Cash Advances – Payday Loans For Livet Sat, 09 Oct 2021 22:10:49 +0000 en-US hourly 1 Cash Advances – Payday Loans For Livet 32 32 Ramaphosa needs more urgency to stop rogue spies Sat, 09 Oct 2021 22:01:09 +0000

The South African Parliament’s Intelligence Oversight Committee recently tabled its 2019/2020 annual report. The gripping and depressing read documents the failings of the nation’s spy agencies in flawless detail. If left unaddressed, these failings can expose the country to even more serious crimes and national security threats than it has already faced.

Spy agencies were weakened during the tenure of former President Jacob Zuma. The report shows that these weaknesses were not adequately addressed under President Cyril Ramaphosa.

The report incorporates reports from Bess Nkabinde, the judge responsible for granting the country’s intelligence services permission to intercept communications. This is the Regulatory Interception of Communications and Provision of Communication-Related Information Act 2002 (Rican Act. The report of the oversight committee also included that of the Auditor General.

Nkabinde’s report is damning of Rica’s process and its weaknesses. The law requires spy agencies to seek interception warrants from a special judge (currently Nkabinde) to intercept communications in order to solve serious crimes or counter threats to national security.

Nkabinde’s report – which should not be read in isolation from the commission’s report as a whole – shows how deep the failings are in the intelligence services. Addressing these shortcomings will have to go beyond reforming the law.

Nkabinde expressed concern over the relentless illegal interception of communications from private and public agents.

She noted that News24 reporters’ allegations that the Criminal Intelligence Division of the South African Police Service had spied on them were not exaggerated.


One serious weakness she pointed out was that she had to rely on the intelligence agency’s word for an interception warrant that the details of the request are true. The fact that the target of surveillance is not informed of the request – as this would defeat the objectives of covert surveillance – amplifies this danger. In contrast, countries such as the United States, Canada, and Japan require those under surveillance to be notified within 30 to 90 days of surveillance.

This weakness can lead South African intelligence agencies to lie about why they should intercept someone’s communications. Recently, the Constitutional Court identified this problem as one of the many shortcomings that the parliament must address when revising the law on surveillance. The judgment triggered a government review of the law.

Nkabinde pointed out other serious issues with the Rica process.

She cited a police report. He says the interception equipment housed in the Office of Interception Centers – the office that undertakes Rica’s interceptions – is obsolete. The equipment breaks down regularly and is limited to old-fashioned, unencrypted forms of communication such as voice and SMS (text messages on cell phones).

As a result, according to the police report, “… about 99% of the target’s communication is lost.” It is therefore highly unlikely that the law on surveillance will achieve its objectives.

Interception capabilities exhausted

What is disconcerting is that the Parliamentary Oversight Committee has been aware of the office’s inability for years. Almost every year since 2013, the committee has noted with concern that the national communications, to which the interception office reports, is under-resourced and uses outdated technology.

It’s hard not to conclude that the government of former President Jacob Zuma deliberately dismantled the interception office.

This, to prevent him from contributing effectively to curb the massive corruption and capture of the state by private business interests that have characterized his tenure.

Other weaknesses are not specific to the Rica process. These include the ease with which covert counterintelligence projects can be set up. This includes illegal ones put in place by the Special Operations Unit of the State Security Agency.

Dishonest spies can then access a secret service account to fund these projects with ease. The lax controls exist because an apartheid-era law, the Secret Services Account Amendment Act, governs the account. Those who want to access it have only to show that the intelligence operations are secret and in the national interest, which is not defined, and therefore open to misinterpretation and abuse.

A related weakness is that spy agencies routinely receive qualified audits. They have resisted subjecting covert operations to conventional audits, saying it would jeopardize secrecy.

Thus, they can talk about or even invent criminal or national security threats to establish questionable or illegal covert operations. Then, they can justify the abusive use of surveillance and tap into the secret service account. The account provides them with temporary cash advances to pay for operational expenses – such as sources of payment.

Testimonies to the Judicial Commission on allegations of state capture under Zuma underscore these dangers.

A perverse result of improper surveillance is that dishonest spies may pay insufficient attention to legitimate threats and overestimate their successes, so that money continues to flow into the account.

Inadequate controls and covert surveillance

The Auditor General denounced inadequate internal controls over covert operations and insufficient evidence of reported accomplishments.

With these abuses in mind, the High-Level Review Group on the State Security Agency, appointed by President Ramaphosa in 2018 to investigate abuses in the agency under Zuma, argued for a review of the law amending the law on secret service accounts. He also argued for the need to introduce verifiable methods to account for expenditure on temporary cash advances.

The panel said there was an urgent need for the Ministry and the State Security Agency to work with the Auditor General to find an acceptable way to allow “unhindered auditing” of the agency’s finances, including included for covert operations, so the agency’s annual audits can live up to scrutiny.

Administrative intelligence surveillance is also in a deplorable state, allowing opportunities for illegal surveillance. The intelligence committee report points out that spy agencies largely ignore the findings of the Inspector General of Intelligence – who oversees the agencies. This is because the conclusions are mere recommendations and not binding.

This problem led to a situation where, according to the Parliamentary Oversight Commission, the rate of implementation of the recommendations of the Inspector General was only 2% or 0%.

The Inspector General took legal action in 2018 to challenge the office’s lack of powers, independence and resources. There is little evidence the government has done anything about these issues since then.

Closing the loopholes in espionage

It is devastating that journalists had to resort to legal proceedings to force the government to close loopholes in the law that allowed illegal espionage.

President Cyril Ramaphosa and his government must be more urgent in addressing the other loopholes that dishonest spies continue to exploit.

Failure to do so will likely mean that illegal espionage will continue and even flourish.

Then the predatory elite – which thrived under Zuma – could reassert control over the levers of state, with truly dire consequences for South Africa.

Jane Duncan, Professor, Department of Journalism, Film and Television, University of Johannesburg

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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Health check: commercial banks Fri, 08 Oct 2021 11:42:13 +0000

Health check: commercial banks


Central Bank of Barbados

The pandemic influenced the performance of the banking system in 2020, but the sector remained stable. During the review period, commercial banks remained well capitalized. The sector’s capital adequacy ratio (CAR) increased to 16.0 percent, in part due to the conversion of a bank from a branch to a subsidiary. However, in the absence of the conversion, the underlying RAC rose steadily from 13.5% to 14.3%, as banks replenished their regulatory capital, especially Tier 1 capital. All individual banks remained well above the 8% benchmark with ranges between 12.1% and 24.6% at the end of 2020.

The improvement in capital adequacy reflects the strengthening of the after-tax profitability of the sector and the growing share of zero risk-weighted assets, resulting from claims on the Central Bank of Barbados rather than loans to the private sector . Profitability before tax weakened as commissions and other income decreased significantly, commissions associated with loans and advances and non-loan commissions decreased. On the other hand, net interest income contracted 6.6% due to lower loans to the non-financial private sector and deposits in banks abroad. In addition, non-interest expense increased sharply mainly due to increased loan provisioning, but operating expenses declined for the first time since 2014.

The after-tax return on assets (ROA) of 0.8% represents an increase of 20 basis points over the previous year, when the one-time write-off of deferred tax assets following the reduction in corporate tax rates. companies weighed on after-tax profitability.

Commercial bank assets grew 3.1% in 2020, slightly faster than the previous year. However, while customer deposits maintain a moderate growth path and lending continues its downward trend, commercial bank deposits with the central bank have continued to increase. As a result, the liquid asset ratio of commercial banks continued its upward trend.


Total loans fell by 2%. New loans fell by more than $ 510 million, but repayments also fell as banks proposed moratoriums on loans of up to six months to customers affected by COVID-19 in anticipation of a deterioration in prices. loan portfolios. At its peak, 38.2% of loans granted by banks were subject to moratoriums. However, in March 2021, most of these loans returned to a normal payment model or were restructured to provide cash flow relief to borrowers.

The decrease in loans is mainly due to the personal sector, with household credit card debt decreases by 13.4%, a probable reflection of the drop in trips abroad. Loans to the tourism sector recorded a reduction of 16.1%, mainly due to the early repayment of a foreign currency loan by a hotel group during the first quarter of 2020. However, there was an increase in loans to utilities, public sector companies and real estate. sector.

In the first three months of 2021, total lending remained depressed, down 1.7%. The decline in the personal and real estate sectors prevailed over the new loans granted to the tourism sector, which also continued to benefit from the moratoria.

Loans from the moratorium program were not classified as non-performing, and aAt the end of 2020, the NPL (non-performing loans) ratio stood at 7.3%, an increase of 0.7 percentage point compared to 2019. Regarding the sectoral distribution of NPLs, an increase in personal, tourist and retail loans was recorded as non-performing loans in 2020.

AAs temporary customer support ended, reported credit quality began to deteriorate in early 2021, and during the first quarter of 2021, NPL’s ratio rose to 7.9% as the value of tourism-based NPLs was increasing.

Provisions for bad debts increased from 59.4% to 62.0% in 2020, as banks increase their reserves to protect against losses due to the expected increase in defaults.

Interest rate

The low interest rate environment on deposits persisted through 2020. Interest paid on transferable deposits remained below 0.1%, while spending on “other deposits” edged down to 0 , 4%. As the share of transferable deposits increased, the effective interest rate on deposits was practically zero, while the effective interest rate on loans declined slightly to 5.8% than the interest income on the loans contracted. Thus, the implied deviation was 5.8 percent.

Domestic currency deposits grew 6% in 2020, as personal and business holdings increased, largely reflecting the positive effects of the moratoriums on savings and the easing of fiscal policy. Transferable deposits continued to be the national deposit of choice, as they accounted for 95.9% of total national currency deposits, with falling interest rates on term deposits making these accounts less attractive.

Liquidity increased significantly throughout 2020 and through the first quarter of 2021. The excess liquidity ratio fell from 19% to 23% in 2020 as banks increased their liquidity relative to deposits. The excess securities ratio increased, with the required securities ratio increasing from 17.5% to 5% in April 2020. This policy measure was abandoned with the passage of the new Central Bank of Barbados law in December. . In the first quarter of 2021, the excess cash ratio reached 26.5%.

The net foreign currency position suffered a slight deterioration in 2020, mainly due to the reduction in foreign currency loans which now represent 1.8% of total loans. Foreign currency deposits increased 4.3 percent, bringing their share of total deposits to 6.6 percent. This increase was driven by the corporate sector, real estate, rental and other business activities in particular. Commercial banks have maintained adequate levels of foreign exchange for transactions, as evidenced by minimal purchases by the Central Bank in 2020.

Adapted from Financial Stability Report 2020.


Central Bank of Barbados published this content on 08 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 08 October 2021 11:41:07 AM UTC.

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Here are the latest Illinois sports news from The Associated Press | National News from the Associated Press Thu, 07 Oct 2021 08:30:04 +0000

LAKE FOREST, Ill. (AP) – After resisting the move in the past, Chicago Bears coach Matt Nagy made Justin Fields his first quarterback and moved Andy Dalton into the replacement role. Fields, the former Ohio State quarterback and first-round draft pick, had played Detroit and Cleveland as a starter, but only because of veteran Dalton’s knee injury. As late as Monday, Nagy said Fields was still the replacement, but changed his mind. Dalton recovered from a bone contusion and returned to training this week.

HOUSTON (AP) – Hall of Fame manager Tony La Russa returns to the playoffs with the Chicago White Sox as they prepare to open their AL Division best-of-five series on Thursday against the Houston Astros. This is his first playoff series since winning the 2011 World Series with the St. Louis Cardinals before retiring. He will face Houston manager Dusty Baker, who at 72 is still chasing his first title.

CHICAGO (AP) – Courtney Vandersloot scored 19 points and Kahleah Copper added 18 to help the Chicago Sky beat the Connecticut Sun 79-69 and advance to the WNBA Finals. Chicago is back in the final for the first time since 2014 despite finishing the regular season with a record .500. Candace Parker, who returned home to Chicago this season, finished with 17 points, nine rebounds and seven assists. Jonquel Jones led the way for the Sun with 25 points and 11 rebounds.

CHICAGO (AP) – The Chicago White Sox have a rare opportunity to capture the limelight and expand their fan base in a city where they are often overshadowed by their neighbors a few miles north. They are in the playoffs for the second year in a row, a first for the American Charter League franchise. They aim for the World Series and a chance to make money with young and dynamic stars. Chicago-based director of sports marketing, Marc Ganis, said the White Sox have the ability to increase local sponsorship, ticket sales, suite sales and other stadium income by 25-40% without having to shrink the Cubs fan base due to the size of the population. It depends on their marketing and the progress of the team.

HOUSTON (AP) – Lance Lynn will start for the Chicago White Sox in Game 1 of the AL Division Series against the Houston Astros on Thursday. Manager Tony La Russa announced the decision on Wednesday and said Lucas Giolito will start Game 2. The White Sox have also said first baseman Jose Abreu is feeling better after dealing with flu-like symptoms and ‘he would fly to Houston on Wednesday night.

CHICAGO (AP) – Chicago Cubs president of baseball operations Jed Hoyer has said strengthening a starting rotation that has ranked among the worst this season is high on his to-do list. the Cubs will have the financial flexibility to be active in free agency. The question is whether they are trying to make a splash by signing a star or filling more gaps with more low-key moves. Either way, he identified rotation as the top priority after the Cubs starters combined for a 5.27 ERA. Only Texas, Pittsburgh and Baltimore were higher. The Cubs must also find a new batting coach after Hoyer confirms the team is parting ways with Anthony Iapoce. A contract extension for manager David Ross could be in the works. The parties having had preliminary talks.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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IBM signs five-year agreement with Honda Motor Europe Ltd to integrate and manage financial and procurement operations Wed, 06 Oct 2021 04:01:00 +0000

Posted: Oct 5, 2021, 10:01 PM MDT|Update: 2 hours ago

IBM to Lay Foundation for Honda End-to-End Zero Touch Ambitions

LONDON, October 6, 2021 / PRNewswire / – IBM (NYSE: IBM) and Honda Motor Europe today announced a five-year agreement under which IBM plans to manage and execute Honda’s financing and supply operations through Europe. The contract is designed to provide an integrated end-to-end service that can help Honda improve efficiency, reduce costs, standardize processes in its European operations and ultimately put it on the path to a vision “Zero Touch”.

IBM will lay the foundation for Honda’s end-to-end

The contract extends an existing ten-year relationship by giving IBM Global Business Services additional responsibility for procurement operations. The fully integrated intelligent finance and purchasing workflow is designed to deliver cost savings, productivity improvements and improved service levels for Honda suppliers and customers, on a resilient platform.

This agreement comes at a time when the automotive industry is embarking on a radical transformation towards a connected, autonomous, shared and electrified world. The transformation investments required place even greater demands on back office functions to improve efficiency and be flexible to support changing business demands.

“We have a strategic need to transform our financing and sourcing operations into the best in the world and in doing so make Honda’s European operations a company that every dealer and supplier wants to work with,” said Joe crump, Managing Director, Business Administration, Honda Motor Europe. “We have a great working relationship with IBM, who have become a trusted partner and I am confident that they will bring tremendous expertise to help us make the changes necessary to meet industry challenges and emerging opportunities. “

Under the agreement, IBM plans to manage the Source-to-Pay, Record-to-Report and Order-to-Cash processes. Standardization and simplification of processes are designed to enable the application of the latest advances in automation, which can provide additional cost and quality benefits. A new single help desk with an integrated view of the entire finance and purchasing function can not only be more efficient, but can also improve customer service.

“We look forward to bringing our business process experience, technology and transformation methodologies to help Honda Motor Europe move even closer to its Zero Touch ambitions,” said Dave miller, Managing Director of IBM for the Honda Global Account. “We plan to bring people, processes and solutions together in smart workflows through an optimized managed services approach that can enable Honda Motor Europe to improve its finance and purchasing operations and become the partner. of choice from its network of dealers and suppliers. “

IBM and Honda Motor Europe signed their financing and supply service agreement in 1Q 2021.

Statements regarding IBM’s future direction and intent are subject to change or withdrawal without notice and represent goals and objectives only.

About Honda Motor Europe
For more information visit:

About IBM Global Business Services
For more information visit:


Jean Galvez
IBM Communications-UK

Tricia Vuton
IBM Communication

IBM company logo.  (PRNewsfoto / IBM)
IBM company logo. (PRNewsfoto / IBM)

View original content to download multimedia:


The above press release has been provided courtesy of PRNewswire. The views, opinions and statements contained in the press release are not endorsed by Gray Media Group and do not necessarily state or reflect those of Gray Media Group, Inc.

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High Court will not hear RD Legal’s CFPB ratification challenge Mon, 04 Oct 2021 20:49:00 +0000
By Jon Hill (October 4, 2021, 4:49 p.m. EDT) – The United States Supreme Court on Monday refused to hear an appeal challenging the ability of the Consumer Financial Protection Bureau to pursue enforcement actions that were brought at a time when the judges said the agency was unconstitutionally structured.

In a list of orders, the Supreme Court said it was dismissing a motion to rule on the validity of CFPB’s efforts to ratify or re-authorize its past actions in the wake of Seila Law v. CFPB, a high court decision last year. who ruled that the agency had been unconstitutionally structured since its creation in 2010.

As usual,…

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Judge delivers ninth, Yanks clinch playoff berth in batting final Mon, 04 Oct 2021 02:00:48 +0000

Aaron Judge celebrates after hitting a single late in the ninth inning as Ji-Man Choi watches at Yankee Stadium on October 3, 2021 in New York City. (Photo by Mike Stobe / Getty Images)

Gio Urshela did like Derek Jeter, and Aaron Judge was his epitome.

After a season of pushes and setbacks, the New York Yankees are ready to find out who they really are in the playoffs.

Might as well start against the rival Red Sox.

The judge returned the winning run with a single with a ninth inning strikeout and the Yankees clinched a playoff berth in their last regular-season at-bat, beating the Tampa Bay Rays 1-0 on Sunday.

“It has been a crazy, wild and difficult year,” said manager Aaron Boone. “It’s fitting that it boils down to the last day to get in, but I love our group.”

Urshela made a catch at the Jeter, charging recklessly into the visitors’ dugout in the sixth inning, and New York used six pitchers in a five batting to hit their fifth straight playoff ticket after nearly falling through a maze of scenarios. tie-breaking.

The Yankees had packed their bags, knowing that another loss to the 100-win Rays could send them into one of many potential 163 road games on Monday. Instead, they’ll play in the AL wildcard game on Tuesday night at Fenway Park, with ace Gerrit Cole facing the Red Sox after Boston rallied to beat Washington later on Sunday.

The Yankees swept a three-game streak in Boston last weekend and the teams finished tied for second in the AL East behind Tampa Bay at 92-70. The Red Sox are hosting the game with wild cards because they went 10-9 against New York this year.

New York was a .500 club after the middle of the season, falling to 41-41 on July 4. The Yankees are 51-29 since.

“We’re ready to shoot,” Boone said. “I feel like I know we can beat anyone when we’re at our best.”

Rougned Odor started the ninth with a single against Josh Fleming (10-8), just New York’s second hit. Pinch runner Tyler Wade advanced in second place on Gleyber Torres’ flyout to the center warning track, and Anthony Rizzo moved Wade to third with a single with one out.

Andrew Kittredge faced off against the judge, who snatched a 104.4 mph line from the right-hander’s glove. The ball jumped towards second baseman Brandon Lowe, whose lopsided throw at home wasn’t nearly in time to catch a slippery Wade.

Teammates swarmed a smiling judge halfway between the first and second, and fans chanted “MVP! MVP!” facing the franchise during a field interview.

“I wouldn’t say we’ve expired,” Judge said. “We still have a lot of work to do.”

The judge had never delivered a hit in the majors. This was his eighth hit in the eighth inning or later this season, tied for most in the majors and most by a Yankee since at least 1961.

“This is the guy you want up there,” Wade said.

New York needed a win or a loss for Toronto and Seattle to clinch and avoid a tiebreaker on Monday. With the out-of-town scorecard showing the Blue Jays putting Baltimore on the road from the start, it was clear that in the fourth inning the Yankees would not return to a wildcard spot.

Rays starter Michael Wacha was not straying either. The veteran threw a five-innings hitting, rolling New York with 56 shots. He induced two double games, bringing New York’s highest total to 154.

Urshela reestablished a charge in Yankee Stadium with her cheeky bolt in the Tampa Bay dugout.

With two strikeouts in the sixth, Urshela sprinted 126 feet after Austin Meadows’ popup from a staggered formation in the field. He caught it a stride before reaching the top step of the Rays dugout, then appeared to jump off the warning track at full speed into an empty spot on the bench.

Plate umpire Angel Hernandez knocked over the railing to chase after him to confirm the call as the Tampa Bay players quickly waved to the home dugout for a coach. Boone ran across the field and was followed by members of the medical staff. Pinstriped teammates gathered near the entrance to the canoe while Urshela was groomed.

“It looked like a missile flying in there,” Boone said. “It scared me to death.”

Urshela emerged about a minute later and limped back towards the Yankees bench to chants of “Gio! Gio!” Surprisingly, he came back to the shortstop for the seventh inning despite a stiff bruise in his left thigh. He was knocked out on his next strike in the eighth inning, then was replaced by Andrew Velazquez in the ninth.

Jeter, who was inducted into the Hall of Fame last month, bloodied his face while diving into the seats at third base after catching a popup during a game against rival Boston on July 1, 2004.

Urshela doesn’t know how he landed, but he’s glad it wasn’t on his head. He opened his eyes after he crashed and saw the bullet in his glove, then worried momentarily that he was seriously injured.

“It was like a lot of pain at that point,” he said.

Boone said there had been no structural damage, but Urshela will be reassessed on Monday before determining her future availability. The smooth infielder had a more exaggerated limp after the game.

Yankees right-hander Jameson Taillon delivered 3 1/3 scoreless innings in his second start since partially tearing a ligament in his right ankle last month. Wandy Peralta, Clay Holmes, Chad Green and Jonathan Loaisiga secured the ball to close Aroldis Chapman in the ninth with the game still scoreless.

Chapman (6-4) put out two catches and blocked a runner to keep him 0-0.

New York had only one hit in eight innings, although Gary Sánchez hit two rockets in the eighth. One sailed away from the left field foul post, and the other was caught with a diving effort by left fielder Brett Phillips.

It was the fifth time the Yankees had entered the final day of the still-contested regular season for a playoff berth and the first since 1995.

Tampa Bay rookie Randy Arozarena started the eighth with a single and stole the second, giving him 20 homers and 20 steals. Only Tommy Pham and BJ Upton had already achieved those marks in the same season for the Rays.

“I was glad he got it too,” said manager Kevin Cash, “because I was sick of hearing: ‘Green light! Green light!’ all the time of it. “


Yankees: INF DJ LeMahieu went on the 10-day injured list with a sports hernia, likely keeping him out of the AL Division series if New York advances that far. … New York has recalled RHP rookie Luis Gil.


Yankees: Cole (16-8, 3.23 ERA) recovers the ball Tuesday night in Boston.

Rays: Host the opening match of an AL Division series on Thursday against the winner of the AL wild card match.

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NDLEA avoids Senate investigation into N467m audit request Sun, 03 Oct 2021 01:07:30 +0000

The leadership of the National Drug Control Agency did not appear before the Senate Public Accounts Committee on Wednesday.

The panel is investigating an alleged non-payment of N 467 million.

The NDLEA chief executive was due to appear before the panel based on a 2016 auditor general report, which raised 11 complaints against the agency.

The committee secretariat told our correspondent that a letter from the meeting had been submitted to NDLEA and received by the agency, but the agency reportedly refused to appear to defend the 11 claims involving more than 467 million people. nairas.

The request read in part: “The agency exceeded capital expenditure in 2015 by N 12,986,372.00 for the renovation of Jigawa State Command and Osun State Command. This act contravened Financial Regulation 419 which stipulates that voting control officers are solely responsible for unauthorized expenditure exceeding the amount allocated.

“The President / CEO has been requested to justify this violation of the financial regulations or to recover the sum of N12,986,372.00 and provide the details of the recovery for verification. The sum of N43,228,750.00 was spent on the renovation and purchase of five operational vehicles in Nasarawa State Command in 2015.

“A careful examination of the finance law revealed that the sums spent had not been allocated by the National Assembly. The president / general manager, not having produced the authorization of this expenditure, should recover the sum of N 43,228,750.00 and provide the relevant details for verification.

“A sum of 42,603,261.94 N for cash advances three years ago to nine agents of the agency has not been retired, contrary to financial regulations. The President / CEO should recover the sum of N42,603,261.94 from the officers involved and forward proof of recovery for verification.

He added: “The agency spent a sum of N 2,577,150.00 on professional fees, license renewal fees and seminar fees for its staff in 2015. This is contrary to the circular of the Office of the Head of public service of the Federation. N ° HCSF / PSO / 866 / II / 214 of March 1, 2009, which ended the payment of annual staff contributions to professional bodies by Ministries, Departments and Agencies.

“The president and chief executive officer should recover the sums in question.

“The sum of N 4,729,759.00 deducted for VAT and withholding tax on payments to entrepreneurs for services rendered to the agency was not remitted to the competent tax authority, unlike to Financial Regulation 234 (i) which stipulates that “it is mandatory for accountants to ensure full compliance with the dual role of provisioning value added tax and withholding tax due on supply contracts and services and their actual payment ”and 234 (ii) which states that“… Payment of WHT and VAT must be made within 21 days of deduction.

“The chairman / managing director must remit the sum of N 4,729,759.00 to the competent tax authority. “Otherwise, the sanctions provided for in Financial Regulation 3112 (ii) should be invoked. ”

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Enbridge advances on US Gulf Coast: acquires first crude export facility in North America Sat, 02 Oct 2021 12:34:33 +0000

Enbridge Inc. announces that it has entered into a definitive purchase agreement with EnCap Flatrock Midstream to acquire Moda Midstream Operating, LLC for US $ 3.0 billion in cash, subject to closing adjustments. The acquisition will significantly advance the company’s export strategy to the US Gulf Coast and connectivity to low-cost, long-life reserves in the Permian and Eagle Ford basins. The Company values ​​the transaction at approximately 8 times projected forward EBITDA and at closing is expected to have an immediate impact on Enbridge’s financial outlook.

Al Monaco, President and CEO of Enbridge, said: “We are very excited to acquire the premium crude export terminal capable of transporting very large crude to America. North. Over the past few years, we have built a solid position on the US Gulf Coast through our natural gas and crude infrastructure. Our strategy is driven by the important role that North America’s sustainable, low-cost energy supply will play in meeting growing global demand. Close to the world-class Permian reserves and with a cost-effective and efficient export infrastructure, our new Enbridge Ingleside terminal will be essential in leveraging North America’s energy advantage.

At the heart of the transaction, Enbridge will acquire a 100% operating stake in the Ingleside Energy Center (to be renamed Enbridge Ingleside Energy Center (EIEC)), located near Corpus Christi, Texas – the largest export terminal of crude oil from North America, which accounted for 25% of all US Gulf Coast crude exports in 2020. This state-of-the-art terminal, built in 2018, includes 15.6 million barrels of storage and 1 , 5 million barrels per day of export capacity.

EIEC’s highly advantageous outer port location, with direct connection to low cost, long life supply, combined with VLCC capability and fast loading rates, positions it as the one of the most competitive export facilities in the world. The EIEC relies on 925,000 barrels per day of long-term take-or-pay ship loading contracts and 15.3 million barrels of long-term storage contracts providing visibility into cash flow future. Its direct connection to the globally competitive Permian and Eagle Ford basins will ensure sustainable cash flow for many years to come.

Enbridge will also acquire a 20% interest in the 670 thousand barrels per day Cactus II pipeline, a 100% operating interest in the 300 thousand barrels per day Viola pipeline and a 100% operating interest in the pipeline. of 350 thousand barrels per day. barrel Taft Terminal. Together with EIEC, these pipeline and storage assets provide a fully integrated light crude export platform.

“This premier platform aligns very well with our long-standing shareholder value proposition; a strong business foundation that generates highly transparent and low risk cash flow, establishing a new platform for low capital intensive growth and attractive financial performance, while maintaining a strong balance sheet and funding flexibility. This investment is also a great example of how we are focusing on being a differentiated service provider for our customers by reducing emissions across our systems. In line with this goal, we plan to expand solar power capacity at the terminal site, which will ensure this is the most sustainable export facility in North America and support our goal of zero. net by 2050 at the enterprise level, ”said Monaco.

The assets acquired are expected to be immediately and strongly accretive to distributable cash flow per share and earnings per share. In addition, the continued generation of EBITDA supports the Company’s dividend growth prospects and growing base of its free cash flow, further strengthening its industry-leading financial flexibility and preserving its annual self-funded funding capacity of $ 5 billion to $ 6 billion. from 2022. The transaction will initially be funded from existing cash and the Company expects the 2022 debt / EBITDA ratio to be at the lower end of its target range.

This investment also provides Enbridge with additional organic growth potential supporting the Company’s growth prospects beyond 2023. The EIEC has authorized the expansion of existing storage capacity to 21 million barrels and export capacity to 1.9 million barrels per day, offering the opportunity to capitalize on the increase in volumes and the visibility of low capital intensive growth in the short term. In addition, Enbridge will hold a 50% interest in a St. James deepwater crude and refined product terminal development opportunity, which offers longer-term growth potential.

The EIEC was recently built to state-of-the-art environmental standards designed to minimize its carbon footprint. Enbridge expects to further reduce emissions from its facilities by applying up to 60 MW of solar power capacity, taking advantage of the more than 500 acres of available land included in the terminal. This investment in renewable energy is expected to far exceed the electricity needs of the IECEC, allowing excess production capacity to be outsourced to local industrial and refining facilities while generating a solid return. In the longer term, it is possible to develop additional low carbon energy infrastructure within the facility, including renewable fuels and a carbon capture terminal.

The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approvals and customary closing conditions. Moda’s Ingleside management and key staff at the Moda Marine Terminal will remain in place after the transaction closes, ensuring the continuity of ongoing operations and development activities.

About Enbridge Inc.

Enbridge Inc. is a leading energy infrastructure company in North America. We safely and reliably provide the energy people need and want to improve their quality of life. Our core businesses include liquids pipelines, which transport approximately 25% of crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20% of the natural gas consumed in the United States; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,766 MW of net renewable energy in North America and Europe.

Source and photo: Enbridge Inc.

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Can you pay a credit card bill with another credit card? Fri, 01 Oct 2021 19:14:43 +0000

Going deeply into debt on a credit card with a high interest rate may prompt you to take out a second card to pay off the balance. But can you really pay off a credit card with a credit card?

“The short answer is no,” says Paul Golden, spokesperson for the National Endowment for Financial Education.

Credit card companies generally won’t allow you to use one credit card to pay off debt on another card, Golden says. Much of this reluctance is due to the costs associated with the treatment.

If you want to pay a credit card bill with another credit card, you have to get creative. “There are workarounds,” Golden says.

The main ways to achieve this are:

– Take a cash advance on one card to pay the other.

– Use a balance transfer.

Both approaches have drawbacks, Golden says. “I don’t see a lot of benefit, especially with the cash advance,” he says.

[Read: Best Balance Transfer Credit Cards.]

The pros and cons of cash advances


The main attraction of cash advances is the instant gratification – you don’t have to wait for approval and you can get cash whenever you need it.

Show your card at a bank branch or ATM, use a convenience check from your card issuer, or request a cash advance on the issuer’s website or mobile app.

You can borrow up to your cash advance limit, which is usually a percentage of your card’s credit limit.

The inconvenients:

Convenience can come at a price. You will have to repay the advance, as well as the costs and interest.

A cash advance usually involves high fees that make it a bad option for paying off debt, Golden says. Typical cash advance fees are between 2% and 5% of the advance amount, with a minimum charge of $ 5-10, according to a US News credit card fee study.

If you use a credit card to withdraw money from an ATM, you may also pay an ATM fee. Plus, your interest rate will be higher for cash advances than for regular purchases, and you won’t have a grace period until the interest starts accruing.

However, cost is not the only concern with cash advances. The cash advance cap may mean that you won’t be able to withdraw enough to cover a big credit card bill.

“Normally, your cash advance limit will be much lower than your line of credit,” Golden says.

[Read: Best 0% APR Credit Cards.]

The pros and cons of a balance transfer


A balance transfer credit card with an introductory 0% annual percentage rate can help you save money and pay off your debt faster, because your payments are completely spent on your principal balance. Many credit card companies offer introductory rates on balance transfers that last at least a year.

You can also transfer multiple debts to a balance transfer card to make a single monthly payment.

Find a card with a very low interest rate to use this strategy well, says Sierra Izzard, director of operations at Pacific Debt, a debt settlement company in San Diego.

“You take a balance with higher interest – maybe 10%, 15%, 20% interest – and you consolidate on a card that has a promotional interest rate as low as 0%,” Izzard explains.

But one caveat is that a balance transfer can only pay dividends if you stay disciplined and determined to pay off the balance as quickly as possible, says Izzard.

“If you can put it all together on one card and you can double, triple, quadruple your minimum payment to pay off that card during the promotional interest rate, that makes a lot of sense,” he says.

The inconvenients:

A balance transfer card is not the right choice for everyone.

The new card might encourage you to spend money you don’t have, for example, if you don’t have a repayment plan. This means that you cannot pay off the debt you transferred to the card and only increase your debt.

Make sure you know the duration of the card introductory rate so that you can plan how to clear the balance. Introductory offers can last from six to 21 months, according to the Experian credit bureau.

You can also expect to pay a balance transfer fee of 3% to 5% of the transfer amount, with a minimum charge of $ 5 to $ 10, according to the US News Credit Card Fee Study. This amount is about the same or slightly more than the fees you would pay for a cash advance.

“That can be quite a large number, depending on how much money you owe,” Izzard explains.

This move might not work for someone who “barely holds it up” and makes minimum payments, says Izzard. “It might be a riskier strategy for someone like that.”

A balance transfer is also not the best choice for you if you tend to miss or fall behind on your payments. “Typically, you’re going to lose your promotional rate, and it’s going to go up to a default rate,” Izzard explains.

This default rate, or penalty rate, is often at or near 29.99%, according to Experian, and won’t be removed until you make six consecutive payments on time.

You’ll also need to have good credit to qualify for most balance transfer cards, which can be a problem if you have a lot of debt and are behind on payments.

Alternatives to credit cards

Other options might be better for paying off your debt than a cash advance or balance transfer. Here are just a few:

Debt consolidation. A debt consolidation loan is a good alternative, as long as you get one with a low rate and agree to pay off what you owe.

Credit counseling. You might also consider talking to a credit counselor if you’re feeling overwhelmed. Contact an agency accredited by the National Foundation for Credit Counseling, who can help you understand your options and develop a personalized plan for solving your money problems.

Debt avalanches and snowballs repayment strategies. Either method can help you pay off your debt. List your debts and plan to make minimum payments on all but one debt.

If you select Debt Avalanche, you will pay off the cards in the order of highest APR to lowest APR. This approach saves you the most money because you pay the least amount of interest. The Debt Snowball pays off cards from the lowest balance to the highest balance to provide a quick win and motivation to keep going.

[Read: Best Rewards Credit Cards.]

Get to the root of the problem

No matter how you pay off your debt, you’re unlikely to stay in debt unless you answer a more in-depth question: why are you spending too much money in the first place?

Look closely at how you got into debt, Golden says.

“If you max out a credit card, I would stop there and understand what happened,” Golden said. ” What did I do ? What did I charge? Was this an appropriate flow? How come I can’t pay my balance every month? “

Committing to better spending habits rather than looking for another quick fix is ​​the best way to deal with a debt problem, says Golden. “Unless you fix the problem with the behavior, you’re just going to have more problems down the road,” he says.

Someone could use a balance transfer to transfer debt to a new card only to start the cycle of spending on the old card again, Golden explains.

A budget is a good place to start to avoid skyrocketing debt.

“The first thing all consumers should do is sit down and budget for themselves,” Izzard explains. “Look at how much money they come in and how much they take out each month and figure out what they can afford to pay on a monthly basis.”

Unfortunately, it doesn’t take much time and effort to put yourself in a bad financial position, Golden says. “It takes a lot longer to get through – and a lot more planning and a lot more work,” he says.

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Here’s How To Avoid Paying Interest On Your Credit Card As Average APR Hits New High Fri, 01 Oct 2021 10:32:20 +0000

Image source: Getty Images

The average credit card purchase APR – the total cost you are charged per year for borrowing money – has hit an all-time high, according to research by financial site Moneyfacts. As a result, millions of cardholders in the UK who have a balance run the risk of having to pay hundreds if not thousands of pounds more in interest on their cards. It doesn’t have to be like that for you, however.

It is indeed possible to avoid paying interest when you take out a new credit card and to keep more of your money in your pocket. Here’s all you need to know.

What happens to the average APR on credit cards?

Between early June and late August 2021, the average UK credit card purchase APR rose to 26.0%, according to a study by Moneyfacts. This is the highest level ever according to Moneyfacts.

A combination of loads would be responsible for this increase. These fees include rate increases on some of the lower priced cards, new card launches, and certain card withdrawals.

Is there a silver lining?

As the average credit card APR has increased, there is good news for users. 0% introductory offers, which allow customers to make interest-free purchases for a set period of time, have improved, according to Moneyfacts.

The average interest-free period is now 316 days, up from 285 days in June. This means that users can now benefit from a longer interest-free period before the standard APR comes into effect.

And in the other good news, balance transfer fees have also fallen to 2.10% on average, down from 2.28% a year ago.

And while the average interest-free balance transfer period fell to 548 days from 550 days in June, terms are up year over year from 529 days.

What does a higher APR mean for credit card users?

A higher APR means that the interest charges on your credit card expenses will be higher. It may take longer to pay off your debt because more of your payments will go towards paying interest.

Fortunately, there are ways to avoid paying interest on a credit card altogether. Let’s take a look at two of them.

1. Pay your credit card balance in full each month

You won’t have to pay any interest if you pay off your entire credit balance each month.

If you plan to write off your debt every month, be sure to look for a card with a long grace period as well. This is the period between the end of a billing cycle and your payment due date.

Of course, it is not always possible to pay off your balance in full, especially in the aftermath of the pandemic.

If you end up with a credit card balance, the best thing you can do is make more than the minimum payment. The larger the repayment, the more you will reduce your balance and the less interest you owe.

2. Stick to 0% APR credit cards.

As Moneyfacts shows, interest-free purchasing terms for credit cards have improved over the past quarter. Users now enjoy an average of 316 days of interest-free purchases.

If you have to use a credit card but can’t pay off your balance in full each month, stick with credit cards that give you a long time with no interest on purchases. We’ve compared some of the latest 0% credit card offers from the UK’s leading lenders to help you find the right one for your needs.

Keep in mind that to avoid paying interest, you must clear your balance before the interest-free period ends.

Also, it’s important to know that the interest-free period applies to purchases but not to cash advances. If you use your credit card to get a cash advance, you will start paying interest from the date of the transaction. Interest and fees on cash advances can be high. So if your goal is to save money, avoid cash advances at all costs.

Could you be rewarded for your daily expenses?

Rewards credit cards include programs that simply reward you for using your credit card. When you spend money on a reward card, you can earn loyalty points, store vouchers, airline miles, and more. MyWalletHero makes it easy for you to find a card that matches your spending habits so you can get the most out of your rewards.

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