Bank of America Settles with FHFA for $9.3B

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Headlines, News Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Previous: Nonprime Market Sees New Entrant Next: Distressed Sales and Investor Purchases Fall in February The Best Markets For Residential Property Investors 2 days ago Subscribe March 26, 2014 735 Views Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Bank of America Fannie Mae FHFA Freddie Mac Mel Watt Securities Bank of America has agreed to a multibillion settlement with the Federal Housing Finance Agency (FHFA) to resolve allegations of securities fraud related to loans sold to Fannie Mae and Freddie Mac at the height of the housing bubble.The settlement resolves four lawsuits filed in September 2011 against BofA, Countrywide, and Merrill Lynch, the latter two of which were acquired by the megabank in 2008. The agency’s original complaint alleged misrepresentations of mortgage loan quality in regard to private-label residential mortgage-backed securities (RMBS) purchased by the GSEs between 2005 and 2007. Allegations of common law fraud were made in the Countrywide and Merrill Lynch cases.According to announcements made by all parties involved, under the agreement, BofA will make an aggregate payment of approximately $9.33 billion, $3.2 billion of which will go toward the repurchase of certain RMBS at fair market value. In return, the bank will be released from FHFA’s pending lawsuits and will be cleared from “certain other claims related to the private-label RMBS in dispute.”The settlement covers approximately $57.5 billion (in purchase cost) of RMBS purchased by the GSEs, according to a release from BofA.FHFA Director Mel Watt celebrated the settlement, saying in a statement that it “represents an important step in helping restore stability to our broader mortgage market and moving to bring back the role of private firms in providing mortgage credit.”“Many potential homeowners will benefit from increasing certainty in the marketplace and that is very much the direction we should be taking,” he added.The suit with BofA is just one of more than a dozen the agency filed against banks in 2011 as part of its efforts to recover losses Fannie and Freddie suffered through the crash. Of 18 suits filed, FHFA now has claims remaining in seven.In addition to the FHFA agreement, Freddie Mac also announced a separate settlement with BofA concerning claims related to reps and warranties on single-family loans underlying five Freddie Mac Structured Pass-Through Certificates (“T-Deals”). In exchange for a payment of $134 million, the enterprise has agreed to release the bank from existing and future loan repurchase obligations for those mortgages.“We are pleased that we have resolved this matter with one of our largest seller/servicer customers and counterparties,” said Freddie Mac CEO Donald Layton. “This settlement is an equitable outcome that allows both Freddie Mac and Bank of America to put these issues behind us and focus on the future.”As for BofA, it expects its Q1 2014 income to take a cut of about $3.7 billion as a result of the settlement—and that’s not the only litigation expense on its radar. Lawyers for the bank appeared in U.S. District Court in March to argue for the penalty phase of a fraud case decided last October, when BofA was held liable for allegedly reckless loans made by Countrywide before its acquisition. While the government is pushing for $2.1 billion in fines—a far cry from the $864 million originally sought—BofA says it should be penalized for the amount of profit it made from selling the loans: $0. Home / Daily Dose / Bank of America Settles with FHFA for $9.3B Bank of America Fannie Mae FHFA Freddie Mac Mel Watt Securities 2014-03-26 Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago Bank of America Settles with FHFA for $9.3B  Print This Post Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Related Articleslast_img read more

Compass and Side are both unicorns. How different are they?

first_img Email Address* Tags Full Name* Message* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Compass CEO Robert Reffkin and Side CEO Guy Gal (Getty, Twitter, iStock)No sooner did the venture capital-backed brokerage Side achieve unicorn status last week than the comparisons to Compass started rolling in.The firm, which targets “not all agents, just the best agents,” announced a $150 million round led by Coatue Management, putting its valuation around $1 billion. The capital will fund Side’s growth across the U.S., just as Compass moves forward with a long-awaited plan to go public at a $10 billion valuation.“Side is more of a direct competitor for Compass than a direct competitor to me,” said Michael Nourmand, president of Nourmand & Associates Realtors in Los Angeles.Neither Compass nor Side pioneered the idea of a VC-backed brokerage, but each one claims to empower agents — particularly top agents — by giving them technology and software that makes them more productive.ADVERTISEMENTBeyond that, however, there are more differences than similarities between the two firms.Compass, founded in New York City in 2012, has grown aggressively in part by elevating its own brand. Side, a five-year-old firm based in San Francisco, is a white-label platform — meaning agents have their own brand and run their own businesses while Side takes care of the back-end (i.e., administrative) work.Read moreYou can’t sit with us: How Side’s elite agent model could upend the resi brokerage game Compass looks to go public at $10B valuation Compass S-1: How it measures the upside of tech compassIPOProptechResidential Real EstateRobert Reffkin “You don’t join Side to be at Side,” said Clelia Peters, president of Warburg Realty and a venture partner at Bain Capital Ventures, who sits on Side’s board. “It’s an enabling platform.”Both firms also have limitations.Compass has been a thorn in the side of industry incumbents, who question whether its valuation is too high since it is not profitable. While rivals credit Side with putting agents front-and-center, they say that focus may backfire since the company lacks brand recognition among homeowners.“It makes [agents] feel unique,” said Vanessa Bergmark, CEO of Red Oak Realty in Oakland, California. “But I think the consumer, the true end client, can get confused. There’s no name recognition … no established reputation, so that can simultaneously work against the agent.”Here are the other ways in which the firms are alike — and where they differ.Their cups runneth overBoth Compass and Side have scaled up using other people’s money.Compass has raised more than $1.5 billion from investors, including SoftBank, Fidelity and Dragoneer. By comparison, Side has locked in some $200 million from backers Coatue, Trinity Ventures, Sapphire Ventures and others.Both firms became unicorns after closing their Series D rounds. For Compass, it happened in 2016 when Wellington Management led a $75 million financing. Side’s recent $150 million round valued the firm at north of $1 billion.“If you want to grow, you have to eat cash,” CEO Guy Gal told The Real Deal. “You can’t partner with the agents first and not be prepared to support them excellently.”Billion-dollar roadmapIn 2018, Compass CEO Robert Reffkin outlined an ambitious plan to capture 20 percent market share in the top 20 U.S. markets by 2020. That kicked off an acquisition spree of epic proportions: Between 2018 and 2020, Compass shelled out $300 million to buy other firms (such as Pacific Union International in San Francisco) and tech companies (such as Contactually, a popular consumer relationship management software). The result: The brokerage now has 19,000 agents in 46 markets.With 1,500 agents nationwide, Side has taken a “quality over quantity” approach. Last year, Gal told TRD most real estate agents are “hucksters and charlatans,” and shared his belief that nine out of 10 agents shouldn’t even be licensed. He says the company has a 20-year vision to bring only the best agents onto its platform. Side collects a 10 percent commission on each transaction, and it limits the number of “partner” agents in a given market so they don’t cannibalize each others’ business.“We’re incentivized to grow by helping those teams grow,” Gal said. “It’s not adding net new people in an indiscriminate way.”Whose brand?Reffkin frequently cites his mom, an agent, as his motivation for building better tools to help agents be more productive. “We believe that real estate agents are an underserved group of business owners,” he wrote in a founder’s letter included in the company’s S-1. But Compass has also offered agents favorable splits and bonuses. While top agents run their own teams, all of the firm’s agents coexist under the company flag and market themselves with Compass’ elegant, black-and-white branding.Side’s approach to empowerment is to stay in the background. The emphasis is on its platform, which provides back-end support so that agents run their own brokerage and brand.“Great agents are not opportunity constrained, they’re capacity constrained,” said Gal. He said Side does not offer signing bonuses or incentives — but it doesn’t have to, because agents using Side’s platform become more productive. “We look for [agents] who will pass the marshmallow test,” he said. “Instead of taking a marshmallow today, they wait six to 12 months to have a whole bag of them.”The “P” wordCompass’ IPO filing gave an unvarnished look at the company’s financials. Buoyed by this year’s hot housing market, Compass’ sales volume jumped 55 percent in 2020 to $151.7 billion. That led to $3.7 billion in revenue last year, up from $2.4 billion in 2019.But Compass is not profitable and lost $270 million in 2020, compared to a net loss of $388 million a year prior. Compass said in its S-1 that it expects losses to continue for the “foreseeable future,” although it has invested in ancillary services like title and escrow to drive profits.As a private company, Side’s finances are not easily accessible, but Gal said the company tripled in size — and, consequently, production — last year. Side reportedly generated between $30 million and $50 million in revenue in 2020, according to TechCrunch. Gal said as of early 2020, Side agents collectively represented $5 billion in 2019 sales volume. Today, they represent $15 billion in annual transaction volume.“We choose not to be profitable,” he said, noting that Side is profitable on a per transaction basis. “We’ll never have to raise money again,” he added. “This will take us to where we want to grow … If we do [raise money], it’s not because we need it.”Contact E.B. Solomont Share via Shortlinklast_img read more

About Town

first_imgMONMOUTH COUNTYResidents are invited to learn more about the Multi-Jurisdictional Natural Hazard Mitigation Plan at a public information session to be held from 7:30 to 9:30 p.m. Wednesday, May 22, at the Rave Movie Theater, 2821 Route 35 in Hazlet.The plan, which is currently in the process of being updated by Monmouth County and participating municipalities, is a documented evaluation of the hazards to which communities are susceptible.The public session is being hosted by the Bayshore Emergency Management Associ­ation, a consortium of emergency managers from Atlantic Highlands, Aberdeen, Hazlet, Highlands, Holmdel, Keansburg, Keyport, Matawan, Middletown, Union Beach and Sea Bright.Visit monmouthsheriff.org for more information on the plan. FAIR HAVENThere will be a spring walk through the natural area of Fair Haven Fields at 10 a.m. Saturday, May 18. Attendees will learn about the trees and plants they see walking the trails of these 40 acres of flora and fauna. The walk will be led by Jeff Dement, an American Littoral Society naturalist.The event is free and all people are welcome, but no dogs. Those attending should meet at the Ridge Road parking lot of Fair Haven Fields. RUMSONA start-of-the-summer tradition returns Saturday, June 8, when St. George’s-by-the-River hosts its annual Canterbury Fair, from 9:30 a.m. to 2:30 p.m., rain or shine.The truly old-fashioned fair appeals to all age groups. In addition to the highly anticipated white elephant sale, available for sale is jewelry, baked goods, plants and flowers and thousands of books for all ages. Treasures can also be found at the Shabby Chic display. A fabulous array of items will be up for bid at the silent auction tent. The best bargains at the Jersey Shore will be at the Canterbury Fair that day.An area will be dedicated to children’s fun. There is a petting zoo, clown, balloons, cotton candy, face painting and lots of games where the little ones can win prizes. The children’s chance auction is a favorite for the “kid set.” In response to last year’s popularity, there again will be gently used children’s clothing and toys.The food featured will include hamburgers and hot dogs cooked on an open outdoor grill. Visitors will also be able to go to the oasis of the tea garden for iced tea and delicious baked goods, and the lobster salad luncheon.Proceeds help support local outreach and charitable organizations.Chairperson Christianna Harvey is set with her committee heads to make this year’s Canterbury Fair the best yet. SHREWSBURYJust in time for Mother’s Day, the Shrewsbury Garden Club (SGC) will host its annual Gardeners Market from 8:30 a.m. to 1:30 p.m. Saturday, May 11, at the gazebo at the Borough Municipal Center, 419 Sycamore Ave.Throughout the morning, the club will be selling flats of spring annuals and perennials, hanging baskets, cut flower arrangements and a selection of herb and vegetable plants. There also will be a Green Elephant Sale featuring a host of gently used garden tools, books, containers and other outdoor treasures.Garden enthusiasts are invited to attend one of several workshops planned for the day, including flower arranging and container planting.Funds raised during the sale will help support the SGC’s gardening work in several public spaces including Patriots Isle, the gazebo, the Shrewsbury Historical Society Cottage Garden, the Green­house Garden and the Herb Garden at the historic Allen House.For more information about upcoming SGC events or to learn how you can become a member, visit the club’s website at www.shrewsburygc. com or its Facebook page at www.facebook.com/shrews burygardenclub. Thanks to the efforts of Matt Dell, a junior at Rumson-Fair Haven Regional High School, youngsters who lost their bikes due to Super Storm Sandy recently received a very pleasant surprise.After hearing about the bike losses suffered by local children of all ages, Matt organized and publicized a Hurricane Sandy Bike Drive. He urged RFH students and families and local residents to get their unused bikes out of garages and sheds and into the hands of deserving youngsters.Bikes were donated at three locations on April 28 – the Fair Haven Youth Center on Fisk Street, the Coldwell Banker Residential Brokerage Office on River Street in Rumson, and the Monmouth Beach Bathing Pavilion. The event was a huge success, resulting in the donation of 120 bikes in working order.The bikes were collected by volunteers, including RFH juniors Colin Heath and Enzo Lucarelli.With the help of Sandy­familymatch, an organization dedicated to assisting Jersey Shore families impacted by Super Storm Sandy, the bikes were transported and distributed to youngsters in Mon­mouth Beach, Sea Bright, and Union Beach. The residents of these towns are dealing with devastating damage and loss of personal items due to the storm, which hit the area on Oct. 29.“It was amazing to see how generous people were,” said Matt. “Some of the donated bikes looked brand-new!”Matt is the son of Beth and Kevin Dell of Fair Haven.center_img MIDDLETOWNCommunity members will soon get the opportunity to refresh their driving skills, thanks to Regal Pointe Independent Living and AARP.Regal Pointe will host a one-day AARP Safe Driver Refresher Course for defensive driving from 9 a.m. to 3:30 p.m. Wednesday, May 15, 1800 Route 35.Successful completion can result in discounts on car insurance and the elimination of one point on your license (contact your insurance agent for details). The course is available to drivers age 50 and older, who have not yet completed the initial course or who have let three years pass since taking it.The cost of the course for AARP members, with proof of membership, is $12 per person. The cost for nonmembers is $14 per person. All participants must bring their AARP membership card (if applicable) and valid driver’s license. The event includes lunch, courtesy of Regal Pointe.Seating is limited. Please register by May 13 by calling 732-957-0083.  * * * * * TINTON FALLSThe Arc of Monmouth is pleased to announce that the 4th annual Edward M. Rosell Golf Classic will occur Monday, June 17, at Deal Golf and Country Club.The event supports healthcare, employment and other critical programs for more than 1,400 Monmouth County residents with Down syndrome, autism and other developmental disabilities. Funds also will be used to rebuild The Arc’s Work Opportunity Center, which was severely flooded during Super Storm Sandy.Foursomes and individual slots are now available for the event, which begins at 10 a.m. with registration and lunch. The modified scramble will start at 12:30 p.m., and includes a Million Dollar Shootout drawing, a $5,000 putting contest and a Hole-in-One car giveaway, sponsored by Schwartz Mazda.A cocktail reception begins at 5:30 p.m. and the awards dinner will occur at 6:30 p.m. Beverage carts will be on the course all day.Entry donations are $375 per per­son. Lead sponsors include The Anabel Foundation, Brookdale Community College, Circle Hyundai, Horizon Blue Cross Blue Shield and UBS.Registrations for golf and/or dinner, as well as the high-profile corporate packages that are available may be obtained by contacting [email protected], calling 732-493-1919, Ext. 120, or visiting www.arcofmonmouth.org/golf.Dr. Webster Trammell, the event’s immediate past chairman, will be honored at the event for his many years of dedication to The Arc of Monmouth and Brookdale Community College.“The golf classic has become one of the most important annual fundraisers for The Arc,” said Jack Privetera, co-chair of the event along with Joseph C. Roselle. “We are proud to recognize Dr. Trammell’s care and commitment at this event, while at the same time raising funds to help The Arc recover from flood damage.”The Arc of Monmouth is a 501(c)(3) nonprofit agency providing healthcare, residential services, education, employment and vocational training, recreation and other vital services to more than 1,400 individuals with autism, Down syndrome and other intellectual and developmental disabilities.To learn more, please call 732-493-1919 or visit www.arcofmonmouth.org.last_img read more

Mallard’s Team of the Week — Lily Whites Soccer Champs

first_imgThere’s a new champion in the Finley’s Ladies Rec Soccer League as the Lily Whites captured the Cup over Dirty Dozen in the final recently at the Lakeside Pitch. Mallard’s Source for Sports is all game to salute the Lily Whites with Team of the Week honours. The team, celebrating with a champagne shower, includes, back row, L-R, Doris Hausleitner, Heather Anderson, Karen Bennett, Layla Precious, Emma Precious and Tina Choi.  Front, Bronwyn Marzicola, Kim Green, Sarah Mitchell, Beverly Dawe and Kelly Newhouse.last_img read more

Brand South Africa collaborates with academia on the future of marketing education

first_imgA Brand South Africa presentation at a recent gathering of marketing academics highlighted the importance of the relationship between nation branding and future of marketing education at tertiary institutions. At a gathering of marketing academia and marketing research professionals at Unisa in Pretoria on 15 and 16 August 2017, Brand South Africa presented an overview of the organisation’s work and how it could assist in developing the future of marketing education in South Africa. (Image: Unisa)CD AndersonAn academic collaboration programme hosted by Unisa’s Department of Marketing and Retail Management was held on 15 and 16 August 2017 in Pretoria. The conference gathered together representatives from 12 South African tertiary institutions, and one from Uganda. Also attending were representatives from Services Seta, various marketing councils, and academic research organisations.The purpose of the programme was to discuss and debate the challenges of marketing education in South Africa. The ultimate goal, through a series of presentations and panel discussions, was to collaborate on a way forward to solving these challenges and ensure the future of the marketing discipline was healthy and successful.Brand South Africa was part of the programme and presented the keynote address on the organisation’s mandate of promoting the country’s reputation at home and abroad, as well highlighting the organisation’s various projects.Opening the gathering, Professor MT Mogale, executive dean of Unisa’s College of Economic and Management Sciences, spoke about ensuring a stable future for the marketing industry through education. The main prerogative of tertiary institutions and marketing educators, he said, was to create employment and turn out strong professional specialists in the industry. “Key goals were training and innovation,” Mogale added, “in order to compete on a global level.”“We need to train and nurture true innovators in the industry – boundary pushers and entrepreneurs who are not only employable but who also can create employment,” Mogale said.He added that the foundation for that ideal lay in the development of stronger curriculums at higher learning institutions.  “Educators and academics need to look to future, plan and design a curriculum that is forward-thinking and progressive.”The gathering at Unisa was an opportunity to share ideas on how that can be achieved, Mogale continued, adding that promoting the importance of academic study and finding practical ways to change administrative procedures that would include all South Africans would go a long way to reflecting a true national identity. “I truly wish you all a productive meeting here at one of South Africa’s significant institutions of higher learning,” Mogale concluded.Brand South Africa’s keynote address was presented by Chief Marketing Officer Linda Sangaret.Following an overview of the organisation’s work, its role in reputation building for the country domestically and globally, Sangaret also highlighted Brand South Africa’s various programmes that take “good news” messaging to South Africans. These included the Play Your Part and Brand Ambassador initiatives, as well as the Global South Africans project that focuses on South Africans living and working abroad helping build nation identity around the world with an eye to boosting the country’s economic competitiveness.Sangaret also emphasised the importance of research in Brand South Africa’s work. “We deal in facts not clichés. Research is the core of our work as an organisation,” she said, adding that effectively measuring the successes of nation branding helped focus on better marketing strategies and programmes.Sangaret also highlighted the hugely successful Brand South Africa Master Class initiatives. The organisation regularly gathers government, corporate and media leaders and trendsetters to get a full overview of the concepts of nation branding and country reputation management – covering elements such as research, new programme developments and global branding trends. The Master Classes, Sangaret said, also presented a practical opportunity to tertiary institutions and in particular, marketing facilities, to learn the ins and outs of brand marketing on a national scale.“Master Classes present a unified image and message of the country, backed by strong research and focussed programmes… [the idea] could be beneficial to marketing education, and especially students, as future leaders in the industry, to understand citizen value and the effects of strong nation branding,” Sangaret concluded.The Unisa collaboration programme also included presentations and discussions on topics such as the Africanisation of marketing education, marketing in informal markets and effectively developing an entrepreneurial mind-set in the industry.Source: Brand South Africa, Unisa Department of Marketing and Retail Management Would you like to use this article in your publication or on your website? See Using Brand South Africa material.last_img read more

Etsy Offering Free Class on Programming With Its API

first_imgRelated Posts 7 Types of Video that will Make a Massive Impac… How to Write a Welcome Email to New Employees? Growing Phone Scams: 5 Tips To Avoid Why You Love Online Quizzescenter_img Etsy just announced an intriguing offer: a free four-week class on basic Web programming centered around its own API. The class is being offered through Codelesson.com and doesn’t require any programming or HTML experience. This sort of course probably won’t produce the next computer science superstar, but this seems like a great idea for getting more people coding.Most programming classes focus on the basics and learning general skills. By focusing on learning the skills needed for a specific scenario, the instructors may attract a group of people who may never have learned programming otherwise.Here are some of the specifics the class will cover:Displaying Etsy listing on your own siteSearching Etsy listings via the APIAdding special effects to a Web pageFrom Etsy’s announcement:The course runs for four weeks, with one lesson each week. Lessons are posted on Monday, allowing students to read the material and do the homework on their own schedule. There’s an online forum where you can post questions for the instructor (me!) or get help from your fellow students. There’s only one homework assignment per week, and it’s quick and to the point. If you have one night free per week, you can learn to program with Etsy.What are some other scenarios that would make a good basis for beginner programming classes? Tags:#APIs#hack klint finleylast_img read more

Report: Iowa Players’ “Endorsement” Of Donald Trump May Be NCAA Violation

first_imgDonald Trump gives speech during campaign.YouTube/Right Side BroadcastingOn Tuesday night, members of the Iowa football and wrestling teams presented Republican presidential candidate Donald Trump with a Hawkeyes jersey. During the event, after inviting members of the team to the stage, Trump stated that they endorsed him.Obviously, that could just be bluster on Trump’s part, but Iowa athletes’ representation on the campaign trail could be an NCAA violation. The Daily Caller points out the language from NCAA guidelines.According to the NCAA’s Advertising and Promotional Guidelines, student athletes are not allowed to appear in any advertisement that “endorses a political candidate or party, or … advocates a viewpoint on controversial issues of public importance.”This probably won’t result in anything major, and odds are Trump and the players may be unaware of the violations here, but for college athletes, it is almost always best to avoid things like this.[The Daily Caller]last_img read more

In the news today Jan 11

first_imgFive stories in the news for Friday, Jan. 11———FORMER MLA IN ALBERTA COURT ON SEX CHARGES The case of a former Alberta politician accused of sex charges involving a minor is scheduled to be in Red Deer, Alta., court today. Don MacIntyre, who is 63, resigned in February of last year after he was charged with sexual assault and sexual interference. He had represented the central Alberta seat of Innisfail-Sylvan Lake for the United Conservative Party. MacIntyre was first elected in 2015 for the Wildrose Party, which merged with the Progressive Conservatives in 2017. He was the party’s critic for electricity and renewables.———TOP COURT TO RULE ON EXPACT VOTING RIGHTSCanada’s top court will decide today on the validity of a now-repealed law that barred long-term Canadian expats from voting. Two Canadians living in the U.S. launched the challenge to part of the Canada Elections Act. The act said those who lived abroad for more than five years lost their voting rights. Jamie Duong, of Ithaca, N.Y., and Gill Frank, of Richmond, Va., argued nothing warranted the abridgment of their constitutional right to vote. They insisted they maintain deep ties to Canada, and taxes and other laws passed by Parliament could still affect them.———AUTOWORKERS TO PROTEST OUTSIDE GM MEETINGAutoworkers from across Ontario are set to rally in Windsor today across from the General Motors headquarters in Detroit. The 11 a.m. protest against the company’s decision to close a plant in Oshawa, Ont., coincides with a General Motors investors meeting. Unifor, the union that represents GM autoworkers, is bussing protesters in from cities that include Kitchener, Brampton and London, Ont. The rally is the latest in a string of actions opposing the plant’s closure. ———BANKRUPTCIES RISING WITH CANADIAN INTEREST RATESBankruptcies are up in Canada, the head of the Bank of Canada said this week, and he expects they’ll rise even more as the central bank continues to hike interest rates. Governor Stephen Poloz said he hears just how difficult higher borrowing costs can be straight from the people feeling the pain. According to the bank, Poloz personally responds to emails and letters addressed to him from the public. Last year, for instance, about 200 people reached out to him directly. Poloz’s decision to leave rates unchanged this week is likely just a pause on the bank’s rate-hiking path as the country deals with what he described as a temporary economic setback from a sharp decline in oil prices.———RESULTS OF POT LICENCE LOTTERY COULD COME TODAYOntario could announce the results of a lottery to apply for the first 25 retail cannabis licences as early as today. Those seeking to open a pot shop in the province had from Monday to early afternoon Wednesday to submit an expression of interest. The Alcohol and Gaming Commission of Ontario has said it will pick the winners randomly today, with the results expected to be announced within 24 hours. Those selected will have five business days to turn in their application along with a $6,000 non-refundable fee and a $50,000 letter of credit.———ALSO IN THE NEWS:— Prime Minister Justin Trudeau and Public safety Minister Ralph Goodale will hold a discussion today in Regina on fresh water management.— Prime Minister Justin Trudeau will make a geothermal energy announcement in Regina today.— A B.C. judge will give jury members instructions today before deliberations begin in trial of Garry Handlen, charged with first-degree murder of Monica Jack in May 1978.— Cogeco Inc. and Cogeco Communications Inc. will hold a conference call today for the first quarter of its 2019 fiscal year.The Canadian Presslast_img read more

Rain & strong winds lash city, S Bengal districts

first_imgKolkata: Rain accompanied with strong wind lashed several parts of South Bengal districts, including the city, on Tuesday evening.The traffic in some areas of the city was affected due to the strong wind and rainfall. The Regional Meteorological Centre at Alipore predicted thundershower along with strong wind in various North Bengal districts in the next 48 hours. According to the weather office prediction, various South Bengal districts are also likely to receive light to moderate rainfall in the next two days. Gusty wind accompanied with rainfall may lash some South Bengal districts during the evening on Wednesday and Thursday because of the cyclonic circulation. Also Read – Bengal family worships Muslim girl as Goddess Durga in Kumari PujaSanjib Bandyopadhyay, the deputy director general of Regional Meteorological Centre, said there would be occasional thunderstorm and lightning in various parts of the state in April and May because of the Nor’wester. The temperature in South Bengal districts is expected to remain normal in the two months. The temperatures may fluctuate due to rain particularly in the evening. There is a possibility of rainfall in some Western districts of Bengal in the next 48 hours. Strong wind with a speed of 45-55 km per hour may hit the South Bengal. The intensity of the wind may be slight higher in the Western districts such Purulia, Bankura, Birbhum and West Midnapore. Also Read – Bengal civic volunteer dies in road mishap on national highwayAccording to a weather expert, the thunderstorm will occur due to impact of the Nor’wester, which is blowing in north-west direction. Similar weather conditions will prevail in North Bengal districts, which may get more rainfall than the South Bengal districts. A cyclonic circulation is witnessed over Bengal, Jharkhand and parts of Odisha. The districts such as Nadia, North 24-Parganas, South 24-Parganas, Hooghly, Howrah, East Midnapore and the city may also receive light rainfall and experience breeze. While, the districts such as Darjeeling, Jalpaiguri, Kalimpong, Malda, North and South Dinajpur will receive heavy rainfall accompanied with thunderstorm. It may be mentioned here that a gusty wind accompanied by rain swept many parts of the city, including districts in South Bengal in the evening of April 5 and 6. Trees were uprooted at many places in the city because of strong winds. Six full-grown trees toppled in Southern Avenue, Prince Anwar Shah Road, Baroj Road, Fairlie Place, Kalighat Road and AJC Bose Road areas. Train services in various sections of Howrah Division were delayed due to heavy storm and rain.last_img read more