Loan Principle – RR Reading Thu, 23 Jun 2022 11:19:16 +0000 en-US hourly 1 Loan Principle – RR Reading 32 32 MGIC Investment (NYSE:MTG) upgraded to Royal Bank of Canada Thu, 23 Jun 2022 11:19:16 +0000

MGIC Investment (NYSE:MTG – Get a rating) was upgraded by analysts at Royal Bank of Canada from an “sector performance” rating to an “outperform” rating in a research note released Thursday to investors, reports The Fly.

Several other research companies have also recently weighed in on MTG. upgraded MGIC Investment from a “hold” rating to a “buy” rating in a Friday, May 13 research rating. BTIG Research reduced its price target on MGIC Investment from $18.00 to $17.00 in a Tuesday, April 12 research note. Two research analysts rated the stock with a hold rating and four assigned the company a buy rating. According to, the company has an average rating of “Moderate Buy” and an average price target of $17.92.

MTG stock opened at $11.66 on Thursday. The company has a debt ratio of 0.20, a quick ratio of 0.61 and a current ratio of 0.61. The company has a market capitalization of $3.61 billion, a price/earnings ratio of 5.95, a PEG ratio of 1.03 and a beta of 1.49. MGIC Investment has a fifty-two week low of $11.38 and a fifty-two week high of $16.84. The stock has a fifty-day moving average of $13.20 and a 200-day moving average of $14.15.

(A d)

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MGIC Investment (NYSE:MTG – Get Rating) last released its quarterly results on Wednesday, May 4. The insurance provider reported earnings per share of $0.60 for the quarter, beating the consensus estimate of $0.58 by $0.02. The company posted revenue of $294.60 million in the quarter, versus a consensus estimate of $292.28 million. MGIC Investment had a return on equity of 14.61% and a net margin of 55.82%. The company’s quarterly revenue fell 1.1% from the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $0.42. Equity analysts expect MGIC Investment to post an EPS of 2.27 for the current year.

Several large investors have recently increased or reduced their stake in the company. Verition Fund Management LLC increased its equity stake in MGIC Investment by 11.6% in Q1. Verition Fund Management LLC now owns 36,062 shares of the insurance provider valued at $489,000 after acquiring 3,748 additional shares in the last quarter. Midwest Wealth Management Inc. increased its equity stake in MGIC Investment by 2.8% in Q1. Midwest Wealth Management Inc. now owns 95,670 shares of the insurance provider valued at $1,296,000 after acquiring 2,593 additional shares last quarter. Neuberger Berman Group LLC increased its equity stake in MGIC Investment by 42.0% in Q1. Neuberger Berman Group LLC now owns 53,896 shares of the insurance provider valued at $730,000 after acquiring an additional 15,936 shares last quarter. Weiss Multi Strategy Advisers LLC purchased a new equity stake from MGIC Investment in Q1 valued at approximately $7,791,000. Finally, Virtu Financial LLC increased its stake in MGIC Investment shares by 133.7% in the 1st quarter. Virtu Financial LLC now owns 24,030 shares of the insurance provider valued at $326,000 after acquiring 13,747 additional shares in the last quarter. 94.10% of the shares are currently held by hedge funds and other institutional investors.

About MGIC Investment (Get an evaluation)

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions and ancillary services to lenders and government-sponsored entities in the United States, Puerto Rico and in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest, and various expenses associated with default and subsequent foreclosure.

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Analyst Recommendations for MGIC Investment (NYSE: MTG)

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

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Aleksandar Kolarov announces retirement as Man City duo called up for England Under-19s Sun, 19 Jun 2022 19:30:00 +0000

Here are your Manchester City evening headlines for Sunday, June 19.

Kolarov announces his retirement and upcoming career move

Aleksandar Kolarov is embarking on a career as a sporting director and scout after confirming his retirement from football.

Kolarov, 36, had spent two years at Inter Milan after three years at Roma since leaving Manchester City in 2017. The Serbian international spent seven years at City, helping them win their first two Premier League titles , plus an FA Cup and two League Cups. hit.

ALSO READ: Raheem Sterling has already told Man City and Chelsea what he wants amid new transfer links

Now, after the end of his contract at Inter, Kolarov has ended his playing career and will look to move behind the scenes of football rather than pursue a coaching or punditry career.

Read more about Kolarov’s retirement here.

City duo called up for England

City duo Callum Doyle and Liam Delap have been included in the England Under-19 squad for the UEFA European Under-19 Championship in Slovakia.

Doyle, who spent the 2021/22 campaign on loan at Sunderland, was key in helping the Three Lions reach the tournament, while Delap also made two appearances, and they will now hope to help Ian’s side Foster to pursue glory. The tournament kicked off on Saturday and England will play their first game against Austria on Sunday evening.

Doyle – who helped Sunderland secure promotion via the League One play-off final last season – has won nine Under-19 caps to date, including five in the Three Lions qualifying campaign. He started four times, helping England beat Sweden, the Republic of Ireland and Portugal, while starting a goalless draw with Switzerland.

Learn more about calling duos here.


]]> highest FD interest rates: banks offering the highest FD interest rates Sat, 18 Jun 2022 05:33:00 +0000 One of the most popular investment options is fixed deposit (FD). Many investors prefer bank FDs to stocks because the latter are considered safer. Fixed deposits are also called term deposits. This is because the money is placed with a bank for a specific period or duration. There are a few things you need to know before setting up a savings account.

Here are the banks offering the best 1, 2, 3, 5 year rates for ordinary citizens.

Best FD Interest Rates with 1 Year Term

Bank name 1 year Compound return Qly
RBL Bank 6.25 10639.80
DCB Bank 6.00 10613.64
First IDFC Bank 6.00 10613.64
industrial bank 6.00 10613.64
Bandhan Bank 5.75 10587.52

Best FD interest rates with a 2 year term

Bank name 2 years Compound return Qly
DCB Bank 6.50 11376.39
industrial bank 6.50 11376.39
RBL Bank 6.50 11376.39
Bandhan Bank 6.25 11320.54
First IDFC Bank 6.00 11264.93

Best FD interest rates with a 3-year term

Bank name 3 years Compound return Qly
DCB Bank 6.50 12134.08
industrial bank 6.50 12134.08
RBL Bank 6:30 p.m. 12062.63
Bandhan Bank 6.25 12044.83
First IDFC Bank 6.00 11956.18

Best FD interest rates with a 5 year term

Bank name 5 years Compound return Qly
DCB Bank 6.60 13872.27
industrial bank 6.50 13804.20
RBL Bank 6:30 p.m. 13669.00
First IDFC Bank 6.25 13635.39
Kotak Mahindra Bank 5.90 13402.36

Source: Compiled by ETIG, interest rates as of June 16, 2022

Opening a deposit account

A term account can be opened at a bank where you already have a savings account. You may be able to open an FD account without first opening a savings account with some banks. If the bank allows you to open an FD without a savings account, you will need to go through a know-your-customer (KYC) process.

Interest payment

The interest rate on term deposits (FD) varies depending on the term you are investing for, as well as from bank to bank for FDs of the same duration. Interest rates are often higher for seniors. You have the option of receiving interest payments on a cumulative or non-cumulative basis.

The cumulative option reinvests the interest earned on the deposit and pays it out with the principal at maturity.

Interest is credited to the depositor’s account at the payment period set when opening the FD in the non-cumulative option. In general, one can choose to receive interest on a monthly, quarterly, semi-annual or annual basis, depending on the options of the bank.


In the hands of the investor, interest earned on an FD is fully taxable. It will be taxed at the rates that apply to your tax brackets. According to the current tax laws, if the payment of interest in a single financial year exceeds Rs 10,000, the TDS would be deducted by the bank. To avoid TDS, complete Form 15G or Form 15H (as applicable) and send it to the bank.
Premature withdrawal
If a person is in dire need, they can break their FD before it matures. Premature withdrawals may result in a penalty from the bank. The amount of the penalty varies from bank to bank.

When booking an FD, be sure to read the rules for early withdrawals. Banks sometimes give DFs an early withdrawal penalty as well as an early withdrawal penalty.

Availability of a loan

A loan can be obtained using FD as collateral. Generally, the maximum sanctioned loan is a percentage of the principal deposit. This percentage may differ from bank to bank.

Automatic renewal

If no special instructions are given at maturity, most banks will automatically roll over the FD for the same period for which it was originally placed, at the prevailing interest rates at the time of the FD’s maturity. . You must select this option on the account opening form if you do not wish your FD to be automatically renewed.

If you forgot to mention it, you can go to the bank branch on the due date and ask for the money to be credited to your account.

FAQ according to HDFC Bank
1. When does the Bank issue a TDS Certificate?
The TDS certificate, Form 16A, for TDS deducted during a calendar quarter, will be issued the following month of the respective quarter.

2. What are the implications of booking an FD without PAN?
In the absence of PAN, here are the implications for customers:

  • TDS will be recovered at 20% (from 10%)
  • NO Income Tax Service TDS Credit
  • NO TDS certificate will be issued (in accordance with CBDT circular n° 03/11)
  • Form 15G/H and other exemption certificates will be invalid and criminal TDS will apply.

3. When do I become responsible for the TDS?
If the aggregate interest you are likely to earn for all your deposits held in branches of a client ID is greater than Rs.40,000/- (Rs.50,000/- for seniors) in a financial year, you become responsible for the TDS.

Note: Tax liability for TDS purposes is determined based on tray number and not branch per tray number. Deposits held by minors are also subject to TDS. The credit for the TDS can be claimed by the person in whose hands the minor’s income is included.

RI Commerce officials balk at McKee’s plan to transfer Tidewater Landing football stadium funds Tue, 14 Jun 2022 21:26:35 +0000

This money – the majority of the state funding commitment for the whole project – had already been approved for a further stage of development around the project, which includes housing, commercial and retail space at the detail near the planned stadium on the banks of the Seekonk River. Moving the money to support the stadium would help ensure the project comes to fruition, without committing more public funds, McKee said.

But board members of the Commerce Corporation, the state’s economic development agency, questioned whether transferring those funds to the stadium would result in just one stadium being built – and nothing else. other.

“Isn’t that a big risk? asked board member Mike McNally.

The Commerce Corporation’s board of directors met in public for about 45 minutes to discuss the potential deal, debate its merits and ask the developer questions, then met behind closed doors for twice more. long time. No votes were taken; the board of commerce is expected to approve the plan moving forward, as it has approved initial funding.

McKee said after the meeting that the reaction had been “mixed,” but a majority of board members were in favor of at least getting more information, which he viewed as a positive.

For weeks, the state has debated what to do about the major cost inflation looming over the football stadium project, which was supposed to fill the economic development void left by the 2021 departure of the Pawtucket Red Sox for Worcester.

In February 2021, the state announced a public financing package for the Tidewater project: $36.2 million in so-called tax increment financing. About $27 million of that package came from the state and $9 million from the city. Tax increment financing occurs when a public body issues bonds and then pays them back with tax revenue associated with a special district. The project, originally set at $284 million, would also receive $10 million in tax credit proceeds.

A few weeks ago, however, faced with significant cost overruns, the developer and the town of Pawtucket returned to the state to seek an additional $30 million.

The cost of the stadium itself has gone from a budget of $83 million to $124 million, according to the developer. The overall project has grown from $284 million to $344 million, a city official said recently. The developer said it was committing $25 million more in venture capital and millions more in loans to help out. The costs of everything from steel to borrowings have risen over the past two years.

After weeks of negotiations, the McKee administration came back with a proposal that McKee – who chairs the board of commerce – said would protect taxpayers while moving the project forward. Under the tentative agreement McKee presented on Tuesday, the town of Pawtucket would also step forward with $10 million. This funding would be new, but Mayor Don Grebien said the exact details of where the city will find it have yet to be ironed out.

McKee said “1B”, the various developments around the stadium, won’t happen without “1A”, the stadium itself. He compared it to a Disney theme park: you have to build the castle first to get everything else around it.

“We have to build the castle, and I think we can do that in a very taxpayer-responsible way,” McKee said.

The meeting was also attended by representatives from Fortuitous Partners and Pawtucket officials, including Grebien. Brett Johnson, founder of Fortuitous, is trying to bring a United Soccer League championship team to Pawtucket, and is also considering other sports and events, including concerts.

Stefan Pryor, the commerce secretary who is set to step down soon to run in the Democratic primary for state treasurer, said the state will also need clear benchmarks to ensure progress. of phase 1B.

On Tuesday, board members like McNally weren’t convinced 1B would happen if the state pulled all of its funding to put it in the stadium.

“It’s not going to happen,” McNally said. “Unless the state steps in for something like another hundred million.”

Brian Amaral can be contacted at Follow him on Twitter @bamaral44.

ORPEA announces the conclusion of a conciliation protocol with its banking core and its approval by the Commercial Court of Nanterre Mon, 13 Jun 2022 05:30:00 +0000

PUTEAUX, France–(BUSINESS WIRE)–Regulatory news:

In pursuit of the overhaul of the Group’s financing strategy, ORPEA (Paris:ORP) is pleased to announce the conclusion and approval of a conciliation protocol with its core banking pool under the key terms of the agreement in principle signed on May 12, 2022.

After informing and consulting the employee representative bodies concerned, ORPEA finalized a conciliation protocol on June 3, 2022 for the purposes of implementing the financing terms provided for in the agreement in principle signed on May 12, 2022. This protocol has was initially signed subject to agreement on the financing and security documentation, which has since been concluded with ORPEA’s core banking group.

The main commitments made by ORPEA and its banking core within the framework of the protocol and the financial and security documentation are summarized in the appendix to this press release.

At ORPEA’s request, the Nanterre Commercial Court, in its judgment dated June 10, 2022, approved the conciliation protocol and ended the conciliation procedure opened in favor of ORPEA on April 20, 2022.

As previously indicated, the new facilities made available under the agreed documents will be made available to the Company gradually until December 31, 2022 and will be subject to conditions precedent, with a first drawing of €250 million at the mid-June.

The financing under the protocol and the credit documentation will enable the ORPEA Group to finance its activity, to repay existing financing on time (and without changing their conditions) and to finance the investments necessary for its activity. The agreement reached is therefore extremely beneficial for the ORPEA group and for all of its stakeholders, including its 255,000 residents and patients, 71,676 employees and creditors.

In accordance with its legal and regulatory obligations, the Company will continue to inform the market of developments through its institutional communication.



The main commitments of ORPEA and the Lenders under the conciliation agreement of June 3, 2022 and the agreed financing and security documentation

  • Main commitments of lenders

ORPEA’s banking core (the “Lenders”) have made the following main commitments:

The Lenders have undertaken to finance the Group’s cash requirements by making available the loans referred to as Loan A1, Loan A2/A3, Loan A4 and Loan B in the form of a syndicated loan (together, the “Loans“), which will be signed subject to satisfaction of the customary conditions precedent. The main terms of the Loans are summarized as follows:

Loan A1

A2/A3 ready

A4 ready

Loan B

C1/C2 loan

Purpose of the product

To finance or refinance (directly or indirectly), (i) the general corporate purpose of the Group (including, without limitation, debt service and capital expenditure) and (ii) all fees, costs and expenses related to Borrowings.

(i) finance or refinance (directly or indirectly) the payments due under the ORPEA Group’s existing unsecured financing (excluding any bond financing) with the Lenders in the second half of 2022 or their Affiliates and (ii) finance all of the charges, fees and expenses relating to the Borrowings.

directly or indirectly, (i) refinance any existing unsecured financing of the ORPEA Group (excluding any bond financing) and (ii) finance all fees, costs and expenses relating thereto

Principal amount (€)





A maximum of 1.5 billion

Damping profile

Single repayment at maturity

100 MEUR repayable on 30/06/2024

100 MEUR repayable on 31/12/2024

100 MEUR repayable on 06/30/2025

The repayable balance on 31/12/2025

Single repayment at maturity

Single repayment at maturity

Single repayment at maturity

Direct debits authorized

Maximum of two

Two (Ready A2 and A3)

one only

Based on existing debt to be refinanced

To be defined in the Credit Agreement

Final due date

December 31, 2023

December 31, 2025

June 30, 2023

December 31, 2025

December 31, 2026

Availability period

From the Completion Date to September 30, 2022

A2 Loan: September 1-30, 2022

Loan A3: from the Completion Date to December 31, 2022

From the Completion Date to December 31, 2022

From the Completion Date to December 31, 2022

From the Completion Date to December 31, 2022

Annual margin

4.00% to increase by 2.00% from January 1, 2024


3.50% to increase by 1.00% from July 1, 2023



security interests and privileges

Securities and Conciliation Privilege (conciliation privilege) under Article L. 611-11 of the French Commercial Code

(i) Collateral1 and (ii) Second rank commitments2as defined below.

The Credit Agreement will contain customary events of default (subject to customary materiality thresholds and recovery periods, as applicable), including but not limited to:

– Any default in payment under the Loans;

– Violation of the consolidated minimum cash commitment described below;

– Default and cross-acceleration beyond a cumulative threshold of EUR40m;

– Insolvency and collective proceedings;

– Execution procedures from a cumulative threshold of 40 MEUR;

– Refusal of certification by the statutory auditors of the consolidated financial statements of the ORPEA Group;

– Administrative, arbitration, governmental or regulatory disputes which can reasonably be expected to (i) have a material adverse effect or (ii) impact the commitments relating to the sale of operational and real estate assets (as described below).

  • Main commitments of Orpea

In particular, ORPEA has subscribed to the following key commitments:

  • Commitments related to the sale of operating and real estate assets

− allocate as a priority the net proceeds from the sale of operating assets, within the limit of a total amount of net proceeds of EUR 1.2 billion, to the repayment of Loan A1, Loan A2/A3 and Loan B;

− sell real estate assets for a cumulative gross asset value (excluding duties) of (i) EUR 1 billion as of December 31, 2023; (ii) rising to EUR 1.5 billion as of December 31, 2024; and (iii) increased to €2 billion as of December 31, 2025; and

− allocate the net proceeds from the sale of the real estate assets to the repayment of Loan A4, Loan A2/A3 and Loan B.

  • Commitment to allocate certain net proceeds from disposals and subscriptions to the repayment of Loans

ORPEA has also undertaken to allocate certain net proceeds from disposals and subscriptions to the mandatory early redemption of the Loans in certain limited circumstances, in particular:

− the net proceeds from disposals in the event of a capital increase of its subsidiary Niort 94;

− the net proceeds of subscriptions in the event of new bond issues on the capital markets; and

− net proceeds in the event of obtaining certain financing from the French State or Bpifrance.

  • Commitments to Provide Collateral to Secure Loan Repayment Obligations

As a guarantee for the past bet repayment of the sums due under the Loans, ORPEA has undertaken to grant the following guarantees from the first drawdown of one of the Loans:

− a “Dailly” sale of intra-group loans financed by drawing on the Loans;

− first rank pledges on:

  • 100% of the share capital of CEECSH (the “CEECSH Commitment”); and

  • 100% of the share capital of ORESC 25 S.à.rl (“ORESC commitment”) to which the Company will contribute, no later than the date of the second drawdown under the Loans (i.e. excluding the first drawdown of a maximum amount of EUR 250 million under Loan A1), 100% of the shares of its subsidiary Clinea (the “ORESC commitment“, and with the CEECSH commitment, the “Commitments”) (the assets being pledged representing respectively 25% and 32% of the Group’s turnover). Following certain reorganizations to be carried out within the Group, the pledges on Clinea France and the Group’s activity in Germany will represent respectively 25% and 16% of consolidated turnover.

The collateral documentation will provide in particular that in the event of syndication of the C Loans to third-party creditors who only participate in the C Loans, these creditors will benefit as second-ranking creditors in the context of the Dailly sale and will benefit from a pledge of second rank on (i) 100% of the shares of CEECSH and (ii) 100% of the shares of ORESC (the “Second Tier Promises“).

The collateral (and in particular the First Ranking Collateral) will become enforceable if one of the following events of default occurs under the Credit Agreement:

− So long as the original lenders under the Credit Agreement and any subsequent lenders on an agreed list of potential lenders (in each case with their affiliates) hold more than 66.2/3% of the outstanding and undrawn commitments as of that date for Loans (other than the C2 Loan):

  • Non-payment under the Loans;

  • Violation of the consolidated minimum cash commitment described below

  • Insolvency and collective proceedings;

  • Non-compliance with commitments relating to (i) the disposal or the operating and real estate assets described above; or (ii) preservation of pledged assets;

  • Default and acceleration (cross-default) beyond a cumulative threshold of €100 million;

  • Refusal of the statutory auditors to certify the consolidated accounts of the ORPEA group or existence of reservations on the continuity of the group’s operations.

− If the original lenders under the credit agreement and any subsequent lenders on an agreed list of potential lenders (in each case with their affiliates) hold more than 66.2/3% of the liabilities under the credit agreement hold less 66.2/3% of the commitments remaining to run and undrawn on that date under the Loans (other than the C2 Loan):

  • Non-payment under the Loans;

  • Insolvency and collective proceedings.

The Second Rank Pledges will only be released after repayment of the A1, A2/A3, A4, B and C1 Loans under the same circumstances (by reference to the commitments under the C2 Loan).

  • Initiate discussions to support the Group’s financing plan

ORPEA has undertaken to initiate discussions with all third-party creditors with a view to seeking their support for the Group’s financing plan, and in particular their participation in the provision of the C Loans.

  • Commitment to maintain a consolidated level of cash for the Group

ORPEA is committed to maintaining a consolidated Group cash level of at least EUR300m on the last day of each quarter from June 30, 2023.

About ORPEA (

Founded in 1989, ORPEA is one of the world leaders in dependency care (EHPAD, EHPAD, Aftercare and Rehabilitation Hospitals, Mental Health Hospitals, Home Services)

ORPEA is listed on Euronext Paris (ISIN code: FR0000184798) and is part of the SBF 120, STOXX 600 Europe, MSCI Small Cap Europe and CAC Mid 60 indices.

1 For the Lenders and their affiliates, as well as for the third party creditors participating in Loans A for Loan C1.

2 Only for third-party creditors participating in Loans C.

UPI Credit Card: RBI’s UPI-Credit Card Linkage Plan Doesn’t Add Up for Banks and Fintechs Sat, 11 Jun 2022 05:00:00 +0000 Bangalore/ Mumbai: The central bank’s decision to open up credit card transactions on the Unified Payments Interface – India’s preeminent digital payments network – raises a host of challenges ranging from lack of clarity on discount rates merchants confused about merchant authentication and know-your-customer (KYC) standards, several fintech and banking industry executives told ET.

While the announcement – Wednesday – by the Reserve Bank of India to allow Quick Response (QR) based payments via RuPay cards, which are backed by the National Payment Corporation of India (NPCI), is expected to result in a five – times more credit on the UPI platform, industry sources estimate it will take at least six months for a full rollout of credit card payments.

Currently, around 50 million people are benefiting from instant loans at banks, non-bank financial companies (NBFCs), and digital lending fintechs. This market is expected to reach 250 million users, said senior banking executives who spoke on condition of anonymity.

Calling the “basic objective of linking credit cards to UPI as (a means) of providing customers with a wider choice of payments,” T Rabi Sankar, Deputy Governor of RBI, said, “How the Pricing will work, which we’ll have to see as we move forward.

Currently, UPI payments are routed through debit cards and bank accounts, with the RBI now allowing the introduction of RuPay credit card payments.

Industry members are of the view that once the final operational guidelines are issued shortly by the banking regulator and the NPCI, it will require a significant upgrade to the current UPI infrastructure of all technology vendors. financial.

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“Merchant KYC (know your customer) guidelines are much lighter for UPI operators, compared to the credit card ecosystem,” said Nikhil Kumar, co-founder of Setu, a fintech infrastructure provider, adding that ” from a technology perspective, UPI applications might have to upgrade their KYC modules, (while) the challenge might be for cohorts where physical KYC needs to be done.

“There must be incentives built into the system for these payment companies and merchants to re-KYC,” he added.

The MDR challenge

However, the overriding challenge, according to several industry players, will be the issue of the merchant discount rate (MDR) for credit card payment on UPI and a final consensus on who will bear the cost of the MDR – the user, merchant or bank.

“People are still not sure about the exchange. Acceptance power will not be unlocked unless the exchange is zero,” said Nitin Gupta, founder and CEO of Uni Cards, who posits that “there could be a tiered pricing model where a transaction up to a certain amount will be free, after which there might be a fee.

“Acquiring a merchant is a significant cost to the issuer and merchants cannot be charged if this use case is to grow. So customers might have to bear the final cost,” he added.

UPI extends lead on cards_Graphic_ETTECHETtech

The MDR debate comes even as the payments industry, including banks, is caught up in a fight over the exchange to be charged for using UPI as a payment instrument to load e-wallets, so that the interoperability guidelines for digital payment instruments come into force.

Third-party apps on the UPI platform were stripped of MDR, after the government mandate to remove the advantage on UPI and RuPay transactions, effective January 2020.

“The real challenge is that the industry needs to come to a consensus on the MDR, which can be decided by the NPCI Steering Committee and will take some time to be operational. The exchange on the wallet is still unresolved” , said Kumar of Setu.

Consent Architecture and KYC Upgrades

Executives from point-of-sale fintech companies and UPI payment apps, who spoke to ET, pointed out that merchants accepting credit cards must go through a much stricter KYC process on the part of the acquirer. This includes providing a company GST number in addition to other things, to streamline chargebacks and thwart other fraudulent payments. Full KYC requires proof of business, permanent account number (PAN) card and proof of address

As a result, current UPI third-party apps, including PhonePe,

and Google Pay will have to undertake a re-KYC process for merchants and upgrade their technology layer for rigorous KYC, they said.

Additionally, the investment required to leverage credit card-related UPI payments is not limited to third-party applications with an offline footprint, but also large card network operators such as Visa, RuPay, and MasterCard, which will need to work with these companies to upgrade the whole. rapid response (QR) infrastructure.

Card giant Visa is already working with digital payments provider Paytm to allow users to make card payments by scanning QR codes.

Calling the decision to link credit cards on UPI a “good decision, in principle,” said Subhash Chandra Garg, India’s former finance secretary, “but whether it’s a game-changer or not, we have to wait and watch,” he said

“There are challenges like the friction of MDR, who you pay to, likewise there has been an OTP authentication system for UPI and if that will continue. These issues need to be sorted out, work is still in progress” , he added.

Digital lending boom

Meanwhile, several line of credit fintechs such as Slice and Kissht have stepped up their payment products to ensure customers get a wider acceptance network for their line of credit. Last month, Slice said it launched UPI on its app to combine the benefits of credit-based payments. While Kissht, which raised $80 million this week, launched its buy-it-now-pay-later card to create recurring payment behavior among customers and use their credit even for small offline transactions. such as groceries.

“Lending fintechs have been trying to figure out how they can help customers use credit through UPI. Several (of them) tried to allow payments to one QR by credit, but RBI did not allow it. This has been on the minds of several fintech lending companies; however, no one has been able to operationalize it. We might have a similar situation now,” a payment industry executive said on condition of anonymity.

On Wednesday, RBI said UPI has become the most inclusive payment method in India with currently over 26 crore unique users and 5 crore merchants on board the payment infrastructure.

STR, TE Upgrades US Recovery Schedule; Four Seasons expands in Italy – Mon, 06 Jun 2022 22:35:49 +0000

STR and TE predictions for the US recovery: STR and Tourism Economics have updated the RevPAR recovery schedule for the United States. On a nominal basis, the measure is now expected to exceed 2019 levels this year, according to the latest forecast presented at the 44e NYU International Hospitality Industry Investment Conference. The significant factor in the new schedule was a +11 USD adjustment in ADR 2022. Occupancy throughout the year is expected to fall below the comparable pre-pandemic level, while ADR and RevPAR are projected to be $14 and $6 higher than in 2019, respectively. The previous version of the forecast projected a recovery in nominal RevPAR in 2023. After adjusting for inflation, the full recovery in ADR and RevPAR is not expected until 2024, while the central business districts and the 25 main Markets are not expected to see a full RevPAR recovery until 2024. While demand and occupancy have increased in line with forecasts, prices continue to beat expectations driven by inflation and economic fundamentals supporting increased spending client. Despite ongoing concerns over the cost of labor and services, and hotels in some key markets still lagging in the recovery timeline, the outlook for hotel performance remains positive.

Hotel Danieli in Venice

Four Seasons expands its Italian portfolio: Four Seasons Hotels & Resorts, in partnership with Gruppo Statuto, announced that Four Seasons will manage Hotel Danieli in Venice. The property will be reintroduced as Hotel Danieli, Venezia, A Four Seasons Hotel after extensive renovations in 2025. Designer Pierre-Yves Rochon will oversee the hotel’s interiors. The property will remain operational during the renovation process with certain services and amenities available. During this period, the hotel will be managed and operated by Gruppo Statuto as The Hotel Danieli, Venezia. The hotel comprises three buildings, the 14e century Palazzo Dandolo and two 19e century additions connected by bridges – Palazzo Casa Nuova and Palazzo Danieli Excelsior. Guests of the luxury hotel will arrive by boat via the adjacent Grand Canal. Rooms have Grand Canal views, and the property is also home to four restaurants and bars and seven meeting spaces.

Hyatt closes 4 sales: Hyatt Hotels Corp. announced the closing of the last of four previously announced asset disposals, which generated US$812 million, or 40% of its current US$2 billion disposal target. This indicates an aggregate multiple of 15.7x 2019 EBITDA. The company has entered into a long-term management contract for each of the properties offered for sale. Disposals include Hyatt Regency Indian Wells Resort & Spa, Grand Hyatt San Antonio River Walk, The Driskill in Austin, Texas and The Confidante Miami Beach. Additionally, Hyatt is also marketing two additional hotels for sale. The company’s operational metrics improved in May, with system-wide RevPAR outside the Asia-Pacific region discounting 3% above 2019 levels for the second consecutive month.

A Four Seasons hotel in the Vatican?: Four Seasons Hotels and Resorts has reportedly entered into negotiations with the Order of the Holy Sepulcher of the Catholic Church for a potential new 75-room hotel near St. Peter’s Basilica in the Vatican. The hotel should be built in the Palazzo di Domenico della Rovere building in Borgo or “Palazzo della Rovere”. Bill Gates’ Four Seasons is believed to be focused on a 27-year, $52.4 million deal for the hotel, which will include a spa, gym, restaurants and underground parking. The contract would mention an annual rent of 1 million US dollars, which includes the work of rebuilding the building and restoring works of art. The hotel business plan currently includes 64 rooms, 11 executive suites and two super suites. The new hotel is expected to open before the Jubilee of Hope in 2025. Previously, a significant portion of the building was leased to a family-owned hotel company and operated as the Columbus Hotel before closing in 2018. The building at the time of the Renaissance includes a turret, large courtyard and ancient frescoes by the Italian artist Pinturicchio and is the only property belonging to the Order of the Holy Sepulchre.

Tempo/Homewood Suites by Hilton in Virginia: Pembroke Square LLC and hotel partner Landmark Hotel Group announced a new hotel concept to market slated to open in Virginia Beach, Va. in 2025. The 14-star dual-brand Tempo/Homewood Suites by Hilton hotel floors is set to open to the ground this winter and will be part of the upcoming mixed-use community destination that will replace the Pembroke Mall. The hotel, which will be located at the former SunTrust Bank on Virginia Bach Boulevard, will include a nationally acclaimed restaurant, a rooftop tapas-style restaurant and lounge, and parking. The hotel will feature an open lobby concept with dedicated areas for relaxation, work and dining, dining options, a fitness center, outdoor patio and flexible meeting spaces. The hotel is the first dual-branded property in Hampton Roads and one of the first Tempo by Hilton properties to open in the world. ODA Architecture is the project architect and Kimley-Horn will provide civil engineering services.

Southern Sun Africa sells in Nigeria: Southern Sun Africa, Johannesburg, South Africa, is selling its 75.55% majority stake in Southern Sun Ikoyi Hotels, one of Nigeria’s largest business hotels, to Kasada Albatross Holding, the subsidiary of Kasada Hospitality Fund LP , based in Johannesburg. Nigerian companies hold the remaining 24.45% stake. Valued at US$30.4 million, the deal consists of US$29.1 million in stock and an additional US$1.3 million in shareholder receivables. Southern Sun Africa bought the majority of shares in 2013 in a US$65 million deal. Once the deal is finalized, the hotel is expected to be rebranded as part of the Accor hotel group. All hotels in Kasada operate under the Accor brands.

Roberto Wirth died: Roberto Wirth, owner of the historic Hotel Hassler in Rome, has died. He was 72 years old. The fifth generation of a famous family of Swiss hoteliers, he also owned the Hotel Vannucci in Città della Pieve in Umbria, Italy, and the luxury resort Borgo Bastia Creti in Umbria as well as the luxury residence Parco del Principle in Tuscany. , in Italy. The emblematic Hotel Hassler, a meeting point for the Italian and foreign political and cultural elite, has welcomed guests such as Audrey Hepburn, the Kennedy family, Prince Rainier of Monaco and Grace Kelly, Henry Kissinger, Gabriel Garcia Márquez, Pablo Picasso , Bill Gates and many others. . Profoundly deaf since birth, he established the Roberto Wirth Fulbright Scholarship in 1992, offering deaf students the opportunity to major at Gallaudet University, Washington DC.

Banyan Tree launches a storytelling platform: Banyan Tree Hotels & Resorts has launched a new storytelling platform, Compass. The platform will highlight the personal stories of boundary disruptors and changemakers as they share stories of their journeys and creative rituals through podcasts, interviews and panels. Compass will launch later this month, with its first content series “The Possibility Podcast” hosted by TedX speaker and sustainability advocate Mukul Bhatia. Each of the podcast’s eight episodes will be based on changemakers and their journeys, with the first four focusing on environmental activist Melati Wisjen from Bali, Indonesia; author and storyteller Jessica Nabongo of Los Angeles, California; sustainability journalist and lecturer Bandana Tewari from Mumbai, India; and linguist, filmmaker and author Helena Norberg-Hodge from Byron Bay, Australia.

Virgin Limited Edition, partner Virgin Hotels: Virgin Limited Edition, the private global collection of properties and islands owned by Sir Richard Branson, and Virgin Hotels have announced a partnership to jointly pursue global opportunities. The partnership will allow Virgin Limited Edition to utilize Virgin Hotels’ business development team, led by Director of Development Greg Doman. Virgin Hotels will expand into the UK with two new hotels in Scotland. In addition to international expansion in key locations, Virgin Hotels will also debut in the residential market. In addition to its current hotel pipeline, the brand is in the development phase of a branded residential platform.

1 Hotels in Texas: 1 Hotels has announced plans to launch 1 Hotel Austin, the brand’s entry into Texas. Scheduled to open in 2026, the property is being developed in partnership with Lincoln Property Co. and Kairoi Residential. The hotel will be part of a mixed-use hotel, residential and commercial project currently under construction. When completed, the property is expected to be the tallest tower in Texas. The hotel will include a swimming pool at 16e floor.

Pathfinder adds Wingate by Wyndham: Pathfinder Hospitality, Austin, Texas, has added the 100-key Wingate by Wyndham Round Rock Hotel & Conference Center in Round Rock, Texas to its portfolio of managed contracts. This will be the company’s first hotel in the San Antonio market. The hotel features a full-service restaurant and bar, 15,000 square feet of conference space, an on-site lounge, business and fitness centers, and a garden pool.

Soul Community Planet strengthens its presence in California: Soul Community Planet Hotels, Laguna Beach, CA, announced the expansion of its hotel offering with the addition of two restored inns – Glendeven Inn & Lodge and Inn at the Cobbler’s Walk – in Van Damme State Park in California . Following the renovations, the two properties will merge to become the eighth SCP hotel and will be renamed SCP Mendocino Inn and Farm. Both inns have 31 rooms, most with wood-burning fireplaces and ocean views, plus 15 acres of farm pastures, organic gardens, wellness and dining areas. The property will undergo renovations that will include upgrading rooms and public areas and adding sustainability systems for waste, energy and water. The company will also add wellness facilities and a full spa with a space dedicated to yoga and meditation. Other additions include a Terra Kitchen Restaurant, Wayfarer Club and Provisions Market.

]]> Inside the controversial Huddersfield Town structure that gave the club Sorba Thomas and Jon Russell Sun, 05 Jun 2022 05:00:00 +0000

Jamie Vardy’s rise to prominence in the Premier League came sadly late. The striker only made his first appearance in the top flight when he was 27; he is now 14th on the Premier League’s list of all-time top scorers, just behind Robin van Persie and ahead of Jimmy Floyd Hasselbaink.

As pundits marveled at the striker’s remarkable rise from non-league football to one of European football’s most natural goalscorers, clubs across England wondered: how did a player like this he could pass the net for so long? And how do you make sure you’re ready to catch the next one?

For a club to focus all their effort and energy on doing exactly that is something all fans would agree is a good idea in principle, but few would be so willing to embark on if it did. their the club does. So there was understandable skepticism when the club took the decision to voluntarily downgrade their academy status in 2017, scrapping all age groups below the Under-17s so they could better focus on selection. of talent in their late teens or early twenties that had been freed up by others. academies, as well as young players they could sign from clubs lower in the pyramid or from abroad.

Read more: Leigh Bromby reveals Huddersfield Town’s summer priorities and the unseen work behind transfer success

This change was largely driven by the drying up of Town’s academy production chain, thanks in large part to players being poached by the clubs around them – during which they achieved two very notable successes with Philip Billing, who came from Denmark aged 16, and Tommy Smith, who signed aged 20 after being released by Manchester City.

Brentford had made a similar change the previous year, but both clubs knew it would take time for their new setups to start bearing the kind of first-team fruit that would justify their controversial new approach.

Indeed, we are starting to see things improving at Town. Aaron Rowe and Rarmani Edmonds-Green have both appeared regularly in 2020/21 before Sorba Thomas and Jon Russell emerged in the season just gone by, each playing key roles in the impressive third-place finish. Burrows on their way to an unexpected roadblock. final appearance despite never starting a league game before this season.

Leigh Bromby was coaching in Town’s academy at the time they made the change, later becoming academy manager before another promotion to head of football operations in 2020. As such he was involved in the project throughout. So what does he think of the way things are going?

“Enchanted is the right word,” he tells us. “The decision when we made it in 2017, to change, I think was the right one for the club. It suits us and the way we want to work. I think the B team has moved on, especially this season, at a really, really high level and level, and that’s where we wanted to be, but it took a bit of time.”

He adds: “One of the things it gives us is real flexibility. Sorba and Jon that you use as an example…we might not have done them before, so I think it’s brought real flexibility to the way we work because it’s about talent. I think a lot of academies are paralyzed by ‘oh, we’ve got a 17-year-old who’s excellent’, and a player in each age group, while the B team is recruited on talent. If there is an opportunity to sign someone like Sorba Thomas, we are brave enough to try to execute it.

Thomas himself admits he was skeptical of initially being put under this system following his arrival from Boreham Wood out of the league in January 2021 – a policy Town repeated with Russell after bringing him on as a free agent from Chelsea last summer.

But looking back, Thomas agrees with Corberan and Bromby that his experience working mainly in the B team while making occasional substitute appearances in the Championship got him into the starting line-up. at the start of the recent campaign. The wide man went on to finish the season as Town’s top passer, his form earning him his first caps for Wales.

He tells us: “At first, when they told me that I would be announced as a signing for the B team, I was like… what? When I heard ‘B team’, I had never really heard of it in the academy, but it helped me a lot because there was no real pressure. I feel like if I had to go straight into the first team, the pressure would have been too much and it might have been too early for me to go straight.

“So I feel like with the B team, it helped me gradually get used to the nutrition side, the gym and everything around it. It helped me a lot and it’s all credit to Leigh Bromby to be honest.

“I feel like through the academy and the other boys in the B team, they can see that there is a path to the first team. Once you get that chance, you HAVE to take it. grab it, and I like to think they’re really ready for it.

This more fluid demarcation between age groups goes both ways. Thomas was just shy of his 22nd birthday when he joined the club, putting him on the older end of what you would normally expect; but it also means they can accelerate the development of young players if they feel ready.

This includes the likes of 18-year-old Welsh winger Pat Jones and academy player of the year Brodie Spencer, who turned 18 last month but received his first call-up to the Northeast senior national team. Irish despite not playing in the first team. game for his club again.

Bromby said: “I think we have enough examples of that now for people to believe they can come here and develop and get into the first team, so there’s definitely that pathway and evidence of that. . I could probably name six or seven players, including Brodie, who we think will impact our first team.

“[It’s particularly helpful] when you have an owner who wants this to happen, and a head coach who also wants this to happen, and who are all excited about some of these players having an impact on the first team like Jon and Sorba this season.

Corberan has been known to include B teams in first-team training sessions to add an extra bridge in that gap between development squad and Championship action, with Jones, Etienne Camara, Loick Ayina and Jaheim Headley joining all the big boys towards the end of the season.

“I think sometimes I don’t differentiate too much between B-team players and first-team players – for me we only have club players,” the head coach said. Corberan.

“Of course when a player comes to the first team it means he’s ready to compete at first team level in the league, and with the B team players it’s because can -Being at this point when we started creating the we didn’t seem like them ready to compete yet – maybe in the future yes, but they have yet to develop.

“Some players over the days, weeks and months show you that they can get involved in the squad and help the first team. Sorba arrived last year and started in the squad. team B but at [end of the season] he started to show that he could help the first team and that’s why he had a few minutes with the first team, and already in pre-season and on the first day he showed that he was ready to help the team.

“Another example: Russell started in the B team process and just three or four months later he started showing that he could be someone who could help the team in the championship and compete That’s why he spent many games in a row in the team’s first XI, like Scott [High]even though Scott had a loan before he arrived [to the first team].

“So I think it’s always important to keep developing players and analyzing which players can be more ready to help you and which players need more time; and first-team players, which players keep first-team level to help the team and which ones lose something that allows us to make the decision to put someone else up front.

Meanwhile, Edmonds-Green was hugely impressive on loan with Rotherham United, while teenage striker Kian Harratt featured in his own play-off final, opening the scoring for Port Vale at Wembley as they were promoted to League One. Romoney Crichlow, Kieran Phillips, Josh Austerfield, Brahima Diarra… the list of loanees is long. Harratt has already secured his next move, joining Bradford City on loan for the 2022/23 season.

Bromby said: “Loans have also been something this season that has really been a real bonus, but something that we put in place and wanted to have where we have players playing in the league. I don’t think we’ve done that before as a club and it was a real strategy to try to do that with David Fox as loan officer. Most of my phone calls have already been for these players to go on loan around the B team.

“So the work has been excellent. Emir [Humphreys] came on and took my role as director of the academy and he evolved, it continues to evolve in a positive direction.

]]> JioPhone Next can trigger a credit revolution across the world Fri, 03 Jun 2022 05:15:11 +0000

A smartphone that is usually priced below $50, probably the cheapest in the world, will start selling in a week. If Mukesh Ambani’s JioPhone Next, an Android device custom-built for India by Alphabet Inc.’s Google, is a hit in the price-conscious market, it will solve one problem for banks while posing another.

With the remaining 300 million feature phone users in the country coming online, there will be an increase in customer data that can replace warranty. The question is how will the banks get their hands on it? One response came from iSPIRT, a small group of political influencers quietly setting technology standards for India’s digital markets, urging companies to enter new open-networked markets, from online payments to healthcare.

The Bengaluru-based group champions a new set of players – account aggregators – to unlock a much sought-after prize: Bringing the 80% of adults in developing countries into the folds of formal credit (40% in rich countries) who do not borrow money from traditional institutions.

But these people and their micro-businesses are increasingly online thanks to innovations like JioPhone Next. They pay rent, rates and utility bills and receive payments on their smartphones, scattering their footprints all over the internet. Account aggregators will gather these digital crumbs for people to share their own data in a machine-readable format for a bank loan application.

Account-Based Relationships

Introducing a layer of consent handlers is important. Emerging market borrowers can have many types of account-based relationships. Yet they can be useless to banks if they cannot present a composite picture of their financial lives to access formal loans that are monitored by credit bureaus.

More than three-fifths of India’s adult population is either invisible to credit rating agencies or considered not worth it by mainstream credit institutions. In an advanced economy like the United States, services like Experian Boost and LenddoScore help bridge the visibility gap for subprime borrowers by encouraging them to voluntarily submit their utility or video streaming bills to demonstrate their creditworthiness.

But in an emerging market with low financial literacy, banks prefer to leave the bottom of the pyramid to lenders who know the borrower in real life or who have some social leverage over them, such as microfinance companies that lend to women’s groups.

Conversely, technology platforms, intimately aware of their customers’ online behavior, can grant them loans, collecting fees while leaving the risks to the banks. Jack Ma’s Ant Group Co. cornered nearly a fifth of China’s short-term consumer debt before Beijing broke the game.

Not all countries can afford to use heavy artillery against their private sector: politics would not allow it. Aggregators can be a much more flexible tool for maintaining lending market fairness, giving banks a reasonable economic chance to compete with data-rich tech giants.

Take JioPhone Next. It will provide data on a large segment of the underbanked population. Jio, Ambani’s 4G telecommunications network, will capture some of that when subscribers to its cheap data plans buy groceries from JioMart, an online partnership with neighborhood stores across India.

Valuable data

Google will also get valuable data about user location and search queries. Facebook Inc will leverage its own knowledge as the social media giant adds to its half-billion-dollar Indian customer base for WhatsApp and a growing craze for Instagram Reels, a video-sharing platform. Unsurprisingly, Google wants to influence the Indian deposit market and Facebook is eating away at the small business loan pie.

When it comes to real-time data, banks can never match the weight of platforms. But snapshots from account aggregators can help them take a break. Just enough additional data that will tell them if a customer is more creditworthy than a low (or zero) credit score suggests can make a big difference in profit, especially since banks won’t have to pay high fees to Jio, Google or Facebook for their proprietary ratings.

By explicitly owning and sharing their data, customers will avoid being trapped by the tech industry’s biased algorithms. Small businesses will be able to show their cash flow to lenders by aggregating everything from tax payments to customer receipts. Once the telecommunications companies get on board, an affordable “buy now, pay later” plan for buying a refrigerator will become possible for a low-income family who regularly pays their phone bills.

Aggregation, being a utility, will be like tap water for the Evian platforms, and will be priced accordingly. Who will own the pipes? Walmart Inc’s PhonePe, which operates India’s most popular digital wallet, has received approval in principle to be an aggregator from the central bank. Eight banks, which together account for 48% of all accounts in the country, have agreed to use the framework, which went live on Thursday.

It’s a good start. Banks desperately need help to stay in the money game. Or they will just cry to regulators and ask them for special Big Tech protections. It would hurt experimentation and delay the credit revolution that $50 phones can spark.

Published on

June 03, 2022

FBCCI requests relaxed loan classification until December Tue, 31 May 2022 21:31:44 +0000

The country’s top trade body has today urged Bangladesh Bank to take action to ensure that existing borrowers are not classified as defaulters until December this year.

“Businesses are still going through difficult times due to Russia’s invasion of Ukraine and the continued instability in the global market,” said Md Jashim Uddin, President of the Federation of Chambers of Commerce and Industry. of Bangladesh (FBCCI).

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He made the remark during a press briefing after a meeting with BB Governor Fazle Kabir at the central bank’s headquarters in the capital.

“We have requested Bangladesh Bank to review the existing loan classification policy so that companies do not misrepresent loan repayments,” Jashim said.

The FBCCI asked the BB to provide a long-term fund to a bank in the form of a refinancing plan to enable it to lend to businesses because borrowing short does not help borrowers.

Jashim also urged the central bank to increase the size of the export development fund to $10 billion from the current $7.5 billion.

“This is because the price of raw materials has increased globally and many buyers are making deferred payments.