Loan Online – Stratia Wire http://stratiawire.com/ Fri, 18 Nov 2022 18:06:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://stratiawire.com/wp-content/uploads/2022/03/stratiawire-icon-120x120.jpg Loan Online – Stratia Wire http://stratiawire.com/ 32 32 Have you received a student loan forgiveness email? Ministry of Education sends mass notices to borrowers https://stratiawire.com/have-you-received-a-student-loan-forgiveness-email-ministry-of-education-sends-mass-notices-to-borrowers/ Fri, 18 Nov 2022 18:06:45 +0000 https://stratiawire.com/have-you-received-a-student-loan-forgiveness-email-ministry-of-education-sends-mass-notices-to-borrowers/ Education Secretary Miguel Cardona takes questions from President Joe Biden as they leave an event … [+] about student debt relief in the South Court Auditorium of the White House complex in Washington, October 17, 2022. (AP Photo/Susan Walsh, File) Copyright 2022 The Associated Press. All rights reserved. The Department of Education is sending mass […]]]>

The Department of Education is sending mass notices to borrowers who have been approved for student loan forgiveness as a result of alleged misconduct at school. Hundreds of thousands of borrowers will not have to repay their student loans under a mass release initiative.

“The Department of Education…has determined that the loan(s) you have received…are eligible for a full loan discharge,” read an email sent to thousands of borrowers. “This means that the remaining balance on the loan(s) will be cancelled. You no longer have to make any payments on the loan(s). »

Here’s what borrowers need to know.

Student loan forgiveness due to academic misconduct

The Biden administration is providing mass student loan forgiveness relief through Borrower Defense Until Repayment, a program designed to address academic misconduct related to false promises about student life essentials. educational programs.

In June, the administration announced that 560,000 borrowers who attended Corinthian colleges would receive automatic student loan forgiveness through borrower defense until repayment, whether or not they applied for relief or submitted a formal request for defense from the borrower. The national for-profit school chain, which collapsed in 2015, has been accused of intentionally misrepresenting placement rates and false advertising.

“Every student cheated, defrauded and indebted by Corinthian colleges can be assured that the Biden-Harris administration has their back and will repay their federal student loans,” U.S. Education Secretary Miguel Cardona said in a statement. press release accompanying the June announcement.

Then, in August, the Biden administration announced that another 200,000 borrowers who attended ITT technical institutes would also receive automatic student loan forgiveness. Like Corinthian, ITT was accused of widespread misconduct related to admission and placement rates before collapsing in 2016. Borrowers who attended ITT from January 1, 2005 to its closure in September 2016 would be eligible for a waiver of group, even if they didn’t. submit a formal Borrower Defense Request.

Mass emails sent to thousands of borrowers this week indicate the Department of Education is making progress on its promise to erase federal student loan debt for these borrowers and others who attended predatory establishments.

What borrowers need to know about automatic student loan forgiveness

In addition to student loan forgiveness, borrowers who qualify for relief through this automatic group discharge process may also receive refunds of previous payments made on these loans. And borrower credit reports should be updated to reflect discharges once they are processed.

“You may also receive a refund for previous payments made to the Department on your discharged loan(s),” the Department of Education’s email reads. “Your repairer will let you know if you are eligible for a payment refund, which will be mailed to you…Your credit report will also be updated to reflect this discharge once it is complete.

The Education Department encourages borrowers to update their mailing address to ensure they receive important correspondence, as well as repayment checks.

“Please check your online account with your loan officer to ensure your address is correct so that you can receive any refunds,” the Education Department says. “Otherwise, you don’t have to do anything else to receive your discharge.”

Borrowers can obtain contact information for their current loan officer by logging into their Department of Education portal at StudentAid.gov.

Payments for applicable loans will be suspended even after the student loan payment break ends

It may still take some time for the releases to fully take effect, but the Department of Education says applicable loans will remain in administrative forbearance, with no payments due, until the release is complete. This means that even if the current student loan payment pause ends on December 31, these borrowers will continue to have their payments suspended.

Separately, the Biden administration is also considering an extension of the ongoing student loan pause for all borrowers with government-held federal student loans.

Relief is separate from other student loan forgiveness initiatives

It is important to note that this latest round of student loan forgiveness is entirely separate from other recent relief announced by the Biden administration, including the following:

Further Reading on Student Loan Forgiveness

Court approves $6 billion in student loan forgiveness for 200,000 borrowers to resolve lawsuit

8 Signs Biden Could Really Extend Student Loan Pause

Student Loan Forgiveness Status: 6 Updates After Multiple Court Lockdown Eases

Can you apply for multiple student loan forgiveness programs? Yes – with some caveats

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GINSMS Completes Repayment of Equity Loan for Debt https://stratiawire.com/ginsms-completes-repayment-of-equity-loan-for-debt/ Tue, 15 Nov 2022 23:37:54 +0000 https://stratiawire.com/ginsms-completes-repayment-of-equity-loan-for-debt/ GlobeNewswire2022-11-15 CALGARY, Alta., Nov. 15, 2022 (GLOBE NEWSWIRE) — GINSMS Inc. (“GINSMS“or the”society”) (TSXV: GOK) is pleased to announce that it has completed the Debt Equity Transaction (the “Actions for Debt Transaction”) previously announced on October 17, 2022, pursuant to the agreement between the Company and Joel Siang Hui Chin (“Joel Chin“) for the reimbursement, […]]]>
GlobeNewswire
2022-11-15

CALGARY, Alta., Nov. 15, 2022 (GLOBE NEWSWIRE) — GINSMS Inc. (“GINSMS“or the”society”) (TSXV: GOK) is pleased to announce that it has completed the Debt Equity Transaction (the “Actions for Debt Transaction”) previously announced on October 17, 2022, pursuant to the agreement between the Company and Joel Siang Hui Chin (“Joel Chin“) for the reimbursement, by issuing shares, of loans (collectively, the “Loans”) representing an aggregate amount of principal and interest of CAD 3,732,450.73 granted to the Company by Joel Chin.

Following receipt of approval from the TSXV Venture Exchange (the “Swap”), the Company issued 37,324,507 ordinary shares of the Company at a price of CAD 0.10 per ordinary share (the “Redemption Actions”) on November 14, 2022. The total number of shares issued and outstanding as a result of the loan-for-share transaction is 187,118,368 common shares. Joel Chin now holds 37,324,507 common shares representing 19.95% of all issued and outstanding common shares of the Company. Joel Chin has retained loans totaling CAD 145,785.79 in principal to the Company. Prior to the Loan Share Transaction, Joel Chin held no common shares of the Company. Xinhua Mobile Limited (“Mobile Xinhua”), the majority shareholder of GINSMS, continues to hold more than 50% of all issued and outstanding shares of the Company. Specifically, Xinhua Mobile owns 52.29% of all issued and outstanding common shares of the Company.

Redemption Shares are subject, under the Rules of the Exchange and applicable Securities Laws, to a 4 month hold period.

About GINSMS

GINSMS is a mobile technology and services company that focuses on 2 areas, namely its A2P messaging service and software products and services. GINSMS operates a cloud-based A2P messaging service that enables SMS termination to mobile subscribers from over 200 mobile operators worldwide. GINSMS also develops and distributes innovative software products and services for mobile operators and enterprises and has successfully deployed more than 100 solutions worldwide. GINSMS has offices in China, Singapore, Hong Kong, Malaysia and Indonesia. Its head office is located at 700-9e Avenue SW, Suite 300, Calgary, Alberta T2P 3V4.

For more information, please contact:

GINSMS Inc.
Joel Chin, CEO
Tel: +65-6441-1029
Email: investor.relations@ginsms.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE RELEVANCE OR ACCURACY OF THIS RELEASE.

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Live Stimulus Relief Checks Online: Crypto Crash, Wall Street Rallies | Soaring S&P and Nasdaq https://stratiawire.com/live-stimulus-relief-checks-online-crypto-crash-wall-street-rallies-soaring-sp-and-nasdaq/ Sat, 12 Nov 2022 18:16:57 +0000 https://stratiawire.com/live-stimulus-relief-checks-online-crypto-crash-wall-street-rallies-soaring-sp-and-nasdaq/ Student Loan Forgiveness Portal No Longer Accepting Applications After Texas Judge Blocks Program “The courts have issued orders blocking our student debt relief program. As a result, at this time we are not accepting applications. We seek to rescind these orders. If you’ve already applied, we’ll consider your application,” is the message that greets student […]]]>

Student Loan Forgiveness Portal No Longer Accepting Applications After Texas Judge Blocks Program

“The courts have issued orders blocking our student debt relief program. As a result, at this time we are not accepting applications. We seek to rescind these orders. If you’ve already applied, we’ll consider your application,” is the message that greets student borrowers looking to apply for President Biden’s vaunted Federal Student Loan Forgiveness Program.

After 18 months of waiting for Biden to deliver on his campaign promise, Biden has announced his administration will move forward with up to $20,000 in student loan debt forgiveness for Americans.

However, the program soon ran into lawsuits from conservative groups, two of whom had their plea stays blocked by Judge Amy Coney Barrett. Despite this, two lower courts have now imposed injunctions on the Ministry of Education to move forward, the second by a Texas judge causing the judgment to accept new applications.

“If you have already applied, we will hold your application. Subscribe and come back here for updates. We will post information as soon as further updates become available,‘ reads the review.

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Govt. cannot lower loan interest rate: FM https://stratiawire.com/govt-cannot-lower-loan-interest-rate-fm/ Thu, 10 Nov 2022 05:40:26 +0000 https://stratiawire.com/govt-cannot-lower-loan-interest-rate-fm/ Thukten Zangpo The government cannot lower the interest rate on loans set by financial institutions (FIs) because FIs set or determine the interest rate on loans based on minimum lending rates (MLRs). Responding to questions about high lending rates, Finance Minister Namgay Tshering told the National Assembly that the Royal Monetary Authority (RMA) has no […]]]>

Thukten Zangpo

The government cannot lower the interest rate on loans set by financial institutions (FIs) because FIs set or determine the interest rate on loans based on minimum lending rates (MLRs).

Responding to questions about high lending rates, Finance Minister Namgay Tshering told the National Assembly that the Royal Monetary Authority (RMA) has no authority in terms of setting the interest rate on loans and continuously reviews FI loan rates. depending on the evolving nature of the economy.

The RMA revised the single MLR from 7.16% in December 2021 to 6.92% in June this year. A single MLR is calculated by averaging the MLR of individual banks.

Lyonpo said FIs calculate loan interest rate based on MLR and FIs also decide to fix above MLR.

Loan rates differ from bank to bank. Bhutan Development Bank Limited’s minimum lending rate is 7% per annum and Bank of Bhutan Limited’s is 6.5%. Lyonpo said the MLR is determined on the incremental cost of FI funds, the operational cost and the cost to likely profit of the cash reserve ratio (CRR).

He added that FIs need to consider the source of funding for fixed deposit and current deposit, interest rates on savings deposit and current deposit and operational costs. He said Bhutan’s interest rate is not comparable to other countries due to the country’s small outstanding loans of Nu 165B from six FIs and limited capital adequacy of FIs.

The Ministry of Finance, the minister said, is in discussion with the FIs to have differentiated interest rates for loans depending on the economy of the country.

The current situation requires low-interest loans to strengthen local industries, which can substitute imports and save foreign exchange reserves, Lyonpo said. However, he added that construction and vehicle loans are not essential at this time.

Regarding the equivalent value of collateral, Lyonpo said the government had proposed the revised Property Assessment and Valuation Agency (PAVA) rate. The PAVA rate is the compensation basis for urban or rural land acquired by the State for public works.

Lyonpo said the previous PAVA rate could only get 40% of market value, however, the revised rate will get a land value close to 90% of market value. With the revised rate, he said rural and urban land as collateral would get higher loans.

Bartsham-Shongphu MP Passang Dorji said the RMA has the power and responsibility to decide the interest rate through tools such as CRR, statutory liquidity ratio and adequacy ratio capital.

He added that the RMA has lowered the CRR from 10% to 7% and there is an opportunity to lower the interest rate.

Opposition leader Dorji Wangdi also said banks used to charge higher interest rates earlier at 13%-15% but later reduced to 7-12%.

Sharing what is practiced in other countries, Dorji Wangdi said countries are also following the quantitative easing policy, where the lending rate is zero percent.

He also said that start-up entrepreneurs struggle to get bridging loans after setting up their business.

Drametse-Ngatsang MP Ugyen Wangdi asked if the interest rate could be revised to 5% from 6.5%.

Lyonpo said that when making loans, the biggest problem is the loan assessment system, if the loans are misused in the proposed activity.

He added that the National Cottage and Small Industry Bank provided loans at an interest rate of 5% and 2%. Most defaulters who borrowed at are those who borrowed at 2%.

Lyonpo also said Bhutan Opportunity and Information Center or Rural Enterprise Development Corporation limited in 2018 had an NPL ratio of 48%, and Bhutan Development Bank Limited at 21%.

To stock up on essential items, Lyonpo said a bridge loan worth $4.5 billion at 5% had been provided during the pandemic and the government was aware of the repayment problem.

He said the government had discussed with the central and the FIs the loan deferral and the conversion of the overdraft facility into term loans, as monetary measures.

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Singapore’s UOB to stop funding oil and gas projects https://stratiawire.com/singapores-uob-to-stop-funding-oil-and-gas-projects/ Fri, 04 Nov 2022 06:07:00 +0000 https://stratiawire.com/singapores-uob-to-stop-funding-oil-and-gas-projects/ Singapore’s UOB will not provide any new project finance for upstream oil and gas projects approved for development after 2022, following in the footsteps of a growing number of European lenders. The UOB this week announced ambitious commitments to achieve net zero by 2050, underscoring the bank’s goal of supporting a just transition that advances […]]]>

Singapore’s UOB will not provide any new project finance for upstream oil and gas projects approved for development after 2022, following in the footsteps of a growing number of European lenders.

The UOB this week announced ambitious commitments to achieve net zero by 2050, underscoring the bank’s goal of supporting a just transition that advances sustainable socio-economic development alongside decarbonization in Southeast Asia. East.

UOB is believed to be the first major bank in Asia to stop supporting oil and gas projects, although funding for existing projects will continue.

The Singaporean bank’s commitments cover six carbon-intensive sectors, which together account for around 60% of its corporate loan portfolio. These six sectors are oil and gas, energy, construction, steel, automotive and real estate.

UOB said that by using internationally recognized climate science models, it bases its sector goals on “regional pathways” that align with global net zero goals. This net-zero approach reflects UOB’s firm belief in the need for a just transition in Southeast Asia that continues to support economic growth and improve energy access across the diverse economies of the region.

“In Southeast Asia, our net zero ambitions must go hand in hand with an orderly and just transition to take into account socio-economic challenges. Even as we reduce our carbon footprint, we must ensure that people’s lives and livelihoods can continue to improve, said UOB Director General Wee Ee Cheong.

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“It is important to balance growth with responsibility in our net zero journey. Our goals are ambitious, yet realistic, and they also meet the global net zero targets for Asean.”

The six sectors were selected according to three principles: the highest level of greenhouse gas emissions; the largest expected decline in GHG emissions in the coming years; and industries in which the UOB believes it has the greatest potential to effect change, Singaporean daily The Straits Times reported.

UOB’s commitments for the other five sectors include intermediate targets for 2030 to reflect the progress needed in the short term towards net zero. For the electricity sector, its target is to reduce emissions intensity (relative to the 2021 baseline) by 61% by the end of this decade and to reduce emissions intensity by 98% by the end of this decade. by 2050; while for steel, its targets are to reduce emissions intensity by 20% by 2030 and 92% by 2050.

Current coal funding will end by 2039

In addition, the UOB has pledged to cease financing the thermal coal sector by 2039 – this is in addition to the bank’s existing prohibitions on financing new greenfield projects or the expansion of power plants in the coal and thermal coal mining.

The UOB added that it is integrating its net zero plans into its business strategies and will scale up its efforts by working closely with customers and other stakeholders towards decarbonization. The bank will report annually to track progress against its net zero commitments, and over time it intends to expand the scope of its targets to include additional sectors as data and scenarios emerge. climatic conditions become available.

Underscoring its commitment to regional and global decarbonization efforts, UOB is joining the Net-Zero Banking Alliance, which includes 121 banks from 41 countries with $70 trillion in global banking assets.

Singapore’s main bank, DBS, in September unveiled a decarbonization plan for nine industries, including the oil and gas sector. Meanwhile, OCBC Bank, another major Singaporean lender, said it would release carbon reduction plans for separate industries by the first half of 2023, according to Nikkei Asia, a Japanese English-language news publication.

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How to Calculate EMI Loan – Forbes Advisor INDIA https://stratiawire.com/how-to-calculate-emi-loan-forbes-advisor-india/ Tue, 01 Nov 2022 22:05:43 +0000 https://stratiawire.com/how-to-calculate-emi-loan-forbes-advisor-india/ When taking out a loan, it is essential to understand how much you will have to pay each month. This can help you better compare lenders and decide whether an interest-only or amortized loan is the best choice. Although it is possible to calculate loan repayments yourself, many loan repayment calculators are available for many […]]]>

When taking out a loan, it is essential to understand how much you will have to pay each month. This can help you better compare lenders and decide whether an interest-only or amortized loan is the best choice. Although it is possible to calculate loan repayments yourself, many loan repayment calculators are available for many of the most common types of loans.

Here’s what you need to know about calculating loan repayments and where to find the best loan repayment calculators.

How Loan Payments Work

Most loans require monthly installments over a fixed period, the term of the loan. These payments are used for loan principal (the amount you originally borrowed) and interest (the cost of borrowing the money). The amount of your monthly payment depends on the terms of your loan, including the interest rate, repayment term and amortization schedule.

The main factors that affect loan repayments are:

  • Director. The principal of the loan is the total amount you have borrowed.
  • Interest rate. Interest is what lenders charge consumers to borrow money. Annual Percentage Rates (APR) include annualized interest plus any additional borrowing fees or costs, such as origination fees. Interest rates are more competitive for borrowers with excellent credit because they pose less risk to lenders.
  • Costs. Depending on the lender, additional fees may include origination fees, late fees, insufficient funds fees and prepayment penalties.
  • Reimbursement deadline. A shorter loan term means higher monthly payments, but interest has less time to accrue. A longer loan term comes with lower monthly payments, but higher interest overall.

in addition Payments

Making extra payments on top of what you owe can help you pay off your loan faster and save money in the long run. If you apply these additional funds to the principal balance of the loan, you will reduce the interest you owe over time.

If you want to make additional payments on your loan, check with your lender first. It may be necessary to request that additional payments be applied to the principal. Some lenders also charge prepayment penalties that will increase the overall cost of your loan if you pay it off early, while others may limit the number of extra payments you can make each year.

Loan repayment formula

Borrowers can use the loan payment formula to calculate the monthly payment for a loan. You will need to know the interest rate, the loan amount and the term of the loan. Keep in mind that this can be used for any type of loan, including personal loans, auto loans, student loans, and mortgages.

Once you have all the necessary information, you can incorporate it into the formula and calculate your monthly payment.

Interest only loans

An interest-only loan is a type of loan where you only pay interest for a certain period of time. The amount you owe in principal doesn’t change during this time, so your monthly payments are lower than they would be with a traditional amortized loan.

To calculate interest payments on a loan, multiply the loan balance by the annual interest rate and divide by the number of payments in a year. For example, the interest only payments on a loan of INR 50,000,000 with an interest rate of 8% and a repayment term of 10 years would be INR 33,333.33.

Interest-only loans can be useful if you need to keep your payments low in the short term. However, they also carry some risks. Since you are not paying off the principal balance of your loan, you will pay more interest overall. Also, if the value of your collateral goes down, you could end up owing more than it’s worth.

Amortizing loans

An amortizing loan is a type of loan where monthly payments are applied to both the principal balance and the interest. This means that each payment reduces the amount you owe in both areas.

Calculating payments based on an amortization schedule is more complex than interest-only loans. Repayments for fully amortized fixed rate loans are set using amortization schedules and provided by the lender at the start of a loan. If you want to know what your expected payment will be, use one of the calculators provided below.

Consider the same INR 50,00,000 loan above. In this case, the monthly payment is INR 60,663 for the entire repayment period, which is about three times the interest only payment. Here is the amortization table for the first year of this loan:

Calculate loan repayments using calculators

The easiest way to calculate loan repayments is to use an online loan calculator. These tools allow potential borrowers to enter the information needed to obtain an estimated monthly payment.

personal loan calculator

Personal loan calculators are a way to estimate the monthly payment for a personal loan. Not only does this help you calculate what you can afford to borrow, but it also makes it easier to compare lenders to find the lowest monthly payment.

To use the Forbes Advisor personal loan calculator, enter the loan amount, annual interest rate, and repayment term in months or years. After entering this information, the calculator will estimate your monthly payment, the amount of interest you will pay, and the total amount paid over the term of the loan. Remember that this is only an estimate, so your actual payment may differ.

student loan calculator

For many, student loans are the only way to pay for their education, but they can have a huge impact on your finances for many years to come. The Forbes Advisor Student Loan Calculator can help you understand the implications of borrowing and show you the impact of extra payments on your budget and payment horizon.

Enter your loan amount, interest rate, loan term, and additional monthly payment amount into the calculator. Based on this information, you will see your estimated monthly payment and the estimated payment month. You will also see the total interest paid during the repayment and the total amount paid.

mortgage calculator

Using our mortgage calculator can solve some of the mystery of financing a home, especially for first-time home buyers. To use it, enter the price of the house, the down payment (in dollars or as a percentage), the interest rate and the term of the loan in years.

A mortgage calculator can help you figure out how much you can afford to spend on a home. It also makes it easier to see how different down payment amounts affect monthly payments. The best mortgage calculators also create a full amortization schedule so you can see your possible loan repayments over time.

HELOC calculator

Our home equity line of credit (HELOC) calculator lets you see how much you’re likely to qualify with a HELOC. Calculations are based on your credit score, current home value and outstanding mortgage balance.

Once you have entered the information, the calculator will tell you how much you can borrow and your current loan-to-value (LTV) ratio. Lenders typically allow a maximum LTV ratio of over 80%, so HELOC calculators can help you better understand your chances of approval.

Home Equity Loan Calculator

Home equity loan calculators can help you gauge your chances of approval and show you how much you can borrow. To use Forbes Advisor’s home loan calculator, enter your current home value, mortgage balance, and credit score.

As with the HELOC calculator, you will be able to see your current LTV ratio and the amount you may be able to borrow against your home equity.

car loan calculator

Our auto loan calculator can help you figure out how much you can afford to pay for a vehicle and give you an idea of ​​how much interest you’ll pay over the life of your loan. Enter your credit score, car price, interest rate, and loan term in months or years. If applicable, also enter the trade-in value of your current vehicle or the down payment you plan to make.

The calculator will show you how much interest you will pay each month and the total interest paid over time. You’ll also see the total amount you’ll pay over the life of the loan, including loan principal and interest. Depending on the auto loan calculator you use, it may also generate annual and monthly amortization tables.

If you’re not comfortable using a calculator, talk to your lender. It can estimate your monthly payments based on relevant loan details.

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Need to starve terrorists of financing and emerging technologies: shrewdly https://stratiawire.com/need-to-starve-terrorists-of-financing-and-emerging-technologies-shrewdly/ Sat, 29 Oct 2022 11:13:00 +0000 https://stratiawire.com/need-to-starve-terrorists-of-financing-and-emerging-technologies-shrewdly/ The international community must work together to “starve” terrorists of emerging finance and technology to stop the destruction around the world, British Foreign Secretary James Cleverly said on Saturday. In a speech at the meeting of the United Nations Security Council’s Counter-Terrorism Committee, Cleverly called on countries to fight “online” terrorism, including global terrorist […]]]>

The international community must work together to “starve” terrorists of emerging finance and technology to stop the destruction around the world, British Foreign Secretary James Cleverly said on Saturday.

In a speech at the meeting of the United Nations Security Council’s Counter-Terrorism Committee, Cleverly called on countries to fight “online” terrorism, including global terrorist recruitment campaigns.

“In the space of two decades, terrorists have gone from broadcasting cracking voice recordings from the depths of Tora Bora, to global online recruitment and incitement campaigns, to live attacks, said he declared.

“Online incitement has radicalized vulnerable people in distant countries who have continued to use rental vans as weapons of terror,” Cleverly said.

“We must therefore continue to work together to combat terrorist ideologies online,” added the British Foreign Secretary.

Cleverly stated that the international community must “starve out the terrorists of finance and emerging technologies that will cause death and destruction in the world.”

India hosted the meeting of the United Nations Security Council Counter-Terrorism Committee in its capacity as Chairman.

While the first day meeting took place in Mumbai on Friday, the second day deliberations took place in Delhi on Saturday.

Britain’s Counter Daesh communications cell, in partnership with the US and Emirati governments, is working to challenge Daesh propaganda, according to the British High Commission.

He said the UK was also working to stop terrorists exploiting online platforms and pushing tech companies to crack down harder on extremist content online through the G7 and the Global Crime Forum. Internet to fight terrorism.

All over the world, unmanned aerial systems are being used to sow terror. The UK is funding new technology to combat these drones and prevent terrorists from misusing them, the high commission said.

During the visit, the UK Foreign Secretary announced a new collaboration between the UK and India through British International Investment.

This included £11m of UK funding invested in Kinara Capital, a female-led fintech company.

British International Investment is designed to strengthen business ties with UK partners and generate economic growth.

The High Commission said Cleverly had also announced a £22 million investment from the UK-backed Neev II Fund in Hygenco, which will help India’s green energy transition by introducing green hydrogen. .

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Lending apps have ruined their reputation. A sleazy online marketplace offered to fix them https://stratiawire.com/lending-apps-have-ruined-their-reputation-a-sleazy-online-marketplace-offered-to-fix-them/ Thu, 27 Oct 2022 10:00:00 +0000 https://stratiawire.com/lending-apps-have-ruined-their-reputation-a-sleazy-online-marketplace-offered-to-fix-them/ In 2020, Titiola, a former bank teller in Lagos, wanted to start her own business as a bank agent, but couldn’t afford the point-of-sale (POS) device needed to get started. Her family unable to help her, she took out a loan from FairMoney, a licensed lending app, which required full repayment plus 30% interest paid […]]]>

In 2020, Titiola, a former bank teller in Lagos, wanted to start her own business as a bank agent, but couldn’t afford the point-of-sale (POS) device needed to get started. Her family unable to help her, she took out a loan from FairMoney, a licensed lending app, which required full repayment plus 30% interest paid within a month.

But when it came time to repay the loan, Titiola, who asked to use a pseudonym for privacy reasons, didn’t have the money. So she took out another loan, this time with Ocash, an unlicensed app she had seen advertised on Facebook. The Ocash loan had repayment terms of just two weeks, with an interest rate of almost 50%.

Titiola found herself caught in a vicious cycle of Nigeria’s mostly unlicensed and predatory soft loan app industry. Subsidized loans are loans of a relatively small amount borrowed over a short period. They can range from 1,500 naira ($3) to 500,000 naira ($1,144) and usually have a repayment period ranging from one week to two months, often with high interest rates.

To repay Ocash, Titiola borrowed from another app, Easemoni, and to repay Easemoni, she borrowed from two other apps. By the end of 2021, she owed several apps, and many of them threatened to send messages to her contacts calling her a fraud — a common tactic used by these loan apps to shame or embarrass defaulters into paying.

Feeling desperate, Titiola turned to Facebook, where she found groups with names such as “Say No To Lending Apps” and “Say No To Illegal Lending Apps”, which were launched around June 2021 and February 2022, respectively. After posting about his dilemma, someone suggested he contact Chukwuemeka Ogbu, nicknamed “the general”.

Ogbu offers promising services to help people caught in the cobweb of the loan application industry on favorable terms. With services costing from 1,500 naira ($3) to 4,500 naira ($10), it helps clients mitigate the reputational damage caused by shameful messages from lending apps. This can include showing customers how to back up their contacts so they can later delete them from their phone, keeping them out of the reach of lending apps. It also sends bulk messages to people’s contacts in an attempt to compensate for messages from lending apps, sometimes assuming the identity of the lending app and rejecting earlier messages. It even claims to be able to get user records deleted from the databases of many lending applications.

Additionally, Ogbu runs a WhatsApp group that serves as a virtual community and communication channel for its customers. It also encourages members to participate in weekly “savings” contributions – a shared savings plan in which money is held by a different contributor each round.

ogbu said Rest of the world that he started offering his services after his own experience with a lending app called LCredit, which was recently removed from the Google Play store for violating Google policies. Ogbu said in 2019 he borrowed frequently from LCredit and paid off debt quickly, triggering more generous credit limits. The last time he borrowed from LCredit, he took out a loan of 500,000 naira ($1,144), which carried an interest rate of 50% and was due to be repaid in two weeks. “It was something I couldn’t afford,” he admitted.


https://www.facebook.com/groups/663802864748524

When he failed to pay on time, LCredit messaged his contacts and even proclaimed he was dead. This is a tactic that loan applications are sometimes used in an effort to tarnish a defaulter’s reputation and self-esteem.

In an attempt to repair his reputation, Ogbu sent mass text messages to his contacts. He said Rest of the world that he was also able to clear his name from LCredit’s database, although he did not specify how he managed to do so, nor provide evidence of his ability to do so. He then decided he could do the same for other lending app users.

As the gray market that these predatory lending apps have inspired resembles a Wild West, it is difficult to verify information about who is involved or how they operate, and the region is ripe for scammers.

But Titiola said Rest of the world she was satisfied with Ogbu’s service. “I haven’t been defamed by any app which is my biggest fear. WhatsApp messages and calls have been curtailed, she said. “Since I joined Ogbu’s [WhatsApp] group, I eat and sleep well.

The economic situation in Nigeria has caused an increase in demand for soft loans, which come with high interest rates and short repayment periods, often just a week or two. As collateral, the apps request financial details and access to read private data such as users’ locations, media files and photographs, and contacts.

When people don’t repay on time, the apps respond by sending messages threatening lawsuits, defamation and even voodoo attacks.

An Enugu-based bar and restaurant owner, who wished to remain anonymous for fear of being identified by lending apps, said Rest of the world he took out loans from five different apps in early 2022 when his business started to flounder. At first he borrowed money to repay his loans. Then he borrowed from the apps again – but that only increased the amount he spent on debt service. In April, he could no longer follow.

“One particular app, Cashbus, was already showing me my contacts and the defamatory messages they would send.”

Afterwards, he started receiving threats. “One particular app, Cashbus, was already showing me my contacts and the defamatory messages they would send,” he said. Rest of the world. “I was so scared. I started looking [a] the solution.”

He saw Ogbu’s message and paid him 4,000 naira ($9) to clear his name from loan applications.

Weeks later, the restaurant manager said many of the apps he owed had stopped messaging him. When he checked the dashboards of some of these apps, he said his records seemed to have been replaced with strange names and details.

Another loan app user, Nessa, who asked to use only her first name for privacy reasons, turned to Ogbu in June after an app, XCredit, sent messages to her contacts, accusing her of being a criminal. To repay her loan from XCredit, Nessa had taken out a series of loans from other apps. “I don’t know how he does it but they couldn’t reach my contacts,” Nessa said. Rest of the world.

Ogbu is not the only one to offer these services. Another man, who identifies himself on Facebook as Onye Ocha – which means “white man” in Igbo – claims to be an app developer and says he is capable of breaching and manipulating the lending app database .

Onye Ocha said Rest of the world he only charges his clients for the cost of the internet data he uses while working on their cases. According to Ogbu and Onye Ocha, prices for services like theirs can go up to 10,000 naira ($23). The market still has a limited number of players, and many have refused to talk with Rest of the worldfearing that the information they disclose will disrupt their processes or be used to track them.

People offering these services operate in a gray area. “There is no specific law governing reputation laundering activities. However, their activities can touch on a range of legal issues, including fraudulent misrepresentation and breach of data protection obligations,” said Theophilus Oladipo, a lawyer who works at the intersection of fintech and compliance. to financial crimes. Rest of the world.

For now, the best way to repair your reputation is to sue the entities, Oladipo said: “Nigerian courts have the power to order these companies to issue a public apology for the injuries caused, in addition to other remedies they may obtain, such as monetary compensation. compensations. However, many of these apps are owned by unregistered and unlicensed entities, making it difficult for regulators to track them down and for customers to sue them, he added.

Ogbu said he is aware that some of his activities might be against the law, but he must do them to protect people from loan sharks. Onye Ocha shares a similar view. “There was a government agency that said they banned [the apps]he said, referring to numerous attempts by the Federal Competition and Consumer Protection Commission (FCCPC) to crack down on illegal apps. “Have they stopped working?

In March, Nigerian authorities raided the offices of seven different loan apps, citing complaints of intimidation, harassment and breaches of privacy. After the raid, the FCCPC allegedly froze more than 30 accounts belonging to illegal lending apps. In August, the commission asked Google to remove four apps from its Play Store. Apps have been removed, however, many still advertise on social media and can still be downloaded.

However, the nascent mitigation market that has sprung up in response can also be dangerous. Ogbu pointed out that fraudsters and loan officers could pretend to be mitigation service providers.

Ogbu describes his services as bringing people hope. “If you have to save a life, that’s worth more than anything else,” he said. “So that’s my main target.”

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AfDB approves loans for fiscal sustainability and green recovery https://stratiawire.com/afdb-approves-loans-for-fiscal-sustainability-and-green-recovery/ Mon, 24 Oct 2022 05:44:25 +0000 https://stratiawire.com/afdb-approves-loans-for-fiscal-sustainability-and-green-recovery/ …includes another fund to build a solar power plant Thukten Zangpo The Asian Development Bank (AfDB) on October 18 approved a US$37.35 million (approximately Nu 3 billion) policy-based loan to support Bhutan’s green and resilient economic recovery from the coronavirus pandemic. Covid-19. The loan will finance the first sub-program of the fiscal sustainability and green […]]]>

…includes another fund to build a solar power plant

Thukten Zangpo

The Asian Development Bank (AfDB) on October 18 approved a US$37.35 million (approximately Nu 3 billion) policy-based loan to support Bhutan’s green and resilient economic recovery from the coronavirus pandemic. Covid-19.

The loan will finance the first sub-program of the fiscal sustainability and green recovery program.

This includes supporting medium-term institutional and policy reforms to expand domestic resource mobilization, promote private sector development, particularly crafts and small industries (CSI), and introduce adaptation measures and climate change mitigation.

“The Covid-19 pandemic has severely affected Bhutan’s economy, which has performed well over the past two decades. Fiscal sustainability is critical for Bhutan as it recovers from the pandemic and aspires to become a high-income country by 2030, said Chandan Sapkota, AfDB Public Management Economist for South Asia. .

He added that government revenue would increase and expand fiscal space for the investments needed to achieve green, resilient and inclusive development.

Nearly 40% of Bhutan’s economic activities that rely heavily on hydropower to drive growth are sensitive to climate change.

The AfDB said the program would help lay Bhutan’s foundation for a green recovery by supporting a national adaptation plan, a climate-resilient development strategy and green finance.

The program would also contribute to strengthening domestic resource mobilization, including through reforms in the areas of customs administration, tourism, a medium-term revenue strategy, and public financial management.

Since business development in Bhutan is constrained by complicated processes, shortage of skilled labor, low digitization, reliance on state-owned enterprises, and limited access to finance.

It would support the streamlining of licensing procedures, the promotion of business ventures, tax incentives for CSIs, and market-relevant technical and vocational education and training.

Previously, the AfDB had provided $1 million in technical assistance to support the implementation of policy actions, including the strengthening of executing and implementing agencies.

The bank also approved another $18.26 million fund for the construction of the first large-scale solar PV power plant on October 19.

Of the total funding, $8.26 million will be a concessional loan and $10 million in grants from the Asian Development Fund. The government would contribute 0.99 M USD to the project.

The plant with a minimum total capacity of 17.38 megawatts peak would be built in west-central Bhutan. The plant would produce 25 gigawatt hours of electricity per year.

The initiative will help Bhutan diversify its energy mix since the country depends exclusively on hydroelectricity, a sector vulnerable to the impacts of climate change.

“This project will be the country’s first major step towards diversifying power generation and increasing the resilience of its energy sector to future climate shocks,” said the AfDB’s energy specialist for the South Asia, Christoph Meindl.

“Rising temperatures are expected to reduce glaciers and snow-covered areas, which will shift Bhutan’s hydrological system to a more precipitation-dominated pattern. This affects hydropower generation due to frequent droughts expected outside the monsoon season and extremely high flows during the monsoon season,” the specialist said.

The project is supported by technical assistance in the amount of USD 20,000 from the AfDB Technical Assistance Special Fund and USD 450,000 from the Republic of Korea’s e-Asia and Knowledge Partnership Fund.

The technical assistance will support learning opportunities on climate-resilient energy systems for upper secondary students in the Science, Technology, Engineering and Mathematics stream as well as the Department of Renewable Energy (DRE) of the Ministry of Economic Affairs.

About 30 to 40 percent of women would benefit from apprenticeship programs.

The technical assistance will also support the DRE to conduct a gender mainstreaming and social inclusion self-assessment that would help the agency adopt an inclusive corporate-level policy, such as the support for gender-balanced staffing, proactive recruitment of people with disabilities and equality. remuneration, among others.

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zestmoney: IIFL Fin and ZestMoney Partner to Build USD 1 Billion Loan Portfolio in 2-3 Years https://stratiawire.com/zestmoney-iifl-fin-and-zestmoney-partner-to-build-usd-1-billion-loan-portfolio-in-2-3-years/ Fri, 21 Oct 2022 16:03:00 +0000 https://stratiawire.com/zestmoney-iifl-fin-and-zestmoney-partner-to-build-usd-1-billion-loan-portfolio-in-2-3-years/ Non-bank financial firm IIFL Finance and digital finance platform EMI ZestMoney on Friday announced a partnership through which they aim to have a loan portfolio of USD 1 billion (about Rs 8,274 crore) over the next 2-3 years. Under this partnership, IIFL Finance will provide financing to potential new customers while making online and offline […]]]>
Non-bank financial firm IIFL Finance and digital finance platform EMI ZestMoney on Friday announced a partnership through which they aim to have a loan portfolio of USD 1 billion (about Rs 8,274 crore) over the next 2-3 years. Under this partnership, IIFL Finance will provide financing to potential new customers while making online and offline purchases through the ZestMoney platform.

As the industry’s first association, IIFL Finance will gain access to a new customer base on the ZestMoney platform which has so far disbursed $1 billion through its platform, according to a statement.

IIFL Finance has a Loan Assets Under Management (AUM) of USD 6.5 billion (over Rs 53,839 crore).

“Both partners believe that the business through this alliance (one on one) can be scaled up to build a loan portfolio worth $1 billion over a 2-3 year period,” says the communicated.

The partnership is in line with recent RBI guidelines on digital lending, the company said, adding that ZestMoney will also work as a supply and service partner throughout the customer journey.

Earlier in June this year, the Reserve Bank of India (RBI) cracked down on credit facilities provided by issuers of non-bank prepaid payment instruments to load lines of credit on prepaid payment instruments (PPIs) such as wallets and prepaid cards.

Nirmal Jain, Founder of IIFL Group and Managing Director of IIFL Finance, said the partnership with ZestMoney will help IIFL provide credit to customers who are inaccessible or ineligible for bank credit.

ZestMoney, which started operations six years ago, has a strong customer base thanks to deep integration with more than 10,000 online merchants and 75,000 physical stores.

“We have seen strong demand from our online and offline partners and this partnership will help us meet demand and leverage the deep financial expertise and digital underwriting capabilities that the IIFL has built over the of the past three decades,” Lizzie Chapman, CEO & Co.-founder of ZestMoney, said.

ZestMoney’s other onboard lending partners are Aditya Birla Finance, Tata Capital, Piramal Finance and CSB Bank.

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