This crypto winter has been particularly harsh following the recent collapse of several crypto platforms which left investors frustrated as to how to recover their assets.

Find out: Will Crypto recover? Here’s what you need to know
Discover: 7 things you should never do when planning your retirement

Crypto lending platforms Voyager Digital and Celsius promised eye-popping returns to their clients – until they both filed for bankruptcy in early July due to their exposure to the now infamous Three Arrows Capital, which has itself went bankrupt after the implosion of Terra LUNA and its stablecoin TerraUSD (UST).

Voyager makes loans, “usually in the form of a specific type of cryptocurrency, to counterparties in the cryptocurrency industry to facilitate liquidity or trade settlement and interest earned on company loans. are passed on to customers, who earn a ‘return’ on their cryptocurrency storage,” the company explained in the bankruptcy court filing.

Celsius, which had a similar pattern, said in its bankruptcy filing that “these Chapter 11 cases will provide debtors ‘respite’ to negotiate and implement a plan that will maximize the value of its business and generate recoveries. meaningful to our stakeholders as quickly as possible.”

According to the court filing, Celsius has a $1.2 billion deficit on its balance sheet and owes users $4.7 billion. The company says it has $167 million in cash, “which will provide sufficient liquidity to support certain operations during the restructuring process,” according to a statement announcing the Chapter 11 proceeding.

The collapse of Terra and the loss of over $50 billion in Luna and UST coin values ​​over a three-day period created a domino effect and immediate problems for many market participants, leading to the eventual “ cryptocalyse” and “many of these market participants have had to halt operations, limit withdrawals, or take out emergency rescue loans to survive,” according to Celsius’ bankruptcy filing.

And now, retail investors seem to have little to no options.

Is there a way to recover your loss?

Jeffrey Blockinger, general counsel for Web3 company Quadrata, told GOBankingRates that a user’s ability to recover assets will depend on asset segregation and the total amount of assets remaining on different companies’ balance sheets.

“It looks like most users will end up as creditors of the bankruptcy estate and will receive less than the amounts that have been deposited on the various platforms, if anything,” he said. “The process can take a long time. Generally, funds will be frozen until a count of all assets is completed and a user’s claim is deemed valid by the bankruptcy court.

“Celsius has previously warned that the funds could be unrecoverable and Voyager said some assets are held in FDIC-covered accounts. It remains to be seen what level of protection, if any, Voyager investors will receive through these accounts. If these platforms had insurance, users could recover some of their deposits, but the insurance is unlikely to cover all users’ total losses,” he continued.

Unfortunately for investors, on July 28, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board took away all hope of recovering any money. In fact, the agencies issued a joint letter asking crypto brokerage firm Voyager Digital to stop telling clients that their investments were insured and demanded that the company remove any previous claims insinuating that clients who had invested with Voyager would receive FDIC insurance coverage for all funds. provided to, and owned by, Voyager.

“These representations are false and misleading. Based on the information gathered to date, it appears that these representations have likely been misleading and have been relied upon by customers who have placed their funds with Voyager and do not have immediate access to their funds,” according to the agencies.

How long could it take to recover even a little money?

Adding another layer of frustration, investors will need to be very patient as bankruptcy proceedings tend to be lengthy. Rahsan Boykin, general counsel for decentralized exchange Hashflow, told GOBankingRates that a typical bankruptcy proceeding can take three to four months, however, it would not be surprising if a proceeding of this size and visibility take a little longer.

Boykin added that there’s not much users can do to get their funds back at this time, as Voyager and Celsius view customers as “unsecured creditors” who will be the last to get their money back.

“Look at Mt. Gox as an example of what to expect. The exchange failed in 2014 and no one has been reimbursed yet,” he said. bankruptcy, but it seems unlikely to bring good news to customers.”

“Another aspect to watch is the role of strategic third-party players – we have seen FTX offer financial assistance to struggling companies in an effort to acquire assets at a discount,” he added.

He also shared that at this point, the best-case scenario for most users is probably only a partial refund and the ability to write off their tax losses in a few years.

Can these losses be used as tax deductions?

Jay Fraser, head of strategy at blockchain-enabled securities exchange BSTX, echoed the sentiment, telling GOBankingRates that what will most likely happen is that users will write off their holdings as bad debts. on their taxes, but they can only do that if it’s a total loss.

“With so much of the industry-wide collapse caused by Three Arrows’ defaults, the amount of money customers recover will depend on how much money can be recovered from Three Arrows,” a- he declared. “So far, that’s only been $40 million out of about $3 billion in loans. This experience, painful as it is, could be positive for the long-term adoption of crypto by institutional managers. With more guardrails and regulation that closely mirrors traditional finance, risk managers could enable greater exploration of crypto assets for institutional portfolios.

How should investors approach buying crypto in the future?

Although options are limited to recoup losses, experts recommend certain steps for investors before returning to crypto.

Hayden Hughes, CEO of crypto social trading platform Alpha Impact, told GOBankingRates that going back to crypto, consider dollar cost averaging, which is buying a fixed amount of investments each month.

“Use Twitter. Start following well-known crypto accounts. Unlike most other industries, in crypto news travels faster on Twitter,” he said. the subject of many rumors weeks before the suspension of withdrawals. Pay attention to traditional finance news: As of 2020, crypto has been highly correlated to the stock market. What’s bad for the stock market tends to be bad for crypto, and vice versa.

He also recommends finding an expert trader to follow, for example using a social trading platform, but remember to only take trading advice from someone whose background you know.

It is also crucial to watch the Fed, he said, because there is still a lot of uncertainty in traditional markets, due to the rapid increase in interest rates, which in turn would lead to a continued decline in stocks, crypto and other assets.

Learn: Are these cryptos the next Bitcoin or Ethereum?
See: What are Play-to-Earn games? Here are the 10 Best Crypto NFT Games of 2022

“Decide on your budget. Figure out how much of your salary should be spent on investments and what percentage crypto should take up in your overall portfolio,” he said. “And diversify with lower-risk investments. Crypto shouldn’t be your only investment. Consider ETFS, stocks, bonds and other assets.

More from GOBankingRates

The inaugural SCOTA was hosted by Western Hemisphere Submarine Leaders (WHEM) from Allied and Partner nations operating submarines to showcase and address national submarine domain capabilities, interoperability challenges and underwater collaboration against strategic competitors in the WHEM.

Vice Admiral William Houston, Commander of the Submarine Forces, kicked off the multinational conference with a word of welcome to participants from Argentina, Brazil, Canada, Chile, Colombia, Peru and the United States

“We are all at this conference together because our countries share the same values ​​of democracy,” Houston said. “Our submarine forces all offer unique capabilities and advantages and this conference will allow us all to take a new step in our partnerships while strengthening our ability to operate as a cohesive joint and combined force that can respond to emerging crises if necessary. “

Following Houston’s introduction, a video of Secretary of the Navy Carlos Del Toro was played for attendees thanking them for their time and cooperation while encouraging them to take advantage of the unique opportunity to build knowledge between building relationships between allies and partnerships.

“I want to thank all of the top leaders in the Western submarine domain who are participating in this important conference today,” Del Toro said. “I believe SCOTA will lay the foundation for a renewed sense of collaboration and threat awareness in the underwater realm, so I urge you to make the most of this gathering and continue to grow our security partnerships. vital.”

After two days of presentations and discussions, Rear Admiral Carlos Alfonso Saz Garcia, Commander of the Peruvian Navy Submarine Forces, left the conference with a deeper understanding of the challenges of interoperability and submarine collaboration. Navy Against Strategic Competitors in the Western Hemisphere (WHEM).

“For us, it is very important to participate in this type of gathering, which is the first Submarine Conference of the Americas, because it seeks to unify collaboration between all submarine forces in the Western Hemisphere,” said Saz Garcia. “We have a lot in common, we sail the same seas and have similar submarines. I sincerely believe that SCOTA will strengthen ongoing partnerships and provide a different submarine take on a common security issue across the Americas.

The conference included presentations from several subject matter experts on global threats in the undersea theater, Navy security, the future of combined warfare in the Western Hemisphere, and lessons in hemispheric security. Admiral Daryl Caudle, Commander of Fleet Force Command, was a subject matter expert, who spoke about the advantages and capabilities of participating nations versus potential adversaries.

“One of our major advantages collectively in this room is the capabilities and superiority of our marines in the underwater realm,” Caudle said. “Our competitors cannot replicate or match the advantages we hold in the underwater environment. We all need to have a thorough understanding of the strengths and capabilities of each of our navies, so that we can better integrate when the time comes.

The conference also included a tour of the Virginia-class fast-attack submarine USS Montana (SSN 794), allowing attendees to see the capabilities of the US Submarine Force in person while providing a chance to pose and share questions and ideas.

The Submarine Force carries out the mission of the Department of the Navy in and from the submarine realm. In addition to giving additional capability to naval forces, the submarine force, in particular, should take advantage of the special advantages that come with submarine concealment to enable operational, deterrent and combat effects that the navy and nation cannot. could not get otherwise.

The submarine force and supporting organizations constitute the main submarine arm of the navy. Submarines and their crews remain the tip of the underwater spear.

Over the years, regardless of my job, I’ve always felt like it’s taboo to talk about how much you get paid. Whether it’s your family, friends, or colleagues, the feeling is that you’re not supposed to tell anyone about it. It’s meant to be kept as a deep, dark secret that only you know.

But why? Is there really an unspoken rule that says it’s rude to discuss your salary with someone? Can you really get in trouble for talking about salary? Or have we all been manipulated by companies and their bosses and managers into thinking that our salary is a forbidden topic of conversation?

Can you get in trouble and even get fired from your job if you talk about your salary?

Does your employer have the right to punish or fire you for discussing how much the company is paying you?

The answer? NOPE.

According to National Labor Relations Commission, workers in Indiana, Kentucky and Illinois are protected. The same is true for all workers in the country.

… When you and another employee have a conversation or communication about your salary, it is illegal for your employer to punish or retaliate against you in any way for having that conversation.

Sharing your salary can help you in the future and others

Sharktank’s most ruthless and demanding businessman even says that we should share our salary information.

In my opinion, I think we should be very open about the amount we receive. Many times when I was asked what I wanted to do, I had no idea. Was I going to ask too much and be ignored, or God forbid, too little and be stuck being paid far less than I should be?

Most of the time I ended up selling myself short and getting paid much less than everyone else doing the same job. If we were all more comfortable discussing how much we paid, I would have had an idea of ​​what other people were earning and reasonably asked for more money upfront.

It’s confusing, so that might help.

Although workers can legally discuss their wages with co-workers, eastcoastriskmanagement.com says this,

Although the NLRA prohibits employers from preventing discussions of wages and working conditions, the provision is vague and the practice is common. Last year, in a national survey conducted by the Institute for Women’s Policy Research, half of adults said discussions about pay were either prohibited or discouraged in their workplaces.

If you are an employer, get me the details of what you can and cannot do, legally, regarding your employees by discussing how much you pay them, benefits, bonuses, incentives, terms and conditions work, etc.,

“> HERE.

KEEP READING: See the Richest Person in Every State

Eagle Bancorp Montana (NASDAQ: EBMT – Get a rating) and Renasant (NASDAQ:RNST – Get a rating) are both small cap finance companies, but which is the better company? We’ll compare the two companies based on their dividend strength, analyst recommendations, risk, valuation, profitability, institutional ownership and earnings.

Analyst Recommendations

This is a breakdown of the current ratings of Eagle Bancorp Montana and Renasant, as reported by MarketBeat.

Eagle Bancorp Montana currently has a consensus target price of $22.00, indicating a potential upside of 12.76%. Renasant has a consensus target price of $34.63, indicating a potential upside of 12.09%. Given Eagle Bancorp Montana’s likely higher upside, stock analysts clearly believe that Eagle Bancorp Montana is more favorable than Renasant.

Volatility and risk

Eagle Bancorp Montana has a beta of 0.64, indicating its stock price is 36% less volatile than the S&P 500. By comparison, Renasant has a beta of 1.09, indicating its stock price is 9% more volatile than the S&P 500.

Dividends

Eagle Bancorp Montana pays an annual dividend of $0.50 per share and has a dividend yield of 2.6%. Renasant pays an annual dividend of $0.88 per share and has a dividend yield of 2.8%. Eagle Bancorp Montana pays 29.4% of its earnings as a dividend. Renasant distributes 32.7% of its profits as a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings over the next few years. Eagle Bancorp Montana has increased its dividend for 11 consecutive years.

Profitability

This table compares the net margins, return on equity and return on assets of Eagle Bancorp Montana and Renasant.

Insider and Institutional Ownership

46.9% of Eagle Bancorp Montana shares are held by institutional investors. Comparatively, 78.7% of Renasant shares are held by institutional investors. 7.4% of the shares of Eagle Bancorp Montana are held by insiders of the company. By comparison, 2.9% of Renasant shares are held by company insiders. Strong institutional ownership is an indication that endowments, large fund managers, and hedge funds believe a company will outperform the market over the long term.

Valuation and benefits

This chart compares gross revenue, earnings per share (EPS), and valuation of Eagle Bancorp Montana and Renasant.

Renasant has higher revenues and profits than Eagle Bancorp Montana. Eagle Bancorp Montana trades at a lower price-to-earnings ratio than Renasant, indicating that it is currently the more affordable of the two stocks.

Summary

Renasant beats Eagle Bancorp Montana on 12 of the 17 factors compared between the two stocks.

About Eagle Bancorp Montana

(Get a rating)

Eagle Bancorp Montana, Inc. operates as a bank holding company for Opportunity Bank of Montana, which provides various retail banking products and services to small businesses and individuals in Montana. It accepts various deposit products, such as individual checking, savings, money market and retirement accounts, as well as certificates of deposit accounts. The Company also offers 1 to 4 family residential mortgages, such as residential mortgages and building residential properties; commercial real estate loans, including multi-family housing, non-residential property, commercial construction and development, and farmland loans; and second mortgage/home equity loans. In addition, it offers consumer loans, such as loans secured by collateral other than real estate, such as automobiles, recreational vehicles and boats; personal loans and lines of credit; commercial business loans consisting of secured and unsecured business loans and lines of credit; building loans; agricultural loans; and mortgage lending services. The company operates 23 full-service branches, 1 community banking office and 25 ATMs. Eagle Bancorp Montana, Inc. was founded in 1922 and is headquartered in Helena, Montana.

About Renasant

(Get a rating)

Renasant Corporation operates as a bank holding company for Renasant Bank which provides a range of financial, wealth management, trust and insurance services to retail and commercial customers. It operates through three segments: community banks, insurance and wealth management. The community banking segment offers checking and savings accounts, business and personal loans, asset lending and equipment rental services, as well as safe deposit and night deposit services . It also grants commercial, financial and agricultural loans; financing and leasing of equipment; real estate-1-4 family mortgage; real estate-commercial mortgage; real estate construction loans for the construction of single-family residential properties, multi-family properties and commercial projects; personal installment loans; and interim construction loans, as well as automated teller machines (ATMs), online and mobile banking, call centers and cash management services. The Insurance segment provides insurance agency services, such as commercial and personal insurance products through insurance companies. The Wealth Management segment offers a range of wealth management and trust services, including the administration and management of trust accounts, such as personal and corporate benefit accounts, and custodial accounts, as well as accounting and fund management for trust accounts; annuities, mutual funds and other investment services through a third party broker; and qualified retirement plans, IRAs, employee benefit plans, personal trusts and estates. As of December 31, 2021, the company operated a network of 189 banking, credit and mortgage offices located in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina and Tennessee; 150 full-service branches and 11 limited-service branches; 173 ATMs; and 38 ATMs. Renasant Corporation was founded in 1904 and is headquartered in Tupelo, Mississippi.

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[co-author: Dania Assas]

Weekly Fintech focus

• The CFPB is terminating a no-action letter with an AI credit underwriter.
• A CFPB circular confirms that IA’s underwriting models are subject to anti-discrimination laws, including adverse action notices.
• BNPL companies and credit bureaus are urged by the CFPB to properly report consumer information.
• The CFPB is launching an initiative to improve customer service at major banks.

CFPB Terminates AI Credit Underwriting No Action Letter

On June 8, 2022, the Consumer Financial Protection Bureau (CFPB) issued a order ending a No Action Letter (NAL) that the CFPB originally granted to lending platform Upstart Network, Inc. (Upstart), in 2017 (CFPB’s first-ever NAL) and subsequently renewed in November 2020 for a period of three years.

Under the CFPB’s NAL policy, a person may seek treatment without action on a new product or service that offers the potential for significant consumer benefits where there is uncertainty as to how the CFPB would apply provisions specific to the law. Granting treatment without action means that the CFPB does not currently intend to take supervisory or enforcement action against the recipient with respect to the subject matter of the NAL.

The CFPB’s termination of Upstart NAL is the latest in a series of CFPB actions that have raised questions about the future of its NAL policy. The following timeline briefly summarizes these events:

• In 2017, Upstart requested an NAL from the CFPB to clarify that Upstart’s credit underwriting model, which involved proprietary applications of artificial intelligence and machine learning to complement traditional credit scoring methodologies, did not present a violation of the Equal Credit Opportunity Act (ECOA) and Regulation B. The CFPB granted Upstart’s request, making Upstart the first entity to receive no-action treatment under the new policy NAL of the CFPB.
• On November 30, 2020, the CFPB renewed NAL from Upstart for another three years. The NAL terms and conditions required Upstart to notify the CFPB of material changes to Upstart’s model.
• On April 13, 2022, Upstart notified the CFPB of its intention to add new variables to its underwriting and pricing model. According to the CFPB’s June 8 termination order, CFPB staff requested more time to review Upstart’s proposal.
• On May 24, 2022, the CFPB announcement that it was replacing its Office of Innovation (which handled NAL applications) and its Project Catalyst (another initiative to encourage innovation) with a new Office of Competition and Innovation. The CFPB press release states that “[a]fter a review of these programs, the agency concludes that the initiatives have proven ineffective and that some firms participating in these programs have made public statements that the Bureau has provided them with benefits that the Bureau has not expressly granted.
• On May 27, 2022, per the CFPB Termination Order, Upstart asked the CFPB to amend the NAL to reduce its term from 36 months to 18 months, meaning it would end three days later on May 30, 2022 .
• On June 8, 2022, the CFPB announcement that he issued the order to terminate Upstart’s listing on his list of approved NALs.

CFPB Circular Confirms Anti-Discrimination Laws Apply to Algorithms

The CFPB published a circular confirming that federal anti-discrimination law requires explanations of the specific reasons for denying credit applications or taking other adverse action against applicants. The circular warns companies using algorithmic decision engines (or AI engines) that a “black box model” for loan decisions does not exempt the company from explaining adverse actions to applicants as required. the law. The agency warns that with some black box models, users and developers may not be able to know the reasoning behind the model’s results, which could prevent companies from meeting adverse action notification requirements. of ECOA. ECOA and Regulation B require a creditor to provide notice when taking adverse action against a plaintiff, explaining with specific and specific reasons why the creditor took such action. If the creditor uses technology that does not allow them to explain their decision-making process, then the creditor will not be able to comply with the law. In short, complexity, opacity, or time in the market will not be considered excuses for failure to meet a creditor’s notice of adverse action requirements.

BNPL companies invited by the CFPB to declare their credit data

On June 15, 2022, the CFPB published a blog post followed by his request (which we talked about here) into “buy now, pay later” (BNPL) companies. In the message, the agency urges BNPL companies to report positive and negative data to credit bureaus when BNPL payments are provided. In addition, the CFPB encourages the BNPL industry to develop standardized BNPL furnishing codes and formats to provide data that matches BNPL’s unique product offering. Although the major credit bureaus have announced their intention to accept BNPL data, the CFPB is concerned that differences between credit bureau plans could lead to inconsistent treatment of this data, meaning that the provision of this data will benefit consumers less. The CFPB will monitor the BNPL industry’s progress as the consumer credit data reporting changes are implemented.

CFPB launches initiative to improve customer service in major banks

CFPB Director Rohit Chopra led a town hall on June 14, 2022 in Great Falls, Montana to discuss the agency’s new initiative. The CFPB is seeking feedback from consumers on their relationship with their banks, including how they assert their rights to better service with major banks and credit institutions. The town hall included local community organizations, advocates, leaders and members of the public. Together, the group discussed the challenges faced by people in rural Montana and how banking deserts negatively affect Montana’s financial landscape.

Chopra noted that recent banking consolidation has had mixed results for consumers and customer service experiences, especially in rural communities. Rural customers faced reduced access to banking services as they were more likely to go to smaller banks or credit unions, but now live in rural banking deserts with no intimate banking relationship.

Additionally, many financial institutions and tech companies are turning to what Chopra calls “algorithmic banking,” which relies on using large amounts of data about an individual through tracking and surveillance to make predictions. on his behavior and banking habits. Chopra concedes that moving away from traditional banking relationships could eliminate discrimination based on human judgment, but warns that automated technologies are also a problem, as algorithmic biases can unfairly affect results.

To revitalize relationship banking, the CFPB has launched a Request for Information to find out how everyone can assert their right to better customer service with their depository institution. “Big bank customers shouldn’t have to go through an obstacle course to get a clear answer on their account,” Director Chopra said at the town hall meeting. In particular, the CFPB seeks to understand, among other things, (i) the types of information people request from their bank and how they use that information; (ii) what information is not currently available to consumers from their banks; and (iii) any customer service impediments that impede a consumer’s ability to bank (for example, wait times, disconnected calls, or the quality of answers to questions).

The CFPB also seeks to ensure that the algorithmic bank does not receive preferential treatment and must follow the same laws as traditional banks. The CFPB issued a policy in March confirming that financial firms must explain to applicants the specific reasons for denying a credit application or taking other adverse action. He also ordered several Big Tech companies, such as Facebook, Apple and Google, to provide the CFPB with information about their efforts to better monitor payment systems and how they plan to use customer data to power their algorithms.

[View source.]

Before the collapse of the Sri Lankan economy, Nazir, 50, spent scorching days hauling carts full of rolls of cloth, piles of coconuts and sacks of garlic through the narrow streets of the market in Pettah to Colombo.

Now dressed in a black cap, T-shirt and gray pants, Nazir sits idly in front of dozens of empty carts, listening to speeches on his mobile phone. He turns up the volume and points to the screen: “Aragalaya!referring to the popular uprising in Sri Lanka that overthrew its president last week.

On a good day, Nazir earned the equivalent of $8, just enough to feed his family of six, of which he is the breadwinner. “Now the business is dead,” he said. If he’s out of work today, he’ll go home with less than a dollar in his pocket.

Sri Lanka’s economic collapse has been blamed on former President Gotabaya Rajapaksa, who flew to Singapore after initially fleeing the country on a military plane to the Maldives as a wave of protests rocked the island nation.

Protesters were furious with the president for borrowing heavily to build China-backed projects and his eccentric policies, which included a ban on fertilizer imports.

Erratic economic management has been compounded by a drop in tourism revenue due to the coronavirus pandemic and the war in Ukraine, which has failed Sri Lanka and sent its currency plummeting.

Sri Lanka’s debt stands at $51 billion, just over half of which is owed to bilateral and multilateral lenders, including China.

The economic fallout has had devastating consequences. “My family is skipping meals,” Nazir said. “At dinner, we share pieces of bread with coconut sambal. I use firewood for cooking because there is no fuel or kerosene.

Stories like Nazir’s reverberate through the Pettah Market, which was once a teeming maze of clothing shops and stalls selling everything from the latest electronics and washing up liquid to spices and coffee.

But the half-empty streets surrounding the country’s most important market, located directly behind the port of Colombo, are an indication of a failing Sri Lanka, which has been battered by soaring prices, rising unemployment, poverty and hunger.

With foreign currency reserves depleted, the nation of 22 million has run out of money to import fuel, leading to mile-long queues at gas stations. The fuel shortage has effectively driven many people out of work and forced schools, offices and businesses across the country to close.

On the other side of the market, MT Niyas, 55, drinks his second coffee of the day at the Lucky Cool Spot, a café serving workers with buns, hot drinks and cigarettes sold individually.

His sunburned body covered from head to toe in flour, Niyas said his daily wage for carrying sacks on his back had more than halved to SLR 2,500 ($7) as the trucks stopped working. arrive, while bus fares doubled to 70 rupees.

“I’ve worked here since 1981 and it’s the worst I’ve ever had,” Niyas said. “It’s good that the former president is gone. All we ask of whoever replaces him is that we can eat three full meals a day. It can’t be that hard!

Nisham, the 26-year-old bearded owner, steps in as he clears tables for new customers, gives change and pours fresh tea: “The workers came maybe 10 times in a long day for a tea quick or to chat. Now they come maybe twice a day.

He announces dizzying price increases in the last quarter: the price of milk powder has tripled to reach SLR 3,000 per kg, while those of sugar and even tea, which Sri Lanka exports all over the world, have more than doubled.

Nisham is open about his hatred for the Rajapaksa family, which has dominated Sri Lankan politics for decades. But there’s also a hint of wounded pride, echoed in many other conversations. “We have many natural resources in our beautiful country: tea, rubber, coffee, precious stones,” he said. “We should be able to do better than that.”

He and his fellow traders complained that ghost brokers stepped in to fill the void after banks stopped lending money. A 65-year-old woman named Aruna, who sells curry leaves, said she borrowed SLR 10,000 to keep her business afloat. But she has to repay SLR 1000 per day for 12 days.

Day laborers like those at Lucky Cool Spot are among the hardest hit, but they are no exception. The World Food Program said 3 million people were receiving emergency humanitarian aid after food inflation hit 80% last month. Nearly 90% of all households skip meals or skimp to make food last longer, the organization added.

Afzal Fasehudeen, a construction engineer who came to Pettah to stock up on leeks and carrots, had no doubts who was responsible for the crisis.

“This whole disappearance was caused by massive mismanagement and a complete lack of proper planning. The Rajapaksas have started construction projects right, left and center – it’s ridiculous,” Fasehudeen said.

As the construction boom came to a screeching halt, Fasehudeen said he and many of his friends who finished college two years ago were planning to leave the country.

“My business could soon go bankrupt. I don’t want to leave, but if nothing changes in the next few months, I will try to find a job in one of the Gulf countries,” Fasehudeen said.

“Everything increases, but not income. People are angry.

Avantax Advisory Services Inc. increased its stake in the shares of M&T Bank Co. (NYSE: MTB – Get a rating) by 24.1% in the first quarter, according to its most recent SEC filing. The company held 3,759 shares of the financial services provider after acquiring an additional 730 shares during the period. Avantax Advisory Services Inc.’s holdings in M&T Bank were worth $636,000 when it last filed with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Spire Wealth Management increased its holdings of M&T Bank shares by 8.3% in the fourth quarter. Spire Wealth Management now owns 896 shares of the financial services provider valued at $138,000 after purchasing an additional 69 shares during the period. Russell Investments Group Ltd. increased its holdings of M&T Bank shares by 20.6% in the fourth quarter. Russell Investments Group Ltd. now owns 95,710 shares of the financial services provider valued at $14,689,000 after purchasing an additional 16,362 shares during the period. Wealthfront Advisers LLC increased its holdings of M&T Bank shares by 7.1% in the fourth quarter. Wealthfront Advisers LLC now owns 26,468 shares of the financial services provider valued at $4,065,000 after purchasing an additional 1,763 shares during the period. Trust Co. of Vermont increased its holdings of M&T Bank shares by 1.0% in the fourth quarter. Trust Co. of Vermont now owns 11,606 shares of the financial services provider valued at $1,783,000 after purchasing 117 additional shares during the period. Finally, Denali Advisors LLC increased its stake in M&T Bank shares by 21.3% in the fourth quarter. Denali Advisors LLC now owns 570 shares of the financial services provider valued at $88,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds hold 87.61% of the company’s shares.

Insider activity

In other news, Vice President Kevin J. Pearson sold 5,000 shares of the company in a transaction dated Tuesday, May 17. The shares were sold at an average price of $169.71, for a total value of $848,550.00. Following the sale, the insider now directly owns 39,008 shares of the company, valued at approximately $6,620,047.68. The sale was disclosed in a legal filing with the SEC, accessible via the SEC website. Separately, Executive Vice President Robert J. Bojdak sold 525 shares of the company in a transaction dated Wednesday, June 8. The shares were sold at an average price of $177.82, for a total value of $93,355.50. Following the transaction, the executive vice president now owns 19,075 shares of the company, valued at approximately $3,391,916.50. The sale was disclosed in a document filed with the SEC, accessible via this link. Additionally, Vice Chairman Kevin J. Pearson sold 5,000 shares of the company in a trade dated Tuesday, May 17. The shares were sold at an average price of $169.71, for a total transaction of $848,550.00. Following the completion of the transaction, the insider now owns 39,008 shares of the company, valued at approximately $6,620,047.68. Disclosure of this sale can be found here. In the past ninety days, insiders have sold 7,725 shares of the company valued at $1,335,332. 0.73% of the shares are held by insiders of the company.

Analysts set new price targets

The VTT has been the subject of several research analyst reports. JPMorgan Chase & Co. cut its price target on M&T Bank shares from $200.00 to $195.00 and set a “neutral” rating for the company in a Friday, July 1 report. Deutsche Bank Aktiengesellschaft raised its price target on M&T Bank shares from $180.00 to $200.00 in a Friday, March 25 research note. StockNews.com upgraded M&T Bank shares from a “sell” to a “hold” rating in a Friday, June 10 research note. Wedbush raised its price target on M&T Bank shares from $187.00 to $212.00 in a Thursday, April 21 research note. Finally, the Goldman Sachs Group raised its price target on M&T Bank shares from $183.00 to $210.00 and gave the stock a “neutral” rating in a Monday, April 4 research note. Seven equity research analysts gave the stock a hold rating and seven gave the company a buy rating. According to data from MarketBeat, the stock has an average rating of “moderate buy” and a consensus target price of $190.51.

M&T Bank shares up 3.7%

Shares of MTB stock opened at $156.21 on Monday. The company has a debt ratio of 0.21, a quick ratio of 1.05 and a current ratio of 1.05. The company’s 50-day moving average is $166.21 and its 200-day moving average is $171.02. The stock has a market capitalization of $28.03 billion, a price/earnings ratio of 11.93, a PEG ratio of 0.74 and a beta of 0.89. M&T Bank Co. has a 52-week low of $128.46 and a 52-week high of $186.95.

M&T Bank (NYSE: MTB – Get a rating) last released its results on Wednesday, April 20. The financial services provider reported earnings per share (EPS) of $2.73 for the quarter, beating analyst consensus estimates of $2.26 by $0.47. The company posted revenue of $1.45 billion for the quarter, versus $1.43 billion for analysts. M&T Bank posted a net margin of 29.31% and a return on equity of 11.45%. During the same period of the previous year, the company achieved EPS of $3.41. Sell-side analysts expect M&T Bank Co. to post EPS of 15.12 for the current year.

M&T Bank announces dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 30. Shareholders of record on Wednesday, June 1 received a dividend of $1.20. The ex-dividend date was Tuesday, May 31. This represents a dividend of $4.80 on an annualized basis and a dividend yield of 3.07%. M&T Bank’s payout ratio is 36.67%.

M&T Bank Company Profile

(Get a rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.

See also

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The dismal performance of the crypto market has not only impacted cryptocurrencies themselves, but also companies that incorporate these assets into their business models. The crypto landscape seems to be changing day by day, but stocks like Coinbase (PIECE OF MONEY 0.69%), Marathon Digital Backgrounds (MARA 0.50%)and To block (SQ 5.70%) are best positioned to capitalize on a potential rebound in cryptocurrencies.

Coinbase

Neil Patel (Coinbase): With down actions a whopping 78% in 2022 (as of July 12), Coinbase tracked the significant weakness that plagued the broader crypto market. But the company has proven it can thrive if the conditions are right, making it a great stock to own in a turnaround scenario.

Coinbase’s business deteriorated in the first quarter, which is part of the reason why the stock took such a beating. In the first quarter of 2022, the company generated 87% of its total sales through transaction fees which depend on the volume of transactions mainly from retail customers on its platform. Unsurprisingly, as the entire digital asset market crashed, investor interest in cryptocurrencies also increased. And that means less activity on Coinbase’s network, which translates to net revenue of $1.2 billion in the first quarter, down 27% year-over-year.

If the crypto market rebounds, it’s not hard to see how Coinbase would benefit immediately. A rise in crypto prices would attract speculators looking to chase the upside yields, resulting in higher fees for the business. In 2021, a strong market for cryptocurrencies, Coinbase generated $3.6 billion in profit on $7.4 billion in revenue, up 1,025% and 545%, respectively, from the last year. The company is undoubtedly affected by the volatility of crypto, but in good times, the finances speak for themselves.

Besides being just a brokerage and exchange operator profiting from rising crypto asset prices, Coinbase’s management team, led by Founder and CEO Brian Armstrong, hopes to build a crypto economy dominated by crypto assets. utility rather than through financial speculation. The goal is to use cryptography to help create a new financial system and application platform.

Additionally, Coinbase Ventures, the company’s in-house investment arm, has made hundreds of investments in crypto businesses around the world. This gives Coinbase even more skin in the game to benefit from if things turn around and valuations rise again. Therefore, it is hard to find better stock than Coinbase that investors should consider in anticipation of a crypto rebound.

Marathon

RJ Fulton (Marathon Digital Holdings): Marathon Digital Holdings is the largest Bitcoin mining company by market capitalization – and for good reason. Since its inception in 2010, the company has gone through several crypto winters and prioritized innovative business models that are needed in a competitive industry. While in the midst of the current crypto winter, Marathon is still pursuing new ways to stay profitable.

Marathon has been busy for the past two months. The company has begun moving miners from their primary location in Montana to a new facility in West Texas that will offer lower energy costs.

These miners leaving Montana will join 19,000 other miners who are currently awaiting federal approval to get power so they can start mining Bitcoin. Once powered up, the 19,000 miners will increase Marathon’s mining power by nearly 50% from current levels.

To quantify mining power, a statistic known as hashrate is used. Hashrate is measured in exahashes per second (EH/s). It could be compared to the power of a car. Marathon’s current hashrate is only around 3.9 PE/s. This ranks near the top of the industry, but not as high as the company hopes it will be in the future.

The company has set a goal to increase its hashrate to 23.3 PE/s by 2023, an increase of almost 800%. To achieve this, another 49,000 miners are expected to join the 19,000 waiting for power in West Texas by the end of September. And the company does not stop there. Not only does it plan to increase its capacity, but it has also pledged to be carbon neutral by 2023.

Marathon leads an industry that is no stranger to innovation. The widespread crypto downturn has shredded Bitcoin mining company stocks. Companies that continue to innovate are the ones investors should be looking to add to their portfolio if a crypto rebound is on the horizon.

To block

Michael Byrne (Block): Although not as closely associated with cryptocurrency as Coinbase or Marathon Digital, Block (the company formerly known as Square) has a strong claim to be the ultimate Bitcoin stock. It starts with the CEO. Jack Dorsey has been one of Bitcoin’s most ardent and visible supporters in years and has reportedly stepped down as CEO of Bitcoin. Twitter so he can focus more on bitcoin. The company even changed its name from Square to Block to more directly reflect its focus on Bitcoin and blockchain technology. But it’s not just about talking – whether it’s onboarding millions of users to the Bitcoin Lightning Network with Cash App or developing new Bitcoin mining rigs, Block is becoming an increasingly part of more entrenched of bitcoin’s future.

Block brought the Bitcoin Lightning Network, a solution that allows Bitcoin to scale efficiently for small transactions, to Cash App in 2022 and put it in front of over 40 million users. Users of Cash App’s Cash Card products can choose to round up their debit or credit card purchases and use the change to buy Bitcoins. Cash App users can also choose to convert part of their salary into Bitcoin seamlessly. Miles Suter, Cash App’s Crypto Product Manager, said: “This is the biggest rollout of a feature like this to date. With two clicks, you’ll be able to choose a percentage between one and a hundred and boom. , you have finished. ”

Outside of Cash App, Block partners with Telsa on a joint venture to mine Bitcoin in Texas using the company’s Megapacks and solar panels. Elsewhere, Block’s “TBD” business segment is working on ambitious if somewhat esoteric projects like developing what it calls Web5, a bitcoin-centric answer to Web3, and a decentralized bitcoin exchange. It’s important to note that Block is more a play on broader Bitcoin adoption than cryptocurrencies as a whole, as Dorsey is an outspoken Bitcoin maximalist. Also, it’s worth noting that the company’s bitcoin ventures are only a small part of its business today, unlike stocks like Coinbase or Marathon Digital which have much more direct exposure to cryptocurrency.

Block is a boon for bitcoin because it brings millions of new users into the bitcoin network. On the other hand, Block will also benefit from the growing interest and adoption of Bitcoin by the general public, as it is arguably the best known and easiest way for a new user to start getting involved. in bitcoin.

Before the coronavirus recession, Utah’s housing market was on fire. Then came the COVID-19 pandemic, which sent residents of Northern California and Seattle in search of affordable homes and more space, and an already hot market intensified.

Dave Robison, former president of the Utah Association of Realtors, simply summarizes the activity. “It’s crazy,” says Robison, a Salt Lake City real estate broker.

Its evaluation is not only the art of the sale. Home prices in Utah have soared as Californians flock to the state. Utah has the fastest pace of job growth in the nation, along with the lowest unemployment rate, few mortgage defaults, and low local and state taxes.

All of these factors propelled Utah to the top spot on Bankrate’s Housing Heat Index when it debuted in 2020. Utah continues to hold the top spot for the first quarter of 2022. Residential Real Estate boomed during the coronavirus recession, and Utah became a particularly desirable market.

Other states in the Rocky Mountain time zone are also booming. Montana, Arizona and Nevada rank second, fourth and eighth respectively in the Bankrate Index.

At the opposite end of the list is Louisiana, where price appreciation is among the slowest in the country and mortgage defaults are among the highest. Hawaii – a state that has been hit hard by the COVID-19 pandemic – has fallen from the bottom of Bankrate’s ranking. It rose from dead last in the first quarter ranking to 12th in the index based on winter economic data.

The 5 States With The Fastest Housing Economies

The Housing Heat Index shows how state housing markets are faring in the coronavirus-fueled housing boom and how they might fare in the future. To calculate the ranking, Bankrate analyzed six data points: annual house price appreciation, share of mortgages in arrears, unemployment, annual employment growth, cost of living index statewide and state-by-state tax burdens.

These five states had the strongest housing economies in the first quarter of 2022:

1. Utah – Its home values ​​jumped 26.8% in the 12 months that ended March 31, the third best among US states, according to the Federal Housing Finance Agency. Utah posted the lowest unemployment rate in the nation in March 2022, according to a Bankrate analysis of Labor Department data. Additionally, Utah’s tax burden is among the lowest in the country, according to the Tax Foundation.

2. Montana – Home values ​​soared 25% and Montana posted the top five spots in delinquent mortgages, job growth and tax burden.

3. Florida – Sunshine State home values ​​have jumped 30%, job growth is strong and taxes are low.

4. Arizona – Home values ​​jumped 28%, the best in the nation, and few homeowners fell behind on their loans.

5. Tennessee – Home values ​​are up 26%, job growth is strong and the cost of living is moderate.

Homebuyers are looking for affordability, space

Significant rankings of Mountain Time Zone states illustrate a shift in the housing market: Americans are still attracted to healthy labor markets, but even before the coronavirus pandemic, they were increasingly unwilling to pay to live in places like San Jose, Seattle and Boston.

COVID-19 has caused many people – especially those who can work remotely – to leave the more expensive areas for more affordable regions.

“We are seeing the preparations for a new affordable migration,” says Mark Vitner, senior economist at Wells Fargo. “The beneficiaries of this change have largely been the mid-sized metros in the western mountain states.”

The median price of a single-family home sold in Silicon Valley during the first quarter was $1.88 million, according to the National Association of Realtors. The typical price in Salt Lake City was $556,900 – above the national median, but not dramatically, and just a fraction of the price paid by residents of Northern California.

The price gap has prompted many people in high-cost markets to consider moving. The notion is particularly appealing to workers who can take their well-paying jobs to areas with lower costs of living.

“People suddenly have the ability to choose where they live, because they’re not tied to an office,” says Alicia Holdaway, agent at Summit Sotheby’s International Realty in Draper, Utah, and former chair of the Salt Lake City Board of Realtors. . “We have net immigration that has been happening for years, and it has only increased.”

Every boom brings its drawbacks, of course. In some cases, newcomers to the Utah housing market are loaded with money and ready to drive up prices.

“There’s always a setback,” Holdaway says. “We have seen housing affordability become a crisis.”

The 5 States With The Coolest Housing Savings

As a nationwide housing boom rages, every state saw property values ​​rise in the 12 months ending in September. However, some state economies are struggling with weak job growth and other challenges. The bottom five in our index:

47. Connecticut – This state showed poor performance across the board.

48. Washington, DC — The district’s score was dragged down by low appreciation, high unemployment, and a heavy tax burden.

49. Alaska – Slow job growth and high unemployment have weighed on the northernmost state.

50. Maryland – The state posted a relatively weak 11% appreciation, along with a high level of delinquent loans and a sluggish job market.

51. Louisiana – It ranks worst for delinquent loans, with 6.8% of homeowners behind on their mortgage payments. Louisiana is also doing poorly in terms of price appreciation, job growth and tax burden.

JEFFERSON COUNTY, Colo. (KRDO) – A reported bushfire in Jefferson County has forced evacuations.

At 3:23 p.m. Tuesday, the Jefferson County Sheriff’s Office (Jeffco) said crews were responding to the fire burning in the area of ​​Highway 285 and Highway 8 near Mount Lindo.

Officials said the blaze, dubbed the Snowcreek Fire, was on the south side of the highway and was spreading south. Although no structures were immediately threatened, authorities announced mandatory evacuations.

At 3:37 p.m., the Jeffco Sheriff’s Office declared a full evacuation for Mount Lindo and Willow Springs Point. At that time, officials announced that the evacuation site was The Fort.

However, at 4:35 p.m. the sheriff’s office said the evacuation center had been moved to Bear Creek High School.

Jeffco Sheriff personnel conducted door-to-door evacuations.

According to the sheriff’s office, West Metro Fire and Air Support arrived on the scene to assist in the effort. Douglas County lends its helicopter to the effort.

West Metro Fire said the area was difficult to access, three fire crews with hand tools were forced to walk to the fire.

The #SnowCreek The fire is difficult to access, so three fire crews walk in with hand tools. In the air, Douglas County lends its helicopter to the effort. As you can see, the conditions are quite smoky for the pilot. pic.twitter.com/jNrDofXbfx

— WestMetroFire (@WestMetroFire) July 12, 2022

Authorities also say Highway 8, Snowcreek Lane and Tiger Bend Lane are closed.

Bitcoin rose 12.6% to end near $21,600 but rebounded from gains in the $20,500 area early in the day, registering a decline of 3.9% in the past 24 hours. Ethereum essentially copies the momentum of the first cryptocurrency, losing 3.8% in 24 hours to $1150. The top 10 altcoins are losing between 2.4% (BNB) and 5.5% (Solana).

The total crypto market cap, according to CoinMarketCap, rose 5.8% over the week to $916 billion. Bitcoin’s dominance index climbed 0.6% to 42.8% over the same period.

The Cryptocurrency Fear and Greed Index rose 13 points for the week to 24, but fell 2 points on Monday and remains in “extreme fear”.

BTC’s rise last week was halted by the 200-week moving average, now rising near $22,500. Bitcoin continued to move sideways for three weeks near the critical $20,000 level, the previous cycle high.

BTC has never fallen below these levels before, so it now has support from buyers confident in the long-term growth of the premier cryptocurrency. Another supporting factor was the rebound in financial markets, where the new semester was greeted by increased buying.

However, as always in recent months, many questions remain about the sustainability of the rebound in the context of a sharp increase in interest rates by the Fed and an economic slowdown.

Rockefeller International Managing Director Ruchir Sharma believes that the deleveraging process is not over and that BTC could fall further over the next six months as the stock market declines.

Galaxy Digital CEO Michael Novogratz says the decline in the cryptocurrency market is about to be over. However, there may be a final “tug” of the bears shortly. He pointed out that he doesn’t believe BTC will fall to $13,000.

Cryptocurrency lending service Celsius has transferred 25,000 wBTC tokens worth $528 million to the FTX exchange. The market fears that Celsius will sell off the tokens and drive down the bitcoin exchange rate. According to Arkham, Celsius lost $390 million in client funds on investments in DeFi and NFT.

Nobuaki Kobayashi, the trustee of the bankrupt Mt.Gox exchange, has begun preparations to repay creditors. The situation in the market could worsen if 150,000 BTC were distributed to MtGox users and immediately flooded the market.

The US Federal Deposit Insurance Corporation (FDIC) is investigating Voyager Digital. According to the agency, the cryptocurrency broker misled users by claiming that their assets were protected by the agency’s program.

This article was written by FxProAlex Kuptsikevich, Senior Market Analyst.

M&T Bank (NYSE: MTB – Get a rating) and Commerce Bancshares (NASDAQ: CBSH – Get a rating) are both finance companies, but which company is better? We will compare the two companies based on the strength of their profitability, institutional ownership, analyst recommendations, risk, dividends, earnings and valuation.

Dividends

M&T Bank pays an annual dividend of $4.80 per share and has a dividend yield of 3.0%. Commerce Bancshares pays an annual dividend of $1.06 per share and has a dividend yield of 1.6%. M&T Bank pays 36.7% of its profits as a dividend. Commerce Bancshares pays 25.1% of its profits as a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings over the next few years. M&T Bank increased its dividend for 1 consecutive year and Commerce Bancshares increased its dividend for 1 consecutive year.

Analyst Notes

This is a breakdown of recent ratings and target prices for M&T Bank and Commerce Bancshares, as reported by MarketBeat.

M&T Bank currently has a consensus price target of $193.31, suggesting a potential upside of 21.64%. Commerce Bancshares has a consensus price target of $66.62, suggesting a potential downside of 0.77%. Given M&T Bank’s stronger consensus rating and higher likely upside, equity research analysts clearly believe that M&T Bank is more favorable than Commerce Bancshares.

Risk and Volatility

M&T Bank has a beta of 0.89, indicating that its stock price is 11% less volatile than the S&P 500. In comparison, Commerce Bancshares has a beta of 0.81, indicating that its stock price stock is 19% less volatile than the S&P 500.

Profitability

This table compares the net margins, return on equity and return on assets of M&T Bank and Commerce Bancshares.

Benefits and evaluation

This table compares revenue, earnings per share and valuation of M&T Bank and Commerce Bancshares.

M&T Bank has higher revenue and profit than Commerce Bancshares. M&T Bank trades at a lower price-to-earnings ratio than Commerce Bancshares, indicating that it is currently the more affordable of the two stocks.

Insider and Institutional Ownership

87.6% of M&T Bank shares are held by institutional investors. Comparatively, 67.9% of Commerce Bancshares shares are held by institutional investors. 0.7% of M&T Bank shares are held by insiders of the company. Comparatively, 3.2% of Commerce Bancshares shares are held by company insiders. Strong institutional ownership indicates that large fund managers, endowments, and hedge funds believe a stock is poised for long-term growth.

Summary

M&T Bank beats Commerce Bancshares on 9 out of 16 factors compared between the two stocks.

About M&T Bank (Get a rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises. The Company’s commercial real estate segment originates, sells and services commercial real estate loans; and offers deposit services. Its discretionary portfolio segment provides deposits; securities, residential real estate loans and other assets; and short-term and long-term borrowed funds, as well as foreign exchange services. The Company’s Residential Mortgage Banking segment offers residential real estate loans to consumers and sells these loans in the secondary market; and purchases service rights on loans issued by other entities. Its Retail Banking segment offers current, savings and term accounts; consumer installment loans, auto and recreational finance loans, home equity loans and lines of credit, and credit cards; mutual funds and annuities; and other services. The company also offers fiduciary management and wealth management services; trustee and custodian; Insurance Agency; institutional brokerage and securities; and investment management services. It offers its services through bank offices, business banking centers, telephone and internet banking, and automated banking machines. As of December 31, 2021, the company operated 688 national banking offices in New York State, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia; and a full-service commercial banking office in Ontario, Canada. M&T Bank Corporation was founded in 1856 and is headquartered in Buffalo, New York.

About Commerce Bancshares (Get a rating)

Commerce Bancshares, Inc. operates as a banking holding company for Commerce Bank which provides retail banking, mortgage banking, corporate, investment, trust and asset management products and services to individuals and to businesses in the United States. It operates through three segments: Consumer, Commercial and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed and revolving, and other consumer loans; patient health care funding; real estate loans; indirect financing and other consumer financing; personal mortgage banking services; consumer installment loans; and consumer credit and debit cards. The Commercial segment provides business lending, leasing, international, business and commercial bank cards, securities custody and bond accounting; and commercial products, government deposits and related commercial cash management services, as well as the sale of fixed income securities to correspondent banks, corporations, public institutions, municipalities and individuals. The Wealth segment offers traditional trust and estate planning, advisory and discretionary investment portfolio management, brokerage, and private banking accounts. The Company also offers private equity investment, securities brokerage, insurance agency, specialty lending and leasing services, as well as online and mobile banking. It operates through a network of 287 locations in Missouri, Kansas, Illinois, Oklahoma and Colorado, as well as sales offices. Commerce Bancshares, Inc. was founded in 1865 and is headquartered in Kansas City, Missouri.

Get news and reviews for M&T Bank Daily – Enter your email address below to receive a concise daily summary of breaking news and analyst notes for M&T Bank and related companies with MarketBeat.com’s free daily email newsletter.

On June 29, 2022, Lending Tree, LLC, an online lending marketplace based in Charlotte, North Carolina, reported a data breach to the Montana Attorney General’s office.

According to the company’s data breach notice, between mid-February 2022 and sometime in June 2022, “a code vulnerability likely resulted in the unauthorized disclosure of certain sensitive personal information.”

Lending Tree discovered the “vulnerability” on June 3, 2022. He appears to have started notifying those affected on June 29, 2022.

In its data breach notice loan tree, it is stated that “the vulnerability in the code no longer exists”.

Sensitive personal information that may have been accessed or acquired includes full names, dates of birth, mailing address and social security numbers (SSN).

Lending Tree’s advisory provides no explanation of what it means by “code vulnerability”, how its data was taken or by whom. The media reported that the data is now freely available on the Internet, but, according to this report, Lending Tree denied that the data circulating online came from the company.

The full data breach notice provided to the Attorney General of Montana may be viewed here.

Lending Tree is offering affected individuals two years of free identity monitoring services through IdentityForce. The registration deadline for IdentityForce services is 90 days from the date of the letter.

For a free privacy consultation, fill out the form below or call us at 1-844-BREACH8 (1-844-273-2248).

Special California Laws Protect You

California has laws that specifically protect your personal information.

• The California Customer Records Act(CCRA) requires businesses to implement and maintain reasonable security procedures and practices to protect consumers’ personal information. Companies must also notify affected California consumers promptly and without unreasonable delay.
• The California Consumer Privacy Act (CCPA) contains numerous protections for the personal information of California residents, including implementing and maintaining reasonable security procedures.

If certain types of personal information, such as social security numbers and names, are not encrypted and are accessed, stolen, or hacked because a company has failed to meet its obligation to implement and maintain reasonable security concerns, an affected California resident may sue to protect their rights under the CCPA and the CCRA.

If you are a California resident and received a recent data breach notice from Lending Tree, you may be entitled to between $100 and $750 or your actual damages, whichever is greater.

Participants in Data Breach Lawsuits May Obtain Damages, an injunction (to ensure that the company has reasonable security practices in place to prevent further disclosure of consumer data) and any other action the court deems necessary to compensate data breach victims and prevent that this damage does not reoccur.

For free information about your legal right to claim compensation, fill out the form below or call us at 1-844-BREACH8 (1-844-273-2248).

Two years of identity theft services may not be enough

▸ Electronic personal data does not degrade

It’s a sad reality that cybercrimes are an attractive target for hackers: data can be bought and sold anonymously, and the going rate is around $20 per record depending on the type of information, according to the Privacy Affairs Dark Web Index 2021.

Some types of critical personal information — like social security numbers, names, and birth dates — are impossible, or nearly impossible, to change.

Thieves can choose to wait years before capitalizing on compromised personal data. The longer cyber thieves can go unnoticed, the more they profit from their illegal activities.

It pays to know what credit monitoring services can do for you

It is important to understand the benefits and limitations of any spoofing service. Not all credit monitoring and identity theft services offer the same protections or cover the same duration.

Before signing up for a credit monitoring service, here are some helpful questions to ask:

• Does this service offer dark web monitoring?
• Does the service monitor the three major credit bureaus on my behalf? (for example, the IdentityForce service described in the data breach notice offers a one-stop credit monitoring bureau)
• Does the service come with insurance to cover any immediate financial loss I may incur as a result of this data breach? What proof of claim do I need to present? How am I reimbursed?
• What if I have financial losses after the service expires?
• Does this service help with fraudulently filed tax returns? Medical identity theft?
• What exactly will the service do for me if my personal information is sold on the dark web?
• Can the service prevent fraudulent charges from being made to my credit cards? Will they reimburse me if fraudulent charges are made?

Compromised SSNs can be a complicated problem

1. A hacker with your SSN can use it to get other personal information about you.
2. Identity thieves can use your SSN and name to apply for credit under your name. When new credit cards are used by thieves and they don’t pay, it hurts your credit. You may not know about the scam until creditors start contacting you for non-payment of the thief’s bills, or you are denied credit.
3. Stolen SSNs can be used to fraudulently file taxes, apply for jobs, and receive other government benefits.

“Remember that a new [SSN] probably won’t solve all your problems. This is because other government agencies (such as the IRS and state motor vehicle agencies) and private businesses (such as banks and credit reporting companies) will have records under your old number.

Along with other personal information, credit reporting companies use the number to identify your credit file. So using a new number will not guarantee you a fresh start. This is especially true if your other personal information, such as your name and address, remains the same. » (Social Security Administration Publication No. 05-10064 July 2021.)

Once you know that your personal data has been disclosed, it is reasonable to take steps to avoid fears that your data will be used to cause you significant financial loss.

Compromised data also increases the risk of hacking, phishing, and increased anxiety about future loss and identity theft.

Personal data is extremely valuable, both for businesses and for criminals who want to sell this information on the dark web to identity thieves and other black marketers.

However, “it is clear that many organizations need to hone their security skills, training, practices and procedures to properly protect consumers.”[1] The stakes are high: data breach victims are more likely to also be victims of further fraud.[2]

We can help you exercise your legal rights

Experimented data breach and class action lawyers can help you exercise your rights, assess your options and decide if you are entitled to compensation under the CCPA and the CCRA.

There are no disbursements to you, because we only get paid if we win.

Confidential • Free of charge • No obligation

For free information on your legal right to claim compensation, complete the form below or call us on 1-844-BREACH8 (1-844-273-2248).

[1] Source: K. Harris, Former Attorney General, California DOJ, California Data Breach Report 2012-2015 (2016).

[2] Same

KUALA LUMPUR (July 6): A dispute has emerged between the National Film Development Corporation Malaysia (Finas) and the makers of popular film Mat Kilau: Kebangkitan Pahlawan.

Finas claimed that there was a breach of an agreement because Studio Kembara (the filmmakers) failed to give proper credit to Finas and the Ministry of Communications and Multimedia in a few media related to the film, the producer of the film now admitting the error.

Abdul Rahman Mt Dali said Berita Harian that the mistake was accidental and reckless.

He admitted that as a newcomer to the local film industry, the company was still not used to handling promotional materials with the credits list.

“It happened because we neglected it. All of our credit-related matters were outsourced to a third party.

“We didn’t know we hadn’t included the Finas logo in the film’s credits until the day of the premiere recently.

“The errors also came from us not properly checking the film before its release,” Abdul Rahman said.

The 62-year-old also said the company had submitted a letter to Finas apologizing for the incident and looking forward to meeting with Finas representatives.

He also said there was no conflict between the two sides

Previously it was reported by Berita Harian that Finas had asked his lawyers to review his credit agreement with Studio Kembara.

According to Finas Managing Director Prof. Mohd Nasir Ibrahim, they found that Studio Kembara had not given the film proper credit as per their agreement.

He said the producers did not include Finas’ logo in their print materials for the film, even though it was stated in the deal.

“Other than that, (our) credits on the film’s credits were only added seven days after Mat Kilau: Kebangkitan Pahlawan was shown in cinemas.

“This is clearly a breach of contract that has already been agreed and corrected by both parties,” he said.

Nasir also pointed out that Finas had provided RM1.5 million through the Digital Content Fund (DKD) to the film producers so that they could revive the RM8 million budget film which was previously scrapped.

“Besides DKD, Finas had also provided them with marketing fund worth RM300,000 in addition to lending our post-production studio to Studio Mixtage, Kompleks Studio Merdeka worth RM180,000 for free,” did he declare.

Nasir added that Finas was surprised when the film’s producers half-heartedly apologized for their breach of contract and even blamed Finas for not telling them about their credit deal.

Apart from this, commenting on Datuk Adi Putra’s performance as a prominent Malay warrior, Mat Kilau, in the film, Nasir said that more holistic research is needed whenever a historical figure is involved in a film. .

“The character, his looks, his accent, his walking style and his silat, everything has to be studied. For example in Gandhi’s film (1982), the actor studied and lived like the character.

“The actor put in all this effort to be able to portray Gandhi as the way Indian citizens see the figure,” Nasir said referring to Sir Ben Kingsley’s acting efforts in the 1982 Hollywood biopic.

Critics had arisen regarding Adi’s portrayal of the title character.

However, Nasir, in a press release shared on Finas’ Facebook page, also took the opportunity to congratulate the success of the film, while emphasizing that the success is proof of the resilience of local films to overcome challenges. of the Covid-19 pandemic.

“We at Finas hope the growing support for this film can spark more interest in other local films.

“We also hope it will encourage local filmmakers to produce more quality works that could penetrate local and international markets,” Nasir said in the press release.

Berita Harian also reported that Mat Kilau: Kebangkitan Pahlawan is now Malaysia’s highest-grossing film after collecting RM51.8 million in ticket sales, beating the previous record holder, 2018’s Munafik 2 which collected RM48 million. RM.

The film Syamsul Yusof is a historical action drama set in the late 19th century during the British administration in Malaysia.

The film stars Datuk Adi Putra as the legendary Malay warrior, Mat Kilau, along with Beto Kusyairi, Fattah Amin, Yayan Ruhan and Johan As’ari as well as Indonesian action star, Yayan Ruhian. – Malaysian Mail

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Stocks to watch today: Markets are likely to start trading on a lukewarm note and then look to key index heavyweights for directional movement given the news flow at most counters. At 07:00, SGX Nifty futures were quoted at 15,700, indicating an opening loss of around 50 points.

Meanwhile, the following stocks should see action in trading on Monday.

Metals, Oil producers: The recently announced special tax on exports of steel, iron ore and petroleum products, as well as a windfall tax on crude oil producers are expected to affect overall corporate profits in FY23 Mining and metals and crude oil producers – such as Tata Steel, JSW Steel, Vedanta, Hindalco, ONGC and Reliance Industries – led corporate earnings growth in FY22 and any decline in their earnings due to regulatory changes is likely to lower earnings for FY23. READ THE ANALYSIS

InterGlobe Aviation (IndiGo): More than half of flights operated by IndiGo were delayed on Saturday after a large number of the airline’s cabin crew members called in sick at the last moment, amid a massive recruitment drive by competitors Air India, Jet and Akasa owned by Tata. READ MORE

Reliance Industries (RIL): RIL’s institutional shareholders are awaiting major announcements from the company, including a timetable for the listing of its telecommunications and retail subsidiaries. They expect that to unlock value for the company, which saw a sharp drop in market valuation on Friday. READ MORE

IT inventory: Amid fears of a likely recession in the United States and Europe and rising inflation around the world, first-quarter FY23 results in India’s IT services sector will be closely watched for management comments on demand outlook. With supply-side challenges yet to be resolved, margins will be under pressure due to higher retention costs and shifts. However, the silver lining might be a rupee down. READ THE ANALYSIS

HDFC, HDFC Bank: HDFC’s proposed merger with its banking subsidiary HDFC Bank, the largest transaction in Indian corporate history, has received stock exchange approval. The merger still requires a series of approvals from financial industry regulators, including RBI and CCI, before being passed to NCLT and shareholders. READ MORE

Birlasoft: The company has set July 15 as the record date for the proposed takeover worth Rs 390 crore. The company’s board had approved the buyback of up to 78 lakh shares at Rs 500 each. The stock last traded at Rs 350.

Bharat’s Forge: The auto parts maker and its subsidiary BF Industrial Solutions have successfully completed the acquisition of Coimbatore-based JS Autocast Foundry India. The enterprise value of the transaction was Rs 489.63 crore.

Coal India (CIL): The state-owned company said its coal production rose 29 percent year-on-year to a record 159.8 MT in April-June this fiscal year. CIL supplied an average of 1.684 MT of coal per day to the electricity sector during the June quarter of 2022, compared to a daily requirement of 1.650 MT.

Shriram Transport Funding: Shriram Group is on track for technology integration and merger between Shriram City Union Finance Ltd (SCUF) and Shriram Transport Finance Ltd (STFC). The company laid the groundwork for the super app “Shriram One” to start the process of training 50,000 employees.

State Bank of India (SBI): The public bank plans to focus more on personal and agricultural gold lending after lending over Rs 1 trillion in this segment till June 2022. The bank’s agricultural gold loan portfolio is rose to Rs 73,601 crore in FY22 from Rs 66,878 crore in FY21. READ MORE

NTPC: The company has informed BSE that its 100 megawatt (MW) floating solar PV project in Telangana is fully operational.

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Fifth Third Bancorp reduced its stake in M&T Bank Co. (NYSE: MTB – Get a rating) by 4.6% in the 1st quarter, according to its last Form 13F filed with the Securities & Exchange Commission. The institutional investor held 37,439 shares of the financial services provider after selling 1,805 shares during the quarter. Fifth Third Bancorp’s holdings in M&T Bank were worth $6,346,000 at the end of the last quarter.

Several other large investors have also recently changed their holdings in the company. Commerce Bank increased its position in M&T Bank shares by 1.2% during the 4th quarter. Commerce Bank now owns 4,979 shares of the financial services provider valued at $765,000 after buying 57 additional shares during the period. Bradley Foster & Sargent Inc. CT increased its position in M&T Bank shares by 2.1% during the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 2,774 shares of the financial services provider valued at $426,000 after purchasing 58 additional shares during the period. Mercer Global Advisors Inc. ADV increased its position in M&T Bank shares by 1.3% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 4,931 shares of the financial services provider valued at $757,000 after purchasing an additional 62 shares during the period. Kentucky Retirement Systems Insurance Trust Fund increased its position in M&T Bank shares by 1.9% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 3,376 shares of the financial services provider valued at $518,000 after buying 63 additional shares during the period. Finally, Wedbush Securities Inc. increased its position in M&T Bank shares by 3.9% during the 4th quarter. Wedbush Securities Inc. now owns 1,859 shares of the financial services provider valued at $286,000 after purchasing an additional 69 shares during the period. Institutional investors and hedge funds hold 87.61% of the company’s shares.

Separately, Executive Vice President Robert J. Bojdak sold 525 shares of the company in a transaction dated Wednesday, June 8. The stock was sold at an average price of $177.82, for a total transaction of $93,355.50. Following the transaction, the executive vice president now directly owns 19,075 shares of the company, valued at $3,391,916.50. The sale was disclosed in a filing with the Securities & Exchange Commission, available at this hyperlink. Additionally, Vice Chairman Kevin J. Pearson sold 5,000 shares of the company in a trade dated Tuesday, May 17. The shares were sold at an average price of $169.71, for a total value of $848,550.00. Following the transaction, the insider now owns 39,008 shares of the company, valued at $6,620,047.68. Disclosure of this sale can be found here. Insiders sold a total of 7,725 shares of the company valued at $1,335,332 over the past three months. 0.73% of the shares are held by insiders.

Shares of NYSE: MTB opened at $159.71 on Friday. M&T Bank Co. has a fifty-two-week low of $128.46 and a fifty-two-week high of $186.95. The company has a 50-day moving average of $168.99 and a two-hundred-day moving average of $170.33. The stock has a market capitalization of $28.65 billion, a P/E ratio of 12.20, a P/E/G ratio of 0.96 and a beta of 0.86. The company has a debt ratio of 0.21, a current ratio of 1.05 and a quick ratio of 1.05.

M&T Bank (NYSE: MTB – Get a rating) last released its quarterly earnings data on Wednesday, April 20. The financial services provider reported earnings per share of $2.73 for the quarter, beating the consensus estimate of $2.26 by $0.47. M&T Bank had a return on equity of 11.45% and a net margin of 29.31%. The company posted revenue of $1.45 billion in the quarter, versus $1.43 billion expected by analysts. In the same quarter of the previous year, the company achieved EPS of $3.41. As a group, research analysts expect M&T Bank Co. to post EPS of 14.11 for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 30. Investors of record on Wednesday, June 1 received a dividend of $1.20 per share. The ex-dividend date was Tuesday, May 31. This represents an annualized dividend of $4.80 and a dividend yield of 3.01%. M&T Bank’s dividend payout ratio is currently 36.67%.

A number of stock analysts have recently released reports on MTB shares. Deutsche Bank Aktiengesellschaft raised its price target on M&T Bank from $180.00 to $200.00 in a Friday, March 25 report. Robert W. Baird upgraded M&T Bank from a “neutral” rating to an “outperforming” rating and raised its share price target from $175.00 to $200.00 in a Friday, June 17 report. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a Friday, June 10 report. JPMorgan Chase & Co. cut its target price on M&T Bank from $200.00 to $195.00 and set a “neutral” rating on the stock in a report released Friday. Finally, Piper Sandler raised her price target on M&T Bank from $200.00 to $210.00 in a Wednesday, April 20 report. Seven equity research analysts gave the stock a hold rating and eight gave the company a buy rating. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $193.31.

M&T Bank Company Profile (Get a rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.

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LONDON–(BUSINESS WIRE)–

June 30, 2022

Metal Tiger plc

(“Metal Tiger” or the “Company”)

Sandfire – 147Mt Mineral Resource lays solid foundation for MATSA’s long-term optimization and growth

Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resource opportunities, is pleased to announce that Sandfire Resources Ltd (“Sandfire”) has published an updated estimate of the Measured, Indicated and Inferred Mineral Resources for the MATSA mining operations, located in the Iberian Pyrite Belt in southern Spain, totaling 147.2 Mt grading 1.4% Cu, 3.0% Zn, 1.0% Pb and 39.6 g/t Ag containing approximately 2.1 Mt copper, 4.4 Mt zinc, 1.5 Mt lead and 187.6Moz silver.

Metal Tiger is interested in 7,087,057 Sandfire shares representing approximately 1.72% of the issued share capital of Sandfire. As previously announced, 2,842,667 of the Sandfire shares held by the Company are subject to an equity derivative financing agreement with a global investment bank.

A link to Sandfire’s MATSA Copper Operations site visit information pack, released today, is shown below:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02536902-6A1097705?access_token=83ff96335c2d45a094df02a206a39ff4

A link to the Sandfire release, announced today, is shown below:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02536659-6A1097631?access_token=83ff96335c2d45a094df02a206a39ff4

For more information about the Company, visit www.metaltigerplc.com:

Notes to editors:

Metal Tiger PLC is listed on the AIM Market of the London Stock Exchange AIM Market (“AIM”) and the ASX Market of the Australian Securities Exchange Market (“ASX”) with the trading code MTR and invests in mining projects high potential with a focus on base, precious and strategic metals.

The Company’s objective is to provide a high return to shareholders by investing in largely undervalued and/or high potential opportunities in the mining exploration and development sector.

Equity investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, TSX and ASX, including its stake in Sandfire Resources Limited (ASX:SFR). The Company also considers selective opportunities to invest in private natural resource companies, generally where there is an identifiable path to IPO.

The Company actively evaluates new investment opportunities on an ongoing basis and has access to a diversified portfolio of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by purchasing publicly traded equity, private financing and/or entering into a joint venture.

IBM Retirement Fund reduced its position in shares of M&T Bank Co. (NYSE: MTB – Get a rating) by 3.8% in the first quarter, HoldingsChannel.com reports. The company held 2,055 shares of the financial services provider after selling 81 shares during the quarter. IBM Retirement Fund’s holdings in M&T Bank were worth $348,000 at the end of the last quarter.

Other institutional investors have also recently increased or reduced their stake in the company. Yousif Capital Management LLC acquired a new stake in shares of M&T Bank during the fourth quarter at a value of $3,343,000. UMB Bank NA MO acquired a new position in M&T Bank in the fourth quarter worth $49,000. NuWave Investment Management LLC acquired a new position in M&T Bank in the first quarter worth $47,000. Thrivent Financial for Lutherans increased its stake in M&T Bank by 7,874.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 450,790 shares of the financial services provider valued at $69,233,000 after purchasing an additional 445,137 shares during the period. Finally, Desjardins International Asset Management Inc. acquired a new position in M&T Bank in the fourth quarter worth $1,831,000. Hedge funds and other institutional investors own 87.61% of the company’s shares.

Separately, Executive Vice President Robert J. Bojdak sold 525 shares of the company in a trade on Wednesday, June 8. The shares were sold at an average price of $177.82, for a total transaction of $93,355.50. Following the completion of the transaction, the executive vice president now directly owns 19,075 shares of the company, valued at approximately $3,391,916.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC website. Additionally, Executive Vice President Christopher E. Kay sold 2,200 shares in a trade on Friday, June 3. The stock was sold at an average price of $178.83, for a total value of $393,426.00. Following the completion of the sale, the executive vice president now owns 5,350 shares of the company, valued at approximately $956,740.50. Disclosure of this sale can be found here. Insiders sold a total of 7,725 shares of the company worth $1,335,332 in the past 90 days. 0.73% of the shares are currently held by insiders.

MTB opened at $164.42 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt ratio of 0.21. The stock has a market capitalization of $29.50 billion, a price-earnings ratio of 12.56, a PEG ratio of 0.96 and a beta of 0.86. M&T Bank Co. has a 12-month low of $128.46 and a 12-month high of $186.95. The company’s 50-day moving average price is $169.87 and its two-hundred-day moving average price is $170.28.

M&T Bank (NYSE: MTB – Get a rating) last reported results on Wednesday, April 20. The financial services provider reported earnings per share of $2.73 for the quarter, beating analyst consensus estimates of $2.26 by $0.47. The company posted revenue of $1.45 billion for the quarter, compared to $1.43 billion for analysts. M&T Bank posted a net margin of 29.31% and a return on equity of 11.45%. In the same period a year earlier, the company earned earnings per share of $3.41. As a group, sell-side analysts expect M&T Bank Co. to post earnings per share of 14.11 for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 30. Investors of record on Wednesday, June 1 will receive a dividend of $1.20 per share. This represents a dividend of $4.80 on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Tuesday, May 31. M&T Bank’s payout ratio is currently 36.67%.

Several stock analysts have recently released reports on the stock. Wedbush raised its price target on M&T Bank shares from $187.00 to $212.00 in a Thursday, April 21 report. Robert W. Baird upgraded M&T Bank shares from a “neutral” rating to an “outperforming” rating and raised his target price for the company from $175.00 to $200.00 in a Friday, June 17 report . Piper Sandler raised her price target on M&T Bank shares from $200.00 to $210.00 in a Wednesday, April 20 report. StockNews.com upgraded M&T Bank shares from a “sell” rating to a “hold” rating in a Friday, June 10 report. Finally, Wells Fargo & Company raised its price target on M&T Bank shares from $180.00 to $195.00 and gave the company an “equal weight” rating in a Thursday, April 21 report. Seven investment analysts gave the stock a hold rating and eight gave the stock a buy rating. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $194.62.

M&T Bank Profile (Get a rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.

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BUFFALO, NY, June 16, 2022 /PRNewswire/ — Richard (“Rich”) Goldpresident and chief operating officer of M&T Bank Corporation (NYSE: MTB), announced his intention to retire, effective in the first quarter of 2023. Gold plans to remain on the board of directors of M&T Bank.

“It’s hard to overstate Rich’s impact on our business,” said Rene Jones, president and CEO of M&T. “It has been his life’s work to instill and perpetuate a culture that we are all proud of, a culture that allows us to function with a sense of purpose and to feel that we are part of something bigger. This focus on culture, coupled with an acute ability to identify and cultivate leaders, has provided us with an exceptional talent base to pursue our purpose and continue to make a difference in people’s lives.”

After joining the bank in 1989, Gold held senior positions in retail banking, corporate banking, mortgages, consumer loans and marketing. In 2014, he was named Vice President and assumed the role of Chief Risk Officer. In 2017, he was named president and chief operating officer, the culmination of a five-decade career in which the bank has grown exponentially, expanding its footprint to include 12 states and the District of Colombia.

Prior to joining M&T, Gold held positions in cash management and operations at Bankers Trust Company, and in marketing and product development at Citibank. He obtained a Bachelor of Science from Cornell University School of Industrial and Labor Relations and a Masters in Business Administration from New York University Stern School of Business.

Gold has long been committed to supporting both the Western New York community and the banking sector in general. He currently sits on the boards of the Westminster Foundation, the Buffalo Niagara Partnership and the Consumer Bankers Association, and has previously served on the boards of the United Way of Buffalo and Erie County, Shea’s Performing Arts Center and Buffalo Seminary. He also serves on the Dean’s Advisory Council at the University at Buffalo School of Management, where he is an Adjunct Professor, teaching Organizational Behavior Management.

About M&T

M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, provides banking products and services in 12 states in the northeastern United States, from Maine at Virginia and washington d.c. Trust-related services are provided in certain markets in the United States and abroad by affiliates of M&T’s Wilmington Trust and M&T Bank. For more information about M&T Bank, visit www.mtb.com.

Media Contact:
Maya Dillon
(646) 735-1958
[email protected]

Show original content to download multimedia:https://www.prnewswire.com/news-releases/mt-bank-corporation-president-and-chief-operating-officer-rich-gold-announces-retirement-301569315.html

SOURCE M&T Bank Corporation

NuWave Investment Management LLC has purchased a new stake in the shares of M&T Bank Co. (NYSE: MTB – Get a rating) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The company bought 279 shares of the financial services provider, valued at around $47,000.

Several other large investors also bought and sold shares of MTB. CVA Family Office LLC acquired a new stake in M&T Bank stock during Q4 valued at approximately $31,000. Widmann Financial Services Inc. acquired a new stake in M&T Bank in Q4 worth approximately $37,000. UMB Bank NA MO acquired a new stake in M&T Bank in Q4 worth approximately $49,000. Lindbrook Capital LLC increased its holdings in M&T Bank by 39.2% in the fourth quarter. Lindbrook Capital LLC now owns 355 shares of the financial services provider worth $55,000 after buying an additional 100 shares in the last quarter. Finally, Covestor Ltd acquired a new stake in M&T Bank in Q4 worth approximately $55,000. Hedge funds and other institutional investors own 87.61% of the company’s shares.

Several equity research analysts have recently released reports on MTB shares. Goldman Sachs Group raised its price target on M&T Bank from $183.00 to $210.00 and gave the stock a “neutral” rating in a Monday, April 4 report. Wolfe Research lowered its price target on M&T Bank from $214.00 to $187.00 and set an “outperform” rating on the stock in a Thursday, May 26 report. JPMorgan Chase & Co. launched a hedge on M&T Bank in a Thursday, April 14 report. They issued a “neutral” rating on the title. Citigroup launched coverage on M&T Bank shares in a research note on Thursday, March 24. They issued a “buy” rating on the stock. To finish, StockNews.com upgraded M&T Bank shares from a “sell” to a “hold” rating in a Friday, June 10 research note. Seven research analysts have rated the stock with a hold rating and eight have assigned the stock a buy rating. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $194.62.

MTB stock opened at $159.64 on Friday. The company has a market capitalization of $28.64 billion, a PE ratio of 12.20, a PEG ratio of 0.95 and a beta of 0.86. The company has a debt ratio of 0.21, a quick ratio of 1.05 and a current ratio of 1.05. The company’s 50-day moving average price is $169.63 and its 200-day moving average price is $169.84. M&T Bank Co. has a one-year low of $128.46 and a one-year high of $186.95.

M&T Bank (NYSE: MTB – Get a rating) last released its quarterly results on Wednesday, April 20. The financial services provider reported EPS of $2.73 for the quarter, beating the consensus estimate of $2.26 by $0.47. The company posted revenue of $1.45 billion for the quarter, compared to analysts’ estimates of $1.43 billion. M&T Bank posted a net margin of 29.31% and a return on equity of 11.45%. In the same quarter of the previous year, the company achieved EPS of $3.41. Equity research analysts expect M&T Bank Co. to post EPS of 14.11 for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30. Shareholders of record on Wednesday, June 1 will receive a dividend of $1.20. This represents a dividend of $4.80 on an annualized basis and a yield of 3.01%. The ex-dividend date is Tuesday, May 31. M&T Bank’s payout ratio is 36.67%.

In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the company in a trade that took place on Tuesday, May 17. The stock was sold at an average price of $169.71, for a total value of $848,550.00. Following the sale, the insider now owns 39,008 shares of the company, valued at $6,620,047.68. The sale was disclosed in a filing with the SEC, accessible via the SEC website. Also, VPE Robert J. Bojdak sold 525 shares of the company in a transaction that took place on Wednesday, June 8. The shares were sold at an average price of $177.82, for a total value of $93,355.50. Following the completion of the sale, the executive vice president now directly owns 19,075 shares of the company, valued at approximately $3,391,916.50. Disclosure of this sale can be found here. In the past three months, insiders have sold 7,725 shares of the company worth $1,335,332. 0.73% of the shares are held by insiders.

M&T Bank Profile (Get a rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.

Featured Articles

Want to see which other hedge funds hold MTB? Visit HoldingsChannel.com to get the latest 13F deposits and insider trades for M&T Bank Co. (NYSE: MTB – Get a rating).

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BOZEMAN — The first time Anna Stone met “Randy” in 2019, he was sleeping under a bridge. She recalled that he seemed to have psychological problems and was not interested in help from a stranger. Their introduction did not go well.

They met again in May 2020 when Stone, the housing case coordinator at the Human Resources Development Council, found him at a hotel for people over 65 who might be vulnerable to COVID-19.

“Randy,” who didn’t want his full name used for this story, slowly built a relationship of trust with Stone, who for two years worked with him to transition from homelessness.

Il sera bientôt le dernier résident à emménager dans un nouveau lotissement de 96 logements fondés sur le revenu pour adultes de plus de 55 ans appelé Perennial Park. This is the last effort of those responsible to put at least a small breach in the emerging problem of affordable housing in the region.

“Knowing that last summer he was sleeping on the floor in Lindley Park and that this summer he’s going to be in an air-conditioned room with [donated]

Depuis fin avril, des camions de déménagement déchargent les affaires des nouveaux arrivants au parc Perennial, situé derrière Lowe’s juste à côté de la 19e avenue nord à Bozeman. It is part of a larger development which includes the adjacent Arrowleaf project of 136 units, which is oriented towards families.

Also on the property are what turned out to be two key components of the $69 million project needed for Seattle-based developer GMD Development to comply with city zoning regulations.

The Community Health Partners building at the entrance to the property will provide medical, dental and mental health clinics, as well as a pharmacy, to residents of the Bozeman area. On the other side, Family Promise offers early childhood learning.

Residents of Perennial Park and Arrowleaf must meet income criteria below 60% of the region’s median income: $41,760 for an individual and $59,640 for a family of four.

In a city where one-bedroom apartments typically rent for nearly $2,000, eligible residents of Perennial Park apartments pay $1,119 for a one-bedroom apartment; $1,342 for two bedrooms; and $1,551 for a three-bedroom, said HRDC associate director Tracy Menuez.

Menuez said the people who need affordable housing the most are “the people who feed Bozeman.” Elle a noté que la plus récente évaluation régionale des besoins en logement a déterminé que le comté de Gallatin avait besoin de 6 000 unités supplémentaires.

“If you want to go out to dinner, they work in the restaurant. If you want to go to the house supplies store, it is the people who work at the counter, working the floor, “she said. “My God, these are the people who teach your children.”

In addition to access to childcare and health services, the development is within walking distance of a supermarket and other retail outlets and restaurants along a busy stretch of 19th Avenue. .

“J’adore ça”, a déclaré Bonnie Budd, une brigadière scolaire à la retraite et sauveteuse qui déplaçait ses affaires d’un camion U-Haul un matin récent. “New people are moving in and I can’t wait to have a whole new life.”

Bozeman Deputy Mayor Terry Cunningham said the development was made possible through the federal Department of Housing and Urban Development’s low-income tax credit scheme. Le programme fournit des subventions fédérales aux promoteurs en échange d’une garantie qu’ils maintiendront les loyers en dessous de 60% du revenu médian de la région.

He also recognized an acute need for affordable housing in Bozeman.

“Chaque jour, vous entendez des histoires de gens qui disent:” J’adorerais être ici, c’est ma ville de prédilection et, malheureusement, le marché du logement n’est pas celui que je peux gérer. “”

Cunningham said these feelings are “heartbreaking for anyone, especially for people who care about the city”.

The city contributed $500,000 from its community housing fund to help complete the project, Cunningham said. He said the 232 units in the two developments provide affordable housing for 400 to 500 people.

“Nous perdons des logements abordables chaque fois qu’un parc de maisons mobiles est démoli, chaque fois qu’une subvention du HUD expire”, a-t-il déclaré. “So being able to say, ‘Boom, here’s 232 units that can solve the problems of 400 to 500 people’, you know, that’s huge.”

Seattle-based GMD Development partner Steve Dymoke said his firm relied exclusively on the low-income tax credit system to develop projects like the Arrowhead/Perennial Park property.

Il a déclaré que la société avait développé le projet Larkspur Commons à Bozeman il y a plusieurs années et venait récemment de clôturer son 10e projet dans le Montana. GMD has also developed affordable housing projects in Alaska, Washington and Idaho.

He said the $500,000 Bozeman donated for the Arrowhead/Perennial Park project was a key factor.

“You know, it may seem like a small percentage, but it plays an outsized role in feasibility,” he said. «Cela a vraiment conclu l’affaire, et au-delà de cela, cela signale vraiment à nos investisseurs, nos prêteurs, que la ville s’engage en quelque sorte à la soutenir financièrement. That’s a really strong vote of support.”

Dymoke praised Bozeman’s Rotherham Construction, which was responsible for building the complex. He said that despite COVID-19 challenges and supply chain issues, Rotherham “really managed to deliver on time overall. It’s really been impressive.”

Although residents are moving forward since the end of April, Dymoke said that a major opening celebration is scheduled for the site on June 8.

“If you had three wishes from the Affordable Housing Genius, this would be at the top of your wish list,” Cunningham said. “I can’t think of a project that has met so many community needs in one project. It’s really unique.

BOCA RATON Florida, June 17, 2022 (GLOBE NEWSWIRE) — The New England states of New Hampshire, Massachusetts and Vermont lead the 50 states in lawyer discipline, devoting more resources to processing and to the resolution of wrongdoing complaints, according to a study by researchers at Florida Atlantic University.

The study, published in The Quarterly Review of Economics and Finance, also found that Alabama, New York, and Missouri finished with the bottom three composite scores, respectively.

Florida ranked seventh lowest in the United States, according to the study, which found that poor lawyer discipline is an indicator of corruption but not a direct measure.

UFA researchers James McNultyPh.D., and graduate student Jason Damm, Ph.D., said states with limited discipline have less reliable and less predictable legal systems, which makes it more difficult for businesses to operate smoothly.

Researchers have also found a correlation between states committed to disciplining lawyers and long-term economic growth, although there is no direct link. They suggest that more research in this area could prove useful.

“More resources for lawyer discipline would likely improve economic growth rates for states at the bottom of our rankings,” said McNulty, professor emeritus of finance at FAU. College of Business. “Law schools in these states would also be wise to focus more on legal ethics.”

Damm earned a doctorate from FAU this year and will begin teaching at the University of Miami in the fall. He and McNulty reached their conclusions after analyzing data from 2000 to 2017.

They used the American Bar Association’s Annual Survey of Lawyer Discipline (SOLD) and developed five measures of discipline: number of complaints; number of lawyers accused of misconduct; the relationship between the number of lawyers assigned and the number of complaints; the budget for the discipline of lawyers; and workload per disciplinary lawyer.

In scoring the highest, New Hampshire had the fourth fewest complaints of the 50 states, the fourth lowest case count, and the fourth highest case count per disciplinary attorney.

Alabama’s highest ranking was 25th among indicted attorneys, and the state finished no better than No. 31 in the other four categories.

After Vermont, the states with the highest composite scores are: South Carolina; Texas; California; Hawaii; Georgia; Virginia; and Washington. The other states in the bottom 10 of the ranking were: Kentucky; Ohio; North Carolina; Indiana; Montana; and Idaho.

McNulty and Damm said they were unaware of another study that used SOLD data to assess lawyer discipline and its effect on state growth.

The researchers noted that if the states are alike in all material respects except for lawyer discipline, it is likely that lawyers struggling with ethical issues will choose to practice in the most lenient area. Additionally, companies that generate large profits through unethical practices such as racketeering, extreme pollution, and predatory lending are more likely to do business in states where there are more lawyers for defend them and who are willing to deviate from the standards governing the legal profession.

“Prosecutors are officers of justice,” according to the study. “If citizens cannot trust the people who make and enforce laws, it is more difficult for any society to function effectively.”

Paul Owers Florida Atlantic University College of Business 561-221-4090 [email protected]

Copyright 2022 GlobeNewswire, Inc.

DENVER — The Colorado Avalanche’s first-ever game of 1995 started and ended with a bang, kicking off a season that ended with the Lord Stanley Cup in the hands of all Denver’s new hockey team.

The Avs traveled to Denver via financial difficulties in Quebec City, Quebec, Canada. The Quebec Nordiques were truly a “low level team” and Comsat Entertainment (now Ascent Entertainment) purchased them on May 25, 1995. The deal was finalized on July 1 and after the Nordiques moved to Denver, the franchise was officially named the Colorado Avalanche about a month later, according to the NHL.

It rekindled enthusiasm for the city of Denver and the Colorados who had no local team to cheer on since the Colorado Rockies hockey team relocated to become the New Jersey Devils in 1982.

After the move was announced, more than 12,000 season tickets were sold in 37 days, according to the NHL.

On the evening of Oct. 6, 1995, the Avs donned their new uniforms and skated on the ice at Denver’s McNichols Sports Arena — which was torn down and rebuilt as the Pepsi Center in 2000 and renamed the Ball Arena in 2020 — for their first match. Fireworks exploded into the air in celebration, according to the Associated Press.

In its very first regular season game, the Avalanche won 3-2 against the Detroit Red Wings in front of a sold-out arena, with left winger Valeri Kamensky scoring two goals, including one near the 10th minute and another with less than four minutes left in the game. Defender Craig Wolanin scored the second goal, the AP reported.

The puck found the net behind Avs goaltender Stephane Fiset within the first two minutes of the game, but he was “almost flawless thereafter, stopping 30 shots,” according to the AP.

“After the first goal I knew I had to close the door,” Fiset told the AP. “It’s my job, just to keep the team in the game. I knew we had a lot of time to score, so I just wanted to keep us close and give us a chance to win.

The first penalty in Avalanche history was awarded to Claude Lemieux for a high stick 42 seconds into that game, according to the AP.

READ MORE: Commerce City boy practices in full goalie gear while watching Avalanche games

After the Avs’ victory that night, NHL Commissioner Gary Bettman helped raise a banner at McNichols Sports Arena in Denver to signal the successful return of hockey to Colorado.

It “proved to be a hit with the vocal fans and Avalanche players,” the AP wrote the next day.

Headlines touted the Avs win: “Red Wings buried by Avalanche,” “Avalanche start season in Denver,” “Avalanche slide to 3-2 win with Kamensky goal in third.”

“If goalie Stephane Fiset doesn’t fade in the playoffs like he did last season, the team is a Stanley Cup threat,” wrote a Montana Standard reporter.

The players also expressed their enthusiasm to the media.

Right-winger Owen Nolan told The Gazette from Quebec that “We had good fans in Quebec, but it’s like night and day when it comes to volume. … It’s really a great motivator, especially when the guys are tired. pick us up as a team.

Avalanche Captain Joe Sakic — now Executive Vice President of Hockey Operations for the Avs — says the Red Wings caught them off guard early on.

“It was pretty important for us to knock out the first one at home, and it shows how far we’ve come,” he told The Associated Press.

The Avs fought tooth and nail throughout the regular season, acquiring big names along the way, like goaltender Patrick Roy and forward Mike Keane in December 1995.

After a season of ups and downs – but mostly ups – Denver was buzzing with excitement in May 1996 as the city’s new home team headed to the Stanley Cup Finals against the Florida Panthers.

Final tickets were the most popular items in town, The Daily Sentinel reported on May 31, adding that fans gathered outside the 16,000-seat McNichols Arena hours before tickets became available in the hope to get a seat to see the series.

ED ANDRIESKI/Associated Press

Game 1 started on June 4, 1996.

How was the series? As the AP wrote on June 11, the day after Game 4 in Miami: “The Colorado Avalanche took a long time to make quick work of the Florida Panthers.”

In a four-game sweep, the Avs clinched victory, but not before the longest playoff day of the season, when the game went to triple overtime. With 44:31 of overtime – lending to a game that from start to finish lasted four hours and 58 minutes – Game 4 is ranked as the longest scoreless contest and the third longest in the history of the final of the Stanley Cup, the AP reported.

Defender Uwe Krupp scored the game-winning goal at 4:31 of third overtime.

Team captain Sakic, also the league’s MVP that year, called the victory the greatest moment of his life. In total, he scored 18 playoff goals, nearly tying the NHL record. Of those 18, six were winners, according to the AP.

The Daily Sentinel | June 11, 1996 (Associated Press photo)

Even the Panthers acknowledged the outstanding competition.

“There’s not a guy in the room that I’m not personally proud of,” Panthers player John Vanbiesbrouck told the AP. “The game was intense. It was an epic game.”

The Avs praised their goaltender, Roy, as an “almost royal thing” who wasn’t the loudest, strongest or fastest player, but “there’s no doubt he’s the Colorado Avalanche man,” the Daily Sentinel reported on June 11.

The Daily Sentinel | June 12, 1996 (Associated Press photo)

“Hockey is a dynamic sport,” Av defender Sylvain Jean Lefebvre told a reporter. “And there will be times when the other team will have it. A lot of times in those situations it’s up to the goalkeeper to reverse the momentum. It’s up to the goalkeeper to calm everybody down, to bringing everyone back to the same page. And when your keeper is Patrick Roy, when you look back and see him in the net, it’s an incredible feeling. You just know that everything is going to be okay.

As victory came in Miami, Denver’s Larimer Square erupted with horns and cheers after Krupp’s goal.

“For all of us who have been waiting to say we are the world champions of something, we can finally say it,” former Denver mayor Wellington Webb told the AP. “We are very proud of it and we are going to celebrate all aspects of it.

In a newspaper article published two days after the victory, the AP wrote that the Avalanche “did what the Broncos of the NFL and the Nuggets of the NBA could not accomplish, which the Rockies of hockey (who later moved to New Jersey) failed to approach in six seasons and what baseball’s Rockies only see in their dreams.

RICK BOWMER/ASSOCIATED PRESS

Excluding the first five years of major North American professional sports leagues, the Avs were only the second team to win a title in their first year, the AP reported.

Among the celebrations, first-year coach Marc Crawford paid tribute to dedicated Nordiques-turned-Avs fans in Quebec.

“I would like them to feel included in our victory,” he told the AP. “We lived in a wonderful hockey city and we were lucky to be welcomed into another. We had a beautiful house in Quebec and now we have a beautiful house in Denver.

It was a nod to a long journey crowned with the best prize in the game.

“A year ago Denver didn’t have a hockey team. Now he has a Stanley Cup,” the AP article read.

Although the Avs had successful games in subsequent regular seasons, they didn’t make a return to the Stanley Cup Finals until 2001 when the team defeated the New Jersey Devils in Game 7. .

The Avalanche are now back in contention for the Stanley Cup for the first time since 2001 as they prepare to face the Tampa Bay Lightning.

Jack Dempsey/AP

Game 1 begins at 6 p.m. Wednesday and Denver7 brings you all the action on our airwaves.

Here’s a breakdown of the games, which all start at 6 p.m. on Denver7 (with pregame coverage at 5:30 p.m.):

• Game 1: Wednesday, June 15
• Game 2: Saturday June 18
• Game 3: Monday, June 20
• Game 4: Wednesday, June 22
• Game 5: Friday, June 24 (if needed)
• Game 6: Sunday June 26 (if needed)
• Game 7: Tuesday, June 28 (if needed)

Click here for more ways and places to watch Stanley Cup Finals games.

READ MORE: Ball Arena and Denver Sports Commission speak out on Stanley Cup Final impacts

With progress towards political stability and the assurance of broad external support, there is hope that Sri Lanka will overcome the crisis.

After months of economic distress, peaceful expressions of public anger punctuated by indiscriminate violence, political strife and institutional instability, Sri Lanka now seems on the road to a return to normalcy.

There’s no denying that the winding queues for fuel and cooking gas are still there, and the prices for basic necessities are sky-high. Some basic necessities such as powdered milk have either disappeared from the market or are too expensive. But the power supply has improved significantly, putting an end, so to speak, to an “age of darkness”.

The term of government, which had ceased to run in several parts of the country, including the critical space outside the president’s office in Colombo, has been reinstated. The threat of disciplinary action prevented a strike by Ceylon Electricity Board engineers, which would have cut power to the entire island. The engineers demanded the cancellation of two energy projects financed by the foreign private sector, including one by the Adanis of India.

As India continues to deliver essentials like food, fuel, fertilizer and medicine to the best of its ability, China has finally come out of its shell and signaled its readiness to step in to help the Sri Lanka in trouble. A row with Russia (a potential fuel supplier) over the legality of an Aeroflot flight ended in a diplomatic engagement, albeit belatedly. Apparently, it takes time for the Lankan bureaucracy to assimilate Prime Minister Ranil Wickremesinghe’s advice that it should treat the country’s traditional friends with respect and consideration.

Political stability

Painfully elusive political stability now seems within reach. It finally became clear to the main political actors, both on the side of power and the opposition, that without political stability, international financial assistance will not be available.

While President Gotabaya Rajapaksa has remained steadfast in his position that he would only step down if expelled by constitutional means and not under pressure from street agitators, the Aragalaya or The struggle to force him to quit has run out of steam. This allowed him to start functioning normally. But the “Go Gota Go” activists could take satisfaction from the fact that they ousted the other Rajapaksas, including Prime Minister Mahinda Rajapaksa.

Appointment of Wickremesinghe

The problems created by instability in Parliament and confusion in foreign relations were partially resolved by the appointment of Ranil Wickremseinghe as Prime Minister in place of Mahinda Rajapaksa. Although Wickremesinghe’s appointment was bitterly criticized for being the only member of his party in parliament, Wickremesinghe highlighted his good relations with the international community and donors.

The dispute in parliament over the content of the 21st Amendment (21A) aimed at reducing the powers of the executive president seems to end with the removal of one of the main obstacles. Basil Rajapaksa, a powerful member of the ruling Sri Lanka Podujana Peramuna Party (SLPP) and a dual citizen (US-Lanka), resigned on Thursday, abiding by a clause in Bill 21A which stated that dual citizens are not eligible to hold political office. . Once that issue is resolved and MPs agree to let the president retain the defense portfolio, 21A is expected to pass with the required two-thirds majority and without a referendum.

Given the informal agreement between President Gotabaya and Prime Minister Wickremesinghe to work harmoniously, the unfortunate history of Sri Lanka’s troubled diarchies will hopefully not be repeated. This will help the international community to trust the government of Lanka and accelerate its aid programs.

The likely appointment of leading entrepreneur Dhammika Perera to replace Basil Rajapaksa as the ruling SLPP MP will be welcomed by the business sector as well as the international community as he has released a detailed plan to improve Sri Lanka’s revenue. , sector by sector. . It could even be housed in cabinet in line with the president’s and prime minister’s penchant for involving subject matter experts in governance.

The Prime Minister held talks with IMF Managing Director Kristalina Georgieva to expedite the services-level agreement with Sri Lanka and extend the IMF facility by September. For its part, China said it is “ready to work with relevant countries and international financial institutions to continue to play a positive role in supporting Sri Lanka’s response to the current difficulties and efforts to alleviate debt burden and achieve sustainable development”.

Long way to go

While these developments are encouraging, Sri Lanka still has a long way to go before normalcy is restored. The prime minister has told parliament that Sri Lanka needs to find US$3.3 trillion for oil imports over the next six months. It would need US$250 million over the next six months to supply cooking gas. He warned that winding queues at petrol stations would continue for the next three weeks and called for fuel rationing through a coupon system.

Sri Lanka’s annual rice requirements are 2.5 million tonnes. But he only has 1.6 tons in stock. To overcome severe shortages in the coming months, Sri Lanka must import $150 million worth of rice each month. It would cost $600 million a year to import fertilizer. An improvement in the harvest situation is not expected until February 2023.

A recent study by the World Food Program (WFP) found that 73% of participating households had reduced their diet and food intake. Sri Lanka needs US$5 billion over the next six months to ensure daily life is not disrupted. Another billion US dollars is needed to strengthen the rupee. In total, the country needs 6 billion dollars, at least, for the next six months.

According to the Central Bank, average GDP growth in 2022 will be -3.5% but according to the International Monetary Fund, growth will be negative at 6.5%, partly due to the conflict in Ukraine. Recovery is only expected in 2024.

Sri Lanka’s foreign loans amount to $53 billion. Many loan installments received from multilateral institutions are due to be repaid this month. In fact, Sri Lanka has already defaulted and is seeking new repayment reschedulings.

Loss of income

The prime minister said the government lost LKR 6.6 billion ($18.3 million) in revenue with the abolition of a tax system introduced in 2019. Inflation rose with money printing . LKR 2.5 billion has been released into the economy from 2020 to May 20, 2022. There has been chronic mismanagement of finances by ministries. The government is unable to provide funds to cover the losses of any of the public enterprises.

Corrective actions

Regarding the proposed corrective measures, the Prime Minister said that with the help of the IMF, by 2024, Sri Lanka will have an economic recovery plan. By 2025, the budget could be balanced.

“We call on the International Monetary Fund to organize a conference to help unite our lending partners. The holding of such a conference under the leadership of India, China and Japan will be a great strength for our country. China and Japan have different credit approaches. We hope that consensus on lending approaches can be reached through such a conference,” the Prime Minister said.

Provisional budget

The interim budget will reduce unnecessary government spending, while controlling other costs, he said. On what is for the poor, Wickremesinghe said the annual expenditure to provide various reliefs to economically backward people will increase from $350 million to $550 million. Loans to farmers would be amortized at 100%. Loans obtained by farmers with less than two hectares of land will be stopped immediately.