Machi Navi Thu, 29 Sep 2022 12:46:58 +0000 en-US hourly 1 Machi Navi 32 32 The new director of the Museum of Fine Arts Zurich is not afraid to fail Thu, 29 Sep 2022 12:26:00 +0000

Ann Demeester officially takes up her new position at the Museum of Fine Arts Zurich on October 1. Kunsthaus Zürich, Franca Candrian

A breath of fresh air blew through one of Zurich’s oldest cultural institutions this year when Belgian curator Ann Demeester took over the artistic direction of the city’s Museum of Fine Arts. SWI caught up with her to discuss her vision for the historic arts institution.

This content was published on September 29, 2022 – 14:26

Aifé Rosenmeyer

Christoph Becker’s more than 20-year tenure as director of the Museum of Fine Arts Zürich should have ended in triumph, with the opening of a huge extension by star architect David Chipperfield in October 2021, which makes it the largest Swiss art museum. Her latest exhibition, a solo presentation of the work of French artist Niki de Saint Phalle, currently on view, was a counterbalance to a program in which male artists were attracting the most attention.

Yet since last year, the headlines of the Zurich institution have clouded its legacy. The new extension was built to house, among other important collections, some 200 predominantly Impressionist works of art on loan from the Bührle Collection. This had been put together by Emil Georg Bührle, who became wealthy selling weapons to Germany during World War II and bought works of art that were either looted by the Nazis or sold by Jewish owners under the constraint.

Since then, Zurich’s most prestigious and expensive art museum has come under fire for failing to meet the standards of transparency demanded by historians and scholars. Despite the scandal, the collection is still on display.

This is the tense situation from which the new director inherits. Ann Demeester arrives in Zürich from the Netherlands, where she was most recently director of the Frans Hals museums in Haarlem, after beginning her career in arts journalism before becoming a curator. His work is known for its bold curation that allows art across eras and disciplines to meet and confront.

After a gradual transfer of power, Demeester officially becomes the director of the Museum of Fine Arts in Zürich on October 1, 2022. Hopes are high that the new head of the institution will revive his reputation.

SU: You have been involved in the daily work of the museum over the past few months. What was your perception of the institution before moving to Zurich?

AD: It’s a gigantic museum with a remarkable collection, but which doesn’t have the visibility of other jewels like the Musée d’Orsay (Paris) or the Tate Britain. He retained a sense of adventure and discovery.

SWI: What are the challenges of the role?

AD: One challenge is to activate the huge collection that spans centuries and that people know less about.

The other challenge is how we can be both one picturepalast – a palace of images where one marvels and perhaps worships art – and at the same time a contemporary response to an increasingly fluid and complex world where one cannot escape social questions, politics and how they intertwine with art, whether historical or contemporary.

I don’t believe in the split between history and art history. History is integrated into the history of art; the social context is always present, even in old masterpieces.

Ann Demeester: “I don’t believe in the divide between history and art history.” Kunsthaus Zürich, Franca Candrian

Before the creation of the museum as we know it, we had cabinets of curiosities. It was a wild assemblage of heterogeneous objects and ideas, flora and fauna, art, etchings and books; where everything revolved around wonder.

Then came the museum, more didactic and taking up the categories of art history [to organize content]. It did not include the artists’ perspective on art history, which is not necessarily linear and chronological. For me, curating a museum is about imaginative associations or affinities between things that don’t necessarily belong to the same category.

We live in a networked society and if we want to be relevant and contemporary, we also need to make connections between art across different periods of history.

SWI: The past few years have been turbulent for the museum. Most important were the reviews of the exhibition and the loan conditions of the Bührle collection. How does the museum now approach questions of provenance?

AD: The discussion around Bührle has many different angles. Provenance is one and essential. But the subject is also a leave pro toto, part of a larger discussion, about how Switzerland handles its role in World War II. It is also about finding funds.

This is a very big problem for any museum in Europe: where does our money come from; who are we dependent on? Money from Sackler (the family behind the US opioid scandal) and BP (the British multinational oil and gas company) is no longer acceptable. How do you manage this ethically and keep up with the times?

The outgoing director of the Kunsthaus, Christoph Becker, speaking at a press conference on the provenance research carried out on the Bührle collection (December 15, 2021). Keystone / Michael Buholzer

SWI: Will loans or legacies be handled transparently in the future?

AD: Negotiations cannot take place in the open, this is also true when it comes to loans or legacies. But we need to recalibrate our principles. What do we accept, when, why and for what reason? These are the questions that a museum should ask itself every 20 years anyway.

This is part of institutional hygiene. We need to do this with more vulnerability and transparency.

SWI: The feminist collective Hulda Zwingli criticizes the fact that the art exhibited here is predominantly male. Will that change?

AD: Yes and no. The museum has a certain notoriety while the reality is not so raw. We can make historical gaps visible, but we cannot fill them. I don’t think I will find the funds to buy other works by Mary Cassatt or Sonja Sekulas, two women artists of the last century. But we can change the future.

I have always, with a team, put together a program that strikes the right balance between masculine and feminine. Perhaps we are not always entirely “global”: we are very Euro-American. It’s a more valid charge against the museum. Can we change this, and should we? Why should we in the West represent and own the whole world? It is a dangerous thought. It is perhaps another form of cultural neo-colonialism.

SWI: What is the role of a fine arts museum today?

AD: A center of curiosity. The fine arts are anachronistic, they are too slow to respond to the fluidity of today’s world. What we can do as a museum is stimulate curiosity on all possible levels through art.

In the late 1960s, American conceptual artist James Lee Byars created a performance (The Global Question Center) in which he asked everyone he deemed important in the world – intellectually, politically, scientifically, economically – to ask him what they perceived to be “the most relevant question right now”. Not to give answers, but questions. The museum should be that.

We should also remain that palace where art is revered, but also a palace where we can recharge art with new ideas and inspirations. We should ask questions through the perspectives of artists. We must also be a parliament where ideas are discussed.

The big dilemma is how to be hybrid – not just “either or well”. How this is done depends on the culture of debate in the country. We need to identify how we can have these discussions in combination with each other in Zurich. That we should do this is indisputable, but the format is still unclear.

SWI: Last summer’s major contemporary art exhibitions, documenta 15 in Kassel and the Berlin Biennale, both tried to be socially relevant spaces – and were – but both were equally problematic. For example, some Iraqi artists withdrew from the Berlin exhibition because it included public domain images of torture. In Kassel, the sharing of curation with a multitude of collectives has indeed led to a loss of central control.

AD: You have to accept that if you try to create these spaces, there will be failure. What I regret about documenta is that the discussion of anti-Semitism is all we read in the media. It is a vital, essential discussion, there is no doubt about it.

But documenta also offered something radically different about the collective way of working: art is not about an art object, it’s a process, a way of working together. It’s a paradigm shift that tries to make art inclusive and democratic. But the regulars often seem distraught. What is supposed to be truly democratic is actually exclusive, because people’s understanding of art is more traditional.

We’re used to doing things the right way, but the biggest mindset shift is how to allow ourselves to fail! The common understanding of what a museum is in Europe is not this democratic polyphonic space of ambiguity, paradox and discussion – it is a place where you enter and look at objects that you can identify as ‘art.

SWI: So how do you present this new program?

AD: You have to offer the tradition and bring critical questioning at the same time. We cannot continue to sanitize art and toss it aside as if it has nothing to do with the problems of our time. It’s the opposite of choosing the road less travelled, it’s traveling two paths simultaneously.

Edited by Virginie Mangin

Complies with JTI standards

Complies with JTI standards

Find out more: SWI certified by the Journalism Trust Initiative

Online Short Term Personal Loans Available Now Tue, 27 Sep 2022 17:15:44 +0000

A personal loan is a short-term loan, which you can repay in installments. It’s a great alternative to traditional short-term loans, offering quick cash at extremely high interest rates. With a personal loan, you have the right to prepay the loan to free up income in your spending plan and potentially save on interest.

Most short-term loans require proof of employment, a salary statement, a bank account, and a valid driver’s license. Because there is often no collateral and lower credit requirements, these loans charge a higher interest rate (up to 400%) and may incur other fees and penalties.

Let’s dig deeper and explore what short-term personal loans are available, and if there’s a good option for you.


A short-term personal loan is a type of loan with little or no collateral and a repayment term of less than one year. This may require supporting documentation (such as proof of employment or your credit card history), but in most cases you submit a request and receive your money within 24 hours.

Short-term loans are offered for a maximum amount of $2,000, with repayment in weeks. After the company reviews your application, they send the contract with the approved amount and interest rates. So before accepting, you still have a chance to calculate how much you will have to pay back.


There are a few main types of short term personal loans; they have different features, conditions and fee structures:

  • Payday loans – the loan providing money to borrowers, until they receive their next salary. Let’s say you want a Loan 100 dollars today – payday can do it! The only requirement might be proof of your employment with a payslip. These loans must be repaid quickly and painlessly – otherwise you will be subject to high APRs and fees;
  • overdraft – a form of short-term loan, where customers can obtain temporary cover for charges from their bank if the account does not have the necessary charges. In terms of repayment, these loans are similar to installment loans: a borrower will have regular and frequent payments for a period of time until the principal and interest have been repaid;
  • Car title loans – a type of short-term loan, which allows a borrower to use the vehicle as collateral. Rather, it is an exclusion from the definition of short-term personal loans (which normally have no collateral), but it is a perfect example if we are talking about the high interest rate. If you are late with your payments, the interest charges increase and the loan will cost you much more.
  • Bridging loans – are useful during real estate transactions. For example, when you bought a new house, while the other property remains on the market. For this type of loan, you will need an impeccable credit rating; lenders also prefer borrowers with a low debt-to-income ratio (DTI).

Another popular option for short-term loans is to extend your line of credit with a credit union or bank. It can improve your financial situation at once, without side effects. As a result, a higher line of credit makes you more attractive to lenders.


If you decide to apply for a short-term loan, consider lenders, who do not charge penalties. In another scenario, you will be asked to pay additional fees if you want to complete the transaction before the agreed time. Isn’t it deeply unfair that paying off the loan sooner could cost you more?

Here is the list of several companies, which will not charge you for such a “service”:

  • happy money – a loan provider with an innovative approach to lending. It offers personal loans, ideal for consumers, who want to save money. Happy Money consolidates high interest rates, giving borrowers exclusive access to more efficient management of their finances. Be aware that while there are no prepayment penalties, origination fees of up to 5% may apply.
  • LightStream – the lender that offers some of the lowest interest rates on personal loans. Same day financing is available and there are no prepayment penalties or other fees. If you keep in mind that shorter loan terms come with lower interest rates, that makes LightStream a considerable option. And your financial best interest.
  • SoFi – a lender, who can extend you some credit, if your score is at least 680. SoFi customers also get free access to financial advisors, career coaches and other events, dedicated to improving your financial literacy. This lender offers a seamless application experience, saving you from late payments or prepayment fees.
  • Reached – a lender worthy of attention, due to competitive interest rates and fast financing options. Beware, Upstart will assess your credit score and review your work history to determine if you are a good candidate for a loan. If you have a loan with this company and decide to pay it off early, you will not be subject to additional charges. However, you will be asked to pay an origination fee of up to 8%, as well as a late payment fee.

According to the statistics, more than 20 million Americans have unsecured loans. So, before getting approved for funding, check the company’s refund policy. Look for additional fees and interest rates that may apply; ask a financial adviser about prepayment.

The essential

To wrap up this story, we would like you to reassess the purpose you have for a personal loan. Remember that you can always ask your friend or family for money. make the option buy now, pay later; or simply subscribe to a credit card.

Even though short-term loans seem like a great opportunity to cover your needs, their fees and interest rates sometimes exceed 400%. Missing payments will negatively affect your credit score and cost you more in late fees, penalties and interest.

Look for online lenders offering money at no additional cost; check the refund policy and if there is anything extra to pay if you want to complete a transaction sooner. Make sure you’ve done your research and won’t face any negative consequences when working with online lenders.

]]> Family of slain officer blames Cheri Beasley, who defended cop-killing brothers Mon, 26 Sep 2022 18:22:53 +0000

North Carolina Democratic Senate hopeful introduced herself as a friend of law enforcement

Senate candidate Cheri Beasley (D., NC)/Getty Images

Collin Anderson • September 26, 2022 2:20 p.m.

The family of a murdered North Carolina police officer slams Cheri Beasley 25 years after helping defend two cop-killing brothers, saying the Democratic Senate’s hope is ‘for criminals, not officers of the law’.

Beasley in 1998 served as one of the “lead defense attorneys” for Tilmon and Kevin Golphin, brothers who, a year before trial, killed two North Carolina police officers during a traffic stop after stealing a lending agency at gunpoint. Now the brother of one of the slain officers, Al Lowry, is sounding the alarm over Beasley’s Senate campaign, saying it’s ‘BS’ for the Democrat to portray herself as a friend of law enforcement .

“It makes me sick every time I look at her because I know she’s not the right person for the job,” Lowry told the Caroline Diary. “She is for criminals and not for officers of the law. … [Beasley’s] ad says law enforcement is supporting her. I do not believe it one second.”

Lowry’s comments mark the latest setback in Beasley’s uphill battle to defend her public safety record as she runs to replace incumbent Republican Senator Richard Burr.

Just days ago, the North Carolina Police Benevolent Association, which has endorsed Beasley three times, announced that it was instead endorsing the Democrat’s opponent, Republican Congressman Ted Budd. The association cited Beasley’s decision to campaign with “police activist funding” – in June 2021, Beasley authorized a joint fundraising committee with Democratic Missouri Congresswoman Cori Bush, a self-described Democratic socialist which says “defunding the police must take place”. Budd is also backed by the North Carolina Troopers Association, which has endorsed Beasley in the past.

“With violent crime on the rise in North Carolina more than ever before, we need a senator who supports us and not someone who is supported by funding police activists,” said the North Carolina Police Benevolent Association president David Rose in a statement Wednesday. . “We support Ted Budd for the US Senate because he is the best choice for NC”

Beasley’s campaign did not return a request for comment. Beyond the Democrat’s decision to raise funds with Bush, Beasley has come under fire for her public safety record during her judicial career. As a state Supreme Court justice, for example, Beasley voted to lighten the sentence of a career criminal after the man was caught with a ‘weapon of mass death’ and stood down. on the side of a child pornography offender who used a technicality to reduce his sentence.

“People just don’t understand what she stood for 25 years ago, and people don’t change their attitude,” Lowry said of Beasley.

Budgeting errors put DuPage County School District in distress Sun, 25 Sep 2022 10:00:00 +0000

Nestled in a leafy, thriving strip of suburban DuPage County, Center Cass School District 66 in Downers Grove appears at first glance to exemplify the best in public education.

The neighborhood boasts three neat and modern school buildings, enthusiastic teachers known for their academic rigor, and great personal attention for its 1,100 students in kindergarten through eighth grade.

But the district’s severe financial difficulties led to deep budget cuts this fall, including reducing the number of teachers and building custodians, eliminating all after-school and athletic programs, reducing bus routes and shortening of the school day.

“We’re doing an education triage,” said teacher Jake Little, who taught social studies at District 66 for 18 years. “The needs of students are so much greater than they were years ago. … We have students reading five grades below, and we don’t have the resources for the interventions and the attention they need.

Now, weeks away from the Nov. 8 midterm elections, teachers, administrators, parents and school board members in District 66 are urging voters to support a property tax hike after years of low assessments. taxation and problematic budgetary practices that plunged the district into crisis.

The financial crisis hitting District 66 has been brewing for years, officials said, and can be attributed to the district’s relatively low tax rate and equalized assessed value, or EAV, which is the value assigned to a property. by the township assessor’s office.

Local revenues are calculated using the local tax rate multiplied by the EAV of the community within the school district boundaries. Of DuPage County’s 30 K-8 school districts, District 66 ranks in the bottom third for tax rate, EAV and revenue, officials said.

Additionally, with very little industry in the area, 90% of the district’s property tax revenue comes from homeowners, with only 10% of its budget coming from state and federal funding.

While the district’s finances are audited annually by outside agencies and monitored by the Illinois State Board of Education, one reason the district’s financial difficulties have not been disclosed earlier is how taxes are collected in DuPage County.

Unlike Cook County, where districts receive their property tax revenue at the start of the school year when the funds are expected to be used, districts in DuPage County receive money in late May or early June for the fiscal year beginning July 1.

District 66 included these taxes in its year-end report for the fiscal year ending June 30, an accounting practice that makes the district’s fund balances healthier than they are. And instead of rolling the funds over to the new fiscal year, the district used those revenues to pay for current-year expenses, a practice that began as early as 2014, District 66 officials said.

The practice had for years painted an inaccurate picture of the district’s health, failing to acknowledge growing deficits and depleted reserve funds, said District 66 board member Chris Esposito.

While the early use of taxpayers’ money isn’t illegal, “it’s a practice that causes all kinds of problems, as we see here,” Esposito said.

The school district has hired new auditors, slashed $2 million from its budget over the past two years, and issued tax anticipation warrants to cover payroll, “which is a fancy way of saying payday loans.” , Esposito said.

“It’s not mismanagement of funds. We don’t have the funds,” said Esposito, who urged voters to attend the October 12 District 66 school board meeting to learn more about the referendum issues.

When District 66 Superintendent Andrew Wise took the helm in July 2020, at the height of the COVID-19 pandemic, he was impressed by Cass Center’s “great teachers, community, and wonderful kids.”

But he found his financial situation troubling: additional revenue was needed to operate, facilities were deteriorating, technological infrastructure was failing, the district’s financial profile with the ISBE had dropped, and the district lacked three to six months of reserves.

“What has happened is that the cost of educating students now includes funding for security and technology. … So much has changed in the past 30 years, and the district’s rising revenue has not caught up with the rising costs of raising a child,” Wise said.

“It was a perfect storm, and if it had been noticed sooner, we would have alerted people sooner,” Wise said.

Voters rejected an earlier request this summer to raise the district’s property tax rate. This fall, voters are being asked to raise the rate from $2.14 per $100 of a property’s assessed value to $2.55.

If approved, it would mean a 19% increase in the Cass Center District post property tax rate on a homeowner’s property tax bill, up from a 24% increase the district requested when of a referendum in June.

For a home worth $300,000, a resident can expect an increase of about $377 per year, or $31 per month, officials said.

If the referendum fails in November, officials said, the district will face deeper cuts for the 2023-24 school year, including potential cuts of eight additional teachers, closing school libraries, removal of programs that are not mandated by the state. like art, music, music and foreign languages ​​- and the extra stop of bus lines.

Nonetheless, some opponents of the district’s referendum proposal say the solution is not to raise local property taxes, but to consolidate District 66 into one of DuPage County’s neighboring districts. In addition to Downers Grove, Center Cass District 66 serves students living in Darien, Woodridge, and unincorporated DuPage County.

“When you look at the state of Illinois, we’re probably the worst in the country when it comes to too many school districts and too few schools in each district,” said Eric Gustafson, councilman for Ward 6 in Darien. .

Gustafson said taxpayers would benefit from consolidation by reducing the number of directors, which he said would significantly reduce the funding needed for payroll.

“The money should be spent on the kids,” Gustafson said, adding that his own three children “got a really good education in the school district.”

“My main question is, ‘Where did all the money go?’ “, did he declare.

But Wise said consolidating school districts “would raise the district tax rate more than what’s proposed with the referendum.” The tax rate in nearby Woodridge School District 68 is $4.34 per $100 of equalized assessed assessment, nearly double that of District 66, Wise said.

Consolidation would also cause the district to lose local control of its decision-making, he said.

A spokeswoman for the Illinois State Board of Education said District 66’s Financial Profile score of 3.45 out of 4 for 2021 qualifies the district for financial review, a designation reserved for districts that score between 3.53 and 3.08. Those who score 3.07 to 2.62 are put on financial warning, while those between 2.61 and 1 are on financial watch.

“The profiles examine five key indicators of financial integrity: fund balance-to-income ratio, expense-to-income ratio, days on hand, percentage of short-term borrowing capacity remaining, and percentage of remaining long-term borrowing capacity,” ISBE spokeswoman Jackie said. Matthews said in a statement.

Some supporters of the District 66 tax rate increase referendum have expressed concern that the state could “take control” of the district, as it did with School District 187 in North Chicago in 2012. This district has just received the green light from the ISBE to transition from a state-appointed board to a locally elected school board.

But District 66 appears to be a far cry from that fate, because a district’s financial profile score is different from the criteria the state uses to trigger a financial takeover. If a district meets the criteria, it must first submit a financial plan to the state. The state appoints a financial oversight committee only if it determines the district has not followed its plan, according to Matthews.

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Elizabeth Uribe, a community group volunteer with the Save Center Cass School District 66 and mother of a kindergarten and second-grader in District 66, said passing the referendum in November was key to preserving the district’s reputation as a destination school system.

Despite major budget cuts this fall, the community is coming together to support students, including hosting a community 5k run on Friday afternoon for members of the cross-country team, whose season was canceled this fall due to budget cuts.

“I think it was a really tough decision, with the district cutting after-school activities, but it energized the community,” Uribe said.

“Children are underserved, and the only things left to cut are hurting our children,” she said.

Twitter @kcullotta

ECB seeks to cut bank subsidies as rate hikes leave it hanging, sources say Sat, 24 Sep 2022 09:31:02 +0000

By Francesco Canepa, Frank Siebelt and Balazs Koranyi

FRANKFURT -The European Central Bank is exploring ways to cut a subsidy to banks that could cost it tens of billions of euros in interest, four sources told Reuters, prompting a backlash from lenders.

To fight galloping inflation, the ECB raised the rate it pays on the 4.6 trillion euros ($4.5 trillion) in banks’ reserves that exceed requirements by -0.5% to 0.75% in less than two months.

This leaves the ECB on the hook for tens of billions of euros in annual interest on these reserves and threatens to burn a hole in the capital of the central banks of the countries where most of these reserves are located, the Netherlands and Belgium already putting warning of impending losses.

He also puts the ECB in the politically uncomfortable position of subsidizing the banks at a time when the public is grappling with high inflation.

Banks, in particular, can make a guaranteed profit on the three-year loans they have taken out with the ECB because the average interest they pay on these targeted longer-term refinancing operations (TLTRO) is less than what they can earn by depositing that same cash at the central bank.

For these reasons ECB staff are exploring ways to pay less, such as not paying interest on cash banks have borrowed from the central bank itself, sources familiar with the matter told Reuters.

The ECB could also modify the terms of TLTRO loans, although it could potentially harm the credibility of future programs and lead to legal challenges, the sources added.

Other proposals include remunerating excess reserves only below or above a threshold or abolishing interest on required reserves – those that banks must maintain at the level ECB and currently earning 1.25% per year, the sources said.

A spokesperson for the ECB declined to comment.

The sector body of the European Banking Federation defended the current, favorable TLTRO conditions, which were set by the ECB at the height of the coronavirus outbreak.

“The TLTRO program and its conditions were put in place as European banks took risks to keep the economy afloat during the covid pandemic,” he said in a statement.

But ECB Policymakers feel justified in taking action if necessary to preserve capital, the sources said, noting that lenders have benefited from ultra-cheap loans in the past.

Policy makers only briefly discussed this topic at their meeting on 8 September and are expected to come back to it at a retreat in Cyprus on 5 October or at their policy meeting on 27 October – when the ECB is ready to raise rates again.

The Swiss National Bank said on Thursday it would only pay interest on reserves “up to a certain threshold” and French Central Bank Governor Francois Villeroy de Galhau also championed a similar plan.

A problem for the ECB is that different options would affect member countries in different ways.

Italian banks, for example, borrowed more from ECB that they have deposited there in excess reserves, whereas the reverse is true for most other countries and in particular for Germany, France and the Netherlands.

Dutch bank ING seen “disruptive effects on the Italian money markets” if the ECB stopped remunerating part of the money borrowed by Italian banks TLTRO.

Another problem is that the ECB must justify any decision on monetary policy grounds, rather than preserving its own profits or avoiding political embarrassment.

“The most relevant question in this respect, rather than our income statement, is the financial strength of central bank balance sheets through their levels of capitalized reserves,” Villeroy de Galhau of the Banque de France said in a recent speech.

($1 = 1.0251 euros)

Financial inclusion may be beyond the reach of the CBDC Fri, 23 Sep 2022 13:54:24 +0000

Of the many benefits heralded by central bank digital currency evangelists, one in particular, cited by enthusiasts in advanced and emerging economies, is gaining increasing prominence. It is about the CBDC’s supposed ability to promote financial inclusion – defined as the integration of all citizens within the formal national banking system – and is seen as increasingly vital as many economies grow. are moving towards an all-digital payment infrastructure and eventually moving away from physical cash altogether.

In a research paper, the Central Bank of the Bahamas, arguably the world’s largest issuer of a CBDC, argued that “the main objective of the Sand Dollar Project is to provide financial services to those who are not currently integrated in the Bahamian banking system”. Similarly, in the United States House of Representatives, Congressman Stephen Lynch proposed the introduction of the ECASH law under which the US Treasury would issue digital money based on peer-to-peer tokens, essentially for those without bank accounts.

In the Bahamas, according to the central bank, the proportion of unbanked people is estimated at around 18% of the population. A 2017 study by the Federal Deposit Insurance Corporation found that the “unbanked or underbanked” (defined as citizens without bank accounts and/or using instruments such as non-banking payday loans for their daily financial activities) were estimated to be 25% of the US population. This is a significant figure for an advanced economy, although the strength of the non-banking financial institutions sector may also have something to do with it.

It is worth asking why, in two advanced economies, financial exclusion accounts for between a fifth and a quarter of the adult population. There is no doubt that a portion of the unbanked do not intend to open a bank account, either because they do not trust banks or because they do not have convenient local bank branch. Others are content to operate entirely within the monetary economy and enjoy its benefits of anonymity, atomic transactions, and universal acceptance. Still others may prefer to use a combination of cash and non-bank businesses – such as credit unions and payday lenders – for their day-to-day financial activities.

The advent of various forms of decentralized financial enterprises operating via smartphones with their potential accompaniment of non-bank payment instruments – stablecoins, tokens, altcoins and others – may allow people to participate in the digital economy without resorting to any to commercial banks, and in effect increase the unbanked population.

However, none of this is of much use to those who are excluded from the banking system because banks refuse their customers due to insufficient income or savings, poor credit history, insufficient credentials or prohibitive costs to serve. Greater granularity on the number and characteristics of those who voluntarily exclude themselves from the banking system and those who are involuntarily excluded would be of enormous benefit to policy makers in general and those considering the CBDC in particular.

Most draft target operating models for CBDCs currently envision a dual-rail structure in which digital fiat currency is distributed to citizens via accounts held at commercial banks with balances and liabilities held at the central bank. This may require a major overhaul if a large and growing proportion of citizens do not want bank accounts of any kind (which of course has other major implications for financial economics) and will strengthen the hands of those who are advocating for the introduction of token-based wallet or CBDC that digitally mimics cash and can be distributed by non-banks.

For the policymaker, the inadvertent exclusion of significant numbers of citizens and voters from increasingly digital payments and financial infrastructure is both inconvenient and socially undesirable. The CBDC’s “smart money” potential to help distribute welfare payments, for example, and the monetary policy benefits of universally digital account holders and taxpayers are seen as very valuable benefits.

But CBDC may be an expensive and complicated tool with which to break the nut of financial exclusion, which is often rooted in poverty, lack of education, and other physical and social disadvantages that need to be addressed. through different political tools. Central banks are powerful and CBDCs are exciting, but deep-rooted issues of financial exclusion can escape their healing reach.

Philip Middleton is Chairman of the OMFIF Digital Currency Institute.

Exclusive: Credit Suisse asks investors about capital raise – sources Thu, 22 Sep 2022 18:37:00 +0000

The logo of Swiss bank Credit Suisse is seen in an office building in Zurich, Switzerland, September 2, 2022. REUTERS/Arnd Wiegmann

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FRANKFURT, Sept 22 (Reuters) – Credit Suisse is probing investors for fresh money, two people familiar with the matter said.

The bank has in recent weeks begun talking to investors about the move, the sources said. Various scenarios are being discussed for the investment bank, including the most drastic option of largely exiting the US market, two sources said.

It’s unclear how enthusiastic investors are and interest could be dampened by the fact that the bank, which has battled a series of scandals, has raised nearly 12 billion francs ($12.22 billion) of capital since 2015, almost equivalent to its current market value. .

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The shares fell on the news and closed down 5.5% at 4.647 francs, hitting their lowest on record. The sources said no decision had been made and did not specify how much money the bank would seek to raise.

A spokesperson for Credit Suisse (CSGN.S) said: “We have stated that we will provide an update on the progress of our comprehensive strategy review when we announce our third quarter results. It would be premature to comment on the results. potential by then.”

The spokesperson added: “Credit Suisse is not leaving the US market.”

Beyond investment banking, Credit Suisse’s business in the United States includes asset management.

Bloomberg reported separately that Credit Suisse is considering selling its LatAm Wealth business outside of Brazil.

Quarterly results are expected on October 27.

Credit Suisse was fined last year for arranging a fraudulent loan in Mozambique, hit by the collapse of Archegos, tarnished by its involvement with defunct financier Greensill Capital and reprimanded by regulators for spying its leaders.

As part of a restructuring launched by Chairman Axel Lehmann, the bank plans to reduce its investment banking to focus even more on its flagship wealth management business.

The bank announced its second strategy review in a year and replaced its chief executive in July, bringing in restructuring expert Ulrich Koerner to trim investment banking and cut costs by more than $1 billion. . Read more

In the last three quarters alone, losses amounted to nearly 4 billion Swiss francs. Given the uncertainties, the bank’s funding costs have skyrocketed. Deutsche Bank analysts in August estimated a capital shortfall of at least 4 billion francs.

The sale of its mortgage and other securitization business, already reported, could cover some of this.

There is significant interest in the business, sources said, including from financial investors, other banks and insurers. The company is profitable, but also capital intensive. An expert estimated it to be worth between $1 billion and $2.5 billion.

In addition, other small businesses could be sold.

One of the sources who spoke to Reuters said it would likely be difficult to avoid a capital raise. The large investors with whom the bank is in talks are however very demanding to participate in a capital increase.

Among the board members who will ultimately decide on strategy, opinions differ on how radical the cut will be in investment banking.

If the bank were to largely withdraw from US investment banking, some key areas for core business with millionaires and billionaires would shift to other parts of the bank.

Credit Suisse also plans to cut about 5,000 jobs, or about one in 10 positions, as part of cost cutting. Read more

($1 = 0.9762 Swiss francs)

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Additional reporting by Pamela Barbaglia in London and Megan Davies in New York; Written by Michael Shields and John O’Donnell; Editing by Elisa Martinuzzi, Edmund Blair and Jan Harvey

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Soaring Personal Loan Interest Rates for 5 Year Fixed Rate Loans Thu, 22 Sep 2022 18:24:22 +0000

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

The latest personal loan interest rate trends from Credible Marketplace, updated weekly. (iStock)

Borrowers with a good credit application personal loans in the last seven days pre-qualified for higher rates for 3 and 5 year loans compared to the previous seven days.

For borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender between September 15 and September 21:

  • Rates on 3-year fixed-rate loans averaged 11.89%, down from 11.74% the previous seven days and from 10.70% a year ago.
  • Rates on 5-year fixed rate loans averaged 16.03%, down from 15.03% the previous seven days and from 14.35% a year ago.

Personal loans have become a popular means of consolidate and pay off credit card debt and other loans. They can also be used to cover unexpected expenses like medical billstake care of a major purchase or finance home improvement projects.

Personal loan interest rates have increased over the past seven days for 3 and 5 year loans. Three-year loan rates rose a slight 0.15 percentage points, while 5-year loans jumped one percentage point. In addition, interest rates for both loan terms are higher than they were at the same time last year. Yet borrowers can take advantage of interest savings now with a 3- or 5-year personal loan. Both loan terms offer significantly lower interest rates than higher cost borrowing options like credit cards.

Whether a personal loan is right for you often depends on several factors, including the rate you may qualify for. Comparing several lenders and their rates could help you get the best possible personal loan for your needs.

It’s always a good idea to shop around on sites like Credible to understand how much you qualify for and choose the best option for you.

Here are the latest personal loan interest rate trends from the Credible Marketplace, updated monthly.

Personal Loan Weekly Rate Trends

The table above shows the average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender.

For the month of August 2022:

  • 3-year personal loan rates averaged 15.03%, down from 11.04% in July.
  • 5-year personal loan rates averaged 16.52%, down from 13.72% in July.

Personal loan rates vary widely depending on credit rating and length of loan. If you’re curious about what kind of personal loan rates you might qualify for, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.

All Credible Marketplace lenders offer fixed rate loans at competitive rates. Since lenders use different methods to assess borrowers, it’s a good idea to ask for personal loan rates from multiple lenders so you can compare your options.

Current personal loan rates by credit score

In August, the average prequalified rate retained by borrowers was:

  • 9.05% for borrowers with a credit score of 780 or higher choosing a 3-year loan
  • 30.84% ​​for borrowers with credit scores below 600 choosing a 5-year loan

Depending on factors such as your credit score, the type of personal loan you are looking for, and the repayment term of the loan, the interest rate may differ.

As the chart above shows, a good credit rating can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms.

How to get a lower interest rate

Many factors influence the interest rate a lender can offer you for a personal loan. But there are steps you can take to increase your chances of getting a lower interest rate. Here are some tactics to try.

Increase credit score

Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:

  • Pay your bills on time. Payment history is the most important factor in your credit score. Pay all your bills on time for the amount owed.
  • Check your credit report. Check your credit file to make sure there are no errors. If you find any errors, dispute them with the credit bureau.
  • Reduce your credit utilization rate. Paying off credit card debt can improve this important credit score factor.
  • Avoid opening new credit accounts. Apply for and open only the credit accounts you really need. Too many serious inquiries on your credit report in a short time could lower your credit score.

Choose a shorter loan term

Personal loan repayment terms can vary from one to several years. Typically, shorter terms come with lower interest rates because the lender’s money is at risk for a shorter period.

If your financial situation allows it, applying for a shorter term could help you get a lower interest rate. Keep in mind that the shorter term doesn’t just benefit the lender – by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.

Get a co-signer

You may be familiar with the concept of a co-signer if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, find a co-signer with good credit could help you get a lower interest rate.

Remember that if you are unable to repay the loan, your co-signer will have to repay it. And co-signing a loan could also affect their credit score.

Compare rates from different lenders

Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders generally offer the most competitive rates and can be quicker to disburse your loan than a physical establishment.

But don’t worry, comparing rates and terms doesn’t have to be a tedious process.

Credible is easy. Simply enter the amount you wish to borrow and you can compare multiple lenders to choose the one that suits you best.

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace delivers an unparalleled customer experience, as evidenced by over 4,500 positive Trustpilot reviews and a TrustScore of 4.7/5.

Existing home sales in the United States fall for the seventh consecutive month in August and the Fed is about to inflict “a little pain” with a 75 basis point rate hike – here’s how to prepare your portfolio and your wallet Wed, 21 Sep 2022 21:50:00 +0000

Hi, MarketWatchers. Don’t miss these top stories.

Brace yourself: the Fed is about to inflict “some pain” with a 75 basis point rate hike. Here’s how to prepare your wallet and wallet.

This is the Federal Reserve’s third 75 basis point rate hike this year. Read more

Existing home sales in the United States fall for the seventh consecutive month in August

Sales of existing homes fell 0.4% to 4.8 million in August, the National Association of Realtors said. Read more

Halfway through trial period, companies say they are happy with four-day working week, survey finds

Halfway through a six-month trial in the UK, companies that let their employees work four days a week say they are happy with the results. Read more

Mortgage applications rise for first time in six weeks, despite rates hitting 6.25%, signaling ‘volatility’ in housing market

The average rate for a 30-year mortgage is 6.25%. Still, refinances and purchases have increased over the past week, the Mortgage Bankers Association said. Read more

How do cash advance apps work and are they better than payday loans?

Neither is an ideal first choice for borrowing money quickly, but knowing their differences can help you save money and avoid hurting your finances. Read more

Thinking of an EV? Here’s your guide to buying an electric car.

How to buy an EV? What about maintenance, incentives and cargo space? Here’s what to look for when buying an electric car. Read more

Three common travel disasters and what to do about them

Here are three common issues with airlines, the types of travel insurance you need to cover expenses, and how you could get free travel insurance.

“She never explained anything”: I am an elderly person and I lost $100,000 on the stock market this year. Can I sue my financial advisor?

“I informed my financial adviser that I was going to retire months before all of this happened.” Read more

Kinetic Green partners with Tata Capital to offer instant loans on electric two-wheelers Wed, 21 Sep 2022 08:47:06 +0000

NEW DELHI: Kinetic Green Energy and Power Solutions Limited, an electric vehicle (EV) manufacturer, has partnered with Tata Capital, the flagship financial services arm of the Tata Group. Through this partnership, customers wishing to purchase Kinetic Green’s electric two-wheelers will have access to digital loans at Kinetic Green dealerships across India.

Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, said, “With attractive financing options provided by Tata Capital, the partnership will further drive the green mobility shift, leading to a seamless ownership experience. I am convinced that this association will help to penetrate untapped markets and allow easy access to financing at the best rates with a minimum of documentation.”

Loan disbursement is transparent as the loan decision can be given in 15 fixed minutes. Thanks to this collaboration, customers will benefit from an attractive interest rate, a loan of up to 85% of the value of the two-wheeler, a repayment period of up to 36 months and a low EMI program based on customer eligibility.

Sarosh Amaria, Managing Director of Tata Capital Financial Services Limited, said: “The shift to electric mobility is becoming an inevitable reality. First-time buyers of electric vehicles (two/four-wheelers) also enjoy lucrative tax benefits. With our simple and affordable financing solutions, we want to make EV adoption easier for Kinetic Green two-wheeler buyers. We look forward to a mutually beneficial partnership with Kinetic Green. »

Tata Capital’s ability to meet diverse financial needs along with Kinetic Green’s innovative and cutting-edge manufacturing helps to continue its pioneering work to electrify India’s mobility industry.

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