Accounts – Afarin Rahmanifar http://afarin-rahmanifar.com/ Wed, 22 Jun 2022 09:14:10 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 http://afarin-rahmanifar.com/wp-content/uploads/2021/05/afarin-rahmanifar-icon-150x150.png Accounts – Afarin Rahmanifar http://afarin-rahmanifar.com/ 32 32 Maple confirms $10 million in unsecured loans to troubled asset manager Babel Finance http://afarin-rahmanifar.com/maple-confirms-10-million-in-unsecured-loans-to-troubled-asset-manager-babel-finance/ Wed, 22 Jun 2022 09:14:10 +0000 http://afarin-rahmanifar.com/maple-confirms-10-million-in-unsecured-loans-to-troubled-asset-manager-babel-finance/

Unsecured lending DeFi primitive undergoes its first major stress test.

On June 17, Babel Finance, a bitcoin financial services company offering lending and asset management services, suspended redemptions and withdrawals citing “unusual liquidity pressures” amid recent market volatility.

On June 20, the team followed up with indicating that it had eased its liquidity situation after reaching preliminary agreements with important counterparties and customers regarding the repayment of debts. Babel also noted that he had “conducted an emergency assessment of the company’s business operations to understand the liquidity status of the company.”

“Babel Finance will actively fulfill its legal responsibilities to its clients and strive to avoid further transmission and diffusion of liquidity risk,” he added.

On June 21, Maple Finance, an unsecured lending protocol, confirmed that one of its lending pools had previously provided a $10 million loan to Babel.

The pool is managed by digital asset trading firm Orthogonal Trading. Maple added that Orthogonal has been in daily contact with Babel since the company suspended withdrawals, stressing Orthogonal’s focus on “protecting the interests of lenders” and pledged to share updates as they go along. and as the situation evolves.

Twitter user 0xGeeGee replied to the situation. “The first stress test for collateral-free on-chain loans, I wish you good luck. I will follow closely,” they said.

Market stress

Babel isn’t the first Maple counterparty to struggle amid recent market turmoil.

June 13, Maple tweeted this embattled centralized crypto lender Celsius had not borrowed any funds from its pools despite operating as a lender on the platform. Maple said Celsius is the sole lender for the $20 million pool it operates, stressing that the pool has no interdependencies with other pools.

Two days later, Maple followed up with a statement saying many of its borrowers have minimal or no exposure to Celsius, concluding that any counterparty risk is effectively mitigated.

Maple also said its pool delegates have communicated with borrowers about their exposure to Three Arrows Capital (3AC), a multibillion-dollar Web3 hedge fund that is believed to be overdrawn and undercollateralized on loans borrowed from lenders. important in the sector.

Maple said most of its borrowers are unlikely to have direct exposure to 3AC, adding that borrowers it has spoken to have so far confirmed they have “minimal exposure” to Three. Arrows. “As a next step, we will be compiling updated month-end financial statements from borrowers in accordance with our usual practice,” Maple said.

Excessive risk taking

Babel has come under fire for allegedly engaging in risky business practices.

On June 18, reporter Wu Blockchain job an article noting that the company nearly wiped out in the March 2020 “Black Thursday” crash, in which the price of Bitcoin crashed 50% in less than 48 hours.

Wu claims that Babel claimed that its business was to provide USDT loans to Bitcoin miners at a loan-to-value ratio of 50% to 65%. The miners would deposit the BTC as collateral, which the company would then use as collateral to borrow the USDT which it would then lend to the miners, profiting by charging higher interest rates than it accesses the funds. But Wu alleges that Babel’s business model relied on raising funds from users to profit from rising Bitcoin prices, with the company using put options to hedge risk.

Also on June 18, Twitter user crypto_threader cited allegedly leaked recordings of Babel founder Del Wang saying “customer savings” were used to bail out the company after the Black Thursday crash.

“We went 3x long to [$]3,000, and added more to [$]4,000 using BTC as collateral to borrow,” the transcript reads. “Most of the position is not even our money.”

If the transcript is authentic, it indicates Babel’s willingness to leverage user funds to speculate on the price of BTC, suggesting that it could have gotten into trouble again amid the recent downturn.

At the time of the 2020 crash, the company was saved by partnering with centralized stablecoin issuer Tether, which agreed not to call Babel margin in exchange for gradual repayments over time. “Unlike last time, there is no longer a savior, as Tether says he is no longer working with him,” Wu wrote.

The Defiant has contacted Maple Finance and Babel Finance for further comment, but has not yet received a response. This article will be updated accordingly.

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The Lending System Market Is Booming Globally http://afarin-rahmanifar.com/the-lending-system-market-is-booming-globally/ Mon, 20 Jun 2022 15:27:51 +0000 http://afarin-rahmanifar.com/the-lending-system-market-is-booming-globally/

In the recently released report, Market Reports provided a unique insight into the global market Lending systems market for the forecast period (2022-2031). The report has covered the important aspects which are contributing to the growth of the global market Lending systems market. The main objective of this report is to highlight the various key market dynamics such as drivers, trends, and restraints that are impacting the global market. Lending systems market. This report provided an indication to readers on the current state of the market.

Scope of the Global Lending System Market:

This report begins with an overview of the global situation Lending systems market. The report highlights industry trends and opportunities that have influenced the global market Lending systems market. An in-depth analysis of each market size and major players in various geographical regions has been covered in this report.

Market Reports has included detailed analysis of the global market Lending systems market. The report has offered important insights into the factors that are impacting and driving the global market sales. Lending systems market. The report includes segments along with a competitive landscape that outlines various activities such as mergers, acquisitions, and partnerships.

The report has also analyzed the changing trends to provide detailed information to the readers about the market. According to the team of expert analysts, several macroeconomic factors such as gross domestic product (GDP), inflation, etc. directly or indirectly affect the development of the global market. Lending systems market.

Companies Mentioned: Ellie Mae, Calyx Software, FICS, Fiserv, Byte Software, PCLender, LLC, Mortgage Builder Software, Mortgage Cadence (Accenture), Wipro, Tavant Tech, DH Corp, Lending QB, Black Knight, ISGN Corp, Pegasystems, Juris Technologies, SPARK, Axcess Consulting Group, turnkey lender, VSC

Here are the segments covered in the report:

Segment by Type– On-Premise– Cloud-Based Segment by Application– Banks– Credit Unions– Mortgage Lenders & Brokers– Other

Other Features Covered in the Global Loan Delivery Systems Market Report are:

Market data: Global market volume and value data with growth analysis for 2022-2031

Category Analysis: Growth analysis and value for the world Lending systems market with entries on individual segment share in each category and their market share development during the forecast period for 2022-2031

Broadcast data: Percentage of sales in each category via distribution channels

Main actors : Private Label and Brand Market Share, Private Label Growth Analysis 2022-2031

Regional outlook:

The important regions covered by the reports of Lending systems market are North America, South America, Eastern Europe, Western Europe, Asia Pacific and Middle East & Africa. North America should rule the world Lending systems market during the forecast year (2022-2031). Asia-Pacific regions such as China and India are expected to contribute to the growth of the global market Lending systems market in the near future.

Get Sample PDF of Global Lending System Market Report at: marketreports.info/sample/52384/Loan-Origination-Systems

Reasons to buy this report:

The Market Reports report is designed in a method that helps the clients to gain complete knowledge of the overall market scenario and important sectors.

This report consists of a detailed overview of market dynamics and in-depth research.

Explore other market opportunities and identify high potential categories based on detailed volume and value analysis

In-depth information about the competitive landscape, recent market trends, and evolving technologies that may be useful for businesses competing in this market

Gain knowledge of the competitive landscape based on detailed brand share analysis to plan effective market positioning

Access the full report: marketreports.info/industry-report/52384/Loan-Origination-Systems

Contents:

Chapter 1: Global Lending System Market Overview

Overview and scope of global Lending systems Market

Global Lending systems Market sales and market share

Comparison of sales and growth of Lending systems Market

Global Lending systems Market by regions

Chapter 2: Global Lending Systems Market Segments

Global Lending systems Sales and Revenue by Applicants

Global Lending systems Market competition by players

Global Lending systems Market by product segments

Global Lending systems Sales and revenue by type

Buy the full report: marketreports.info/checkout?buynow=52384/Loan-Origination-Systems

Chapter 3: Global Lending System Market Marketing Channel

Marketing Strategy Analysis, Distributors/Traders

Direct marketing

Trend and development of marketing channels

….Continued

For more information, ask our industry experts at: marketreports.info/enquiry/52384/Loan-Origination-Systems

About Us:

Market Reports provides top quality dynamic quantifiable analysis, statistical survey reports, surveys and hard data to businesses and governments around the world. Market Reports compiles a comprehensive list of statistical survey reports from various global marketers. We have a database that covers nearly every market class, as well as an ever-expanding collection of statistical survey reports across those categories and subclasses.

Contact us:

Carl Allison (Business Development Manager)

Tiensestraat 32/0302,3000 Leuven, Belgium.

Telephone: +44 141 628 5998

Email: sales@marketreports.info

Website: www.marketreports.info

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Do Kwon and Terraform Labs Hit by Class Action Lawsuit http://afarin-rahmanifar.com/do-kwon-and-terraform-labs-hit-by-class-action-lawsuit/ Sat, 18 Jun 2022 17:51:50 +0000 http://afarin-rahmanifar.com/do-kwon-and-terraform-labs-hit-by-class-action-lawsuit/

Do Kwon, Terra’s “broken-hearted” co-creator, headlines a series of named defendants in a class action filed in U.S. District Court for Northern California on Friday.

Kwon is joined by a group that includes Terraform Labs, Jump Crypto and Three Arrows Capital. Plaintiff Nick Patterson alleges, among other charges, that the Terra tokens were sold as “unregistered securities” and that the “The defendants made a
series of false and misleading statements regarding the largest digital assets in the Terra ecosystem by market capitalization, UST and LUNA, in order to induce investors to buy these digital assets at inflated prices. »

Kwon and Daniel Shin started Terraform Labs in 2018, initially with the goal of disrupting payment giants like PayPal. Later that year, the pair raised $32 million, and in 2019 an initial coin offering raised $62 million.

UST and LUNA imploded last month, wiping out tens of billions of dollars in value, for which Kwon has been pilloried online. After promising that Terra’s dollar-pegged algorithmic stablecoin couldn’t collapse, while also attacking rivals on Twitter, sympathy was scarce.

But that still didn’t stop the Terra community from endorsing “Terra 2.0” following the staggering collapse, a project that included creating a new LUNA token and relegating the previous one to “LUNA Classic” status. , to swap under LUNC instead.

As of this writing, the new LUNA is trading at $1.81down from the initial high of $19.54, according to CoinMarketCapwhile LUNC hovered around $0.00005.

Want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news + weekly digests and more!

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Innovation leader John Shen joins President Biden as the bill is signed at the White House http://afarin-rahmanifar.com/innovation-leader-john-shen-joins-president-biden-as-the-bill-is-signed-at-the-white-house/ Tue, 14 Jun 2022 21:55:00 +0000 http://afarin-rahmanifar.com/innovation-leader-john-shen-joins-president-biden-as-the-bill-is-signed-at-the-white-house/

WASHINGTON–(BUSINESS WIRE)–National Business Leader John Shen attended the official signing of the law on the potential establishment of a National Museum of American History and Culture in Asia-Pacific at the White House on Monday, 13 Junee. At the invitation of President Biden, Shen and his colleague Stella Zhang participated in the historic recognition of the contributions and challenges faced by the Asian American, Hawaiian, and Pacific Islander (AANHPI) community in the United States.

Shen, a living example of the American dream itself, immigrated to the United States and has since brought in hundreds of millions of dollars through foreign direct investment while reinvesting that wealth in American entrepreneurs.

Simon Pang, long-time partner, executive at the Royal Business Bank and member of the President’s Advisory Committee on AANHPI, said: “This bill brings us closer to the creation of a national museum dedicated to the preservation of the history and culture of the AANHPI community. I am delighted to have been able to share this important moment with industry leaders like John Shen. His story is the story of the American Dream, and John’s ability to harness it for the benefit of all Americans is an example to all.

Over the past 15 years, Shen has founded several companies, created hundreds of jobs in various industries across the country, fostered the innovative ecosystem through venture capital and the creation of the Long Beach Accelerator, partnered to educational institutions to promote greater diversity in start-ups. culture and beyond. Her interest in minority and women-owned businesses is a common thread in Shen’s professional successes.

Shen’s current suite of businesses includes a wide range of business models, including:

  • American Lending Centera non-bank community lender focused on facilitating EB-5, PPP and government-backed lending programs.
  • Sunstone Managementa private equity and venture capital firm that prioritizes fair and accessible investments in start-ups for the next generation of entrepreneurs.
  • Sunstone Trust Companya wealth management services firm specializing in serving first and second generation immigrants and one of California’s eight licensed trust companies.
  • Collective Participatean innovative combination of ghost kitchen, test kitchen, food hall and retail market.

Shen commented, “I am honored to be at the White House at the invitation of President Biden to celebrate our culture at a time when many in our community are facing challenges. This bill is a demonstration of our national commitment to recognizing the contributions of the AANHPI community of which I am so proud to be a member.

About Sunstone Management: Fastest growing US company according to the Financial Times (FT)

Sunstone Management, together with the Sunstone Venture Capital Fund, is a diversified private equity management and investment firm providing comprehensive wealth management solutions to high net worth clients worldwide. Sunstone proactively forges both public-private partnerships with government agencies and industry-academia partnerships with nonprofit educational organizations to promote economic development, championing the growth of the local innovative ecosystem. Sunstone also excels in leading commercial development projects in emerging sectors to support community development and to facilitate economic recovery under COVID-19.

About the American Lending Center: Fastest growing US company according to the Financial Times (FT)

American Lending Center (ALC) is a private, non-bank lending institution and a nationally recognized leader in small business lending. Between 2009 and 2020, ALC offered strategically structured senior loan products to more than 80 qualified SBA 504 projects in 19 states, contributing to a combined construction and business expansion budget of over $1 billion. ALC’s lending practice has successfully created over 12,000 new jobs nationwide. As one of the few non-bank institutions designated to provide immediate financial assistance to struggling small businesses, ALC has provided PPP loans to nearly 30,000 small businesses in all 50 states and Washington, DC.

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UK regulator puts Credit Suisse on watch list after scandals http://afarin-rahmanifar.com/uk-regulator-puts-credit-suisse-on-watch-list-after-scandals/ Sun, 12 Jun 2022 20:00:12 +0000 http://afarin-rahmanifar.com/uk-regulator-puts-credit-suisse-on-watch-list-after-scandals/

Britain’s financial regulator has placed Credit Suisse on its watch list of institutions needing stricter oversight, the latest blow to a bank struggling to draw a line under a series of crises.

The Financial Conduct Authority told Credit Suisse last month it was taking the action because it was concerned the bank had not done enough to improve its culture, governance and risk controls.

In a letter sent in mid-May and seen by the Financial Times, regulators asked the bank’s senior management to provide evidence of steps it would take to prevent misconduct and improve accountability.

Officials also urged the bank to address “persistent” cultural issues, including a lack of internal challenges to risky transactions, and said they had yet to see “sufficient evidence of effective remediation”.

Being added to the watchlist signals that the FCA has serious concerns, according to a person familiar with how the list works. Only about 20 institutions are on the list at any given time out of the approximately 60,000 regulated by the FCA, the person added.

Groups on the list are closely monitored by high-level officials in the regulator, required to show progress and address the root causes of issues of concern.

Among the companies that were on the list are Lendy, the now-defunct UK peer-to-peer lender, and Provident Financial, the subprime lender that has been investigated by the regulator over its loan valuation.

Scandal after scandal at Credit Suisse over the past 24 months has exposed weak risk controls, forced the bank to issue a series of earnings warnings and sent its stock price plummeting.

Among the most high-profile is the implosion of Greensill Capital in March 2021, which forced the bank to close $10 billion in funds linked to the supply chain group. Weeks later, Credit Suisse suffered a $5.5 billion business loss – the largest in its 166-year history – following the collapse of the Archegos family office.

Last October, the bank agreed to pay a £147million FCA fine as part of a settlement package with four regulators in three countries for its role in the long-running ‘tuna bonds’ scandal. Mozambique.

The FCA has put the bank’s international division and UK operations on the watchlist because it regulates them.

In the May letter, the watchdog asked the bank to take a number of steps, including conducting a second-half review of the effectiveness of the board, risk and audit committees. of Credit Suisse International.

The FCA said it made the requests for review after consulting Finma, the Swiss regulator. Finma declined to comment.

The FCA is also concerned about whether the bank has properly reported breaches of conduct for a number of years, the letter said, which also noted a lack of curiosity on the part of the bank about the root causes. of its shortcomings.

In late April, Credit Suisse announced that David Mathers, the bank’s chief financial officer and managing director of Credit Suisse International, a position he has held since 2016, would step down from both roles once a successor has been found.

Several people with direct knowledge of the internal discussions said Mathers had been in talks with the group’s chief executive, Thomas Gottstein, about his departure for at least two years and that it was not related to any regulatory issues.

In a statement to the Financial Times, Credit Suisse said: “We do not comment on our discussions with regulators, and it would not be appropriate for us to do so. As we summarized earlier, we are now well advanced in executing the plan to strengthen our business and our risk culture. »

The FCA declined to comment.

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Wyndham Capital Mortgage to have another round of layoffs http://afarin-rahmanifar.com/wyndham-capital-mortgage-to-have-another-round-of-layoffs/ Fri, 10 Jun 2022 21:21:03 +0000 http://afarin-rahmanifar.com/wyndham-capital-mortgage-to-have-another-round-of-layoffs/

Direct-to-consumer lender Wyndham Capital Mortgage proceeds with a new round of layoffs, according to a Worker Accommodation and Retraining Notice (WARNING) notice filed with the North Carolina Department of Commerce.

The company announced that it would lay off 48 employees effective August 1. Staff work either at the lender’s headquarters in Charlotte, NC or remotely and report to the location.

“Of those impacted employees, 38 work off-premises or hybrid (office and remote) in North Carolina and South Carolina, and 10 are fully remote employees living in other states outside of the Carolinas,” Angela Fumo, senior vice president of capital human resources, wrote in the WARN notification reviewed by HousingWire.

Founded in 2001 by Jeff Douglas, Wyndham has positioned itself as a fintech-focused mortgage lender with a proprietary software system that allows the company to close loans 20% faster than the national average.

The lender provides loans in 47 states and Washington, D.C., both conventional and ginnie mae-guaranteed loans. The company claims to have 350 employees and to have served 100,000 borrowers.

Last year, taking advantage of falling mortgage rates and a refi boom, Wyndham actively expanded, opening two hubs in Dallas and Phoenix, bringing its office count to five. The company also has launched a retail division in July 2021 and hired former Town executive Karen Mayfield in August to lead the national effort.

However, like other lenders with direct-to-consumer models, the company tends to be refi-heavy and relies on call centers for hospitality, struggling to find its place in a buying market so as rates rise and spreads begin to compress.

In January, Wyndham experienced a series of layoffs when pink slips arrived for 35 loan officers at its offices in Dallas, Charlotte, Salt Lake City, Kansas City and Phoenix.

Like Wyndham, other lenders cut jobs in the second half of 2021 and the first quarter of 2022 in view of rising mortgage rates and reduced refinancing volume. Purchase mortgage rates hit 5.23% this week – and some of those same lenders are making further cuts. As the market contracts, originators Interfirst Mortgage Co. and better.com are implementing their second and third rounds of layoffs, respectively.

These companies are part of a wider list of companies reducing their workforce, including Wells Fargo, Pennymac, Mr. Cooper, loanDeposit, Guaranteed rate, Fairway Independent mortgageand Motion mortgage.

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Mr Cooper adds to wave of mortgage lender layoffs http://afarin-rahmanifar.com/mr-cooper-adds-to-wave-of-mortgage-lender-layoffs/ Mon, 06 Jun 2022 21:06:00 +0000 http://afarin-rahmanifar.com/mr-cooper-adds-to-wave-of-mortgage-lender-layoffs/

Mr. Cooper CEO Jay Bray (Mr. Cooper, iStock)

Mr. Cooper aligned himself with a dismal trend triggered by rising mortgage rates.

The Dallas-based lending giant has laid off 420 employees, Inman reported. The layoffs, which mainly affected the company’s loan origination department, follow a series of layoffs earlier this year that affected 250 employees.

The release of the Asset Securitization Report sector was first to report on the latest round of layoffs, which affected around 5% of the company’s workforce.

In a statement to Inman, Cooper pointed to “rapidly rising interest rates and rising inflation, which has resulted in lower origination volumes.” In a regulatory filing last month, the company lowered the projection for second-quarter mortgage generation from $65 million to $85 million to $40 million to $50 million.

Mr. Cooper’s direct lending business was down sharply, down 32% year-over-year.

The company also focuses on servicing loans. This part of the business is booming as fewer buyers want to refinance loans in a rising rate environment. These headwinds led the company to predict that it would not break even until the second quarter.

If there’s one consolation that recently unemployed workers can find, it’s that they’re not alone. Layoffs have swept through the technology and mortgage sectors as companies struggle to cope with changing mortgage rates.

A total of 44 employees have been laid off from digital mortgage lender Tomo, almost a third of its workforce. The layoffs came less than three months after an equity injection.

In April, digital lender Blend Labs laid off 200 employees, or around 10% of its staff. Keller Williams’ lending arm, Keller Mortgage, recently implemented its second round of layoffs in just a few months. And Better.com has laid off thousands of people since interest rates began to rise in the fall, some more controversially than others.

Mr Cooper was formerly known as Nationstar Mortgage before a name change in 2017. In 2020 the company was ordered to pay $73 million to around 40,000 homeowners in a settlement with Consumer Financial Desktop protection. The company has been accused of failing to provide basic services for the mortgages it serviced from 2012 to 2016.

[Inman] —Holden Walter-Warner

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Opinion: Banks must stop financing oil expansion. If they don’t, their net zero commitments are greenwashing. http://afarin-rahmanifar.com/opinion-banks-must-stop-financing-oil-expansion-if-they-dont-their-net-zero-commitments-are-greenwashing/ Fri, 03 Jun 2022 18:05:00 +0000 http://afarin-rahmanifar.com/opinion-banks-must-stop-financing-oil-expansion-if-they-dont-their-net-zero-commitments-are-greenwashing/ UN Secretary General Antonio Guterres recently called on banks and other financial firms to stop funding fossil fuel expansion.

“For too long,” he said, “the financial services industry has enabled the world’s reliance on fossil fuels. … The scientific and moral imperative is clear: there must be no new investment in fossil fuel expansion, including production, infrastructure and exploration.

Lily: ‘Don’t work for climate saboteurs’: UN’s António Guterres to 2022 graduates

Guterres adds to a growing chorus of voices — including the World Council of Churches, the Muslim Council of Elders and the New York Board of Rabbis — which he spoke in support of the statement. It also largely aligns with the Science-Based Targets Initiative aiming to unify the reporting of greenhouse gas (GHG) emissions and other impacts, and Oxford Sustainable Finance Program.

They join the UN’s Intergovernmental Panel on Climate Change (April), the International Energy Agency (2021), and a range of Indigenous and environmental advocates (during the last years) by calling for an end to the expansion of fossil fuels.

The direction of travel is unmistakable: to bend the curve towards a zero-carbon future, stopping the construction of new fossil fuels must be the next step.

There is one hard, undeniable fact driving this consensus: the potential emissions from the fossil fuels already in production – the wells already drilled, the mines already dug – are taking the world well beyond 2°C of average warming. dangerous. targeted at the Paris climate summit and the backbone of most policies.

Even if coal fell to zero tomorrow — which is far from the case — oil in production BRN00,
+1.14%
and NG00 gas,
+0.64%
alone depletes more than the preferred carbon budget of 1.5°C.

Banks must stop financing the expansion of fossil fuels. If they don’t, their net zero commitments are greenwashing. These commitments largely target the direct pollution that banking operations, in branches, for example, create. And some banking sector commitments have pulled funding from coal expansion and targeted renewable energy projects.

(Editor’s note: JPMorgan Chase signed a commitment late last year to align its loans and net-zero emissions investment portfolios by 2050, joining more than 40 rival financial firms in the Net-Zero Banking Alliance. JPM is committed to “funding and facilitating” over $2.5 trillion over 10 years until the end of 2030 to advance long-term solutions that tackle climate change and contribute to sustainable development.)

Related: Banks are still working with oil and gas companies, despite their adherence to the climate pledge

It is in the interests of all businesses and the global economy to halt the expansion of fossil fuels and curb rampant climate change. Increasingly frequent and severe heat waves, droughts, fires, storms and floods are destroying value in sectors ranging from real estate to agriculture CBD,
+0.95%.
Careless development of fossil fuels as business as usual risks an unpredictable and disorderly devaluation of these carbon-intensive assets, threatening to cause a macroeconomic shock. In fact, the US Treasury Department and other major financial watchdogs released a report warning of the disastrous consequences of climate chaos on the financial sector.

Don’t miss: A retirement sheltered from climate change? Ask the tough questions about real estate and property insurance

Lily: Landmark SEC ruling on climate change could require companies to account for pollution they don’t directly create

A remarkably small group of nefarious corporations are driving the fossil fuel boom and threatening the stability of the economy.

Only 20 oil and gas companies, including Saudi Aramco, Russia’s Gazprom RU:GAZP
and ExxonMobil XOM,
+1.45%,
are responsible for more than half of upstream expansion plans – bringing new reserves online and exploring for new reserves. And just seven global banks are responsible for more than half of the lending and underwriting to those 20 companies in the six years since the adoption of the Paris Agreement.

The main lender is JPMorgan Chase JPM,
-1.39%,
which financed these 20 companies to the tune of $65 billion over the period 2016-2021. This includes, last year alone, $1.7 billion for Qatar Energy, $1.2 billion for Saudi Aramco, $1.1 billion for Exxon and $665 million for Petrobras PBR,
+3.13%.
JPMorgan Chase was the only US bank to lead deals with Gazprom, providing $1.1 billion backing in four separate bond deals during 2021.

They are the top five companies in terms of bringing new oil and gas reserves online, and account for more than a third of planned expanded upstream supply. Support for JPMorgan Chase, which the bank is targeting for its oil and gas portfolio, saying it has engaged in diversified investments, mocks its climate rhetoric.

Lily: ‘They lie. And the results will be catastrophic’: UN climate panel warns emissions pledges are not actions

In recent weeks, CEO Jamie Dimon has doubled down on his support for fossil fuel expansion. In March, he reportedly pushed President Biden to expand US fracked gas production and build new liquefied natural gas infrastructure – despite years of commissioning new LNG terminals, rendering them useless to meet global demand. immediate energy demand.

At the bank last general meetingResponding to a general question about fossil fuel financing, Dimon cast doubt on the bank’s ability to achieve even its current weak climate goals: control.”

Two weeks ago, a crucial constituency – the bank’s shareholders – helped put JPMorgan Chase on the right track. Investors Mercy and Harrington submitted a resolution calling on the bank ensure that its funding does not contribute to the expansion of fossil fuel supply.

For any investor with a large portfolio, climate change is a clear and present threat to all of their holdings, and ending fossil fuel expansion is an urgent imperative. The JPMorgan resolution garnered strong minority support, including from the New York State Pension Fund, which manages hundreds of billions of dollars. Similar resolutions found traction in Citi C,
-2.10%
(second largest fossil fuel banker in the world), Wells Fargo WFC,
-1.13%
(#3), Bank of America BAC,
-1.39%
(#4) and Goldman Sachs GS,
-1.72%
(#4).

Lily: ‘Tectonic Shift’ to Green Stocks: BlackRock Chart Goes Beyond Oil & Gas Earnings, Momentum

More and more shareholders are living up to their fiduciary duty by asking banks to make a just energy transition a reality by investing in renewable sources rather than fossil fuel expansion. Our wallets depend on it.

Jason Disterhoft is climate and energy campaign manager for the Rainforest Action Network, at RAN.org

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Increase in auto liability insurance premium loan rates: significant monetary changes from June 1 http://afarin-rahmanifar.com/increase-in-auto-liability-insurance-premium-loan-rates-significant-monetary-changes-from-june-1/ Thu, 02 Jun 2022 04:09:00 +0000 http://afarin-rahmanifar.com/increase-in-auto-liability-insurance-premium-loan-rates-significant-monetary-changes-from-june-1/ NEW DELHI: Interest rates on home, car and personal loans rose again this month after the Reserve Bank of India (RBI) raised the repo rate in May. While some banks announced rate hikes immediately after the RBI decision, others have their interest rates on loans from June 1. Here are some key changes that may affect your financial decisions from June.
Interest rates on loans have increased
The Housing Development Finance Corporation (HDFC) again raised interest rates on its home loans, this time by 5 basis points, effective June 1. It had raised rates by 30 basis points last month after the repo rate was hiked at an off-cycle meeting. by the Monetary Policy Committee (MPC). Thus, interest rates for new customers have increased by 35 basis points since May and for existing customers they have increased by 40 basis points because the mortgage lender increased its interest rates by 5 basis for existing borrowers before the rate hike. . Now, loans up to Rs 30 lakh will have an interest rate of 7.15%; loans above Rs 30 lakh and up to Rs 75 lakh will have an interest rate of 7.40%; and loans above Rs 75 lakh will carry an interest rate of 7.50%. For women, rates will be 5 basis points lower in each segment.
ICICI Bank has increased its marginal cost of funds-based lending rate (MCLR) by 30 basis points, effective June 1. This comes after the MPC raised the benchmark repo rate to 4.40% in an off-cycle meeting, citing upside risks to inflation. ICICI Bank also raised its external key rate by 40 basis points to 8.10% in May.
Effective June 1, the State Bank of India’s (SBI) External Benchmark Lending Rate (EBLR) on home loans was reduced from 6.65% to 7.05%. The bank’s repo-linked lending rate (RLLR) fell from 6.25% to 6.65%. On ordinary home loans, SBI interest rates range from 7.05% to a maximum of 7.35%. A concession of 5 basis points is offered to female borrowers.
The Bank of India has also increased the marginal cost of funds based lending rate over a certain term with effect from June 1, 2022.
Axis Bank savings account revised fees
The required monthly balance for savings and easy pay schemes in semi-urban/rural areas has been increased from Rs 15,000 to Rs 25,000 or Rs 1 lakh time deposit. For a Freedom Savings Account, the requirement has increased from Rs 15,000 to Rs 25,000 or or spend Rs 25,000.
Revised India Post Payment Bank Savings Account:
The bank has reduced its interest rate on all customer variants of savings accounts by 25 basis points effective June 1, 2022. For additional balances above Rs 1 lakh to Rs 2 lakh, the interest rate is 2.25% per year compared to the previous 2.5% per year.
Union Bank of India revises savings account interest rates:
The Union Bank of India has changed the interest rates for its savings accounts from June 1. An account holder who maintains a balance of up to Rs 50 lakh will earn 2.75% interest per annum. For balances of Rs 50 lakh to Rs 100 crore, the interest is 2.90%. For slabs above this, the rates range from 3.1% to 3.55%. Previously, the bank charged a fixed interest rate of 2.90% to all savings account holders.
Higher motor vehicle liability insurance premiums:
The annual liability insurance rate for passenger cars not exceeding 1000 cc has been set at Rs 2,094, up from Rs 2,072 in 2019-20. Under the new tariffs, liability insurance for private cars with engine capacity between 1000 cc and 1500 cc has been increased to Rs 3,416 from Rs 3,221 in 2019-20. Larger private vehicles that have an engine capacity above 1,500cc will see premiums drop to Rs 7,897 from Rs 7,890. If a bike’s engine capacity is below 75cc, the new premium will be Rs 538, 11 higher %. For motorcycles with a cylinder capacity of 150 cc to 350 cc, the premium will increase from Rs 1,366 to Rs 1,193.
Some reductions have also been authorized:
15% discount for buses from educational institutions.
A reduced price of 50% of the premium was granted to a private car registered as Vintage Car.
15% and 7.5% premium discount for electric and hybrid vehicles, respectively.
Double penalty in case of non-binding of the PAN with Adhar
The Central Board of Direct Taxation has imposed a fine for missing the March 31 deadline to link the Permanent Account Number (PAN) to Aadhaar. The fine is Rs 500 if PAN and Aadhaar are not linked by June 30 and Rs 1,000 thereafter. June is the last month to link PAN to Aadhaar and save by paying double the penalty.
“In order to mitigate the inconvenience to taxpayers, as per Notification No. 17/2022 dated March 29, 2022, a window of opportunity has been provided to taxpayers till March 31, 2023 to make their Aadhaar known to the authority prescribed for Aadhaar-PAN Liaison without suffering any repercussions.As a result, taxpayers will have to pay a fee of Rs.500 up to three months from 1st April 2022 and a fee of Rs.1000 after that, while informing their Aadhaar .
The Income Tax Department can also impose a penalty under Section 272B up to Rs 10,000 for not having an active PAN.
LPG prices
The Petroleum Marketing Companies (OMC) have reduced the price of commercial 19kg LPG cylinder by around Rs 135 with immediate effect from June 1. In Delhi, the commercial 19 kg bottle now costs Rs 2,219.00 from Rs 2,355.50 per bottle. In Mumbai, the price of LPG has been reduced to Rs 2171.50 per cylinder from Rs 2307.
Buy capital property to become more expensive
Buying a property in New Delhi is expected to become more expensive as the recently unified Delhi municipality has decided to increase transfer tax by 1% on properties priced above Rs 25 lakh. The transfer tax will be 4% for men and 3% for women buyers. Currently, the transfer tax on the sale and purchase of property in Delhi is 2% for women and 3% for men.
Gold hallmark
As of June 1, 2022, the second phase of mandatory hallmarking came into effect, making the hallmarking of gold jewellery/artifacts fully mandatory in the 256 existing districts and 32 new districts covered by Assaying and Hallmarking Centers (AHCs) ). Only gold jewelry and antiques weighing 14, 18, 20, 22, 23, and 24 carats are sold in these 288 arrondissements, and they must be sold with hallmarking.
American Express credit card holders will incur an additional fee to convert a purchase to an EMI transaction
The American Express cardholder must now pay a processing fee of Rs 99 + applicable taxes on all converted EMI transactions at online or in-store point of sale. The processing fee will only be waived if the transaction is canceled or refunded by the merchant and the cardholder requests foreclosure of the EMI transaction(s) within 30 days from the date of the transaction(s). Cardholders must also pay a fee of 2% of the transaction amount as a processing fee to avail of the post-purchase EMI conversion feature, unless otherwise waived. An interest rate of 14% per annum will be charged for the conversion of large purchases into EMI. ]]>
The climate war between investors and companies is intensifying — Quartz http://afarin-rahmanifar.com/the-climate-war-between-investors-and-companies-is-intensifying-quartz/ Mon, 30 May 2022 14:14:55 +0000 http://afarin-rahmanifar.com/the-climate-war-between-investors-and-companies-is-intensifying-quartz/

The group of three hereditary chiefs from the Wet’suwet’en First Nation in British Columbia had traveled the country 2,700 miles (4,345 km) to Toronto. They had come to the headquarters of the Royal Bank of Canada hoping for an improvement in the bank’s climate policy. Instead, they received what they called an insult from its CEO.

RBC’s annual meeting of shareholders on April 7 was changed from an in-person meeting to an online-only meeting at the last minute. Gaslink Pipeline, a 416-mile (670 km) project that will cross Wet’suwet’en lands and those of at least 19 other First Nations. Na’Moks Chief John Ridsdale and his peers have expressed concerns about the impacts on water quality and wildlife, the risk of spills and the threat of global climate change. RBC, the fifth largest in the world lender to fossil fuel projects, finances the pipeline.

McKay’s answer was that the bank only accepted projects that it considered to be environmentally friendly and that pipeline “respects First Nations’ free, prior and informed consent obligations.

“Our jaws were literally on the ground,” said Sleydo’, a spokesperson for the Chiefs. “We couldn’t understand him trying to tell our bosses he had their consent.”

Things didn’t get much better from there. RBC shareholders rejected four separate climate-related resolutions that would have required the bank, among other things, to publish a report on its environmental strategy and curb lending to fossil fuel companies.

The chiefs weren’t the only climate activists to recently lose a shareholder battle on climate change. A tumultuous two-month series of annual shareholder meetings comes to an end, in which climate-conscious investors raised a ruckus in almost all major American and European banks and oil companies. They have few victories to show for it; most climate-related shareholder resolutions have not received majority support.

As activist shareholder groups strategize for the next year, others plan to take direct aim at corporate leaders who aren’t delivering on climate. And while outright wins remain rare, the voting gap is narrowing as mainstream investors recognize that climate change is a business risk.

“Companies that are not in transition are not good investments,” said Danielle Fugere, president of shareholder group As You Sow. “This message is loud and clear.”

Climate activist shareholders make slow progress in 2022

The 2022 shareholder voting season got off to a strong start, with a winning proposal at Costco in February asking the company to set out a strategy to eliminate carbon emissions from its value chain by 2050. ended in force, with winning resolutions on May 25 at Exxon (to report on its financial exposure to climate risk) and at Chevron (to report on methane emissions).

But there were a lot of losses between the two. Resolutions to limit oil and gas lending to major fossil fuel financiers like Bank of America and JPMorgan received less than 20% of the vote. Resolutions at several oil majors demanding a climate plan in line with the Paris Agreement marked in the 1920s and 1930s. Shareholders rejected climate proposals to insurers like Chubb, and voted to approve the sub-par climate plans of French oil major Total and Shell. Even startup asset manager Engine No. 1, which orchestrated a climate coup on Exxon’s board last year, vote against the proposals from Exxon, Chevron and several banks, saying the proposals were too micromanaging the companies’ operations.

Yet most of these pro-climate proposals have received more shareholder support than they have in recent years. Ben Cushing, campaign manager at the Sierra Club, said more and more investors are demanding that companies heed the International Energy Agency’s warning that no new fossil-fuel infrastructure can be approved if the Paris agreement must remain close at hand.

“It was really important that this central litmus test be brought up in this conversation,” he said. “And getting even 10% in the first year a proposal has been filed is a signal to management that there is a significant number of investors, representing tens of billions of dollars in capital, whose support will continue. to grow.”

Asset managers like BlackRock are holding back climate votes

For more proposals to be successful, they will need to gain the support of the “big three” asset managers – BlackRock, Vanguard and State Street – who each control a disproportionate number of shares in almost all major corporations. Despite adopting their own long-term decarbonization plans, the Big Three still vote against most climate resolutions. On May 11, BlackRock executives said they would support even fewer resolutions this yearsince the resolutions have become more precise and demanding.

While preventing climate risk is in the long-term interest of the portfolios these companies manage, their scrutineers remain opposed to any vote that puts them at odds with the company. In the United States, they are also under pressure from Republican politicians in several fossil fuel-dependent states not to appear biased against the oil and gas industry for fear of losing the lucrative expense of managing public pensions. And in a May 20 comment, an HSBC asset manager suggested another reason for opposition: he and many of his peers don’t see climate impacts as a concern because they’re too far in the future (the manager was suspended after HSBC’s CEO said the comments did not reflect company policy).

If the Big Three really want to get to net zero and protect their customers’ money from climate risk, they don’t have time to politely, privately, ask companies to change, said Eli Kasargod-Staub, executive director of the Majority Action group. They must vote.

“A few years ago, it was very important for them to say that the climate was a risk. It was a low hanging fruit,” he said. “But there is no more fruit within reach and little room for the signal of virtue. Either they continue to approve the expansion and financing of fossil assets, or they don’t.

Board votes are the next front

Another unsuccessful campaign was that of Kasargod-Staub to overthrow Michael Wirth, the CEO of Chevron; Kasargod-Staub said Wirth failed to implement climate resolutions passed at last year’s shareholder meeting. Wirth kept his seat. But Kasargod-Staub said he expects more targeted campaigns against board members next year as proxy battles over climate escalate and become more personal. Ousting executives is the strongest step shareholders can take to hold companies accountable, and the threat of a board battle could make executives more willing to compromise with shareholders over climate issues in advance. These fights are hard to win, but doable, as Engine #1 has proven. New Securities and Exchange Commission the rules adopted in November to streamline the board voting process will help.

“People see the vote against directors as an escalation,” Cushing said, “but it certainly needs to be on the table for investors who feel like their demands and expectations are being ignored.”

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