Banking – The Carriage HSE Mon, 03 Jan 2022 07:23:07 +0000 en-US hourly 1 Banking – The Carriage HSE 32 32 Ventyx Biosciences Raises $ 114 Million Funding Led by venBio Partners to Advance Various Immunology Programs Tue, 09 Mar 2021 10:58:00 +0000

ENCINITAS, California, Mar. 9, 2021 / PRNewswire / – Ventyx Biosciences, Inc. (“Ventyx”), a clinical-stage biotechnology company that is developing a pipeline of immune modulators to treat inflammatory and autoimmune diseases, announced today hui the completion of a $ 114 million equity financing led by venBio Partners alongside new investors including Third Point, RTW Investments, LP, Janus Henderson Investors, Wellington Management, OrbiMed, Surveyor Capital (a Citadel company), Farallon Capital, Vivo Capital, Logos Capital, Qiming Venture Partners United States, Cormorant Asset Management and the participation of founding investor New Science Ventures. As part of the funding, Richard gaster and Aaron Royston from venBio Partners and Jigar choksey from Third Point will join Ventyx’s board of directors.

“We are extremely proud to have the support of such distinguished investors who share our enthusiasm, dedication and vision to build a world-class immunology company,” said Raju mohan, Chairman and CEO of Ventyx. “The additional capital will allow us to accelerate our clinical development programs while simultaneously expanding our portfolio of small molecule therapeutics with best-in-class potential for patients with inflammatory and autoimmune diseases. We have assembled a union of experienced investors who can support the long-term growth and development of our extensive immune modulator pipeline. “

The portfolio of potent and selective small molecule drug candidates, discovered in-house and wholly owned by Ventyx, targets multiple indications in the field of immunology, including gastrointestinal and dermatological diseases. The company’s pipeline combines the clinical stage programs of three companies founded by Raju mohan and new scientific enterprises:

  1. A selective fabric S1P1R modulator of inflammatory bowel disease (IBD) and other indications developed by Oppilan Pharma;
  2. A selective allosteric TYK2 an inhibitor, developed by Ventyx, which is expected to demonstrate high efficacy and therapeutic utility in a wide range of immunological disorders; and
  3. the NLRP3 inhibitor program, created by Zomagen. The first candidate for this program will enter the clinic in the second semester of this year.

In addition, the company is leveraging its world-class drug discovery platform to advance preclinical programs against other biologically relevant targets involved in inflammatory diseases and difficult-to-treat autoimmune diseases.

“The Ventyx team has done an extraordinary job advancing high-quality clinical drug candidates rapidly and efficiently against compelling biological targets,” said Richard gaster by venBio. “We are following the I&I space closely and are delighted to bring these assets together into one exceptional company and lead the current fundraising round. We look forward to supporting Ventyx’s efforts to bring meaningful new treatments to patients.

“We are delighted to call on such a distinguished group of healthcare investors to support the development of the Company’s innovative immunology programs, and we welcome Rich, Aaron and Jigar to the Board of administration ”, added Somu Subramaniam new scientific ventures.

About Ventyx Biosciences, Inc.

Ventyx Biosciences, Inc. is a clinical-stage biotechnology company developing a broad portfolio of potent and selective small molecule drug candidates for treating inflammatory diseases and autoimmune disorders. Ventyx Biosciences combines the assets of three formerly independent, asset-centric companies: Oppilan Pharma, targeting S1P1R, Zomagen Biosciences, targeting the NLRP3 inflammasome, and original Ventyx Biosciences, targeting TYK2. The diversified portfolio of the new joint entity includes first-class, highly differentiated clinical-stage and pre-clinical programs focused on high value-added targets.

Ventyx is headquartered at Encinitas, California. For more information on Ventyx, please visit

About venBio partners

venBio Partners is a life sciences investment firm that partners with industry leaders to create and invest in innovative drugs and technologies, with a focus on new therapies for medical needs not satisfied. See

About New Science Ventures

New Science Ventures, LLC (NSV) is a New YorkA venture capital firm that invests in companies using cutting edge science to create and build large companies in the life sciences and information technology industries. NSV was founded in 2004 by Somu Subramaniam, managing partner, and invested approximately $ 800 million in start-up and start-up companies located in United States and European. For more information, please visit


Chris Krueger
Ventyx Biosciences, Inc.
(858) 945-2393
[email protected]

Investor Relations and Media Contact

Juniper hint
Amy conrad
(858) 914-1962
[email protected]

SOURCE Ventyx Biosciences, Inc.

Trump could be investigated for tax evasion, Manhattan prosecutor says Tue, 09 Mar 2021 10:57:59 +0000

NEW YORK (Reuters) – The Manhattan district attorney said Monday he may have grounds to investigate President Donald Trump and his companies for tax evasion, as he seeks to persuade a federal appeals court to allow him to get Trump’s tax returns.

Lawyers for District Attorney Cyrus Vance made the claim in a case filed with the U.S. 2nd Court of Appeals in Manhattan, four days before considering Trump’s request to block Vance’s subpoena. August 2019 for tax returns.

Lawyers said the “mountainous” public allegations of misconduct, including misrepresentation of commercial properties, could warrant a grand jury investigation into possible tax evasion, insurance fraud and falsification of business records.

“Even though the grand jury was only testing the truth of public claims, these reports, taken together, fully justify the scope of the grand jury’s subpoena,” Vance’s attorneys wrote, without accusing Trump or his companies of acts. reprehensible.

Jay Sekulow, a lawyer for Trump, declined to comment on the case.

Among the reports cited by Vance’s office were allegations that Trump routinely sent lenders financial statements that inflated his assets and omitted debt-laden properties, and from 2004 to 2014 he allegedly paid $ 400 million in cash for “Five houses, eight golf courses and a winery” despite billions of dollars in debt.

They also included the case of former Trump personal attorney Michael Cohen, who pleaded guilty to campaign finance and other charges, and told Congress it was common for the Trump Organization to tamper with records when she is asking for loans.

Vance previously said his investigation also covered reports of “possibly widespread and prolonged criminal conduct” at the Trump Organization, including possible insurance and banking fraud by the company and its executives.

Trump, a Republican, said that the subpoena of Vance, a Democrat, to his accounting firm Mazars USA for eight years of his personal and corporate income tax returns was “extremely excessive” and issued in bad faith to harass him.

The president made this point after the U.S. Supreme Court in July rejected his previous request for immunity from criminal investigations while in the White House.

Trump is now appealing U.S. District Judge Victor Marrero’s August 20 ruling allowing the subpoena to be enforced.

But Vance’s attorneys said Trump’s arguments, including that Mazars’ subpoena largely copied an earlier subpoena from Democrats in the United States House of Representatives, have been “recycled” from now on. where he claimed immunity.

Lawyers called Marrero’s examination “meticulous,” after Trump accused the judge of dismissing his arguments as a “stolen” form of immunity.

Oral pleadings are set for September 25 before a panel of three judges, all appointed by Democratic presidents.

Although the appeal has been expedited, the public is unlikely to know what is in Trump’s tax returns before the November 3 election.

Report by Jonathan Stempel in New York; Additional reporting by Karen Freifeld; edited by Jonathan Oatis and Tom Brown

Can I get a break from paying off a loan if I’m on a 50% pay cut? – News Tue, 09 Mar 2021 10:57:59 +0000

Dubai – Know your legal rights if your salary has been reduced due to the Covid-19 pandemic.


By Ashish Mehta

Posted: Sun Feb 7 2021, 13:29

Last update: Sun Feb 7 2021, 13:33

Question: I have a personal loan worth 70,000 DhDh from a bank in Dubai. I had a payment deferral in June for four months because I was on a 50% pay cut due to the coronavirus pandemic. But my company still has not reinstated all of our salaries and my bank is not ready to extend the deferral. I can only repay the loan if I am paid in full. What legal help can I get?


>> Pay cuts in the United Arab Emirates amid Covid: can they be extended indefinitely?

>> Coronavirus: Can the employer in the United Arab Emirates permanently reduce his salary?

Answer: According to your request, it can be noted that by making use of a personal loan (the Loan) from the bank (the Bank), you become responsible and responsible for paying the installments (the IMS) on time. timely, even if your salary has been reduced.

It can be noted that no matter if your salary has been reduced or your salary has been reinstated, you are still held and responsible to repay the loan. In the event of default on your part, the Bank’s claim for the unpaid amounts against you will remain.

In addition, the Bank may attempt to invoke all of the loan repayment security conditions set out in the “Personal Loan Agreement” in the event of default, which may include cashing a security check issued by the Bank. borrower in favor of the Bank against the Loan.

Assuming that at the time of use of the Loan, you had issued a security check to the Bank, the Bank may choose to deposit it for collection in the event of recurring non-repayment of the EMI.

Subsequently, in the event that your bank account does not have the required balance as the amount of the check, the security check will be refused.

It should be noted that in the United Arab Emirates it is a criminal offense to refuse a check. This is in accordance with article 401 of Federal Law No. (3) of 1987 on the promulgation of the Penal Code, which states: “Detention or a fine shall be imposed on anyone who, in bad faith, delivers a draft without pay. sufficient and drawable or who, after delivering a check, withdraws all or part of the balance, rendering the balance insufficient for payment of the check, or orders a non-drawee to cash a check or makes or signs the check in a manner that prevents it from being cashed.

“The same penalty is applicable to anyone who endorses a check in favor of another or gives him a bearer draft, knowing that there is not sufficient balance to honor the check or that it is not drawable. “

In addition to the above, it can be noted that under Law No. (1) of 2017, the “Criminal Order Law”, if the amount of the check is less than 200,000 DhAED, the penalty may be a fine and the fine may vary between Dh2,000 and Dh10,000, depending on the amount of the check.

In view of the above, it may be prudent for you to approach the Bank to negotiate and revise the loan repayment terms until your salary is restored by your employer.

The revision of the repayment terms would depend on the mutual agreement between you and the Bank as well as the Bank’s policy on repaying personal loans.

Ashish Mehta is the Founder and Managing Partner of Ashish Mehta & Associates. He is qualified to practice law in Dubai, UK and India. All the details of his practice on: Readers can email their questions to: or send them to Legal View, Khaleej Times, PO Box 11243, Dubai.

Orestone Mining Increases Private Placement Funding to $ 1.4 Million Tue, 09 Mar 2021 10:57:58 +0000

Vancouver, British Columbia – (Newsfile Corp. – March 1, 2021) – Orestone Mining Corp. (TSXV: ORS) (FSE: O2R1) (WKN: O2R1) is pleased to announce that the Orestone Broker-less Private Placement Funding of $ 1.1 million announced on February 17, 2021 has been increased to $ 1.4 million. The share portion of the financing was increased from $ 450,000 to $ 756,000, increasing the number of shares to be issued at a price of $ 0.09 per share from 5.0 million to 8.33 million. Each unit will consist of one common share of the Company and one common share purchase warrant. Each warrant may be exercised for one common share of the Company at a price of $ 0.15 for a period of one year from the date of issue.

The flow-through portion of the Offer consists of up to 5,000,000 common shares (the “Flow-Through Shares”) at a price of $ 0.13 per flow-through share. Each flow-through share of the Company will be issued on a “flow-through” basis in accordance with the Income Tax Act (Canada).

“We are pleased with the increased interest in the offering which will allow us to more aggressively pursue drilling on the discovery of Captain copper and gold porphyry in British Columbia,” said David Hottman, CEO of ‘Orestone Mining Corp.

The closing date will be on or around March 15, 2021 or such later date as the Company may determine. Closing will be subject to receipt of conditional approval by the TSX Venture Exchange (the “Exchange”). Subject to the approval of the Exchange and applicable laws, the Company may pay a cash fee of 7% of the proceeds of the offering to certain arm’s length intermediaries.

The Company will use the proceeds of the Offering to incur eligible exploration expenses in Canada in connection with exploration drilling on the Company’s Captain Gold Copper Porphyry project located in British Columbia, Canada, and for general purposes of the Company. ‘business. The Company will waive such exploration expenses applicable to subscribers in connection with the offering.

It is expected that certain directors, officers and other insiders of the Company will acquire Units and / or Flow-Through Shares as part of the Offering. Any such participation will be considered “related party transactions” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Protection of holders of minority securities in special transactions (“MI 61-101”) adopted into policy. The Company intends to avail itself of the exemptions from the formal assessment and minority shareholder approval requirements of NI 61-101 contained in Sections 5.5 (a) and 5.7 (1) (a) of NI 61-101. with respect to the related party interest in the Offer because neither the fair market value (as determined under NI 61-101) of the subject matter of the transaction, nor the fair market value of the consideration for the transaction. transaction, as it involves related parties, should not exceed 25% of the Company’s market capitalization (as determined under NI 61-101).

The securities mentioned in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or any applicable securities law. ‘a state of the United States. , and may not be offered or sold in the United States or to, or on behalf of or for the benefit of, United States persons (as that term is defined in Regulation S under the US Securities Act) or persons in United States unless they are registered under the US Securities Act and any other applicable securities laws in the United States or an exemption from these registration requirements is available. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities in any jurisdiction, including the United States.


Orestone Mining Corp. is a Canadian company that owns a 100% interest in the 37 square kilometer Captain gold and copper porphyry project in north central British Columbia. The project houses a gold-copper porphyry system that encompasses a group of large targets (see site for maps) located 41 kilometers north of Fort St. James, British Columbia and 30 kilometers south of the Mt. Milligan copper-gold mine. The Captain Project features relatively flat terrain, moderate tree cover, and an extensive network of logging and forest service roads suitable for year-round exploration.

For more information, please visit:


David Hottman


For more information, contact: David Hottman at 604-629-1929 |

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release has been prepared by management and no regulatory authority has approved or disapproved of the information it contains.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of Canadian securities laws. These forward-looking statements relate to the expected subscriptions and closing of the Offer, the net proceeds of the Offer, and the intended use of the proceeds. These forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions were made regarding, inter alia: general economic and financial market conditions; the timing and amount of capital expenditure; and the effects of regulation by government agencies. Actual results could differ materially from those anticipated in these forward-looking statements due to risk factors, including: availability of funds; the timing and content of the work programs; the results of exploration activities on mining properties; interpretation of drilling results and other geological data; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the management of the Company on the date the statements are made. Assumptions used in preparing these statements, while believed to be reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which do not are valid only on the date on which the declarations were made. The Company assumes no obligation to update or revise any forward-looking statements included in this press release if such beliefs, estimates and opinions or other circumstances change, except as applicable law requires otherwise.


To view the source version of this press release, please visit

Congress rushes to strike coronavirus deal as shutdown looms Tue, 09 Mar 2021 10:57:57 +0000

Congressional leaders are rushing to finalize and pass a $ 900 billion coronavirus relief deal before midnight to prevent a government shutdown.

Leaders say they are on the brink of a sweeping deal that would tie the much-sought relief to a $ 1.4 trillion bill to fund the government through October 1. If lawmakers can’t pass the next deal by the end of Sunday, something comes up – and senators are casting doubt on whether they’ll have to use an interim bill to keep government open.

Majority Leader in the Senate Mitch mcconnellAddison (Mitch) Mitchell McConnell On The Money – Democrats Seek To Reduce Build Back Better GOP Steps Up Flirtation With Manchin Citizenship Before Partisanship: Is Manchin The Perfect Candidate For 2024? FOLLOWING (R-Ky.), Entering the Capitol for the day, told reporters they were “really, really close.”

“We are in the process of eliminating the remaining differences. I think I can speak for all parties when I say I expect and hope a final deal will be reached in a few hours,” McConnell has said since. the room during the rare Sunday session.

Speaker Nancy PelosiNancy PelosiBiden signs bill punishing China for Uyghur abuse Harry and Meghan push family leave with annual On The Money vacation card – Biden extends student loan relief MORE (D-Calif.) Echoed this, saying, “We’re very close.”

Meanwhile, the leader of the senatorial minority Charles schumerChuck Schumer Congressional Black Caucus Calls Senate To Meet Again And Pass Voting Rights Law Christmas Miracle In Congress Does Anyone Love Congress More? FOLLOWING (DN.Y.) said that “barring a major incident,” the House and Senate could vote “from tonight.”

“As we speak, the legislative text is being finalized. The time has come to move forward and come to a conclusion,” he added from the Senate chamber.

The progression to a chord comes after a breakthrough in the middle of the night on the last big sticking point: the Federal Reserve’s emergency lending facilities.

The deal would close four Federal Reserve credit facilities created by the CARES Act and prevent the Fed from setting up replica facilities in the future without Congressional approval. The Fed will retain more flexibility to restart the term asset-backed securities lending facility, which will be closed but may be restarted in the future.

Senator Pat ToomeyPatrick (Pat) Joseph Toomey Meet Washington’s Most Ineffective Senator: Joe Manchin Black Women Seek To Leverage Gains In Upcoming Election Watch Live: GOP Senators Introduce New Infrastructure Proposal MORE (R-Pa.) told reporters on a conference call Sunday afternoon that lawmakers were still working to finalize the Federal Reserve’s text, but intended to back it all.

“Despite the major reservations I have on some particular characteristics, I think the good outweighs the bad, and I intend at this point to vote for it,” he said.

Executive assistants acknowledged that Toomey’s language deal has brought Congress significantly closer, but there are smaller issues to be addressed, and management must finalize and complete drafting of the year-end deal. .

“There are a few outstanding issues, but I am very hopeful that we are getting closer to a result,” said Schumer.

Lawmakers are also calling for wording in the deal for a paycheck protection program (PPP) tax “fix” amid concerns that businesses that have received PPP loans will have to pay a larger tax bill. than expected next year.

“I feel like things aren’t completely connected,” Sen said. John cornynJohn CornynGOP steps up flirtation with Manchin McConnell says he thinks Manchin “would be more comfortable” in GOP The Hill’s Morning Report – Presented by National Industries for the Blind – Biden calls for concern about omicron, but not to panic MORE (R-Texas) said Sunday.

Senator Marco rubioMarco Antonio RubioBiden signs bill punishing China for Uyghur abuse Balance / Sustainability – New life blossoms on Antarctic sea ice Members of Congress are not running for re-election in 2022 MORE (R-Fla.) Added that the PPP language was still under debate Saturday night, but that the inclusion of a legislative fix has “broad support.”

Since the coronavirus relief bill is tied to the government’s omnibus funding deal, which officials say has been finalized for days, Congress must pass the deal by the end of this year. Sunday in order to avoid a stop.

Congress has already had to use three rolling resolutions (CRs) this year to keep the government in business: one that funded the government from Oct. 1 to Dec. 11, and a second that extended the deadline to Dec. 18. Friday night, with negotiations underway, they bought themselves another 48 hours by passing an ongoing resolution that funded the government until the end of Sunday.

The House is expected to vote on the coronavirus-government funding deal before the deadline, although the vote may be postponed until Sunday evening.

“Members are advised that votes are expected in the House today regarding government funding and other coronavirus relief legislation. Members are further advised that votes may take place late in the evening,” an opinion from the House majority leader Steny HoyerSteny Hamilton HoyerHoyer calls for an update on the review of the gun carrying regulations in Clyburn House office buildings to Democrats eager to take a leadership role: “If you want my seat, come get it “Pressley offering a measure condemning Boebert MORE (D-Md.) Advised.

It is not known whether the Senate will be able to vote before midnight. Because the leadership faces a time crunch, it would need the cooperation of all 100 senators, with a single lawmaker capable of slowing down a deal and pushing Congress past the deadline.

Senator Josh hawleyJoshua (Josh) David Hawley Democrats threaten to play hard against Cruz blockade Overnight Energy & Environment – Top land management workers back in DC Schumer threaten weekend votes to break GOP blockade of Biden PLUS candidates (R-Mo.) Floated on Sunday that he might not consent to the rapid passage of a CR.

“I don’t think so. I don’t think I will consent to it.… This plane has to land,” Hawley said of another draft bill.

House Majority Whip James Clyburn (DS.C.) told MSNBC Congress would need another CR if both houses were unable to pass the bill on Sunday night. Cornyn, meanwhile, questioned the Senate would be able to vote before Monday.

“I’ve heard that the text might not even be available until later, and the House would have to vote on it first,” Cornyn said of the chances of the Senate voting on Sunday. “So, I think it’s questionable, I guess. “

McConnell, when asked about a Senate vote on Sunday, told reporters: “A quick vote would require a lot of cooperation. We’ll see.”

Several GOP senators have hinted that they expect the Senate vote to extend until Monday.

“It would be pretty optimistic to try and do it by tonight,” Sen said. James lankfordJames Paul LankfordRubio blocks quick votes on deadlocked defense bill Ongoing threats to government funding fail. (R-Okla.), Adding that a CR should be “prepared”.

Senator John kennedyJohn Neely KennedyPLUS (R-La.) Added that he didn’t think the Senate would vote on Sunday.

“I could be wrong, but I don’t think we have enough time to put it all together,” he said. “We cannot vote until the House does.”

Update at 2:20 p.m.

Philippines secures disaster insurance pilot project and $ 500 million ADB disaster loan Tue, 09 Mar 2021 10:57:56 +0000

The Asian Development Bank (AfDB) launched its first pilot disaster insurance program in the Philippines and also approved a $ 500 million loan to the country in the event of a natural disaster or public health emergency.

The conditional loan facility is similar to the World Bank’s Deferred Disaster Drawdown (CAT-DDO) options which provide a secure source of funding when a disaster or emergency is declared.

This AfDB disaster financing instrument covers both natural disasters and health emergencies, and therefore could trigger disasters such as typhoons or earthquakes and also a repeat of the pandemic, it is assumed. we.

“The Philippines has been affected by several major disasters in recent years, including Typhoon Haiyan (Yolanda) in 2013, the eruption of Taal volcano in January 2020 and the current coronavirus disease (COVID-19) pandemic,” said AfDB Vice President Ahmed explained. Mr. Saeed.

“This new contingent funding instrument for disasters will help the government manage the fiscal risks posed by these shocks and reduce the economic and social impacts on people’s livelihoods and the country’s economy.

“The Disaster Resilience Improvement Program will support government policy reforms aimed at ensuring that the government can respond quickly to the needs of vulnerable segments of the population following disasters. It will also strengthen the Philippines’ overall response to disasters and pandemics, ”added Benita Ainabe, AfDB Financial Sector Specialist for South East Asia.

This program also supports the launch of the AfDB’s first pilot catastrophe insurance program, which targets several cities in the Philippines, with the aim of strengthening their fiscal resilience in the face of disasters and severe weather events.

The goal is to provide a predictable and timely source of funding for the post-disaster response, so it is likely to be a parametric insurance product designed to pay when local government sources need it.

Of course, the Philippines benefits from a number of sources of disaster insurance and reinsurance capital, including its first catastrophe bond which was issued with World Bank assistance last year, the BIRD CAR 123-124 transaction.

The government of the Philippines is also prepare a new offer for its insurance of state-owned assets and infrastructure, we understand.

The country is also studying a new disaster risk pool for the private sector, and already has parametric insurance cover against natural disasters which has been completed at the end of 2018 for an amount of 390 million dollars and benefits from the support of reinsurance and insurance-related securities (ILS) players.

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Planet Money: The Planet Money indicator: NPR Tue, 09 Mar 2021 10:57:56 +0000




This is THE PLANET MONEY INDICATOR. I am Stacey Vanek Smith.

DARIUS RAFIEYAN, BYLINE: And I’m Darius Rafieyan. Netflix has just announced that it will transfer 2% of its cash reserves – nearly a hundred million dollars – to black-owned banks.

MARTIN LUTHER KING JR: It’s part of a larger movement, the #bankblackmovement, which encourages people to withdraw their money from big, traditional banks and deposit it at black-owned financial institutions instead. This idea is not new. Martin Luther King Jr. in his last speech the day before his assassination in 1968 called on the people of Memphis to stage a, I quote, a “bank-in”.


KING: Get your money out of downtown banks and deposit your money in the Tri-State Bank.

RAFIEYAN: Tri-State Bank is a black owned bank in Memphis that still operates to this day. But today, black-owned banks are an increasingly small part of the American financial system. There are currently only 21 black-owned banks in the United States, down from 36 ten years ago. Collectively, they control just $ 4.8 billion, or less than 1% of the country’s banking assets.

VANEK SMITH: Today on the show, we take a look at why this matters – the importance of black-owned banks – and why something like banking actually plays a pivotal role in racial disparities in the United States. .


RAFIEYAN: Sidney King is the President and CEO of Commonwealth Bank in Mobile, Ala.

SIDNEY KING: Commonwealth was founded in 1976. It is the only chartered bank in the city of Mobile. We are the only local bank here in Mobile.

VANEK SMITH: It’s also the only black-owned bank in Mobile. And it’s pretty small by banking standards, only around $ 49 million in assets. They write checks, savings, small business loans. They have a small mortgage business that they are trying to grow. But like many black-owned financial institutions, they have seen their assets decline over the past 10 years.

KING: Our numbers have dropped dramatically. We are an endangered species.

RAFIEYAN: To understand why this matters, it’s important to look at the racial wealth gap in the United States. Thus, the median white household has about $ 170,000 in wealth. The median black household is about 17,000. In other words, white households have on average 10 times the wealth of black households. And the reason has a lot to do with banking, as the main driver of wealth creation in this country is home ownership.

KING: Because for most people, wealth is – you know, the accumulation of wealth is in the home. Most people don’t have disposable income because they live paycheck to paycheck. But this appreciation in the home is where their net worth typically increases. You know, when you look at mortgages made by majority banks, typically less than 1% of their mortgages are with African Americans.

RAFIEYAN: This disparity has its roots in the 1930s and the New Deal. Much of this body of law was the creation of federal agencies to encourage home ownership, such as the Federal Housing Administration or the FHA. He subsidized home loans and helped finance the creation of large suburban housing projects across the country. Mehrsa Baradaran is the author of “The Color of Money: Black Banks and the Racial Wealth Gap”. She says the post-war American real estate boom was no fluke, but rather the result of very targeted federal policy.

MEHRSA BARADARAN: In 1934, what the FHA, the New Deal-era credit bureaus are doing, is they sparked this unprecedented massive mortgage market. They create the 30 year fixed rate mortgage, which creates the America we know now. There was no mortgage before. There was no suburb. There was no American middle class as we imagine it. They created an American middle class and coded it in white.

RAFIEYAN: When the FHA subsidized the creation of these suburban housing estates, they would only do so on the condition that no houses were sold to black families and that each house had written in its deed that it could not. be sold to a black family. . This meant that the benefits of this huge federal housing program went mainly to white families. And it is the banks that have become the mechanism for this discrimination.

VANEK SMITH: The 1968 Civil Rights Act formally prohibited discrimination in housing, but Mehrsa says there was a built-in systemic bias in the banking industry that was never fully addressed.

BARADARAN: What we didn’t do when we had the Civil Rights Act was say, OK, let’s fix it. We had for hundreds of years a race-based credit system, a race-based economy that excluded black people, created poor neighborhoods here, and then wealthy neighborhoods there. And what the Civil Rights Act says is no more discriminatory. From now on, we are color blind. And that’s not how markets work. It’s not – you can’t just stop talking about it because they said, well, you can’t discriminate against a black owner based on their race. They’re like, oh, no, no, we’re not. We discriminate based on postcode and their FICO score. Oh okay. Well, in that case, go ahead and sell the subprime loans in these black neighborhoods because that’s what happened in 2008, right? So they sent – the banks sent the subprime lenders to some areas and not to others. To the right? And so that – so when the subprime crisis hits, black communities lose 53% of their wealth – just disappeared, not recovered.

RAFIEYAN: Mehrsa thinks that in 2020 there should be no need for black-owned banks. But, she says, generations of exploitation and exclusion have left us with a financial system primarily intended to serve white communities. Despite legislative efforts over the years, she says the system still does not regularly serve the black community.

VANEK SMITH: According to the FDIC, the Federal Deposit Insurance Corporation, nearly half of black Americans are unbanked or underbanked, which means they don’t have access to the financial services they need. Often times, this means they have to rely on lenders such as check cashing services or payday lenders, who can charge extremely high interest rates and fees. Sidney King, CEO of Commonwealth Bank, says many of his customers simply have a deep distrust of banks.

KING: In the African American community, they don’t see the big banks as being for them because, you know, you go back over the years, grandparents didn’t have banking relationships, parents in a lot of cases had no banking relationships. So a lot of people don’t feel comfortable going to these establishments.

RAFIEYAN: He says his bank, like most black-owned banks, is referred to as a community development financial institution focused on serving customers who would otherwise be excluded from the banking system. This allows them to take a more personalized approach.

KING: We have conversations with our customers. We get to know them and their situations. I remember a lady who was a nurse, had been in nursing for 22 years, perfect credit until her husband was on drugs. She had to file for bankruptcy, but she needed a car. So even though she had filed for bankruptcy, I gave her a car loan. And she never missed a payment, you know. But a lot of other institutions, when that person comes in, the bank officials say they refuse. You know, there are no questions asked. For most banks, you are just a number. Here, you know, our kids go to school together. We go to the same churches. We know our customers.

RAFIEYAN: This level of personalized attention is part of what makes a bank like the Commonwealth so special, but it’s also very time consuming and laborious. And that makes it harder for the Bank of Sidney to compete with the big banks who could use an algorithm to decide who gets a car loan.

VANEK SMITH: But Sidney says the granular knowledge of black communities enables black-owned banks to both effectively manage their risks and provide banking services to the people who really need them. This can mean giving loans to black-owned businesses, funding renovation projects in disaster-stricken neighborhoods and, of course, helping to promote black home ownership. In a typical black-owned bank, 67% of mortgages go to black households. This is compared to less than 1% in the average bank.

RAFIEYAN: And while black-owned banks have seen their numbers dwindle in recent years, the unrest sparked by the murder of George Floyd may have halted that trend.

KING: We’re seeing more and more interest in entering and opening accounts. We are seeing probably, if not two, maybe three times the number of new account openings over the past few weeks.

RAFIEYAN: Sidney says Commonwealth still only owns about 1% of black bank deposits in Mobile. He would like that number to rise to 5%. It would help him, of course. That would make the Commonwealth a quarter of a billion dollar bank. But it would also put the bank in a better position to provide much-needed services to people who still struggle to participate in the financial system more than 50 years after Congress passed laws meant to end discrimination in banking.


RAFIEYAN: This episode of THE INDICATOR was produced by Camille Petersen and verified by Brittany Cronin. Our editor is Paddy Hirsch. And THE INDICATOR is an NPR production.

Copyright © 2020 NPR. All rights reserved. Visit our website Terms of use and permissions pages to for more information.

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Instant Connection With Aspiring India,’s Branded Film Receives 7 Million Views In 7 Days Tue, 09 Mar 2021 10:57:55 +0000

Instant Connection With Aspiring India,’s Branded Film Receives 7 Million Views In 7 Days

1970-01-01T05: 30: 00 + 0530

(Eds: Disclaimer: The following press release has been sent to you under agreement with NewsView. PTI assumes no editorial responsibility in this regard.)

Gurgaon, Haryana, India (NewsView)

⦁ The long format film, in line with the brand philosophy of #PaisonSeBadhkar, tells the story of a father’s struggle to achieve his dream of owning a house

⦁ Inspiration has come from millions of customers, who visit with the confidence to find the best loan deal and support.

⦁ A survey conducted by found that 74% of its consumers had to spend most of their savings on buying a home; 14% have withdrawn their FP; 9% took 10 years to buy a house

True to its ‘Paison Se Badhkar’ brand philosophy,, India’s largest market platform for loaner products, has released its new branded film, ‘My Father’s Dream #StoryOfADaughter’. The film has, in 4 days, garnered more than 6 million views on YouTube and other digital channels.

The long format film deals with the challenges of the Indian middle class to achieve one of the most common but unfulfilled aspirations – Buying a home. Narrated by a girl, the film presents the trials and tribulations of her father as he spends his life trying to achieve his dream of having his own home. says the genesis of the film came from conversations with millions of its aspiring clients who come to with the confidence of finding the best loan deal and free end-to-end support. end. With diverse consumer segments from more than 1,100 cities and towns visiting the platform each month, says its goal, as a consumer brand, remains to help India access credit in a more meaningful way. transparent.

YouTube link:

Receive the love of the brand from all sides

The film has been shared over 20,000 times on Facebook and has resonated with a large part of the audience, especially parents and young women. It has also received praise from several influencers organically.

“I loved the film and the initiative (of the brand) to show how girls today take responsibility and make their parents’ dreams come true,” read a comment on YouTube.

“I saw this beautiful advertisement for Paisabazaar… It’s beautifully scripted. The passion for living and the joy of spreading happiness should be a goal for all of us, ”actor Karanvir Bohra said in a video post on Instagram.

“A compelling story that resonates with people, young and old, across the country, and that has been told with talent. The music and the song at the end turn the emotion knob to the max, ”said Nima DT Namchu, independent creative consultant and former CCO, Havas Worldwide.

“Paison Se Badhkar” is not only a brand philosophy, it is a brand commitment

The film is particularly relevant in today’s environment where home loans are experiencing an increase in demand, but remains a complex product with long-term financial implications for consumers.

Paisabazaar conducted a survey as part of its pre-production research for the film to understand the difficulties consumers face in purchasing their homes. The survey revealed the following views of consumers:

⦁ 74% of home loan customers had to spend a large part of their life savings to pay the down payment for their house

⦁ 14% of borrowers have also withdrawn their FP savings

⦁ For 25% of respondents, it took more than 3 years, from planning to buying a home

⦁ 9% had to wait 10 years before they could afford to buy a house

“Choosing the right deal, especially in a long-term product like home loans, is critical because of the high costs involved. has always strived to help consumers choose the most suitable loan, through technological, product and process innovations that aim to fill the deep gaps in consumer needs. Our ‘Paison Se Badhkar’ brand philosophy is built on this commitment to our consumers to always be by their side, with the right product and the right advice, ”said Naveen Kukreja, CEO and co-founder of

As a large amount loan, the home loan process is more complex and time consuming due to the cumbersome, offline, multistep processes. Paisabazaar, through its end-to-end expert assistance model, which includes document retrieval, in-depth coordination with the lender, and more. aims to make it easy, transparent and convenient for consumers. 65% of Paisabazaar customers said they were able to benefit from the mortgage in less than 3 weeks, via Paisabazaar.

“The philosophy of our Paison Se Badhkar brand is central to everything we do as a company. Over the years, conversations with our clients have made it clear that taking out a loan is not just a monetary transaction for them. More often than not, it usually represents life goals, aspirations, and sometimes an urgent need. It is with this deep awareness that we strive to create a technology-driven brand with a human face, ”said Sai Narayan, CMO,’s latest brand film based on “Paison Se Badhkar” “The Wedding Speech” was released last year and received tremendous reviews from across the country and beyond, with over 100 million views on digital platforms.

Image: My father’s dream #StoryOfADaughter

Video: My Father’s Dream #StoryOfADaughter



Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

5 Easy Ways To Organize Your Small Business Finances Tue, 09 Mar 2021 10:57:53 +0000

Credit scores are often viewed as the number one barrier preventing small businesses from obtaining financing. But disorganized finances can also be to blame. In today’s tough economic environment especially, lenders want to make sure that your business is viable and will be able to repay the debt. Organized and up-to-date finances are essential if you want to increase your chances of getting approved.

Here are 5 easy ways to organize your business finances.

1. Create an easy filing system

“We think ignorance is bliss, but is it really filled with headaches and fear,” says Belinda Rosenblum, CPA, financial strategist for business owners and founder of “Avoiding your papers and bills, or even a huge ‘pile to file’, is a costly recipe for disaster,” she says. “Not opening invoices often results in time delays or even late fees. Opening them up and then letting them pile up without filing anything can make you feel disorganized and out of control.

Rosenblum suggests that you schedule a short block of time each week – “for example, a Money Monday or a Finance Friday”. Then “set the timer on your phone (start with 30 minutes) and focus on a certain pile of documents.” For a simple filing system, she recommends filing folders for each month of the year. “Then organize the documents according to invoice dates for consistency. You’ll need a few other records for things like taxes, charitable contributions, and health insurance documents, ”she adds.

2. Stop mixing personal and business finances

If you don’t have a business bank account, don’t put off this task. (If you worry about the cost of a separate account, you can get a free business current account.) Make sure you use your business account only to pay for business expenses. If you need funds to pay for personal expenses, pay yourself via payroll and / or owner’s draft, then use your personal funds to pay for personal expenses.

While you’re at it, consider using a dedicated credit card for your business expenses. A small business credit card can be a great choice. Some business credit cards are not included in personal credit unless you default. And most have great rewards.

“Even if you don’t have a business credit card, designate one of your personal cards for business expenses,” advises founder Sandy Smith, Elevate influencer conference. “This will make it easier to track and manage these costs. If this credit card also rewards you with miles, cash back, or any other freebie for using the card, this is an added benefit that you can use for yourself as well.

The mix of personal and business funds in your business account can compromise the legal protection offered by your business structure. Tax time is more complicated when you don’t use separate accounts. And using personal accounts for your business can certainly make it harder to get financing, as many lenders want to verify business income.

3. Plan your expenses

You should also make sure to set aside funds to pay annual bills. If you don’t plan for these expenses, you may run out of money. Sylvia Inks, Business and Financial Coach at SMI Financial Coaching, LLC and author of Small Business Financing Book for the Busy Entrepreneur suggests that you calculate the total financial obligations for the annual invoices and divide by twelve. “Then set up automatic savings to transfer that average monthly amount from your operating expense bank account to your long-term savings bank account,” she recommends. “As the annual bills come due, you will have the money available to pay them. ”

It is essential to anticipate the financial needs of your business and then plan for them. Many business owners outsource to finance freelancers to help with some of the more complicated schedules. Software tools and websites can also help.

4. Automate it

Set up automatic payment for invoices so you don’t forget to pay them. You will save money on late fees and interest charges. As an added bonus, this strategy can help you develop and protect your business credit, as business credit reports can include payments just a day late.

Consider using your credit card to make these payments and you can earn rewards. Just make sure you pay on time to avoid interest charges.

5. Adapt your financial reports

Financial reports can also play a crucial role in approving funding. Traditional lenders may want to see income statements, balance sheets or other financial statements for example. Others can analyze the company’s income.

But don’t create them just for lenders, use them to gain valuable insight into your business finances. Consider creating your own “custom report” in your accounting system, suggests Rosenblum. “You can choose preferences once, like not showing pennies or comparing to previous periods, and then just choose that same report to run every month,” she explains. “Each month, instead of wondering where all the money went, you’ll be more likely to run the report and spend your time analyzing the numbers and making money by making moves. “

This article was originally written on July 7, 2020 and updated on July 30, 2020.

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Barca’s struggles are not my problem Tue, 09 Mar 2021 10:57:51 +0000

GOAL by Chris Burton

Jean-Clair Todibo admits paying little attention to what’s going on Barcelona after being sent on loan again, with the defender, who is seeking a permanent transfer this summer, saying the struggles at Camp Nou in 2020-21 are “not my problem”.

The French center-half was seen as a promising prospect when snapped up by the Toulouse Blaugrana in 2019, but little playing time was seen for – which led to loan moves elsewhere.

Todibo is currently back in his homeland at Pleasant and admits he would like to see a deal made that saves him having to return to Catalonia at the end of the current campaign.

What was said?

Todibo told reporters his future at a press conference ahead of a League 1 meeting with Nîmes on Wednesday: “I don’t know if it’s settled (for next season), but it’s an ambition for me. So I strongly hope that this will happen.

“My individual performance will determine whether I stay here or not. Nothing is done.

He added when asked about events at Barca: “Without lying to you, I’m not very interested in what’s going on.

“I watch matches from time to time when my French colleagues play like Ousmane Dembele, Clement Lenglet Where Samuel umtiti. I just watch because I consider them to be friends. But other than that, I don’t necessarily follow them.

“I am concentrating on OGC Nice, it is the most important for me. What is the point of dreaming of the Barcelona defense when I play against Rennes or Nîmes at the weekend?

“The most important thing is to focus on these matches. These are matches that will earn points for Nice. Today, I am a player from Nice, I am not a player from Barcelona.

He went on to speak of Barca’s struggles for consistency, which included a 4-1 loss to Paris Saint Germain in the last 16 of Champions League: “[A Champions League comeback?] Honestly, that doesn’t interest me at all.

“I hope for them that they will. Either they do it or they don’t. Its not my problem if you know what I mean.

How many games has Todibo played for Barcelona?

Todibo teamed up with Barca in January 2019, with a deal that was to see him move to Spain as a free agent that summer.

He received the No.6 shirt at Camp Nou and should be a long-term option for the Blaugrana at the heart of their defense.

Only two competitive appearances were seen in his debut campaign, however, before seeing the same number of games for Barca the following season.

For lack of minutes, Todibo was cleared to join Schalke in January 2020.

He has since spent time with Benfica and Nice, the most recent of those deals – which was struck in the last transfer window – including a call option.