Month: August 2021

In re Pattern Energy Group Inc: Risks for Directors and Officers of Failing to Maximize Shareholder Value – Corporate Decision / Mergers and Acquisitions Update Series | Hogan Lovells

Riverstone is a private equity fund that owned and controlled Pattern Energy Group Inc. (the Company) and Pattern Energy Group LP (the LP). The limited partnership held a substantial interest in the company and, as the limited partnership was primarily owned by Riverstone, Riverstone was the majority shareholder of the company.

In 2018, the company’s board of directors began to explore a potential sale. The board formed a selfless and independent ad hoc committee, which followed many standard procedures, including identifying conflicts, obtaining advice from a non-confrontational banker and lawyer, and conducting business. a long process that attracted dozens of suitors that the special committee asked to be valued. Ultimately, however, the special committee accepted an inferior offer made by the Canada Pension Plan Investment Board (the buyer), despite a competing offer from Brookfield that offered greater shareholder value.

The plaintiff alleged that the process followed by the committee suffered from many shortcomings, including allowing a conflicting director and officer to engage with potential bidders. The plaintiff alleged that the board of directors of the company had breached its duty of loyalty and that the officers of the company, Riverstone, and the LP formed a “control group” which owed and had breached its fiduciary duties to shareholders. The court concluded that the plaintiff had sufficiently alleged the bad faith of the defendants and rejected the defendants’ arguments that they were protected by the company’s discharge charter provision or that any loophole in the sale process had been ” cleaned ”by an informed vote of shareholders under Corwin. The court noted in rejecting these defenses that, among other things, the buyer’s inferior offer would have been preferred and shaped by the involvement of directors and officers of a private investor in the seller.

The court first considered what standard of review would apply to the transaction. The court concluded that since the shareholders had been cashed in, the transaction was under scrutiny under Revlon. The plaintiff argued that the standard of review should be even higher – the court should view the transaction on the overall standard of fairness. The court declined to apply the “full fairness” standard of review at the dismissal stage, but did not rule out the possibility that the transaction could be reviewed later under the full standard of review. equity in the event that it is determined on the basis of a more complete dossier. that a control group stood on both sides of the deal.

On whether the directors breached their duty of loyalty, the court found that the special committee had taken “reasonable steps” to perform its duties and was selfless and independent. The special committee also hired independent consultants and spoke to several bidders, providing many with the opportunity to exercise due diligence. Additionally, the special committee refused to grant exclusivity to any particular buyer and also attempted to keep Brookfield at the table.

The court, however, found that all of these reasonable steps were influenced by the directors putting the interests of Riverstone, the LP and executives above maximizing shareholder value. The court concluded that the plaintiff had sufficiently alleged that the defendants may have acted in bad faith. This bad faith was demonstrated by the participation of certain interested directors in the meetings of the special committee and in the discussions with the potential buyers; buyer preference throughout the process, despite Brookfield’s superior offerings; and abuse of Riverstone’s right of consent over control changes. The court ruled that these issues outweighed the reasonable steps taken by the directors. Thus, the court found it reasonably conceivable that the board of directors did not meet its obligation to maximize shareholder value.

Although the court noted that Revlon allegations “do not admit of easy categorization as duties of care or loyalty[,]”The court found that the plaintiff’s allegations made it reasonably conceivable that the defendant directors acted in bad faith by (1) placing the interests of others above their duty to maximize shareholder value and (2) by abdicating their duty of disclosure. Therefore, the court ruled that the disclaimer of the Company’s charter did not justify the dismissal of the claims against the directors at the pleading stage. The court also ruled that the plaintiffs had argued claims against certain officers (who are not protected by an exculpatory provision of the charter) on the basis of their alleged conflicts.

The court further concluded that the defendants could not invoke by Corwin protections because, among other things, a majority of the votes were cast by a shareholder who was contractually obligated to vote his preferred shares in accordance with the recommendation of the board and who was otherwise interested in the transactions because he was likely to receive tax-free benefits.


Source link

Brault Launches Next Generation Analysis Tools for Physician Groups and Hospital Customers | Your money

SAN DIMAS, Calif .– (BUSINESS WIRE) – Aug.31, 2021–

Brault Practice Solutions customers will now have access to a robust set of analytical tools to help them better understand their business performance and productivity trends. The Brault Analytics suite includes three different client portals designed for practice leaders, revenue cycle managers, and individual clinicians.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210831006006/en/

Brault Analytics – Practice Management Portal (Graphic: Business Wire)

“Analytics is now an essential part of any successful business,” says Dr. Andrea Brault, President and CEO of Brault Practice Solutions. “But many provider groups lack the technology or the resources to meaningfully analyze their data. This is why we have developed the Brault Analytics suite.

Dr. Brault explains that analysis can help a clinical practice understand key measures at the provider level and at the practice level. These data points can help group leaders identify trends in provider performance, payor behavior, and overall reimbursement. They can also provide a transparent view for individual clinicians to manage their performance and see how they stack up against their peers.

“The goal is to help our clients manage their business proactively,” explains Dr. Brault. “Patient volume and reimbursement have continued to fluctuate, and it is an ongoing challenge for provider groups to forecast KPIs such as payer speed, acuity distributions, SVRs and cash flow. “

The Brault Analytics suite includes three distinct customer portals designed for different roles within a clinical practice.

Practice management portal

The Firm Management Portal is designed to provide Chiefs of Staff with a comprehensive view of their business KPIs, including cash flow, total number of meetings, acuity breakdown, payment speed and performance of clients. individual payers. Users can also customize performance goals and access near real-time views of that data.

Patient account monitoring

The Patient Account Tracker allows RCM executives to track the flow of cases in their revenue cycle. Users can review every graph in their RCM production cycle and explore areas such as patient volume, coding and billing activity, and individual payor performance. Users can also explore vendor details, such as documentation habits and pending graphics.

Supplier performance dashboard

The provider dashboard is designed for every clinician. It provides an overview of a clinician’s day-to-day work, including patients per hour, VURs, VURs per visit, and distributions of acuity levels. Providers can also compare their individual performance to that of their peers and to overall group trends.

About Brault Practice Solutions

For more than 30 years, Brault has helped clinical practices manage their revenue cycle and business operations – with practice solutions designed for coding, billing, MIPS optimization, and vendor documentation training.

Find out more at www.Brault.us

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210831006006/en/

CONTACT: Hansel Ramirez, Senior Director of Marketing

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT HEALTH TECHNOLOGY MANAGEMENT OF PRACTICES CONSULTING ACCOUNTING

SOURCE: Brault Firm Solutions

Copyright Business Wire 2021.

PUB: 08/31/2021 4:48 PM / DISC: 08/31/2021 4:48 PM

http://www.businesswire.com/news/home/20210831006006/en

Copyright Business Wire 2021.


Source link

Golden Globes Group elects new Board of Directors

2019 Golden Globes host Ricky Gervais rolls out the red carpet outside the Beverly Hilton Hotel on media preview day. (Mel Melcon / Los Angeles Times)

The Hollywood Foreign Press Assn., The voting body behind the Golden Globes, elected a new board of directors on Tuesday.

The HFPA said its 85-member organization elected a newly expanded board with 12 internal members, five of whom had never served on the board before. Two-thirds of new directors are women.

The new board will now select three outside directors who are not members of the HFPA under a new set of reform regulations recently approved by the group and drafted by law firm Ropes & Gray.

This decision is the first change of leadership of the HFPA since the besieged group promised “transformational change, “earlier this year.

It follows the association vote last month approving a list of reforms and measures aiming to address controversies who have long dominated the association, as well as overhauling the organization, expanding membership with an emphasis on diversity and restoring credibility with the entertainment industry.

“Our bylaw vote in early August was an important signal to the industry that we intend to keep our reform promises,” HFPA Chairman Ali Sar said in a statement. communicated. “Today’s election results build this new, stronger governance structure for the HFPA. We are convinced that with this new Board of Directors and soon a new President, responsibility, diversity and inclusion will be at the heart of everything we do.

All new board and committee members will receive training on diversity, equity, inclusion and leadership for their respective roles, the HFPA said. He also announced the appointment of three non-members to an accreditation committee that will oversee a new accreditation process for HFPA members.

After a Time survey in February brought to light allegations of financial and ethical breaches and pointed out that none of the then 87 members were black, the group is committed to making radical changes. In March, a contingent of powerful entertainment advertisers implemented a boycott, preventing patrons from participating in HFPA activities. In May, NBC ended airing of the 2022 Golden Globes after Netflix severed ties with the organization “until more significant changes are made.” Amazon, WarnerMedia and Neon, the independent studio behind “Parasite,” followed the streamer.

While the HFPA has made expanding its ranks a goal of its reform efforts, the new board was elected just weeks after the organization voted on its new statutes and before the admission of any new member. As a result, the directors were pulled from its existing membership pool – a step that raised eyebrows from those pushing for significant changes, including the composition of the group’s leadership.

Once formed and a chairperson selected, the HFPA Board of Directors will then appoint its very first CEO. The role of the CEO will include overseeing and directing the daily activities and business affairs of the association; they will sit at the discretion of the board for a one-year term, in accordance with the provisions set out in the the new statutes of the association.

The CEO is part of a new C-suite that will include a CFO, director of diversity and director of human resources, signaling the association’s intention to implement a professional management layer for the group to nonprofit that has so far governed and managed itself.

This story originally appeared in Los Angeles Times.


Source link

Residents of northeast Portland felt ‘abandoned’ by police during clashes

PORTLAND – For nearly 30 minutes, armed protesters from opposing groups – the far-right Proud Boys and far-left anti-fascists – clashed last weekend in the streets, shopping car parks and backyards. school in a diverse neighborhood in northeast Portland.

Cars attempted to drive on Sunday as fireworks exploded on the road and there were clashes between people wearing helmets and gas masks and armed with baseball bats, paintball guns and chemical spray.

The Portland Police Department was visibly missing.

Ahead of the skirmish, the latest in a saga of political conflict that has plagued the city for years, officials said people shouldn’t expect officers to try to intervene or separate the parties.

But the lack of intervention by law enforcement left residents feeling “terrified and abandoned” and local and state leaders frustrated, in addition to further damaging the image of the police office which struggled to keep up. find its place in the city.

“As soon as the fighting started and spread throughout the neighborhood, the police should have come in and arrested them,” said State Senator Michael Dembrow, a Democrat who represents a large part of the Parkrose community where the confrontation took place. “I heard from a number of residents of Parkrose who felt exposed and betrayed by the lack of police presence. They have every reason to feel like this.

Portland is no stranger to the various political groups fighting in the streets. Almost a year ago, a caravan of Donald Trump supporters passed through town and encountered counter-protesters. Quarrels broke out between the groups and a right-wing protester was shot and killed.

Ahead of last week’s protests, Portland Police Chief Chuck Lovell said he took “legal restrictions” into account when responding to protests, with officers’ attendance history increasing tensions and the shortage of staff in the department.

The police force has 145 fewer officers than a year ago. In June, a team of 50 police officers, who were part of a specialized crowd control unit in Portland, Oregon, and responding to ongoing, often violent protests, resigned en masse after a member of the the team was charged with criminal charges.

Based on these factors, Lovell said he made the decision not to “place officers in an extremely dangerous position between groups of people who are highly motivated to clash.”

Far-left anti-fascists gathered at Portland’s Tom McCall Waterfront Park early Sunday afternoon, waving Black Lives Matter flags. About eight miles from an abandoned parking lot in the diverse community of Parkrose, the Proud Boys gathered and listened to speeches denouncing the anti-fascist movement and calling for the release of those arrested in the U.S. Capitol uprising on January 6 .

“I will say that the Proud Boys’ decision to side with Parkrose was reprehensible on several levels. They chose to stage their hateful rally outside of downtown, the usual site of protests and protests, and move it to one of the most racially and ethnically diverse neighborhoods in Portland, ”Dembrow said.

The clash between subassemblies of the two groups interrupted traffic around 4 p.m. on a busy thoroughfare in the Parkrose neighborhood and crept into commercial parking lots – forcing at least one gas station to close early – and on owned by Parkrose high school. At least one video, shared online by a Portland Tribune reporter, showed a family with young children running to their car to escape the clash.

After 30 minutes of fighting, the two camps separate on their own.

The Oregonian / Oregon Live reported that Portland Police were monitoring the fight from a plane. In addition, on Wednesday, the police had made only one arrest related to the clashes and demonstrations.

But, even when members of the group – many of whom officials say were from out of town or out of state – left the area, residents were shaken by the violent events.

Michael Lopes Serrao, Superintendent of the Parkrose School District, said he felt “heartbroken for the community” knowing that some of his students and their families were watching the violence from their homes. Community members found themselves picking up trash and leftover paint, glass and bear mace over the next few days, he said.

“It’s confusing and frustrating at best for many who live here. The people of East Portland have traditionally felt more ignored by the city in general, so I think that only exacerbates that concern, ”said Lopes Serrao. “Why would you ignore one of the areas of the city that has been historically underserved. If Portland is about fairness, then we should uplift this community and protect its vulnerability. “

The idea that the lack of police presence was damaging the already negative image of the department was reiterated by Michael Dreiling, professor of sociology at the University of Oregon.

“If the police force tries to manage their image, refusing to come forward and apply the law, when far-right extremists show up and incite violence, is not a good way to do it,” Dreiling said.

However, in the days following the clash, Mayor Ted Wheeler and Lovell said they supported the police office’s approach and said it “contained” the violence between the groups.

“With strategic planning and oversight, the Portland Police Office and I softened the confrontation between the two events,” Wheeler said. “And downplayed the impact of the weekend’s events on the Portlanders.”


Source link

Use your network to win

While a good litigator should be aware of subspecialization, a good litigator also knows how to rely on others who are better than her at certain things.

One of the proclaimed advantages of so-called full-service law firms is that the lawyers who can handle any type of case or legal issue are all under one roof (or, nowadays, at least a virtual roof). . I’ve heard that the reality may not be quite how it really works – that in larger companies different practice groups can act almost completely independently of each other and that there has very little proverbial walking down the hall asking your M&C colleague a particular question that you don’t know as a litigant.

Reality in large firms aside, this point makes a lot of sense: a good litigator must be an expert at identifying the strategic goals of a client who has litigation or potential litigation, and then winning for the client. But once you’ve identified the goal and know what it means to win, it’s a long way to say you’ve figured out all the steps along the way. You may have a small business client whose intellectual property is hijacked by a large entity that ignores your client. But it’s very different from saying you have some idea of ​​the law that might apply in a given industry, a given jurisdiction, etc.

While much of what we can do can be determined by investigation and research – in my example, read the relevant agreements, research the venue and substantive law, etc. and I often manage, it almost can not be enough. I wrote about the need to rely on your team. But to win, you also have to rely on your network.

If you handle complex litigation like I do, you are not dealing with routine matrimonial, bankruptcy, or patent matters. But each of these issues has surfaced recently in my business which at first glance may have seemed to have nothing to do with any of these areas. So my colleagues and I have we investigated and researched? Yes. But the work doesn’t stop there. In each case, I called lawyers from my network who specialize in these areas, and they gave me information that I think I would never have had even if I had researched or investigated for dozens of years. more hours.

As a litigator, you can contribute to your network in the same way: this M&A lawyer can know in detail some of the regulations that apply to the work of his clients. But, again, it’s very different how a litigation resulting from the agreement document might play out and what that might mean on what to include in the document right now. Indeed, we now routinely offer a litigation lawyer review to process documents in an attempt to minimize subsequent litigation.

If the big business model works the way it’s supposed to, at least in that regard, and your work in a big business, then great, you’ve got your network. But you don’t need to work with 900 lawyers with offices in 22 cities. Go ahead, meet other lawyers, share your thoughts with them, and they’ll want to share their thoughts with you.

As a father of many children, I appreciate the concept that “it takes a village” to raise a child properly. It also takes a village to be a good litigator: cultivate and then work with your network to win for your clients.


jean-balestrièreJohn Balestriere is an entrepreneurial litigator who founded his firm after working as a solicitor and litigator in a small firm. He is a partner at the New York law firm Balestriere Fariello, where he and his colleagues represent domestic and international clients in litigation, arbitration, appeals and investigations. You can reach him by email at [email protected]


Source link

SK Global Software wins Microsoft Business Applications 2021/2022 Inner Circle Award

SK Global Software is honored by Microsoft for achieving exceptional sales and innovation.

SK Global Software, a Microsoft Dynamics ISV offering specialized complementary solutions for Microsoft Dynamics 365 / Dynamics AX ERP platforms, won the prestigious Microsoft Business Applications 2021/2022 Inner Circle award. Membership in this elite group is based on business accomplishments that rank SK Global at the top of the Microsoft Business Applications Global Partner Network. Inner Circle members have achieved a high standard of excellence in delivering valuable solutions that help organizations achieve increased success.

2021/2022 Inner Circle members are invited to the Inner Circle Summit in March 2022 as well as virtual meetings between July 2021 and June 2022, where they will have a unique opportunity to share their strategy and network with senior executives from Microsoft and their fellow partners.

This recognition of Inner Circle for Microsoft Business Applications coincided with Microsoft Inspire, the first annual partner event, which took place July 14-15, 2021. Microsoft Inspire offers the Microsoft partner community the opportunity to learn on the company’s roadmap for the next year, making connections, sharing best practices, discovering the latest product innovations and learning new skills.

“In a year of profound business transformation for every business and industry on the planet, it is extremely gratifying to be able to recognize Microsoft Business Applications partners from all corners of the world who have accelerated the digital transformation of our shared customers and leads to unmatched customer success. “said Cecilia Flombaum, head of the Microsoft Business Applications Ecosystem.” Our Inner Circle members are chosen based on their business performance as well as their ability as an organization, whether it is create intellectual property, develop solutions or focus on digital transformation. Microsoft is honored to recognize SK Global for its achievements over the past year, dedication to customers and innovation around the Microsoft cloud .

SK Global Software is dedicated to empowering finance and treasury teams around the world to operate more efficiently, using solutions that provide additional security and automation. By collaborating with Microsoft teams, SK Global maintains strong expertise in the Microsoft platform to deliver innovative solutions, solid services and unmatched value to their customers. SK Global is proud to be certified for Microsoft Microsoft Business Applications 2021/2022 Inner Circle Award Dynamics 365, recipient of the annual Inner Circle Award for the past five years, a member of the Presidents Club for over 12 years and Microsoft Gold -Partner of competence.

SK Global Software offers worldwide implementation, training and consulting for small, medium and large enterprises using enterprise applications. SK Global specializes in Microsoft Dynamics 365 and Microsoft Dynamics AX ERP platforms, to develop and deploy solutions, such as Banking and Treasury Automation Suite, that help large global companies across all industries to get to market faster and to achieve continued success.

About SK Global Software

Founded in 1995 with a new global branding in 2015, SK Global Software is a software development company known for providing valuable enhancement to the Microsoft Dynamics channel, with a focus on automating global banking and treasury operations. . Our customers and partners are our top priority and our mission is to provide unmatched software and support services. We work hard to create and maintain high quality software and long-term, respected relationships with Dynamics user and partner communities.


Source link

utiliVisor selected as a qualified supplier for the new NYSERDA RTEM + tenants program

NEW YORK–(COMMERCIAL THREAD) – utiliVisor, a leader in utility sub-metering and facility optimization, today announced that it has been selected as a qualified supplier for the Real-Time Energy Management + Tenants (RTEM + Tenants) program. New York State Energy Research and Development Authority (NYSERDA).

Funded through New York State Systems Employee Benefits, the goal of the $ 25 million RTEM + Tenants program is to support the implementation and use of home management systems and services. ‘energy to reduce energy consumption in commercial office buildings, including in tenant spaces. A 2016 inventory of New York City’s greenhouse gas (GHG) emissions indicated that commercial buildings are responsible for 39% of the city’s total GHG emissions. Therefore, commercial office tenants are essential in reducing a building’s overall energy demand and emissions.

Part of the next generation of smart building technology, RTEM systems use meters, sensors and controls to collect and monitor a building’s energy performance data over time. The collected data can then be used to detect abnormal power consumption, help optimize equipment performance, and minimize maintenance time and expense.

utiliVisor has been a NYSERDA Approved RTEM Systems and Services Provider since 2016 and is proud to have been selected as one of the premier vendors of the new RTEM + Tenant Program. “Building owners don’t have to sacrifice comfort or tenant requirements to improve energy efficiency,” said Tim Angerame, chief operating officer of utilVisor. “We analyze data from an RTEM system at a high, granular level to identify inefficiencies and defective equipment. From this analysis, we make concrete recommendations that improve energy performance, educate tenants about their carbon footprint and avoid unnecessary costs.

Tenants’ education and behavior change strategies are integral parts of effective energy management programs. Recently, utiliVisor met with a tenant of a client, a company with approximately 150,000 square feet of office space in Manhattan. Leveraging the existing sub-meter network and existing billing platform, the utiliVisor operations center analyzed tenant RTEM data to determine energy / costs for HVAC, lighting and heating. associated socket. After discussion with the tenant, the HVAC hours were adjusted to reflect the actual hours of the business, rather than the 24/7 schedule that had been assumed. These changes have identified savings of approximately 151,000 kWh, or cost savings for the tenant of over $ 30,000 per year.

NYSERDA’s RTEM + Tenant program offers up to 33% cost sharing for RTEM system implementation and services for up to three years. For a property to be eligible, its buildings must have multiple tenants, and the RTEM system must monitor at least 75% of the building’s total energy use, including tenant charges.

“In our experience, owners and operators alike derive great value from participating in RTEM systems and services, because monitoring saves real savings. And thanks to the incentives provided by NYSERDA, building owners don’t have to pay the full price of the system or wait to receive discounts, ”Angerame said.

To learn more about sub-metering and how utiliVisor can help you, check out our overview of sub-metering.

To find out if you are eligible for NYSERDA’s RTEM programs, visit https://www.nyserda.ny.gov/All-Programs/Programs/Real-Time-Energy-Management.

ABOUT THE USER

Your tenant sub-metering and energy facility optimization services are an essential part of your operation. You deserve personalized energy insights from a team that knows buildings from the inside out, applies IoT technology, and is empowered by providing you with accurate data and energy optimization insights. When you need experience, expertise and service, you need utiliVisor on your side, which offers you consistent energy and cost saving strategies. What more can our 40 years of experience and historical data do for you? Call utiliVisor at 212-260-4800 or visit https://www.utilivisor.com/.


Source link

An “absolute emergency” on Rikers Island as violence increases

In a statement on Tuesday, the commissioner said the ministry was committed to resolving issues raised by the observer and had worked diligently to “impose formal discipline or other corrective measures where warranted. “.

Like the federal comptroller, Commissioner Schiraldi said the department had enough staff, even though a prison officers’ union, which is suing New York for inhuman working conditions on Rikers, called on the city to hire thousands of workers. ‘others.

Keith Powers, a Democratic city councilor who heads the criminal justice committee, said in an interview that he endorsed the commissioner’s focus on improving the morale of departmental staff while addressing the issue of the ‘absenteeism.

But, said Mr Powers, “we are in an absolute emergency inside the city’s prisons.”

Benny Boscio Jr., president of the Correction Officers’ Benevolent Association, the union that sues the city, said in a statement that the letter showed the federal monitor “was working as a public relations arm of DOC.”

“The officers are sick because they continue to be forced to work in hostile and inhumane working conditions where they are forced to work 25 hours or more without meals or rest and are brutally assaulted by detainees with impunity”, Mr Boscio said.

“Fix the inhumane working conditions and you will solve the staff crisis,” he added.

Public defenders say in interviews that conditions on the island worry them intensely for the safety of their clients.

A Brooklyn public defender, who declined to give her name because she was not authorized to speak officially, said one of her clients who had been on the island since June had been repeatedly assaulted, no had not received the necessary medical attention and had indicated to a correctional officer that he intended to harm himself, to which the correctional officer did not respond.


Source link

Foreign exchange reserves now exceed US $ 7 billion

New



Minister of Finance Colm Imbert. –

FINANCE Minister Colm Imbert said TT’s total foreign exchange reserves now exceed US $ 7 billion.

In a tweet published on Tuesday, Imbert said: “TT’s foreign exchange reserves have just been increased by the equivalent of $ 644 million, following a worldwide distribution by the IMF (International Monetary Fund) of rights special edition (SDR) “.

He said this was designed to help countries cope with covid19 foreign exchange (forex) demands.

As a result, he said, TT’s net foreign exchange reserves have now returned to over $ 7 billion.

In a subsequent tweet, Imbert said: “The additional US $ 644 million in SDR from the IMF gives the government more flexibility to inject US dollars into the commercial banking sector for distribution to the public and to make more forex available through the ‘EximBank for the manufacturing sector. sector and importers of essential goods.

In an Aug. 2 statement, the IMF said its board of governors had approved a general allocation of SDRs equivalent to US $ 650 billion to boost global liquidity.

IMF Managing Director Kristalina Georgieva said: “This is a historic decision – the largest SDR allocation in IMF history and a boost for the global economy in this time of crisis. unprecedented.

She added, “The SDR allocation will benefit all members, meet the long-term global need for reserves, build confidence and promote the resilience and stability of the global economy.

“This will especially help our most vulnerable countries struggling to cope with the impact of the covid19 crisis.”

The IMF has said the general SDR allocation will come into effect on August 23.

“Newly created SDRs will be credited to IMF member countries in proportion to their existing quotas in the fund. “

TT has been a member of the IMF since September 16, 1963. The IMF has a total of 190 member countries.

The IMF said about $ 275 billion of the new allocation will go to emerging markets and developing countries, including low-income countries.

Georgieva said, “We will also continue to actively engage with our members to identify viable options for the voluntary channeling of SDRs from the richer member countries to the poorest and most vulnerable to support their recovery in the event of a pandemic and to achieve resilient and sustainable growth. ”

This story has been adjusted to include additional details. See the original post below.

FINANCE Minister Colm Imbert said Trinidad and Tobago’s total foreign reserves now exceed $ 7 billion.

In a tweet published on Tuesday, Imbert said: “TT’s foreign exchange reserves have just been increased by the equivalent of $ 644 million, following a worldwide distribution by the IMF (International Monetary Fund) of rights special edition (SDR) “.

He said this was designed to help countries cope with covid19 foreign exchange (forex) demands.

As a result, he said, TT’s net foreign exchange reserves have now returned to over $ 7 billion.

In an Aug. 2 statement, the IMF said its board of governors had approved a general allocation of SDRs equivalent to US $ 650 billion to boost global liquidity.

IMF Managing Director Kristalina Georgieva said: “This is a historic decision – the largest SDR allocation in IMF history and a boost to the global economy in this time of crisis. unprecedented.

She added, “The SDR allocation will benefit all members, meet the long-term global need for reserves, build confidence and promote resilience and stability in the global economy.

“This will especially help our most vulnerable countries struggling to cope with the impact of the covid19 crisis.”

The IMF has said the general SDR allocation will come into effect on August 23.

“Newly created SDRs will be credited to IMF member countries in proportion to their existing quotas in the fund.”

TT has been a member of the IMF since September 16, 1963. The IMF has a total of 190 member countries.

The IMF said about $ 275 billion of the new allocation will go to emerging markets and developing countries, including low-income countries.

Georgieva said: “We will also continue to actively engage with our members to identify viable options for the voluntary channeling of SDRs from the richer member countries to the poorest and most vulnerable in order to support their recovery in the event of a pandemic and to achieve resilient and sustainable growth. “


Source link

Wells Fargo Selects JPMorgan Bank Exec to Lead Offering for Diverse Client List

August 24, 2021

Wells Fargo has hired an executive from JPMorgan Chase, and a former National Football League ball player, to campaign for a more diverse customer base, the company said today.

At Wells, Clarence Nunn will report to Barry Sommers, CEO of the Wealth Management Unit, and Kleber Santos, his Head of Diverse Segments, Representation and Inclusion, and “will define the strategy, manage and develop the partnerships for clients and prospects, ”the firm said. in a press release announcing his hiring.

Nunn had led Chase Commercial Bank’s Southeast Mid-Market Banking and Specialties business, as well as its nation-wide franchise finance business, according to the Wells announcement. He had been listed as a representative of JP Morgan Securities since 2016, according to his BrokerCheck file.

“This important position responds to a key need in our ongoing global and organizational approach. This continues us on the path to deepening our engagement and relationships with employees as well as customer segments critical to expanding our market share, ”Sommers said in a statement included in the report. announcement.

Its mandate will include “building a workforce that represents the clients and the communities we serve, and will strive to bridge racial wealth gaps by providing investment advice that builds a foundation from which create generational wealth, ”Nunn said in her statement.

Prior to joining Chase, Nunn spent 24 years at General Electric, where he was Commercial Director of GE Commercial Distribution Finance and GE Capital Americas, and CEO of GE Capital Fleet Services, Rail Services and Franchise Finance, among other roles, the a declared Wells’ statement.

Between 1988 and 1990, Nunn, who had played varsity ball for San Diego State University, was drafted into the NFL by the New Orleans Saints, played preseason and signed the the following year as a free agent for the Los Angeles Rams. , and played again in the preseason, according to a Wells spokesperson.


Source link