good with alerting you when your checking account is under $50.00.

On top of that they have monitor your checking account and will stop the account for any suspicious activities. Any potential fraudulent purchases from someone who stole your bank information, Chase is on it. I really appreciate this benefit from Chase if you’re worried about that. I hope these tips are helpful and I included more about the savings accounts.

Introducing the Blog

#chroniclesofachefandfather

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silverlineswap · 2 years ago

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Genesis’ Loan Book may be Purchased by Binance’s CZ

SilverLineSwap — Crypto News

Sources claim that the founder of Binance, the largest cryptocurrency exchange in the world, is thinking about purchasing Genesis’ loan book.

What are the odds that CZ will buy the loan book?

Changpeng ‘CZ’ Zhao has made inquiries into the company’s balance sheet situation as he considers a potential offer for Genesis’ loan assets. Zhao is currently viewing this. Genesis’ Q3 2022 report lists active loans of $2.8 billion. According to a second source, any attempt will likely be rejected by Genesis’ parent company, Digital Currency Group (DCG), and a price of more than $2 billion will have to be offered. Zhao’s statements on Twitter were the impetus for the bank run that took FTX down last week.

Due to claims that its financial statement was ridiculous and probably fake, FTX had a vast bullseye on its back at the time. As FTX fell, it became clear that the crypto sector’s interconnectedness, which shook the market in May and June, was still present.

Three Arrows Capital failed at the time due to the algorithmic stablecoin project being debugged by Terraform Labs, wiping out the remainder of the bull market from the prior year. This time, Zhao may have sufficiently corrupted the crypto industry to establish himself as its undisputed head. Binance has not responded to a request for comment as of the time of writing.

The whole cryptocurrency sector, including numerous funds, service providers, loan platforms, and yield platforms, is exposed to FTX. These businesses started to experience liquidity issues as investors began to withdraw their funds from exchanges and stablecoins. Even the most important prime brokers, like the loan platform at Genesis Trading, were harmed by the vanishing liquidity. Genesis, a fully-owned subsidiary of Digital Currency Group, declined to respond when contacted for comment. Following losses in the hundreds of millions of dollars during the May crypto crisis, Genesis last week claimed direct exposure of $175 million to FTX.

As an emergency measure, Genesis acquired $140 million in stock from DCG. Barry Silbert, the creator of DCG, accurately describes the location of the business as “the epicenter of the bitcoin and blockchain sector” on his LinkedIn profile. With assets under management estimated to be worth more than $50 billion and investments in dozens of blockchain-based companies and early-stage crypto businesses, any sign of DCG instability may quickly destroy investor trust in the crypto industry.

If CZ has the funds to purchase Genesis’ portfolio, Binance’s position at the top of the crypto pyramid might be enhanced. CZ may even find himself in a position to decide whether to continue powering the lending programs of other rivals, such as two stablecoin issuers after a large competitor has departed from the face of the earth. Gemini and Circle, which are in direct competition with Paxos’ BUSD Binance stablecoin,

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bobbynolanios88 · 6 years ago

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Bitcoin is too risky for the customers of ‘corrupt’ Wells Fargo bank? Really?

According to CNBC, the third-largest US bank Wells Fargo will have to pay $575 million in a settlement with the attorneys general from New Jersey and other states that were investigating the bank for opening fake accounts without the knowledge of customers, and for systematically scamming its own customers for 15 years.

Wells Fargo admitted that it opened more than 3.5 million unauthorized bank and credit card accounts in customers’ names between 2002 and 2017.

The bank then illegally charged its clients for various financial services products they never signed up for, such as life-insurance policies and collateral protection insurance on millions of auto loans.

State Attorney General Gurbir Grewal said in a statement that Wells Fargo’s corporate culture led to repeated breaches of its customers’ trust.

‘This settlement should send a message to all financial institutions that they need to take steps to avoid similar consumer protection violations, because we stand ready to hold the financial industry accountable.’

California Attorney General Xavier Becerra called the bank’s behavior disgraceful.

‘Wells Fargo customers entrusted their bank with their livelihood, their dreams, and their savings for the future’, Becerra said.

‘Instead of safeguarding its customers, Wells Fargo exploited them, signing them up for products – from bank accounts to insurance – that they never wanted. This is an incredible breach of trust that threatens not only the customers who depended on Wells Fargo, but confidence in our banking system.’

Wells Fargo to Pay States About $575 Million to Settle Customer Harm Claims; Latest settlement covers retail sales practices and auto-loan, mortgage charges https://t.co/xrY4jaAXy5 pic.twitter.com/xKveGD6eKD

— Barry Ritholtz (@ritholtz) December 28, 2018

As Chepicap previously reported, the Wells Fargo bank banned its customers from using their credits cards to buy cryptocurrencies in June 2018.

The American multinational financial services company cited the multiple risks associated with this volatile investment.

‘Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency. We are doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment.’

Bitcoin too risky for clients, says Wells Fargo

“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency, “We’re doing this in order to be consistent across the enterprise due to the multiple risks associated with this volatile investment.”

— 2019 (@Benwaterz) December 30, 2018

The irony is painful.

As Anthony “Pomp” Pompliano states on Twitter ‘Long Bitcoin. Short the Bankers’.

Wells Fargo is paying over $500 million to stop all 50 states from questioning their nefarious activities.

Small penalty given the bank made $88 Billion in revenue last year.

Long Bitcoin, Short the Bankers!

— Pomp

(@APompliano) December 28, 2018

One Twitter user hits the nail on the head: Crypto might not yet be perfect, but banks have been corrupt since the middle ages.

Today: Wells Fargo pays $575m

Tomorrow: Wells Fargo figures out how to extract $575m from existing customers.#crypto and #blockchain may not be perfect (yet), but banks have sucked since the Middle Ages. https://t.co/hZe8ooyofY

— Faris Oweis (@faris_says) December 30, 2018

Wells Fargo MO: If you don’t invest with us, we will just use you your name, and open an account without your consent. Corporate fraud at a whole new level.

— Strongertogether (@2Trumplethinski) December 31, 2018

The WSJ reports that Wells Fargo is doing the final settlement for opening fake bank accounts for thousands of customers. That’s fine, but why isn’t anyone going to prison?

— onedollar juana (@onedollarjuana) December 31, 2018

Elizabeth Warren: John Stumpf eventually lost his job as Wells Fargo’s CEO. But far too often, politicians run our government for the rich and powerful instead of holding them accountable. It’s time to end Washington corruption and start building a gover… https://t.co/bMrw9jMopV

— OurRevSpain (@OurRevSpain) December 31, 2018

— Barry Ritholtz (@ritholtz) December 28, 2018

This latest banking scandal is yet another example spotlighting the widespread failures of centralized financial institutions. Time to change this!

Follow Chepicap now on Twitter, YouTube, Telegram and Facebook!

Original Source http://bit.ly/2EYoXJh

#IFTTT #Cryptocurrency and Bitcoin

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barrieingram1 · 3 years ago

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andreacaskey · 3 years ago

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What is with Google Search updating all the time?; Wednesday’s daily brief

Search Engine Land’s daily brief features daily insights, news, tips, and essential bits of wisdom for today’s search marketer. If you would like to read this before the rest of the internet does, sign up here to get it delivered to your inbox daily.

Good morning, Marketers, if you are as obsessed with tracking the Google search results as I am, you may have noticed Google has been busy.

Forget about all the confirmed updates that we have covered here (if you can). The unconfirmed updates are just as fast but also sometimes furious. One of my passions is tracking these updates, especially the unconfirmed ones. And let me tell you, it seems as if we are seeing at least one, but often two, updates per week from Google.

Sure, it can be normal pages just coming into the index but I don’t think there is anything normal about it. It seems like real algorithmic tweaks, which I guess you’d expect — Google even said it made over 4,500 changes to search in 2020. It is also interesting to see how many of these fall out on the weekend, I charted it here:

Weekend

October 9th

October 2nd & 3rd

September 24th & 25th

September 9th – 12th

September 4th

August 11th

Weekday

October 6th & 7th

September 16th & 17th

September 9th – 12th

August 6th

This doesn’t mean you should worry about these updates, I just find it fascinating to follow — but, as search professionals, you should be focused on the bigger picture, not all these minor and rapid Google updates.

Barry Schwartz, Google algorithm chaser

NerdWallet cites Google ranking declines in S-1 filing

NerdWallet, the popular personal finance company, cited Google as a concern for financial growth and said the company saw a Google Search ranking decline in 2017. The company’s S-1 filing specifically cited Google as a factor that “could harm our business, operating results and financial condition.”

We dug into what happened in 2017 with NerdWallet’s rankings, reviewed the statements they made in the S-1 filing and showed how their Google traffic has exploded since. By the way, NerdWallet would not speak to us about this topic when we asked.

Why we care. If anything, this shows you that no matter how big or small your website or business is, everyone is at risk of suffering a ranking decline in Google Search.

Those ranking declines can make or break businesses of all sizes and are clearly cited by NerdWallet as a factor that “could harm our business, operating results and financial condition.” It has been cited by other businesses as well over the years. No modern business is immune, which is why it’s important to diversify the sources of traffic to your website.