Lending – Buzzez http://buzzez.co.uk/ Fri, 17 Sep 2021 14:44:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://buzzez.co.uk/wp-content/uploads/2021/05/cropped-icon-32x32.png Lending – Buzzez http://buzzez.co.uk/ 32 32 Charlie Baker Supports COVID Leave, Supports Unemployment System https://buzzez.co.uk/charlie-baker-supports-covid-leave-supports-unemployment-system/ https://buzzez.co.uk/charlie-baker-supports-covid-leave-supports-unemployment-system/#respond Wed, 07 Apr 2021 23:17:08 +0000 https://buzzez.co.uk/charlie-baker-supports-covid-leave-supports-unemployment-system/

Governor Charlie Baker has backed $ 7 billion in loans to stabilize the unemployment insurance system, implemented a paid sick leave program for COVID-19 emergencies, and reduced the amount of premium increases to which employers are facing to finance the unemployment benefit system.

The governor also dismissed sections of the bill dealing with all of the above with amendments.

The bill contains language already approved at the federal level to exclude $ 10,200 in unemployment benefits received by some low-income people in 2020 and 2021 from state taxes, a change that the Revenue Department will have to grapple with. for people who have already filed returns for 2020.

The new law also ensures that for tax purposes, paycheck protection program loans and economic disaster loan advances are excluded from gross income, regardless of how businesses are organized. The programs were put in place to help businesses run and retain their employees during the pandemic.

Under the new law, employees are entitled to a maximum of five days of paid leave under a program which Baker says is similar to a federal COVID-19 paid leave program and applies to ” employees who are sick, isolated or quarantined due to COVID, or are vaccinated or care for family members in the same circumstances.

“This will ensure that employees and their families have the necessary protections against the spread of COVID-19 and this is a goal I support,” Baker wrote in a letter to the House and Senate.

In his amendment, Baker called on lawmakers to strike and replace five clauses in the bill dealing with its sick leave provisions, saying his amendments “will simplify implementation for employers and provide greater security for workers. employees “.

In addition to annual premium increases, the bill includes an unemployment insurance surtax that businesses will have to pay to help repay the interest on federal loans that the state needed to maintain the solvency of its business fund. unemployment benefits in the face of an increase in claims last year.

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The suspects charged with several crimes related to fake police equipment, drugs, stolen goods https://buzzez.co.uk/the-suspects-charged-with-several-crimes-related-to-fake-police-equipment-drugs-stolen-goods/ https://buzzez.co.uk/the-suspects-charged-with-several-crimes-related-to-fake-police-equipment-drugs-stolen-goods/#respond Wed, 07 Apr 2021 23:17:06 +0000 https://buzzez.co.uk/the-suspects-charged-with-several-crimes-related-to-fake-police-equipment-drugs-stolen-goods/

WYANDOTTE, MI – Two men caught with fake police gear, drugs and thousands of dollars in allegedly stolen goods after a police chase this week both face multiple felony charges.

Michael George Teen, 40, and Tonnie Dean Chavis, 61, were arraigned Thursday for the incident which took place on Tuesday, FOX 2 Detroit reports.

At around 10 p.m. on Tuesday, a Wyandotte police officer attempted to stop a vehicle after it did not give in when exiting a drugstore parking lot, MLive previously reported. The vehicle did not stop and a chase ensued. The suspects eventually abandoned the vehicle and fled on foot. Both were arrested. Evidence seized from the suspects and the vehicle included handcuffs, a police badge, methamphetamine, cocaine, purses, lottery tickets, diabetes test strips, a set of hooks and a weapon BB gun designed to look like a handgun, police said.

Teenager charged with possession of methamphetamine, a 10-year felony; possession of burglary tools, a 10-year felony; possession of cocaine, a four-year felony; flight and escape in the fourth degree, a two-year crime; and repeat offender, second offense, reports the television channel.

Chavis is charged with possession of methamphetamines; assault, resistance or obstruction of a police officer, two-year felony; and repeat offender, fourth offense, according to the report.

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Lebanon wins over $ 11 billion in pledges in Paris https://buzzez.co.uk/lebanon-wins-over-11-billion-in-pledges-in-paris/ https://buzzez.co.uk/lebanon-wins-over-11-billion-in-pledges-in-paris/#respond Wed, 07 Apr 2021 23:17:03 +0000 https://buzzez.co.uk/lebanon-wins-over-11-billion-in-pledges-in-paris/

PARIS (Reuters) – Lebanon on Friday won aid pledges exceeding $ 11 billion at a conference in Paris aimed at mobilizing international support for an investment program to boost its economy, the French president said Emmanuel Macron.

The pledges include $ 10.2 billion in loans and $ 860 million in grants, French Ambassador to Lebanon Bruno Foucher said on Twitter.

Lebanon, which has been battered by seven years of war in neighboring Syria and which hosts more than a million Syrian refugees, wants investment funds to renovate its infrastructure and revive declining economic growth.

Donors in turn want Lebanon to engage in stalled reforms. Winking at these demands, Prime Minister Saad al-Hariri pledged to reduce the budget deficit by 5% as a percentage of GDP over the next five years.

Macron told Hariri at a press conference that the aid was intended to give Lebanon a fresh start, adding that it imposed “an unprecedented responsibility” on the authorities to carry out reforms and preserve peace in the country. .

“It is important to continue the reforms in the months to come,” Macron said, adding: “We will be by your side. “

Lebanese officials said the aid included $ 4 billion in loans from the World Bank, 1.1 billion euros ($ 1.35 billion) in loans from the European Bank for Reconstruction and Development, and the renewal of a $ 1 billion line of credit previously promised by Saudi Arabia.

“This is the start of a new process to modernize our economy, renovate our infrastructure and unleash the potential of the private sector,” Hariri said. Growth in Lebanon fell to less than 1% from a previous average of 8%, he said.

The Lebanese parliament last week passed a 2018 budget that projects a lower deficit than in 2017. Standard Chartered, in a research note, called the budget a “positive sign.”

The Paris conference, bringing together 50 countries and organizations, including Saudi Arabia, the United States, Russia and Qatar, decided to set up a monitoring mechanism to monitor progress towards reform.

The International Monetary Fund said in February that Lebanon’s fiscal policy needs a consolidation plan that stabilizes debt and then begins to reduce it.

Diplomats said Lebanon’s success in attracting international support from donors and the private sector will depend on reforms.

“Lebanon needs significant investments to modernize its basic infrastructure, which today no longer allows it to provide all these citizens with essential public services under good conditions”, declared the French Minister of Foreign Affairs Jean- Yves Le Drian during the conference.

“On the other hand, Lebanon needs major reforms of its economy, structural and sectoral.

He said France would provide 400 million euros in concessional loans and 150 million euros in grants to Lebanon, which is still rebuilding itself after its 1975-90 civil war.

Report by John Irish in Paris and Laila Bassam in Beirut; Writing by Tom Perry and Ingrid Melander; edited by Andrew Roche

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Rule change gives fishermen more opportunities to use federal P3 funds in the event of a pandemic downturn https://buzzez.co.uk/rule-change-gives-fishermen-more-opportunities-to-use-federal-p3-funds-in-the-event-of-a-pandemic-downturn/ https://buzzez.co.uk/rule-change-gives-fishermen-more-opportunities-to-use-federal-p3-funds-in-the-event-of-a-pandemic-downturn/#respond Wed, 07 Apr 2021 23:17:01 +0000 https://buzzez.co.uk/rule-change-gives-fishermen-more-opportunities-to-use-federal-p3-funds-in-the-event-of-a-pandemic-downturn/

Fishermen will be able to count their crew as part of the payroll of their employees eligible for paycheck protection program loans under a change of federal rule published Thursday which was hotly sought after by fishermen struggling to survive the industry downturn due to the COVID-19 pandemic.

Fishermen have been affected by poor markets for their products as restaurants, a key outlet for seafood, have been closed or reduced in service. But when the federal stimulus package was first unveiled, many boat captains found they couldn’t include crew members, who are typically paid in catch shares, as part of their costs. eligible salaries.

These PPP loans can be canceled if certain conditions are met, including spending a large portion of the money to retain employees.

“We believe the purpose and intention of the Paycheque Protection Program is to help protect small businesses, including commercial fishing businesses. But as it stands, this is not true and fishing companies and crew members are not able to effectively access the full benefits of PPP, ”wrote Robert Dooley, President of Seafood Harvesters of America, and Leigh Habegger, executive director of the organization, in a letter of May 7 to two US senators to ask for their support for the rule change.

Habegger, in a statement released Thursday, said the PPP was a “vital lifeline”. She hopes eligible fishermen will take advantage of the program before the June 30 deadline for applications.

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Former Seminole County tax collector accused of stealing $ 400,000 in taxpayer money https://buzzez.co.uk/former-seminole-county-tax-collector-accused-of-stealing-400000-in-taxpayer-money/ https://buzzez.co.uk/former-seminole-county-tax-collector-accused-of-stealing-400000-in-taxpayer-money/#respond Wed, 07 Apr 2021 23:16:58 +0000 https://buzzez.co.uk/former-seminole-county-tax-collector-accused-of-stealing-400000-in-taxpayer-money/

SEMINOLE COUNTY, FL –Former Seminole County tax collector Joel Greenberg now faces 21 new federal charges, in addition to the 12 he was already facing.

The indictment was filed Tuesday, according to court records.

[TRENDING: Gaetz investigated over relationship | Disney paying workers who get vaccine | Dozens get COVID after vaccine shots]

The new charges include nine counts of wire fraud. According to prosecutors, Greenberg embezzled more than $ 400,000 in tax collector funds for his own personal gain.

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Former Seminole County Tax Collector Joel Greenberg faces 21 new charges

Greenberg used the collector’s American Express card to purchase cryptocurrency and used the collector’s funds to operate a cryptocurrency mining operation for his own profit and also used the collector’s funds to run a business selling cryptocurrency mining tools to others, according to the indictment.

Additionally, prosecutors said Greenburg used tax collectors’ funds to purchase sports memorabilia signed by Kobe Bryant and Michael Jordan.

The former collector also opened a bank account at Fifth Third Bank in the name of the collector’s office to receive the office’s funds and then used that account to issue checks to his name, according to the affidavit.

It “would falsely represent in the note lines of the checks the purpose of the transactions in an attempt to disguise the true personal nature of the transaction,” the affidavit states.

Among the fraud charges, investigators said Greenberg reinstated two companies – Greenberg Media and DG3 Network – in June, which it dissolved earlier in 2020. Prosecutors said the companies were reinstated in an attempt to falsely requesting economic disaster relief loans, EIDL, through the Small Business Administration. These loans were created to help businesses affected by the COVID-19 pandemic.

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Greenberg, along with another anonymous conspirator, bribed an SBA employee to help him process loan applications, ultimately paying the employee at least $ 3,000, investigators said. In the applications it was claimed that DG3 Network employed two people and that Greenberg Media employed 10 people.

In total, prosecutors said this conspiracy allowed Greenberg to pocket more than $ 432,700 from those EIDLs.

In addition to the fraud charges, court records also reveal new evidence of steps Greenberg has taken to smear a political opponent, prosecutors say.

Below is a letter that Greenberg is accused of sending to school officials, posing as an anonymous “concerned student”, detailing false allegations of sexual misconduct on the part of his opponent, according to the media. prosecutors.

A letter sent by Joel Greenberg to smear a political opponent, prosecutors said. (Copyright 2021 by WKMG ClickOrlando – All rights reserved.)

Additionally, the affidavit contains social media posts that investigators say were made by Greenberg posing as his rival.

“I am running for office to keep the #seminolecounty white and separate. It is time for us to take back our riding! a read message.

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Likewise, the affidavit also contained messages from Greenberg, according to prosecutors, posing as an affected employee at the school where Greenberg’s opponent worked.

“I am a teacher at (school). I am posting this today to inform the public that Mr. (school employee) has been the subject of several sexual misconduct charges against him over the past two years, ”the post read before. launch new charges of having sex with a student.

Greenberg was indicted last June on federal charges of criminal harassment, prosecutors subsequently laid other charges, including unlawful use of means to identify another person, production of identity documents and false identification documents, theft aggravated identity, child sex trafficking and violation of the law on the protection of the privacy of drivers.

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In addition to the new charges, Greenberg is accused of stalking his political opponent by setting up fake social media accounts and spreading a false rumor that he sexually abused a student, using information from a driver’s license. given to make fake IDs with your photo on it, trying to create fake concealed weapons license and using false identity documents for individuals he was involved in “sugar daddy’s relationship” with so that they can “engage in commercial sex acts” even if they are minors.

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Greenberg has pleaded not guilty to the first 12 charges against him.

He was returned to prison in early March when police said he violated his probation by going to his mother-in-law in Jupiter to find his wife.

The Greenberg investigation was recently linked to another investigation into charges of sexual intercourse between a 17 year old girl and United States representative Matt Gaetz. The report first appeared in The New York Times on Tuesday.

Gaetz has denied the charges and said they were part of a plot to extort money from him and smear his name.

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Copyright 2021 by WKMG ClickOrlando – All rights reserved.


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PPP changes grant some companies access to relief https://buzzez.co.uk/ppp-changes-grant-some-companies-access-to-relief/ https://buzzez.co.uk/ppp-changes-grant-some-companies-access-to-relief/#respond Wed, 07 Apr 2021 23:16:55 +0000 https://buzzez.co.uk/ppp-changes-grant-some-companies-access-to-relief/

Earlier this week, the White House announced several changes to the Paycheque Protection Program (PPP) in an effort to more equitably target the small businesses most in need of COVID-19 assistance. Starting February 24, the Biden administration opens a 14-day period during which only small businesses with fewer than 20 employees can apply for relief.

The changes recently announced by the Biden administration:

  1. Institute a 14-day period, starting today, February 24, during which only companies with fewer than 20 employees can apply for PPP loans.

  2. Help sole proprietors, independent contractors and freelancers receive more financial support by revising the P3 loan calculation formula to provide more relief to these applicants. (The ABA and member bookstores have advocated strongly for this change.)

  3. Remove an exclusionary restriction that prevents small business owners who have previously been convicted of non-fraudulent crimes from obtaining redress through P3s.

  4. Eliminate an exclusionary restriction that prevents small business owners who are behind on their federal student loans from getting relief through P3s.

  5. Ensure access to non-citizen small business owners who are legal residents of the United States by specifying that they can use Individual Tax Identification Numbers (ITINs) to apply for a PPP.

In addition to these changes, the White House announced measures pledging to fight fraud and abuse, promote transparency and raise awareness among stakeholders.

Qualifying stores are encouraged to take this opportunity to apply for their first or second PPP forgivable loan. The 2020 Year-End Relief Bill made significant changes to the PPP so that business expenses paid with PPP funds are tax deductible and borrowers are no longer penalized for receiving a loan. economic disaster loan grant. Bookstores are eligible for a second PPP loan if they 1) employ 300 or fewer employees, 2) have completely exhausted their first PPP loan, and 3) demonstrate a reduction of at least 25% in gross revenue in a quarter in 2020 compared to the same quarter in 2019.

Whether or not your bookstore qualifies for this exclusive 14-day period to apply for a PPP, booksellers are encouraged to explore other relief options to which they may be eligible, including the retention tax credit. (ERTC), which offers a refundable tax credit for certain salaries paid to employees until June 30, 2021. The 2020 end-of-year relief bill extended and broadened the ERTC for, between others, allow companies that have received a PPP to qualify. To learn more, see ABA’s ERTC FAQ here.

See the full Biden administration announcement here.

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Management of diverging collections – Analysis – Eurasia Review https://buzzez.co.uk/management-of-diverging-collections-analysis-eurasia-review/ https://buzzez.co.uk/management-of-diverging-collections-analysis-eurasia-review/#respond Wed, 07 Apr 2021 23:16:53 +0000 https://buzzez.co.uk/management-of-diverging-collections-analysis-eurasia-review/

A year ago with the COVID-19 pandemic and the global community still faces extreme social and economic tensions as the human toll rises and millions of people remain unemployed. However, even with great uncertainty about the trajectory of the pandemic, a way out of this health and economic crisis is increasingly visible.

Thanks to the ingenuity of the scientific community, hundreds of millions of people are being vaccinated and this should lead to cures in many countries later this year. Economies also continue to adapt to new ways of working despite reduced mobility, leading to a stronger-than-expected rebound in all regions. Additional fiscal support in major economies, particularly the United States, has further improved the outlook.

In our last Global economic outlook, we now expect a stronger recovery in the global economy compared to our January forecast, with expected growth of 6% in 2021 (0.5 percentage point improvement) and 4.4% in 2022 (improvement 0.2 percentage point), after an estimated historic contraction of -3.3% in 2020.

However, the future presents significant challenges. The pandemic has yet to be overcome, and cases of the virus are accelerating in many countries. Recoveries also diverge dangerously between and within countries, as economies with slower vaccine deployment, more limited political support, and greater reliance on tourism fare less well.

The improvements in global growth for 2021 and 2022 are mainly due to improvements for advanced economies, in particular a significant improvement for the United States (1.3 percentage points) which is expected to grow by 6.4% this year. . This makes the United States the only major economy that is expected to exceed the level of GDP it was predicted to have in 2022 in the absence of this pandemic. Other advanced economies, including the euro area, will also rebound this year, but at a slower pace. Among emerging markets and developing economies, China is expected to grow 8.4% this year. While the Chinese economy had already returned to pre-pandemic GDP in 2020, many other countries are not expected to do so until 2023.

Sizeable challenges ahead

These divergent recovery paths are likely to create larger differences in living standards between countries compared to pre-pandemic expectations. The average annual loss of GDP per capita over the period 2020-24, compared to pre-pandemic forecasts, is expected to be 5.7% in low-income countries and 4.7% in emerging markets, while that in advanced economies, losses are expected to be less than 2.3 percent. These losses offset gains in poverty reduction, with 95 million more people expected to join the ranks of the extremely poor in 2020 compared to pre-pandemic projections.

Uneven recoveries are also occurring across countries, as young and low-skilled workers remain the hardest hit. Women have also suffered more, especially in emerging countries and developing economies. As the crisis has accelerated the transformative forces of digitization and automation, many lost jobs are unlikely to return, requiring a reallocation of workers between sectors, often with heavy penalties. on income.

Swift political action around the world, including $ 16 trillion in budget support, prevented much worse results. Our estimates suggest that last year’s severe collapse could have been three times worse without such support.

Because a financial crisis has been averted, medium-term losses are expected to be lower than after the 2008 global financial crisis, at around 3%. However, unlike the 2008 crisis, it is emerging markets and low-income countries that are likely to suffer the greatest scars given their more limited policy space.

A high degree of uncertainty surrounds our projections. Faster progress with vaccinations may elevate predictions, while a more protracted pandemic with viral variants that vaccines elude may lead to severe degradation. Multi-speed recoveries could present financial risks if interest rates in the United States rise further unexpectedly. This could lead to a disorderly disruption of inflated asset valuations, a sharp tightening of financial conditions and a worsening outlook for recovery, especially for some emerging markets and heavily indebted developing countries.

Working together to give people a chance

Policymakers will need to continue supporting their economies while facing more limited policy space and higher debt levels than before the pandemic. This requires better targeted measures to leave room for prolonged support if needed. With multi-speed recoveries, a tailored approach is needed, with policies well calibrated according to the stage of the pandemic, the strength of the economic recovery and the structural characteristics of each country.

At present, the focus should be on emerging from the health crisis by prioritizing health spending – on vaccinations, treatment and health infrastructure. Budget support must be well targeted to affected households and businesses. Monetary policy should remain accommodative (when inflation behaves well), while proactively addressing financial stability risks using macroprudential tools.

As the pandemic is pushed back and labor market conditions normalize, supportive measures such as worker retention measures are expected to be gradually reduced. At this stage, more emphasis should be placed on the reassignment of workers, including through targeted hiring subsidies and retraining of workers. With the lifting of exceptional measures such as moratoriums on loan repayments, business bankruptcies could rise sharply and endanger one in ten jobs in many countries. To limit long-term damage, countries should consider converting previous liquidity aid (loans) into equity-like support to viable firms, while developing out-of-court restructuring frameworks to accelerate possible bankruptcies. Resources should also be devoted to helping children make up for lost teaching time during the pandemic.

Once the health crisis is over, policy efforts can focus more on building resilient, inclusive and greener economies, both to support the recovery and to increase potential output. Priorities should include investments in green infrastructure to help mitigate climate change, investments in digital infrastructure to boost productive capacity and strengthening social assistance to stop rising inequalities.

Financing these efforts will be more difficult for economies with limited fiscal space. In such cases, improving fiscal capacity, increasing fiscal progressivity (on income, property and inheritance taxes), deploying carbon pricing and eliminating unnecessary spending will be essential. All countries should anchor their policies in credible medium-term frameworks and adhere to the highest standards of debt transparency to help contain borrowing costs and ultimately reduce debt and replenish reserves for the country. to come up.

On the international scene, above all, countries must work together to ensure universal immunization. While some countries will begin large-scale immunization by this summer, most, especially low-income countries, will likely have to wait until the end of 2022. Speeding up immunizations will require increased vaccine production and distribution. , avoid export controls, fully fund the COVAX facility on which many low-income countries depend for doses, and ensure equitable global transfers of excess doses.

Policymakers should also continue to ensure adequate access to international liquidity. Large central banks should provide clear guidance on future actions with sufficient time to prepare, in order to avoid “tantrums” episodes as happened in 2013. Debt Service Suspension Initiative and operationalize the common G20 framework for orderly debt restructuring. A new allocation from the IMF Special drawing rights will provide the necessary liquidity protection in very uncertain times.

While all eyes are on the pandemic, it is essential that progress be made in resolving trade and technological tensions. Countries should also cooperate on climate change mitigation, modernization of international business taxation and measures to limit cross-border profit shifting, tax evasion and tax evasion.

Over the past year, we have seen significant innovations in economic policy and a massive intensification of support at the national level, especially among advanced economies that have been able to afford these initiatives. An equally ambitious effort is now needed at the multilateral level to ensure the recovery and move forward better. Without further efforts to give everyone a fair chance, the standard of living gaps between countries could widen dramatically and decades of progress in reducing global poverty could be reversed.

*About the Author: Gita Gopinath is an economic advisor and director of the research department of the International Monetary Fund (IMF). She is on leave from the public service of the Economics Department at Harvard University where she is John Zwaanstra Professor of International Studies and Economics.

Source: This article was published by IMF Blog

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]]> https://buzzez.co.uk/management-of-diverging-collections-analysis-eurasia-review/feed/ 0 Exclusive: US offers tariff truce if Airbus repays billions in aid – sources https://buzzez.co.uk/exclusive-us-offers-tariff-truce-if-airbus-repays-billions-in-aid-sources/ https://buzzez.co.uk/exclusive-us-offers-tariff-truce-if-airbus-repays-billions-in-aid-sources/#respond Wed, 07 Apr 2021 23:16:47 +0000 https://buzzez.co.uk/exclusive-us-offers-tariff-truce-if-airbus-repays-billions-in-aid-sources/

PARIS / WASHINGTON / BRUSSELS (Reuters) – The United States has proposed to settle a long-standing dispute over aircraft subsidies with the European Union and to remove tariffs on wine, whiskey and other products if Airbus repaid billions of dollars in aid to European governments, several sources familiar with the matter told Reuters.

The offer was made by U.S. Trade Representative (USTR) Robert Lighthizer days before the World Trade Organization (WTO) released a report on Tuesday allowing Brussels to impose counter-tariffs on U.S. goods in the United States. to the detriment of subsidies to aircraft manufacturer Boeing.

Lighthizer’s proposal, however, is unlikely to win support from the EU, which appears poised to ask the WTO at an October 26 meeting to approve $ 4 billion in tariffs from the EU. EU on US products. The imposition of US $ 7.5 billion in US tariffs on Airbus subsidies has already started to hit European products.

US President Donald Trump told reporters Washington would “hit back harder” if the EU goes ahead with tariffs, adding “They don’t want to do it.”

The European Commission has confirmed that it has received what it described as the US’s first response to its own July proposal to end the dispute.

“This is the first time that we have received comments from the United States on some substantive aspects of our proposal. We have now provided our reaction and are ready to continue these discussions, ”said a Commission spokesperson.

The USTR office, which said earlier this week it was awaiting responses from the EU on an unspecified offer, did not immediately respond to a request for comment.

Airbus shares were down 3.3% at 12:14 GMT, extending earlier losses.

WTO DECISION

The WTO ruled that European government loans to Airbus were unfairly subsidized by low interest rates while Boeing received unfair support in the form of tax breaks. Both sides say they have remedied past flaws and now comply with WTO rules.

The loans are at the center of a 16-year dispute that is disrupting trade relations in sectors ranging from luxury goods to agriculture as the two countries seek to punish aircraft subsidies with tariffs.

An Airbus A380, the world’s largest airliner, flies over Boeing flags as it lands after a flight demonstration during the 51st Paris Air Show at Le Bourget Airport near Paris on June 15, 2015. REUTERS / Pascal Rossignol / File Photo

As part of the US offer, interest rates on past loans to support Airbus development programs would be reset to a level that assumes only half of the projects would go through, two of the sources said. expressing on condition of anonymity.

This would imply a higher risk that Airbus partner countries – Britain, France, Germany and Spain – have traditionally incorporated loans and reflects a type of speculative investment.

Such a price revision could cost Airbus up to $ 10 billion, which is considered unacceptable by the EU at a time when aircraft manufacturers are seeking funds to survive the coronavirus crisis.

An EU source called the US proposal “insulting” and said it could speed up the tariff war. A US source, meanwhile, said Lighthizer was “serious” about getting Airbus to reimburse the aid.

FIGHTING FOR POSITION

Analysts say the US and the EU are trying to strengthen their positions ahead of future negotiations. The two sides called for negotiations while accusing the other of refusing to seriously engage.

The repayment of old subsidies is one of the thorniest subjects of the discussions because the WTO appeals are often prospective. The Commission said its proposals cover future aid to the sector.

The United States argues that simply addressing future types of support would not resolve the continuing damage to Boeing by the presence on Airbus’ balance sheet of past loans that it can still use to develop jets and offer unfairly low prices.

Jamieson Greer, a former chief of staff at Lighthizer and now a partner at King & Spalding law firm, said any deal must involve some form of subsidy repayment by Airbus.

“(Lighthizer) has been very public on the basic premise that… some form of rendition is an important part of any resolution,” said Greer.

European sources say Boeing would also have to make billions if the same philosophy were applied to the American aircraft manufacturer.

Currently, Airbus only repays government loans when its sales exceed a certain threshold, while loans for lesser-sold aircraft such as the A380 superjumbo can be partially or fully canceled.

Airbus says the disputed system favors taxpayers, as loan repayments on high-performance jets such as the A320 far exceed amounts written off on planes that fall short of sales targets.

Additional reporting by Kate Duguid in New York; Editing by David Goodman and Andrea Ricci

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Possible Cancellation of Student Debt Now Tax Free Under New Stimulus Bill | FOX 4 Kansas City WDAF-TV https://buzzez.co.uk/possible-cancellation-of-student-debt-now-tax-free-under-new-stimulus-bill-fox-4-kansas-city-wdaf-tv/ https://buzzez.co.uk/possible-cancellation-of-student-debt-now-tax-free-under-new-stimulus-bill-fox-4-kansas-city-wdaf-tv/#respond Wed, 07 Apr 2021 23:16:44 +0000 https://buzzez.co.uk/possible-cancellation-of-student-debt-now-tax-free-under-new-stimulus-bill-fox-4-kansas-city-wdaf-tv/

KANSAS CITY, Mo. – Part of the new stimulus bill could have big implications if President Joe Biden implements his plan to write off some student loan debt.

The American Rescue Plan does not include the cancellation of student loans, but makes any income from the cancellation of student loans tax-exempt until 2025. The canceled debt is normally considered taxable income.

Robert Kelchen, associate professor of higher education at Seton Hall University, said the legislation currently affects very few people, but that could change.

“It really affects a small number of people who took out loans in the 1990s, but it opens the door if there is a massive discount in the next few years it would be tax exempt,” he said. declared.

Biden has said he supports forgiveness of up to $ 10,000 in student loan debt, but progressives in the Democratic Party want at least $ 50,000 of debt forgiveness per borrower.

It is not clear whether Congress will pass legislation or whether Biden will attempt to write off some debts through executive action, a move Kelchen said would almost certainly end up in court.

“The Trump administration issued an advisory saying that the president cannot cancel student debt, but the Biden administration would see it differently and it would end up in court,” he said.

According to Department of Education data, more than 42 million Americans hold federal student loans, with a combined debt of $ 1.5 trillion.

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Westpac to Offer Group-Wide Smartphone Identity Verification – Finance – Security – Software https://buzzez.co.uk/westpac-to-offer-group-wide-smartphone-identity-verification-finance-security-software/ https://buzzez.co.uk/westpac-to-offer-group-wide-smartphone-identity-verification-finance-security-software/#respond Wed, 07 Apr 2021 23:16:41 +0000 https://buzzez.co.uk/westpac-to-offer-group-wide-smartphone-identity-verification-finance-security-software/

Westpac is making smartphone identity verification an option for customers of all of its banking brands, following a successful trial with St. George Bank.

The group uses digital identity verification technology from OCR Labs, headquartered in Sydney, which captures images of a physical identity document, then stills and videos of the person, and makes them match.

Such technology is increasingly used in the financial services industry around the world to verify the identity of people remotely, meaning they no longer need to visit a branch or other space. physical to perform a 100-point identity check.

Westpac Customer Service Center (CSH) General Manager Tim Whiteley revealed plans to use ‘biometrics for customer identity’ for mortgage applicants in a recent episode of the bank ‘Tech in 10’ podcast.

The CSH, A previous iTnews Reference Prize Winner, is used to reorganize end-to-end processes across the group, with home loans and mortgages being the primary target.

“The mortgage process is very complex so it has been slow to digitize,” Whiteley told the podcast.

“But with the arrival of Covid, the world has probably grown by five to seven years in the past year, so the demand for a true digital experience around mortgages is there, and that’s what that we strive to provide. “

The new digitized process covers everything from application to loan settlement. Lenders can always be approached for advice or guidance, but all steps can be initiated electronically.

Three months ago, the 10,000th customer mortgage was digitally adjusted. iTnews now understands that the number is 15,000, highlighting the growth trajectory of the digitized process.

“Even on day one, 20% of our mortgage applications were coming in digitally,” Whiteley said.

“We expect this to continue to accelerate as we launch and deliver it to customers more directly.”

So far, the digitized platform has only been used for first party loans through Westpac Group’s own lenders, but the bank is now “starting the process of integrating brokers on the platform as well.” .

In addition, further improvements to the end-to-end mortgage and mortgage process are also in the works.

Whiteley told the podcast that future improvements to the home loan and mortgage processes that were already revamped with the CSH would cover “AI and biometrics to really allow us to serve clients in a much more virtual way.”

“[Customers] may want to talk to the lender but in reality they may not want to talk to the lender too much, or they may not want to come to the branch to be identified … under the legal contract with the mortgage, which we call identity verification (VOI), ”he said.

“So now we’re introducing biometrics and AI through chat to help create that experience for customers. “

The VOI using biometrics is an extension of changes introduced during Covid-19, where the bank allowed virtual identity verification via video conferencing, although, as it is understood, some customers still had to complete the VOI in a branch, depending on individual circumstances.

In the future, it will be possible to carry out VOIs on all the brands of the Westpac group for a range of financial products entirely via a smartphone.

The results of the first tests suggest that the technology can handle the majority of VOI checks.

So far, Westpac has tested the VOI biometric solution on its St. George Bank brand app, allowing customers to identify themselves to Westpac VOI standards using a smartphone.

During the trial, it is understood that 95% of customers who were offered the biometric option chose to perform VOI digitally and were able to complete this step in less than three minutes on average.

The trial results were considered strong enough to establish a business case for running a smartphone-based VOI across all of the Westpac Group brands, although the exact timeline for this remains uncertain.

The identity of the technology provider – OCR Labs – is revealed in a screenshot of the terms and conditions of use of the St. George Bank service, which is branded as “Smart Verify”.

The terms also state that OCR Labs “will only keep your information for 20 days and then securely destroy it.”

“We will keep a copy of your personal information for our records,” added St. George Bank.

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