#equity pledge investments

[batboyblog]

Things Biden and the Democrats did, this week #27

July 12-19 2024

President Biden announced the cancellation of $1.2 billion dollars worth of student loan debt. This will cancel the debt of 35,000 public service workers, such as teachers, nurses, and firefighters. This brings the total number of people who've had their student debt relived under the Biden Administration to 4.8 million or one out of every ten people with student loan debt, for a total of $168.5 billion in debt forgiven. This came after the Supreme Court threw out an earlier more wide ranging student debt relief plan forcing the administration to undertake a slower more piecemeal process for forgiving debt. President Biden announced a new plan in the spring that will hopefully be finalized by fall that will forgive an additional 30 million people's student loan debt.

President Biden announced actions to lower housing coasts, make more housing available and called on Congress to prevent rent hikes. President Biden's plan calls for landlords who raise the rent by more than 5% a year to face losing major important tax befits, the average rent has gone up by 21% since 2021. The President has also instructed the federal government, the largest land owner in the country, to examine how unused property can be used for housing. The Bureau of Land Management plans on building 15,000 affordable housing units on public land in southern Nevada, the USPS is examining 8,500 unused properties across America to be repurposed for housing, HHS is finalizing a new rule to make it easier to use federal property to house the homeless, and the Administration is calling on state, local, and tribal governments to use their own unused property for housing, which could create approximately 1.9 million units nationwide.

The Department of Transportation announced $5 billion to replace or restore major bridges across the country. The money will go to 13 significant bridges in 16 states. Some bridges are suffering from years of neglect others are nearly 100 years old and no longer fit for modern demands. Some of the projects include the I-5 bridge over the Columbia River which connects Portland Oregon to Vancouver Washington, replacing the Sagamore Bridge which connects Cape Cod to the mainland built in 1933, replacing the I- 83 South Bridge in Harrisburg, Pennsylvania, and Cape Fear Memorial Bridge Replacement Project in Wilmington, North Carolina, among others.

President Biden signed an Executive Order aimed at boosting Latino college attendance. The order established the White House Initiative on Advancing Educational Equity, Excellence, and Economic Opportunity through Hispanic-Serving Institutions. Hispanic-Serving Institutions (HSIs) are defined as colleges with 25% or above Hispanic/Latino enrollment, currently 55% of Hispanic college students are enrolled in an HSI. The initiative seeks to stream line the relationship between the federal government and HSIs to allow them to more easily take advantage of federal programs and expand their reach to better serve students and boost Hispanic enrollment nationwide.

HUD announced $325 million in grants for housing and community development in 7 cities. the cities in Tennessee, Texas, Alabama, Florida, Nevada, New York and New Jersey, have collectively pledged to develop over 6,500 new mixed-income units, including the one-for-one replacement of 2,677 severely distressed public housing units. The 7 collectively will invest $2.65 billion in additional resources within the Choice Neighborhood area – so that every $1 in HUD funds will generate $8.65 in additional resources.

President Biden took extensive new actions on immigration. On June 18th The President announced a new policy that would allow the foreign born spouses and step children of American citizens who don't have legal status to apply for it without having to leave the country, this would effect about half a million spouses and 50,000 children. This week Biden announced that people can start applying on August 19, 2024. Also in June President Biden announced an easing of Visa rules that will allow Dreamers, Americans brought to the country as children without legal status, to finally get work visas to give them legal status and a path way to citizenship. This week the Biden Administration announced a new rule to expand the federal TRIO program to cover Dreamers. TRIO is a program that aims to support low income students and those who would be the first in their families to go to college transition from high school to college, the change would support 50,000 more students each year. The Administration also plans to double the number of free immigration lawyers available to those going through immigration court.

The EPA announced $160 million in grants to support Clean U.S. Manufacturing of Steel and Other Construction Materials. The EPA estimates that the manufacturing of construction materials, such as concrete, asphalt, steel, and glass, accounts for 15% of the  annual global greenhouse gas emissions. The EPA is supporting 38 projects aimed at measuring and combatting the environmental impact of construction materials.

The US announced $203 million in humanitarian assistance for the people of Sudan. Sudan's out of control civil war has caused the largest refugee crisis in the world with 11 million Sudanese having fled their homes in the face of violence. The war is also causing the gravest food crisis in the world, with a record setting 25 million people facing acute food insecurity, and fears that nearly a million will face famine in the next months. This aid brings the total aid the US has given Sudan since September 2023 to $1.6 billion, making America the single largest donor to Sudan.

The Consumer Financial Protection Bureau put forward a new rule that would better regulate popular paycheck advance products. 2/3rds of workers are payed every two weeks or once a month and since 2020 the number of short term loans that allow employees to receive their paycheck days before it’s scheduled to hit their account has grown by 90%. the CFPB says that many of these programs are decided with employers not employees and millions of Americans are paying fees they didn't know about before signing up. The new rule would require lenders to tell costumers up front about any and all fees and charges, as well as cracking down on deceptive "tipping" options.

[mostlysignssomeportents]

Union pensions are funding private equity attacks on workers

On October 7–8, I'm in Milan to keynote Wired Nextfest.

If end-stage capitalism has a motto, it's this: "Stop hitting yourself." The great failure of "voting with your wallet" is that you're casting ballots in a one party system (The Capitalism Party), and the people with the thickest wallets get the most votes.

During the Cultural Revolution, the Chinese state would bill the families of executed dissidents for the ammunition used to execute their loved ones:

https://www.quora.com/Is-it-true-the-Chinese-government-makes-the-families-of-executed-people-pay-for-the-cost-of-bullets

In end-stage capitalism, the dollars we spend to feed ourselves are used to capture the food supply and corrupt our political process:

https://pluralistic.net/2023/10/04/dont-let-your-meat-loaf/#meaty-beaty-big-and-bouncy

And the dollars we save for retirement are flushed into the stock market casino, a game that is rigged against us, where we are always the suckers at the table:

https://pluralistic.net/2020/07/25/derechos-humanos/#are-there-no-poorhouses

Everywhere and always, we are financing our own destruction. It's quite a Mr Gotcha moment:

https://thenib.com/mister-gotcha/

Now, anything that can't go on forever will eventually stop. We are living through a broad, multi-front counter-revolution to Reaganomics and neoliberal Democratic Party sellouts. The FTC and DOJ Antitrust Division are dragging Big Tech and Big Meat and Big Publishing into court. We're seeing bans on noncompete clauses, and high-profile government enforcers are publicly pledging never to work for corporate law-firms when they quit public service:

https://pluralistic.net/2023/09/09/nein-nein/#everything-is-miscellaneous

And of course, there's the reinvigoration of the labor movement! Hot Labor Summer is now Perpetual Labor September, with 75,000 Kaiser workers walking out alongside the UAW, SAG-AFTRA and 2,350 other groups of workers picketing, striking or protesting:

https://striketracker.ilr.cornell.edu/

But capitalism still gets a lick in. Union pension plans are some of the most important investors in private equity funds. Your union pension dollars are probably funding the union-busting, child-labor-employing, civilization-destroying Gordon Gecko LARPers who are also evicting you from the rental they bought and turned into a slum, and will then murder you in a hospice that they bought and turned into a slaughterhouse:

https://pluralistic.net/2023/04/26/death-panels/#what-the-heck-is-going-on-with-CMS

Writing for The American Prospect, Rachel Phua rounds up the past, present and future of union pension funds backing private equity monsters:

https://prospect.org/labor/2023-10-04-workers-funding-misery-private-equity-pension-funds/

Private equity and hedge funds have destroyed 1.3 million US jobs:

https://united4respect.org/press-release/people-who-work-at-walmart-sears-amazon-formerly-toys-r-us-more-join-forces-together-as-united-for-respect-2-2-2-2-5-3/

They buy companies and then illegally staff them with children:

https://www.dol.gov/newsroom/releases/whd/whd20230217-1

They lobby against the minimum wage:

https://pestakeholder.org/wp-content/uploads/2021/04/Insire-Brands-memo-on-15-wage.pdf

They illegally retaliate against workers seeking to unionize their jobsite:

https://www.hoteldive.com/news/dc-hotel-workers-enlist-us-representatives-to-fight-sofitel-union-busting/650396/

And they couldn't do it without union pension funds. Public service union pensions have invested $650 million with PE funds. In 2001, the share of public union pensions invested in PE was 3.5%; today, it's 13%:

https://docs.google.com/spreadsheets/d/1B0vv26VEFmwtfw5ur6dSDMY8NftvZKij/

Giant public union funds like CalPERS are planning massive increases in their contributions to PE:

https://www.calpers.ca.gov/page/newsroom/calpers-news/2023/calpers-preliminary-investment-return-fiscal-year-2022-23

This results in some ghastly and ironic situations. Aramark used funds from a custodian's union to bid against that union's members for contracts, in an attempt to break the union and force the workers to take a paycut to $11/hour:

https://www.bloomberg.com/news/articles/2012-11-20/pension-fund-gains-mean-worker-pain-as-aramark-cuts-pay

Blackstone's investors include the California State Teachers Retirement System (CalSTRS). The PE ghouls who sucked Toys R Us dry were funded by Texas teachers.

Then there's KKR, one of the most rapacious predators of the PE world. Half of the investors in KKR's Global Infrastructure Investors IV fund are public sector pension funds. Those workers' money were spent to buy up Refresco (Arizona Iced Tea, Tropicana juices, etc), a transaction that immediately precipitated a huge spike in on-the-job accidents as KKR cut safety and increased tempo:

https://www.osha.gov/ords/imis/establishment.inspection_detail?id=1675674.015

Petsmart is the poster-child for PE predation. The company uses TRAPs ("TrainingRepaymentAgreementProvision") clauses to recreate indentured servitude, forcing workers to pay thousands of dollars to quit their jobs:

https://pluralistic.net/2022/08/04/its-a-trap/#a-little-on-the-nose

Why would a Petsmart employee want to quit? Petsmart's PE owner is BC Partners, and under BC's management, workers have been forced to work impossible hours while overseeing cruel animal abuse, including starving sick animals to death rather than euthanizing them, and then being made to sneak them into dumpsters on the way home from work so Petsmart doesn't have to pay for cremation. 24 of BC Partners' backers are public pension funds, including CalSTRS and the NYC Employees' Retirement System:

https://prospect.org/culture/books/2023-06-02-days-of-plunder-morgenson-rosner-ballou-review/

PE buyouts are immediately followed by layoffs. One in five PE acquisitions goes bankrupt. Unions should not be investing in PE. But the managers of these funds defend the practice, saying they "facilitate dialog" with the PE bosses on workers' behalf.

This isn't total nonsense. Once upon a time, public pension fund managers put pressure on investees to force them to divest from Apartheid South Africa and tobacco companies. Even today, public pensions have successfully applied leverage to get fund managers to drop Russian investments after the invasion of Ukraine. And public pensions pulled out of the private prison sector, tanking the valuation of some of the largest players.

But there's no evidence that this leverage is being applied to pensions' PE billions. It's not like PE is a great deal for these pensions. PE funds don't reliably outperform the market, especially after PE bosses' sky-high fees are clawed back:

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3623820

Pension funds could match or beat their PE returns by sticking the money in a low-load Vanguard index tracker. What's more, PE is getting worse, pioneering new scams like inflating the value of companies after they buy and strip-mine them, even though there's no reason to think anyone would buy these hollow companies at the price that the PE companies assign to them for bookkeeping purposes:

https://www.institutionalinvestor.com/article/2bstqfcskz9o72ospzlds/opinion/why-does-private-equity-get-to-play-make-believe-with-prices

To inject a little verisimilitude into this obvious fantasy, PE companies sell their portfolio companies to themselves at inflated prices, in a patently fraudulent shell-game:

https://www.ft.com/content/646d00f4-af5d-4267-a436-54fb3bc1697b

What's more, PE funds aren't just bad bosses, they're also bad landlords. PE-backed funds have scooped up an appreciable fraction of America's housing stock, transforming good rentals into slums:

https://pluralistic.net/2022/01/27/extraordinary-popular-delusions/#wall-street-slumlords

PE is really pioneering a literal cradle-to-grave immiseration strategy. First, they gouge you on your kids' birth:

https://pluralistic.net/2021/10/27/crossing-a-line/#zero-fucks-given

Then, they slash your wages and steal from your paycheck:

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3465723

Then, they evict you from your home:

https://pluralistic.net/2023/06/05/vulture-capitalism/#distressed-assets

And then they murder you as part of a scam they're running on Medicare:

https://pluralistic.net/2023/08/05/any-metric-becomes-a-target/#hca

As the labor movement flexes its muscle, it needs to break this connection. Workers should not be paying for the bullet that their bosses put through their skulls.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/10/05/mr-gotcha/#no-ethical-consumption-under-capitalism

My next novel is The Lost Cause, a hopeful novel of the climate emergency. Amazon won't sell the audiobook, so I made my own and I'm pre-selling it on Kickstarter!

[rjzimmerman]

Summary of this Harvard Business Review article from Bill McKibben:

The ever-vigilant Kenneth Pucker, writing in the Harvard Business Review, finds that companies are scaling back diversity and sustainability pledges under pressure from conservative activists. (Ford and Lowe’s have joined the list in recent days). He calls it shortsighted, pointing out

Over time, the balance of negative- and positive-return sustainability investments will shift. As the impacts of climate change become more pronounced, pricing of carbon will become even more common. Already, starting in 2026, the newly enacted European Carbon Border Adjustment Mechanism (CBAM), a tariff, will put a price on the embodied carbon for several key heavy industry inputs including steel, aluminum, iron, and cement entering the EU. As a result, many investments that may not pay out today will be accretive in the future. To prepare for truer pricing of carbon, companies ought to set an internal carbon price with proceeds used to fund investments to lower emissions. Carbon prices are already in place in more than 20% of U.S. and EU companies. Danone, for example, started with an internal carbon price of €35 and Klarna recently doubled its price for Scope 1 and Scope 2 emissions to $200 per metric. Also, given that 90% of public equity valueis comprised of intangible assets (such as a company’s brand and intellectual property), several companies adjust cash flows or the corporate hurdle rate to advantage sustainability investments. Though imprecise, so doing attempts to account for the increasingly important value of intangible assets. Like working with suppliers, making these adjustments demands an orientation that balances short- and medium-term results. This is because these financial tactics spur companies to accelerate the costs (e.g., of regulation) and risks (e.g., to brand reputation) of environmental degradation by replacing the mispriced incentives of the market with clearer signals to advance sustainability. Courageous executives will realize, however, that so doing is in fact in keeping with how investors value companies — based on future cash flows, not each 90-day earnings cycle.

[kp777]

By Brett Wilkins

Common Dreams

Sept. 13, 2023

"It's clear that the crisis is spiraling out of control and the policies of your administration with regard to fossil fuels fail to align with what the science tells us must happen to avert calamity."

In an open letter published Wednesday, around 400 scientists implored U.S. President Joe Biden to endorse the demands of this weekend's March to End Fossil Fuels in New York—which include halting new fossil fuel projects, ending oil and gas drilling on public lands, and declaring a climate emergency.

Noting that "on your first day in office, you issued an executive order pledging that it is 'the policy of my administration to listen to the science' in tackling the climate crisis," the letter's signers lamented that "more than two years later, it's clear that the crisis is spiraling out of control and the policies of your administration with regard to fossil fuels fail to align with what the science tells us must happen to avert calamity."

"With the climate crisis raging all around us—in the form of fires, floods, hurricanes, drought, heatwaves, crop failures, and more—we call on you directly, clearly, and unequivocally to stop enacting policies contrary to science and do what is needed to address the crisis," the signatories added.

The scientists called on Biden to:

Stop federal approval for new fossil fuel projects and repeal permits for climate bombs like the Willow project and the Mountain Valley Pipeline;

Phase out fossil drilling on our public lands and waters;

Declare a climate emergency to halt fossil fuel exports and investments abroad, and turbocharge the buildout of more just, resilient distributed energy (like rooftop and community solar); and

Provide a just transition to a renewable energy future that generates millions of jobs while supporting workers' and community rights, job security, and employment equity.

"We scientists heard the president loud and clear when he pledged two years ago to 'listen to the science' on climate. Yet now we're watching our nation's greenhouse gas emissions spiral out of control while White House policy becomes increasingly unaligned with reality," Sandra Steingraber—an initial signatory of the letter and a senior scientist at the Science and Environmental Health Network"—said in a statement.

"Science says we need to ratchet down fossil fuel extraction—the White House is doubling down," she added. " Scientists are here to say that our data support the demands of this march."

"Given how bad global heating has now gotten, it's simply insane that President Biden still refuses to declare a climate emergency."

Peter Kalmus of NASA's Jet Propulsion Laboratory—another initial signer—said that "given how bad global heating has now gotten, it's simply insane that President Biden still refuses to declare a climate emergency, and indeed, continues to make everything worse by expanding fossil fuels."

"Nothing takes away my hope for humanity's collective future more than Biden's choice to stand with the fossil fuel industry," Kalmus added. "He must pivot and become the climate leader the planet needs, or else he'll continue locking in higher temperatures and ever more irreversible damage to Earth's habitability."

Nearly 800 international, national, and local organizations have endorsed Sunday's March to End Fossil Fuels, which comes ahead of United Nations Secretary-General António Guterres' Climate Ambition Summit and this fall's U.N. Climate Change Conference—also known as COP28—in Dubai. More than 400 marches, rallies, and other climate mobilizations are slated for this weekend.

Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

[religion-is-a-mental-illness]

By: Joseph Simonson

Published: Jun 12, 2024

In 2021, the Biden administration pledged it would build 500,000 electric vehicle charging stations by 2030. So far, it’s built seven.

Last month, Transportation Secretary Pete Buttigieg—who administers the funds apportioned for EV charger construction in the $1.2 trillion Bipartisan Infrastructure Act—said Americans should not be surprised at the time it takes to stand up "a new category of federal investment."

"It’s more than just plunking a small device into the ground," Buttigieg said in an interview with CBS’s Face the Nation.

But internal memos from the Department of Transportation obtained by the Washington Free Beacon, as well as interviews with those who are responsible for overseeing the implementation of the electric vehicle charging station project, say the delay is in large part a result of the White House’s diversity, equity, and inclusion initiatives.

"These requirements are screwing everything up," said one senior Department of Transportation staffer who spoke on the condition of anonymity. "It’s all a mess."

President Joe Biden has reportedly expressed frustration with the pace at which his much-touted infrastructure projects are getting built. A "close ally" of the White House told CNN last December that Biden "wants this stuff now," and a White House spokesman added that the president "constantly pushes his team to ensure we are moving as quickly as possible."

But Biden may only have himself to blame.

Shortly after taking office, the president signed an executive order mandating that the beneficiaries of 40 percent of all federal climate and environmental programs should come from "underserved communities." The order also established the White House Environmental Justice Advisory Council, which monitors agencies such as the Department of Transportation to ensure the "voices, perspectives, and lived realities of communities with environmental justice concerns are heard in the White House and reflected in federal policies, investments, and decisions."

In order to qualify for a grant, applicants must "demonstrate how meaningful public involvement, inclusive of disadvantaged communities, will occur throughout a project’s life cycle." What "public involvement" means is unclear. But the Department of Transportation notes it should involve "intentional outreach to underserved communities."

That outreach, the Department of Transportation states, can take the form of "games and contests," "visual preference surveys," or "neighborhood block parties" so long as the grant recipient provides "multilingual staff or interpreters to interact with community members who use languages other than English."

"This all just slows down construction," says Jim Meigs, a senior fellow at the Manhattan Institute who focuses on federal regulation.

"These ‘public involvement’ requirements are impossible to quantify and even open builders up to lawsuits by members of the community where an electric vehicle charging station is set to be constructed."

How these equity requirements are relevant to the construction of a single electric vehicle charging station is unclear, Meigs said. But all applicants for federal funding must in many cases submit reports that can total hundreds of pages about how they will pursue "equity" every step along the way.

This leads to delays and increases costs throughout the construction process, one senior Department of Transportation official told the Free Beacon. "Highly Qualified" applications, internal memos state, must "promote local inclusive economic development and entrepreneurship such as the use of minority-owned businesses."

That can take the form of funding "support services to help train, place, and retain people in good-paying jobs or registered apprenticeships, with a focus on women, people of color, and others that are underrepresented in infrastructure jobs." A firm’s "workplace culture" should "promote the entry and retention of underrepresented populations."

"These onerous diversity, equity, and inclusion requirements handcuff professionals from making proper evaluations and prevent the government/public from funding the most deserving projects, instead funneling money towards less qualified applicants," the senior Department of Transportation official said.

Those regulations are visible throughout more than 500 federal initiatives across 19 agencies, according to the White House’s chief environmental justice officer Jalonne White-Newsome, who spoke during a White House Environmental Justice Advisory Council meeting on Wednesday. The Free Beacon accessed that meeting, which took place over Zoom and included more than 15 speakers from various federal agencies.

"Since the President took office, the number of publicly available charging ports has grown by over 90 percent, with more than 184,000 publicly-available EV charging ports operational today and 1,000 more coming online each week," a Department of Transportation spokesperson said. "There are currently projects underway in partnership with states and local grantees for 14,000 federally-funded EV charging ports across the country under the NEVI and CFI programs that will build on the 184,000 chargers operational today."

The first electric vehicle charging station funded by the bipartisan infrastructure bill opened last December in a small Ohio town, and no one used the station within the first hours of its opening. Ohio has some of the lowest electric vehicle adoption in the country, with just 0.33 percent of all vehicles in the state operating on battery power, according to Nasdaq.

But the propensity for a local population to actually use an electric vehicle charging station appears to be an afterthought for the Biden administration, Meigs said. Instead the various regulations seem to serve more as a way to pay off Democratic constituencies—in the form of minority-focused contracting and hiring—at the expense of completing any projects in a timely or cost-effective manner.

"At a certain point you have to ask, is the point of these programs to reduce emissions or is the point to spread taxpayer money around and support groups that vote for the Democratic Party?"

==

Make merit matter.

[mariacallous]

Elon Musk hasn’t been sighted at the picket lines in Missouri, Ohio, or Michigan, where autoworkers are striking against the Big Three US carmakers. Yet the influence of Musk and his non-unionized company Tesla have been everywhere since the United Auto Workers called the strike last week. In some ways, Tesla—the world’s most valuable automaker by market capitalization—set the whole thing in motion.

Tesla’s pioneering electric vehicles kicked off a new era that has turned the entire auto industry on its head. In a scramble to compete with Tesla and make that transition, the legacy automakers targeted by the current strike, General Motors, Ford, and Stellantis, have each pledged billions in global investment and have begun dramatically restructuring their operations. For workers, the “green jobs” being created can be scarcer and worse paying. Electric vehicle powertrains have many fewer moving parts than conventional gas-powered ones, and so they require 30 percent fewer vehicle assembly hours, according to one estimate. Plants that make EV batteries are generally outside the core, unionized auto supply chain. The United Auto Workers has seen a dramatic drop in membership due to jobs moving outside the US—it lost 45 percent of its members between 2001 and 2022. A future with more electric vehicles could mean fewer union jobs overall. “This strike is about electrification,” says Mark Barrott, an automotive analyst at the Michigan-based consultancy Plante Moran.

The new assembly plants that the legacy automakers need to pull off the transition have been stood up mostly in US states hostile to union organizing, such as Kentucky, Tennessee, and Alabama. And because many of these plants are joint ventures between automakers and foreign battery companies, they are not subject to previous union contracts.

The UAW did not respond to a request for comment, but UAW president Shawn Fain told CNBC last week that the electric transition can’t leave workers behind. “Workers deserve their share of equity in this economy,” he said.

Tesla’s rise over recent years has also put ever-ratcheting pressure on the legacy automakers to cut costs. Including benefits, Musk’s non-unionized EV company spends $45 per hour on labor, significantly less than the $63 per hour spent in the Big Three, according to industry analysts.

Musk’s willingness to upend auto manufacturing shibboleths has also forced his legacy competitors to seek new efficiencies. Tesla led the way in building large-scale car casts, stamping out very large metal components in one go rather than making a series of small casts that have to be joined together. And it pioneered an automotive chassis building process that can be easily adapted to produce different makes and models.

Tesla’s Silicon Valley roots also helped it become the first automaker to envision the car as a software-first, iPhone-like “platform” that can be modified via over-the-air updates. And the company aims to automate more of its factories, and extract more of the materials it needs to build its batteries itself.

Tesla’s novel production ideas could soon lead the company to put even more pressure on legacy automakers. Musk said earlier this year that Tesla plans to build a new, smaller vehicle that can be made for half the production cost of its most popular (and cheapest) vehicle, the Model 3.

Musk says a lot of things, and many don’t come to pass. (The world is still waiting for the 1 million Tesla robotaxis promised by the end of 2020.) But Tesla has been disruptive enough to leave legacy automakers, including Detroit’s Big Three, “in a quest for capital,” says Marick Masters, who studies labor and workplace issues at Wayne State University's School of Business. Detroit’s automakers have made good money in the past decade—some $250 billion in profits—but also paid a significant chunk of it out in dividends. Pressure from Tesla and the EV transition it catalyzed has left them feeling as if they need every penny they can corral to keep afloat as the industry changes.

“They have little money to concede for union demands,” says Masters. The UAW’s wants include significantly higher wages, especially for workers who have joined the companies since their Great Recession and bankruptcy-era reorganizations, which left some with less pay and reduced pension and health benefits.

So far, the UAW has shown little patience for the idea that the automakers it is pressuring are cash-strapped and under competitive pressure. “Competition is a code word for race to the bottom, and I'm not concerned about Elon Musk building more rocket ships so he can fly into outer space and stuff,” UAW president Fain told CNBC last week when asked about pressure from Tesla. He has argued that production workers should receive the same pay raise received by auto executives over recent years.

When automakers have taken the opposite tack, insisting that they’re well capitalized and making plans to put them ahead of the electric car maker—well, that set up conditions for this strike too. The three American automakers are forecasted to make $32 billion in profits this year, a slight dip from last year’s 10-year high. “The more they toot their own horns about profitability, the more the union looks at them and says, ‘We want our rightful share,’” says Masters.

Tesla did not respond to a request for comment, but Musk has, in typical fashion, chimed in. He posted on X last week to compare working conditions at his companies with the competition, apparently seeking to turn the dispute he helped foment into a recruiting pitch. “Tesla and SpaceX factories have a great vibe. We encourage playing music and having some fun,” he wrote. “We pay more than the UAW btw, but performance expectations are also higher.” A UAW attempt to organize Tesla workers in 2017 and 2018, as the company struggled to produce its Model 3, failed. The National Labor Board ruled that Tesla violated labor laws during the organizing drive; the carmaker has appealed the decision.

[azzy-the-christian-furry]

Today, President Andrés Manuel López Obrador, President Joseph R. Biden, and Prime Minister Justin Trudeau met in Mexico City for the 10th North American Leaders’ Summit (NALS). The leaders are determined to fortify our region’s security, prosperity, sustainability and inclusiveness through commitments across six pillars: 1) diversity, equity, and inclusion; 2) climate change and the environment; 3) competitiveness; 4) migration and development; 5) health; and 6) regional security.

North America shares a unique history and culture that emphasizes innovation, equitable development, and mutually beneficial trade to create inclusive economic opportunities for the benefit of our people. We are not just neighbors and partners. Our people share bonds of family and friendship and value – above all else – freedom, justice, human rights, equality, and democracy. This is the North American DNA.

Diversity, Equity, and Inclusion

Diversity, equity, and inclusion is foundational to the strength, vibrancy, and resilience of our countries. We focus on providing marginalized communities opportunities for their full, equal, and meaningful participation in our democracies and economies. To advance these objectives, President López Obrador, President Biden, and Prime Minister Trudeau reiterated their joint commitment to protect civil rights, promote racial justice, expand protections for LGBTQI+ individuals and deliver more equitable outcomes to all.

In partnership with Indigenous Peoples, we will promote innovative and sustainable solutions that honor traditional knowledge, foster Indigenous-led growth and drive job creation. We will continue our cooperation to build societies where Indigenous women and girls can live, learn, and lead without fear through the Trilateral Working Group on Violence Against Indigenous Women and Girls. Indigenous women from all three countries will convene in the coming weeks to facilitate discussions about priorities and best practices including in areas of political, economic, and social development. The three countries also reaffirm our commitment to gender equality and empowerment of women and girls, in all their diversity by aiming to improve financial and political support for women’s and girl’s rights.

Climate Change and Environment

Mexico, the United States, and Canada recognize the critical nature of taking rapid and coordinated measures to tackle the climate crisis and respond to its consequences. This includes achieving our respective 2030 nationally determined contributions under the Paris Agreement, and working together and with other countries to keep a 1.5-degree C temperature limit within reach. To promote buy-in for ambitious cuts to emissions, we will come together to align approaches on estimating the social cost of greenhouse gas emissions.

We will continue to implement and build on commitments from the 2021 North American Leaders’ Summit on climate mitigation, adaptation, and resilience, while renewing our focus on reducing methane emissions from all sources, with a new focus on waste methane. We will explore standards to develop hydrogen as a regional source of clean energy. We will move swiftly to accelerate the energy transition by deploying clean energy solutions, increasing the production and adoption of zero-emission vehicles in North America and transitioning to cleaner fuels. In partnership with Indigenous Peoples, we reiterate our pledge to protect biodiversity, to work toward ending deforestation, and doing our part to conserve 30 percent of the world’s land and waters by 2030.

Competitiveness

We seek to deepen our regional capacity to attract high quality investment, spur innovation, and strengthen the resilience of our economies, recognizing the benefits brought by the United States-Mexico-Canada Agreement. To boost regional competitiveness, the three countries will seek to forge stronger regional supply chains, as well as promote targeted investment, in key industries of the future such as semiconductors and electric vehicle batteries, which will be critical to advance electric vehicle development and infrastructure. We will convene public-private dialogues and map out supply chains to address common challenges and opportunities.

Critical minerals are an essential component to accelerating North America’s clean energy transition. Each country will review and map out existing and potential reserves of critical mineral resources in the region, while taking care of the environment, respecting local communities, and adhering to high ethical standards.

To support innovation, job creation, and workforce development, the three governments commit to working with the private sector, civil society, labor and academia across North America to foster high-tech entrepreneurship, promote small and medium-sized enterprises, and strengthen technical education. We will also consider trilateral approaches to promote sustainable, inclusive jobs and develop the workforce to meet our climate commitments.

Migration and Development

Today marks the six-month anniversary of the Los Angeles Declaration on Migration and Protection, a bold new framework for regional responsibility-sharing that 21 leaders endorsed on the margins of the Ninth Summit of the Americas. The three countries of North America each made ambitious commitments under the Los Angeles Declaration, including working together to advance labor mobility in North America, particularly regarding regular pathways, and have been delivering on these commitments.

Since June, Mexico, the United States and Canada have collectively welcomed record numbers of migrants and refugees from the Western Hemisphere under new and expanded labor and humanitarian programs. Today, we affirm our joint commitment to safe, orderly, and humane migration under the Los Angeles Declaration and other relevant multilateral frameworks. This includes assisting host communities and promoting migrant and refugee integration; providing protection to refugees, asylum seekers, and vulnerable migrants; strengthening asylum capacity in the region; expanding and promoting regular pathways for migration and protection; addressing the root causes and impacts of irregular migration and forced displacement; and collaborating to counter xenophobia and discrimination against migrants and refugees.

Now more than ever, we need to identify and address the root causes of irregular migration and forced displacement. Mexico, the United States, and Canada commit to supporting countries across the Western Hemisphere to create the conditions to improve quality of life, especially in marginalized communities that are vulnerable to both forced internal and regional migration and displacement. To that end, we will continue to work together and with our respective private sectors to promote responsible business practices, implement obligations under the USMCA and international labor conventions, and cooperate to eradicate the use of forced and child labor in our supply chains.

Health

Trilateral health cooperation will focus on launching an updated North American Plan for Animal and Pandemic Influenza (NAPAPI) to improve prevention, preparedness, agility, and to provide rapid response to health emergencies in North America. The North American Health Security Working Group will develop and launch a new, revised NAPAPI as a flexible, scalable, and cross-sectoral platform to strengthen regional prevention, preparedness and response to a broader range of health security threats that include influenza and beyond. As we emerge from the acute phase of the COVID-19 pandemic, we also recognize that resilient health systems, including a strong health workforce, are the foundation upon which effective pandemic preparedness and response will be built. We will continue efforts to build stronger and more resilient health systems that meet the broad range of health needs in our countries.

Regional Security

Mexico, the United States, and Canada will focus on strategies to bolster our shared continental security against domestic, regional, and global threats, including cyber threats. Security cooperation will continue to abide by our common understanding that respect for human rights and the rule of law contribute to a more secure North America. Our security cooperation includes actions to disrupt criminal actors and associated crimes across our shared borders, including money laundering, child sexual exploitation, firearms and human trafficking. We also are taking a consistent approach to the collection, use, processing, retention, and protection of Passenger Name Record (PNR) data to strengthen our shared security perimeter and the safety of our citizens, including advocating for the global adoption of standards and recommended practices of the International Civil Aviation Organization on PNR data.

We will continue our North American Drug Dialogue and further advance our cooperative international efforts to address the growing global synthetic drug threat as the United States takes the chair in 2023. We will enhance trilateral work to address the use of precursor chemicals in the production of illegal substances in North America and to disrupt drug trafficking, as well as strengthen public health approaches to prevention, harm reduction, treatment, and recovery.

As both natural and human-induced hazards and disasters increase risks to vulnerable populations, we will continue to work together to share training and best practices to keep our people safe and address emergencies including natural and other disasters. Recognizing the differentiated impact disasters have on women and girls, we aim to integrate a gender perspective in these efforts.

Looking forward

The commitments made during this summit are rooted in a shared vision for a more equitable, just, inclusive, resilient, secure, and prosperous North America and a shared responsibility to achieve more equitable outcomes responsive to the needs and aspirations of our citizens. As we work to implement these commitments in the upcoming year, we seek to model a democratic and sustainable path based on trust to promote inclusive prosperity and security. Mexico, the United States, and Canada look forward to building on this progress at the eleventh NALS (NALS XI), to be hosted by Canada.

[usbridgeloans]

Taking the Pain out of High Net Worth mortgages for U.S. Real Estate, without AUM requirements

With inexpensive funding and various tax advantages, everyone should take advantage of the benefits of a mortgage when investing in U.S. real estate regardless of the loan size. However, why do the wealthy often find it increasingly difficult to obtain mortgage financing without AUM?

With a portfolio of assets worth millions of dollars, one may assume that securing credit would be a straightforward task for a high net worth (HNW) individual. Unfortunately, the reality can be quite different especially if you’re a foreign national or U.S. Expat.

The unique nature of a HNW’s wealth – their income, investments, and liquidity – puts this group of people at a surprisingly high risk of being turned away by conventional banks unless they are willing to deposit a significant amount of funds for the bank to manage. This is certainly true in the mortgage market, and what’s more, it is an issue that has become more prevalent post-Covid.

American Mortgages has a dedicated HNW Team that focuses on mortgage solutions for foreign nationals and U.S. expatriate clients.

“As a company, our focus is finding solutions that go beyond what Private Banks can offer was the cornerstone of why this has been so successful. Our goal is to be a viable solutions provider and a trusted partner for the private banks and their clients. None of our loans require AUM, hence there are no funds taken away from their current investments or portfolio.” – Robert Chadwick, co-founder of Global Mortgage Group and America Mortgages.

America Mortgages HNW mortgage loans have a multitude of options when it comes to qualifying for a large mortgage loans regardless of the passport you hold.

Asset Depletion – a surprisingly simple way to establish your income. AM Liquid Portfolio uses a unique view on “asset depletion” to qualify HNW clients using their investment portfolio without an encumbrance or pledge of assets. Essentially, all of your assets are entered into a calculation, and a final number is churned out. The final number is then used as the income to qualify. In most cases, as long as the income is sufficient, no other person’s income documentation is required. This makes an often complicated and tedious process simple, transparent, and painless.

Debt Service Coverage – When it comes to HNW borrowers, one of the most overlooked and misunderstood loan programs is debt service coverage. HNW borrowers tend to own multiple properties in various asset classes. If the property is used as a rental, then there may not be any requirement to go through the tedious process of providing and verifying personal income. Again, as HNW borrowers tend to have very complicated tax returns, this is a straightforward way to show the borrower’s debt serviceability.

Debt service coverage ratio– or DSCR – is a metric that measures the borrower’s ability to service or repay the annual debt service compared to the amount of net operating income (NOI) the property generates. DSCR indicates whether a property is generating enough income to pay the mortgage. For real estate investors, lenders use the debt service coverage ratio as a measurement to determine the maximum loan amount.

Bridge/Asset Based Lending – With Covid still in play, it’s not uncommon for investors to experience a temporary liquidity event. Rather than selling their property, they are using their real estate to release equity. Asset-based lending is an option for both residential (non-owner-occupied) and commercial properties.

Simply stated, HNW bridge loans are used for residential and commercial investment property when more traditional institutional financing sources may not be available. Due to temporary liquidity, many borrowers have capital needs that traditional sources often can’t meet. For example, a borrower purchases property out of bankruptcy or foreclosure and needs to close quickly “same as cash” before long term financing can be arrange.

Simplified Income – HNW borrowers often have personal and business tax returns, which are complicated. The complexity of these returns often turns into an administrative nightmare for the borrower when dealing with a mortgage lender. What makes America Mortgages unique is the fact that 100% of our clients are living and working outside of the U.S. We are dealing with HNW clients from Shanghai to Sydney. Simply put, translations and understanding tax codes, deductions, net income, etc., is painful.

America Mortgages HNW Simplified Income documentation is just that. We do not require years or, in some cases, decades of tax returns, P&L, A&L, bank statements, etc. We take an often complicated process and simplify it; 1. If you’re self-employed, we will request a letter from your accountant stating the last two years’ income and current YTD. 2. If you’re employed, then a letter from your employer on company letterhead stating your last two years’ income and current YTD is sufficient. Yes, it’s that simple and painless.

As 100% of our clients are either Foreign Nationals or U.S. Expats, we understand the intricacies and complexities of this type of lending for our borrowers. It’s as simple as that. Our HNW loan programs are structured to meet our client’s requirements. Providing competitive pricing with the assurance that your loan will close is our only focus, and no one does it better.

For more information, Visit: https://usbridgeloans.com/taking-the-pain-out-of-high-net-worth-mortgages-for-u-s-real-estate-without-aum-requirements/

[stlhandyman]

EPA Finalizes Environmental Justice Action Plan for Land Protection and Cleanup Programs

U.S. Environmental Protection Agency, Region 7 - 11201 Renner Blvd., Lenexa, KS 66219

Iowa, Kansas, Missouri, Nebraska, and Nine Tribal Nations

Contact Information: EPA Press Office (press@epa.gov)

LENEXA, KAN. (SEPT. 30, 2022) – The U.S. Environmental Protection Agency’s Office of Land and Emergency Management announced it has finalized the agency’s “EJ Action Plan: Building Up Environmental Justice in EPA’s Land Protection and Cleanup Programs” (EJ Action Plan). The plan highlights projects, tools, and practices to be applied to the Superfund, Brownfields, Emergency Response, Solid Waste Management, Resource Conservation and Recovery Act Corrective Action, and Underground Storage Tank programs. The plan aligns with President Biden’s commitment to elevate environmental justice to the highest levels of the federal government and advances the agency’s commitment to delivering justice and equity for all.

Last week, EPA announced the creation of the new Office of Environmental Justice and External Civil Rights to uphold this commitment. The Office of Land and Emergency Management will work with this new office to ensure that the relevant actions described in the EJ Action Plan adhere to the agency’s priority that entities receiving any federal financial assistance from EPA comply with the federal civil rights laws, including Title VI of the Civil Rights Act of 1964, that prohibit discrimination on the basis of race, color, national origin (including limited English proficiency), disability, sex and age.

“From day one, I pledged that the perspectives of underserved and overburdened communities across the country would be at the forefront of EPA’s decision-making.” said EPA Administrator Michael S. Regan. “EPA’s EJ Action Plan reflects the voices of communities who’ve historically been left behind and will enable stronger and faster progress in addressing contaminated land across the country.”

The historic $3.5 billion in Bipartisan Infrastructure Law investments will significantly enhance implementation of the plan, including the first wave of $1 billion to initiate cleanup and clear the backlog of 49 previously unfunded Superfund sites and accelerate cleanup at dozens of other sites across the country.

When finalizing the EJ Action Plan, EPA incorporated feedback from various stakeholders, including Tribal partners.  EPA heard a strong interest in having a larger role in our decision-making when it comes to the Superfund cleanup process, with the goal of improving EPA’s understanding of foundational values. EPA also received input regarding the eligibility requirements for entities and/or projects to receive new Infrastructure Grants, and the Recycling Education and Outreach Grants being funded by the 2021 Bipartisan Infrastructure Law.

The EJ Action Plan is a working document and EPA will be reporting on progress as part of a whole-of-government and EPA-wide effort to address the nation’s environmental justice challenges, in-line with the priorities identified by President Biden and EPA Administrator Regan.

The plan includes four main goals:

Strengthening compliance with cornerstone environmental statutes: This includes developing a “Good Governance” process and referral list to help address follow-up actions on communities’ environmental concerns.

Incorporating environmental justice considerations during the regulatory development process: This includes assessing impacts to pollution-burdened, underserved, and tribal communities when developing Office of Land and Emergency Management regulations, while developing tools to identify, track, and consider the implications of potential environmental justice-related factors throughout the Superfund process.

Improving community engagement in rulemakings, permitting decisions, and policies: This includes providing earlier and more frequent engagement with pollution-burdened and underserved communities in carrying out Office of Land and Emergency Management programs, and increasing technical support and risk communication resources for communities through the Agency’s Technical Assistance Services for Communities program and various grants.

Implementing President Biden’s Justice40 Initiative: This includes providing direct and indirect benefits to underserved communities with grant application resources and in making grant award decisions, to the extent allowed by law.

The EJ Action Plan also complements the recommendations for integrating environmental justice into the cleanup and redevelopment of Superfund and other contaminated sites highlighted in the May 2021 National Environmental Justice Advisory Council (NEJAC) report titled “Superfund Remediation and Redevelopment for Environmental Justice Communities.” The agency appreciates and supports the NEJAC’s overall goal to continue to address barriers, develop solutions, and recommend best practices for improving EPA’s ability to expedite Superfund cleanups. EPA also embraces the need for better outcomes in communities where there are unique burdens and vulnerabilities for populations living in and around Superfund sites.

Background

In 2021, President Biden issued two executive orders – Executive Order 13985 (Advancing Racial Equity and Support for Underserved Communities Through the Federal Government) and Executive Order 14008 (Tackling the Climate Crisis at Home and Abroad) – that directed federal agencies to promote and work toward proactively achieving environmental justice. Federal agencies were directed to develop and implement policies and strategies that strengthen compliance and enforcement, incorporate environmental justice considerations in their work, increase community engagement, and ensure that at least 40 percent of the benefits from federal investments in climate and clean energy flow to underserved communities.

This EJ Action Plan builds on the best lessons in existing and new cleanup programs, incorporates public input on those programs, and works toward the implementation of projects and practices to achieve EPA’s environmental justice goals. Using new recommendations along with years of cleanup experiences, success stories, and lessons learned from working toward environmental justice, the agency is committed to new approaches and investments of time, staffing and funding that will improve quality of cleanups in communities with environmental justice concerns.

Learn more about the EJ Action Plan for EPA’s Land Protection and Cleanup Programs.

# # #

Learn more about EPA Region 7: www.epa.gov/aboutepa/epa-region-7-midwest

[dailymail24now]

WARNING: FRAUD ALERT! IntaCapital Swiss SA

IntaCapital Swiss SA and HKM( Handels Kredite Montenegro) part of Quantum Equity Holdings Luxemburg frauded with 450.000 EUR!

Our company has fallen victim to their schemes, having transferred the sum of 450,000.00 EUR for the financing of our business plan focused on rental camper activities. However, instead of facilitating legitimate financial support, IntaCapital Swiss SA, in collaboration with the Montenegro-based entity HKM (Handels Kredite Montenegro) doo part of QUANTUM EQUITY HOLDINGS Luxemburg, engaged in a series of fraudulent maneuvers. People involved: HKM’s Reid Carson, Adrianna Rusevska IntaCapital Swiss SA – Paul Robbins, Ashley Langley, Scarlett Groom BEWARE OF THEIR DECEITFUL TACTICS! Upon receiving full payment, including booking fees, security deposits, and extension fees, IntaCapital Swiss SA promptly demands the Recipient Bank to issue A DECLARATION FOR THE RETURN OF THE BANK GUARANTEE, even in the event of the company's bankruptcy or liens upon of BG (THAT THEY PLEDGE). This demand, which becomes actually a "COUNTER-GUARANTEE," is IMPOSSIBLE in banking practices. Subsequently, the Provider transmits the "Notice of Default (Breach Notice)" to seize all funds paid, citing contractual clauses that were undisclosed prior to payment (“pursuant to Contract”; as they like to say). It is imperative to note that these fraudulent tactics are not new to IntaCapital, previously implicated in similar activities at GARISSON SECURITIES SA. Now under the guise of IntaCapital Swiss SA, they continue to perpetrate such frauds, orchestrated by key individuals including Paul Robbins, Ashley Langley and Scarlett Groom. EXERCISE EXTREME CAUTION when dealing with these individuals posing as investment bankers. They STEAL MILLIONS OF EUROS under the pretext of contractual breaches, shifting blame onto clients for their inability to fulfill UNDISCLOSED OBLIGATIONS. Meetings and contract signings often take place in London, specifically at Banking Hall: Banking Hall, 1 Cornhill, London EC3V 3ND, United Kingdom. Furthermore, be vigilant against their attempts to manipulate public perception through FAKE GOOGLE REVIEWS, a practice that we have evidence of (multiple screenshots). We have evident of hundreds of 5-star reviews that suddenly disappeared!

[wenikhilkumar]

Suprme court affirms rights of secured creditors over pledged shares under IBC

Supreme Court Affirms Rights of Secured Creditors Over Pledged Shares Under I&B Code In a landmark decision in May 2023, the Supreme Court of India reiterated the entitlements of secured creditors within the framework of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The ruling in **M/S. Vistra ITCL (India) & Ors. v. Mr. Dinkar Venkatasubramanian & Anr.** established that secured creditors are entitled to retain the sale proceeds from shares pledged by a corporate debtor. This decision further cements the protections afforded to secured creditors under the I&B Code, providing crucial clarity in insolvency proceedings.

Case Background The case involves Amtek Auto Limited, which approached M/S. Vistra ITCL (India) & Ors. (the appellants) for a short-term loan facility of Rs. 500 crores. This facility was extended to the corporate debtor’s group companies, including M/s. Brassco Engineers Ltd. (Brassco) and M/s. WLD Investments Pvt. Ltd. (WLD). As part of this arrangement, Amtek Auto Limited pledged its equity shares in M/s. JMT Auto Ltd. (JMT) to secure the loan. When insolvency proceedings under Section 7 of the I&B Code were initiated against Amtek Auto Limited, a Resolution Professional was appointed, and the approval of a Resolution Plan was sought. The appellants, as secured creditors, moved to claim their rights over the pledged shares. However, the Resolution Professional rejected their claim, and this decision was upheld by the Adjudicating Authority and the National Company Law Appellate Tribunal (NCLAT). The appellants, aggrieved by these decisions, escalated the matter to the Supreme Court.

[zackbarnett]

What Is Net Asset Value Financing?

In net asset value (NAV) financing, the loan size derives from the value of a private investment fund’s investment portfolio. NAV financing can offer significant returns and liquidity after an investor has exhausted other sources of capital. Due to the legal documents needed to detail transactions and the expertise to create and negotiate with them, only companies and banks use NAV financing. Individuals do not.

Earnings from asset sales, bank account pledges, and equity interest in the fund's assets serve as collateral. Most lenders narrow eligible borrowers by requiring a minimum number of assets or asset types in an investment portfolio.

NAV financing can benefit investors experiencing different degrees of success. If investors are performing poorly, they can rely on the liquidity of NAV financing to pay ongoing expenses or refinance preexisting debt. Conversely, investors can use NAV financing to make additional investments or insulate their assets against adverse economic conditions.

[klubwork]

Understanding The MSME Loan Subsidy Scheme: Benefits and Eligibility

Micro, Small, and Medium Enterprises (MSMEs) form the backbone of many economies, providing employment, fostering innovation, and contributing significantly to GDP. To support these crucial enterprises, the government has introduced various schemes, one of the most beneficial being the MSME Loan Subsidy Scheme. This article delves into the benefits and eligibility criteria of this scheme, focusing on specific aspects like the MSME loan for SC ST, MSME loan for women, and MSME loan without collateral.

Benefits of the MSME subsidy scheme

1. Financial support:

   The MSME Loan Subsidy Scheme offers substantial financial support to small businesses. This support is crucial for the initial setup, expansion, and technological upgrades, helping MSMEs remain competitive in a global market.

2. Lower interest rates:

   One of the primary benefits of the MSME loan subsidy scheme is the lower interest rates compared to traditional business loan for msme. This reduction in interest rates eases the financial burden on small businesses, allowing them to invest more in growth and development.

3. Collateral-free loans:

   The MSME Loan without Collateral is a significant advantage for small business owners who may not have substantial assets to pledge. This provision ensures that even those with limited resources can access necessary funding.

4. Special provisions for marginalised groups:

   The scheme includes targeted benefits for marginalised groups, such as the MSME loan for SC ST and MSME loan for women. These provisions are designed to promote inclusivity and support underrepresented entrepreneurs in the business ecosystem.

5. Government backing:

   With the backing of the government, the MSME government loan provides a sense of security to lenders and borrowers alike. This backing ensures the credibility and reliability of the loan process.

6. Revenue based financing: Companies like Klub offer a unique approach by providing capital in exchange for a percentage of future revenue, allowing startups to secure funds without giving up equity.

Eligibility criteria for the MSME loan subsidy scheme

1. Definition of MSME:

   To be eligible for the MSME subsidy scheme, a business must fall within the government-defined parameters for MSMEs. These parameters are based on investment in plant and machinery or equipment and annual turnover.

2. Business type:

   The scheme is open to a wide range of business types, including manufacturing, service, and trade sectors. The inclusivity of the scheme allows diverse businesses to benefit from the financial support offered.

3. Documentation:

   Applicants must provide specific documentation, including business plans, financial statements, and proof of identity. For those seeking an MSME loan for SC ST or MSME loan for women, additional documentation verifying the applicant's status may be required.

4. Creditworthiness:

   While the MSME loan without collateral is available, applicants must still demonstrate creditworthiness. This assessment ensures that the business has a viable plan for using the funds and a strategy for repayment.

5. Language accessibility:

   To cater to a broader audience, information and applications for the MSME loan subsidy scheme are available in multiple languages, including Hindi. This accessibility ensures that language barriers do not impede eligible businesses from applying for the MSME loan in Hindi.

MSME schemes for women and SC/ST entrepreneurs

The MSME loan subsidy scheme includes specific msme schemes for women’s provisions for women and SC/ST entrepreneurs, recognizing the need for inclusive growth.

MSME loan for women:

Women entrepreneurs can benefit from tailored schemes that provide easier access to credit, lower interest rates, and support services such as training and mentorship. These schemes are designed to empower women in business, helping them overcome traditional barriers and succeed in their ventures.

MSME loan for SC ST:

Similarly, the MSME loan for SC ST entrepreneurs offers additional support to individuals from these communities. The aim is to promote entrepreneurship among SC/ST populations, providing them with the resources needed to start and grow their businesses.

Conclusion

The MSME Loan Subsidy Scheme is a comprehensive initiative designed to support the growth and development of small businesses. By offering financial support, lower interest rates, collateral-free loans, and targeted benefits for women and SC/ST entrepreneurs, the scheme addresses various challenges faced by MSMEs. Understanding the benefits and eligibility criteria of the MSME subsidy scheme is crucial for business owners seeking to take advantage of these opportunities. For those looking to learn more about MSME schemes, detailed information is readily available from government resources, ensuring that every entrepreneur has the chance to succeed.

[kp777]

By Jessica Corbett

Common Dreams

Sept. 15, 2023

"Climate catastrophe is already devastating the lives and livelihoods of people across the world and primarily those in the Global South, who are least responsible for causing it," said one campaigner.

Hundreds of demonstrations around the world demanding "a rapid, just, and equitable phaseout from fossil fuels in favor of sustainable renewables" began Friday ahead of United Nations Secretary-General António Guterres' Climate Ambition Summit in New York City next week.

"From Pacific nations, heavily affected by sea-level rise and storms, through Mumbai to Manila, London to Nairobi, over 650 actions are planned in 60 countries, culminating in a march in New York City on September 17," according to protest organizers.

The Global Fight to End Fossil Fuels "opposes the fossil fuel industry, which has made obscene profits at the expense of the world's people, biodiversity, and a safe and livable climate," added organizers, who expect millions to join the protests over the coming days. "It calls on governments and companies to immediately end fossil fuel expansion and subsidies."

Demonstrators, journalists, and supporters shared footage from Friday's actions on social media with the hashtag #EndFossilFuels.

The actions come amid the hottest summer on record and as experts continue to sound the alarm over unwavering environmental destruction, especially by the fossil fuel industry and its political and financial backers.

International scientists revealed this week that six of nine barriers that ensure Earth is a "safe operating space for humanity" have been breached, which followed recent findings that greenhouse gas concentrations, global sea level, and ocean heat content hit record highs last year.

Climate chaos—fueled by oil and gas giants that have spend decades lying about their planet-heating pollution along with rich governments and institutions that continue to break their promises and pump billions of dollars into the fossil fuel industry—is already killing people. The death toll from flooding in Libya this week has climbed to 11,300.

"The world is at a tipping point," said Tyrone Scott of the War on Want and the Climate Justice Coalition in the United Kingdom ahead of protests this weekend. "Climate catastrophe is already devastating the lives and livelihoods of people across the world and primarily those in the Global South, who are least responsible for causing it."

"We must uproot the systems of exploitation and oppression which keep the majority of the world's population in poverty while lining the pockets of corporates and rich shareholders. This is a watershed moment. How we respond will determine how the world is shaped for generations," Scott stressed. "We demand an end to fossil fuels. We demand a fast and fair transition. We demand climate justice."

Tens of thousands of activists from across the United States are expected to join the March to End Fossil Fuels in New York City on Sunday. Marchers—backed by hundreds of organizations and scientists—have four key demands for President Joe Biden:

Stop federal approval for new fossil fuel projects and repeal permits for climate bombs like the Willow project and the Mountain Valley Pipeline;

Phase out fossil drilling on our public lands and waters;

Declare a climate emergency to halt fossil fuel exports and investments abroad, and turbocharge the buildout of more just, resilient distributed energy (like rooftop and community solar); and

Provide a just transition to a renewable energy future that generates millions of jobs while supporting workers' and community rights, job security, and employment equity.

"Despite his numerous and explicit pledges to the contrary, President Biden has turned out to be a strong supporter of fossil fuels," Food & Water Watch Northeast region director Alex Beauchamp, an organizer of the NYC march, said in a statement Friday.

"With each passing day, Biden's failure to lead on clean energy drives the planet deeper into the abyss of irrevocable climate chaos," he added. "We're marching to send a message that true climate leadership means halting new oil and gas drilling and fracking, and rejecting new fossil fuel infrastructure like pipelines and export terminals—beginning now."

Betamia Coronel, senior national organizer for climate justice at the Center for Popular Democracy, highlighted in a Friday opinion piece for Common Dreams that "BIPOC communities have always lived at the intersection of wealth disparity and the climate crisis," and "it is Black, Indigenous, immigrant, working-class people of color who have been leading the efforts in the lead up to this historic march in NYC."

Dozens of actors, activists, and climate leaders—including Bill McKibben, Blair Imani, Cornel West, Jameela Jamil, Jane Fonda, Rev. Lennox Yearwood Jr., Mark Ruffalo, Naomi Klein, Rosario Dawson, Rep. Rashida Tlaib (D-Mich.), Rebecca Solnit, and Vanessa Nakate—joined more than 700 groups on Friday in sending a pre-march letter to the U.S. president.

"The U.S. is the top global oil and gas producer and the largest historic greenhouse gas emitter. It is imperative that the U.S. change course and become a true global climate leader by ending the extraction and use of fossil fuels," they wrote, urging Biden to commit to phasing out fossil fuels at the U.N. summit on September 20. "The world is watching."

Biden has also faced mounting pressure to declare a climate emergency this year, as the United States has endured a record-setting number of billion-dollar disasters, from a deadly fire in Hawaii to Hurricane Idalia. Since last week, eight campaigners have been arrested outside the White House for a series of protests demanding a climate emergency declaration and other executive action to end the era of fossil fuels.

Organizers planned to continue the nonviolent civil disobedience campaign in Washington, D.C. on Friday, and warned that "each day Biden delays in taking this step is precious time lost to save lives and secure a livable future for humankind and countless other species."

[religion-is-a-mental-illness]

By: Claire Lehmann

Published: Jul 7, 2023

In medieval times, it was common practice for the wealthy to buy indulgences from the church to atone for their sins. These payments, the church assured, meant the person paying would not remain in purgatory for too long and would later ascend into heaven.

A wealthy person could even buy indulgences for their family members or ancestors who were long dead. Today we think of ourselves as far more enlightened than our medieval forebears. We secular folk would never pay a class of clerics large sums of money to atone for our sins. Or would we?

In recent years, billions of dollars have flowed into investment funds that market themselves as providing “environmental, social and governance” impacts. In Australia, industry super funds lead this trend, with money pouring into funds that then invest in companies that promote green, social justice, equity, diversity and inclusion causes.

The basic idea behind ESG, which has been promoted by organisations such as the World Economic Forum, is that one can make a profit and “do good” at the same time. Investors argue they can contribute to a net-zero future while making solid returns, or contribute to social justice alongside their fiduciary duty.

Rating agencies and research firms issue ESG “scores” to companies that are then used by bodies who advise institutional and retail investors which organisations they should invest in. Because ESG has no standardised metrics or even standardised definitions, such scores can be massaged by those companies that have enough money to play the game.

An entire industry of consulting agencies and non-profits exists today to implement cosmetic changes within companies to boost their ESG scores. Such cosmetic changes may include sponsoring a float at the Gay and Lesbian Mardi Gras or offering paid leave for staff who wish to change their gender.

As I commented in these pages last year, “gender affirmation leave” is offered by our two biggest supermarkets, Coles and Woolworths, and contributes to these companies earning “gold- and platinum-tier” status by the Australian Workplace Equality Index – despite the fact both companies are simultaneously implicated in wage theft scandals.

Sometimes called “wokewashing”, the practice of buying virtue through ESG allows corporate entities to deflect attention away from their PR embarrassments, like Henry VIII’s Indulgences allowed him to go on indulging.

Such practices are called wokewashing because these changes usually do not go deep enough to really cause change within a large organisation. By sheer virtue of their size, our largest corporations often make mistakes that only a complete overhaul of management practices could possibly address.

Take BHP, for example. The biggest company in Australia, and largest mining company in the world, is now embroiled in one of the biggest wage theft scandals in history. Accused of underpaying 28,500 workers $430m in wages for deducting public holidays from leave entitlements, BHP is now supporting the Yes vote in the voice referendum and has pledged a $2m donation to the campaign. This pledge is likely to boost its ESG score, but whether it satisfies the workers who have been underpaid is yet to be seen.

It is not just the mining industry that seeks ESG redemption. The banking industry wants to buy its way into heaven as well. Following on the heels of the disastrous royal commission into the sector, the Big Four are all doubling down on ESG. NAB faced criminal charges in 2021 for failing to pay casual employees long-service leave entitlements, but this is offset by its sponsorship of Midsumma – Melbourne’s queer arts and cultural festival. Last year ANZ was fined $25m for misleading consumer practices, but it also announced it was offering its staff paid leave for a sex change.

Commonwealth Bank has been in hot water in recent years for breaching money-laundering laws and Westpac was required to pay a $1.3bn fine after 250 customers made transfers that were linked to child exploitation. Both organisations are atoning for these sins by campaigning for the Yes vote.

Almost every large corporation that has signed on to the Yes campaign for the voice referendum is embroiled in some kind of scandal that involves their core business. Whether Coles is underpaying its staff, or Rio Tinto is dealing with dozens of accusations of sexual harassment, each company has significant work to do internally.

And this is why ESG is so popular among our corporate class. Symbolic gestures that can be outsourced to consultants and NGOs are an easy box-ticking exercise. Systemic changes to management habits, or making sure business practices are fair, is much more costly and time-consuming than simply waving a rainbow flag.

In the medieval period, wealthy elites would pay indulgences in order to curry favour with the church because the institution was incredibly powerful.

It is not surprising then that our biggest corporations are pledging their support for ESG goals that are also supported by the government, unions, the majority of our media, academia and non-profit sectors.

While commitment to ESG is not necessarily a sign of true moral fibre, if it can assist in washing away the stain of sin, then every dollar pledged will be money well spent.

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Whenever a large corporation pledges its commitment to some movement or ideology, especially those that are unrelated to their actual business, you should assume that it's hiding something.

The more controversial the movement or ideology, the bigger the scandal they're trying to distract attention from.

For reference, the "Voice to Parliament" is a referendum to embed in the Australian constitution a vaguely defined independent body with unknown powers, unclear authority and unidentified influence to be a whisper in the ear of the Australian political system, supposedly representing all indigenous (Aboriginal) Australians. In essence, it functions as a form of "reparations."

When it's rejected, as current polling indicates it massively will be, as with Affirmative Action, citizens will be scolded by the supporters for their "racism," and the country will be told it's irredeemably racist. Rather than recognizing the diverse objections to the initiative: the lack of transparency of what the body is or does; progressives who insist it doesn't go far enough (e.g. a desire to literally "hand back" the land); Aboriginal Australians themselves who are concerned about establishing a "separate but equal" system; importing Critical Race Theory ideas from the US to racially divide the nation; the rather racist notion itself that any single "voice" could represent all indigenous people, ignoring that their viewpoints are as diverse as everyone else's; and the very simple answer of "I don't like this particular solution."

But while all of that is going on, the companies will be looking for their next diversion.