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Finance panel OKs 911 improvements, reimbursements

finance panel oks 911 improvements, reimbursements

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Scott Cousins, scousins@thetelegraph.com
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12:59 pm CDT, Wednesday, August 12, 2020

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Finance panel OKs 911 improvements, reimbursements

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EDWARDSVILLE — Funding to begin improvements to the county’s 911 system — as well as reimbursements to local police departments handling 911 calls — were among items approved by the Madison County Board’s Finance and Government Operations Committee Wednesday.

Both the Emergency Telephone System Board and the county’s Public Safety Committee have approved about $2.3 million to replace existing 911 systems at eight of the county’s 16 911 call centers.

The project had been on hold because of delays in the approval of a 911 consolidation plan. But the ETSB decided to move ahead last month because the existing system is outdated. The current system dates from 2010, and it is difficult to find replacement parts.

The plan is to upgrade the systems at the eight PSAPs (public safety answering points) that are part of the current consolidation plan now being considered by the court. Madison County must reduce its PSAPs from 16 to eight. The Illinois State Police has rejected the county’s plan, but that has been appealed.

Also approved Wednesday was reimbursement to local police departments for 911 services. The ETSB began …

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Explainer: How commodity trade finance works

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LONDON (Reuters) – Global banks were left shell-shocked this year by a series of commodity trader collapses after instances of fraud were laid bare by the coronavirus crisis. FILE PHOTO: ABN AMRO logo is seen at the headquarters in Amsterdam, Netherlands May 14, 2019. REUTERS/Piroschka van de WouwABN Amro (ABNd.AS) on Wednesday said it would end all trade and commodity financing, shedding 800 jobs, following several other lenders who have already restructured or put their trade finance divisions under review as they scramble to recoup billions of dollars in debt. The $21 billion liquidity hole left by the Dutch bank will be hard to fill, presenting a more uncertain future for smaller commodity traders without a strong presence in a niche market. Trade finance is a term covering many types of loans, typically from banks, that facilitate global movement of goods from wheat to gasoline. The loans reduce risk for counterparties and allow them to juggle multiple transactions. Most trade finance loans are short-term, less than a year. Commodity finance was hit hard by the 2008 financial crisis and subsequent regulation aimed at preventing similar downturns. WHAT ARE THE DIFFERENT TYPES OF LOANS? * A letter of credit (L/C) is the most common …

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How Is Peapack-Gladstone Financial’s (NASDAQ:PGC) CEO Compensated?

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View photosDoug Kennedy has been the CEO of Peapack-Gladstone Financial Corporation (NASDAQ:PGC) since 2012, and this article will examine the executive’s compensation with respect to the overall performance of the company. This analysis will also assess whether Peapack-Gladstone Financial pays its CEO appropriately, considering recent earnings growth and total shareholder returns. View our latest analysis for Peapack-Gladstone Financial How Does Total Compensation For Doug Kennedy Compare With Other Companies In The Industry?At the time of writing, our data shows that Peapack-Gladstone Financial Corporation has a market capitalization of US$330m, and reported total annual CEO compensation of US$2.2m for the year to December 2019. That’s a slight decrease of 5.8% on the prior year. While this analysis focuses on total compensation, it’s worth acknowledging that the salary portion is lower, valued at US$695k.On examining similar-sized companies in the industry with market capitalizations between US$200m and US$800m, we discovered that the median CEO total compensation of that group was US$1.2m. Accordingly, our analysis reveals that Peapack-Gladstone Financial Corporation pays Doug Kennedy north of the industry median. What’s more, Doug Kennedy holds US$2.1m worth of shares in the company in their own name, indicating that they …

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Auto Financial Group Announces Q2 2020 Results

auto financial group announces q2 2020 results

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HOUSTON, Aug. 12, 2020 /PRNewswire/ — Auto Financial Group (AFG), one of the nation’s leading sources of residual based financing and vehicle remarketing for financial institutions, announced results for Q2 2020 today.
In the second quarter of 2020, in spite of the challenges due to the coronavirus lockdown, AFG signed five new credit unions to its residual based financing programs: AmeriCU Credit Union, Bridge Credit Union and National JACL Credit Union signed up for the AFG Balloon Lending Program and Associated Credit Union of Texas signed up for the AFG Leasing Program. The five credit unions represent combined assets of nearly $3 billion and a reach increase of over 8.4 million consumers across five states.
“At AmeriCU, we’re constantly working to improve our products, services, and the ways we do business,” said Nick Cray, Vice President of Member Relations & Marketing for AmeriCU Credit Union. “We’re grateful that we can now offer our members an auto-buying alternative to leasing or conventional financing.”
Learn more about AFG’s programs at https://www.autofinancialgroup.com/products/
About Auto Financial GroupAuto Financial Group (AFG), a Houston-based company, provides an online, residual based, walk-away vehicle financing product called AFG Balloon Lending, as well as vehicle leasing and vehicle remarketing to financial institutions …

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Saudi Aramco plans further spending cuts to pay for dividend – Financial Times

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FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in AbqaiqMore(Reuters) – Saudi Aramco plans to cut its capital spending to a range of $20 billion to $25 billion this year to pay a $75 billion dividend it pledged to investors during its initial public offering last year, the Financial Times reported on Wednesday, citing people familiar with the matter.The report says the new level of capital spending is largely dedicated to the state-owned group’s exploration and production business and will hold for the next three years.Spending has been cut across the board to shore up cash as the oil industry contends with a realization that lower crude prices could be the norm for a long period of time after the coronavirus pandemic sapped fuel demand.Aramco had said on Sunday it expected capital expenditure for 2020 to be at the lower end of the original $25 billion to $30 billion range and the company posted a 73% plunge in second quarter profits.(Reporting by Shariq Khan in Bengaluru; Editing by Saumyadeb Chakrabarty)

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APi Group Reports Second Quarter and First Half 2020 Financial Results

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-Adjusted gross margin expansion of 383 and 351 basis points for the second quarter and the first half of 2020, respectively–Operating cash flow of $177 million in the second quarter, compared to $28 million in the prior year–Company establishes adjusted EPS guidance range of $0.94 to $1.00 for 2020-APi Group Corporation (NYSE: APG) (“APG”, “APi” or the “Company”), today reported its financial results for the three and six months ended June 30, 2020.Second Quarter 2020 Highlights:Reported net revenues were $889 million, compared to $1.1 billion in the prior year period, primarily driven by COVID-19 related impactsAdjusted net revenues declined by 14.2% or $141 million to $849 million, compared to $990 million in the prior year periodReported gross margin was 19.6%, slightly up compared to prior year gross margin of 19.5%Adjusted gross margin was 24.0%, representing a 383 basis point increase compared to prior year gross margin of 20.2%, driven by improved project selection and execution in Industrial Services and a higher mix of service revenue in Safety ServicesReported operating income was $27 million, a $36 million decline from prior year operating income of $63 millionAdjusted EBITDA was $101 million or 11.9%, a 190 basis point increase over prior year periodReported net income was $36 million, a $17 million decline from prior year net income of $53 million and reported net income was $0.17 per diluted shareAdjusted net income …

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Small firms to get more finance guarantee funds

small firms to get more finance guarantee funds

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China has unveiled measures to strengthen supervision of government-controlled finance guarantee institutions in the latest move to provide better financial services for small firms and the agricultural sector.

Financial departments and regulatory authorities at the provincial level should coordinate to introduce lists of government-controlled financing guarantee institutions, according to a circular jointly released by seven central government departments, including the China Banking and Insurance Regulatory Commission (CBIRC).

Such institutions are asked to expand the proportion of financing guarantee funds for small and micro-businesses as well as agricultural and rural entities, the circular said.

The circular also called for better monitoring of government-controlled financing guarantee institutions to guide them to further enlarge the scale of services and lower costs in support of small businesses and the agricultural sector.

New yuan loans

China’s new yuan-denominated loans hit 992.7 billion yuan (US$142.4 billion) in July, down 63.1 billion yuan compared with the same month of last year, according to the People’s Bank of China (PBoC).

Loans in the household sector and the corporate sector last month increased by 757.8 billion yuan and 264.5 billion yuan respectively, with medium and long-term loans accounting for the majority, the central bank said.

The M2, a broad measure of …

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ABN Amro quits trade and commodity financing in corporate bank overhaul

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ABN AMRO logo is seen at the headquarters in AmsterdamMoreBy Bart H. MeijerAMSTERDAM (Reuters) – ABN Amro is to end all of its trade and commodity financing operations in a shift that will see 800 jobs go at the Dutch bank as it calls time after a string of losses in those businesses.In a massive overhaul of its activities, ABN Amro said on Wednesday its corporate bank will retreat to northwest European markets, exiting the United States, Asia, Australia and Brazil, except for clearing operations.The restructuring, will affect around 45% of the corporate bank’s client loans, worth 18 billion euros ($21 billion) and follows several attempts to increase the profitability and reduce risks at ABN’s corporate bank after difficulties in the offshore energy markets saddled it with losses on its loans.”We will serve clients in segments where we can achieve scale, so we will focus on the Netherlands and Northwest Europe, where we will invest and grow,” Chief Executive Robert Swaak said.Several other European banks have been rethinking their trade and commodity finance operations, including Natixis and BNP Paribas, hit by losses in energy trading and a drive to focus on greener finance initiatives.BALLOONING IMPAIRMENTSWrite-offs at ABN’s corporate bank …

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AFH Financial Group (LON:AFHP) Shareholders Booked A 98% Gain In The Last Five Years

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View photosWhen we invest, we’re generally looking for stocks that outperform the market average. Buying under-rated businesses is one path to excess returns. For example, the AFH Financial Group Plc (LON:AFHP) share price is up 98% in the last 5 years, clearly besting the market decline of around 9.0% (ignoring dividends). On the other hand, the more recent gains haven’t been so impressive, with shareholders gaining just 2.3% , including dividends . View our latest analysis for AFH Financial Group While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.Over half a decade, AFH Financial Group managed to grow its earnings per share at 52% a year. This EPS growth is higher than the 15% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock.You can see how EPS has changed over time in the image below (click on the chart to see the exact values). earnings-per-share-growthMoreIt is …

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