RR Reading http://rrreading.com/ Fri, 11 Jun 2021 23:59:29 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 http://rrreading.com/wp-content/uploads/2021/03/rrrreading-icon-70x70.png RR Reading http://rrreading.com/ 32 32 Ipswich Town CEO wants new signings to buy into the club http://rrreading.com/ipswich-town-ceo-wants-new-signings-to-buy-into-the-club/ http://rrreading.com/ipswich-town-ceo-wants-new-signings-to-buy-into-the-club/#respond Fri, 11 Jun 2021 22:38:00 +0000 http://rrreading.com/ipswich-town-ceo-wants-new-signings-to-buy-into-the-club/

Ipswich Town CEO Mark Ashton has made it clear to potential candidates that he expects them to join the club as much as he does.

The Tractor Boys have embarked on a major overhaul of their team since Ashton became their new CEO on June 1.

Ipswich has seen a number of players leave Portman Road in recent weeks, and they have been active in the transfer market, securing Wes Burns of Fleetwood Town and Lee Evans of Wigan Athletic.

Ashton has revealed he was overwhelmed by the history and legacy of Ipswich upon joining and demanded full commitment from the new players expected to arrive this summer.

The new CEO of Ipswich wants the players who will be at Portman Road next season to work tirelessly to move the Tractor Boys forward and secure a promotion to the Championship.

“It is potentially a huge football club and I was blown away by the size, heritage and history of Ipswich Town”, Ashton was quoted as saying by TWTD.

“But at the moment we are a Ligue 1 football club and we have to work our socks off to get out of this division.

“We have to recruit players who can do it and players and staff who are absolutely dedicated to this football club and nothing else.

“I moved to the area, the players who come to join this football club and the staff who join this football club have to be part of this community because we are only going to take this club in one direction, and that is forward. “

With major changes to the management and squad at Portman Road, all eyes will be on Ipswich next season as they aim to secure promotion to the Championship.


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Successful launch of Somaliland-Kenya parliamentary caucus http://rrreading.com/successful-launch-of-somaliland-kenya-parliamentary-caucus/ http://rrreading.com/successful-launch-of-somaliland-kenya-parliamentary-caucus/#respond Fri, 11 Jun 2021 22:14:16 +0000 http://rrreading.com/successful-launch-of-somaliland-kenya-parliamentary-caucus/ WhatsApp In response to a series of contacts and meetings between the leaders of the Republic of Somaliland and the Republic of Kenya at different levels, a parliamentary caucus aimed at further cementing the broad and nascent relationship between the two countries was launched in Nairobi on Friday. . The caucus …]]>

(MENAFN – SomTribune) “> WhatsApp

In response to a series of contacts and meetings between the leaders of the Republic of Somaliland and the Republic of Kenya at different levels, a parliamentary caucus aimed at further cementing the broad and nascent relationship between the two countries was launched in Nairobi on Friday. .

The caucus aims to strengthen the cordial ties of friendship between Kenya and Somaliland as a means of accelerating and promoting regional integration through economic cooperation, trade and security.

To top off the event, the Somaliland Mission in Kenya hosted a working lunch of MPs who worked out the technical details of the caucus, outlining immediate and planned activities aimed at accelerating the relationship that the two respective presidents of the two presidents of East Africa, Uhuru Kenyatta and Musa Bihi Abdi, agreed during the latter’s official visit to Kenya in mid-December.

Speaking at the event, Hon. Sophia A. Noor, MP for Ijara, elected chair of the Kenya-Somaliland parliamentary group, expressed how thrilled she was to be part of a living history to lead the two countries to new heights of cooperation and prosperity. for their respective peoples.

Hon. Sophy took the opportunity to highlight in particular the essential role played by the Somaliland Mission in Kenya in organizing the event which, once again, brought together the august MPs.

“I would like to take this golden opportunity to thank each of you for gracing today’s Somaliland Kenyan parliamentary caucus lunch in Serena, which was indeed successful,” she said. declared.

“I am particularly grateful,” added the Honorable Member, “to the Head of the Somaliland Mission in Kenya, Ambassador HE Bashe, for the organization and sponsorship of the event. Special thanks also go to the Somaliland delegation headed by the Minister of Foreign Affairs. I am also indebted to the guest of honor, the honorable Dr Keynan, who is also deputy parliamentary secretary of Jubille ”.

The Acting Minister of Foreign Affairs of the Republic of Somaliland, Liban Yussuf Osman, underlined how honored he was to attend the official launch of the caucus.

“I am very happy,” he said, “to attend the historic and auspicious occasion when the Kenya-Somaliland parliamentary caucus is officially inaugurated,” he said.

He said the day marks an important milestone and an anchor in the friendship between Kenya and Somaliland.

Minister Lebanon said the caucus will certainly play a leading role in sealing an indestructible bond between “two great nations”.

Shortly before the Serena event, MPs released a statement briefly outlining the underlying goals and upcoming tasks for the caucus that was officially launched.

Kenyan MPs have declared that they will, as a first step, “push the government to accelerate the implementation of the agreements contained in the communiqué signed between Kenyatta and Bihi”.

Kenya / Somaliland lawmakers form parliamentary cause to strengthen ties between two nations

Nairobi, June 11, 2021: In another step to solidify ties between Kenya and Somaliland, MPs from both countries have inaugurated a caucus that will focus on socio-political and trade aspects between nations.

At a conference held at the Serena Hotel, Acting Somaliland Foreign Minister in Nairobi Lebanon Yusuf and Hon. Sophia Abdi Noor, Ijara Constituency MP and Caucus Chairman signed the statement. during the official inauguration of the Kenya-Somaliland parliamentary caucus.

Hon. Noor took the opportunity to congratulate Somaliland on the peaceful, credible and transparent elections held on May 31 and invited the newly elected parliamentarians to the caucus.

“Somaliland has shown the world that it truly is a democratic country by holding very transparent elections on May 31,” said Sophia Noor.

According to Sophia Noor: “Parliament plays an important role in complementing the executive in undertaking parliamentary diplomacy. To this end, a number of Kenyan parliamentarians have visited Somaliland and vice versa in order to strengthen and complement our cooperation. The Kenya – Somaliland parliamentary group, which brings together parliamentarians from both countries, aims to undertake parliamentary diplomacy from both sides to complement government efforts and to facilitate the easing and removal of any bureaucratic bottlenecks on either side and to expand cooperation. ”

She said Kenya caucus members will continue to work closely with the Somaliland liaison office in Nairobi to make the caucus vibrant.

The caucus follows the meeting between Kenyan President Uhuru Kenyatta and Somaliland leader Musa Bihi in December, where they signed a joint communiqué aimed at strengthening relations between the two countries.

Kenyan lawmakers said they would push the government to speed up the implementation of the agreements in the communiqué signed between Kenyatta and Bihi.

Caucus members appreciated the long-standing historical ties of friendship accentuated by the common colonial history that saw the two countries share common legal, administrative and legislative systems as well as a common currency.

“Our two countries also share an important people-to-people bond – people-to-people bonds, as we have thousands of our own Kenyan citizens who are of Somaliland descent. Meanwhile, over ten thousand Kenyans live and work in Somaliland in different sectors of the economy. In addition, the trade balance between our two countries, which is largely in Kenya’s favor, is increasing as Somaliland is currently a virtual net importer of almost everything that is used and consumed in the country, ” caucus members said. .

They further stated that Somaliland and Kenya are strong allies in regional geopolitical dynamics.

The Lebanese minister appreciated the continued support Kenyan MPs have given Somaliland over the years, adding that the caucus will strengthen the relationship between lawmakers between the two countries.

“This caucus will play a big role in strengthening the relationship between our two great countries,” said the Honorable Lebanon.

Caucus members from both countries as well as other key political elites, key captains of industry and audiences from national and county governments were in attendance at the inauguration.

Ends-

Present at the launch, in addition to the Hon. Sophia Abdinoor- Chair of the Kenya-Somaliland parliamentary group, and Hon. Liban Yussuf, Acting Minister of Foreign Affairs of Somaliland, were Amb. Bashe, representative of Somaliland in Kenya, HE Ali Korane-governor Garissa, HE Abdi Issa (vice-governor Isiolo) deputies; Senator Mohamud Maalim (Mandera), Hon. Esther Passaris (Nairobi Women’s Representative), Hon. Rehema Dida Jaldesa (representative of the women of Isiolo), Senator Farhia Haji (appointed senator), the Hon. Nasri Sahal (Nominated), Hon. Abdikarim Osman (Fafi), Hon. Kulow Hassan (Banisa), Hon. Babu Owino (Embakasi East), Hon. Mishi Mboko (Likoni), Hon. Ali Wario (Bura), and the Hon. Adan Haji (Mandera West).

Other guests of honor at the event included Amb. Abubakar Ogle and Rosemary Odinga.

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Massive steel rally hits all parts of the global economy http://rrreading.com/massive-steel-rally-hits-all-parts-of-the-global-economy/ http://rrreading.com/massive-steel-rally-hits-all-parts-of-the-global-economy/#respond Fri, 11 Jun 2021 19:27:00 +0000 http://rrreading.com/massive-steel-rally-hits-all-parts-of-the-global-economy/

As prices have surged across all commodities, the 220% jump in US steel over the past year overshadows other high-profile commodities such as copper and crude oil. A Standard and Poor’s index of steel companies, which includes Nucor, Cleveland-Cliffs and US Steel, is up 69% in 2021, by far the benchmark’s best performance in the first five months of the year .

The rally seemed unimaginable to steel executives just 10 months ago, who said it could be at least 2022 before demand for metals returned to pre-pandemic levels. The rapid recovery and slow ramp-up of steel plants have depleted stocks that were already low at the height of the pandemic.

Lumber, a market where producers have also been taken aback by a surprise increase in housing demand, is one of the few materials to have recorded comparable gains. And even home builders have to consider the impact of tight steel supply.

No devices

Carl Harris, who spent 36 years building homes, said he envisions two-month delays on refrigerators, stoves and dishwashers. Delivery times that are normally two to three weeks are now six months in many parts of the country, he said.

The lag means Harris can’t install the appliance package to market the empty two-bedroom nesting house in Newton, just outside of Wichita, Kansas, even if the rest of the house is ready. He said other builders in the area are also struggling to secure plumbing fixtures, which must be in place before a certificate of occupancy is issued.

“A lot of steel is used in appliances, so we’ve seen a huge delay in getting some appliances so we can shut down those homes,” Harris, managing partner at Harris Homes in Wichita, said during a phonecall. “We are seeing significant shortages.

It is also becoming more expensive to drill in the shale area, as rising prices for steel, cement and other supplies and services result in higher costs for explorers, according to Citigroup. Steel prices for drill pipe used in new wells could increase by about 50% in 2021, Citigroup said.

Ford Motor executives said on a conference call in the first quarter that the company saw commodity prices rise primarily for aluminum, steel and precious metals. He expects to see an increase of about $ 2.5 billion in commodities from the second to the fourth quarter, “so that’s going to hit us for the rest of the year,” said John T. Lawler, chief executive. Ford financier.

“Shock sticker”

There is a risk that high prices will start to make buyers hesitate or seek substitutes where possible.

“At one point, that causes demand destruction,” Keybanc’s Gibbs said. “Try to buy a household appliance, a new house – everything gives more sticker shock.”

There are also signs that the supply crisis could improve.

According to Andrew Cosgrove of Bloomberg Intelligence, US steelmakers are expected to build up about 4.6 million tonnes of annual production capacity by the end of 2022, an increase of about 4% from current levels. Additionally, the surge in prices has given President Joe Biden’s administration a reason to consider removing Trump-era tariffs on steel imported from the European Union.

And in China, the world’s largest consumer and producer of steel, the government has repeatedly reiterated its commitment to curb record production since late last year. Yet factories across the country are producing unprecedented volumes of steel.

But for now, steel customers looking for immediate supplies, or spot metal, have to pay more and wait longer.

“There aren’t a lot of spots available,” Heidtman Steel’s DeMare said in an interview. The factories “have limited their order books, capped the number of orders to be able to start to catch up”.

Bloomberg


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Lenders Expect Refi to Pull Out to Cut Profits http://rrreading.com/lenders-expect-refi-to-pull-out-to-cut-profits/ http://rrreading.com/lenders-expect-refi-to-pull-out-to-cut-profits/#respond Fri, 11 Jun 2021 16:34:35 +0000 http://rrreading.com/lenders-expect-refi-to-pull-out-to-cut-profits/

Lenders don’t take the refinancing boom for granted. Fannie Mae’s second quarter mortgage lender sentiment survey found that most respondents do not expect business, and therefore profits, to stay at current levels. Sixty-nine percent said profit margins would decline over the next three months, 19% expect them to stay the same and 11% think they will increase. It was the third quarter in which pessimism prevailed, but only 52% of respondents to the first quarter survey expected a decline.

Lenders said they saw increased demand for purchase mortgages over the past three months while the demand for refinancing declined. The net share of lenders who reported increased demand turned negative for the first time since the first quarter of 2019 and was the lowest since the fourth quarter of 2018 for GSE-eligible loans and government loans.

Looking ahead, lenders expect demand for purchase mortgages to remain relatively strong, but these expectations were lower than in the previous quarter for GSE and government loans. Refinancing demand expectations have dropped dramatically for all types of loans.

“Despite high optimism about the US economy, lenders are showing a cautious outlook for their mortgage business,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. This quarter, the largest net percentage of lenders in the survey’s seven-year history expects their profit margin outlook to decline. This is the third quarterly decline from record highs in profitability lenders in 2020. Those who expected a lower profit margin continued to cite competition from other lenders and changes in market trends as the main reasons. Lenders reported a significant drop in demand for refinancing in the past. over the past three months and expect the decline to continue as their expectations for refinancing demand growth hit the lowest level since moving from refinancing to buying, some lenders have reported that the transactions of purchase are more difficult and have lower margins. ”

“Recent economic indicators, however, paint a little more positive picture,” Duncan continued. “Although the gap between primary and secondary mortgages has continued to narrow, it remains wider than the level seen before the pandemic, suggesting lenders are still making profits, but not as much as in 2020. Mortgage applications edged down in 2020 over the past few weeks; however, they remain fairly strong and above pre-pandemic levels, likely due to persistently low mortgage rates. Our June National Housing Survey released at the start of the week showed that consumer demand remains strong since “buying a house on the next move” is at a high point in the survey, despite the challenges of accelerating home price appreciation and insufficient supply.

The net share of lenders reporting an easing of credit standards in the previous three months has gradually increased since the second quarter of 2020 for all types of loans. The net share of lenders planning easing over the next three months increased slightly from the previous quarter for loans not eligible for GSE, but remained relatively stable for loans eligible for GSE and government loans.


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Retail auto sales drop 55% in May as COVID-19 ends vehicle registrations http://rrreading.com/retail-auto-sales-drop-55-in-may-as-covid-19-ends-vehicle-registrations/ http://rrreading.com/retail-auto-sales-drop-55-in-may-as-covid-19-ends-vehicle-registrations/#respond Fri, 11 Jun 2021 12:23:50 +0000 http://rrreading.com/retail-auto-sales-drop-55-in-may-as-covid-19-ends-vehicle-registrations/

New Delhi: Retail auto sales in the country fell 55% in May from April of this year, as lockdowns in various states amid the second wave of the coronavirus pandemic hit vehicle registrations, the Federation of Automobile Dealers Associations (FADA) body of automobile dealers said Thursday.

All segments were hit last month as showrooms in various states were forced to close shutters amid restrictions caused by the pandemic. Total registrations in all categories in May fell to 535,855 units from 11,855,374 units in April of this year.

Retail sales of passenger vehicles (PV) in May were down 59% to 85,733 units from April, as COVID-19-related disruptions in states hit levies, the FADA.

According to FADA, which collected vehicle registration data from 1,294 of 1,497 regional transport offices (RTOs), sales of photovoltaic panels fell 59% to 85,733 units in May, from 208,883 units. in April of this year.

Sales of two-wheelers also fell 53% to 410,757 units last month, from 865,134 units in April.

Likewise, sales of commercial vehicles fell 66% to 17,534 units last month, from 51,436 units in April.

Three-wheeler sales were down 76% to 5,215 units last month, from 21,636 units in April this year, while tractor sales were down 57% to 16,616 units in the month. last, against 38,285 units in April.

“The second wave of COVID-19 has devastated the whole country because there may not be a single household that has not been affected. Apart from urban markets, this time even rural areas have been hit hard. May saw continued lockdowns in most states, ”noted FADA President Vinkesh Gulati.

He added that the auto retail fraternity was in urgent need of support amid the business disruption due to the coronavirus pandemic.

“While a handful of original equipment manufacturers (OEMs) Tata Motors (CV unit), Renault, Bharat Benz and HMSI have announced financial support to their distribution partners, others have not yet done so. Therefore, FADA humbly asks all OEMs who have yet to announce financial assistance to please do so urgently, ”said Gulati.

He also called on the government that instead of restructuring, banks should allow a 90-day moratorium on all categories of dealers without maintaining a turnover limit.

“This is necessary because the automotive retail business operates on the principle that dealers are funded by financial institutions in terms of financing inventory for a period of 30-45 days (depending on the bank) to purchase vehicles from manufacturers. automobiles, ”Gulati noted.

He said that since the current lockdown has already lasted well over 30 to 45 days and is still going on in South India, most dealers’ incomes have been affected due to minimal sales.

“For this reason, the dealers will not be able to repay the payment of their portion of the loan that is due. This will ultimately lead to a fault. In the absence of guidelines, the extension of the tranche is considered a restructuring of the loan. This will ultimately have a negative impact on the credit rating of the dealers, as their CIBIL rating will be affected, ”said Gulati.

Regarding the sales outlook, he noted that FADA remains cautious in its optimism about the overall recovery of the industry during the current fiscal year.

In the short term, normal and evenly distributed rains could provide an early respite to the rural economy, pushing demand for vehicles faster than expected, Gulati said.


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WHO’s tri-regional policy dialogue seeks solutions to the challenges facing the international mobility of health professionals http://rrreading.com/whos-tri-regional-policy-dialogue-seeks-solutions-to-the-challenges-facing-the-international-mobility-of-health-professionals/ http://rrreading.com/whos-tri-regional-policy-dialogue-seeks-solutions-to-the-challenges-facing-the-international-mobility-of-health-professionals/#respond Fri, 11 Jun 2021 08:38:22 +0000 http://rrreading.com/whos-tri-regional-policy-dialogue-seeks-solutions-to-the-challenges-facing-the-international-mobility-of-health-professionals/


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The international mobility of healthcare workers is increasing, with an estimated shortage of 18 million healthcare workers worldwide by 2030, and this trend is expected to continue.

Ahmed, Regional Director of the World Health Organization (WHO) in the Eastern Mediterranean, Europe and Southeast Asia, especially during the COVID-19 pandemic, as part of collective efforts to address challenges the international mobility of health professionals. Dr Mandhari, Dr Hans Kluge and Dr Poonam Khetrapal Singh each launched a virtual political dialogue in the three regions to examine trends and policy responses in the region. They represent ministries from three WHO regions, regulators of health professionals, United Nations agencies, development partners, technical experts and more, and sectors of development, education, finance , migration and trade around the world. The participants participate. Two-day meeting.

The movement of health workers in the WHO region is particularly visible, as the top six countries of origin of migrant doctors working in the Organization for Economic Co-operation and Development (OECD) countries and the top six countries of origin of migrant nurses were member countries. is. Three regions.

The event will discuss WHO regional challenges, opportunities, policy responses and innovations on approaches to ethical international recruitment, fair and efficient employment, integration of foreign health professionals and contributions diaspora health professionals. aims. The international mobility of healthcare workers is increasing and it is estimated that there will be a shortage of 18 million healthcare workers worldwide by 2030, and this trend is expected to continue. Improved mobility management through improved information, policies and international cooperation based on the WHO Code on the International Recruitment of Health Workers, Expanding the Mobility of Health Workers and improving universal health and medical security. WHO member countries.

“The current pandemic has highlighted the centrality of health professionals to health security and health-related Sustainable Development Goals (SDGs). Countries are sustainable citizens who meet their current and future needs. You must invest in healthcare workers, which expands and transforms the education, training, recruitment, development, distribution, maintenance and financing of healthcare workers, improves working conditions and creates attractive jobs. It means, ”said Dr Ahmed Armandari, WHO Director for the Eastern Mediterranean Region.

In addition, the WHO Director for Europe, Hans Henri P Kluge, said: “Health is the largest employment sector in WHO Europe, employing around 13 million people, which answers the mobility of health professionals for the 53 member countries we serve. This is one of the reasons why investing in the sector in a way that benefits both the home country and the recipient country will have a positive impact on the economy, society and overall health in the country. to come up. It’s also the right thing to do because it’s a worthwhile investment. “

In addition, Dr Poonam Khetrapal Singh, WHO Regional Director for South-East Asia, said: The time has come for all stakeholders to work together to pave the way for enhanced cooperation among health systems and capacity building of health systems in sending and receiving countries. Despite the important implications and the maintenance of this liquidity in low- and middle-income countries of the world, the health sector has remained on the sidelines of the debate on health worker liquidity for too long. The health sector actively promotes the WHO’s ‘health in all policies’ approach and works with the Ministry of Labor, the Ministry of Education, the Ministry of Commerce and other relevant ministries to inform policies and delivering good health outcomes. Must be achieved. “

WHO’s tri-regional policy dialogue seeks solutions to the challenges facing the international mobility of health professionals Source link WHO’s tri-regional policy dialogue seeks solutions to the challenges facing the international mobility of health professionals


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Business News | Stock market and stock market news http://rrreading.com/business-news-stock-market-and-stock-market-news-3/ http://rrreading.com/business-news-stock-market-and-stock-market-news-3/#respond Fri, 11 Jun 2021 04:37:58 +0000 http://rrreading.com/business-news-stock-market-and-stock-market-news-3/



Through




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Former regional mortgage broker accused of $ 1 million fraud | Business Observer http://rrreading.com/former-regional-mortgage-broker-accused-of-1-million-fraud-business-observer/ http://rrreading.com/former-regional-mortgage-broker-accused-of-1-million-fraud-business-observer/#respond Fri, 11 Jun 2021 01:37:43 +0000 http://rrreading.com/former-regional-mortgage-broker-accused-of-1-million-fraud-business-observer/

Fort Myers – Former Lee County mortgage broker Thomas Jericho has been charged with fraudulent charges against his role in mortgage loan modifications and investment fraud, which authorities say topped $ 1 million. dollars nationwide.

Jericho was arrested on June 10 for communications fraud, according to a statement from the Florida Financial Regulatory Authority. The Lee County Sheriff’s Office has been released to support the OFR in an investigation, and Fort Myers Police are believed to be involved in the arrest.

Authorities say Erico told victims he could “find a fraud” in the mortgages. This will allow Erico to request a loan change or loan cancellation from a lender. He also promised the victim that he would reimburse the costs if the mortgage documents were not fraudulent, the statement said.

However, according to an investigation by the OFR, Erico did not obtain a modification of the mortgage loan and did not reimburse the victim, ”the statement read. “The investigation revealed that neither Jericho nor the company he allegedly ran had a license to negotiate the terms of the mortgage.”

The colluding plan, Carlo Hamrahi, also known as Roberto Colleoni, was arrested in California and turned over to Florida under a warrant issued by Lee County in 2020. Hamrahi has been charged with being involved in an organized scheme of fraud. In a statement announcing the arrest, officials said the investigation revealed “a large-scale mortgage scam targeting dozens of seniors.”

For Errico, authorities doubled the victims’ investment in six months by buying land and condos below market prices and quickly reselling them at a profit, even as part of another fraudulent plan. Claims to have promised. He also reportedly sold a high-yielding promissory note to another victim, and officials say the proceeds will be paid off within six months of the real estate transaction closing. Neither phrase was true, and it became clear that Jericho used the victim’s investment to pay for personal expenses, ”the statement said.

“I am proud of my state attorney’s office and financial regulator who brought this criminal to justice,” Attorney General Ashley Moody said in a statement. “I continue to fight for Floridian and I am available. We use all means to protect our citizens against fraudsters who try to manipulate and deceive others. “

Former regional mortgage broker accused of $ 1 million fraud | Business Observer

Source Link Former Regional Mortgage Broker Charged With $ 1 Million Fraud | Business Observer


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At the intersection of the doctrine of black letter contracts, property and fairness: In re Citibank August 11, 2020 Wire Transfers, 2021 WL 1652171 (2021). | Charles E. Rounds, Jr. http://rrreading.com/at-the-intersection-of-the-doctrine-of-black-letter-contracts-property-and-fairness-in-re-citibank-august-11-2020-wire-transfers-2021-wl-1652171-2021-charles-e-rounds-jr/ http://rrreading.com/at-the-intersection-of-the-doctrine-of-black-letter-contracts-property-and-fairness-in-re-citibank-august-11-2020-wire-transfers-2021-wl-1652171-2021-charles-e-rounds-jr/#respond Thu, 10 Jun 2021 18:42:40 +0000 http://rrreading.com/at-the-intersection-of-the-doctrine-of-black-letter-contracts-property-and-fairness-in-re-citibank-august-11-2020-wire-transfers-2021-wl-1652171-2021-charles-e-rounds-jr/

Citibank administers as agent a $ 1 billion term loan for debtor (Revlon) and creditors (lenders). Lenders only have contractual property rights to the incremental principal payments over the term of the loan, which ends in 2023. The bank mistakenly transferred the full principal amount from its own account to the lenders, instead of an interest payment of $ 7.8 to Revlon’s account. Many lenders have returned the money to Citibank, but some have refused and are now subject to a return action. Under common law reinforced by equity, lenders have been unjustly enriched and must therefore make restitution. The (federal) trial judge disagreed, however, having misinterpreted Article 14 (1) of the Restatement (First) Restitution (1936), which provides that the creditor of another person who has received in error from a third party a benefit in satisfaction of the debt or lien is not subject to any equitable obligation to make restitution in this regard. See In re Citibank August 11, 2020 Wire Transfers, 2021 WL 1652171 (2021). The rule is a specific application of the underlying principle of buying in good faith. However, in this case Article 14 (1) at best would certainly only capture the satisfaction of contractual property rights over any overdue installment payments, with lenders having no current contractual property rights over the full amount. of the principal, at least not by virtue of these facts. The evolution of the doctrine of unjust enrichment is taken up in general in §8.15.78 of Loring and Rounds: A Trustee’s Handbook, which is reproduced in its entirety in the appendix immediately below.


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mCloud Delivers Adaptive AI Network Energy Savings to North America’s Top 20 Buildings http://rrreading.com/mcloud-delivers-adaptive-ai-network-energy-savings-to-north-americas-top-20-buildings/ http://rrreading.com/mcloud-delivers-adaptive-ai-network-energy-savings-to-north-americas-top-20-buildings/#respond Thu, 10 Jun 2021 14:41:02 +0000 http://rrreading.com/mcloud-delivers-adaptive-ai-network-energy-savings-to-north-americas-top-20-buildings/

SP Group, owner and operator of the electricity and gas (T&D) transmission and distribution business in Singapore, developed and published the world’s first Smart Grid Index (SGI) for utilities in 2018. The framework reviews and uses seven key dimensions which are based on the definitions of smart grids by the European Union Commission and the United States Department of Energy (DOE).

These key dimensions are:

  1. Monitoring and control
  2. Data analysis
  3. Reliability of supply
  4. Integration of distributed energy resources (DER)
  5. Green energy
  6. security
  7. Empowerment and customer satisfaction

The seven key dimensions

These key dimensions measure and compare the network intelligence achieved by 85 utilities in 37 countries and markets. This annual benchmarking exercise for 2020 began in May and ended in December 2020.

Global trends 2020

Utilities around the world continue to focus and invest in network intelligence, as confirmed by an average improvement of 6% from 2019. Results for 2020 indicate that utilities are now focusing on growing on the use of data analytics as they expand their smart meter coverage network and adoption of analytical applications for asset health assessment and / or network planning to to benefit from the data collected.

In general, utilities are now taking steps to strengthen their cybersecurity capabilities and physical infrastructure in the face of growing threats to their businesses and networks. More and more utilities are complying with national guidelines to protect their assets against cybersecurity threats.

With the growing urgency to respond to the desire to reduce carbon emissions, there is a need to invest heavily in sustainable energy solutions. DER integration and green energy are emerging trends seen among global utilities. This is especially true given that the cost of DERs has seen a significant reduction over the past decade.

The 2020 maturity level by region for each of the seven key dimensionsThe 2020 maturity level by region for each of the seven key dimensions

Public service results for 2020

Utilities in the three regions, namely Europe, North America and Asia-Pacific, scored high on surveillance and control, a basic requirement for smart grid development. All the utilities that participated in the survey have implemented a Supervisory Control and Data Acquisition (SCADA) system, with around 60% of utilities now having a distribution management system ( DMS) and / or installing an Advanced Distribution Management System (ADMS).

Utilities recording best practices in each of the seven key dimensionsUtilities recording best practices in each of the seven key dimensions

Table 1

Table 2

Regional performance

As a region, European public services have improved the most, especially in the areas of data analysis, DER integration, security and green energy. This is likely attributed to the wider coverage of smart meters and an increase in compliance with national security guidelines. In addition, utilities are now benefiting from a greater contribution from renewable energy sources, for example wind and solar, supporting the deployment of electric vehicles (EVs) and the deployment of energy storage systems through large-scale battery.

Utilities in North America continue to dominate smart grid development due to the disruption of their electrical industry earlier than in other regions. These utilities are now the world leaders in data analytics, security and DER integration.

Utilities in the Asia-Pacific region significantly improved data analysis with an increase of 15%, the biggest jump in this category among the three regions. These utilities have also seen growth in their smart meter coverage and more widespread use of data analytics to monitor asset health and grid planning.

Brochure Sgi 2020 Assets 02

Average score by region showing improvement between 2019 and 2020Average score by region showing improvement between 2019 and 2020

Sgi 2020 Brochure Assets 05

summary

SP Group first developed the SGI to advance its own network development and then introduced it to its industry peers to promote the sharing of best practices to improve the quality and reliability of the distribution system. energy, reduce costs and enable a more sustainable environment.

IMS reflects the pulse of the industry as utilities around the world now become more responsive and adaptable to the evolving and changing needs of their customers. In addition to network reliability and increased security, utilities are redoubling their efforts to go green and become more sustainable. Applying this index can, hopefully, help utilities identify and learn best practices from each other to build a smart low-carbon energy future for all.


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