American Trade – Triad NTR http://triadntr.net/ Fri, 10 Sep 2021 10:56:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.8.1 https://triadntr.net/wp-content/uploads/2021/08/icon-3-150x150.png American Trade – Triad NTR http://triadntr.net/ 32 32 Covid-19: State-Guaranteed Loans In France – Finance and Banking https://triadntr.net/covid-19-state-guaranteed-loans-in-france-finance-and-banking/ Fri, 06 Aug 2021 02:29:09 +0000 https://triadntr.net/?p=94 Article 6 of the French amending finance law for 2020 of 23 March 2020 n° 2020-289 provides that the French State may guarantee loans granted by credit institutions, finance companies and crowdfunding lenders from 16 March 2020 through 31 December 2020 to non-financial undertakings registered in France, up to a total guaranteed outstanding amount of […]]]>


Article 6 of the French amending finance law for 2020 of 23
March 2020 n° 2020-289 provides that the French State may
guarantee loans granted by credit institutions, finance companies
and crowdfunding lenders from 16 March 2020 through 31 December
2020 to non-financial undertakings registered in France, up to a
total guaranteed outstanding amount of EUR 300 billion. This scheme
is the subject of a regulation dated 23 March 2020 as amended
successively on 17 April 2020 and 6 May 2020. The Ministry of the
Economy also published a document entitled “Frequently Asked
Questions – State-guaranteed loans” dated 23 April 2020
(hereinafter the “FAQ“).

The objective of such State aid is “to remedy a serious
disturbance in the economy of a Member State” in accordance
with Article 107 of the Treaty on the Functioning of the European
Union. The European Commission confirmed in decision SA 56709 of 21
March 2020 that the conditions for the granting of the guarantee by
the French State under this scheme were in line with the temporary
framework adopted by the European Commission on 19 March 2020,
which was subsequently amended on 3 April 2020.

A loan can thus be guaranteed by the State by up to 90% of the
principal, interest and accessories if the business has less than
5,000 employees in its last financial year (or 16 March 2019 if
this is its first financial year) and has a turnover of less than
EUR 1.5 billion.

For businesses employing at least 5,000 employees or with a
turnover of more than EUR 1.5 billion, this percentage is reduced
to 80% or even 70% unless there is a derogation. Some of the
following rules may also be subject to other derogations in the
case of such large businesses.

In this article, we shall examine (1) the terms and conditions
of State-guaranteed loans (“SGLs“) and
(2) the eligibility conditions of the companies to which these
loans may be granted.

1. Terms and conditions of SGLs

1.1 Maximum SGL amount

The loan amount may represent up to 25% of the business’s
turnover excluding tax in 2019 or the last financial year. If
certified accounts are not available, it is possible to have
recourse to a certificate from a chartered accountant.

There is a specific case concerning innovative companies or
those meeting at least one of the criteria set out in Article D.
313-45-1, II of the French Code for the Entry and Residence of
Foreigners and Right of Asylum. In this instance, the loan ceiling
is up to twice the total 2019 payroll (for France), excluding
employer contributions, if this amount is greater than 25% of the
2019 turnover excluding tax.

For companies founded on or after 1 January 2019, the maximum
amount of the SGL corresponds to the estimated French payroll for
the first two years of activity.

1.2 Purpose of SGLs

Funds from a State-guaranteed loan do not have to be allocated
to a specific purpose.

However, it is not possible to refinance earlier loans with
State-guaranteed loans since “the lending institution, or
participatory finance intermediary [crowdfunder] acting on behalf
of the lenders, must also demonstrate, in the event the guarantee
referred to in Article 1 is called, that after the grant of the
loan covered by that guarantee, the level of its assistance to the
borrower was higher than the level of its assistance to the
borrower on 16 March 2020, adjusted for reductions between those
two dates resulting from the amortisation schedule prior to 16
March 2020 or from a decision by the borrower”. This is why
State-guaranteed loans are generally considered “new
money” loans.

1.3 Duration and amortisation profile

The State-guaranteed loan automatically includes a one-year
deferral, i.e. the borrower has nothing to repay for the first 12
months. At the end of that year, the borrower has the right to
decide on the duration of the amortisation of the loan, up to a
maximum of five additional years (one, two, three, four or five
years). The borrower may also choose to prepay part of the loan at
the end of the first year and amortise the remainder.

1.4 Interest rates and margin

There is no legal provision, either in the law or in the decree,
which regulates the interest rate of loans, but the FAQ states that
“the banks, through the President of the French Banking
Federation, have undertaken to grant [these loans] ‘at
cost’.”

The FAQ also states that “in practical terms, this means
that the rate for the borrower is the so-called resource rate of
the lending bank, currently close to 0% for the first year, plus
the guarantee premium, applied to the principal of the loan and the
scale of which is public and depends on the size of the company and
the maturity of the guaranteed loan. As the cost of funds varies
from one bank to another, there may be small differences in the
rates on State-guaranteed loans from one bank to another”.

Thus, the cost of the loan is the result of the addition of the
interest rate of the relevant bank and the fee for the State
guarantee detailed below (1.5).

1.5 Guarantee fee due to the State

The guarantee fee due to the State shall be paid by the
borrower.

In the case of businesses (i) with no more than 250 employees
and (ii) with a turnover not exceeding EUR 50 million and/or a
balance-sheet total not exceeding EUR 43 million, the rate of this
fee is:

  • 0.25% for the first year;

  • 0.5% for the first additional year, where applicable;

  • 0.5% for the second additional year, where applicable;

  • 1% in the third additional year, where applicable;

  • 1% in the fourth additional year, where applicable;

  • 1% in the fifth additional year, where applicable.

For businesses with more than 250 employees or with both a
turnover of more than EUR 50 million and a balance sheet total of
more than EUR 43 million, the rate is twice the rate indicated
above.

With regard to the base of these fees, the decree of March 23,
2020 specifies that they “are collected for the portion
guaranteed by Bpifrance Financement SA from the lending
institution, in the name, on behalf and under the control of the
State”. It specifies that 90% of the outstanding principal,
interest and accessories of the State-guaranteed loan is guaranteed
by the State if the company has fewer than 5,000 employees and less
than EUR 1.5 billion in turnover.

In regards to their due date, guarantee fees are levied in a
first instalment when the guarantee is granted, and in a second
instalment, where applicable, when the borrower exercises the
clause allowing the loan to be amortised over an additional period
calculated in terms of a number of years. However, according to the
FAQ, “in accordance with the State’s request that the
borrower should have nothing to disburse in the first year, the
professional or business will not be asked to pay these fees during
the first 12 months after signature: the bank will carry the cost
of the guarantee over the first 12 months”.

1.6 Security interests securing the portion not guaranteed by
the State

If the loan is granted to a business with fewer than 5,000
employees and a turnover of less than EUR 1.5 billion, the 10%
share that is not guaranteed by the State cannot be secured by
another “guarantee or security interest”.

However, according to the FAQ, it is possible for a bank to
require credit life insurance and a State-guaranteed loan granted
under an agreement further to conciliation proceedings would
benefit from the conciliation lien.

2. Eligibility conditions for businesses

2.1 Eligible sectors of activity

Eligible borrowers are all businesses, whether incorporated or
not, including artisans, merchants, farmers, liberal professions
and micro-entrepreneurs, as well as associations and foundations
with an economic activity listed in the national business register,
except:

  • credit institutions and finance companies, as well as

  • real estate civil companies (“sociétés
    civiles immobilières”) other than construction-sale
    real estate civil companies (“sociétés civiles
    immobilières de construction-vente”), real estate civil
    companies owning mainly classified or registered historical
    monuments within the meaning of the law of 31 December 1913 on
    historical monuments and which collect revenues related to the
    reception of the public (for these companies, the turnover to be
    taken into account is limited to the revenues related to the
    reception of the public), and real estate civil companies wholly
    owned by OPCIs (real estate investment trusts), SCPIs (investment
    real estate civil companies) or OPPCIs (professional real estate
    investment trusts).

The FAQ specifies that “sociétés
d’économie mixte (SEM)”, “entreprises
publiques locales (EPL)” and “établissements
public à caractère industriel et commercial
(EPIC)” are eligible, as are payment institutions, electronic
money institutions and portfolio management companies.

2.2 Exclusion of undertakings in difficulty

The regulation of 23 March 2020 as amended on 6 May 2020
excludes businesses which, as at 31 December 2019, were undergoing
a judicial liquidation or professional recovery proceeding in case
of natural persons or, in case of natural persons or legal
entities, were going through the observation period of a safeguard
or recovery proceeding. It’s noted that enterprises for which a
safeguard or recovery plan was ordered by a court prior to the date
on which the loan was granted remain in principle eligible for the
State-guaranteed loan according to the regulation.

According to decision SA 56709 of 21 March 2020, the scheme
cannot be granted either to undertakings in difficulty or which
were in difficulty on 31 December 2019 (but it can be granted to
those which became in difficulty following the emergence of the
COVID-19 pandemic), which is confirmed by the FAQ.

Decision SA 56709 and the FAQ refer to the definition of an
undertaking in difficulty in Article 2(18) of European Regulation
651/2014 of 17 June 2014, which also covers:

  • any limited liability company within the meaning of Directive
    2013/34/EU (such as a “société à
    responsabilité limiitée (SARL)”, a
    “société par actions simplifiée
    (SAS)”, a “société anonyme (SA)” or a
    “société en commandite par actions (SCA)”)
    which has lost more than half of its share capital or any so-called
    unlimited liability company within the meaning of Directive
    2013/34/EU (such as a “société en nom collectif
    (SNC)” or a “société en commandite simple
    (SCS)”) which has lost more than half of its capital as shown
    in the company’s accounts, has disappeared due to accumulated
    losses, except (in each case) if it is a small and medium-sized
    enterprise within the meaning of this European Regulation (an
    enterprise which employs fewer than 250 persons and has an annual
    turnover not exceeding EUR 50 million or an annual balance sheet
    total not exceeding EUR 43 million) which has been in existence for
    less than 3 years;

  • any business that “fulfils, according to the national law
    applicable to it, the conditions for submission to collective
    insolvency proceedings at the request of its creditors”, i.e.
    any business in a state of cessation of payments even if no
    judicial recovery or liquidation proceedings are yet
    commenced;

  • any business that “has received rescue aid and has not yet
    repaid the loan or terminated the guarantee, or has received
    restructuring aid and is still subject to a restructuring
    plan”, it being specified that this could include a business
    that is undergoing a safeguard or judicial recovery plan if it has
    received a “restructuring aid”;

  • any business, other than a small and medium-sized enterprise
    within the meaning of this European Regulation, if for the past two
    years:

    1. the debt/equity ratio of the undertaking has been higher than
      7.5; and

    2. the EBIDTA interest coverage ratio of the undertaking has been
      less than 1.0.

Conclusion

The eligibility criteria for State-guaranteed loans are fairly
clear and banks seemingly grant them quite easily, with the refusal
rate being less than 5% according to the French Banking
Federation.

If your business wishes to benefit from this scheme, it is
advisable to contact a bank to apply for a loan. After a review of
your business’s situation and the eligibility criteria set out
above, the bank will grant pre-approval. The formalities will then
be carried out on the Bpifrance website.


Article originally published on 7 May 2020

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.



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Republic Bank unveils secured loans for small businesses – Searchlight https://triadntr.net/republic-bank-unveils-secured-loans-for-small-businesses-searchlight/ Fri, 02 Jul 2021 07:00:00 +0000 https://triadntr.net/republic-bank-unveils-secured-loans-for-small-businesses-searchlight/ Posted on July 2, 2021 Republic Bank, in its continued efforts to stimulate small business growth and support national economic development, unveiled its latest product of secured loans of up to EC $ 300,000 for small businesses and up to EC 100,000. $ for start-ups. This is made possible through a partnership with the Eastern […]]]>


Posted on

Republic Bank, in its continued efforts to stimulate small business growth and support national economic development, unveiled its latest product of secured loans of up to EC $ 300,000 for small businesses and up to EC 100,000. $ for start-ups.

This is made possible through a partnership with the Eastern Caribbean Central Bank (ECCB) and the World Bank under the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC), according to a statement.

The ECPCGC provides guarantees to participating financial institutions to help micro, small and medium enterprises (MSMEs) access loan finance.

With the signing of this partnership agreement, small businesses that are viable, but unable to meet normal lending criteria, can now access, through Republic Bank, three secured loan products, namely start-up loans, loans working capital and general business loans. operations and growth.

Chief Executive Officer Michelle Palmer praised this partnership, stating that “Partnering on this initiative provides us with tremendous opportunities to have a broader reach and impact to drive economic growth and development in our operating territories. . It also empowers us through finance, a key sector of our economy – our micro, small and medium enterprises (MSMEs) which represent 70 to 85 percent of businesses in the Eastern Caribbean, generate 50 percent of employment. national and contribute to 70% of the GDP ”

Small businesses in Saint Lucia, Saint Kitts and Nevis, Dominica, Saint Vincent and the Grenadines and Grenadines are encouraged to call and speak with a Director of Business Banking to discuss how the Republic Bank can meet their various unique needs. Clients and potential clients can also visit (www.republicbankec) for more information on our small business portfolio.



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FM’s policy of guaranteed loans to the urban poor is superior to other social protection programs https://triadntr.net/fms-policy-of-guaranteed-loans-to-the-urban-poor-is-superior-to-other-social-protection-programs/ Tue, 29 Jun 2021 07:00:00 +0000 https://triadntr.net/fms-policy-of-guaranteed-loans-to-the-urban-poor-is-superior-to-other-social-protection-programs/ Among the proposals announced by FM Sitharaman on Monday, an important element is the credit guarantee program to encourage microfinance institutions (MFIs) to lend to the urban poor. There is no doubt that the urban poor have been under stress from the pandemic and the resulting economic restrictions. Several commentators have suggested a job guarantee […]]]>


Among the proposals announced by FM Sitharaman on Monday, an important element is the credit guarantee program to encourage microfinance institutions (MFIs) to lend to the urban poor.

There is no doubt that the urban poor have been under stress from the pandemic and the resulting economic restrictions. Several commentators have suggested a job guarantee scheme for urban areas to alleviate their distress.

This suggestion is based on the MGNREGA rural employment guarantee system. While MGNREGA has been helpful in alleviating rural distress during the unprecedented pandemic, we must not forget the great inefficiencies that normally flow from the standing law it creates.

Extensive research on MGNREGA provides evidence for such inefficiencies. In a democratic regime, the permanent rights created by regimes such as MGNREGA, the National Food Security Law, etc. are difficult to untie. An urban employment guarantee system would suffer the same fate.

Second, the replication of rural MGNREGA in urban areas poses several challenges due to the main differences between rural and urban employment. Unlike rural employment, urban employment is not seasonal. In addition, as skill levels vary widely in urban employment, having a single salary for all will not work as with rural MGNREGA.

Third, an unintended effect of an urban employment guarantee program would be to increase migration to urban areas. Given the differences in the cost of living, the salary under an urban employment guarantee program should be higher than that of a rural program. This difference would increase urban migration.

Contrary to the current conception, an unconditional allocation – such as the disastrous 2009 agricultural loan exemption – is mainly taken up by the least in difficulty and is therefore poorly targeted. Thus, while budgetary resources are spent, the effect on the economy is mitigated because the multiplier effect is minimal. In contrast, a fiscal intervention that uses several advantages offered by the financial sector is inherently more effective than unconditional cash transfers.

MFI data shows that around 2 crore of borrowers borrow from MFIs in urban and semi-urban areas. Thus, MFIs have a wide reach among the urban poor. MFIs know the borrowers and have the business model to access and serve the urban poor.

As the urban poor are typically migrants from other states, high-quality data on them is not available to undertake a targeted money transfer. However, when a loan is granted by the MFI and fully guaranteed by the government, this program simultaneously serves as a cash transfer intended for people in real difficulty and as liquidity support for people temporarily in difficulty.

Why? Because the MFI keeps a register of defaults, borrowers know that defaulting on a loan results in direct and indirect costs for the borrower. For example, research shows that even after the 2009 farm loan exemption, banks significantly reduced lending to defaulters.

Given these costs, only a borrower who is genuinely in difficulty would default on their loan despite the government guarantee. Thus, such a loan creates three categories of borrowers.

Firstly, the people who are not in trouble now and therefore find no benefit in availing the loan.

Second, borrowers who are in difficulty due to the pandemic but will not be in difficulty when the loan is repayable. This category of borrowers would benefit from the loan now and choose to repay given the costs of default.

Finally, some borrowers who are currently in difficulty would continue to be so when the loan becomes repayable. This category of borrowers will avail themselves of the loan and will default on it. In the absence of repayment, the loan is actually a cash transfer.

Note that without the guarantee, the MFI would not lend to the second or third category of borrowers. However, with the guarantee, the MFI would not hesitate to lend to the second and third categories of borrowers.

This discussion thus clearly demonstrates that the secured loan effectively functions as a transfer of cash equivalents to people in real difficulty and liquidity support to people temporarily in difficulty. In addition, people not in difficulty will not benefit from the loan and are thus naturally eliminated.

Default costs are crucial in generating this separation. In the absence of such costs, such separation cannot be achieved. Since costs can only be imposed by allying with the financial sector, such a design helps target intervention on those most in need.

In fact, the enthusiastic adoption of the emergency credit guarantee loan program, as shown in a recent research report by CIBIL, illustrates the effectiveness of this design.

The financial leverage provided by the financial sector also helps to increase the size of the support that can be provided to people in difficulty. The specific scheme provides for loans up to 1.25 lakh. Such significant support cannot be achieved through direct cash transfers.

Finally, government guarantees create contingent liabilities that will be claimed in the future when the economy is in much better shape.

In short, the credit guaranteed by the government makes it possible to target the intervention and thus to use taxpayers’ money wisely. After all, treating taxpayer dollars with as much respect as their own is a key fiduciary responsibility of any economic decision-maker.



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Guaranteed loans to MSMEs reach P1.47B at the end of March —PhilGuarantee https://triadntr.net/guaranteed-loans-to-msmes-reach-p1-47b-at-the-end-of-march-philguarantee/ Wed, 05 May 2021 07:00:00 +0000 https://triadntr.net/guaranteed-loans-to-msmes-reach-p1-47b-at-the-end-of-march-philguarantee/ The state-run Philippine Guarantee Corp. continued to expand its guarantee program for micro, small and medium-sized enterprises (MSMEs) affected by the pandemic for the third consecutive month since its launch in December last year, with a total of 1.47 billion pesos in secured loans starting at the end of March this year. In his report […]]]>


The state-run Philippine Guarantee Corp. continued to expand its guarantee program for micro, small and medium-sized enterprises (MSMEs) affected by the pandemic for the third consecutive month since its launch in December last year, with a total of 1.47 billion pesos in secured loans starting at the end of March this year.

In his report to Finance Secretary Carlos Dominguez III, PhilGuarantee Chairman and CEO Alberto Pascual said guaranteed loans represent a 612% increase over the 207 million peso pilot guarantee portfolio made at the launch. of the MSME Credit Guarantee Program (MCGP) in December 2020.

PhilGuarante is a state corporation attached to the Ministry of Finance (DOF).

Its main objective is to carry out its development finance through the provision of credit guarantees in support of trade and investment, exports, infrastructure, energy, tourism, agriculture / modernization. , housing, MSMEs and other priority sectors of the economy.

Pascual told Dominguez that the number of beneficiary MSMEs increased by 312% to 12,122 companies in March 2021, compared to 2,948 that would have benefited from its guarantee program in December 2020.

The head of PhilGuarantee said that the implementation of improved treatment and assessment parameters from this year has led to the increase in the number of beneficiaries under the MCGP.

Since the implementation of the MGCP began last year, the board of directors of PhilGuarantee chaired by Dominguez has so far approved a total of 37.7 billion pesos of credit guarantee facilities to 34 banks.

“The majority of MSMEs covered were in the wholesale and retail sector, which accounted for 67.26% of the total, or 503.5 million pesos with 9,113 MSMEs assisted,” Pascual said in his report.

He said the second largest group with guaranteed coverage was the manufacturing sector, which accounted for 7.77% or 58.17 million pesos with 1,048 MSMEs assisted.

The agricultural sector was the third largest sector to have benefited from the MGCP, with 158 MSMEs assisted by guarantees amounting to 33.91 million pesos, or 4.53% of loans covered so far under the this program, he said.

In the severely affected hotel and restaurant sector, Pascual said that 573 MSMEs received guaranteed loans amounting to 28.45 million pesos, while the personal services sector represented guarantees amounting to 31.82 million pesos.

The MGCP provides a 50% guarantee for working capital loans and a guarantee of up to 80% of the amount of term loans up to seven years for capital expenditures.

The average loan size under the MGCP is less than 1 million pesos, with the minimum loan amount set at 100,000 pesos, which can be used mainly by micro-enterprises borrowing from savings banks and banks. rural.

“In terms of geographic distribution, all regions of the country have received assistance under the MGCP,” said Pascual.

The three main regions assisted in terms of guaranteed loan amounts were CALABARZON with 135.76 million pesos, central Luzon with 118.87 million pesos and the provinces of Ilocos with 65.82 million pesos.

Of three active banks since the MGCP launched in December 2020, Pascual said there are now 14 active banks participating in the MGCP as of March 31, 2021.

“Twelve more banks are expected to start subjecting MSMEs to collateral coverage because their facilities will be operational,” Pascual said.

Under Republic Law (RA) No 11494 or Bayanihan to Recover in One Act, MSMEs represent P 2 billion of the P 5 billion allocated to PhilGuarantee to help businesses affected by the pandemic.

“The Bayanihan 2 allocation for PhilGuarantee has enabled it to further expand its guaranteed margin of economic activities and extend further assistance to viable but severely affected MSMEs,” said Pascual.—AOL, GMA News



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Victor Davis Hanson: coronavirus pandemic exposing cultural suicide of sports, academics and Hollywood elites https://triadntr.net/victor-davis-hanson-coronavirus-pandemic-exposing-cultural-suicide-of-sports-academics-and-hollywood-elites/ Wed, 24 Mar 2021 22:23:58 +0000 https://triadntr.net/victor-davis-hanson-coronavirus-pandemic-exposing-cultural-suicide-of-sports-academics-and-hollywood-elites/ NEWYou can now listen to Fox News articles! Cultural suicide was a popular diagnosis as to why things suddenly stop. Historians like Oswald Spengler and Arnold Toynbee have cited social cannibalism as the reason why once thriving states, institutions, and cultures simply died out. Their common explanation was that the arrogance of success brings deadly […]]]>


NEWYou can now listen to Fox News articles!

Cultural suicide was a popular diagnosis as to why things suddenly stop.

Historians like Oswald Spengler and Arnold Toynbee have cited social cannibalism as the reason why once thriving states, institutions, and cultures simply died out.

Their common explanation was that the arrogance of success brings deadly consequences. Once the elites become pampered and arrogant, they feel free from the respect of their ancestors for moral and spiritual laws such as thrift, moderation, and transcendence.

REPRESENTING. KEN BUCK: THE 2020 ELECTION IS AN OPPORTUNITY FOR CONSERVATIVES TO FIGHT CULTURE MOB CANCELLATION

Play professional sports. Over the past century, professional football, basketball and baseball have been racially integrated and adopted a uniform code of patriotic respect. All three leagues have given fans a pleasant respite from daily bar politics. As a result, by the 21st century, the NFL, NBA, and MLB had grown into multi-billion dollar global corporations.

Then pride ensued.

Owners, coaches and players were not always racially diverse. But that embarrassing truth hasn’t stopped leagues from harassing their fans about social activism – even if they no longer honor common patriotic rituals.

All three leagues suffered terribly during the viral lockdown, as American life mysteriously unfolded without them. And they almost made sure they didn’t fully recover when quarantine ended. Many of their often pampered multimillionaire players refuse to honor the national anthem. In the NFL, they will now broadcast their policy on their helmets. They will signal their moral superiority by virtue to increasingly discouraged fans – as if to ensure that their sources of support run away.

Many American universities have become virtual global brands in the 21st century. Skyrocketing tuition fees, wealthy foreign students, secured student loans, and Club Med-like facilities convinced administrators and faculty that higher education was sacrosanct. Universities preached that every successful American should have a bachelor’s degree, as if the monopoly on higher education deserved guaranteed clients.

But soon, $ 1.6 trillion in total student loan debt, light and trendy study programs, ideological turmoil, administrative bloat, reduced teaching loads, poor graduate placement, and suspension. of the Bill of Rights on campus began to discourage both students and the public. .

If students can Zoom or Skype their classes from home this fall, why pay $ 70,000 a year for the campus “experience”?

So-called awakened and informed rioters this summer knocked down or inconsistently damaged statues of everyone from Robert E. Lee and Ulysses S. Grant to Frederick Douglass and Miguel de Cervantes. So, the public might begin to wonder how the country’s multibillion dollar investment in higher education has actually served the country.

Soon, popular fury will spawn more dangerous questions for American universities. Perhaps the country should subsidize the training of more essential electricians, plumbers, contractors and masons instead of unemployed environmental and ethnic studies majors.

If a university president had wanted to devise a plan to destroy his university, he couldn’t have come up with a better one than what has happened on campus over the past decades.

Hollywood should have raved about 21st century globalization, which should have made filmmakers and stars even richer and more popular, with a potential audience of over 7 billion. But the quarantine closed most cinemas.

More Opinion

Amazon, Netflix and Facebook, along with cable TV, have plunged movie revenues for years. Silicon Valley can create filmmakers who don’t need to approach Southern California.

In response, Hollywood plans to bring the comics to the big screen or make bad remakes of old classics. When directors try to make a serious new film, the result is often the monotony and boredom of thinly veiled awake propaganda.

Viewers can pick up only a limited number of heroic green crusaders, diverse superhumans, and beautiful feminists – and only a limited number of ugly Russian oligarchs cut out of cardboard, toothless and nasal South Neanderthals, and corporate yes men. .

The hypocrisy escalates when the Chinese government often views film content as the price of entry into a Chinese market with more than a billion potential customers.

CLICK HERE TO GET THE OPINION NEWSLETTER

But viewers are looking for theaters for more talks from handsome multimillionaires on their racist, sexist and homophobic country.

Professional sports, academia, and the film industry all know what they’re doing is bad for business. But they still believe that they are rich and powerful, and therefore invulnerable. They too ignore history and cannot be persuaded that they are destroying themselves.

At this late date, all that matters is that the country itself learns from these suicidal examples and heals itself. If the United States does not want to become an extinct Easter Island, it must regain respect for its past, the honor of the dead who have given us so much, the desire to invest rather than spend, and a need for transcendence.

CLICK HERE TO GET THE FOX NEWS APP

If we don’t believe that what we do today has consequences for our children after we leave, there are old existential forces in the world that will intervene.

And it won’t be nice.

CLICK HERE TO LEARN MORE FROM VICTOR DAVIS HANSON



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Despite government bailouts, nearly 80% of French galleries saw their revenues drop in 2020, new report shows https://triadntr.net/despite-government-bailouts-nearly-80-of-french-galleries-saw-their-revenues-drop-in-2020-new-report-shows/ Wed, 24 Mar 2021 22:23:58 +0000 https://triadntr.net/despite-government-bailouts-nearly-80-of-french-galleries-saw-their-revenues-drop-in-2020-new-report-shows/ A new report published by an association of French galleries revealed the impact of the pandemic on art galleries across the country in 2020. Despite France’s intersectoral financial support to businesses and specific measures to bail out the cultural sector , 78% of galleries saw a drop in revenue last year. At the same time, […]]]>


A new report published by an association of French galleries revealed the impact of the pandemic on art galleries across the country in 2020. Despite France’s intersectoral financial support to businesses and specific measures to bail out the cultural sector , 78% of galleries saw a drop in revenue last year.

At the same time, the results show that the situation is not as bad as previously feared. Last March, the Professional Committee of Art Galleries issued a stern report warning that a third of French galleries risked closing. The follow-up survey, conducted among the 279 member galleries of the trade association last November, showed a different picture.

“We don’t have a lot of Covid-related closures at the moment. Those who closed were mainly those who were already in decline before the crisis, but we must remain vigilant. Marion Papillon, gallery owner and head of the professional association, tells Artnet News. “The situation is less dramatic, thanks in particular to the intersectoral financial support of the State, but we are worried about the galleries’ investment capacity in the coming months.

The report showed that revenues were down 25-50% for around a third of galleries, and fell by more than half for another third compared to 2019. To house businesses, a quarter of all galleries had to downsizing, despite the fact that more than two-thirds employed fewer than four people, and only four percent had a workforce of more than 10. The most affected were galleries at both ends of the market spectrum: galleries with income annual 3 million euros.

The biggest losses were suffered during the lockdown between March and May 2020, a generally busy fair season when galleries were forced to close. Some 75% of the galleries surveyed cited the return of fairs as their top priority for 2021.

The strength of the desire to return to art fairs, even stronger than in the spring, surprised us a little, ”says Papillon. “It’s very clear that collectors miss fairs, and that they also give galleries the opportunity to show more artists and recent works.

The report highlights the important role that government support played in mitigating damage to the industry, as 59% of galleries were able to benefit from the state’s short-time working program, which allowed the government to supplement salaries of staff whose hours have been reduced. Others have benefited from certain tax exemptions, France’s solidarity bailout and state-guaranteed loans.

Galleries also benefited from the increase in the national acquisitions budget, which doubled to reach € 1.2 million in 2020, and a quarter of galleries sold at least one work under this program. In 2021, this budget will fall back to usual levels, but the state has pledged to distribute $ 2 million in direct aid to the gallerys.

TThe trade association stresses the importance of continued government support for the sector, given that struggling galleries will also have a ripple impact on living artists, who make up a significant percentage of 73 percent of galleries’ listings.

Museums in France are still closed, galleries see their attendance increase, but few purchases are made.

“For the moment, we are mainly a local market, because there is less international travel and the general atmosphere is not particularly favorable for acquisitions,” explains Papillon. But she adds that the increased footfall mainly includes a new audience who could become buyers in the years to come. As a result, the second highest priority for galleries in the report is maintain relationships with collectors and build new ones, then improve digital sales tools.

“Whatever happens, it is important for us to continue to do our work, to support artists, and for that we need investments, so we hope that the state will continue to help us”, says Papillon, “Not necessarily in the same way it helps today, but with acquisition budgets for museums, and specific supports for the art market.

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Banks will pay 0.25% for the government guarantee https://triadntr.net/banks-will-pay-0-25-for-the-government-guarantee/ Wed, 24 Mar 2021 22:23:58 +0000 https://triadntr.net/banks-will-pay-0-25-for-the-government-guarantee/ MUMBAI: To obtain a government guarantee against defaults on bonds or loans they buy from finance companies, banks will pay the government a commission of 0.25% of the value of the portfolio. This commission, which must be paid in advance, will protect up to 20% of the bonds issued by the NBFC in their portfolio […]]]>


MUMBAI: To obtain a government guarantee against defaults on bonds or loans they buy from finance companies, banks will pay the government a commission of 0.25% of the value of the portfolio. This commission, which must be paid in advance, will protect up to 20% of the bonds issued by the NBFC in their portfolio or 10% of the loan portfolio that the banks have purchased from the NBFC.
The government on Thursday released detailed guidelines on the credit guarantee system, which now extends from credit to bond investments. NBFC, which include housing finance companies and microfinance institutions which benefit from bank support under this mechanism must rework their asset-liability management to ensure that in three months their future flows of funds correspond to their outflows.
They must also ensure that their solvency ratio is not lower than what has been prescribed by the regulations.
The loans that NBFCs sell to banks must be at least six months old and if they are raising funds by issuing bonds, they must be rated AA or lower. The window for the one-time partial credit guarantee offered by the government will remain open until March 2021 or until guarantees of Rs 10,000 crore are provided by the government.
For the purchase of pooled assets, the government guarantee will be valid for 24 months from the date of purchase, while for the purchase of bonds, the guarantee will coincide with the term of the instruments.
To be eligible, the bond term at the time of purchase must be nine months or 18 months.



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India’s ignored middle class dilemma – the New Indian Express https://triadntr.net/indias-ignored-middle-class-dilemma-the-new-indian-express/ Wed, 24 Mar 2021 22:23:58 +0000 https://triadntr.net/indias-ignored-middle-class-dilemma-the-new-indian-express/ A real estate agent comes to you with an offer. There is a house in a housing company which has a large charter for its residents. One of the rights you have as a resident is the vote to select the executive committee of the residents’ association and its officers. Public space within society is […]]]>


A real estate agent comes to you with an offer. There is a house in a housing company which has a large charter for its residents. One of the rights you have as a resident is the vote to select the executive committee of the residents’ association and its officers.

Public space within society is for the use of all. You are excited, but your partner is more careful and asks for clarification.

Reluctantly, the officer begins to spell it out. Most of the people in the colony are not as wealthy as you are. The committee therefore gives them free electricity and water to help them.

The fund comes from the budget of the company. Some residents are much richer than you, but they must be motivated to provide free electricity and water to the poorest majority.

These people are exempt from paying maintenance fees as an incentive to their risk. If the service of these risk-loving people breaks down or they go bankrupt due to their exorbitant lifestyle and run away with the common money, as often happens, each resident will share the loss equally. But the majority are poor, so the burden of sharing this loss is all on you.

But if you want to start a small business from your home, the company rules don’t allow it easily, and you won’t get any financial assistance guaranteed by the committee.

If you default on any of your loans, the Residents’ Council will confiscate your property. As there are too many inhabitants, the housing committee cannot guarantee an uninterrupted power supply for all, so you must have your own generators.

Of course, you have to pay a fee to the company to use your generators because you are polluting the environment. Crime is rampant and society has no security funds, so you are encouraged to have your own security guards.

The roads inside the colony have many potholes, as the company is perpetually short of funds. So the company asked a few of its wealthy members to build new roads. These entrepreneurs need to be motivated, so you need to pay an additional toll to use the company’s roads.

Since committee members must be elected, riots can break out from time to time between neighbors so that the best jerk can win the election. You are also warned to keep the women in your family safe inside your home after dark, as there are many perverts in the society that might harm them. A lot of the essential stuff has to come from outside, and you have to pay the board three times its cost as a company development fee, although you can’t see any visible development.

The company will put up flexible signs urging you to keep the premises clean, but you’ll be waddling around in the dirt and crap on the roads and sewers often spill over into your kitchen. The air is dirty and the water is polluted. Of course, there are certain advantages to living in this impressive colony. You can be proud of your company because it is old.

You have the right to abuse or even act violently against anyone who dares to criticize him. Would you like to live in such a place? The Indian middle class has already bought this dream home in the dysfunctional housing society. The majority of Indians are poor, but they have a certain voice in relation to the middle class. No one can blame the poor of India.

They live a difficult life. Most of those who escaped the misery of the previous generation did so by being hardworking, honest, law-abiding and tax-paying citizens. And see that they are being cheated. Not all struggles are worth it. We pay taxes through the nose for fuel, spend 15 years of withholding tax on our borrowed vehicles, and still have to pay tolls to individuals to use our roads. We pay income tax and then GST on whatever we buy using the income we had previously paid tax on. The rich grab land by political and financial power, the smart poor squat the slums which are regularized.

We, as the middle class, strive for decades to pay off our home loans and education loans. Farmers get free electricity, fertilizer subsidies, and loan exemption melas, and big business gets tax cuts, a massive NPA cancellation, and subsidized bank loans. The middle class receives lessons in patriotism and WhatsApp comes forward for hating one group or another. The government cannot provide us with suitable hospitals, so we are forced to pay a ransom to the private ones. It is the same with education. One need only look at the humans packed like sardines in the people of Mumbai to see the enormity of the drudgery that the middle class goes through for a bit of dignity and livelihood.

Public transportation in most Indian cities is in shambles, and law and order is an elaborate joke. There is no social security in old age after paying a lifetime of tax. No safety net is available. What little there was is also being torn away. Retirees are now encouraged to play in stock market programs run by speculators. Unless the middle class forms a vote bank, the situation is sure to get worse. We don’t matter now. Isn’t it time for us, the middle class, to ask ourselves not what we can do for the country – we are doing more and enough – but what the country can do for us too?

Anand Neelakantan mail@asura.co.in
Author of Asura, of the Ajaya series, of the Vanara and Bahubali trilogy



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Italy grants 140 million euros in loans to producer groups to buy olive oil and table olives https://triadntr.net/italy-grants-140-million-euros-in-loans-to-producer-groups-to-buy-olive-oil-and-table-olives/ Wed, 24 Mar 2021 22:23:58 +0000 https://triadntr.net/italy-grants-140-million-euros-in-loans-to-producer-groups-to-buy-olive-oil-and-table-olives/ The Italian government has announced a new financial assistance program aimed at supporting olive growers and oil producers through the harvest 2020. The Ministry of Agriculture, Food and Forestry has made available 140 million euros ($ 166 million) in guaranteed loans for olive oil producer organizations and table olives and related associations. See also: Olive […]]]>


The Italian government has announced a new financial assistance program aimed at supporting olive growers and oil producers through the harvest 2020.

The Ministry of Agriculture, Food and Forestry has made available 140 million euros ($ 166 million) in guaranteed loans for olive oil producer organizations and table olives and related associations.

See also: Olive Oil Industry News

Participating farmer groups have until December 2020 to apply for loans of up to 2.5 million euros ($ 2.96 million) each, which they can then return and use over the next 12. months to buy olive oil and table olives for their members.

If the producer organizations and associations are then unable to repay the loans, the State-run Deposit and Loan Bank (Cassa Depositi e Prestiti) will pay the difference. However, this is generally expected not to be the case.

Interested producer organizations and associations will have to complete applications to the Italian Chamber of Commerce, which will then examine each of them to ensure that EU regulations regarding the amount of state aid that can be granted to a private company is not infringed.

The initiative could be useful to improve the results of the next oil campaign and to contain the market imbalances caused by the Covid-19 emergency, as well as to promote the relaunch of the activities of a sector already strongly affected by a Unfavorable 2019“, the ministry said in a statement.

The ministry added that the financial aid program would help promote Italian table olives and olive oils while strengthening the production chain after periods of bad weather in spring and summer damaged many olive trees in the country.





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Banks sanction Rs 1.14 lakh crore loans to MSMEs under credit guarantee program https://triadntr.net/banks-sanction-rs-1-14-lakh-crore-loans-to-msmes-under-credit-guarantee-program/ Wed, 24 Mar 2021 22:23:57 +0000 https://triadntr.net/banks-sanction-rs-1-14-lakh-crore-loans-to-msmes-under-credit-guarantee-program/ NEW DELHI: The Ministry of Finance said on Tuesday that banks had sanctioned loans of around Rs 1,14,502 crore under the Rs 3 lakh crore Emergency Line of Credit Guarantee Program (ECLGS) for shocked MSME sector of the economic downturn caused by the COVID-19 pandemic. However, disbursements in this regard amounted to Rs 56,091.18 lakh […]]]>


NEW DELHI: The Ministry of Finance said on Tuesday that banks had sanctioned loans of around Rs 1,14,502 crore under the Rs 3 lakh crore Emergency Line of Credit Guarantee Program (ECLGS) for shocked MSME sector of the economic downturn caused by the COVID-19 pandemic.
However, disbursements in this regard amounted to Rs 56,091.18 lakh crore until July 4 under 100% ECLGS for micro, small and medium enterprises (MSME).
The program is the largest fiscal component of the “Aatmanirbhar Bharat Abhiyan” package of Rs 20-lakh crore announced by the Minister of Finance Nirmala Sitharaman in May.
The latest ECGLS figures, released by the Ministry of Finance, include disbursements from 12 public sector banks (PSBs), 20 private sector banks, and 10 non-bank financial corporations (NBFCs).
“As of July 4, 2020, the total amount sanctioned under the 100% emergency credit lines guarantee program by #PSBs and private banks was Rs 1,14,502.58 crore, of which 56 were Rs. 091.18 crore have already been disbursed, ”the finance minister said. in a tweet.

Under the ECLGS, loan amounts sanctioned by PSBs increased to Rs 65,863.63 crore, of which Rs 35,575.48 crore was disbursed as of July 4, she said.
At the same time, private sector banks sanctioned Rs 48,638.96 crore and disbursed Rs 20,515.70 crore.
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“Compared to July 1, 2020, there is an increase of Rs 4,158.51 crore in the cumulative amount of sanctioned loans and an increase of Rs 3,835.65 crore in the cumulative amount of disbursed loans, both by the #PSB and private sector banks combined on July 4, 2020, ”Sitharaman said.

Market leader SBI sanctioned Rs 20,628 crore in loans and disbursed Rs 13,405 crore. It is followed by the Punjab National Bank (PNB), which sanctioned Rs 8,689 crore. However, its disbursements stood at Rs 2,595 crore as of July 4.
Business units in Maharashtra received the highest cumulative sanction of Rs 6,856 crore from banks, while disbursements stood at Rs 3,605 crore as of July 4.
It is followed by Tamil Nadu, with a loan sanction of Rs 6,616 crore and disbursements of Rs 3,871 crore.
On May 21, Cabinet approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25% through ECGLS for the MSME sector.
Under this plan, 100 percent warranty coverage will be provided by the National Credit Guarantee Trust Company (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible and interested MSMEs Micro-unit development and refinancing agency (MUDRA) in the form of a guaranteed emergency credit line (GECL).
To this end, a corpus of Rs 41,600 crore has been put in place by the government, spread over the current fiscal year and the next three fiscal years.
The scheme will be applicable to all loans sanctioned under the GECL facility during the period from the date of the scheme’s announcement to October 31 or until the amount of Rs 3 lakh crore is sanctioned under the GECL, whichever comes first.
All MSME borrower accounts with outstanding credit up to Rs 25 crore as of February 29, which were less than or equal to 60 days past due on that date i.e. regular accounts, SMA-0 and SMA-1, and with an annual turnover of up to Rs 100 crore are eligible for GECL funding under the program.



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