Money – Yahalava Thu, 24 Jun 2021 13:39:20 +0000 en-US hourly 1 Money – Yahalava 32 32 Rethinking goals, debt and financial planning in the aftermath of the pandemic Mon, 24 May 2021 04:23:46 +0000

(Photo: Shutterstock)

The past year has been a financial awakening for many Americans. The economic fallout from the pandemic has forced people to take a close look at their financial situation and plan for the future.

New York Life recently took the financial pulse of 2,200 adults in its recent poll. Respondents shared their views on financial goals, debt and financial planning.

Long term goals. The first choice among all age groups except Gen Z, when asked about their long-term financial goals, was to set their emergency fund (between 40 percent and 42 percent). Millennials were more likely to report saving for a down payment on a home than all adults (25% vs. 14%), as well as saving for student loans (13% vs. 8%).

Short-term goals. Holidays were the most popular choice among all age groups (between 31% and 34%) except Gen Z respondents, 40% of whom chose to purchase a specific product they wanted. Millennials were twice as likely to include starting their own business as a short-term financial goal than all adults (18% vs. 9%).

Within each group that selected a certain financial goal, respondents had the most confidence in their ability to manage their vacation payment and credit card debt repayment, and the least confidence in their repayment. student debt and the down payment on a house.

A majority of adults (67%) said they had received a stimulus check to supplement their income in the past year. Respondents reported spending this extra income most often on daily expenses (45%), paying off credit card debt (23%), or building emergency funds (21%).

Debt. One in three adults said their debt caused them anxiety, followed by fear of having to pay for an emergency (24%). More than half of adults (53%) have stopped making payments or reduced their student debt payments during COVID-19. Of these, 49% said they used it more for daily expenses.

Financial planning. Three in four adults said they knew absolutely or somewhat what they were doing about financial strategy. A plurality of respondents (20%) said they would postpone a vacation to compensate for an unforeseen emergency expense, followed by building up emergency funds (17%) and purchasing a product they wish (15%).

Gen Z respondents were less likely than all adults (39% vs. 53%) to say they had a financial strategy before COVID-19. Of those who indicated they had a financial strategy before the pandemic, a majority (64%) said they were somewhat or fully prepared.

A majority (58%) of those who had a financial strategy before COVID-19 and were not already working with a financial professional said the pandemic had not affected the likelihood of them seeking help from professionals in the financial sector. finance. Millennials were the most likely to say they were a lot or a little more likely to seek help from a financial professional.


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How to become a financial adult after graduation Mon, 24 May 2021 04:23:46 +0000

Brandi Smith spoke with Certified Financial Planner Bobbi Rebell for advice for new graduates.

It’s graduation season and we know there are a lot of people fresh out of college looking for their first job. But there are things you should think about before you even get your first paycheck.

I spoke to a personal finance expert (and certified financial planner) Rebel bobbi on how new graduates can become financial adults.

BOBBI: Even though you might not be starting your new job right away, having a solid financial foundation is very important. Get your ground game in order before you jump in.

BRANDI: I think a lot of us had the attitude coming out of school that you had the perfect job in mind. You knew exactly what you wanted to do and you weren’t going to settle for anything else.

BOBBI: You can bet your dream job based on your income needs. That’s great! But it can be a lot more work than when you might be an intern. On the other hand, you can have a job that saves the world and does all of these amazing things for the company, but it can’t pay your bills. It’s something you really need to be honest with yourself about – if it’s sustainable in the long run.

BRANDI: I don’t think I was ever stressed enough about this when I finished school. You have to start saving, really, as soon as you can.

BOBBI: Absolutely. Sometimes people get so caught up in paying off their debt in an almost manic way. It’s good to pay off his debt and I don’t want to do anything to discourage him. But the truth is, compound interest is a great thing too. It is important to invest as early as possible and especially in the right vehicles. If you have a corporate job, you need to make sure you’re on the bandwagon with all the free money they have. I’m talking about the 401K and maybe other things your business has to offer you. Do your homework.

BRANDI: You mentioned it as a priority: paying down the debt. How do you do it systematically?

BOBBI: You have to watch how your mind works. It can be as simple as writing down everything you need and prioritizing it. There are different methods. Sometimes people like to pay off the card with the highest interest rate first. Sometimes people like to pay the lowest amount so that you feel a sense of accomplishment. But there are also different types of debt, and it’s important to understand where that debt fits in the bigger picture.

For more information on how to become a financial adult, visit Bobbi’s website.

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5 Best Contract Law Firms in Charlotte, NC 🥇 Mon, 24 May 2021 04:23:45 +0000

Below is a list of the leading contract law firms in Charlotte, North Carolina. To help you find the best contract law firms located near you in Charlotte, NC, we’ve put together our own list based on this list of evaluation points.

Charlotte’s Best Contract Law Firms:

The Top Rated Contract Law Firms in Charlotte, NC are:

  • McGrath & Spielberger, SARL – experts in business and contract law
  • Dozier Miller Legal Group – the list of lawyers includes 3 former judges
  • SeiferFlatow, SARL – highly awarded lawyers with outstanding reviews
  • Nosal & Jeter, LLP – provides expert legal advice in business law and asset protection
  • Gibbons Law Group, SARL – lawyers with expertise in employment contracts

McGrath & Spielberger, SARL

lawyers offering business law services to charlotte

McGrath & Spielberger, SARL provides quality legal advice at affordable rates. The firm’s two Senior Partners are well versed in business law. They offer services such as creating and analyzing contracts, assisting business owners with necessary documents and concluding real estate contracts. Moreover, in case of complication, they can also provide assistance with tax valuation, debt negotiation and any other matter related to business and contract law. Their extensive legal experience, affordability, and commitment to resolving client issues make them the # 1 choice for individuals and small business owners in the region. Contact them now!

Business and contracts, litigation and lawsuits, and more


Address: 6201 Fairview Rd # 330, Charlotte, NC 28210
Telephone: 704-271-5000


“Highly professional, efficient, compassionate communicators who are knowledgeable about appropriate laws and regulations. Honest brokers in a tough business. Absolutely recommend !!. ” – donna horosko

Dozier Miller Legal Group

contract lawyers in charlotte, nc

Dozier Miller Legal Group was established in 1979. Being a full service law firm, they also handle other matters such as family law, immigration and appeals. With their high-quality legal representation, they are always featured on news television. In addition, Dozier Miller Law Group sees itself as your partner in the business. In other words, you can run the business with ease as it tackles legal issues aggressively. With their in-depth knowledge, you can count on them to proactively help you every step of the way. Call them now!

Personal injury, business law, criminal defense, etc.


Address: 525 N Tryon St # 210, Charlotte, NC 28202
Telephone: 704-372-6373


“If you have any questions or contractual issues, I highly recommend that you work with Adam Hocutt of the Dozier Miller Law Group. He will take the time to fully understand your situation and provide you with excellent advice. – Rich Tucker

SeiferFlatow, SARL

expert contract lawyers in charlotte, nc

SeiferFlatow, SARL is a highly awarded and accomplished law firm. Some of their recognitions and designations include Super Lawyers, Top 100 Trial Lawyers, Top 40 under 40, and Business North Carolina’s Legal Elite. SeiferFlatow specializes in international business law and non-competition agreements. For startups, they offer advice and assistance in establishing an LLC. For small businesses, they can help you with major transitions. Plus, if you have an established business, you can hire them for general litigation and corporate compliance matters. Finally, you can also contact them for drafting contracts, intellectual property matters and other legal matters related to business law.

International business law, non-competition agreements, etc.


Address: 2319 Crescent Ave, Charlotte, NC 28207
Telephone: 704-512-0606


“Working with Bethany Mulhern has been an absolute pleasure! As a first-time business owner, I knew little about the documents I needed to start the business and to protect myself and my employees. Bethany happily guided me through every small step and patiently answered all of my questions. From starting the LLC to creating employee contracts, she knew the process and took the time to make sure everything was tailored to my specific needs. I feel so much more confident with my new business knowing that I have someone like Bethany in my corner !. ” -Dana Elliot

Nosal & Jeter, LLP

contractual quality lawyers in charlotte, nc

Nosal & Jeter, LLP provides competent legal services in North Carolina and South Carolina. Their areas of practice include, but are not limited to, estate planning, criminal defense, real estate, and business law. No matter what phase your business is in, this law firm can handle your legal affairs with confidence. From drafting, reviewing and company compliance to share purchase agreements and company succession planning, Nosal & Jeter, LLP can provide a full legal service to get the bottom line. that you want and deserve. Call their hotline now!

Estate planning, business law, elder and guardianship law, and more


Address: 852 Gold Hill Rd # 201, Fort Mill, SC 29708
Telephone: 803-351-3597


“Great people to work with. great team and very professional. I highly recommend them .. ”- Syed Shams-ul-Haq

Gibbons Law Group, SARL

lawyers employment contract in charlotte, nc

Gibbons Law Group, SARL specializes in employee rights. As a lawyer who previously represented employers, he is surely aware of the considerable efforts that employers and their insurers are prepared to take to dissolve and cancel offsets. With this experience, he certainly knows how to defend you in court. Gibbons Law Group, PLLC can help you with document review and breach of contract lawsuits. From understanding, negotiating and challenging employment contracts, they are the law firm to connect with. Know what you are getting into! Call them now!

Labor law, disability law, etc.


Address: 14045 Ballantyne Corporate Pl # 325, Charlotte, NC 28277
Telephone: 704-612-0038


“I would definitely recommend him to anyone who needs an employment lawyer. Mr. Gibbons was very knowledgeable about employee law. Throughout the process I was always well informed and he also took the lead. time to clearly explain any questions I had. Mr. Gibbons was also politely straightforward and because of that he earned my trust. “- Ashley

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Since when has the Illinois government had an additional $ 2 billion? Mon, 24 May 2021 04:23:45 +0000

If I had told you in the brief legislative session last May, when the state was still under a stay-at-home order and everything seemed to be falling apart, Illinois would have an additional $ 2 billion for paying off the rest of the $ 3.2 billion federal loan, you would have thought I was crazy.

But here we are.

A few weeks ago, the federal government said states could not use the billions of dollars they receive from the US bailout to pay off loans. This caused deep consternation in Illinois, which had planned to use some of its $ 8 billion federal aid to wipe out what was left of the loans it had received from the Federal Reserve’s municipal liquidity facility. .

However, the General Assembly’s Committee on Forecasts and Government Accountability revised its estimate of revenue for the current fiscal year the same week. The new forecast moved COGFA’s March projections up by about $ 2 billion. The governor’s Office of Management and Budget revised its own forecast upward by about $ 1.5 billion on the same day.

And then last week, the governor, Democratic legislative leaders, and the comptroller announced that the state would use its own revenues to pay off the federal government instead of relying on US bailout money.

The loan repayment will save the state about $ 100 million in interest, but it also frees up $ 1 billion in fiscal year 2023 that otherwise would have gone to the federal government if the state had remained on the original repayment schedule. “It prepares us for the future,” said a legislative budgetist.

The reimbursement decision was also viewed as prudent by some, as the newly ‘found’ money sparked a horde of expense claims from members, even though COGFA and the Governor’s Office of Management and Budget have all two pointed out that most of this revenue increase was one-time and would not recur in fiscal year 2022, which begins July 1.

Using the increased revenue to repay the federal loan therefore has the effect of bypassing this flood of new spending demands. It’s a fiscally smart move, which you usually can’t say about Illinois.

But that is not yet done, as many Democratic lawmakers will be unhappy that they cannot tap into the new revenue to fund what they see as crucial programs.

Some fear that the immediate spending pressures will win out in the end and undermine the Democratic leadership. House higher education credits committee chairman La Shawn Ford, D-Chicago, however, was pretty firm last week when asked for his opinion on using state revenues to pay back federal debt.

Ford warned of the state’s projected $ 1.3 billion deficit in the coming fiscal year and the absolute obligation to repay federal debt. He said both of these issues needed to be resolved while finding a way to “protect social services, public safety, education and general services,” adding: “There is a way to meet all of our obligations before the end. of the session “.

Looking ahead to the next fiscal year, the House’s main budget negotiator, Majority Leader Greg Harris, said last week that new revenue was needed to avoid “severe” cuts to just about everything. Nothing, he said, will be spared until the projected $ 1.3 billion deficit is closed.

The governor has proposed to close nearly $ 1 billion in “business loopholes” to avoid serious cost cuts, and there is an overwhelming reluctance to use one-time federal aid to close gaps in recurring government spending. State. Doing so would only kick the box and not allow the state to finally put its budget on the path to some semblance of stability.

The chairman of the only Senate appropriations committee, Elgie Sims, D-Chicago, has been telling me for several days that he hopes the budget produced this spring will result in real credit improvement for the state.

Illinois has hovered just a little click or two above junk bond status for a very long time, so an upgrade would be a very unusual and much appreciated event.

Controller Susana Mendoza has argued for such an upgrade before, but you should understand that evaluators in New York will wait and see how the final week of the session goes before venturing into this territory.

Rich Miller also publishes Capitol Fax, a daily political bulletin, and

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Here’s Why GNA Axles (NSE: GNA) Can Responsibly Manage Debt Mon, 24 May 2021 04:23:45 +0000

Howard Marks put it well when he said that, rather than worrying about stock price volatility, “The possibility of permanent loss is the risk I worry about … and every investor practice that I know is worried. ” So it seems like smart money knows that debt – which is usually involved in bankruptcies – is a very important factor, when you assess the level of risk of a business. Like many other companies GNA Axles Limited (NSE: GNA) uses the debt. But the most important question is: what risk does this debt create?

What risk does debt entail?

Debt helps a business until the business struggles to repay it, either with new capital or with free cash flow. In the worst case scenario, a business can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that he must raise new equity at low cost, thereby diluting shareholders over the long term. Of course, many companies use debt to finance their growth without negative consequences. When we think of a business’s use of debt, we first look at cash flow and debt together.

Check out our latest review for GNA axles

How much debt do GNA axles carry?

As you can see below, GNA Axles had a debt of 1.97 billion yen in March 2021, which is roughly the same as the year before. You can click on the graph for more details. However, he also had 195.1 million yen in cash, so his net debt is 1.77 billion yen.

NSEI: GNA History of debt to equity May 20, 2021

A look at the responsibilities of GNA Axles

The latest balance sheet data shows GNA Axles had liabilities of 3.65 billion yen due within one year, and liabilities of 769.1 million yen due after that. On the other hand, he had 195.1 million yen in cash and 4.38 billion yen in receivables due within one year. He can therefore boast of having 154.6 million euros in liquid assets more than total Liabilities.

This fact indicates that GNA Axles’ balance sheet looks quite strong, as its total liabilities roughly equal its liquid assets. So while it’s hard to imagine the ₹ 8.14ba company struggling to find money, we still think it’s worth watching its balance sheet.

We use two main ratios to inform us about the levels of debt compared to earnings. The first is net debt divided by earnings before interest, taxes, depreciation, and amortization (EBITDA), while the second is the number of times its profit before interest and taxes (EBIT) covers its interest expense (or its coverage of interest, for short). In this way, we consider both the absolute amount of debt, as well as the interest rates paid on it.

GNA Axles’ net debt is only 1.2 times its EBITDA. And its EBIT covers its interest costs a whopping 12.1 times. So we’re pretty relaxed about its ultra-conservative use of debt. On top of that, we are happy to report that GNA Axles has increased its EBIT by 55%, reducing the specter of future debt repayments. When analyzing debt levels, the balance sheet is the obvious starting point. But you can’t look at debt in isolation; since GNA Axles will need income to repay this debt. So if you want to know more about his earnings, it might be worth checking out this graph of his long-term profit trend.

Finally, a business can only pay off its debts with hard cash, not with book profits. We therefore always check how much of this EBIT is converted into free cash flow. Over the past three years, GNA Axles has essentially reached breakeven point on the basis of free cash flow. Some might say that this is a concern, given how easily it would be to reduce his debt.

Our point of view

Fortunately, GNA Axles’ impressive interest coverage means that it has the upper hand over its debt. But the hard truth is that we are concerned about its conversion from EBIT to free cash flow. When we consider the range of factors above, it looks like GNA Axles is being pretty reasonable with its use of debt. This means that they are taking a bit more risk, in the hope of increasing returns for shareholders. When analyzing debt levels, the balance sheet is the obvious starting point. But at the end of the day, every business can contain risks that exist off the balance sheet. Concrete example: we have spotted 1 warning sign for GNA axles you must be aware.

If you are interested in investing in companies that can generate profits without the burden of debt, check out this page. free list of growing companies that have net cash on the balance sheet.

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This Simply Wall St article is general in nature. It does not constitute a recommendation to buy or sell shares and does not take into account your goals or your financial situation. Our aim is to bring you long-term, targeted analysis based on fundamental data. Note that our analysis may not take into account the latest announcements from price sensitive companies or qualitative documents. Simply Wall St has no position in any of the stocks mentioned.
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Do you have any feedback on this item? Are you worried about the content? Get in touch with us directly. You can also send an email to the editorial team (at)

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Social engineering awakened with a big prize: Victorian budget Mon, 24 May 2021 04:23:45 +0000


One of the more intriguing announcements in the Victorian state budget last week was the removal of a property tax exemption for gender-exclusive clubs (affecting clubs only for men or women). It was also one of the smallest changes in a large spending and tax budget, raising only about $ 100,000 for the state out of a total revenue of $ 75 billion ($ 58 billion) per year. .

But the highly selective ruling against the clubs says a lot about the budget and the government that produced it – not that it reveals any attachment to the principles of taxation, but because it is a government and a social engineering budget.

Therefore, no stone will be overlooked in the pursuit of its long-awakened goals, including the criminalization of perceived gender discrimination in every nook and cranny.

This is social engineering at a high price, and Victoria’s public finances are in terrible disarray.

The government attributes this to the COVID-19 pandemic, but the rot set in long before the virus reached our shores. State spending and debt were growing rapidly. The pandemic has simply propelled him even higher.

The broadest measure of the state’s public sector debt will reach $ 200 billion in four years, the highest of any Australian state or territory in absolute terms and in terms of economic size and income.

Melbourne CBD skyline (Adrian Malec / pixabay)

Unfortunately the recent federal budget has a lot in common with Victoria. They both face a broken budget situation, but venture into new and ongoing social spending programs that will ultimately make budget repair more difficult.

However, if Victoria’s approach is to be commended for anything, it is that the government at least does not pretend it can increase spending without raising taxes. That is to say more than can be said for the current federal government.

The Victorian budget provides for tax increases of approximately $ 1.5 billion per year. If the federal government did the same proportionately, it would harvest fifteen times as much. But it is not raising taxes at all – in fact, it plans to reduce income taxes in 2024. The income tax cut is desirable in itself, but the government’s spending plans do. clash.

Victoria’s tax increases have been heavily criticized for targeting property and the payroll, but given the highly centralized nature of broad-base taxes in Australia and the narrowness of the tax bases available to states, a state no has nowhere to turn if he wants to. more income. The most telling point is that there would be no need for more income if they were disciplined in their spending.

Previous Labor governments led by Prime Ministers Steve Bracks and John Brumby – in office from 1999 to 2010 – were relatively disciplined in their spending and in fact cut wages and property taxes. The current government, although from the same party, is undoing all that work.

Vintage photo
Cafes on Degraves Street in Melbourne open their doors to customers in Melbourne, Australia, June 1, 2020 (Darrian Traynor / Getty Images)

the gradual increases in payroll tax rates on companies whose national payroll exceeds 10 million dollars are qualified as a “levy” dedicated to the financing of new initiatives in the field of mental health. This is an accounting gadget for presentation purposes.

There is no reason for mental health to have its own source of revenue, and neither are the myriad of other state government programs. The levy is an outright increase in social charges. As the company cannot pass it on to someone else, there will be a cost to the job in Victoria.

the increase in property tax are supposed to target the rich because they only apply above a high threshold. But the government is apparently unaware that most of Melbourne’s sparkling office towers and malls on high-value land are indirectly owned by millions of ordinary people through listed and unlisted real estate investment companies and real estate development companies in which pension funds have large investments.

The increase in real estate transfer tax (better known as stamp duty) only generates more revenue from a totally damaging and overburdened tax which, by general agreement of economists, should be abolished.

Victorians who don’t own or run a business might think this is a good budget for them, but it contains a lot of unnecessary expenses and leads to huge tax issues that will weigh on all Victorians in the future.

Robert Carling is a senior research fellow at the Center for Independent Studies in Sydney, Australia, and a former economist for the World Bank, IMF, and Federal and State Treasury.

The opinions expressed in this article are those of the author and do not necessarily reflect those of The Epoch Times.

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Bob Fulton’s death draws many tributes from the rugby league community Mon, 24 May 2021 04:23:45 +0000

Manly coach Des Hasler remembered his longtime mentor Bob Fulton as “an absolute legend of our game”.

One of the original four Immortals, Bob Fulton died Sunday at the age of 74 after a battle with cancer.

The Sea Eagles players wore black armbands for Fulton and observed a minute of silence and a big-screen tribute at Bankwest Stadium for Sunday’s clash with Parramatta.

“Bozo has been an absolute legend of the game,” Hasler said in an interview with Channel 9 before the Sea Eagles attacked Parramatta, offering his condolences to Fulton’s family, who have known the club icon for over 30 years. .

“For many of us he was a friend, a mentor, his legend that he brought to the game while he was playing, then as a coach and administrator will never be forgotten.

74. Bob Fulton – Hall of Fame

“He just brought this dynamic which has always been an exciting dynamic. It is a day of sadness for the immediate family and also for the many people he touched during his life.”

Hasler played under Fulton at club and test level, while the Immortal also served as his advisor throughout his tenure as Manly coach for two periods.

ARL commission chairman Peter V’landys also remembered Fulton as a sports giant.

“Today the rugby league has lost a true legend of our game,” V’landys said in an official statement.

“The word legend is used a lot in tributes, but Bob was a true legend in the rugby league. He was an original Immortal, Kangaroo, Blue and a legend of the Manly club, winning three Prime Minister positions as as a player, including the 1973 Grand Final Man of the Match.

“As a coach he led the Kangaroos to two World Cup victories and Manly to two prime minister positions.

“He was also a great promoter of our game. Bob will always be part of the DNA of the rugby league and our game is richer because Bob was part of it.

“Today we lost a giant in our game. On behalf of the rugby league community, I extend our deepest condolences to Bob’s family.”

Hasler pays tribute to close friend Fulton

Rabbitohs coach Wayne Bennett played with Fulton on the Australian squad in the 1970s and against him at the state level.

“I coached a lot against him and we were Australia managers together when I was coaching. I saw a lot of players and he was up there with the best players I have ever seen in our game,” a- he declared.

“He was a hell of a competitor too. He was someone who hated losing as a player and a coach. He was also a pretty innovative guy. A big loss for the game. He was manly through and through.”

Panthers coach Ivan Cleary made his freshman debut under Fulton in the early 1990s at Manly.

“It was a real shock. I only heard that right before the warm-up,” he said after Sunday’s win over Souths at Dubbo.

“Bozo was… It was kind of when I was a freshman, when he was a coach. He actually taught me a lot of lessons, but one in particular that I will never forget,” recalls- he.

“I was injured one week and thought I was difficult to play the next week. I was like, ‘I’m doing a good job because you’re supposed to be playing injured.’ My knee was tied up and we were out. pretty much play Newcastle up there.

“He walks up to me and says, ‘Why is your knee tied up?’ I said, “Because I hurt him last week.” He said, “Dude, once you get out, you’re not hurt” and he left.

“I was shaken up. I got out and got a shock in the first half, then he sprayed me at half time. Lucky we won this game and he came towards me and me. Said well done, mate.

“It’s the one I’ve used on a few players over the years. [Fulton is] a real loss for the game, obviously an Immortal. I feel sorry for his family and for Manly and the Roosters. “

Ray Hadley, who had worked alongside the former Kangaroos coach for three decades, announced Fulton’s death on 2GB.

“He was the first of those Immortals and I always thought he would be immortal, I just thought he would live forever,” he said in his moving tribute on air.

Sea Eagles president Scott Penn has said he will “be remembered forever as one of our all-time greats.”

“We are eternally indebted to Bob for his passion and determination to make the Sea Eagles the best in the league.”

NSWRL President David Trodden echoed those sentiments, speaking on behalf of the Blues.

“Bob Fulton was an absolute gaming giant in so many different areas,” he said.

“He was an Immortal as a player, an award-winning coach and coach from Australia and without a doubt one of the most influential figures the game has ever seen at all levels of the game.

A triumphant Bob Fulton is chaired by his Manly teammates after the 1976 Grand Final.
A triumphant Bob Fulton is chaired by his Manly teammates after the 1976 Grand Final.

“He was NSWRL Selection Advisor for many years for a number of different NSW Blues State of Origin coaches. At the same time, he was Australia coach.

“He and his family have retained a long-standing involvement with the Manly Warringah club which is as strong today as it has ever been thanks to the influence of his sons and daughter who played a role. instrumental in the successful resurgence of the Manly Junior Track teams over a number of years.

“The NSWRL extends its deepest sympathies to his family, friends and all members of the rugby league community, who are deeply saddened by his passing.”

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Life in one of Newcastle’s poorest areas – where almost 50% of children live in poverty Mon, 24 May 2021 04:23:45 +0000

Paralyzing debt and parents skipping meals to feed their children.

This is the reality of some people living in the poorest neighborhoods in the North East, according to the people who live and work there.

This week, research conducted by Loughborough University for the End Child Poverty Coalition found that almost half of children in parts of Newcastle live in poverty.

Within the parliamentary constituency of Newcastle Central, which includes areas such as Kenton, Benwell, Scottish, Arthur’s hill and Elswick, 45.4% of children lived in poverty.

And now people living and working in these areas have explained what it is like in an area which has one of the highest child poverty rates in the UK.

John McCorry, CEO of West End Foodbank, on Benwell Lane, said: “Many of the people who have been pushed into further deprivation and hardship are people with young families.

“It is a statistical fact that people with young families struggle in places hardest hit by deprivation and children suffer.”

He added: “People who come to food Bank suffer because of their low income and are struggling with debt because of it. We often hear that parents deprive themselves of it to feed their children. “

John McCorry, CEO of West End Food Bank in Newcastle

Research for the End Child Poverty Coalition analyzed five-year numbers from 2014/15 to 2019/20 and found that child poverty rates in the region have increased by more than a third.

The figures rose from 26% to 37% over this period after taking into account housing costs, fueled by stagnant wages.

The report is based on the “relative poverty” rates of government The figures.

It publishes an annual survey of income poverty in the UK called Households Below Average Income (HBAI), which sets the UK relative poverty line at 60% of median UK household income.

However, the government believes that “absolute poverty” is a better measure of standard of living.

They say the “absolute poverty” line is fixed in real terms, and therefore provides a better measure of how the incomes of lower incomes compare to changes in the cost of living.

And “absolute poverty” will only increase if low-income households are financially poorer, while “relative poverty” may increase even if the incomes of low-income households increase.

They added that between 07 / 08-09 / 10 and 17 / 18-19 / 20, “absolute child poverty”, after housing costs, fell in the northeast from 32% to 30 %.

But many people in the worst-affected areas fear the impact of the pandemic will see child poverty numbers rise further, as the number of people with access to food banks and community support has increased over the course of the year. the last year.

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Elgan John helped set up self-help groups in Arthur’s Hill and Elswick during the first lockdown, which helped hundreds with food, finance and technology in the area.

And like John, he has found that many of the people in need of support in Newcastle Central are young families, as well as the elderly.

He said: “The numbers [from the report] are shocking because it shouldn’t be necessary for someone to live in poverty, but in reality I’m not shocked because it is what we see and what we know. “

Over the past year, Arthur’s Hill and Elswick Mutual Aid have provided more than 100 laptops and tablets to children to help them home schooling, as well as cell phones for adults who need them.

They have provided £ 17,000 in support grants through the Solidarity Fund, which allows locals to apply for aid of £ 30 per month, to help cover things such as bills.

The group also feeds more than 200 people a week with food packages, using food provided by FareShare and Magic Hat, charities that help reduce food waste by distributing excess food.

Arthur’s Hill and Elswick Mutual Aid also operate two community pantries, which are housed in telephone booths located on Brighton Grove and West Road.

The phone booths are stocked with food from volunteers and the wider community and can be accessed by anyone when they need it.

A community pantry inside a BT phone booth in Brighton Grove run by members of the Arthur's Hill & Elswick mutual aid group which BT is considering removing.  L / R Noreen Masud, Matthijs Vanderwild, Niko Sarcevic, Mwenza Dlell, Elgan John, Armajau Abubakar and Sherene Meir.
A community pantry inside a BT phone booth in Brighton Grove run by members of the Arthur’s Hill & Elswick mutual aid group which BT is considering removing. L / R Noreen Masud, Matthijs Vanderwild, Niko Sarcevic, Mwenza Dlell, Elgan John, Armajau Abubakar and Sherene Meir.

And they are currently looking to start a more permanent organization to help people in the area.

Elgan added: “It can seem outrageous and dehumanizing to ask for help and the way some people engage with people in poverty is quite shocking.

“I was shocked to learn how a woman who came to us in poverty saw her skills as a mother called into question, when it was abundantly clear to me that her situation had nothing to do with it. with her skills as a mother.

“We need to stop categorizing poverty as something that a person does wrong.”

In Kenton, union adviser Stephen Lambert said he was aware of the extent of child and household poverty in central Newcastle.

But he was “stunned and deeply shocked” to see the increase in numbers in the End Child Poverty Coalition report.

Councilor Lambert said: “It is the sixth richest country in the Western world, but we still accept levels of child poverty at an unacceptable level.

“It is morally and ethically wrong and we need the central government to solve this problem.”

Councilor Lambert, a former lecturer in social policy and social sciences, wants a reform of the social security system.

He would like the reform to include the temporary increase in universal credit of £ 20 per week permanently imposed and for family allowances to be increased.

The Lambert Council added: “Child poverty has a huge impact on educative success, as well as poor health.

“And it’s not just the young people affected by poverty, it’s also a significant number of older people, especially women.”

Throughout the pandemic, Earl Lambert has raised funds to support the Kenton Food Bank, which opened just weeks before the first lockdown due to concerns about poverty in the region.

He helped renew a social rights project in Kenton, based at the Kenton Neighborhood Center, which provides advice to people on the use of benefits.

And he worked with Kenton School to “poverty proof” school and support students with things like laptops and free school meals during the pandemic.

But while he admits that local advisers working with community projects can play a key role in the fight against child poverty, he explains that these measures are “sticky casts” and that more needs to be done to tackle them. to the problem.

Councilor Lambert said: “The UK social security system is no longer fit for purpose and needs reform. We need a more compassionate and socially just security system to meet people’s needs .

“It is obsolete and it is no longer appropriate to meet the needs of a rapidly changing economy, with the increase in low paid work, zero hour contracts and labor flexibility.”

A government spokesperson said: “The latest figures show that the number of children living in absolute poverty has declined by 300,000 since 2010.

“We are committed to supporting families most in need, spending billions more on social assistance and planning a long-term exit from poverty by protecting jobs through time off and helping people find a new job.” employment through our Employment Plan.

‘We have also introduced our £ 269million Covid Local Support Grant to help children and families stay warm and well nourished throughout the pandemic. “

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Dell CFO plans to use VMware products to reduce debt Mon, 24 May 2021 04:23:45 +0000

Dell Technologies Inc.

plans to sell its stake in software giant

VMware Inc.

will help his chief financial officer reduce the mountain of debt of the personal computer manufacturer.

The Round Rock, Texas-based company said on Wednesday that VMware pay a special dividend in cash from 11.5 to 12 billion dollars to the shareholders of the company, of which 9.3 to 9.7 billion dollars to Dell. Dell owns around 81% of VMware’s capital.

“This speeds up our corporate deleveraging plan,” CFO Tom Sweet said.

Dell Merger 2016 with EMC Corp. burdened the tech company with substantial debt. At the end of February, the company reported $ 33 billion in debt base – a separate amount of debt from its financial services division and that of its subsidiaries – for its most recent fiscal year.

Dell repaid $ 5.5 billion in basic debt in fiscal 2021 and initially planned to spend at least an additional $ 5 billion on debt reduction in that fiscal year. With the proceeds of the VMware transaction, Mr. Sweet is now increasing the amount he wants to reduce his debt by approximately $ 14.5 billion for the current fiscal year.

That would reduce the ratio of core debt to earnings before interest, taxes, depreciation and amortization to about twice, from 2.5 times at the end of fiscal 2021, Sweet said.

Debt reduction is not a goal in itself for Dell, but is seen as a step towards a premium credit rating. The company hasn’t owned any since 2013, when founder Michael Dell and private equity firm Silver Lake privatized the company. He returned to the public markets in December 2018.

Fitch Ratings Inc., Moody’s Investors Service and

Global S&P Inc.

currently rate Dell below the investment grade. “Given the size of the business, it’s important to get back to top-notch rating,” Sweet said, adding that Dell has regular conversations with rating agencies.

S&P said on Wednesday it had placed Dell on credit watch with positive implications, saying there was at least a 50% chance the company would raise its rating to investment grade once the VMware spin-off ends. “We believe Dell’s financial policy will support an investment grade rating,” S&P said. “In our view, reducing the absolute debt burden is also in the best interest of equity and debt investors given its high leverage relative to other hardware peers, which exposes Dell to pressure. ratings during industry downturns, ”S&P said.

Fitch also put Dell on positive watch and said he sees room for a higher credit score.

An investment grade would give the company more flexibility in allocating its capital and could allow it to spend money on shareholder returns such as dividends and share buybacks, Mr. Sweet. Dell does not currently pay any dividends to shareholders.

The company intends to repay two upcoming debt instruments of approximately $ 1.5 billion each as well as a $ 4 billion margin loan secured by Dell’s VMware shares, Sweet said.

The split is expected to end in the fourth quarter of calendar year 2021. Dell launched a process last year to review its stake in VMware that included the offloading of its stake.

“Paying off core debt has been a priority for Dell since the deal with EMC, and we’ve seen it with the Dell divestitures,” said Mark Cash, senior equity analyst at Morningstar Research Services LLC, a supplier of research.

Wednesday’s transaction allows the company to unlock additional value that has not been realized in the current capital structure, said Daniel Newman, founding partner of Futurum Research, a research firm.

Dell’s share price rose 8.25% after-hours trading to $ 100.35, according to FactSet.

Write to Nina Trentmann at

Copyright © 2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Letter: Why interest rate fears echo the 1930s Mon, 24 May 2021 04:23:45 +0000

Martin Wolf’s analysis clearly underscored the problems associated with Jay Powell’s approach of keeping interest rates artificially low (“reasons to worry about US inflation”, Notice, May 19).

But there may be a bigger question. With the surge in new non-government debt globally, the aging of this debt has big implications. If this aging spans five to ten years, then any decision by the Chairman of the Federal Reserve to raise short-term rates can be manageable. But if the debt is for one to three years, the increased negative impact will be significant. It will be impossible for many to roll over bonds maturing on similar and favorable terms. In addition, as higher interest charges affect earnings, the balance sheet implications of higher absolute debt could result in lower credit ratings.

The similarity with 1931 is striking. The Fed had artificially kept interest rates lower for many of the same reasons as they are today. Governments around the world were borrowing more and more to cover cash flow shortages. Debt to operating cash flow ratios were impossible to maintain. Then “the music stopped” and the result was not corrected until the Second World War!

Paul fuller
Arlington Heights, Illinois, United States

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