Aviation Loans – Civilav Med http://civilavmed.com/ Sun, 15 May 2022 02:19:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://civilavmed.com/wp-content/uploads/2021/04/default-150x150.png Aviation Loans – Civilav Med http://civilavmed.com/ 32 32 NOC raises fuel prices – The Himalayan Times – Nepal’s No.1 English Daily Newspaper https://civilavmed.com/noc-raises-fuel-prices-the-himalayan-times-nepals-no-1-english-daily-newspaper/ Sun, 15 May 2022 02:19:43 +0000 https://civilavmed.com/noc-raises-fuel-prices-the-himalayan-times-nepals-no-1-english-daily-newspaper/


The Nepal Oil Corporation has raised the price of petroleum products with effect from Sunday.

In issuing a notice late this evening, the NOC said the company had suffered heavy losses in the import of petroleum products and had decided to raise the prices of petrol, diesel and kerosene by Rs 10 per litre. each.

Following the overhaul, petrol will cost Rs 170 per litre, while diesel and kerosene will cost Rs 153 per liter each. However, the prices of LPG and aviation fuel have not been changed.

According to NOC, the company is currently buying gasoline at Rs 184.36 per litre, diesel at Rs 184 per litre, kerosene at Rs 140 per litre, domestic aviation fuel at Rs 143.36 per litre, international aviation fuel at Rs 123.78 per liter and LPG. at Rs 2,650.18 per liter from the Indian Oil Corporation.

Despite rising fuel prices in the domestic market, the NOC said it will still face losses of Rs 14.36 per liter of petrol and Rs 31.44 per liter of diesel. While he will make a profit of Rs 12.64 per liter each on kerosene and domestic aviation fuel and Rs 64.69 per liter on international aviation fuel, he will suffer a loss of Rs 1,050.18 Rs per bottle of cooking gas.

The NOC is to pay 31 billion rupees to the IOC for the purchase of fuel by May 23. It was 12.49 billion rupees short to meet its full payment of 25 billion rupees on May 8. The NOC had speculated on a loss of 5.19 billion rupees over the next 15 days if prices were not revised.

Despite the revision, it will still suffer a loss of up to Rs 4.25 billion over the next fortnight, according to the notice.

Stating that the NOC is short of funds to buy fuel from the IOC, the company asked the government to either manage the funds or arrange for subsidized loans from financial institutions to meet its payment obligations.

A version of this article appears in the May 15, 2022 printing of The Himalayan Times.

China: China expands defense supplies to African states https://civilavmed.com/china-china-expands-defense-supplies-to-african-states/ Thu, 12 May 2022 02:17:00 +0000 https://civilavmed.com/china-china-expands-defense-supplies-to-african-states/ China is helping some African states provide defense equipment and infrastructure, which can significantly increase Beijing’s strategic presence on the continent.

According to Boston University’s Center for Global Development, China has signed 27 loan agreements with eight African countries worth $3.5 billion between 2000 and 2020 for defense spending.

Most of this sum was spent on purchasing military aircraft, equipment and training and on building housing for the army and police.

About $2.1 billion went to Zambia, which also received massive loans from China to build highways, dams and airports. Other countries to receive Chinese military loans include Ghana, which received $389 million, Cameroon ($333 million), Tanzania ($285 million), Zimbabwe ($257 million), Sudan ($121 million), Sierra Leone ($16 million) and Namibia ($9 million). ).

According to

The University’s Global Development Center, Chinese lenders included the National Political Bank, the Export-Import Bank of China (Eximbank), and Chinese companies such as Aviation Industry Corporation of China (AVIC) and Poly Technologies.

Jyhjong Hwang, senior researcher for Boston University’s Chinese Loans to Africa Database, said Zambia was the top recipient of Chinese loans for defense equipment.

Formerly Rhodesia, now Zimbabwe, once threatened Zambia with an embargo and invaded Zambian airspace in 1964. China came to Zambia’s support, including for the army of the air. Chinese military aircraft were competitively priced and loans were made for them.

The Zambian Air Force is also a major employer as well as a property developer in Zambia, particularly in the capital Lusaka. Aviation Industry Corporation of China is not only a leading aircraft supplier, but also a construction company for large-scale infrastructure projects – roads and airports.

The current Zambian fleet also includes Italian, Russian and Swedish aircraft.

John Calabrese, head of the Middle East-Asia project at the American University in Washington, told the South China Morning Post that during the 1970s Zambia’s relations with Britain and Rhodesia soured. and that the latter imposed an embargo on Zambian copper exports. Simultaneously, it moved closer to Beijing.

Since 2006, China’s presence in Zambia has expanded and become Zambia’s largest creditor.

“The Zambian military has been seeking to modernize for several years and China may be interested in developing this aspect of the relationship to expand its presence in the African arms market and improve the security situation in the country – thus protecting its investments in a country where it dominates the mining sector,” reported SCMP quoting Calabrese.

Chinese involvement in Zambia has created controversy and US Africa Command recently announced plans to open an office at the US Embassy in Zambia to enhance security cooperation.

Anchor Loans Appoints Chief Strategy Officer and New Head of Project Management https://civilavmed.com/anchor-loans-appoints-chief-strategy-officer-and-new-head-of-project-management/ Tue, 10 May 2022 13:00:00 +0000 https://civilavmed.com/anchor-loans-appoints-chief-strategy-officer-and-new-head-of-project-management/

New roles are tied to the company’s long-term growth plans

THOUSAND OAKS, Calif., May 10, 2022 /PRNewswire/ — Anchor Loans, the nation’s leading provider of financing to real estate investors and entrepreneurs, today announced that Andrew Jewet and Tracey Williams were promoted to new roles of Director of Strategy and Director of Corporate Planning, respectively.

Andrew Jewet, who was senior vice president of corporate sales at Anchor, will now lead corporate growth and strategic initiatives for Anchor Loans. Specifically, he was responsible for leading the company’s national expansion and new product development efforts. Jewett will also be responsible for customer relations, pricing strategy, product development, intelligence analysis and competitive intelligence. Marketing, communications and sales development will also continue to report to him.

Jewett has over 16 years of experience in fixed and reverse lending and real estate capital markets. Prior to joining Anchor Loans, he was Head of Lending and Co-Head of Capital Markets at Sundae, Inc., which he joined after acquiring Aperture, a proprietary analytics and technology company co-founded by Jewett. . Prior to Aperture, Jewett was Managing Director and Co-Head of Capital Markets at Wedgewood, a diversified real estate investment and operating company. While there, he helped develop and lead the rapid growth of Civic Financial Services, its fixed and reverse lending subsidiary. Jewett was also a director of mortgage finance for the Royal Bank of Scotland and an analyst at CD Downer & Co. and Greenwich Capital.

In her new role as Director of Corporate Planning, Williams will be responsible for project management and the implementation of strategic initiatives for the company. She is responsible for setting up and managing the company’s project management office to ensure company-wide projects are completed on time, on budget and on scope. In addition, she will manage cross-departmental collaboration on projects aimed at achieving corporate goals of increased efficiency and productivity.

During his career, Williams has played an entrepreneurial role in a variety of real estate businesses and other industry sectors including: business services, healthcare, public market startups and private aviation. She started her career as a real estate investor in Calabasas Park/hidden hills/Woodland Hills, California. area with notable turnarounds like the former multi-millionaire hidden hills estate of the late novelist and screenwriter William P. Blatty of “The Exorcist” fame, currently owned by recording artist Drake.

“Anchor has a long history of internal promotion and Andrew and Tracey’s new roles are just the latest example of that,” said Andrew Pollock, Managing Director of Anchor Loans. “Both have consistently demonstrated their leadership abilities at Anchor, and both will play a vital role in our continued expansion and growth.”

Anchor Loans has seen significant growth in recent years, ending 2021 with a record $1.8 billion in the origins. As part of its growth and expansion plans for 2022, the company recently launched a new single-family rental investor loan program, updated its visual identity and unveiled a new website.

About Anchor Loans
Anchor Loans is the nation’s largest private direct lender to real estate investors. The company is responsible for more than $10 billion in financing since its inception in 1998 and is the first in the industry to finance more than $1 billion in a single year, which it has surpassed every year since 2016. Anchor Loans specializes in larger, more personalized loans for experienced real estate entrepreneurs. Over 85% of Anchor Loans borrowers are repeat customers and over 75% of the company’s new borrowers are referred by existing customers. The company has been listed for two consecutive years on the Inc. 5000 list of America’s fastest-growing small private companies. For more information, visit https://www.anchorloans.com.

SOURCE Anchor Loans

After 36 years, the Marcus line seems to be coming back to life https://civilavmed.com/after-36-years-the-marcus-line-seems-to-be-coming-back-to-life/ Sun, 08 May 2022 19:52:22 +0000 https://civilavmed.com/after-36-years-the-marcus-line-seems-to-be-coming-back-to-life/

Ferdinand “Pong Pong” Marcos giving a speech during the campaign.Photo ANP/EPA

Filipino journalists are particularly familiar with Ferdinand “Pong Pong” Marcos, as the 64-year-old son of deposed dictator Ferdinand Marcos, ousted in 1986, turns around when the press asks questions. It also avoids electoral debates. Yet BBM, as it calls itself, emerges in the polls as the winner of the presidential election

Marcus Jr. owes this pioneering position to the boring sermons about his father, who was saddled by the United States from 1965 to 1986 as a counterbalance to the communists raised in Asia at the time. BBM markets this right-wing kleptocracy as the “golden age” of order and employment. During the reign of Marcos Sr., several thousand political opponents disappeared and, according to the World Bank, the Marcos family stole five to ten billion dollars from the Treasury. Father’s bad sides whitewash his son with the help of his own YouTube channel.

It presents millions of viewers with misinformation shrouded in rosy nostalgia as a promise of their future. On social media, popular meme creators, wisdom gurus and paid satirical accounts amplify Marcus’ messages. Predominantly young voters, who remember little of the dictatorship, prefer the online riots and Marcos’ vague call for “unity”.

Voters are tired of politicians who, in response to dictatorship, defended democratic values ​​and good governance for 35 years. Mark Thompson, a Southeast Asian policy scholar at the City University of Hong Kong, said Marcus viewed those three decades as a waste of time.

Marcos’ political plans for the future

Like many experts on Philippine politics, Thompson is unaware of Marcos’ political plans for the future. BBM says it will continue the policies of outgoing President Rodrigo Duterte. This offers little support for a geopolitical celibate like Duterte, who initially cited Beijing and pushed back against the United States, seeking only a rapprochement with Washington in her later years.

Supporters of Marcos Jr. in Paranaque, a suburb of Manila.Photo: AFP

China has a long-running dispute over the South China Sea with Manila, but Filipino leaders who aren’t pushing the border dispute to a fever pitch should work with Beijing in other areas. However, the Philippines, as allies of the United States, are caught in the crossfire. For the Americans, this strategically located archipelago is a base for the Indo-Pacific region, where Washington and a growing group of Western nations are trying to fight China’s form of land grabbing at sea.

This deceitful division does not play a major role in elections, where even internal issues or party platforms are subject to the personalities of the candidates and their families. Nowhere are political dynasties more dominant than in the Philippines, where 234 powerful families are in power.

These political dynasties were born between 1898 and 1946, when only landowners were allowed to vote in this then American colony. This led to the creation of family empires that gained more and more power and money by allowing members of different generations to hold as many political positions as possible. Until this family falls, or they are voted out. Today, 67 million citizens have the right to vote, although Philippine democracy has an elitist character due to the domination of dynasties.

After Marcos’ impeachment in 1986 and his death in 1989, no one expected the Marcos family to rise again. However, his widow Imelda and her offspring soon rose to key political positions. In the battle for the presidency, BBM teams up with the friendly Duterte clan: Duterte’s daughter is his running buddy

Attractive breeds

This political game of families, Thompson said, attracts voters. The appeal of the breed is enhanced by the love of brands. Families with political power over several generations are perceived as experienced: these are strong marks.

In 2016, BBM narrowly lost as running mate Lenny Robredo, the woman always its top contender. This time, he has the wind with him. As Robredo’s volunteers go door to door dragging Marcos voters into the political center, young Marcos rides the waves of former strongman desire.

The descendant of Marcos was never in power again, human rights activists and left-wing politicians have sworn, but under Duterte the left-wing bloc became too powerless to bring down Marcos, Thompson says.

If he wins, the United States will learn to live with him, due to the strategic importance of the Philippines. That means they won’t pay much attention to the US arrest warrant for Marcos and his mother Imelda for refusing to pay $353 million in compensation to victims of human rights abuses during the dictatorship.

Billions of dollars in Chinese loans

However, there is a strong chance that BBM will lean towards Beijing. There he has a legacy to draw on, as Marcus Sr. recognized the People’s Republic of China in 1975 as one of America’s earliest allies in Asia. Such a past creates a good atmosphere for the investment negotiations Marcos needs to deliver on his campaign promises for economic recovery. Billions of dollars in loans now come from China rather than the United States.

While China’s promises of $24 billion in infrastructure in 2016 have failed to materialize, the young Marcos in power presents opportunities for a charming new Chinese offensive of roads and bridges, in exchange for the acquiescence of the Philippines in the South China Sea.

United’s new flight school prepares its first class for a more inclusive cockpit https://civilavmed.com/uniteds-new-flight-school-prepares-its-first-class-for-a-more-inclusive-cockpit/ Mon, 02 May 2022 14:14:16 +0000 https://civilavmed.com/uniteds-new-flight-school-prepares-its-first-class-for-a-more-inclusive-cockpit/

When United Airlines announced the launch of its own aviation academy last year, the first-ever flight school to be started by a major US airline, there was also a promise to blaze new trails, especially for underrepresented groups of aspiring pilots.

Ricki Foster, 38, is one of the few to make history as a first class member of the United Aviate Academy. Foster was born in Jamaica but was living with her family in Atlanta, Georgia when she first entered the world of aviation as a flight attendant.

After a decade in this job, Foster rediscovered her passion as a pilot when a fellow pilot suggested she consider the role and took her on a discovery flight. Shortly after, she was training at a local school in Georgia when she heard about United’s Aviate — more importantly, its initiative to diversify the flight deck. When she did a bit of her own research, she was blown away.

“You mean, there’s a real company, a great company, that isn’t scared, that isn’t shy, that doesn’t back down, that doesn’t just do an hour-long seminar on diversity and inclusion. They’re really pursuing that? For me, that was really appealing and long overdue,” Foster said. “I pursued a path here because I felt this was where I needed to be.”

Ricki Foster, 38, at the United Aviate Academy

United Airlines faced a huge response from students across the country when it announced the opening of a flight school committed to promoting diversity and inclusion. Additionally, the need for more pilots is increasing as a shortage of pilots is hurting the entire industry right now.

“Through the academy, United Airlines hopes to continue to increase the diversity of its flight decks and realistically represent the communities the airlines serve,” said Charles Hobart, United Airlines spokesman. “Our goal is to train around 5,000 drivers at the academy over the next 10 years. United intend to hire 10,000 drivers over the next 10 years, so we expect half of those drivers to come from the academy. ‘academy.

For a long time, becoming a pilot seemed like a financial impossibility for many. According to United, just taking private pilot training, which is just one step towards becoming a professional pilot, could cost around $17,000. Obtaining a commercial pilot license can go up to $100,000.

The United Aviate Academy hoped to ease this burden on aviation students by leveraging longstanding relationships with partner organizations: JP Morgan Chase-sponsored scholarships and student loans provided by Sallie Mae are notable financial stepping stones offered to future aviators. United also works with the Organization of Black Aerospace Professionals, Sky Sisters, Latino Pilots Association and Asian Professional Pilots Association to help identify and direct highly qualified and diverse candidates to the academy.

“We are overwhelmed with the enthusiasm of people who want to join the academy and those who are there right now,” said Hobart. “It’s not easy to train to be a pilot, but we were extremely impressed with the first generation of students and the commitment they put into their studies.”

Recruit from the deepest pool possible

The academy’s first class, which started in December 2021, was made up of 80% women or people of colour, 30% more than the number United committed to in their announcement last spring. There are currently 125 students in the academy, but the number has remained constant despite the increase in student numbers, with 78-79% still being people of color. The academy continues to welcome new students each month and add classes to the school itself.

“Traditionally pilots come from the military or some legacy connection. When you look at the history of commercial aviation among airline pilots, they tend to lean towards a particular demographic, the white male. Our commitment to training is always to recruit from the deepest possible pool of exceptional and qualified candidates,” said Hobart. “By looking elsewhere for talent while maintaining our high standards, we know we’re going to be an even stronger airline.”

Sure enough, mother-of-two Foster was one of the potential talents United discovered through their newly framed search. Despite ten exciting years of flying day and night in commercial planes as a flight attendant, the idea of ​​becoming a pilot never crossed Foster’s mind, at least until a year ago. .

She was immediately taken aback by the thought of being in the cockpit, just a few feet from where she normally sat at work, taking charge of the flight instead of watching over it. But it didn’t take him long to fall head over heels in love with piloting, and this new avenue stuck “like a love bug in his brain.”

When Foster entered her first class at the academy, consisting of 30 students, she knew she had come to the right place.

“My class was like what they were talking about. We had men, women, gay, straight, black, Hispanic, Asian, we had everyone,” Foster said. “The initial ‘Wow, we look like what they say.’ was very fulfilling. And as we continued to have more students, it’s the same thing. We have a bit of everyone on campus.

Students range from 19-year-olds with no kids and no college experience to people in their 40s looking to start their next career. Despite the diversity of experiences, they were all able to find commonalities between them. As a mother herself, Foster was able to connect with other parents. As a black woman, she bonded with other women who shared her initial passion and reluctance to become a pilot.

But while Foster was impressed with the academy once she joined her first class, she was aware of United’s previous commitment to racial diversity.

“I know United have been diversifying their flight deck for a long time,” Foster said. “I don’t have hard numbers, but I’ve been in the industry for a while and from my observations most of the black drivers I see are from United. So I could say that United were working on it, but this new initiative is so commendable. I am so proud to be part of it. »

Other people’s dreams

Besides becoming a pilot, Foster has other dreams she wants to achieve – or rather the dreams of other people.

Foster regularly speaks to aspiring young pilots who have concerns similar to hers when she was in their position. More recently, she met a young black girl who initially spoke with uncertainty but quickly radiated excitement as their conversation ended. Foster finds children the most rewarding to talk to.

“I have young parents who ask me to talk to their children. It’s satisfying because they’re the next generation,” Foster said. “I don’t want them to be like me and never think they could be pilots. This was for my generation. In the future, I want every child, every minority, every boy and every black girls know they can be pilots if they want to.

So far, Foster has received her private pilot’s license, the first of the grades she will earn during her one-year program. Professionally, she hopes to continue to excel at the academy and is looking forward to getting her first job as a pilot after a long period of training. Personally, she can’t wait to take her mother, her biggest cheerleader and supporter, on a flight where Foster herself is the captain.

CORRECTION: An earlier version of this story incorrectly stated that it costs hundreds of thousands of dollars to obtain a private pilot’s license.

How the Argentinian pilot who collects planes and whom the United States accuses of narco millionaires scammed https://civilavmed.com/how-the-argentinian-pilot-who-collects-planes-and-whom-the-united-states-accuses-of-narco-millionaires-scammed/ Sun, 01 May 2022 05:58:38 +0000 https://civilavmed.com/how-the-argentinian-pilot-who-collects-planes-and-whom-the-united-states-accuses-of-narco-millionaires-scammed/

Federico “Fred” Machado the Argentinian businessman who will be extradited to UNITED STATES accused of laundering drug money, he is also suspected of defrauding investors and lenders of millions of dollars to acquire jets in which the organization carried cocaine, even for the sinaloa cartel.

In the request to the Argentine justice, to which he accepted TN, texas attorney Ernest Gonzalez explained the maneuver by which he would have generated profits of $ 350,000,000 since 2016.

I also read: Crooks with window: they sold armchairs, charged them by freight and then disappeared

To like Leonard Cositortocreator of Generation Zoebut on a much larger scale, “Fred” and his accomplices -Debra Lynn Mercer-Erwin, Kayleigh Moffett and Michael Assad Marcos- are accused of having used the ponzi scheme: the pyramid scheme by which investors are incentivized to take out loans that have been paid for with the funds of previous investors.

To understand the fraud and how the gang managed to have a large fleet, it is necessary to explain how the illicit association in which the Argentine is involved worked. Born in Río Negro, Machado is considered a “big fish” of drug money laundering by the Airport Security Police (PSA) and was captured in Neuquén.

The N777EH, seized by the Colombian police, for attempting to traffic 200 kilos of cocaine to Mexico. (Photo: Twitter/@AIRCOP_ROPAN)

The prosecution pointed out that the transnational criminal organization acquired and operated, at least as of 2010, “aircraft from the United States and other countries to facilitate the smuggling of drugs and drug products, as well as to launder money”, through a complex network. network of companies whose base of operations was the company Aircraft Warranty Company, established in a town in Texas without an airport.

First, the plan included the fraudulent use of registrations and titles to conceal the true nature, location, ownership and control of the aircraft. To do this, the Argentinian and his criminal accomplices used trusts and illicit business entities in this country to acquire and register aircraft, conceal illegal foreign ownership and the true nature of their flights.

However, when the pilots were unable to complete the narco mission, members of the structure deregistered the aircraft and/or transferred title to other parties “to aid in the continued concealment of the control, ownership and location of the same”.

I also read: Miami: the prime minister of a paradise archipelago in the Caribbean arrested for drug trafficking

At the same time, they used business entities and financial accounts to defraud lenders and investors into paying large sums of money for buy planes that don’t exist, that are legally unserviceable or unsaleable.

The pyramid scheme of “Fred” Machado for the purchase of planes of drugs

According to the indictment, since at least 2016, Mercer-Erwin, Moffett and Machado”they devised a plan and an artifice, specifically a “Ponzi” scheme, defraud people and obtain money by false or fraudulent pretenses, representations or promises”.

This scheme took advantage of the typical aircraft purchase transaction to entice investors to deposit millionaire figures in a custody account of the criminal organization.

But this sum, accepted as a loan, was never spent on the purchase of a jet, but was instead used for a refundable deposit. The sales never took place because the plane does not exist or because it belongs to someone else.

Federico Andrés Machado's passport.  (Photo: TN).
Federico Andrés Machado’s passport. (Photo: TN).

For example, on September 27, 2019, via South Aviation Inc., one of Machado’s companies in Florida, in Miami, the group’s members have signed a series of agreements to purchase an unsaleable aircraft.

It was unsaleable because it belonged to a private airline and was in China“, wrote the prosecutor in the document sent to Procunar, by Diego Iglesas, and studied by the assistant prosecutor Matías Álvarez.

On November 12, 2020, another of the Río Negro companies did the same with an Air India plane and it was not for sale. This agreement was for a refundable deposit of $5,000,000 in dollars. Machado signed this agreement on behalf of Pampa Aircraft Financing, another one of his businesses based in the town where he lived until he had to flee.

The profits obtained were channeled to foreign accounts and investment vehicles through electronic transfers and other means to continue to support and facilitate the operations of the structure.

How Fred Machado’s gang’s fleet of narco jets were discovered

The U.S. Department of Commerce, Bureau of Industry and Security, Office of Export Controls, and Homeland Security Investigations Division have launched an investigation. after noting irregularities in the files of aircraft and that several, on behalf of the accused, were seized or destroyed during international drug smuggling.

The members of the organization tried -by means of another maneuver- get the coveted “N” in front of the queue number indicating that it was registered in the United States.

This letter on the license plate gave them some leeway to operate: the foreign countries they were traveling through were less likely to inspect drug-laden planes or force them to land.

Federico Machado, the Argentinian businessman who will be extradited to the United States.  (Photo: Police).
Federico Machado, the Argentinian businessman who will be extradited to the United States. (Photo: Police).

On October 11, 2018, the N241CW jet was purchased by TWA International, from Carlos Rocha Villaurrutiaanother of the persons concerned. On the same day, he registered the aircraft and submitted an International Operations Declaration to fly from Phoenix, Arizona to Ciudad Juárez, Mexico. the jet crashed in Venezuela while transporting 1,200 kilograms of cocaine for the Sinaloa Cartel.

On October 19, 2019, the aircraft N322BC he landed on a clandestine airstrip in Belize’s Cayo District, where he was found abandoned. The seats had been removed and the aircraft was configured to carry narcotics.

On December 16, 2019, the jet bearing the number N939RR was seized in Guatemala with approximately 2,572 kilograms of cocaine. These two aircraft had also been registered with TWA International and deregistered following the incidents. The prosecution managed to detect more than twenty similar cases.

Among them, the jand Bombardier Challenger 604 registered N600AM. In January 2011, Spanish police discovered 944 kilograms of powdered cocaine hidden inside the plane that had arrived in Barcelona from Argentina. The flight was operated by Machado’s South Aviation.

It was the plane of brothers Gustavo and Eduardo Juliá, sentenced in 2013 to 13 years in prison for drug trafficking and released in 2020.

Banking and financial legal milestones | Quarterly tri-legal report January-March 2022 https://civilavmed.com/banking-and-financial-legal-milestones-quarterly-tri-legal-report-january-march-2022/ Fri, 29 Apr 2022 13:33:01 +0000 https://civilavmed.com/banking-and-financial-legal-milestones-quarterly-tri-legal-report-january-march-2022/

With the announcement of the Union Budget 2022-2023 on February 1, 2022, the previous quarter was a turbulent time in the financial sector. The Reserve Bank of India continued its wave of reforms and launched some relevant initiatives.

The Union budget 2022-2023 (Budget) as well as the initiatives of the Reserve Bank of India (RBI) focused on improving access to credit by promoting microfinance and digital outreach. Credit leads remain strong with the reopening of the voluntary retention channel (VRR) for foreign investors, the extension of the emergency credit guarantee scheme for key sectors affected by the pandemic and the introduction of alternative investment funds (FIA) designed to invest in the distressed asset market.

The original version of this article first appeared in the Tri-legal quarterly report.

Key developments

1. Principal Directorate – Directorates of the Reserve Bank of India (Regulatory Framework for Microfinance Lending), 2022

March 14, 2022, March 14, 2022, effective April 1, 2022 (Microfinance regulation). Previously, the old RBI microfinance regulatory framework prescribing price caps, a cap on the amount of loans and a limit on the number of lenders was only applicable to non-bank financial companies and credit institutions. microfinance (NBFC-IMF). The Microfinance Regulations now provide a harmonized framework for all regulated entities lending to the microfinance segment (Regulated entities), including regular commercial banks, small finance banks, NBFC MFIs and NBFC investment and credit companies. Here are some highlights of the Microfinance Regulations:

  • The Microfinance Regulations now provide a common definition of microfinance loans linked only to the annual income of the borrower’s household, regardless of the lending institution, the end use of the loan and the mode of application/processing/disbursement.
  • The distinction made in the previous framework between rural and urban households has also been removed. This, coupled with the increase in the household income threshold to INR 3,00,000, is likely to boost the consumption bases of regulated entities.
  • Microfinance segment loans must be unsecured and cannot be secured by a lien on the borrower’s deposit account. In addition, repayment obligations are capped (at 50% of monthly household income, which will include both principal and interest payments on all existing loans as well as student loans), interest may not be usurious, no prepayment penalty may be charged and any late payment penalty may only be applied to the overdue amount.
  • The regulatory cap on the interest rate that NBFC-MFIs could charge under the old regulations was also removed, putting them on the same footing as other regulated entities.
  • The restriction on a borrower to avail microfinance loans from more than two NBFC-MFIs under the old regulations has also been removed.
  • Regulated entities are required to have board-approved policies in place for assessing household income, pricing microfinance loans (including a well-documented approach to arriving at the all-inclusive interest rate) and flexible repayment schedules, among others.
  • For entities to be eligible for an NBFC-MFI license, they must have at least 75% of the assets in the microfinance portfolio. The cap applicable to NBFCs has also been increased to 25% of their total assets, from 10%.

2. Introduction of special situation funds as a subcategory of alternative investment funds

The Securities Exchange Board of India (SEBI) amended the Securities and Exchange Board of India (Alternative Investment Funds) Regulations 2012 on 24 January 2022 (FIA regulations), to introduce special situations funds (SSFs) as a sub-category of category 1 AIFs. SSFs are AIFs created to invest in “special situation assets” which include:

  • Distressed loans available for acquisition in accordance with the 2021 guidelines of the Master Directorate – Reserve Bank of India (Transfer of Loan Exposures) (Main loan transfer instructions), or as part of an approved resolution plan under the Insolvency and Bankruptcy Code, 2016 (IBC), or under any similar policy which may be issued.
  • Security receipts issued by an asset recovery company.
  • Securities of recipient companies (i) whose borrowings are available under the Master Loan Transfer Guidelines, (ii) against whose borrowings collateral receipts have been issued by an asset recovery company, (iii) whose borrowings are subject to the corporate insolvency resolution process under the IBC, and (iv) which have disclosed persistent defaults for a period of at least 90 days.

SSFs must have a corpus of INR 100 crore, with each investor’s contribution being at least INR 10 crore. In addition, SSFs are exempt from certain investment conditions applicable to other AIFs of the same category, such as restrictions on investing more than 25% of its funds in a single company.

3. Extension of the emergency line of credit guarantee system until March 2023

The emergency line of credit guarantee system (ECLGS) provides a 100% guarantee by National Credit Guarantee Trustee Company Limited (NCGTC) to be granted to member credit institutions for certain eligible credit facilities which they grant to specific eligible borrowers. During the pandemic, this program was introduced to provide relief to borrowers in cash flow shock and was initially made available until March 2022. After the budget announcement, the ECLGS was extended until March 2023. Additionally, the NCGTC has expanded the coverage, scope, and breadth of benefits of the ECLGS for the hospitality, travel, tourism, and civil aviation sectors. Key highlights include:

  • Eligible borrowers in hospitality and related sectors are now allowed to qualify for loans of up to 50% of their total funds-based outstanding credit, up from the previous limit of 40%, subject to the upper limit existing loan of INR 200 crore per borrower.
  • Eligible borrowers in the civil aviation sector are now allowed to avail loans of up to 50% of their total fund-based and non-fund-based credit outstanding, subject to an increased maximum limit of 400 crore INR per borrower.

4. Reopening of the voluntary retention process

The VRR was introduced on March 1, 2019 to facilitate stable investments by foreign portfolio investors (REITs) in debt securities issued in India. Initially, a dedicated investment limit of INR 1.50,000 crore was prescribed for this route along with the waiver of certain restrictions otherwise applicable to REIT investments under the normal route. Due to the positive investor response and the available limits having been exhausted earlier, the RBI issued further instructions on 10 February 2022, notifying an increase in investment limits under VRR to INR 2.50,000 crore with effect from April 1, 2022.

5. Changes in stamp duty regime in Maharashtra

The Maharashtra Stamp (Amendment) Act 2021 introduced additional stamp duty rates on certain key transactions. The important changes introduced are:

  • The maximum stamp duty payable on agreements relating to the deposit of title deeds, pledge, pledge or mortgage (in cases where the amount secured exceeds INR 5 lakh) has been increased from INR 10 lakh to INR 20 lakh .
  • The maximum stamp duty payable on a mortgage deed (in cases where the secured amount exceeds INR 5 lakh) has been increased from INR 10 lakh to INR 20 lakh.
  • The maximum stamp duty payable on (i) agreements relating to the deposit of title deeds, pledges, pledges or mortgages, and (ii) mortgage deeds, executed for the benefit of a consortium of banks is now capped at INR 50 lakh.

While increasing stamp duty rates in single-lender transactions is likely to increase borrowing costs in a state that already has one of the highest stamp duty rates in India, the cap prescribed on security documents in consortium loans is a welcome decision – given the Supreme Court ruling in Chief Revenue Control Authority v Coastal Gujarat Power Limited where it was held that transactions with each lender in a syndicate of lenders would be treated as separate transactions, requiring the payment of stamp duty for each such transaction.

6. Major budget announcements

  • Digitization of the credit ecosystem in India, including the introduction of a digital currency by the RBI. A new tax regime for virtual digital assets. To read our update on this development, click here.
  • Launched digital banking units in 75 districts across India and integrated 1.5 lakh post offices into the basic banking system adopted by banks.
  • Upper and middle layer NBFCs with at least ten fixed point service delivery units shall implement by September 30, 2025 a system of “basic financial services solution” similar to the basic banking solution adopted by banks.

7. Decision of the Supreme Court on the application of security measures

The Supreme Court of Union Bank of India v Real Estate Regulatory Authority of Rajasthan ruled that in the event of a conflict between the Real Estate (Regulation and Development) Act 2016 (RERA) and the Securitization and Reconstitution of Financial Assets and Enforcement of Security Act 2002 (SARFAESI Law), the provisions of the RERA would prevail. Accordingly, it ruled that the Real Estate Regulatory Authority may receive complaints from purchasers of a real estate project against a bank seeking to enforce its rights over the project as a secured creditor under the SARFAESI Act (in taking possession or otherwise), thus confirming that the rights of homebuyers are paramount.

The opening of VRR limits will hopefully clear up the backlog of investments from REITs that were in limbo for lack of VRR limits. While the extension of the deadlines for the ECLGS and the introduction of the SSFs appear to be a step in the right direction to deal with the situation of stressed borrowers in India, it will be interesting to see whether the introduction of the SSFs leads to a significant increase in activity in the distressed asset space. Budget proposals for digitization can also significantly promote access to long-term credit if implemented quickly and effectively.

The eyes of the world are now fixed on the Russian-Ukrainian conflict. Although there was no immediate negative impact of the conflict on the Indian economy, it remains to be seen how the ripples in the global economy will affect India in the future.

To see more content from the latest issue of the Trilegal Quarterly Roundup, Click here.

More support for payroll and job creation https://civilavmed.com/more-support-for-payroll-and-job-creation/ Thu, 28 Apr 2022 00:57:55 +0000 https://civilavmed.com/more-support-for-payroll-and-job-creation/

Foreign returnees visit a job fair during the 19th International Professional Exchange Conference in Shenzhen, south China’s Guangdong Province, April 24, 2021. [Photo/Xinhua]

Li: Stabilizing employment should be a high priority amid new COVID surges

China will provide greater policy support to keep the wage bill stable and boost job creation, in a bid to ensure stable economic performance, according to a decision taken at an executive meeting of China’s Business Council on Wednesday. State chaired by Premier Li Keqiang.

“We must now place greater emphasis on stabilizing employment. The new round of COVID outbreaks have hit employment quite hard. businesses based on a healthy COVID-19 control,” Li said.

“It is particularly important to ensure the normal operation of key companies in industrial and supply chains, transport and logistics, and those in the response to COVID-19, and to guarantee key infrastructure. Point-to-point assistance point will be provided to those facing tremendous hardship,” Li said.

Policies for temporarily deferring the payment of old-age insurance, unemployment insurance and workers’ compensation premiums will be extended to the catering, retail, tourism, civil aviation, transport sectors road, river and rail services to all micro, small and medium-sized enterprises, or MSMEs, and self-employed households facing COVID-related difficulties in their activities.

The proportion of reimbursement of unemployment insurance premiums for MSMEs and self-employed households that do not or only slightly reduce their workforce will be increased to 90%.

The localities will be supported in setting up temporary discounts on electricity consumption for industries in particular difficulty. In addition, broadband and dedicated internet services will be provided to MSMEs at preferential rates. In addition, a healthy development of the platform economy will be promoted to stimulate job creation.

“We must make special efforts to support market entities and maintain job stability. At the same time, we must do everything possible to boost job creation, especially for key groups such as university graduates,” Li said.

A cluster of projects in areas such as farmland irrigation, water conservancy and rural roads will be launched, and public works programs will be expanded, to increase employment opportunities for workers immigrants. Support measures such as deferred repayment of student loans and reduction and waiver of interest will be explored.

The meeting also heard reports on work to ensure smooth transport and logistics, and urged greater efforts to unblock bottlenecks.

“We need to maintain smooth transportation and logistics. This is crucial for maintaining stable overall economic performance and ensuring people’s well-being. This work should be a key part of our agenda,” Li said.

The meeting demanded efforts to ensure the efficient operation of the traffic arteries. Toll plazas and service areas along highways should remain open whenever possible. Platform and delivery companies will be supported to increase their transport capacity.

Support will be provided so that outlets that have been closed due to COVID-19, including express service outlets, can resume operations and delivery staff can return to work in an orderly manner.

Value-added tax will be exempt on qualifying revenue generated by express delivery services from May 1 through the end of the year. A lending quota of 100 billion yuan ($15.2 billion) will be set up as soon as possible to support financing for the transportation, logistics and warehousing industries.

It is imperative to issue as many travel permits as necessary, the assembly decided. Rapid application and issuance and cross-regional recognition of travel permits will be achieved nationwide. Free COVID-19 tests will be provided to truckers during transport.

Biden plans to visit Israel in the coming months (Israeli Prime Minister’s Office) https://civilavmed.com/biden-plans-to-visit-israel-in-the-coming-months-israeli-prime-ministers-office/ Sun, 24 Apr 2022 17:59:43 +0000 https://civilavmed.com/biden-plans-to-visit-israel-in-the-coming-months-israeli-prime-ministers-office/

AMMAN: Jordanian authorities have issued warnings to citizens after a dust storm raged across Jordan on Saturday and disrupted air operations in the kingdom.

The National Center for Security and Crisis Management has warned people, especially people with respiratory problems, to stay alert and avoid going out, especially in the northeast and the capital Amman.

The center warned of low visibility, especially in desert areas, saying dusty weather conditions would persist for the next three days.

Civil Aviation Regulatory Commission (CARC) Chief Commissioner Captain Haitham Misto said low visibility procedures (LVP) had been implemented at airports to ensure safe operations during the storm. sand that currently hits the kingdom and the entire eastern Mediterranean region.

Misto said planes were flying over Queen Alia Airport waiting for the sandstorm to slow so they could make low-visibility landings.

The official did not say whether a flight was diverted or canceled as a result of the sandstorm.

On Saturday evening, authorities in the northeastern town of Mafraq faced flash floods from neighboring Syria.

Mafraq Governor Suleiman Enjada said some citizens living on the border with Syria had been evacuated from their homes.

The Public Safety Department (PSD) has urged citizens, especially those living in the eastern, southern and central regions, to remain vigilant in light of the dust storm and low visibility conditions. who accompany him.

The PSD also warned of the possibility of flash floods mainly in the northeastern regions.

A large plume of dust from the Saharan desert reportedly blew over Egypt and the eastern Mediterranean, shrouding many parts of the region in a thick layer of gray and orange dust.

EPS of $0.91 expected for Washington Trust Bancorp, Inc. (NASDAQ:WASH) this quarter https://civilavmed.com/eps-of-0-91-expected-for-washington-trust-bancorp-inc-nasdaqwash-this-quarter/ Sat, 23 Apr 2022 00:09:38 +0000 https://civilavmed.com/eps-of-0-91-expected-for-washington-trust-bancorp-inc-nasdaqwash-this-quarter/

Wall Street brokers predict that Washington Trust Bancorp, Inc. (NASDAQ: WASHGet a rating) will show earnings per share of $0.91 for the current fiscal quarter, Zacks reports. Two analysts provided earnings estimates for Washington Trust Bancorp, with the highest EPS estimate of $0.92 and the lowest estimate of $0.90. Washington Trust Bancorp reported earnings per share of $1.17 in the same quarter last year, suggesting a negative 22.2% year-over-year growth rate. The company is expected to release its next earnings report before the market opens on Monday, January 1.

According to Zacks, analysts expect Washington Trust Bancorp to report annual earnings of $3.78 per share for the current fiscal year, with EPS estimates ranging from $3.68 to $3.87. For the next fiscal year, analysts expect the company to report earnings of $4.13 per share, with EPS estimates ranging from $3.85 to $4.40. Zacks earnings per share averages are an average based on a survey of sell-side research analysts who follow Washington Trust Bancorp.

Washington Trust Bancorp (NASDAQ: WASHGet a rating) last announced its results on Wednesday, January 26. The financial services provider reported earnings per share of $1.15 for the quarter, beating Thomson Reuters consensus estimate of $1.01 by $0.14. The company posted revenue of $58.05 million in the quarter, versus analyst estimates of $55.65 million. Washington Trust Bancorp had a net margin of 31.26% and a return on equity of 13.94%. In the same quarter last year, the company posted earnings per share of $1.07.

WASH has been the subject of several research reports. StockNews.com launched a hedge on Washington Trust Bancorp shares in a research report on Thursday, March 31. They have placed a “holding” rating on the stock. Zacks Investment Research upgraded Washington Trust Bancorp shares from a “sell” rating to a “hold” rating in a Friday, Jan. 7, report. Finally, Piper Sandler reduced shares of Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a target price of $56.00 for the stock. in a report on Thursday, April 7.

A number of hedge funds have recently increased or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Washington Trust Bancorp by 270.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,704 shares of the financial services provider worth $246,000 after buying 3,434 additional shares last quarter. Boston Trust Walden Corp increased its holdings in Washington Trust Bancorp by 2.1% in the first quarter. Boston Trust Walden Corp now owns 323,337 shares of the financial services provider worth $16,975,000 after buying an additional 6,652 shares last quarter. Bradley Foster & Sargent Inc. CT acquired a new stake in Washington Trust Bancorp during the fourth quarter valued at approximately $209,000. Norges Bank acquired a new stake in Washington Trust Bancorp during the fourth quarter worth approximately $8,131,000. Finally, Barclays PLC increased its stake in Washington Trust Bancorp by 7.9% during the fourth quarter. Barclays PLC now owns 39,995 shares of the financial services provider worth $2,254,000 after buying a further 2,940 shares last quarter. 76.86% of the shares are currently held by institutional investors.

WASH inventory traded down $0.82 during Friday’s midday session, hitting $49.69. 38,932 shares of the company were traded, against an average volume of 57,165. The company has a market capitalization of $861.18 million, a P/E ratio of 11.32 and a beta of 0.74. Washington Trust Bancorp has a 12-month low of $46.35 and a 12-month high of $60.96. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt ratio of 0.30. The company has a fifty-day simple moving average of $52.84 and a 200-day simple moving average of $55.19.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 8. Shareholders of record on Friday, April 1 received a dividend of $0.54 per share. The ex-dividend date was Thursday, March 31. This represents a dividend of $2.16 on an annualized basis and a yield of 4.35%. Washington Trust Bancorp’s payout ratio is currently 49.20%.

Washington Trust Bancorp Company Profile (Get a rating)

Washington Trust Bancorp, Inc. operates as a bank holding company for The Washington Trust Company, of Westerly, which provides various banking and financial services to individuals and businesses. The Company operates in two segments, commercial banking services and wealth management services. The Commercial Banking segment offers various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans which consist of homeowner mortgages and construction loans; and consumer loans including home equity loans and lines of credit, personal installment loans and personal loans secured by general aviation aircraft.

See also

Get a Free Copy of Zacks’ Research Report on Washington Trust Bancorp (WASH)

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Earnings history and estimates for Washington Trust Bancorp (NASDAQ:WASH)

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