seedfinance

[seedfinance]

Wisetack closes on $45M to bring ‘buy now, pay later’ to in-person services – TechCrunch

Buy now, pay later, growing worldwide – with different companies expanding in and to different parts of the world, such as Africa, Latin America and Asia.

Here in the US, Affirm and Klarna are big players, and Square recently announced plans to acquire Afterpay, which has its eye on growth here too.

The traditional Buy Now, Pay Later (BNPL) offers consumers the option of paying in installments at the point of sale, either online or, increasingly, in person. But also in Germany, the option of payment in installments goes beyond e-commerce and retail.

Wisetack is a startup that brings buy now and pay later to personal services. And it just raised $ 45 million in a Series B funding round led by Insight Partners.

Existing backers Greylock Partners and Bain Capital Ventures also contributed to the funding, raising a total of $ 64 million since its inception in 2018. The final round comes just six and a half months after Wisetack announced it had raised $ 19 million in the Seed and Series A rounds, both of which were led by Greylock.

In short, the San Francisco-based startup helps private companies offer finance to consumers. Wisetack isn’t the first company to do this, but the difference, according to co-founder and CEO Bobby Tzekin, is that it actually embeds funding options in software platforms that companies have already developed and are using in their operations.

The focus is on service-oriented companies such as HVAC contractors or installers. For example, if your air conditioner breaks down and costs thousands to replace, you have the option to pay for it in installments if the contractor has Wistack’s API embedded in their website.

So far, Wisetack has grown rapidly by partnering with vertical SaaS companies like Housecall Pro and Jobber. These companies provide consumer finance to their respective customer bases, which include tens of thousands of home service professionals.

Wisetack clearly seems to fill a void. In 2021, it has so far increased its sales and credit volume “ten times” compared to 2020. And it works with thousands of traders, according to Tzekin.

The manager quit his job in 2018 to start Wisetack because he felt there was “clearly a massive need” and teamed up with Liz O’Donnell and Mykola Klymenko (who was the co-founder and CTO of VaroMoney, the holding company of Varo Bank).

With its new capital, Wisetack plans to expand into other service-based industries such as auto repair, elective medical, dental, veterinary and legal services. It also plans to double its 40-strong team over the next year.

The chance is huge for Tzekin.

Most service companies are SMEs, which in the past have been more difficult to serve than large e-commerce companies. According to this, the Americans spend more than 400 billion US dollars annually on renovations and repairs of residential buildings Harvard report. And the US auto repair and maintenance market is expected to reach $ 250 billion by 2026, up from $ 201 billion in 2020.

And while the average BNPL online transaction is a few hundred dollars, purchases from service-based businesses averaged $ 4,000-5,000, according to Tzekin.

The CEO believes that buying now and paying later can be more attractive than paying for such purchases with a credit card for several reasons. On the one hand, consumers have the option of paying in installments between three and 60 months.

“This often means that it is cheaper to buy the better device because the cost can be spread over time,” he said.

Plus, at the time of purchase it will be clear how much you will pay over time, while if you are paying with a credit card, the amount can vary depending on the interest rate and how long it takes to return the money, Tzekin added.

The company makes money by charging traders a processing fee and charging consumers interest – which can range from 0% to 29%, “depending on how good their credit is,” said Tzekin.

“But credit cards charge compound interest while we charge simple interest,” he added.

Rebecca Liu-Doyle, director of Insight Partners, describes Wisetack as “an outstanding product in the industry”.

“Wisetack has a differentiated platform for embedded BNPL specifically designed for use cases that are both more complex and less well served than e-commerce, ”she wrote via email.

Note: The article’s heading was updated after it was published to reflect the exact amount of funding

source https://seedfinance.net/2021/09/09/wisetack-closes-on-45m-to-bring-buy-now-pay-later-to-in-person-services-techcrunch/

[seedfinance]

Senate Approves Chris Inglis as National Cyber Director

Business Continuity Management / Disaster Recovery, Cybercrime, Fraud Management & Cybercrime

In the meantime, Jen Easterly’s nomination as CISA director has been suspended

Scott Ferguson (Ferguson_Writes) • June 18, 2021

Chris Inglis testifies at his confirmation hearing earlier this month

The US Senate unanimously named John “Chris” Inglis national cyber director on Thursday.

See also: An IT Security Master Class: Roger Grimes Teaches You Phishing Defense

Inglis’ confirmation comes at a time when the Biden administration is addressing multiple cybersecurity issues, including a number of ransomware attacks targeting the country’s infrastructure, as well as the ongoing impact of the SolarWinds supply chain attack leading to follow-up attacks 100 companies and nine federal agencies.

President Joe Biden addressed attacks on critical infrastructure and other cybersecurity issues during his summit with Russian President Vladimir Putin in Geneva on Wednesday (see: Analysis: The Cyber ​​Impact of Biden / Putin Summit Meeting).

Highest priority

During his confirmation hearing earlier this month, Inglis said one of his top priorities will be defining the role of the national cyber director’s position in the White House and ensuring that there is coordination between different agencies responsible for cybersecurity , including the U.S. Agency for Cybersecurity and Infrastructure Security and the National Security Council.

Inglis also told lawmakers that part of its job would be to ensure federal agencies improve their cybersecurity, which includes strengthening networks and infrastructure and ensuring that security is built into the applications provided by the departments.

“We need to ensure that our technology is designed and deployed with security in mind, and that the supply chains that support it are free from security risks, that our people are cyber literate and that the roles, responsibilities and accountabilities are good enough . “-Defined, and that we eliminate the cracks and seams as well as the cyber defense that give opponents the opportunity to find and exploit weak points,” said Inglis.

As national cyber director, Inglis will oversee the defense of the federal networks and infrastructure as well as the cyber budgets of various authorities. However, the position will not involve offensive cyber activities that will remain with the National Security Council and the US Cyber ​​Command.

As part of the Biden administration’s budget proposal for 2022, the White House is calling on Congress to approve $ 15 million in support of the National Cyber ​​Director’s Office in the White House (see: Biden Budget Seeks Billions In U.S. Cyber ​​Security invest).

Cyber ​​director

With his approved nomination, Inglis will now restore the role of cyber director within the White House that was created by the Obama administration and then eliminated by former President Donald Trump in 2018.

After the Trump administration eliminated the role of director, lawmakers of both parties struggled to restore the position with greater authority and bring the office under congressional oversight. Congress overcame Trump’s veto in January to pass the National Defense Authorization Act 2021, which contained numerous cybersecurity provisions, including reinstating the role of national cyber director in the White House (see: Defense Funding Measure Includes 77 Cybersecurity Provisions).

Years of experience

Inglis brings extensive experience in cybersecurity and government agencies to his new role.

As a retired Air Force Brigadier General, Inglis has more than 40 years of experience in the federal government, including 28 years with the United States National Security Agency, where he served as senior civilian leader and deputy director under both Bush and Obama -Government was in action before resigning in 2014. Most recently he was Managing Director of the Paladin Capital Group.

Senator Angus King, I-Maine, who introduced Inglis during his confirmation hearing earlier this month, praised his appointment on Twitter Thursday. The two served together on the Cyberspace Solarium Commission, which helped create the position of national cyber director.

“Chris is a smart and talented leader with both the experience and the willingness to lead a government-wide effort to strengthen our cybersecurity. Having worked by his side at @CyberSolarium for years, I truly believe he is the best Person for the job, “wrote King on Twitter.

Rep. Jim Langevin, DR.I., who served on the commission, stated that the restoration of the cyber director’s position was long overdue.

After 11 long years, I’m thrilled that the US finally has a Senate-approved National Cyber ​​Director in the White House.

Congratulations, Chris! You will certainly have your hands full, but no one is better suited to the job than you.

America is taking root for you! https://t.co/wMoDfJNC4h

– Jim Langevin (@JimLangevin) June 17, 2021

CISA Director approval held up

While Inglis’ nomination went through the Senate, Biden’s nominee for CISA director Jen Easterly is being held up over a dispute over the security of the US southern border.

On Thursday, Senator Rick Scott, R-Fla., Suspended Easterly’s appointment and demanded that Biden visit the US-Mexico border first to address immigration concerns, according to The Hill. Scott has also threatened to stop other Homeland Security candidates.

It is unclear when the Senate will take Easterly’s nomination again for approval.

source https://seedfinance.net/2021/09/09/senate-approves-chris-inglis-as-national-cyber-director/

[seedfinance]

How To Apply For FEMA Aid For The Dixie Fire – Forbes Advisor

Editor’s Note: Forbes Advisor may earn a commission on sales made through affiliate links on this page, but this does not affect the opinions or ratings of our editors.

57 days have passed since the Dixie Fire broke out in Northern California. It continues to burn with an intense anger that spans 900,000 acres, making it the second largest wildfire in California history with no end in sight.

Unfavorable weather conditions such as intense heat and no rain make fighting the flames difficult. The fire has resulted in evacuation orders and warnings, with worrying signs that more could come if it continues at its current pace.

By September 7, only 59% of the fire had been contained and it had already destroyed nearly 1,300 buildings, with another 6,000 remaining at risk.

Some families may have been displaced or their homes may have suffered damage due to the fire. Federal aid has been available for those affected who qualify since the end of August. How to apply.

Federal Aid to Californians Affected by Dixie Wildfire

On August 24, President Joe Biden approved the California Declaration of Disaster. The permit unlocked a variety of federal funds that are available to support qualified individuals affected by the California wildfires.

Federal funding is available to individuals in Lassen, Nevada, Placer, and Plumas counties. People living in these districts must apply directly online at Disasterassitance.gov or by calling 800-621-FEMA.

According to FEMA, individuals with homeowners insurance should apply to their insurance company first before applying for federal aid. FEMA can only provide assistance in the event of uninsured damage.

Once applied, FEMA will determine your eligibility for a variety of grants, including the following, which are detailed in a White House press release:

Temporary accommodation

Funding is available for temporary housing for those who cannot live in their home due to the current fires or if their home has been destroyed. This assistance can include rental assistance or hotel reimbursement – however, you must apply through FEMA to receive the funds.

Home repairs

People whose homes were damaged by the fire could be eligible for repairs. This aid is used to rebuild or perform basic repairs on a house so that it is safe, hygienic and functional – which means the funds cover the essentials of repairs. An inspection may be required so prepare for this step after applying.

For more information, please visit this website on the FEMA Individual and Household Program.

Cheap loans for uninsured property damage

Small Business Administration (SBA) loans are available for repairs or replacement costs that are not fully covered by insurance. These loans are available to businesses (up to $ 2 million) and homeowners (up to $ 200,000 to repair or replace their primary residence, or up to $ 40,000 to replace personal property such as clothing, furniture, cars, and more Devices) are available.

The repayment terms of these property damage loans can be up to 30 years with no prepayment penalties or fees. Interest rates will not exceed 4% for applicants who cannot obtain credit elsewhere. Collateral will be requested from the SBA in order to obtain the loan if possible.

Remember, these loans cannot be used on second homes or vacation homes. However, qualified rentals may be eligible for assistance under the SBA Physical Disaster Loan Program.

Find out more about the SBA’s home and private property loans on this website.

Climate change means more forest fires

Forest fires are a naturally occurring phenomenon to help maintain balance in the earth’s ecosystem, but they are becoming more common as climate change makes the planet warmer. That means disasters like the current Dixie forest fire can continue to threaten the wellbeing and livelihoods of residents in arid, drought-stricken areas.

The Biden government has an ambitious climate agenda that aims to mitigate the effects of climate change in the country and move it towards a more sustainable future. These efforts include slowing fossil fuel development, increasing reliance on renewable energy, and suspending new leases for oil and gas wells.

And while the plans are ambitious, some say Biden has done little so far to realize his ambitions. According to the New York Times, climate activists currently fear “that robust climate measures could be removed from the second infrastructure bill, which would likely leave them on the floor for the foreseeable future as Republicans could win majorities in Congress in 2022”. Halftime. “

source https://seedfinance.net/2021/09/09/how-to-apply-for-fema-aid-for-the-dixie-fire-forbes-advisor/

[seedfinance]

U.S. Debt Default Could Come in October, Yellen Warns

WASHINGTON – The United States could default on its debt sometime in October if Congress fails to take action to raise or suspend the debt ceiling, Treasury Secretary Janet L. Yellen warned Wednesday.

The “extraordinary measures” that the Treasury Department has been taking since August 1 to temporarily fund the government will be exhausted next month, Ms. Yellen said in a letter to lawmakers. She added that the exact timing was unclear, but the time to avert an economic disaster was short.

“Once all available measures and cash are fully exhausted, the United States of America could fail to meet its obligations for the first time in our history,” wrote Ms. Yellen.

To delay a default, the Treasury last month suspended investments in the civil service pension and disability fund, the health insurance fund for retirees in the postal service, and the government paper investment fund of the savings plan for the federal pension system.

The distribution of pandemic aid payments this year and the uncertainty about incoming tax payments this month have made it harder than usual to predict when the funds will be depleted. Ms. Yellen said that a default would do “irreparable damage” to the US economy and global financial markets, and that even the proximity of a default could be harmful.

“We have learned from previous dead ends on the debt ceiling that waiting until the last minute to suspend or raise the debt ceiling seriously damages business and consumer confidence, increases short-term borrowing costs for taxpayers, and adversely affects the creditworthiness of the United States can affect. “,” she wrote.

Democratic leaders have been insisting for months that Republicans join them in raising the debt ceiling, saying the government has hit its final debt limit because of the Trump administration’s spending and tax cuts, California spokeswoman Nancy Pelosi said on Wednesday Card labeled “Trump Loan”. “

But Kentucky Senator Mitch McConnell, the Republican leader, has been just as insistent that he will prevent Senate Republicans from helping the Democrats on this issue. Democrats could try to tie the increase to measures such as an emergency spending bill to pay for relief efforts and post-Hurricane rebuilding, forest fires, and summer heat waves – brave Louisiana and western senators voting no.

The showdown has once again put the parties in a chicken game, with a debt default and possible economic crisis as a result.

Ms. Pelosi insisted at her weekly press conference on Wednesday that the Democrats would not include a legal increase in the government’s borrowing power in a draft budget drafted this month. This bill could be passed without a Republican vote in the Senate under complicated budget rules.

Instead, Democratic leaders will challenge Senate Republicans to pass a bill that will raise the debt ceiling.

“We Democrats supported raising the debt ceiling” during the Trump administration, she said, “because it was the responsibility to do so.” She added, “I would like Republicans to act in a similarly responsible manner.”

The Democrats have several options to consider. The government will run out of resources at the end of the month, so raising the debt ceiling could be tied to a stopgap deal – meaning a Republican filibuster would jeopardize not only the full faith and creditworthiness of the government, but the government as well could close.

The Democrats could also add it to a major infrastructure bill that the Senate passed with bipartisan support and is slated for a House vote by Sept. 27.

source https://seedfinance.net/2021/09/09/u-s-debt-default-could-come-in-october-yellen-warns/

[seedfinance]

Queensland’s Glitter Girl makes $350k with makeup idea

Business picked up so quickly that her parents had to quit their main jobs to follow the lead of their 9-year-old daughter.

A 9-year-old girl’s decision to dress in bright colors for school has resulted in her family raking in the cash and making $ 350,000 a year.

In 2016, Sophia Rizzo, then nine years old, had a “little idea” to bring glitter pots to her school in Burleigh Heads on Queensland’s Gold Coast.

Although she “got in trouble” from her teachers, the elementary school student knew there was something behind it because “I showed it to my friends and they all loved it,” she told news.com.au.

Sophia charged her classmates $ 2 for the craft glitter she had ordered online.

“She had a little notebook with orders. She came home from school and said, ‘This girl wants this color, this girl wants this color,’ ”recalls her mother Megan, 47.

“She was so persistent, she had a whole unicorn notebook full of ideas, it blew us a bit.

“We thought we’d just make a mini website and put it on Instagram, that’s the end, that’ll make them happy.”

That was far from the end; Business soon picked up, which resulted in both of Sophia’s parents quitting their jobs so they could work full-time in the business – aptly called Glitter Girl.

Now at the age of 13 and sophomore year high school, Sophia’s idea has surpassed $ 350,000 in sales in the past 12 months.

Sophia’s mother, Mrs. Rizzo, ran her own business as a photographer while her father, Adam, 50, worked in the real estate industry, although none of them had ever run an online business before.

They spent $ 2,000 on eight pounds of glitter to get started.

Ms. Rizzo took a few professional snaps and then launched a website in August 2017.

Then they waited for the first order. An order did come – but there was something remarkable about it.

“The first order came from Tasmania and we’re from the Gold Coast,” Ms. Rizzo said, adding that she saw the potential of Glitter Girl because “we realized that this wasn’t an inner circle, a warm circle that was coming from a cold ”. Circle.”

In the first week, they received around three orders a day. That soon increased to 20 orders.

Sophia would pour the glitter into the pots and the mother-daughter duo would bring the unicorn wrap home to keep working into the night.

“We didn’t have time for our normal jobs, we called friends for help,” said the girl’s mother.

They used Ms. Rizzo’s photo studio as a warehouse and by 2018 the mother informed her customers that she could no longer work for them.

“I had to be a glitter mom all day,” she said with a laugh. “I support my little girl’s idea 100 percent.”

Sophia’s dad also ended his real estate career to do IT, inventory management, and bills for Glitter Girl.

Since then, they have experimented with glitter to avoid the “itchy skin” and use environmentally friendly products that are “diversified,” with some purchased from Melbourne and others from countries outside Australia including Vanuatu.

A fear of breast cancer in 2019 led Ms. Rizzo to hire five permanent employees and grow the business by setting up a warehouse.

In 2020, according to Ms. Rizzo, business was “in full swing” and orders increased fivefold.

“What we did in a month before the Covid pandemic, we did in a week during Covid,” she said.

They are available in 90 stores across the country, including regional areas, in every state except the Northern Territory.

Sophia was key to the company’s continued success.

“Don’t ignore your children’s ideas, they know what your target market wants,” said Ms. Rizzo.

“I see it all the time. These kids have great ideas and parents just say “that’s cute”. You have to listen to them. They know the trends, they know the colors.

“I buy the paint and Sophia said ‘Nobody will buy this’. She was right.

“When the employees come on board, they quickly notice that they are making the decisions, the colors, the names.”

Even though Sophia is now 13 years old, she believes she is still very much in tune with her target audience.

“There are still a lot of people my age who buy it. Pretty much everyone, random people will buy it, people their mother’s age, younger people, everyone, ”she said.

Sophia is now in 8th grade and added: “A bunch of people kept coming up to me and asking, ‘Are you a glitter girl?'”

She was asked to give a presentation for her business studies.

Do you have a similar story? Continue the conversation alex.turner-cohen@news.com.au

source https://seedfinance.net/2021/09/09/queenslands-glitter-girl-makes-350k-with-makeup-idea/

[seedfinance]

Stocks struggle amid Delta variant, economy concerns

Shares fell on Wednesday, extending their losing streak to a third day as rising COVID-19 infections temporarily unsettled investors and mixed up growth expectations.

The Dow Jones Industrial Average and S&P 500 Index recorded their third consecutive day of losses, and the technology-driven Nasdaq fell for the first time since last week. The market has left disappointing news for the most part, but August jobs data, which fell well below market expectations last week, dampened hopes for the fourth quarter.

On Wednesday, two releases underscored how investors are trying to calibrate a historically hot job market against growth that is clearly losing momentum due to the resurgence of COVID-19 infections, led by the Delta variant.

The US economy “shifted slightly downward” in August as concerns increased over how the renewed spike in coronavirus cases would affect economic recovery, the Federal Reserve said in its latest Beige Book on Wednesday. Separately, however, Labor Department data showed that vacancies hit another streak record, with workers quitting their jobs en masse and nearly 11 million vacancies.

That data contrasted sharply with August payrolls, which showed the economy created a relatively meager 235,000 new jobs, and fueled speculation that the Federal Reserve’s Open Markets Committee (FOMC) might change its schedule for reducing its stimulating bond purchases, which Investor confidence was supported.

This also prompted analysts to lower expectations for the economy for the remainder of the year. Goldman Sachs lowered its fourth quarter growth forecast, pointing to a “harder road” for consumer spending amid rising COVID-19 infections.

Wall Street doesn’t seem unduly concerned, at least for now, as stocks are still within sight of recent highs.

“We believe that the fundamental drivers of strong earnings, an accommodating Fed and still healthy risk appetite will really hold the market for the remainder of the year,” said Yung-Yu Ma, chief investment strategist at BMO Harris, told Yahoo Finance Live on Wednesday.

The story goes on

While the ongoing COVID-19 pandemic fueled by the Delta variant played a prominent role in the lack of jobs, particularly softness in the leisure, hospitality and bar / restaurant sectors, some analysts have also pointed out that labor shortages are hindering job creation. A lack of available labor has led companies to raise wages, adjust working hours and even lose some business.

–

4:04 p.m. ET: Stocks plummet, Dow, S&P trading lower for third day in a row as economic worries linger

Here were the key moves in the markets as of 4:04 p.m. ET:

S & P-500 (^ GSPC): -5.96 (-0.13%) to 4,514.07

Dow (^ DJI): -68.93 (-0.20%) to 35,031.07

Nasdaq (^ IXIC): -87.69 (-0.57%) to 15,286.64

Raw (CL = F): + $ 0.99 (+1.45%) to $ 69.34 per barrel

Gold (GC = F): $ -7.00 (-0.39%) to $ 1,791.50 per ounce

10-year treasury (^ TNX): -3.6 bps to generate 1.3340%

–

2:55 p.m. ET: The Fed’s Beige Book finds the economy shut down last month

The US economy “shifted slightly downward” in August as concerns increased over how the renewed spike in coronavirus cases would affect economic recovery, the Federal Reserve said in its latest Beige Book compendium on Wednesday with anecdotal reports on the economy with.

Stocks have been heavy all day but are away from the session lows as the final hour of trading looms.

–

1:15 p.m. ET: “If Bonds Could Talk”

The auction on the 10-year government bond went well, with yields below the level issued and offers to cover (2.59) comfortably above the 12-month average (2.42).

While it’s too early to say so, there could be some “flight to quality” element behind the demand in the last auction, especially given the mounting fears of the Delta variant and the still rising prices. Market veteran Peter Boockvar imagines what treasuries would say if they had a voice:

Bottom line, if bonds could talk. Is this aggressive demand due to buyers seeing a stagflationary environment and becoming more concerned about the deer stake? Is the demand high because it is assumed that the Fed taper will start soon and it always pays off to then flatten the curve? Are the buyers in the “inflation is temporary” camp even though the 10-year inflation breakevens are only a few basis points from their high since early June? Is it the delta variant? If bonds could speak. Either way, the 10-year return is just under 1.34% from 1.35% close to the results.

–

12:05 p.m. ET: Stocks plummet in directionless trading

Here the markets were traded around noon:

S & P-500 (^ GSPC): 4,501.17, -18.86 (-0.42%)

Dow (^ DJI): 34,969.76, -130.24 (-0.37%)

Nasdaq (^ IXIC): 15,228.57, -145.76 (-0.95%)

–

11:45 a.m. ET: Job market still JOLT-rated by sales

Muhlenberg, PA – August 26: A sign that reads “Now Hiring!” in the shop window of the PetSmart location on 5th Street Highway in Mühlenberg Twp. Thursday morning, Aug 26, 2021. (Photo by Ben Hasty / MediaNews Group / Reading Eagle via Getty Images)

Despite concerns about the Delta variant, job vacancies, measured by JOLTS, rose by an unbelievable 749,000 in July – and reached another all-time high with almost 11 million vacancies. Regardless of all COVID concerns, this is one of the hottest job markets in history – if not THE hottest.

JPMorgan Chase found the number of new hires fell from 6.83 million in June to 6.67 million:

The ratio of vacancies to new hires – a measure of the scarcity of the labor market and the ease with which companies can find workers – rose to 1.64, a historically high level of scarcity. At the same time, the layoff rate remained unchanged at 2.7% in July and was thus at a higher level than before the pandemic.

–

10:30 am ET: Bitcoin hard as traders contemplate a “flash crash”

A hairdresser works in the Sevilla Barber Shop, where Bitcoin is accepted as a method of payment, in Santa Tecla, El Salvador September 6, 2021. REUTERS / Jose Cabezas

The world’s leading digital currency has many fans and, since Tuesday, the support of a national government. However, this did little to contain the wildly volatile Bitcoin (BTC-USD) price swings like yesterday, when the unit plunged over 17% in one day before recovering.

According to Sultan Ahmed, an analyst at GlobalData, Tuesday’s “flash crash” and the rocky rollout in El Salvador are “two uncorrelated events. Many have the depreciation of Chivo with initial functional problems. connected [El Salvador’s Bitcoin wallet] in the early hours of beta testing, but we believe Bitcoin’s decline is instead due to excessive leverage trading in the cryptocurrency market. “

Bitcoin was last trading at around $ 46,283, down over 7% on the day. Ahmed said cryptocurrency is still up over 50% in the past 50 days after liquidating over $ 3 billion.

–

9:30 am ET: Shares fall on opening

Here the markets were traded at the opening bell

S & P-500 (^ GSPC): 4,515.55, -4.48 (-0.10%)

Dow (^ DJI): 35,137.11, +37.11 (+0.11%)

Nasdaq (^ IXIC): 15,314.88, -59.45 (-0.39%)

Raw (CL = F): $ 69.64 a barrel, + $ 1.29 (+1.89%)

Gold (GC = F): $ 1,798.70, +0.20 (+ 0.01%)

10-year treasury (^ TNX): -1.2 bps to generate 1.353%

–

7:35 a.m. ET Wednesday: Stock futures slightly lower

Here the markets were traded before the opening bell:

S&P 500 futures (ES = F): 4,518.50, -0.75 (-0.02%)

Dow futures (YM = F): 35,086.00 -5.00 (-0.01%)

Nasdaq Futures (NQ = F): 15,669.00, -5.75 (-0.04%)

–

6:15 p.m. ET Tuesday evening: Stock futures are weakening

Here the markets were traded in the after-hours session:

S&P 500 futures (ES = F): 4518, -1.25

Dow futures (YM = F): 35,082. -9.00

Nasdaq Futures (NQ = F): 15,673.00, -2.00

–

By Javier E. David, editor at Yahoo Finance. Follow him at @Teflongeek

–

source https://seedfinance.net/2021/09/09/stocks-struggle-amid-delta-variant-economy-concerns/

[seedfinance]

Stock Market Today: Dow Slips for a Third Straight Session

Stocks fell on the wrong foot on Wednesday and never fully rallied as investors continued to weigh in on signals from the Federal Reserve of a stimulus withdrawal and the state of the economy.

In an interview with the Financial Times, St. Louis Fed President James Bullard said that despite last Friday’s surprisingly disappointing job report in August, the central bank should not hesitate in its plans to reduce its bond purchases before the end of the year.

“There is a great demand for labor and there are more vacancies than unemployed people,” he told FT.

Later in the day, the Fed’s “Beige Book” – a regular report of anecdotal economic intelligence – confirmed that “economic growth slowed slightly to a moderate pace in early July through August.” But investors apparently shrugged as stocks by and large held their levels after the release.

Reject in Dow Inc. (DOW, -1.9%) and UnitedHealth Group (UNH, -1.4%) sent the Dow Jones industry average for its third straight decline – a modest 0.2% decline to 35,031. the S&P 500 (-0.1% to 4,514) and Nasdaq composite (-0.6% to 15,286) also ended up in the red.

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As investors bought, they bought security, with utilities (+ 1.8%) and consumer staples (+ 0.9%) leading the way on Wednesday.

More news on the stock exchange today:

The small cap Russell 2000 decreased by 1.1% to 2,249.

Operator of cryptocurrency exchanges Coin base (COIN, -3.2%) its shares fell after the company announced it received notification of possible enforcement actions from the Securities and Exchange Commission. “After months of efforts by Coinbase to be productive, the SEC gave us a Wells notice last Wednesday about our planned Coinbase Lend program,” wrote Chief Legal Officer Paul Grewal in a blog post on Tuesday evening. The Coinbase Lend program would allow users to contribute to a pool of loans revolving around the stablecoin USD Coin and receive a 4% interest rate in return.

US crude oil futures rose 1.4% to $ 69.30 a barrel as Gulf Coast production struggled to get back online after Hurricane Ida.

Gold futures slipped again 0.3% to $ 1,793.50 as the US dollar strengthened.

the CBOE volatility index (VIX) slipped 1.0% to 17.96.

Bitcoin retreated 0.5% to $ 46,453.95. (Bitcoin is traded 24 hours a day; the prices reported here are from 4:00 p.m. on every trading day.)

Raw materials do not feel the pinch

What else did the beige book tell us?

“The lack of market reaction today shows that many of these concerns are factored in,” said Chris Zaccarelli, chief investment officer of the Independent Advisor Alliance. “But a major market decline – which could come this fall due to either phasing out announcements or other potentially unexpected news – should provide an opportunity to retake positions in the travel, leisure and hospitality sectors as the recovery will most likely be delayed and not “Completely canceled.”

That coincides with our thoughts yesterday that road travel stocks and other recovery picks look rocky (but could be worth it in the end).

But one area of ​​the market that still looks strong is commodity prices.

“Most districts have seen significant increases in the cost of metals and metal-based products, freight and transportation services, and building materials,” the Fed says – and that’s good news for commodity stocks and the wider commodities sector. Companies that trade steel, aluminum, copper, and other commodities can experience disgusting boom-and-bust cycles, but the current environment remains favorable for them.

Here we’re looking at seven commodity stocks that should have a lot more strength once the rebound is back on its feet.

source https://seedfinance.net/2021/09/09/stock-market-today-dow-slips-for-a-third-straight-session/

[seedfinance]

Asian Stocks Drop Amid Concern Over Growth Outlook: Markets Wrap

(Bloomberg) – Asian stocks fell early Thursday after US stocks plummeted as investors continued to worry about a slowdown in the recovery from the pandemic. Government bonds and the dollar held an advance.

Stocks fell in Japan, Australia and South Korea. US futures fell after the S&P 500 fell a third day and the Nasdaq 100 posted its sharpest drop in two weeks. A survey by the US Federal Reserve signaled a slowdown in economic growth due to the delta virus strain.

Chinese stock trading in the US collapsed on renewed concerns about Beijing’s regulatory action after officials like gambling companies like Tencent Holdings Ltd. and Netease Inc. to consider further supervision. Hong Kong stock futures used to be in the red.

Government bond yields remain lower due to strong demand at the monthly 10-year bond auction. Oil was stable above $ 69 a barrel while U.S. production slowly returned after Hurricane Ida.

A rally that set global stocks to records has cooled as investors expect further signs that the economic reopening can overcome the challenges of the Delta variant. Another concern is the prospect of a gradual reduction in monetary support, with a focus on the European Central Bank meeting later Thursday.

“The momentum definitely seems to be slowing in relation to the recovery,” said Fiona Cincotta, a senior financial analyst at City Index. “Before we heard that the Fed was tightening monetary policy, it unsettled the market. Now it is actually somewhat softer data and also increasing Covid cases. “

In recent Federal Reserve comments, Bank of New York President John Williams said it “might be appropriate” for the Federal Reserve to throttle its bond-buying program before the end of the year.

Elsewhere, the online gaming and e-commerce company Sea Ltd. fell. in postmarket retail after launching the largest secondary offering to date in 2021.

Bitcoin was trading at around $ 46,000. Coinbase Global Inc. collapsed after the Securities and Exchange Commission warned the company not to launch a product that could allow consumers to earn interest on their crypto holdings.

The story goes on

What to see this week:

US President Joe Biden could make his decision this week whether he should renominate Fed chief Jerome Powell for a second term. ECB President Christine Lagarde will hold a press conference on Thursday after the bank’s interest rate decision

You can find more market analysis on our MLIV blog.

Some of the key moves in the markets:

shares

S&P 500 futures fell 0.1% at 9:12 a.m. in Tokyo. The S&P 500 fell 0.1% and the Nasdaq 100 futures fell 0.1%. The Nasdaq 100 lost 0.4% Japan’s Topix index lost 0.4% Australia’s S & P / ASX 200 index lost 0.6% South Korea’s Kospi lost 0.3% Hang Seng index futures previously fell 0.4%

Currencies

The Japanese yen remained little changed at 110.24 per dollar The offshore yuan stood at 6.4587 per dollar The Bloomberg Dollar Spot Index rose less than 0.1% The euro traded at $ 1.1816

bind

The 10-year Treasury yield was 1.33% Australia’s 10-year yield fell two basis points to 1.28%

raw materials

West Texas Intermediate Crude Oil was at $ 69.21 per barrel, gold was trading at $ 1,788.87 per ounce

More stories like this can be found on Bloomberg.com

Subscribe now to stay one step ahead with the most trusted business news source.

© 2021 Bloomberg LP

source https://seedfinance.net/2021/09/09/asian-stocks-drop-amid-concern-over-growth-outlook-markets-wrap/

[seedfinance]

Biden administration extends $1B of additional student loan debt forgiveness

The Department of Education has issued another round of student debt relief as part of the closed school layoff program. Check if you are eligible for loan relief and learn more about your alternative loan repayment programs. (iStock)

The Department of Education is waiving an additional $ 1.1 billion in federal student loan debt for borrowers who have attended the now-defunct ITT Technical Institute, according to a press release dated Aug. 26. Beginning in September, the department will automatically settle student loan debts for 115,000 eligible borrowers.

This is not the first time the Biden government has targeted ITT Tech. In June, the Department canceled approximately $ 500 million in debt for 18,000 borrowers who applied for a waiver under the Borrower Defense Program.

“For years, ITT hid its real financial condition from borrowers, causing many of them to take out personal loans on misleading and prohibitive terms that may have resulted in borrowers dropping out of school. Today’s move continues the ministry’s efforts to improve its to improve and leverage targeted credit relief. ” Authorities to provide meaningful assistance to student borrowers.

– Minister of Education Miguel Cardona

BIDEN ADMIN CANCEL AN ADDITIONAL $ 5.8 BILLION DEBT FOR SELECTED DISABLED DRESSES

Since President Joe Biden took office in January, his administration has canceled $ 9.5 billion in federal student loan debt for more than 563,000 borrowers, according to the Department of Education. When Biden was a presidential candidate, he initially campaigned for federal student loans worth up to $ 10,000 per borrower.

Read on to learn more about who is eligible for this latest student loan waiver measure, as well as alternative options like federal deferral programs and private student loan refinancing.

When you decide to refinance your loans, visit Credible to find the lowest interest rate without hurting your credit score.

BIDEN STARTS INQUIRIES TO FIX THE PSLF PROGRAM FOR FEDERAL LOAN BODIES

Who qualifies for this round of student loan issuance?

The Biden administration will automatically grant debt relief to 115,000 borrowers who attended the now-closed facility between November 1, 2013 and July 1, 2020, according to the Ministry of Education. Students who attended ITT Tech within 120 days of its 2016 closure received automatic layoffs as early as 2019.

The Ministry of Education will begin processing this new round of layoffs in September. To qualify, borrowers must not have enrolled in another institution within 3 years of their school closing. Those who enrolled elsewhere but haven’t completed their education may be eligible for student loan waiver but must apply on the Federal Student Aid (FSA) website.

Even if they meet the eligibility requirements, borrowers may still not get their student loans waived. The Higher Education Act allows the department to cancel federal debt under the Direct Loan Program, the Federal Family Education Loan (FFEL) Program, and the Perkins Loan Program. As a result, borrowers on private student loans may not receive debt relief under the closed school discharge program.

Borrowers with private student loans can consider alternative options such as refinancing. See the student loan refinance rates from real private lenders in the table below.

TWO STUDENT LOAN STAFF END FEDERAL CONTRACTS, LEAVE 10 MILLION. BORROWER

3 options to consider if you are not eligible for a closed school discharge

Pending student loan payments can limit your budget and deter you from reaching financial milestones like buying a home or starting a family.

The Biden administration has extended the hiatus in federal student loan payments, but this COVID-19 emergency response isn’t going to last forever – and it isn’t helping borrowers with private student loans. If you’re struggling to repay your college debt and you don’t qualify for the final round of federal edict, consider the following options:

Inquire about alternative student loan forgiveness programs. For example, you can apply for the Borrower Defense Program if you think your school has misled you or engaged in wrongdoing. You may be entitled to have some or all of your federal student loan debt waived.

Check if you qualify for federal student loan protection. The FSA offers income-oriented repayment plans (IDR) that limit your monthly payments to a certain percentage of your disposable income. You can also qualify for additional deferral for up to 36 months by postponing economic hardship or unemployment.

Refinance your student loans. Depending on the type of loan you have, refinancing can help you lower your monthly payments or pay off your debt faster. Student loan refinancing rates are still near historic lows, which gives borrowers an opportunity to save money on interest over time.

BIDEN ADMINISTRATION PROBLEMS “FINAL EXTENSION” OF PAYMENT BREAK FOR STUDENT LOANS

Student loan refinancing is not for everyone. For example, you may not want to refinance federal student loans as it will prevent you from being eligible for government protections like IDR plans and interest-free deferral. However, if you have a private student loan and are getting a lower interest rate than you are currently paying, refinancing can be a smart financial move.

If you need help deciding whether a refinance is right for you, reach out to a Credible credit professional to discuss your student loan repayment options.

98% OF PUBLIC SERVICE CREDIT PROGRAM APPLICATION REJECTED

Do you have a finance-related question but don’t know who to contact? Send an email to the credible money expert at moneyexpert@credible.com and your question could be answered by Credible in our Money Expert section.

source https://seedfinance.net/2021/09/08/biden-administration-extends-1b-of-additional-student-loan-debt-forgiveness/

[seedfinance]

Government Schools in Assam, India Get AI-Based Attendance Management System – OpenGov Asia

In a joint virtual workshop, Indian and German scientists discussed five selected topics of common interest relating to artificial intelligence (AI) and its implementation. The participants discussed AI for sustainability, healthcare, autonomous robotics, safe AI and mathematical fundamentals. The workshop was organized by the Indo-German Science and Technology Center (IGSTC), the Federal Ministry of Education and Research (BMBF) and the Indian Department of Science and Technology (DST).

The workshop, held earlier this week, was organized following the decision to strengthen and expand cooperation on AI during the intergovernmental consultations between two countries in November 2019, Indian Co-Chair of IGSTC and Head International Division of DST and the German co-chair spoke about strengthening university and industry partnerships and improving collaboration to help society, especially in the areas of AI, machine learning and robotics.

According to an official, Germany is concentrating on expanding its economy with AI. India is a strong partner on AI and the recommendation from the Scientific Advisory Board from the workshop could maximize the impact of the measures. Head-FFT DST stated that AI is a very active research topic worldwide and efforts should be made so that India and Germany can work together and strengthen cooperation. There are many issues to be resolved in this area, such as modernizing technology, developing skills and creating jobs. Science and industry need to be engaged in this area and products need to be coordinated, he said. The workshop was accompanied by two plenary lectures, followed by invited lectures and plenary sessions.

Last year Germany published a plan for AI with India as a partner. FAIR Forward – Artificial Intelligence for All, an initiative of German development cooperation, works with five partner countries – Ghana, Rwanda, South Africa, Uganda and India – to promote an open, integrative and sustainable approach to AI worldwide. One focus of the program is the creation of open language data sets in Indian languages.

Machine learning, AI, computer programming and deep learning have become the most popular online courses among Indians, according to a recent report by the online learning platform Coursera. Around 10.6 million Indians have registered on the platform so far and are only behind the USA. The results come at a time when online learning has replaced traditional classroom teaching.

Other popular courses are Javascript, Blockchain, Internet of Things, Web Development, and C Programming. These courses are also popular in other countries such as Germany, Russia, China, Australia and Saudi Arabia. India ranks 67th out of 104 nations for digital skills. It ranked ahead of Myanmar, Uzbekistan and Bhutan, but couldn’t compete with countries like Hong Kong, Singapore and Japan, suggesting a lack of digital and data literacy.

Digital skills have become important as technology powers most industries. The pandemic has also displaced millions of workers worldwide. India showed 38% proficiency in technology and data science, falling behind countries like the Republic of Korea, Nepal, Malaysia and Sri Lanka. It showed 13% proficiency in computer programming, 14% in mobile development and 25% in data analysis. The pace of skills transformation is slower than the pace of digital transformation in India and learners need to invest in soft and technical skills to prepare for the jobs of the future.

source https://seedfinance.net/2021/09/08/government-schools-in-assam-india-get-ai-based-attendance-management-system-opengov-asia/

[seedfinance]

New Energy Equity closes $50 Million Unitranche Revolver led by SVB

ANNAPOLIS, Md., September 8, 2021 / PRNewswire / – New Energy Equity, a developer and financier of community and commercial solar projects across the region The United States, announced today the closure of a. known $ 50 million Establishment, with $ 41 million Managed by Silicon Valley Bank and together with SVB Capital, two innovative financial partners in the field of renewable energies and technology. The Unitranche rotating system is used for the construction of municipal solar projects in New York State and other markets with an expected total installed capacity of more than 60 MW.

Community Solar is at the forefront of the energy transition, promoting access to safe, accessible and affordable renewable energy for a wide range of customers, including commercial, industrial, municipal, universities, schools, hospitals and private customers, without the need to install solar systems on their own Property.

Silicon Valley Bank is the only coordinating lead arranger, with SVB Capital acting as the lender. The financing supports the construction of communal solar systems within the framework of state-funded decentralized generation programs. The facility will fund a large portion of the construction and financing costs of the projects and will help New Energy Equity with its working capital needs while allowing flexibility in the assets to be financed, subject to the approval of the lender.

“New Energy Equity is excited to enter into this new partnership with Silicon Valley Bank and SVB Capital,” said Matthew Hankey, President, Co-Founder and CEO of New Energy Equity. “Your commitment to a functioning solar energy in the community will help us to bring the transformation to clean energy on better conditions in more communities and customers. We look forward to a long and successful cooperation.”

“SVB is proud to provide New Energy Equity with this funding,” said Bret Turner, Market manager and co-lead of the project finance team at Silicon Valley Bank. “We are committed to catalyzing solar innovation and reducing energy costs for households and communities to make renewable energy affordable for everyone.”

About New Energy Equity

Founded in 2013 and headquartered in Annapolis, Maryland, develops and finances New Energy Equity solar power plants and supplies clean power to commercial, industrial, municipal and utility customers under long-term contracts. New Energy Equity has successfully developed over 250 MW of solar projects since 2013. The company was named 7th Top Solar Developer and 8th Growing Energy Company in DC on Solar Power World’s “2021 Top Solar Contractors” list, Maryland, and Virginia by Inc. Magazine in 2020. To learn more, visit www.newenergyequity.com.

About the SVB Finance Group

For almost 40 years, the SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have been helping innovative companies and their investors to advance bold ideas quickly. SVB Financial Group’s businesses, including Silicon Valley Bank (SVB), serve technology, life science and healthcare, private equity and venture capital, and premium wine companies. The SVB project finance group works with project owners, sponsors and investors to finance large residential, commercial and industrial projects as well as major projects. Headquartered in Santa Clara, California, the SVB Finance Group operates in innovation centers around the world. To learn more, visit svb.com.

The SVB Finanzgruppe is the holding company for all business areas and groups © 2021 SVB Finanzgruppe. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the Chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California banking subsidiary of the SVB Financial Group.

Media contact:Keri Fischer 410-982-9394 [email protected]

SOURCE New Energy Equity

similar links

http://www.newenergyequity.com

source https://seedfinance.net/2021/09/08/new-energy-equity-closes-50-million-unitranche-revolver-led-by-svb/

[seedfinance]

Price Prediction, Protection, and Guarantee

This post contains links to our advertisers’ products and we may be compensated for clicking those links. Our recommendations and advice are solely ours and have not been verified by any of the listed issuers. The conditions apply to the offers listed on this page.

Capital One Travel has been massively updated with features that you won’t find on other websites.

The new portal offers a flight price forecast, an option to freeze prices and protection against price drops.

Customers can also add travel cancellation insurance to flight bookings for a small fee.

Read the insider’s guide to the best credit cards for travel rewards.

The easiest way to use your flexible reward points for travel is through your bank’s travel portal. Instead of worrying about point transfers to partners or about award tables and blackout dates, booking via a portal is easy – and you can search multiple airlines, hotel brands or other travel providers in one place.

Several credit card programs, including Chase Ultimate Rewards, Amex Membership Rewards, and Citi ThankYou Rewards, all have travel platforms through which you can book flights, hotels, rental cars, and more. Capital One also has a travel portal, and it has just been given a major overhaul.

Read more: How to Earn, Redeem and Maximize Capital One Miles

Earlier this year, Capital One announced a partnership with Hopper, an app that helps travelers choose the best times to book and travel at the cheapest prices. Now let’s take a first look at the changes to Capital One Travel, and they include features you won’t find anywhere else, including price prediction, price monitoring, and price drop protection.

The new portal will be rolled out to a small group of customers in beta over the next few weeks, but should be live for all eligible Capital One cardholders in the next few months. Here’s a little taste.

We’ll focus here on the rewards and perks associated with each card. These cards are not worth paying any interest or late fees. When using a credit card, it’s important to pay off your balance in full each month, make payments on time, and only spend what you can afford.

New Capital One travel portal

Regular annual interest

17.24% to 24.49% variable

Recommended reward

Earn 60,000 miles after spending $ 3,000 on purchases within 3 months of account opening

Chevron Icon Indicates an expandable section or menu, or sometimes previous / next navigation options.

For and against

details

advantages

No bonus categories to keep track of

Includes up to $ 100 in credit towards Global Entry or TSA PreCheck

disadvantage

Other credit cards offer higher rewards in certain expense categories

The Capital One Venture Rewards credit card information was collected from Business Insider and has not been verified by the publisher.

Receive a bonus of 60,000 miles after spending $ 3,000 on purchases (worth $ 600 on travel) within 3 months of opening your account.

Earn unlimited 2X miles with every purchase

Miles do not expire while your account is open and there is no limit to the amount you can earn

Receive a registration fee credit of up to $ 100 for Global Entry or TSA Pre✓®

Redeem while traveling – including flights, vacation rentals, rental cars, and more. You can also transfer miles to over 15 travel loyalty programs

No foreign transaction fees

Read our review

Read our review A Long Arrow Pointing Right

If you are an eligible Capital One cardholder, you may be one of the lucky customers to soon have the updated Capital One Travel portal available in your account. Once the portal goes live for everyone, it will be accessible if you have any of the following cards:

Read more: Capital One Venture Rewards Credit Card Review

In addition, eligible Venture, VentureOne and Spark Miles card holders receive an unlimited amount of 5 miles per dollar for hotels and rental cars booked through Capital One Travel. That’s a nice return if you pay for your trip with your card (not miles).

Capital one

With the new portal, cardholders can book flights, hotels and rental cars with points, cash or a combination of both. This feature is common with other banking portals, but there are a number of new customer-friendly updates that make Capital One Travel much more useful than its competitors.

These new features are designed to help customers find the lowest possible price for their trip – whether it’s keeping an eye on prices for a flight you’re trying to book or monitoring your existing booking for price drops.

Price prediction and price observation

Capital One’s partnership with Hopper has enabled the portal to provide flight price predictions – that is, whether you should book now or wait for a lower price. By analyzing billions of data points on airfare prices and trends, Capital One can provide price predictions with 95% accuracy and save customers an average of 15% per flight.

Capital one

When you want to book a flight, Capital One Travel predicts the prices and recommends the best (cheapest) time to book. You also have the option to set up price notifications for flights you’re interested in and Capital One will monitor the price – and send you a notification when the price drops.

Read More

Price reduction protection

Isn’t it the worst when you buy a ticket and find out a few days later that the price has dropped? In most cases – unless you have booked an expensive, fully refundable ticket – you will not be entitled to it.

Capital One Travel takes the sting out of this familiar scenario by offering free price collapse protection. Capital One will continue to monitor tariffs for 10 days after your booking, and if the price drops you will automatically get your money back – up to a maximum of $ 50 per ticket.

Price guarantee

Similarly, Capital One guarantees that you will find the best price on flights, hotels and rental cars through its portal. However, if you find a better rate on another website within 24 hours of booking, Capital One Travel will refund the difference.

Price freeze

If you find the flight you want but are not ready to confirm your booking, Capital One Travel offers a price freeze function. For a small fee, you can hold your ticket price for up to 14 days while you decide whether to book or not.

If the price goes up during this period, you’re covered up to a price difference of $ 200. And when the price goes down, you only pay the lower price.

Cancel for any reason

With COVID still having an impact on travel, travel insurance is the key to staying safe if you need to change or cancel your plans at the last minute. Some credit cards offer travel interruption or cancellation insurance, but this is usually only valid for very specific reasons such as illness or storms.

Read more: The best premium credit cards 2021

For a small upfront fee, Capital One Travel offers its customers the option of canceling flights for any reason up to 24 hours before the first scheduled departure and reimbursing 80% of the ticket costs.

Bottom line

These changes to Capital One Travel are exciting – and most of the new features you won’t find on other banking portals. If the price prediction and drop protection are as robust as promised, booking your flights through Capital One could be a breeze compared to booking directly with the airline or through any other online travel website.

If you don’t already have an eligible Capital One card, check out our guide to the best Capital One credit cards for the top options.

Jasmin Baron, CEPF

Associate Editor

More credit card coverage

Recommended credit cards from our partners

Apply now

Recommended reward

3 free nights (worth up to 50,000 points each) after spending $ 3,000 in the first 3 months, plus 10x total points per USD spent for up to $ 2,500 on combined purchases in selected categories within the first 6 months

Apply now

Recommended reward

$ 200 after spending $ 500 on purchases in the first three months after opening an account

source https://seedfinance.net/2021/09/08/price-prediction-protection-and-guarantee/

[seedfinance]

CMS provides additional ARP funding to states to promote insurance affordability

Photo: bymuratdeniz / Getty Images

The Centers for Medicare and Medicaid Services and the Biden Administration have allocated $ 452 million federal funding through the American Rescue Plan to efforts to reduce costs and improve access to health insurance in 13 states.

As a result of the changes to the ARP, states with 1,332 reinsurance waivers will have more run-through funding to implement waivers and may also have their own state resources to pursue further strategies to promote insurance affordability.

That funding, according to CMS, might otherwise have been spent on reinsurance costs in 2021.

Pass-through financing is determined annually by the Department of Health and Human Services and the Department of Treasury. They are available to states with approved Section 1332 waivers that have also lowered premiums to implement their waiver plans.

WHAT’S THE IMPACT

State reinsurance programs, created through waivers under Section 1332, are designed to improve health insurance affordability and market stability by reimbursing issuers for some of the claims made by health care providers that would otherwise be paid by some consumers and the federal government through higher premiums.

As a result, CMS said, these programs have the potential to lower premiums for consumers with individual health coverage and can improve access to coverage and provide more health coverage options for people in these reinsurance states without increasing net federal costs.

The additional funding announced by CMS will range from $ 2.5 million to $ 139 million per state – varying based on factors such as the size of the state’s reinsurance program. The funds are the result of expanded subsidies under the ARP, which lead to the intake of new people and cover part of the government costs for these reinsurance programs.

States with approved federal reinsurance waivers under Section 1332 have seen reduced premiums in the individual market, CMS said. Overall, states that have introduced federal reinsurance waivers under Section 1332 for the individual market saw national average premium reductions of 3.75% to 41.17% in the planning years 2018 to 2021, compared to premiums without waiver, according to the agency data.

For example, in 2021, the average premium reductions across the state from waiver were 4.92% in Pennsylvania, 18.47% in Colorado, and 34% in Maryland, compared to a no-waiver scenario.

In addition to the reduced premiums, it is expected that the state reinsurance waiver rules under Section 1332 can help states maintain and increase issuer involvement and the number of qualifying health insurance available in each county in those states year on year to increase. For example, states like Colorado, Wisconsin, Alaska, and Maryland have seen additional issuers enter and re-enter their respective markets since their state reinsurance programs were in place.

The agency’s current view is that greater participation by issuers in the individual market can increase competition and give consumers more opportunities to get affordable health insurance coverage. On a national average, there are more QHP offerings in 2021 than in 2020, and in states with state reinsurance waivers under Section 1332, the average number of filing-weighted QHPs increased by 30.6% from 2020 to 2021.

The states and their pass-through funding amounts include Alaska ($ 43,827,328); Colorado ($ 49,892,498); Delaware ($ 10,821,203); Maine ($ 8,562,238); Maryland ($ 139,159,548); Minnesota ($ 64,969,985); Montana ($ 7,129,995); New Hampshire ($ 8,820,847); North Dakota ($ 5,798,044); Oregon ($ 18,948,114); Pennsylvania ($ 28,558,672); Rhode Island ($ 2,590,540); and Wisconsin ($ 63,408,562). The New Jersey pass-through funding amount will be announced at a later date.

THE BIGGER TREND

In April 2021, the departments announced a total of $ 1.29 billion.

ON THE RECORD

“This investment is a testament to our administrative commitment to making healthcare more accessible and affordable,” said HHS Secretary Xavier Becerra. “This funding from the American Rescue Plan will lower monthly health costs for consumers, increase coverage, and offer more options. We will continue to work with states to strengthen the health system as we respond to the COVID-19 pandemic. “

“By reducing the average monthly health insurance cost for a family or individual, that money is freed up for other needs,” said CMS administrator Chiquita Brooks-LaSure. “The Biden-Harris administration continues to work with the states to cut costs and provide more affordable health insurance options. This is another example of how the US rescue plan is helping more people meet their health needs.”

Twitter: @JELagasse Email the author: jeff.lagasse@himssmedia.com

source https://seedfinance.net/2021/09/08/cms-provides-additional-arp-funding-to-states-to-promote-insurance-affordability/

[seedfinance]

Don’t miss this quarterly tax payment deadline

The word “Taxes” is engraved on May 10, 2021 at the headquarters of the Internal Revenue Service (IRS) in Washington, DC, USA.

Andrew Kelly | Reuters

September 15th is an important deadline for the self employed, small business owners, gig economy workers, investors and other applicants.

Because income taxes are pay-as-you-go, no withholding applicants are required to make estimated payments four times a year, and September 15 is the final call for the third quarter.

Someone with an adjusted gross income of less than $ 150,000 can avoid penalties by filing at least 90% of their 2021 taxes or 100% of 2020 dues by any quarterly date, including September 15, 2021 and January 18, 2022.

“This is only an estimate, of course, as the year is still running,” said Thomas Scanlon, certified financial planner and accountant with Raymond James in Manchester, Connecticut.

The pandemic has negatively impacted the livelihoods of millions of Americans in 2020, so paying 100% of last year’s taxes may not be enough to cover liability for 2021.

More from Personal Finance: The IRS was nearly 8 million paper tax returns backlog in 2020 due to the pandemic Democrats are considering reforms to reduce Trump’s corporate tax breaks Here are some strategies to help you pay off that large credit card debt

Those looking for a more accurate number can use the Estimated Tax Worksheet with detailed instructions in publication 505. However, it is a multi-step calculation and some applicants may prefer to work with a tax advisor.

Applicants can make quarterly estimated payments by mail, online, over the phone, or via the IRS2Go mobile app. Scanlon suggests sending it a few days earlier by registered mail with a return confirmation. “Proof of mailing is important,” he said.

However, if someone cannot afford quarterly tax payments, they still owe the balance at the time of taxation.

“You pay what you owe plus some interest when you apply for filing, which is currently between 3% and 4%,” said Eric Bronnenkant, CFP and CPA at Betterment, a digital investment advisor.

The fees are higher than the average savings rate, but still lower than those for personal loans or credit cards, he said.

Personal loan rates can range from 3.99% to 35.99%, reports Nerdwallet, and the average credit card rate is currently 16.22%, according to CreditCards.com.

“Sometimes people actively choose not to make estimated payments because the interest rate is relatively low compared to other sources of credit,” Bronnenkant said.

Tax breaks for Hurricane Ida

Victims of Hurricane Ida can postpone estimated quarterly tax payments until January 3, according to the IRS.

To qualify, an individual must live in an area designated by the Federal Emergency Management Agency for individual or public assistance. Currently this includes residents of Louisiana and may apply to other “taxpayers in the Ida affected areas” as well.

In addition, some affected taxpayers can automatically get penalty relief provided they have an IRS address in a disaster area.

Although victims do not need to turn to the IRS for help, they can still receive a late payment reminder. If so, the IRS suggests calling the number provided to waive the fee.

source https://seedfinance.net/2021/09/08/dont-miss-this-quarterly-tax-payment-deadline/

[seedfinance]

Immerss Raises $1.1M in Seed Financing to Advance Live Video eCommerce | Texas

DALLAS, September 8, 2021 / PRNewswire / – Immerss, a pioneer in live video e-commerce, announced today that $ 1.1 million in seed funding, led by Oak Stream Investors III, Ltd. and Muse Family Enterprises Ltd.

The seed funding will allow Immerss to invest in marketing and sales initiatives to accelerate the Immerss solution rollout and enable online retailers to deliver a personal virtual shopping experience.

Immerss helps brands and retailers humanize their e-commerce experience by connecting online customers with sales reps, using live video, and turning faceless online transactions into person-to-person experiences. By leveraging e-commerce, video, chat and live streaming technology on a single platform, merchants can now serve their customers in real time.

Merchants who have implemented Immerss Live Video Commerce have achieved the following results:

29% sales conversion rates

61% increase in the average order value

25% less return

4.9 / 5 stars in customer satisfaction

“Live commerce is rapidly evolving, redefining how brands and retailers interact with their customers to deliver unforgettable online shopping experiences,” said Arthur Veytsman, Founder and CEO of Immerss. “Immerss is at the forefront of this innovation. We appreciate the trust of our investors; they bring a wealth of knowledge and connections to our business.”

About Immerss

Immerss redefines the home shopping experience. Using e-commerce, video, chat and live streaming, Immerss helps merchants create the personal virtual shopping experience that consumers want when shopping online. Immerss is used by leading retailers such as Lucchese, Radley London, and Ylang 23. The company is based in Dallas, Texas. Learn more at http://www.immerss.live.

For media inquiries:

Neal stone

Red Javelin communication

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source https://seedfinance.net/2021/09/08/immerss-raises-1-1m-in-seed-financing-to-advance-live-video-ecommerce-texas/

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5 Generational Money Taboos That Must Die

Although we often fear becoming our parents, we usually inherit our relationship with money from them – as they did from theirs. Many of us were brought up to think that talking about money is taboo, but this idea perpetuates financial illiteracy, and avoiding money conversations can negatively affect our own money attitudes, relationships, and life goals. According to a report by the National Endowment for Financial Education, only 24% of millennials have basic financial literacy, meaning three-quarters of a generation are poorly prepared for retirement or other financial milestones. Open conversations about our finances can help us learn, grow, and better prepare for our future.

In my own family when I was growing up, money wasn’t really talked about. Growing up in an Asian household, there was a lot of emphasis on education, but strangely enough, no financial literacy. It wasn’t until I graduated from college and entered the “real world” (and had to pay my bills myself) that I began to adopt my own fundamental truths. Since then, I have shared this with countless families in my work as a financial advisor over the years.

Put simply, some long-held beliefs about money no longer exist. Many of these ideas, passed down through the generations, were meant to be put to the pasture. Here in particular are five outdated taboos that need to be banished, followed by some more helpful mantras to replace them.

Note: Halbert Hargrove will host a free webinar on September 30th that will focus on fearless money talk about the new rules for retirement planning. To learn more and to register, visit: www.fearlessmoneytalk.com/fmtregister1.

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Taboo # 1: Debt is always bad. (Not correct!)

Many parents tell their children that it is bad to get into debt and avoid it. But there are different types of debt, and not all are created equal. For example, most homebuyers will have to take out a mortgage if they decide to make the big purchase, which is an example of good debt. And student loan debt isn’t necessarily bad either, as that counts as an investment in your future!

Rather than worrying about the idea of ​​debt, it is best to educate yourself about things like interest rates, credit scores, and loan terms to ensure that you can properly manage debt. In fact, if you are disciplined enough and pay things like credit card bills in full each month, you can use some of the reward benefits to your advantage.

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Taboo # 2: It’s never okay to cut off your children. (Sorry kids, but that’s wrong!)

I’ve seen firsthand how difficult it can be for parents to cut their children off financially. In fact, I’ve seen customers give their children monthly pocket money well into the 1950s! As a parent myself, I understand how difficult it can be to tread the line between supporting your children and helping them too much, which can often be to their disadvantage.

One of the most important lessons in life is achieving independence – including financial independence. Encouraging your children to make their own money and to support themselves is better for their confidence and growth as an individual.

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Taboo # 3: Leave an inheritance to your children, even if it means a great sacrifice. (Definitely wrong!)

Many parents have the idea that when they die, they have to leave something to their children. The idea of ​​leaving a legacy in the form of financial assets or real estate is a common and long tradition and is particularly true of an emotional asset such as a family home. While it’s a nice thought, remember that these assets shouldn’t be put aside at the expense of your own well-being.

Most children just want their parents to be able to comfortably pass the final years of their lives. So if you can’t afford to leave a legacy, it’s more than okay!

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Taboo # 4: You should never keep finances separate in a marriage. (Not true!)

Many of our parents liked to put the finances in joint accounts and shared everything. But that’s no longer the rule, as couples often keep their finances separate or take a hybrid approach – one joint account plus individual accounts. According to a survey by Fidelity, one in five couples see money as their biggest challenge in their relationship. Communicating about finance is necessary to strengthen relationships and ensure that your most important life goals are aligned, as money is often a leading cause of divorce. Do what works best for you and your partner. It is important that you discuss your financial ambitions and maintain open communication about finances.

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Taboo # 5: The same goals that were good for your parents are good for you too. (Nope!)

The times have changed. It is no longer customary to get married in your early twenties, buy a house and have children straight away. While this plan worked for previous generations, it may no longer be the smartest or best approach, especially as home prices soar and our lifestyles change. Don’t worry – renting can even be the better financial decision depending on the situation. It’s okay to let go of your parents’ dreams; It is important that you have your own financial goals and a plan to achieve them.

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Talking about money shouldn’t be taboo

According to Walden University, about four in seven Americans are financially illiterate and say they cannot manage their finances. Additionally, a FINRA study found that over 53% of adults say they worry when they think about their financial situation, and 44% say talking about their finances is stressful. The cycle of financial illiteracy and negative emotions associated with money will continue unless we learn to break the taboo.

Bottom line: Open conversations about money lead us to learn, grow, and build healthy relationships. Even if it wasn’t part of my childhood, I consciously try to have these teaching moments about money with my 4-year-old. It’s fun to talk to him about how he’s going to split his birthday money and what he’d like to save for next. Even though he’s still young, I can see that he already understands some basic financial concepts. My parents have also become more open about money and finances over the years, and we have had a lot of conversations about planning for the future. These discussions eventually led to her retirement this year.

It’s also important to remember that our upbringing affects the way we view finances and wealth, we can ultimately define our own stories, and change the way we think. Find out what money stories you are telling yourself and where those ideas came from. Did a belief arise from a particular situation or a memory from a family experience? Is belief now at odds with your life?

When the money stories you are telling yourself no longer work for you, redefine your goals to align them with your values ​​and stop living by unwritten rules defined generations ago.

Halbert Hargrove Global Advisors LLC (“HH”) is an SEC registered investment advisor based in Long Beach, California. Registration does not require a specific level of qualification or training. For more information on HH, including registration status, fees and services, please visit www.halberthargrove.com. This blog is for informational purposes only and should not be construed as personalized investment advice. It should not be construed as a solicitation to offer personal securities transactions or to provide personal investment advice. The information provided does not constitute legal, tax or accounting advice. We recommend that you seek advice from a qualified lawyer and auditor. All opinions or views reflect the author’s judgment at the time of publication and are subject to change without notice.

This article is written by our contributing advisor and represents the views, not the Kiplinger editors. You can review the advisor’s records with the SEC or FINRA.

Asset Advisor, Halbert Hargrove

Julia Pham joined Halbert Hargrove in 2015 as an investment advisor. Your job is to encourage HH clients to research and refine their ambitions – and work with them to create a roadmap to achieve the goals that are important to them. Julia has been in the financial services industry since 2007. Julia earned a Bachelor of Arts in Economics and Sociology cum laude and an MBA from the University of California at Irvine.

source https://seedfinance.net/2021/09/08/5-generational-money-taboos-that-must-die/

[seedfinance]

Response to Ireland Consultation on OECD International Tax Proposals

introduction

The Tax Foundation welcomes the opportunity to participate in the public consultation on the OECD’s international tax proposals. The Tax Foundation is a not-for-profit think tank based in Washington, DC, and our mission is to improve lives through tax policies that lead to more economic growth and opportunity. When evaluating tax policy, we apply the four principles of simplicity, neutrality, transparency and stability.

Recent efforts to change international tax rules have been fraught with significant contradictions. The proposals were driven by arguments to generate additional revenue, stabilize corporate tax rates, or prevent offshoring. However, on closer inspection, these three arguments fail to capture what is going on. The policies themselves do not generate any significant revenue and the potentially negative economic impact has been downplayed. The focus on tax rates has ignored more important questions about the tax base and how countries could adapt their rules to the proposed directives. Eventually, the political recipe for tackling offshoring has bled into economic protectionism.

This consultative response provides a brief assessment of these three conflicting areas and we would welcome the opportunity to examine these issues further with the Treasury.

Revenue vs. Economic Impact

In October 2020, the OECD published an impact assessment on pillars 1 and 2 in order to provide political decision-makers with relevant information for choosing a suitable path. The key results of this analysis suggest an increase in sales of between $ 56 billion and $ 102 billion, or between 2.3 percent and 4.0 percent of global corporate tax revenue. Worldwide this is a rather small share of sales that is shared by over 130 countries. However, the revenue gains in some countries are likely to translate into lower revenues in some small exporting countries, including Ireland.

The Declaration of Principles, signed by more than 130 countries on July 1st, outlines a policy that in some ways differs from that reflected in the Impact Assessment. However, the general story of a relatively small global increase in revenue while some countries will lose revenue remains.

The economic assessment in the OECD Impact Assessment found that the measures would increase both average and marginal tax rates on business investments. Although the Impact Assessment finds relatively small increases in investment tax rates, they do not reflect the size of cross-border investments that would face tax increases under the new proposal. Instead, the impact assessment calculations are based on the change in the effective tax rates that multinational corporations would face if they invested in their parent company’s territory.

Cross-border effective tax rates are likely to rise much faster than in the mother states. This point is particularly important given the level of investment currently flowing through low-tax countries. Therefore, the negative economic effects of these measures are likely to be concentrated.

For example, small exporting countries like Ireland are likely to feel the weight of these proposals more than larger economies or those less open to cross-border trade and investment. However, these economic risks were downplayed while hopes for higher revenues were misplaced.

Price vs. base

A second contradiction in the ongoing development of this policy has been the focus on corporate tax rates rather than the equally important tax base considerations. Should countries agree on an appropriate level of taxation, some countries with policies below that level are likely to try to change their tax rules.

But how? Effective tax rates are a function of both the tax rate and the tax base. Will the proposed changes ultimately result in poorer or better tax policies in countries that may be trying to adapt? And what economic impact will these changes have?

In the case of Ireland, this was a matter of raising the statutory corporate tax rate from 12.5 percent.

But even if the Irish statutory corporate tax rate were to be increased to 15 percent, that would likely not result in companies operating in Ireland having to pay an effective tax rate of 15 percent on their profits.

That’s because the tax base is important. The global minimum tax is levied on a tax base that is different from what it is currently in the world. It starts with financial gains, is based on multiple adjustments to those gains, and allows for deductions for a portion of property, plant and equipment and labor costs.

A sensible minimum tax policy would provide a roadmap for countries to understand what policy changes low tax countries might need to make in order to change their national regulations to achieve an effective minimum tax rate of 15 percent. And such a roadmap should lead to better, not worse, tax policy when meeting the effective tax rate of 15 percent. But what the countries have advocated offers little guidance.

Instead, a country that wants to align its tax legislation to minimum tax policy faces all sorts of challenges. Rather than abolishing targeted tax preferences and raising the statutory corporate tax rate, compliant countries may also need to rely on current tax policy practices, rely on financial accounting rules, and adopt OECD returns on property, plant and equipment and labor when setting a tax base.

It would be a shame if the final shape of the tax base for Pillar 2 resulted in countries being distracted from growth-enhancing measures such as the immediate issue of capital.

A simplified Pillar 2 would be helpful not only for low-tax countries that might want to adapt, but also for high-tax countries that also need to manage and enforce the new rules.

For each of these considerations, it is not necessarily the statutory tax rate that matters, but the definition of the tax base.

Protectionism vs. Cross-Border Integration

The political movement to curb tax avoidance has generally operated on the premise that while multinational corporate activity and cross-border trade and investment are good things, corporate tax rules may need a backstop to avoid loopholes and minimize artificial profit shifting.

Many countries have recently changed their cross-border tax rules, with this premise working in the background in some form or another.

However, the premise underlying the current endeavors is different. Policy discussions seem to have shifted from an adequate backstop for corporate tax rules to a new approach that would likely aim to penalize cross-border activities versus purely domestic activities. This penalty would not only come in the form of higher tax liabilities, but also higher costs of managing and complying with the new tax rules.

In a way, the shift has been away from supporting cross-border activities towards protecting against them. With the advent of Pillar 1 and Pillar 2, multinational corporations face the challenge of calculating and paying income taxes in the jurisdiction of their headquarters, the jurisdiction of their overseas subsidiaries, and the jurisdiction of their clients with different rules for each location (and possibly their liability calculations ad infinitum ).

Small countries that are heavily reliant on Foreign Direct Investment (FDI) and their role as access points to larger markets face a major challenge in this scenario.

It is possible that investment centers (countries with FDI above 150 percent of GDP) can coexist with Pillars 1 and 2, but they are likely to be less important as the new tax rules affect corporate investment behavior. Some companies may choose to limit the number of jurisdictions in which they have assets and employees in order to minimize the complexity of calculating the first pillar A amount.

Hence, these measures have the potential to undermine the economic model of countries that rely on the attraction of foreign business activities. And the world economy could be worse off if this policy throws cross-border trade and FDI into the gears.

diploma

The July 1 declaration from more than 130 countries shows that change is underway. While there are enough details to understand the general direction of travel, there are many unknowns that pose risks to small, open economies.

As the talks continue, it is vital for Ireland and other countries involved in the negotiations to understand the potential economic impact of the policy, the impact of tax base rules, and the challenges of policies that affect cross-border trade and investment undermines. If countries continue to focus heavily on revenues and tax rates, and give in to protectionist tendencies, the likelihood of principled tax policies will become even less.

source https://seedfinance.net/2021/09/08/response-to-ireland-consultation-on-oecd-international-tax-proposals/