Loan Principle – RR Reading http://rrreading.com/ Wed, 15 Sep 2021 16:14:59 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://rrreading.com/wp-content/uploads/2021/03/rrrreading-icon-70x70.png Loan Principle – RR Reading http://rrreading.com/ 32 32 Decomposition of inflation figures draws attention to oil prices http://rrreading.com/decomposition-of-inflation-figures-draws-attention-to-oil-prices/ http://rrreading.com/decomposition-of-inflation-figures-draws-attention-to-oil-prices/#respond Wed, 15 Sep 2021 14:49:59 +0000 http://rrreading.com/decomposition-of-inflation-figures-draws-attention-to-oil-prices/

Oil futures (/ CL) are up 1% this morning ahead of the Crude Oil Inventories report. While the NY Empire State Manufacturing index was almost double the forecast. However, the news failed to move the markets.

It’s hard to get Microsoft (NASDAQ: MSFT) to move 1%, but her announcement that it is increasing its quarterly dividend by 11% and launching a $ 60 billion stock buyback program is moving stocks. The news helped support Dow Jones Industrial Average Futures (/ YM) who appear to be fighting downward pressure. Stock index futures are mixed Wednesday morning with the NASDAQ 100 (NQ) and S&P 500 (/ ES) on the positive side.

Meanwhile, the Business Wire reported that Goldman Sachs (GS) has announced its intention to purchase Green sky (NASDAQ: GSKY) for $ 2.24 billion. GSKY is the largest fintech platform for home improvement loan origination. The company allows consumers to “pay as you go” using flexible loan products.

A few Covid actions are making waves this morning. Regenerate (NASDAQ: REGN) traded more than 2% more in pre-market trading on news that the U.S. government has purchased an additional 1.4 million doses of its monoclonal antibody treatment for Covid-19. CureVac(NASDAQ: CVAC) disappointed clinical trials that led the company to cancel deals with two manufacturers.

Some gaming stocks are trading lower again because China and Macau want to tighten their control over the casino industry. Wynn Resorts (NASDAQ: WYNN) fell 10.9% on Tuesday and Sands of Las Vegas (NYSE: LVS) was down 9.6% and both stocks were down 5% in pre-market. Regulatory changes are difficult to predict, so be careful when trying to choose a floor.

Other actions to watch out for include Citrix Systems, Inc. (NASDAQ: CTXS) which climbed 7.8% in pre-market trading as The Wall Street Journal reported that hedge fund Elliott Management had more than $ 1 billion in stocks. And, Square space (NYSE: SQSP) as it is up 4.9% before the opening.

Inflate the numbers

Tuesday’s consumer price index (CPI) turned out weaker than expected with a seasonally adjusted rise of 0.3% in August. The July CPI rate was 0.5% and the June rate was 0.9%. So August was definitely an improvement. However, inflation has increased by 5.3% in the past year, which is felt by many consumers.

Core inflation, which excludes more volatile consumer products like food and energy, rose just 0.1% in August, but 4.3% year-on-year. The slowdown in price increases is probably a good sign that current inflation may only be transitory. However, Monish Patolawala, CFO of 3M (NYSE: MMM) told a Morgan stanley (NYSE: MS) Monday’s conference that inflation is higher than expected and is hitting the company’s bottom line.

It is often difficult to know to what extent inflation will actually affect the consumer. Companies may have to pay higher prices for raw materials, parts, machinery, etc., but they cannot always pass on these additional costs. A basic principle of economics is that a product is only worth what a person is willing to pay for it. If the company increases the price of a product, consumers can choose not to buy it or buy less.

Losing the consumer puts a business in a difficult position as it must determine whether it can absorb the costs and go for a lower profit margin or whether it should abandon the product. The summer earnings season has been fairly positive, meaning that many companies appear to have dealt with recent inflation issues. Hopefully businesses can follow the trend.

Stocks are deflating

On Tuesday morning, stock futures initially rallied on the CPI news. However, the rally faded into the morning session. The S&P 500 index closed lower on Tuesday for the sixth consecutive session. Concerns about the Delta variant continue to haunt investors, at least with the current uptrend without any major corrections.

Slowing inflation could mean the Fed won’t feel the need to cut sooner, putting less pressure on Fed Chairman Jerome Powell. Powell seems to like President Biden, according to Barron some Washington observers believe Powell will get a second term as Fed chairman.

Apple (NASDAQ: AAPL) also traded lower despite its highly anticipated Apple event. While the colors of the new phones are impressive, it can be hard to imagine consumers paying over a mile for a new phone as the cost of living continues to rise.

Treasury yields rebound on support

TABLE OF THE DAY: Graphic source: The thinkorswim® platform. For information only. Past performance is no guarantee of future results.

A new energy crisis? : In Monday’s Bloomberg interview, the global head of the commodities research division at Goldman Sachs (GS) Jeff Currie reiterated his $ 80 a barrel crude oil (/ CL) forecast by the end of the year. In June, a Bank of America Global Research report forecast $ 100 a barrel in 2022. As core CPI suppresses oil and food prices, oil prices could be a major drag on the economy. it achieves these goals.

If oil reaches these levels, drillers like Precision drilling (NYSE: PDS), Transoceanic (NYSE: RIG), Nabors (NYSE: NBR), and Helmerich and Payne (NYSE: HP) could potentially benefit. Due to the high amounts of capital required to cover drilling costs, high oil prices make drilling more financially viable.

Natural gas (/ NG) prices have also climbed around 100% since the start of the year. According to CNBC, Europe is experiencing a gas shortage which is helping to drive up the goods. Natural gas storage is 16% below its five-year average in Europe and 7.6% in the United States Natural gas companies like Chevron (NYSE: CVX), ConocoPhillips (NYSE: COP), Hess Corp. (NYSE: HES), Western (NYSE: OXY), and Pioneer (NYSE: PXD) will be some of the companies poised to help meet growing demand.

The potential rise in natural gas prices will likely correlate with the harshness of winter temperatures.

The nuclear option: Another product that is catching the attention of futures traders is uranium (/ UX). The rare material has exploded the chart by about 45% since mid-August. Uranium miner Comeco Corp (NYSE: CCJ) is one of the few miners to benefit from the rally.

There aren’t many uses for uranium and the most important is nuclear power. In June, Business Insider US reported that Bill Gates and Warren Buffet were planning to build a “Next-Gen” nuclear power plant in Wyoming. Bill Gates is the founder of TerraPower which designs nuclear reactors and received initial funding of $ 80 million from the US Department of Energy. While Warren Buffet’s Berkshire Hathaway (NYSE: BRK-A) has the PacifiCorp utility. The plant is expected to cost $ 1 billion and take about seven years to build.

The announcement places the partnership in a wide open field. Bloom Energy Corp (NYSE: BE) is one of the few nuclear power companies still listed on the stock exchange. However, because some still view nuclear power as controversial, it could cause some regulatory blockages for the industry.

Interest in the short-circuit is cooling: Goldman Sachs Global Investment Research has reported that short interest in S&P 500 stocks has fallen to its lowest level since 2000. Short selling is a strategy in which an investor tries to play on the downside of a stock by selling borrowed stocks and buying them back at a lower price. Of course, the risk of loss is potentially unlimited since there is no limit to the increase in the price of a share. Short interest is a measure of the number of shares of a stock currently sold short.

Last year, many bearish investors actually took it in shorts as meme traders targeted their positions and forced them to buy back their stocks. In some cases, at very large losses. Companies like GameStop Corp. (NYSE: GME) and AMC (NYSE: AMC) saw huge gains as shorts were squeezed out of their positions.

Many short sellers may be a little nervous about playing bearish in the market. The last time short-term S&P 500 interest was this low was during the dot-com bubble of 2000. This low level may suggest that the market is overheating.

TD Ameritrade® commentary for educational purposes only. SIPC member.

Image by James Armbruster from Pixabay

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Still paying the rent? This can help your mortgage application. http://rrreading.com/still-paying-the-rent-this-can-help-your-mortgage-application/ http://rrreading.com/still-paying-the-rent-this-can-help-your-mortgage-application/#respond Sat, 11 Sep 2021 07:00:09 +0000 http://rrreading.com/still-paying-the-rent-this-can-help-your-mortgage-application/

“While a credit history is a key component in assessing a borrower’s ability to make a mortgage payment, building credit in the United States is not a fair business,” said Hugh Frater, Managing Director of Fannie Mae, in a blog post.

The rent must therefore count for something. But according to FICO, which uses credit report data to build scoring systems that are already part of the mortgage underwriting process, only 0.3% of the roughly 80 million adults who live in rental housing have a mention of. rent on their credit records.

How can this be? I wanted to talk to the three dominant bureaus – Equifax, Experian, and TransUnion – about tenants. Equifax and TransUnion did not respond at all, while Experian sent a statement in lieu of an interview. As is often the case when I ask what they did, my request sort of ended up at their industry association, even though I hadn’t asked to speak to anyone there.

Francis Creighton, who heads the Consumer Data Industry Association, also said he was dismayed that, according to FICO, information on rent payments made up less than 1% of the data that companies and others sent to offices. .

“It’s a very big problem,” he said. “We desperately want this information recorded. “

For the credit bureaus to get it, however, landlords – including hundreds of thousands of people who own apartments here or three-apartments there – would have to hand it over.

“They have no incentive to do it,” said Laurie Goodman, vice president of housing finance policy at the Urban Institute. It’s only worth it if everyone contributes, as landlords could then use this new data collection to filter tenants. And not everyone is contributing at all right now.

Since the credit bureaus don’t have the rental data that Fannie Mae and others want so badly, Fannie has developed a somewhat obscure workaround involving a “desktop tariffer” validation engine and orders from. “Asset verification”.

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Radical intervention needed to save Wales city centers and town centers http://rrreading.com/radical-intervention-needed-to-save-wales-city-centers-and-town-centers/ http://rrreading.com/radical-intervention-needed-to-save-wales-city-centers-and-town-centers/#respond Wed, 08 Sep 2021 14:13:20 +0000 http://rrreading.com/radical-intervention-needed-to-save-wales-city-centers-and-town-centers/

“We need concerted interventions to lift the city centers, and an effort to fight against peri-urban development, if we are to succeed in redressing the situation.”

These are the words of Deputy Climate Change Minister Lee Waters during a visit to Bangor today (Wednesday, September 8) as he revealed the Welsh government’s reaction to the release of two major regeneration reports downtown.

The Deputy Minister traveled to Bangor to meet with local leaders and heads of community organizations to discuss the findings of Professor Karel Williams ‘report’Small towns, big problems‘ and ‘Regenerating city centers in Wales”, Prepared by Audit Wales.

“Small Towns, Big Issues” follows an in-depth study of three Welsh towns and cities: Bangor, Bridgend and Haverfordwest. It was headed by Professor Karel Williams – professor at Manchester Business School – who also frequented Bangor with the Deputy Minister.

The two reports conclude that towns and city centers are at the heart of Welsh life, but that addressing the challenges they face requires “imagination and ambitious leadership”, supported by “coordinated decision-making and intergovernmental ”.

Specific recommendations for both the Welsh government and local authorities include everything from access to public transport and the effective promotion of city centers to simplifying funding flows.

The Deputy Minister also stressed the need to focus on developments outside the city.

“Cities and town centers are the places where most of us can walk or take public transport, and they provide common access points to many transport routes,” he said. .

“We want better jobs and services in city centers where people can access them without having to get in their cars. “

“Both reports make it clear that not all of us have been successful in controlling development outside the city and we need to mobilize alliances for change in our inner cities to turn the tide.

“Our Town Center First principle, embedded in Wales’ national development plan, Future Wales, means that city and town center locations should be the first consideration in all decisions regarding the location of workplaces. and services.

Speaking at a panel discussion at the Pontio Arts and Innovation Center in Bangor, the Deputy Minister described the immediate steps the Welsh government would take.

“Today, I am pleased to confirm that our Ministerial Downtown Action Group, which I will lead and include our key stakeholders for downtown regeneration, will oversee the implementation of the recommendations made in both. reports, ”he said.

“In addition to this, I am establishing three sub-groups, one of which will lead to finding ways to encourage development in the city center but also to discourage development outside the city.

“A second group will be looking at how we can further streamline the financing offering under the Transforming Towns program and simplify its processes.

“The final group will look at planning and engaging with communities so that they have a say in what is happening in their city. “

“With the oversight and challenge of my ministerial group, these groups will develop the solutions necessary to ensure the sustainability of our cities for future generations. “

The Deputy Minister also confirmed that the Welsh Government will make additional funding of £ 5million available for Transforming Towns this fiscal year – funding of £ 60million has already been provided to support the regeneration of the center -city. “

“This additional funding shows our commitment to revitalize our downtowns and put them at the heart of everything we do,” he said.

“I can’t wait to see how this money is invested in opportunities to improve our city centers”

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Week in Lithuania: President calls for 90% vaccination target, IMF warns Lithuania about economy – Baltic News Network http://rrreading.com/week-in-lithuania-president-calls-for-90-vaccination-target-imf-warns-lithuania-about-economy-baltic-news-network/ http://rrreading.com/week-in-lithuania-president-calls-for-90-vaccination-target-imf-warns-lithuania-about-economy-baltic-news-network/#respond Sat, 04 Sep 2021 07:00:33 +0000 http://rrreading.com/week-in-lithuania-president-calls-for-90-vaccination-target-imf-warns-lithuania-about-economy-baltic-news-network/

The main news in Lithuania last week was Lithuanian President Gitanas Nausėda’s call to achieve 90% vaccine coverage against Covid-19 and the International Monetary Fund’s warning of a possible overheating of the Lithuanian economy. Also this week, 28 years since the withdrawal of the Russian army have been marked.

President calls for 90 percent immunization target

President Gitanas Nausėda said on Monday August 30 that he supported mandatory coronavirus vaccines for certain professions and called for raising the overall vaccination target to 90% of the population. Official statistics show that 69.5% of Lithuania’s adult population have received at least one injection of the coronavirus vaccine.

Energy ministry welcomes update of LNG contract with Norwegian Equinor

Energy Minister Dainius Kreivys welcomed on Monday August 30 the changes made to the agreement with the Norwegian company Equinor on the supply of liquefied natural gas. According to Ignitis, which is part of the Lithuanian public energy group Ignitis Grupė (Ignitis group), the changes would save 14 to 17 million euros over the remaining term of the effective contract, i.e. from 2022 to the end of 2024.

Lithuania celebrates 28 years since the withdrawal of the Russian army

Lithuania, Tuesday, August 31, marked 28 years since Russia completed the withdrawal of its remaining troops from the territory of the country. On this occasion, a Lithuanian national flag raising ceremony took place in Lukiškės Square in Vilnius and a minute of silence was observed in honor of the missing.

IMF warns Lithuania of potential risks of overheating

The International Monetary Fund (IMF) on Wednesday (September 1) warned Lithuania of the potential risks of overheating – both in particular sectors and in the economy as a whole. Among the risks, the IMF cited an uneven recovery of the country’s main trading partners, geopolitical tensions, disruptions in the vaccination process and a late absorption of European Union (EU) economic stimulus funds.

Lithuania receives first shipment of influenza vaccine

Lithuania received the first delivery of influenza vaccines on Wednesday (September 1st), a total of 100,000 doses, for the upcoming influenza season, the National Health Insurance Fund said in a press release. As part of preparations for the next flu season, Lithuania has already acquired a total of 257,000 doses of tetravalent vaccine, almost 5% more than in 2020, for more than 2.2 million euros. The second shipment of influenza vaccines is expected to be delivered to Lithuania at the end of October.

Read also: BNN ANALYSIS | Tensions are gripping Lithuania, but will they trigger a rise of nationalists?

Two Kaunas lawyers suspected of bribing a judge

Two Kaunas lawyers and a staff member of a law firm are suspected of bribing a judge, the Lithuanian Special Investigation Service (SIS) reported on Wednesday (September 1). According to the preliminary investigation, BL, a former judge turned lawyer, conspired with VG, another lawyer working in Lithuania’s second largest city, that she, acting in concert with TG, a member of staff at her law firm. ‘lawyers, are expected to make an illegal payment to Rimantas Grigas, a judge in the Kaunas chamber of the Kaunas District Court.

Lithuanian parliamentary parties sign pact on education policy

Representatives of Lithuanian parliamentary parties signed a pact on education policy at the Seimas on Wednesday 1 September. The document presents eighteen specific commitments in the field of education, eight objectives for success as well as three financial objectives. The agreement stipulates that the average salary of teachers is expected to reach 130% of the national average salary and that of teachers, scientists and other researchers – up to at least 150% until the end of 2024.

Court finally rejects appeal by Russian pop star against entry ban

On Wednesday September 1, the Supreme Administrative Court of Lithuania dismissed Russian pop star Philipp Kirkorov’s appeal against the decision of the Lithuanian Migration Department to ban him from entering the country for five years. On June 14, the Vilnius Regional Administrative Court rejected Kirkorov’s appeal and upheld the decision of the Migration Department.

The government supports the proposal to increase the minimum wage to 730 euros

On Wednesday 1 September, the Lithuanian government approved in principle the proposal of the Ministry of Social Security and Labor to increase the minimum monthly wage from 88 euros to 730 euros as from 1 January 2022. The Minister of Social Security and Labor Labor, Monika Navickienė, told Cabinet that the proposal was in line with the Ministry of Finance’s updated economic development forecast. Cabinet will likely adopt its final decision in October before sending next year’s draft budget to parliament for approval. The minimum monthly wage was last raised in January, to 642 euros (excluding taxes), against 607 euros.

Lithuania to move all migrants out of border crossings this month

The Lithuanian authorities will move the 1,400 irregular migrants out of border posts and municipal premises by the end of September, Interior Minister Agnė Bilotaitė announced on Thursday (September 2nd). These migrants are currently around 1,400, according to the minister. Vulnerable people will be accommodated in the refugee reception center in Rukla and in a temporary hostel in Naujininkai, a district of Vilnius, according to the minister. Others will be accommodated in Medininkai and the Foreigners Registration Center in Pabradė, near the capital. The single men, who now live in a tent camp in the Rudninkai military training area, will be transferred to a former Kybartai correctional facility.

Court forces Luminor to convert loans to Swiss francs, change interest rates

The Lithuanian Court of Appeal on Thursday 2 September forced Luminor Bank to modify the loan contracts of its customers, who had taken out loans in Swiss francs with Nordea Bank before 2009, to convert these loans into euros at the prevailing rate on the date of these loans. were granted, and to replace CHF LIBOR by EURIBOR as the reference rate.

Lithuania reports 819 new coronavirus cases, nine deaths

Lithuania recorded 819 new coronavirus infections and nine deaths from COVID-19 in the past 24 hours on Friday, September 3, the country’s statistics office said. A total of 301,167 people have tested positive for COVID-19 in Lithuania since the start of the pandemic. The number of active cases has risen to 7,621. So far, 4,593 people have died from COVID-19 in Lithuania, including 39 people fully vaccinated. The total number of deaths directly or indirectly linked to the coronavirus has reached 9,292.

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The need for debt relief in Haiti http://rrreading.com/the-need-for-debt-relief-in-haiti/ http://rrreading.com/the-need-for-debt-relief-in-haiti/#respond Wed, 01 Sep 2021 14:22:18 +0000 http://rrreading.com/the-need-for-debt-relief-in-haiti/

Haiti, one of the poorest countries in the world, is also vulnerable to the harsh realities of the climate crisis. Just days after the earthquake, the country experienced heavy rains as Tropical Storm Grace approached, causing flooding and significant challenges for the humanitarian response.

Haiti is also recovering from an earthquake that struck in 2010 in which 250,000 lives were lost and 1.5 million people were displaced.

Like many other countries in the Caribbean and around the world, Haiti’s crushing debts hamper its ability to respond to crises. The origins of the accumulation of unjust debts in Haiti are linked to colonialism.

After the successful slave rebellion of 1804 which secured the country’s independence from French rule, the French demanded 90 million gold francs (about $ 17 billion in today’s terms) from Haiti in compensation for loss of income, property and slaves. It was 10 times the nation’s annual income at the time and was still paid until 1947.

This rebellion which ensured the liberation of Haiti from colonial domination began on the 21stst August 1791, almost exactly 230 years ago today.

The payment of this colonial debt to France was only possible by contracting loans from American, French and German banks at high rates. interest rate
Interest rate
When A lends money to B, B repays the sum lent by A (the capital) as well as an additional sum called interest, so that A has an interest in agreeing to this financial transaction. Interest is determined by the interest rate, which can be high or low. To take a very simple example: if A borrows $ 100 million over 10 years at a fixed interest rate of 5%, in the first year he will repay one-tenth of the capital initially borrowed ($ 10 million) plus 5% of the capital. owed, or $ 5 million, for a total of $ 15 million. In the second year, it will repay 10% of the borrowed capital again, but the 5% now only applies to the remaining $ 90 million still owed, or $ 4.5 million, for a total of $ 14.5 million. of dollars. And so on, until the tenth year he pays back the last 10 million dollars, plus 5% of the remaining 10 million dollars, or 0.5 million dollars, for a total of 10.5 million dollars. Over 10 years, the total amount repaid will be $ 127.5 million. The repayment of capital is generally not done in equal installments. In the early years, repayment is mostly interest, and the proportion of principal repaid increases over the years. In this case, if the repayments are stopped, the outstanding capital is higher …

The nominal interest rate is the rate at which the loan is taken out. The real interest rate is the nominal rate less the rate of inflation. , crippling the economy for decades and trapping Haiti in growing debt. In 2004, President Aristide demanded that Haiti receive reparations for the payments they made to France. Soon after, he was overthrown in a US-backed military coup.

In the years following 1947, Haiti continued to receive loans from bilateral, multilateral and commercial creditors, thus perpetuating the unsustainable debt situation and undermining the country’s ability to finance health care, education and other vital public services. Many of these loans were contracted by oppressive and corrupt regimes such as the Duvalier family (François “Papa Doc” and later his son Jean-Claude “Baby Doc”) who ruled Haiti for 22 years supported by the West because that they were anti-communists. and supported the United States during the Cold War. The loans contracted by the Duvaliers represented 45% of Haiti’s total debt in 2009.

After the overthrow of the Duvalier regime in 1986, many Haitian civil society organizations emerged and began to draw attention to the main issues facing the country, including unjust debt.

As a result of these efforts and the international support that followed, part of Haiti’s debt was canceled. For example, in 2009 Haiti canceled $ 1.2 billion Heavily indebted poor countries
Heavily indebted poor countries
HIPC

In 1996, the IMF and the World Bank launched an initiative to reduce the debt burden of some 41 heavily indebted poor countries (HIPCs), whose total debt amounts to about 10% of third world debt. . The list includes 33 countries in sub-Saharan Africa.

The idea behind the initiative is as follows: a country on the HIPC list can start a twice three-year PAS program. At the end of the first stage (first three years), IMF experts assess the “sustainability” of the country’s debt (based on medium-term projections of the country’s balance of payments and net present value (NPV). ) the debt-to-exports ratio.
If the country’s debt is considered “unsustainable”, it is eligible for a second stage of reforms at the end of which its debt is made “sustainable” (that it is given the necessary financial means to repay the amounts owed). Three years after the initiative started, only four countries had been deemed eligible for very small debt relief (Uganda, Bolivia, Burkina Faso and Mozambique). Faced with such poor results and the Jubilee 2000 campaign (which brought a petition of over 17 million signatures to the G7 meeting in Cologne in June 1999), the G7 (group of the 7 most industrialized countries) and international financial institutions have launched an initiative: the criteria of “sustainability” have been revised (for example the value of the debt should only amount to 150% of export earnings instead of 200-250% as it is. was the case before), the second stage of reforms is no longer fixed: a diligent student can anticipate and benefit from debt relief sooner, and thirdly, interim relief can be granted after the first three years of reform.

At the same time, the IMF and the World Bank are changing their vocabulary: their loans, previously called “enhanced structural adjustment facilities” (ESAF), are now called “Growth and Poverty Reduction Facilities” (GPRF) while “Structural Adjustment Policies” are now called “Poverty Reduction Strategy Papers”. This document is drafted by the country requesting assistance with the assistance of the IMF and the World Bank and with the participation of representatives of civil society.
This reinforced initiative was widely publicized: the international media announced a 90% or even 100% cancellation after the Euro-African summit in Cairo (April 2000). However, on closer inspection, the HIPC initiative turns out to be yet another illusory maneuver that suggests but in no way implements debt cancellation.

List of 42 Heavily Indebted Poor Countries: Angola, Benin, Bolivia, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Comoros Islands, Congo, Côte d’Ivoire, Democratic Republic of Congo, Ethiopia, Gambia, Ghana, Guinea, Guinea -Bissau, Guyana, Honduras, Kenya, Laos, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Myanmar, Nicaragua, Niger, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Somalia, Sudan, Tanzania, Togo, Uganda , Vietnam, Zambia. (HIPC).

In order to complete the program, Haiti had to implement severe austerity measures imposed by the IMF
IMF
International Monetary Fund

With the World Bank, the IMF was founded on the day of the signing of the Bretton Woods agreements. Its first mission was to support the new standard exchange rate system.

When the Bretton Wood system of fixed rates ended in 1971, the main function of the IMF became that of being both the policeman and the firefighter of world capital: it acts as a policeman when it carries out its policies of structural adjustment and as a firefighter when intervening. to help governments with debt default.

As for the World Bank, a weighted voting system works: according to the amount paid as a contribution by each member state. 85% of the vote is needed to change the IMF charter (meaning the United States with 17.68% of the vote has a de facto veto right over any change).

The institution is dominated by five countries: the United States (16.74%), Japan (6.23%), Germany (5.81%), France (4.29%) and the Kingdom -United (4.29%).
The other 183 member countries are divided into country-led groups. The most important (6.57% of the votes) is led by Belgium. The smallest group of countries (1.55% of the vote) is led by Gabon and includes African countries.

http://imf.org, and due to program limitations, the country still had $ 900 million in debt by the time it completed the HIPC process. In addition, after the completion of the HIPC Initiative, lending to Haiti continued, again leading to an unsustainable debt situation.

In 2019, the Haitian government was spending 54% of government revenue to pay off its debt.

Haiti owes $ 2.2 billion to its creditors in 2018, which puts a strain on the country’s ability to meet the needs of the population, especially in the event of a devastating event like the earthquake that has just struck. happen.

A significant portion of this debt is owed to the government of Venezuela, but significant sums must also be repaid to the IMF in the years to come.

Since the start of the pandemic, the IMF has canceled $ 17 million in Haiti’s debt through the Catastrophe Containment and Relief Trust (CCRT). However, payments are expected to resume later this year.

Large-scale debt relief would be a quick and easy way to free up resources for Haiti to deal with the aftermath of the earthquake and tropical storm. It is also an essential element in creating fiscal space for the country to address the climate crisis, sustainable development and other national needs in the medium and long term.

And yet, there is no internationally agreed way to suspend and cancel countries’ debt immediately after shocks such as earthquakes or hurricanes, and other existing debt relief initiatives like the framework. Commonwealth of Nations are not strong or robust enough to guarantee levels of debt relief. obligatory.

Without such measures, countries like Haiti will have to pay debt to their creditors rather than ensuring the immediate safety of their citizens in the event of an earthquake, hurricane or global economic recession, let alone respect for human rights. long-term.

With the G20
G20
The Group of Twenty (G20 or G-20) is a group made up of nineteen countries and the European Union whose ministers, central bank directors and heads of state meet regularly. It was created in 1999 after the series of financial crises of the 1990s. Its objective is to promote international consultation on the principle of broadening the dialogue according to the growing economic importance of a certain number of countries. Its members are Argentina, Australia, Brazil, Canada, China, France, Germany, Italy, India, Indonesia, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States, the United Kingdom and the European Union (represented by the Presidents of the Council and of the European Central Bank).
and with COP26 approaching, southern governments, civil society organizations and communities will urge world leaders to do better on debt relief. It is time for world leaders to heed these calls and work in partnership with governments and those most affected by unjust debt to put in place tangible and appropriate solutions.

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Manchester United oppose Diogo Dalot transfer to Dortmund http://rrreading.com/manchester-united-oppose-diogo-dalot-transfer-to-dortmund/ http://rrreading.com/manchester-united-oppose-diogo-dalot-transfer-to-dortmund/#respond Sat, 28 Aug 2021 14:38:00 +0000 http://rrreading.com/manchester-united-oppose-diogo-dalot-transfer-to-dortmund/

By Pierre Vice

Despite the fact that Sky Germany’s Max Bielefeld reported that Borussia Dortmund and Manchester United have agreed on the principle of a loan for Portuguese defender Diogo Dalot, Fabrizio Romano claims the England Red Devils have made a decision final on the future of the rear.

According to reports from Italian transfer guru Fabrizio Romano, Diogo Dalot will not travel to the Bundesliga (or even anywhere other than Old Trafford) this season. Reports surfacing yesterday about Borussia Dortmund’s interest were apparently true.

If one of Germany’s top transfer experts is to be believed, Man United and Germany’s Schwarzgelben have even gone so far as to draft a loan deal.

Bielefeld called any hope of a loan crossing the line with ManU’s urgent need to find a potential replacement for the player. Clearly, the English Red Devils have concluded that no suitable replacement can be obtained over the next four days.

Learn more about Diogo Dalot

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Barcelona to rival AC Milan for Man City’s Bernardo Silva http://rrreading.com/barcelona-to-rival-ac-milan-for-man-citys-bernardo-silva/ http://rrreading.com/barcelona-to-rival-ac-milan-for-man-citys-bernardo-silva/#respond Mon, 23 Aug 2021 07:55:00 +0000 http://rrreading.com/barcelona-to-rival-ac-milan-for-man-citys-bernardo-silva/

The summer transfer window is in its final month for the big European leagues, which means the biggest clubs are looking to make a splash in the market before the start of the new season. Check out the latest gossip below, and check out all the official offers here.

TOP STORY: Barca and Milan for Man City’s Silva

AC Milan to face competition from Barcelona against Manchester City midfielder Bernardo Silva, which is attracting interest from Camp Nou, according to Le10 Sport.

Jack Grealish’s arrival at City has left the Portuguese star’s first-team minutes uncertain, and Ronald Koeman’s side are now believed to be considering a move for Silva.

The 27-year-old, who has been linked with Milan in recent weeks, contributed eight goals in 24 Premier League starts last season and was also involved in Portugal’s Euro 2020 campaign this summer.

Silva joined Man City from Monaco in 2017 after going through the Benfica youth system and has been an integral part of Pep Guardiola’s tenure, winning three Premier League titles, one FA Cup and four EFL Cups since joining the Etihad.

While Barcelona still face injury absences – like Philippe Coutinho and Ansu fati – as well as the departure of Lionel messi, a playmaker like Silva could be a nice addition if the Catalan club manage to overcome their financial difficulties and find a way to bring him to Spain.

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LIVE BLOG

09.35 BST: Kylian Mbappé is on Manchester United’s list of potential targets as they prepare a move for a big name ahead next summer, sources told ESPN’s Rob Dawson.

United are open to the possibility of adding another player to Ole Gunnar Solskjaer’s squad in this transfer window, with the club holding an interest in the central midfielder and right-back position ahead of the deadline. August 31.

United are also building for the future and plan to sign a center-forward in the summer 2022 window with Solskjaer and the recruiting team drawing up a list of options. Mbappe is one of the options on the table, along with Borussia Dortmund’s Erling Haaland, Tottenham striker Harry kane and Inter Milan Lautaro Martinez.

Mbappe has entered the final year of his contract at Paris Saint-Germain, and United are maintaining a watch file on his situation. Real Madrid officials have openly discussed the possibility of signing the 22-year-old, who has also been linked with Liverpool, this summer during negotiations for the transfer of Raphael Varane from the Bernabeu to Old Trafford. A source said Madrid need funds generated by Varane’s departure for their “Project Mbappe” initiative, although La Liga privately admit that a transfer this summer is unlikely.

09.19 BST: Brighton & Hove Albion’s Mars Solly signed a new three-year contract with the club.

On March 27, celebrated his decade at the club by putting the pen to a deal that runs until 2024.

Seagulls manager Graham Potter said of the winger, who has made over 200 appearances for the club: “I am really delighted to see Solly engage his future here, it is a pleasure to work with him. and it’s great to see him continue to progress.

“As a local boy he is a great role model and a great example for any young player with his commitment and hard work. He is a player who has a significant impact for us on both ends of the pitch, and we are delighted. that he committed his long term for the club. “

08:55 BST: Bayern Munich announced that the midfielder Joshua Kimmich signed a contract extension engaging him with the Bundesliga champions until 2025.

Germany international Kimmich has won 17 trophies since joining Bayern from RB Leipzig in 2015, including six league titles, three DFB-Pokals and the Champions League in 2019-20.

The 26-year-old said on the club’s website: “The most important reason for my contract extension is that I can happily pursue my passion every day here at FC Bayern. I have a team where I can achieve everything, and a lot of my teammates have become real friends, that’s why I started playing football, because it must be fun.

“I still don’t think I am at the end of my development and I am convinced that there are a lot of possibilities at FC Bayern in the next few years. On top of that my family feels at home here. Munich has become a second house. The combination we have here is not found everywhere in the world. “

08.38 BST: Xherdan Shaqiri is set to join Lyon after the French club announced they have an agreement in principle to sign the Liverpool midfielder.

Shaqiri, 29, signed for Liverpool in 2018 as part of a £ 13million transfer from Stoke City, but was never able to hold onto a place in Jurgen Klopp’s first team. The Switzerland international is now set to leave Anfield after scoring seven goals and recording five assists in 45 Premier League appearances for Liverpool, starting just 18 of those games.

Lyon said in a statement on Sunday evening: “Olympique Lyonnais are happy to have finally reached an agreement in principle with Liverpool for the transfer of Swiss international midfielder Xherdan Shaqiri, who was a key figure in his country. during the European Championship this summer.

“Shaqiri, who is encouraged by the OL project, will arrive tonight in Lyon where he will be welcomed by Juninho. The finalization of the transfer remains conditional on the result of the medical examination that the player will undergo this Monday morning and the finalization of the last administrative formalities. “

08:00 BST: Cristiano Ronaldo was dropped on the bench for Juventus’ 2-2 draw against Udinese in their Serie A opener on Sunday, amid speculation surrounding his future at the club.

Ronaldo eventually came on as a substitute, introduced in the 60th minute for Alvaro Morata, in a chaotic end to the game which saw the Portugal international see yellow for excessive celebration after thinking he had scored the winner of the match only for VAR to exclude it. for offside.

According to Sky Italy, Ronaldo has asked not to start the game. ESPN has reached out to representatives for Ronaldo for comment.

Juve manager Massimiliano Allegri on Saturday dismissed reports that Ronaldo could leave Turin this summer, saying the former Real Madrid player had told him he was going to stay.

to play

1:15

Gab Marcotti analyzes transfer rumors surrounding Cristiano Ronaldo and explains how this saga could end.

PAPER GOSSIP (by Adam Brown)

Fabrice Romano reports there is a new offer from Chelsea to sign Sevilla defender Jules Koundé. The France international has attracted the interest of many clubs this season, but it is believed the Spanish club will turn down any late offer that leaves little time to aim for a replacement. The 22-year-old remains a key part of the Sevilla squad and started in the season opener against Rayo Vallecano.

– Internazionale will focus its efforts on Joaquin Corréa as the Serie A champions continue to seek a replacement for Romelu Lukaku. Calciomercato writes that the Italian club have cooled their interest in Borussia Mönchengladbach Marcus Thuram, which propelled the Lazio star Correa to the top of the shortlist. The 27-year-old scored eight times in 25 Serie A appearances last season.

– Marseille has identified Alexandre sorloth as a potential replacement for Dario benedetto. This is according to Le10 Sport, which says the Marseille president is looking to take RB Leipzig forward in France. The 25-year-old forward has been on the radar of several clubs this summer, and it looks like the Ligue 1 side will continue their summer spending after Benedetto joins Elche.

that of Davide Zappacosta Premier League time appears to be over with Gianluca Di Marzio signaling that a move to Atalanta is near. The Chelsea defender has struggled to win first-team football at Stamford Bridge since the emergence of Reece james and, despite talks about a loan to Fiorentina, it now looks like Atalanta have won the race to sign the attacking right-back. The 29-year-old has made three substitute appearances for Chelsea in the preseason.

– Corriere dello Sport write that Napoli have made official contact with the Barcelona midfielder Miralem Pjanic, because the Serie A team are keen to challenge Juventus for his signing. The report claims that Luciano Spalletti phoned Pjanic to try to persuade him to come to Naples. The LaLiga midfielder is expected to leave before the end of the transfer window, with Koeman’s side deeming him in excess of requirements as they seek to cut their salary budget.

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Lyon confirm Xherdan Shaqiri transfer principle and Liverpool set to be sold for £ 9.5million http://rrreading.com/lyon-confirm-xherdan-shaqiri-transfer-principle-and-liverpool-set-to-be-sold-for-9-5million/ http://rrreading.com/lyon-confirm-xherdan-shaqiri-transfer-principle-and-liverpool-set-to-be-sold-for-9-5million/#respond Sun, 22 Aug 2021 21:34:09 +0000 http://rrreading.com/lyon-confirm-xherdan-shaqiri-transfer-principle-and-liverpool-set-to-be-sold-for-9-5million/

Xherdan Shaqiri set to become last Liverpool fringe star to be allowed to leave club after Lyon ‘finally’ strike deal to sign the Switzerland international

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Klopp ‘not surprised’ by Elliott’s win for Liverpool