Support Money – SMLXtlarge http://www.smlxtralarge.com/ Mon, 11 Oct 2021 22:37:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://www.smlxtralarge.com/wp-content/uploads/2021/07/icon-5-150x150.png Support Money – SMLXtlarge http://www.smlxtralarge.com/ 32 32 Social rights advocates urge Cleveland to target federal coronavirus funding on poverty, equity and racism https://www.smlxtralarge.com/social-rights-advocates-urge-cleveland-to-target-federal-coronavirus-funding-on-poverty-equity-and-racism/ Mon, 11 Oct 2021 22:37:43 +0000 https://www.smlxtralarge.com/social-rights-advocates-urge-cleveland-to-target-federal-coronavirus-funding-on-poverty-equity-and-racism/ CLEVELAND, Ohio – Social rights advocates told Cleveland City Council members that American Rescue Plan Act money offers a chance to seriously tackle protracted poverty, addressing several intertwined issues plaguing Cleveland neighborhoods. A successful strategy to tackle the impacts of the coronavirus pandemic on people and the economy should involve programs that will perpetuate themselves […]]]>

CLEVELAND, Ohio – Social rights advocates told Cleveland City Council members that American Rescue Plan Act money offers a chance to seriously tackle protracted poverty, addressing several intertwined issues plaguing Cleveland neighborhoods.

A successful strategy to tackle the impacts of the coronavirus pandemic on people and the economy should involve programs that will perpetuate themselves and begin to tackle institutional racism in Cleveland, they said.

“It’s meant to be a revitalization, a revitalization and a building for the future,” Tania Menesse, CEO of Cleveland Neighborhood Progress, told board members. “It’s not just about surviving.”

The federal government recommends that cities use ARPA money to address poverty issues because this segment of the population may have been more affected by the pandemic than other parts of the community, said Menesse.

Federal guidelines specifically state: “There is a risk that the current pandemic-induced recession could further increase concentrated poverty and cause long-term damage to economic prospects in neighborhoods of concentrated poverty. “

With that in mind, Menesse and those who joined her urged the city to target five areas made worse by the pandemic: health, housing, runway sanitation, data and technology infrastructure, and support for small businesses.

Menesse appeared before a city council working group as it held its first meeting to set the priorities council wants to address with funding. She was joined by Marsha Mockabee, President and CEO of the Urban League of Greater Cleveland; Mark McDermott, vice president and market leader in corporate community services; and Michael Obi, a leader in Urban League venture capital efforts.

The priorities they have defined are interconnected.

Improving housing stability or lead sanitation, for example, could also lead to health improvements, Menesse said. Likewise, rehabilitation programs that help preserve the affordable housing stock could also encourage developers to build new housing.

Tackling these issues would also be a start in shaping policies to tackle racism as a public health crisis, said Marsha Mockabee, chief executive officer of the Urban League of Greater Cleveland.

“We are talking about structural and institutional racism,” Mockabee said. “It didn’t happen overnight and it won’t change overnight.”

Ideas presented on Monday included rent assistance, improving access to stable housing, helping first-time buyers, grants and loans for the repair and rehabilitation of houses, resources and supporting small businesses, solving health problems to reduce child mortality and improving Internet access. for residents.

Cleveland is expected to receive $ 511 million in ARPA money over two years. The money must be encumbered by the end of 2024 and spent by the end of 2026, or be returned to the federal government.

Monday’s task force meeting was the first of several expected before November 1, the board’s self-imposed deadline to complete its recommendations.

City council chairman Kevin Kelley said on Monday that the purpose of the meeting was to gather information for policy development. He wasn’t sure when the next meeting was, but he expected it to be next week.


Source link

]]>
Jacksonville man participates in ‘Dad Bod’ contest that raises funds to fight childhood cancer https://www.smlxtralarge.com/jacksonville-man-participates-in-dad-bod-contest-that-raises-funds-to-fight-childhood-cancer/ Sun, 10 Oct 2021 15:56:43 +0000 https://www.smlxtralarge.com/jacksonville-man-participates-in-dad-bod-contest-that-raises-funds-to-fight-childhood-cancer/ JACKSONVILLE, Florida – A man from Jacksonville participates in the search for the best “Dad Bod” in America. All funds raised are donated to the fight against childhood cancer. Joe Phelps competed in the National Legendary Dad-Bod competition. “It doesn’t matter if you have a six pack or a spare tire,” Phelps said. “A daddy […]]]>

JACKSONVILLE, Florida – A man from Jacksonville participates in the search for the best “Dad Bod” in America.

All funds raised are donated to the fight against childhood cancer.

Joe Phelps competed in the National Legendary Dad-Bod competition.

“It doesn’t matter if you have a six pack or a spare tire,” Phelps said. “A daddy is a daddy. “

Originally entering the contest as a joke, Phelps says it’s the game now.

“My father’s body is quite legitimate,” he said. “If you look at me from a certain angle, I look buff. If you look at me from another angle, I will look a little chubby. So it’s everywhere. It is an illusion.

Phelps joins over 100 other men in the national competition.

It’s a chance to earn money while helping a great cause.

All the money raised during the competition is donated to the B + Foundation, which provides financial and emotional support to children battling cancer and their families, while funding research to find a cure.

A d

You can vote for Joe. He currently sits third in his group as the top five pass at the end of the week.

The list will only keep getting shorter as more competitors are added to the pool over the next few weeks.

The person with the most votes wins the contest. They will be selected on November 11.

The winner receives $ 25,000 and a two-page advertisement in Men’s Journal magazine.

Phelps served in the United States Coast Guard for six years.

He says if he wins this contest, he will donate $ 10,000 to charity. One Phelps is considering starting a group to help veterans struggling with depression.

“I believe if you are blessed, bless someone else,” he said.

Phelps hopes his father-bod will lead him to victory.

“I watch like I watch,” he said. “I’m trying to go to the gym to be in better shape, but for now I might as well ride it. I just throw it in there and see what happens.

Copyright 2021 by WJXT News4Jax – All rights reserved.


Source link

]]>
Kyrsten Sinema wants to cut $ 100 billion in proposed climate funds, sources say https://www.smlxtralarge.com/kyrsten-sinema-wants-to-cut-100-billion-in-proposed-climate-funds-sources-say/ Sat, 09 Oct 2021 11:25:00 +0000 https://www.smlxtralarge.com/kyrsten-sinema-wants-to-cut-100-billion-in-proposed-climate-funds-sources-say/ WASHINGTON – Arizona Senator Kyrsten Sinema, who started her political career with the Green Party and raised alarm over global warming, wants to cut climate programs by at least $ 100 billion as part of ‘major legislation pending on Capitol Hill, according to two people familiar with the matter. Sinema is one of two centrist […]]]>

WASHINGTON – Arizona Senator Kyrsten Sinema, who started her political career with the Green Party and raised alarm over global warming, wants to cut climate programs by at least $ 100 billion as part of ‘major legislation pending on Capitol Hill, according to two people familiar with the matter.

Sinema is one of two centrist Democrats in the Senate whose votes are critical to the passage of two bills that together would constitute President Biden’s legislative agenda: a $ 1 trillion infrastructure bill. and a separate $ 3.5 trillion budget bill.

Last month Ms Sinema said The Republic of Arizona, “We know that a changing climate is costing the people of Arizona. And right now, we have the opportunity to adopt smart policies to address it – pending that. When she ran for the Senate in 2018, Ms. Sinema was endorsed by the League of Conservation Voters. And she has expressed interest in using the spending bill to enact a tax or levy on carbon dioxide pollution, which experts say could be one of the most effective ways to mitigate global warming. climate.

But Ms Sinema’s demand to cut spending on climate provisions in the budget bill could force Democrats to cut or cut programs designed to help poor communities adapt to climate change as well as to help businesses. to adapt as the economy shifts from fossil fuels to clean energy. .

House Speaker Nancy Pelosi insisted in a letter to her colleagues this week that climate programs would be maintained. “The climate crisis is a health issue, an employment issue, a national security issue and a moral issue to pass the planet on to future generations responsibly,” Ms. Pelosi wrote. “This challenge must be met with justice for vulnerable communities, who have been the first and hardest hit by the climate crisis. “

A spokesperson for Ms Sinema, John LaBombard, emphatically denied that Ms Sinema had called for the cuts. “Neither Senator Sinema nor our office have asked for or demanded such reductions, and we have not even heard of such requests,” he wrote in an email.

People familiar with her request, who asked to speak anonymously because they weren’t authorized to speak officially, said she called for a reduction in the climate agenda as part of a broader effort by Democrats to look for ways to lower the price of broader spending legislation. Mr Biden initially envisioned a spending package of around $ 3.5 trillion, but Democrats are now trying to cut it down to $ 2 trillion, in order to gain support from Ms Sinema and Senator Joe Manchin III to West Virginia, without whose votes the measure will fail.

As Democrats attempt to take $ 1.5 trillion off the global bill, party leaders have pledged to protect at least two major climate change programs, which total about $ 450 billion.

The first, a $ 150 billion proposal known as the Clean Electricity Program, would reward electric utilities that switch from burning fossil fuels to wind, solar or nuclear power, and penalize companies that do not. do not. The second is a package of around $ 300 billion in tax incentives to increase the use of wind and solar power and electric vehicles.

Both of these programs could lead to significant reductions in the country’s global warming pollution and would quite possibly be the most significant climate action taken by the United States, analysts said.

But to lower the cost of the bill and appease Ms Sinema, Democrats could still slash or cut up to an additional $ 200 billion in several other climate programs.

“Almost any climate program that is not these two would be drastically reduced or cut entirely under these circumstances,” said John Coequyt, director of government affairs at the Rocky Mountain Institute, a research organization that focuses on relative policy. to climate change.

These could include a number of programs designed to help the poor adapt to the destructive effects of climate change, as well as $ 30 billion for a “green bank” to help communities finance the construction of solar panels and electric vehicle charging stations, and $ 30 billion to create a “Civilian Climate Corps” that would hire young adults to work in climate mitigation and adaptation, half of whom would come from communities of color.

Another possible candidate for the chopping block could be a $ 10 billion program to help rural electric co-ops, which provide electricity to more than 40 million people in rural communities. The money is said to be aimed at mitigating price spikes these rural residents might see on their electricity bills as co-ops shift from buying coal-fired electricity to wind and solar. Other potential cuts could include a $ 13 billion program to build new electric vehicle charging stations, including $ 1 billion to ensure these stations are built in low-income areas.

“In the absence of such programs, the economic transition to different energy sources will be less uniform and fair,” said Coequyt. “There will be communities that cannot take advantage of new technologies for a whole bunch of different reasons. “

Cutting aid to local communities would also undermine popular support for a transition to a clean energy economy, experts say. “Some of the programs aimed at reaching rural and low-income communities are really important in sustaining the political coalition for this,” said Dallas Burtraw, analyst for Resources for the Future, a non-partisan energy-focused research organization. and the environment. Politics. “It could be both an economic and a political problem if these communities are left behind. “

Scientists and environmental activists in Arizona say the cuts would end up hurting Ms. Sinema’s voters.

As one of the hottest and driest states in the country, Arizona is already at the forefront of extreme weather conditions that scientists say is made worse by global warming. Arizona is in the throes of a mega-drought that has lasted for decades, with 95 percent of the state experiencing severe drought conditions. Since 2012, the state has suffered five droughts that have caused a total of $ 22.1 billion in damage, according to the National Oceanic and Atmospheric Administration. This year alone, about half a million acres of the state were consumed by wildfires, yet many communities were also inundated by the monsoons. Across Arizona, there were a record 522 heat-related deaths in 2020, according to the state.

“Annual average temperatures in Arizona have already risen a few degrees due to climate change, which may not seem like much, but it has increased heat waves and droughts, it has lowered the snowpack which is essential to our supply of snow. water, and flowing. in waterways that are important to the health of wildlife, which is important to our ranchers and farmers, ”said Gregg Garfin, climatologist at the University of Arizona.

Arizona needs federal help to fight a warmer climate, he said. “We need manpower,” Garfin said. “We need funding. Many communities in Arizona do not have the budget or the expertise to do this. It takes real money. And that’s super important for Arizona.

Poor and minority communities, which are disproportionately affected by climate change, must be included in any government plan, said Vianey Olivarria, director of Chispa Arizona, the state arm of the League of Conservation Voters. “There is no way to have a climate action plan without environmental justice,” she said.

Democrats at the forefront of promoting climate action say none of the policies can be spared.

“We cannot cut climate finance in this package. It would go back on the promise made to voters, to young people, to American workers who don’t want to be left behind, ”said Senator Edward J. Markey, a Democrat from Massachusetts. “We absolutely need a strong civilian climate body that will inspire a new generation of young Americans. We need a strong green climate bank that will free up for every dollar spent, seven to ten dollars of private sector investment. It’s a very smart way to ensure that every small town, small town housing authority, small business, can access the capital they need to make this transition.


Source link

]]>
Spending for the NJ governor’s race is $ 58 million and counts. A lot comes from your taxes. https://www.smlxtralarge.com/spending-for-the-nj-governors-race-is-58-million-and-counts-a-lot-comes-from-your-taxes/ Thu, 07 Oct 2021 15:11:15 +0000 https://www.smlxtralarge.com/spending-for-the-nj-governors-race-is-58-million-and-counts-a-lot-comes-from-your-taxes/ Republican challenger Jack Ciattarelli has so far exceeded Democratic government spending. Phil murphy of more than $ 3 million so far in New Jersey governor’s combative race, according to new figures released by the state’s election watchdog. Ciattarelli, a former member of the state assembly, spent $ 8.9 million, compared with $ 5.6 million spent […]]]>

Republican challenger Jack Ciattarelli has so far exceeded Democratic government spending. Phil murphy of more than $ 3 million so far in New Jersey governor’s combative race, according to new figures released by the state’s election watchdog.

Ciattarelli, a former member of the state assembly, spent $ 8.9 million, compared with $ 5.6 million spent by Murphy, who is running for a second term, according to the report of the New Jersey Election Law Enforcement Commission.

But Murphy raised $ 13.3 million to $ 10 million on Ciattarelli and has a lot more cash on hand heading into the final month of the Nov. 2 election. Murphy still has $ 7.3 million in his coffers, compared to Ciattarelli’s $ 1.1 million.

One likely reason Murphy is able to save that money: The outgoing governor has received a wave of support from independent committees – outside groups that raise and spend money to support candidates.

So far, these groups have spent $ 13.1 million on the general election, with pro-Murphy groups responsible for around $ 10 million, compared to around $ 500,000 for those supporting Ciattarelli.

Outside groups have spent almost as much as the candidates themselves, who have so far spent $ 14.6 million.

In total, there has so far been almost $ 28 million in spending between candidates and groups outside the general election.

“Once again, the gubernatorial elections are only held in New Jersey and Virginia this year. The Garden State is therefore a major draw for these national political groups, ”said Jeff Brindle, Executive Director of ELEC. “Over the past decade, these and other independent committees have become a major force in federal, state and local campaigns.”

Fundraising and spending among the candidates for the New Jersey governor’s race in 2021.

When that money is added to the money spent before and during the primary elections, candidates have shelled out $ 57.9 million for this year’s race so far. That’s higher than the $ 52.9 million spent at this point in the last Garden State gubernatorial election, in 2017, when Murphy won his first term against Republican Lt. Gov. Kim Guadagno.

Still, that pales in comparison to the state’s most expensive governorship so far. In 2005, $ 87.8 million was spent when Democrat Jon Corzine defeated Republican Doug Forrester – a race mainly funded by their personal fortune and without any public money. It would have cost $ 123 million in today’s dollars, ELEC said.

Much of the expenses of the candidates this year was funded by taxpayer dollars. Under the New Jersey Matching Fund program, the state provides public funds to applicants who raise a certain amount and agree to limit total spending.

Murphy has received $ 8.8 million in public money so far, while Ciattarelli has received $ 6.3 million.

The highest public money a candidate can receive is $ 10.6 million, and he must agree to limit his general election spending to $ 15.6 million.

Of the outside groups, Garden State Forward, the super-PAC of the New Jersey Education Association, the state’s largest teachers’ union, spent the most – $ 500,000 to support Murphy.

After that, Our NJ, a super-PAC formed by the Democratic Governors Association, spent $ 3.4 million to support Murphy, a former president of the DGA.

The DGA itself spent $ 1.3 million on Murphy’s behalf.

The Republican Governors Association, meanwhile, spent $ 409,777 to boost Ciattarelli. By comparison, the group spent $ 2.4 million in 2017 to beat Murphy and $ 7.5 to help Chris Christie oust Corzine in 2009.

Fix NJ Now, a pro-Ciattarelli super-PAC, spent $ 71,203.

All opinion polls so far have shown Murphy leading Ciattarelli, most in double digits.

2021 governor race money 2

Overseas spending on the New Jersey governor’s race in 2021.

A third candidate, Green Party candidate Madelyn Hoffman, raised $ 1,874.

There are no figures available for two other third-party candidates, libertarian candidate Gregg Mele and socialist worker candidate Joanne Kulinsky. Hoffman, Mele and Kulinsky each told ELEC they expected to spend less than $ 5,800 on the race.

Our journalism needs your support. Please register today for NJ.com.

Brent Johnson can be reached at bjohnson@njadvancemedia.com. Follow him on Twitter at @ johnsb01.



Source link

]]>
Big banks target liquidity from informal savings clubs in South Africa https://www.smlxtralarge.com/big-banks-target-liquidity-from-informal-savings-clubs-in-south-africa/ Thu, 07 Oct 2021 06:33:00 +0000 https://www.smlxtralarge.com/big-banks-target-liquidity-from-informal-savings-clubs-in-south-africa/ JOHANNESBURG, October 7 (Reuters) – Thandi Mkhabela’s money was slipping through his fingers. Today, the 34-year-old mother of four is earning interest on her monthly savings, has paid off debts, and plans to expand her home in a township just outside Johannesburg, never having to deal with a bank. The improvement in Mkhabela’s financial situation […]]]>

JOHANNESBURG, October 7 (Reuters) – Thandi Mkhabela’s money was slipping through his fingers.

Today, the 34-year-old mother of four is earning interest on her monthly savings, has paid off debts, and plans to expand her home in a township just outside Johannesburg, never having to deal with a bank.

The improvement in Mkhabela’s financial situation came after she formed a savings club in June 2020 with 16 other women. Each of them contributes between 100 Rand ($ 6.64) and 500 Rand per month, and the club, known as stokvel, offers three-month loans to members at the rate of 10% per month. At the end of the year, they split the pot.

“Every month we use money for… a lot of things that are not needed,” Mkhabela said, adding that without the support of the group she found it difficult not to spend all she had.

“It helped me because now I’m going to start building my house – I want a big one,” she continued.

Mkhabela’s is one of hundreds of thousands of stokvels that make up a largely informal market worth over $ 3 billion a year, according to estimates by the National Stokvel Association of South Africa (NASASA)

The major South African banks have wanted for years to introduce stokvels into the country’s traditional banking system.

They have stepped up their efforts as increasing competition, including from new FinTech companies, forces them to seek new ways to gain customers and exploit underserved parts of the market.

An entrenched preference for cash, mistrust of banks, and a lack of infrastructure in poorer communities have hampered past efforts to formalize stokvels.

Banks hope the changes spurred by COVID-19 – a forced shift to digital financial services – can help them overcome these traditional hurdles, and they have accelerated plans to take advantage of them.

The country’s four big banks currently capture only R12 billion of the R50 billion ($ 3.32 billion) stokvel market currently, Motlatsi Mkalala, head of consumer affairs and high net worth, told Reuters. at Standard Bank, presenting a huge growth opportunity.

Standard Bank, which already manages some stokvels through a more basic group savings account, is developing a new account with many user-friendly features for stokvels to earn more and aims to launch it in the last quarter of 2021.

Rival FirstRand’s retail division (FSRJ.J), FNB, launched a free account for stokvel customers earlier this year. Absa (ABGJ.J) is also looking to improve its stokvel product, its savings and investment manager Thami Cele told Reuters.

“We see it as an opportunity: we see them growing up, starting to interact with banks… and wanting to make long-term investments,” Cele said. “We are better equipped to respond to this.”

FUNERAL FOOD

Stokvels, a word believed to have originated from 19th-century cattle auctions or cattle fairs, are an innovation of the country’s black population, who were excluded from the financial system under apartheid.

They are used to save for everything from funerals and groceries to vacations and cast iron pots. Young savers are also increasingly joining forces to invest in the stock market or buy real estate.

In the Mkhabela group, members who fail to repay their debts on time are given an additional month, but risk having their property repossessed. Members who do not save lose interest earned during this period.

But stokvels depend heavily on personal relationships and the trust, responsibility and peer pressure they cultivate.

Similar informal savings and loan associations are common around the world, from “village banks” in neighboring Malawi to “cundinas” in Mexico or “hui” in China.

Standard Bank’s new account for stokvels will offer different functionalities depending on the group’s savings goal. For grocery store stokvels, for example, the bank could provide easier ways to buy in bulk.

The bank also plans to offer discounts to retailers, funeral homes and other places where stokvels often approach with heaps of cash, in hopes of making a bulk purchase or asking for more. put money aside for the future.

Standard Bank is developing a network of partnerships with such organizations, which already covers 20,000 points of sale, to promote the new account and create a stokvel loyalty program.

He wants to double the balances he holds through his existing collective savings product, Mkalala said, without giving a figure for these.

Absa and FNB plan to offer stokvels investment solutions, said Cele and Raj Makanjee, managing director of retail banking and private banking at FNB. Absa hopes her efforts can help increase her share of savings and deposit market in South Africa to 25%, from around 21.5% within three to five years.

Meanwhile, Standard Bank and FNB are looking to replicate stokvel’s informal lending and could roll out similar programs in other markets in Africa. Mkalala said his bank is already planning such moves in places like Kenya.

THE BIGGEST GAME

Cashing in a stokvel offers multiple chances of making money. Targeting individual members with personal bank accounts, for example, would open up a world of sales opportunities.

“(It’s) the much bigger game from a cross-selling point of view… You can do a lot more with members,” Mkalala said.

The Stokvels also benefit, he said, including through better returns and increased security.

Stokvels have lost huge sums in isolated thefts, local media reported, while informality can increase vulnerability to fraudsters.

Some stokvels deposit money into personal bank accounts, but this can create problems accessing cash. If the account holder dies, for example, clubs must negotiate with the next of kin or the bank to access their funds, and they may fail – a scenario that some played out during the pandemic.

F Anton Krone, director of SaveAct, which helps set up savings clubs, switching to formal banking is not necessarily a better option and can lead to higher debts and other problems.

Andrew Lukhele, who chairs the NASASA stokvel association, said banks are asking for documents, a constitution – not necessary for all groups – and more rigidity in how the money can be used.

The benefits of Stokkels also go beyond pure finance. They provide a sense of community or moral support in difficult times through regular in-person meetings.

Bank executives said their products can cultivate the same qualities. Krone and Lukhele said they believe these elements might be lost in practice.

Some savers are also reluctant. Twitter users in Malawi criticized banks for trying to take advantage of village banks after ignoring their members for decades.

Mkhabela’s reasoning, however, is more practical:

“Bank accounts have too many fees, a lot of paperwork … We prefer to do it this way.”

($ 1 = Rand 15.0522)

Reporting by Emma Rumney Editing by Rachel Armstrong and Jane Merriman

Our standards: Thomson Reuters Trust Principles.


Source link

]]>
Sam Docherty shares his cancer journey, thanking his Carlton teammates for their support https://www.smlxtralarge.com/sam-docherty-shares-his-cancer-journey-thanking-his-carlton-teammates-for-their-support/ Wed, 06 Oct 2021 01:15:03 +0000 https://www.smlxtralarge.com/sam-docherty-shares-his-cancer-journey-thanking-his-carlton-teammates-for-their-support/ Carlton’s co-captain, Sam Docherty, has opened up about his second battle with testicular cancer, revealing that he “feels good” and has “passed” the first half of his chemotherapy treatment. Key points: Carlton midfielder Patrick Cripps has put together a head shave campaign to support fellow Blues co-captain Sam Docherty who is battling cancer. Docherty says […]]]>

Carlton’s co-captain, Sam Docherty, has opened up about his second battle with testicular cancer, revealing that he “feels good” and has “passed” the first half of his chemotherapy treatment.

The Blues defender said he was ‘speechless’ at the overwhelming support shown to him, especially from his teammates at Carlton who will shave their heads on Friday to raise money for the Peter Mac Cancer Foundation .

“I wanted to thank everyone who contacted me, [I] I appreciate kind words and gestures, ”Docherty said in a social media post Tuesday night.

“I can’t believe the amount of support and generosity we are receiving for the @petermaccancercentre.

“I have experienced firsthand the incredible work nurses and doctors do every day and I am proud to be able to help raise funds and spread awareness of an incredible foundation. The money raised will have a significant impact on so many. fights against all types of cancer.

Sam Docherty underwent chemotherapy for 12 weeks following a recurrence of testicular cancer. (

AAP: Dan Himbrechts

)

“What started out as buddies wanting to show some support has turned into something I never could have imagined and I’m speechless at the support of [the] wider community and in particular @patrickcripps @lillosullivan and @carlton_fc.

“Even though there are difficult times, I am doing very well and I was successful in the first half of my treatment. There is not much left in this area.”

Blues captain Patrick Cripps, who organized Friday’s head shave initiative and set up the fundraising page, invited everyone to join in and share on their social media.

“On Friday October 8, join a number of players as we shave our heads in support of Sam,” Cripps wrote on the fundraising page.

A group of AFL players leaving the field together
Carlton players support their teammate Sam Docherty (right).(

Getty: Mark Kolbe

)

“We’ll be posting before and after photos as well as videos, and we would love you to do the same and tag the Carlton Football Club and the Peter Mac Foundation.

“We also want to raise funds for the Peter Mac Foundation to support their discovery of cures for cancer. We hope to raise $ 5,000.

Geelong defender Zach Tuohy will join his former Carlton teammates in shaving his head after spending three years alongside Docherty in the Blues.

“Next week I will be joining some of my former teammates and shaving my head in support of @dochertysam and the battle he is currently waging,” Tuohy said in a social media post.

Loading


Source link

]]>
Oil and gas prices could remain high as investors seek clean energy https://www.smlxtralarge.com/oil-and-gas-prices-could-remain-high-as-investors-seek-clean-energy/ Mon, 04 Oct 2021 21:32:08 +0000 https://www.smlxtralarge.com/oil-and-gas-prices-could-remain-high-as-investors-seek-clean-energy/ HOUSTON – Americans are spending a dollar more on a gallon of gasoline than they were a year ago. Natural gas prices have climbed more than 150% over the same period, threatening to increase the prices of food, chemicals, plastics and heating this winter. The energy system is suddenly in crisis around the world as […]]]>

HOUSTON – Americans are spending a dollar more on a gallon of gasoline than they were a year ago. Natural gas prices have climbed more than 150% over the same period, threatening to increase the prices of food, chemicals, plastics and heating this winter.

The energy system is suddenly in crisis around the world as the cost of oil, natural gas and coal has climbed rapidly in recent months. In China, Britain and elsewhere, fuel shortages and panic buying have resulted in blackouts and long lines at gas stations.

The situation in the United States is not as dire, but oil and gasoline prices are high enough that President Biden has called on foreign producers to increase supply. He does so as he simultaneously pushes Congress to tackle climate change by moving the country away from fossil fuels to renewables and electric cars.

US energy executives, Wall Street bankers and the investors who fund them are doing nothing to raise production to levels that could lower prices. The main US oil price jumped nearly 3% on Monday, to around $ 78 a barrel, a seven-year high, after OPEC and its allies refused to significantly increase supply on Monday.

Growers are still irritated by memories of falling prices at the start of the pandemic. Wall Street is even less enthusiastic. Not only have banks and investors lost money in the boom-bust cycles that have rocked the industry over the past decade, but many also say they are prepared to reduce their exposure to fossil fuels to meet commitments. they took to fight climate change.

“Everyone is very suspicious because just 15 or 16 months ago we had negative oil prices at $ 30 a barrel,” said Kirk Edwards, president of Latigo Petroleum, which owns an interest in 2,000 wells. of oil and natural gas in Texas and Oklahoma. . He remembered a time when demand and storage capacity were so low that some traders paid buyers to withdraw oil from them.

If drillers do not increase production, fuel prices could remain high and even increase. This would pose a political problem for Mr. Biden. Many Americans, especially low-income families, are vulnerable to large fluctuations in oil and gas prices. And while the use of renewables and electric cars increases, it remains too low to significantly offset the pain of higher gasoline and natural gas prices.

Goldman Sachs analysts say the energy supply could tighten further, potentially raising oil prices by $ 10 before the end of the year.

This helps explain why the Biden administration pressured the Organization of the Petroleum Exporting Countries to produce more oil. “We continue to discuss with international partners, including OPEC, the importance of competitive markets and pricing and to do more to support the recovery,” Jen Psaki, Attaché, said last week. Mr. Biden’s press release.

But OPEC and its allies simply reconfirmed existing plans for a modest increase in November on Monday. They are reluctant to produce more for the same reasons that many US oil and gas companies do not want to.

Oil executives argue that while prices may appear high, there is no guarantee they will stay high, especially if the global economy weakens because coronavirus cases start to rise again. Since the start of the pandemic, the oil industry has laid off tens of thousands of workers and dozens of companies have gone bankrupt or gone into debt.

Oil prices may look high compared to 2020, but they’re not stratospheric, executives said. Prices were in the same territory in mid-2018 and are still far from the level of $ 100 a barrel they exceeded in 2014.

Largely because of industry caution, the national number of oil rigs is 528, about half of its 2019 peak. Yet, aside from recent Gulf production disruptions From Mexico in the aftermath of Hurricane Ida, oil production in the United States has almost reverted to the pre-pandemic days, with companies pulling crude from wells they drilled years ago.

Another reason for the decline in drilling is that banks and investors are reluctant to invest more money in the oil and gas sector. Wall Street’s capital flow has slowed after a decade in which investors paid more than $ 1.4 trillion to North American oil and gas producers through equity issuances and d ‘bonds and loans, according to research firm Dealogic.

“The banks have pulled out of funding,” said Scott Sheffield, managing director of Pioneer Natural Resources, a major Texas oil and gas producer.

The flow of money provided by banks and other investors had slowed even before the pandemic as shale wells often produced a lot of oil and gas in the beginning but quickly ran out. Many oil producers made little or no profit, leading to bankruptcies whenever energy prices fell.

Companies were constantly selling stocks or borrowing money to drill new wells. Pioneer, for example, did not generate cash as a company between 2008 and 2020. Instead, it used $ 3.8 billion to run its operations and make capital investments, according to the reports. company financials.

Industry executives have come to preach financial conservatism and tell shareholders that they are going to raise dividends and buy back more stocks, not borrow for big expansions. Mr Sheffield said Pioneer now intends to return 80 percent of its free cash flow, a measure of money generated from operations, to shareholders. “The model has totally changed,” he said.

Shares of oil companies, after years of decline, have skyrocketed this year. Yet investors remain reluctant to finance a large expansion in production.

With oil and gas exploration and production companies taking a cautious approach and returning money to shareholders, the first company “to deviate from this strategy will be vilified by public investors,” said Ben Dell, Managing Director of Kimmeridge, an energy-focused private equity firm. solidify. “No one is going down this road any time soon.”

This aversion to expanding oil and gas production is partly due to the growing enthusiasm of investors for renewables. Equity funds focused on investments such as wind and solar power manage $ 1.3 trillion in assets, a 40% increase this year, according to RBC Capital.

And the largest investment firms require companies to reduce emissions from their operations and products, which is much more difficult for oil and gas companies than it is for technology companies or other companies in the service industry.

BlackRock, the world’s largest asset manager, wants the companies it invests in to end up removing as much carbon dioxide from the environment as they emit, achieving what is known as net zero emissions. The New York State Pooled Fund, which manages state and local government employee pension funds, said it will stop investing in companies that do not take enough action to reduce carbon emissions.

But even some investors calling for emission reductions fear the transition from fossil fuels will push energy prices up too much and too quickly.

Mr Dell said the limited supply of oil and natural gas and the cost of investing in renewables – and storing batteries when the sun isn’t shining and the wind isn’t blowing – could raise prices. energy for the foreseeable future. “I have no doubts that you are going to experience a period of inflation in energy prices this decade,” he said.

Laurence D. Fink, chief executive officer of BlackRock, said it could undermine political support for switching off fossil fuels.

“We risk a supply crisis that increases costs for consumers – especially those who can least afford it – and risks making the transition politically untenable”, he said in a speech in July.

There are already signs of stress all over the world. Europe and Asia are short of natural gas, causing prices to rise even before the first cold in winter. Russia, a major gas supplier to both regions, has supplied less gas than its customers expected, making it difficult for some countries to replace nuclear and coal-fired power plants with gas-fired ones.

OPEC, Russia and others have been careful not to increase oil production for fear that prices will fall if they flood the market. Saudi Arabia, the United Arab Emirates, Russia and a few other producers have around eight million barrels of spare capacity.

“The market is not structurally short of oil supplies,” said Bjornar Tonhaugen, head of oil markets for Rystad Energy, a Norwegian energy consultancy firm.

Helima Croft, head of global commodities strategy at RBC Capital Markets, said she expected OPEC and Russia to be willing to increase production if they saw the balance between supply and the demand “tighten up from here”.

If OPEC increases production, US producers like Mr. Edwards of Latigo Petroleum will be even more reluctant to drill. So far, he has stuck to the investment plans he made earlier this year to drill just eight new wells in the past eight months.

“Just because prices have jumped for a month or two doesn’t mean there will be a scramble for drilling rigs,” he said. “Industry always goes up and down. “

Clifford Krauss reported from Houston and Peter Eavis from New York.


Source link

]]>
Fourth direct update of the stimulus control: expense invoice, social security benefits, child tax credit … https://www.smlxtralarge.com/fourth-direct-update-of-the-stimulus-control-expense-invoice-social-security-benefits-child-tax-credit/ Mon, 04 Oct 2021 00:16:10 +0000 https://www.smlxtralarge.com/fourth-direct-update-of-the-stimulus-control-expense-invoice-social-security-benefits-child-tax-credit/ Biden says he will ‘work like hell’ to pass the bills US President Joe Biden said on Saturday he was going to “work like hell” to push through both an infrastructure bill and a multibillion-dollar social spending bill through Congress and plans to travel more to bolster support for Americans. Biden went to the Capitol […]]]>

Biden says he will ‘work like hell’ to pass the bills

US President Joe Biden said on Saturday he was going to “work like hell” to push through both an infrastructure bill and a multibillion-dollar social spending bill through Congress and plans to travel more to bolster support for Americans.

Biden went to the Capitol on Friday to try to end a fight between moderates and progressives on the left in his Democratic Party which threatened the two bills which constitute the heart of its national agenda.

The president admitted on Saturday that he criticized the fact that he had not done more to gain support for the bills by traveling across the country. He noted that there were many reasons for this, including his focus on hurricane and storm damage on recent trips, among others.

Biden said he would tour the country “Explain why this is so important” and explain to people more clearly what is in the two bills.

He said he wanted with the bills to make life more livable for ordinary Americans by make child care affordable, for example.

There is nothing in any of these laws that is radical, that is unreasonable“Biden said.” I’ll try to sell what I think the people, the American people, will buy. “

Biden expressed confidence that both bills would pass but declined to set a deadline, like the Thanksgiving holiday in November, for when that would happen.

I believe i can do it“Biden said.

Photo: REUTERS / Al Drago


Source link

]]>
Money & the Law: the agency targets entities that support bad guys | Business https://www.smlxtralarge.com/money-the-law-the-agency-targets-entities-that-support-bad-guys-business/ Sun, 03 Oct 2021 06:00:00 +0000 https://www.smlxtralarge.com/money-the-law-the-agency-targets-entities-that-support-bad-guys-business/ A few years ago, the Office of Financial Consumer Protection decided that a good way to end harmful consumer market activity was to go after organizations that support bad guys rather than go after bad guys. to the wicked themselves. In this vein, the CFPB has successfully brought enforcement actions against companies processing credit card […]]]>

A few years ago, the Office of Financial Consumer Protection decided that a good way to end harmful consumer market activity was to go after organizations that support bad guys rather than go after bad guys. to the wicked themselves. In this vein, the CFPB has successfully brought enforcement actions against companies processing credit card payments for wrongdoers.

Last month, in a lawsuit filed in federal court in California, the CFPB tackled another target of support for villains. This time around, the defendants are a company named Credit Report Cloud and its owner, David Rosen. According to the CFPB complaint, Credit Report Cloud provides products and services to people who want to get into credit repair.

According to the complaint, Credit Report Cloud’s marketing materials (which include a website, podcast, and a book written by Rosen) state that “all you need to start a credit repair business is a computer, a phone and software ”. And, “credit repair is the cheapest, most profitable business you can start.” And, “it’s a very affordable startup”, which costs “almost nothing”.

Credit Report Cloud does not itself sell credit repair services. Rather, he invites people to buy his (frankly, pretty impressive) business support tools in pursuit of the goal of becoming a “credit repair millionaire”. Credit Report Cloud customers receive comprehensive business management software; over 100 ready-made dispute letters for credit bureaus; teaching materials (including a “master class” from a credit repair company); telemarketing sales scripts; website designs; and connections to social networks.

The CFPB lawsuit against Credit Report Cloud and Rosen is highly technical and is based on federal law known as the Telemarketing and Consumer Fraud and Abuse Act. Credit Report Cloud software and other business support products cause “at least some, and possibly many” Credit Report Cloud customers to violate this law by charging their credit repair customers, says CFPB. illegal advance charges. And under the law, anyone providing substantial assistance to a telemarketer engaging in illegal conduct is also breaking the law.

As for Colorado’s regulation of credit repair businesses, that state has a statute called the Credit Services Organization Act and a related statute called the Uniform Debt-Management Services Act. These two laws attempt to put credit repair companies and debt management companies on a tight regulatory leash.

(Credit repair companies try to clean up someone’s credit rating by disputing allegedly inaccurate information in credit files. Debt management companies try to negotiate deferred and reduced payment agreements between creditors and debtors.)

Both laws require truthful disclosures; the use of written agreements specifying what work will be performed and what the costs will be for that work; prohibit upfront payments; and allow the cancellation of a service contract for a short period after signing the contract.

Jim Flynn works for Flynn & Wright LLC of Colorado Springs. Contact him at moneylaw@jtflynn.com.


Source link

]]>
How Democrats Can Get Out of SALT Trouble and Save $ 1,000 Billion https://www.smlxtralarge.com/how-democrats-can-get-out-of-salt-trouble-and-save-1000-billion/ Sat, 02 Oct 2021 13:02:53 +0000 https://www.smlxtralarge.com/how-democrats-can-get-out-of-salt-trouble-and-save-1000-billion/ The debate among Congressional Democrats over the $ 10,000 cap on the State and Local Tax Deduction (SALT) continues. We are proposing here a proposal that could bring something to the SALT caucus in the short term; save nearly a trillion dollars over the budget window; and put the tax system on the path to […]]]>

The debate among Congressional Democrats over the $ 10,000 cap on the State and Local Tax Deduction (SALT) continues. We are proposing here a proposal that could bring something to the SALT caucus in the short term; save nearly a trillion dollars over the budget window; and put the tax system on the path to greater fairness.

The two options considered apparently consist of remove the cap for two years Where raise the ceiling to a higher amount over ten years.

These are two very bad ideas, wasting money on very regressive tax relief. If we are forced to choose, we should say that the first is even worse than the second. Especially if cuts are to be made on other political fronts, many of which would help less fortunate families, this will be difficult to justify. We criticize here the proposals that seem to be on the table, before describing our own.

The complete repeal of the SALT cap is the worst option of all

Repealing the SALT cap for two years would cost around $ 85 billion per year. Like us and others As has been pointed out many times, this represents a massive boon for the rich and the haves. Despite what the SEL Caucus claims, the repeal of the SALT cap is no tax cut for the middle class. Ninety-six percent of profits would go to the richest 20 percent of the income distribution, with the richest 0.1 percent receiving a tax cut of $ 154,000 per year, on average . To be fair, the middle class gets something. The middle 60 percent of the income distribution would, on average, get a tax cut of $ 37 per year. Even in high tax states, the middle class receives little. In new York, the richest 1% would benefit from a tax reduction of about $ 103,000 on average. For those in the middle class, the benefit is only $ 90, on average. The repeal of the ceiling is therefore regressive and brings little or no social benefits. As budget-wrestling Democrats know, there are dozens of better ways for the federal government to spend $ 85 billion, for example:

  1. A panoply of social policies. We can’t say it better than Maya MacGuinea, Chairman of the Committee for a Responsible Federal Budget: “For the annual cost of repealing the SALT cap, policymakers could adopt the president’s plans to provide a universal preschool, a free community college, paid family leave, affordable child care and an Income Tax Credit Extension. Not just one of these policies, but all of them together. “
  2. One year of Expanded Child Tax Credit (CTC). As part of the American Rescue Plan, the CTC was expanded and made fully refundable – meaning low-income families can receive the full benefit – for one year. The annual cost of this extension is approximately $ 100 billion compared to the previous law. From June to July, the expanded CTC reduced monthly child poverty by 25 percent. The expanded CTC is also likely to stimulate long-term social mobility, as we have argued earlier.
  3. Double (or even triple) the Pell Grants. Pell scholarships help students from low-income families pay for their college education. On our own pages, Philip Levine finds that doubling the maximum amount of the Pell grant is a rare win-win policy: it promotes economic efficiency and social equality. Matthew Chingos of the Urban Institute estimates it would cost around $ 35 billion per year, roughly doubling the current cost. A calculation on the back of the envelope suggests that the maximum amount could even be tripled (with the remaining money) for the same price as the repeal of the SALT cap.
  4. Universal ties for babies. The racial wealth gap and the gap between blacks and whites in multigenerational poverty is alarming. Racist policies have helped create these gaps, and intentional public policy is needed to close them. One option is baby ties. In fact, for a children’s trust fund that will provide the most assistance to people from low-income families, this proposal would, on average, benefit black beneficiaries particularly. The government would put money into accounts for children at birth, which would grow over time thanks to continued government contributions and secure returns on investments. At the age of 18, beneficiaries access these funds to pay for their education or a down payment on a house, for example. With many potential structures, baby bonds would cost around $ 82 billion per year.

People can reasonably disagree on the pros and cons of these various policies. But it’s hard to argue that either of them is a worse way to spend taxpayer money than a tax break for the rich is a better use of that money.

Raising the ceiling is also a bad idea

The second option under consideration, raising the cap to a certain higher dollar threshold, is still regressive. If the cap were raised to, say, $ 30,000 for couples and $ 15,000 for singles, more than two-thirds of the benefit would go to the richest 5 percent of the income distribution, and less than 4 percent to the middle 60 percent. Even in states with high taxes, the rich reap most of the benefits. In new York, almost half of the profits would go to the richest 5%.

Recent reports indicate Democrats are drawn to the income neutral potential of raising the cap. Since the $ 10,000 cap is due to expire at the end of 2025, keeping the cap in place for the past few years would generate significant revenue, compared to current law. In other words, the initial costs would be paid by subsequent income. It’s a good idea to think longer term, but there is still a better approach; which is not only revenue neutral, but fundraising.

Raise the ceiling and then gradually eliminate it: a victory, a victory, a victory?

If the Democrats really must do something about SALT, they should consider raising the cap (not eliminating it) and then gradually reducing it to $ 0 over ten years. For example, they could increase the limit to $ 20,000 for married couples applying jointly and keep the limit of $ 10,000 for singles. This would give some short-term relief to families with state and local tax bills slightly above the current limit. Again, we don’t think it’s necessary, but there is clear political pressure for something here.

Each of these limits could then be reduced annually by $ 2,000 and $ 1,000, respectively, to eventually reach zero. By 2032, while the SALT deduction would technically still be in the tax code, it would have effectively been removed completely, which we have already argued for.

The advantage of this approach is that rather than removing the cap overnight, it is phased out. This allows time for households and the housing market to adjust. It would also give time to put in place alternative and superior means for the federal government to support the states, such as the State macroeconomic insurance fund proposed by Len Burman, Tracy Gordon and Nikhita Airi of the Tax Policy Center. It should be noted that the UK has taken a similar approach with its version of mortgage interest deduction, reducing its value in successive years from 1994 to 2000 (and note that there was a change of government in 1997).

Gradually reducing the value of the deduction over a full decade would bring some much needed political stability in an area that could otherwise become political football for years to come. Compare our phase-out proposal with the SALT cap timeline if Democrats decide on a temporary full repeal:

  • No SEL ceiling until 2018
  • A SALT limit of $ 10,000 from 2018 to 2021
  • No salt cap from 2022 to 2023
  • A SALT limit of $ 10,000 from 2024 to 2025
  • No salt cap from 2026

This sequence could appear on the first page of a manual titled How not to make tax policy.

Our proposal would also raise funds. We estimate that raising the cap from $ 10,000 to $ 20,000 and then phasing it out would bring in about $ 900 billion over the ten-year fiscal window. The reason the savings are so big is that the SALT cap is currently slated to expire at the end of 2025, so our proposal to continue eliminating it results in big savings instead.

Hopefully the approach we are proposing here, which takes a long-term view of how to deal with a regressive tax deduction, while acknowledging current political pressures, might find bipartisan support as well.

In short, our proposal would bring some political stability, give SALT-focused members a short-term victory, make the tax code simpler and fairer in the long run, and generate a lot of revenue for important progressive goals. How does that sound?


Source link

]]>