Columbus lending – Columbus Chamber http://columbus-chamber.org/ Fri, 24 Jun 2022 03:07:57 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://columbus-chamber.org/wp-content/uploads/2021/05/cropped-icon-32x32.png Columbus lending – Columbus Chamber http://columbus-chamber.org/ 32 32 Settlement would forgive $6 billion for defrauded students https://columbus-chamber.org/settlement-would-forgive-6-billion-for-defrauded-students/ Fri, 24 Jun 2022 03:07:57 +0000 https://columbus-chamber.org/settlement-would-forgive-6-billion-for-defrauded-students/ The Biden administration has agreed to forgive $6 billion in student loans for about 200,000 former students who say they were defrauded by their colleges, according to a proposed settlement in a Trump-era lawsuit. The agreement filed Wednesday in federal court in San Francisco would automatically cancel federal student debt for students who were enrolled […]]]>

The Biden administration has agreed to forgive $6 billion in student loans for about 200,000 former students who say they were defrauded by their colleges, according to a proposed settlement in a Trump-era lawsuit.

The agreement filed Wednesday in federal court in San Francisco would automatically cancel federal student debt for students who were enrolled in one of more than 150 colleges and then applied for debt cancellation due to misconduct. presumed schools.

Almost all of the schools involved are for-profit colleges. The list includes DeVry University, University of Phoenix and other chains still in operation, as well as many chains that have folded in recent years, including the ITT Technical Institute.

Education Secretary Miguel Cardona said in a statement that the settlement would resolve the claims “in a way that is fair and equitable to all parties.”

The deal still needs to be approved by a federal judge. A hearing on the proposal is scheduled for July 28.

If approved, it would mark a major step in the Biden administration’s effort to clear up a backlog of claims filed under the Borrower Defense Program, which allows students to have their federal loans forgiven. whether their schools were advertising false claims or misleading them.

The class action lawsuit was originally filed by seven former students who argued that President Donald Trump’s Education Secretary Betsy DeVos intentionally blocked the Borrower’s Defense process while she rewrote her rules. When the complaint was filed, no final decision had been made on the claims for over a year.

When the department under DeVos began adjudicating the claims months later, it issued tens of thousands of denials, often without any explanation. At the time, the judge handling the case blasted DeVos for the “lightning pace” of rejections, saying his approach “hangs borrowers dry.”

Tens of thousands of borrowers were still in limbo when the Biden administration took over and began negotiating a settlement in 2021, court documents show. The latest federal data shows there are more than 100,000 pending claims for borrower defense.

Under the proposed settlement, anyone attending an eligible school and requesting a cancellation as of Wednesday would get their full federal student loans and interest. They would also get refunds for previous payments made on these loans.

An additional 68,000 complainants who did not attend eligible schools will receive a “simplified review” of their claims. Older applications will be reviewed first, while newer ones will get a decision within 2.5 years.

Any borrowers who were caught in DeVos’ wave of rejections will have their rejections revoked and their applications treated as if they were pending from the date they were originally submitted.

The Project on Predatory Student Lending, which represented the students in the lawsuit, said the agreement will help create a “fair, just and efficient business for future borrowers”.

“This landmark settlement proposal will provide answers and certainty to borrowers who have fought long and hard for a fair resolution of their defense claims after being misled by their schools and ignored or even dismissed by their government,” said Eileen. Connor, project manager.

Borrower defense requests are usually considered individually, but the Department of Education decided to grant an automatic cancellation in this case due to “common evidence of institutional fault” in the schools in question, according to the regulations.

At some schools there was already evidence of “gross misconduct”, while others were included due to high rates of claims from their former students, according to the agreement.

The borrower defense process was launched by Congress in 1994, but was rarely used until the collapse of the Corinthian Colleges chain in 2015. The for-profit company closed its campuses amid widespread fraud discoveries , prompting thousands of students to apply for debt cancellation.

This led the Obama administration to expand the program and create clearer rules. He became the centerpiece of administration efforts to crack down on for-profit colleges that lied or used high-pressure tactics to recruit students. Students at Corinthian and other chains said they enrolled on the promise of high-paying jobs, only to graduate with few job prospects.

Earlier this month, the Biden administration agreed to forgive federal student debt for anyone who attended a Corinthian school from the company’s founding in 1995 until its collapse two decades later. The action will clear $5.8 billion in debt for more than 560,000 borrowers, the largest single discharge in the Department of Education’s history.

The settlement adds to the administration’s efforts to cancel student debt for certain groups of borrowers. It erased billions more in debt from other for-profit former students, as well as severely disabled borrowers and those in government jobs.

Biden has also faced growing pressure to pursue massive student debt cancellation. The White House recently signaled that it was considering rescinding $10,000, but no decision has been made.

___

The Associated Press education team receives support from the Carnegie Corporation of New York. The AP is solely responsible for all content.

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Research: Rating Action: Moody’s Awards Aaa to Ohio Housing Finance Agency Multifamily Tax-Exempt Mortgage Backed Bonds (M-TEBS) (Providence Glen Apartments Project) Series 2022 A https://columbus-chamber.org/research-rating-action-moodys-awards-aaa-to-ohio-housing-finance-agency-multifamily-tax-exempt-mortgage-backed-bonds-m-tebs-providence-glen-apartments-project-series-2022-a/ Tue, 21 Jun 2022 21:20:58 +0000 https://columbus-chamber.org/research-rating-action-moodys-awards-aaa-to-ohio-housing-finance-agency-multifamily-tax-exempt-mortgage-backed-bonds-m-tebs-providence-glen-apartments-project-series-2022-a/ No related data. © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS, INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, […]]]>


No related data.

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Bitcoin Falls Below $20,000 as Crypto Selling Accelerates https://columbus-chamber.org/bitcoin-falls-below-20000-as-crypto-selling-accelerates/ Sat, 18 Jun 2022 12:15:00 +0000 https://columbus-chamber.org/bitcoin-falls-below-20000-as-crypto-selling-accelerates/ LONDON (AP) — The price of bitcoin fell below $20,000 on Saturday for the first time since late 2020, in yet another sign that cryptocurrency selling is intensifying. Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping as much as 9% to below $19,000 and hovering around that mark, according to the […]]]>

LONDON (AP) — The price of bitcoin fell below $20,000 on Saturday for the first time since late 2020, in yet another sign that cryptocurrency selling is intensifying.

Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping as much as 9% to below $19,000 and hovering around that mark, according to the cryptocurrency news site CoinDesk.

The last time bitcoin was at this level was in November 2020, when it was close to hitting its all-time high of nearly $69,000, according to CoinDesk. Many in the industry had believed it would not fall below $20,000.

Bitcoin has now lost over 70% of its value since hitting that peak.

Ethereum, another widely followed cryptocurrency that has slid in recent weeks, suffered a similar drop on Saturday.

This is the latest sign of turmoil in the cryptocurrency industry amid broader financial market turmoil. Investors are selling riskier assets because central banks are raising interest rates to fight rising inflation.

The overall market value of cryptocurrency assets has fallen from $3 trillion to less than $1 trillion, according to coinmarketcap.com, a company that tracks crypto prices.

A series of crypto meltdowns have wiped tens of billions of dollars worth of currencies and sparked urgent calls to regulate the freewheeling industry. Last week, bipartisan legislation was introduced in the US Senate to regulate digital assets. The crypto industry has also stepped up its lobbying efforts — flooding $20 million in congressional races for the first time this year, according to records and interviews.

Cesare Fracassi, a finance professor at the University of Texas at Austin who leads the school’s Blockchain Initiative, believes Bitcoin’s drop below the psychological threshold isn’t a big deal. Instead, he said the focus should be on recent news from lending platforms.

Cryptocurrency lending platform Celsius Network said this month it was suspending all withdrawals and transfers, with no sign of when it would give its 1.7 million customers access to their funds. .

“There’s a lot of turbulence in the market,” Fracassi said. “And the reason prices are falling is there’s a lot of concern that the sector is over-leveraged.”

Cryptocurrency exchange Coinbase announced on Tuesday that it has laid off about 18% of its workforce, with the company’s CEO and co-founder Brian Armstrong blaming some of the blame on an upcoming “crypto winter.”

Stablecoin Terra imploded last month, losing tens of billions of dollars within hours.

Crypto had permeated much of popular culture before its recent downfall, with many Super Bowl ads touting digital assets and celebrities and YouTube personalities regularly promoting it on social media.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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Aggressive Fed rate hikes increase likelihood of recession | Company https://columbus-chamber.org/aggressive-fed-rate-hikes-increase-likelihood-of-recession-company/ Thu, 16 Jun 2022 13:45:00 +0000 https://columbus-chamber.org/aggressive-fed-rate-hikes-increase-likelihood-of-recession-company/ WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell has pledged to do whatever it takes to rein in inflation, which is now raging to its highest level in four decades and defying efforts to the Fed so far to tame it. Increasingly, it seems, this could necessitate the one painful thing the Fed has sought […]]]>

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell has pledged to do whatever it takes to rein in inflation, which is now raging to its highest level in four decades and defying efforts to the Fed so far to tame it.

Increasingly, it seems, this could necessitate the one painful thing the Fed has sought to avoid: a recession.

A worse-than-expected inflation report for May – consumer prices jumped 8.6% from a year earlier, the biggest jump since 1981 – prompted the Fed to hike its interest rate benchmark by three-quarters of a point on Wednesday.

Keep scrolling for 8 charts tracking the US economy

Not since 1994 has the central bank raised its key rate so much at once. And until Friday’s poor inflation report, traders and economists were expecting rates to hike just half a percentage point on Wednesday. In addition, several other hikes are to come.

The “soft landing” the Fed had hoped to achieve — slowing inflation to its 2% target without derailing the economy — is becoming both trickier and riskier than what Powell had bargained for. Every rate hike means higher borrowing costs for consumers and businesses. And whenever potential borrowers find lending rates prohibitive, the resulting drop in spending weakens confidence, job growth and overall economic strength.

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“We have a path to get there,” Powell said Wednesday, referring to a soft landing. “It doesn’t get easier. It gets harder”







Wall Street Financial Markets

Federal Reserve Chairman Jerome Powell’s news conference is broadcast on television as traders work the floor at the New York Stock Exchange in New York, Wednesday, June 15, 2022. The Federal Reserve stepped up its efforts to rein in high inflation by raising its key interest rate by three-quarters of a point – its biggest rise in nearly three decades – and signaling larger rate hikes ahead that would raise the risk of another recession . (AP Photo/Seth Wenig)


Seth Wenig


It has always been difficult: the Fed has failed to stage a soft landing since the mid-1990s. And Powell’s Fed, which was slow to recognize the magnitude of the inflationary threat, must now catch up its delay with an aggressive series of rate hikes.

“They tell you, ‘We’ll do whatever it takes to get inflation down to 2%,'” said Simona Mocuta, chief economist at State Street Global Advisors. “Hopefully the (inflation) data won’t force them to do what they’re ready to do. There will be a cost.”

According to Mocuta, the risk of a recession is now probably 50-50.

“It’s not like you can’t avoid it,” she said. “But it’s going to be hard to avoid it.”

The Fed itself recognizes that higher rates will cause damage, although it does not foresee a recession: On Wednesday, the Fed predicted that the economy will grow by around 1.7% this year, a strong down from the 2.8% growth it had forecast in March. And he expects unemployment to average 3.7% at the end of the year.

But speaking at a press conference on Wednesday, Powell dismissed any notion that the Fed must inevitably cause a recession as the price of controlling inflation.

“We’re not trying to cause a recession,” he said. “Let’s be clear about this.”

Economic history suggests, however, that aggressive, growth-killing rate hikes may be needed to finally get inflation under control. And usually that’s a prescription for a recession.

Indeed, since 1955, each time inflation has exceeded 4% and unemployment has fallen below 5%, the economy has fallen into recession within two years, according to an article published this year by the former secretary Treasury Lawrence Summers and his Harvard University colleague, Alex Domash. The US unemployment rate is now 3.6% and inflation has topped 8% every month since March.

Inflation in the United States, which had been subdued since the early 1980s, resurfaced with vigor just over a year ago, largely due to the economy’s surprisingly strong recovery from the pandemic recession. The rebound took businesses by surprise and led to shortages, delayed deliveries and higher prices.

President Joe Biden’s $1.9 trillion stimulus package added heat in March 2021 to an already warming economy. So does the Fed’s decision to continue the easy money policies — keeping short-term rates at zero and pumping money into the economy by buying bonds — that it enacted there. has two years to guide the economy through the pandemic.

Only three months ago, the Fed started raising rates. In May, Powell promised to keep raising rates until the Fed sees “clear and convincing evidence that inflation is falling.”

Some of the factors behind the economic recovery have since faded away. Federal relief payments are long gone. Americans’ savings, boosted by government stimulus checks, have fallen back below pre-pandemic levels.

And inflation itself has devoured Americans’ purchasing power, leaving them to spend less in stores and online: after adjusting for rising prices, the average hourly wage fell 3% on the month last year over the previous year, the 14th consecutive decline. On Wednesday, the government announced that retail sales fell 0.3% in May, the first drop since December.


Wall Street resumes selling, a day after a brief reprieve

Now, rising rates will squeeze the economy even more. Home and auto buyers will absorb higher borrowing costs, and some will delay or scale back their purchases. Businesses will also pay more to borrow.

And there’s another byproduct of the Fed’s rate hikes: The dollar will likely rise as investors buy US Treasuries to capitalize on higher yields. A rising dollar hurts American businesses and the economy by making American products more expensive and harder to sell abroad. On the other hand, it makes imports cheaper in the United States, thus helping to alleviate some inflationary pressures.

The US economy is still strong. The labor market is booming. Employers have added an average of 545,000 jobs per month over the past year. Unemployment is near its lowest level in 50 years. And there are now about two job openings for every unemployed American.

Families are not in debt like they were before the Great Recession of 2007-2009. Nor did banks and other lenders hoard risky loans like they did back then.

Still, Robert Tipp, chief investment strategist at PGIM Fixed Income, said recession risks are rising, and not just because of Fed rate hikes. The growing fear is that inflation is so intractable that it can only be brought under control by aggressive rate hikes that put the economy at risk.

“The risk is up,” Tipp said, “because the inflation numbers have come in so high, so strong.”

All of this makes the Fed’s action to control inflation and avoid recession even more treacherous.

“It’s going to be a tightrope walk,” said Thomas Garretson, senior portfolio strategist at RBC Wealth Management. “It won’t be easy.”

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Reduced cashback program deployments https://columbus-chamber.org/reduced-cashback-program-deployments/ Tue, 14 Jun 2022 14:17:00 +0000 https://columbus-chamber.org/reduced-cashback-program-deployments/ Mortgage fintech Lower has joined the ranks of lenders offering a cash tender option for homebuyers in need of financing. The company announced the introduction of Mortgage Pass, intended to serve pre-approved borrowers in their bid to land a home while providing certainty to sellers that the sale will close. According to Lower CEO and […]]]>

Mortgage fintech Lower has joined the ranks of lenders offering a cash tender option for homebuyers in need of financing.

The company announced the introduction of Mortgage Pass, intended to serve pre-approved borrowers in their bid to land a home while providing certainty to sellers that the sale will close. According to Lower CEO and co-founder Dan Snyder, with the initial rollout taking place in Columbus, Ohio, the company plans to add other markets, including Chicago and Florida, in the coming months.

As in other similar programs, a qualified borrower, once approved, can obtain home financing from Lower and purchase a home as they would in a typical mortgage transaction. Lower would then make a cash offer to a seller on behalf of the borrower once a property is found at the time its client closes and transfers the property to the buyer once financing is complete.

The homebuying landscape of the past year, characterized by bidding wars and record price growthhighlighted the need to offer a competitive product.

“We are sitting on billions of dollars in pre-approvals. And we’re literally watching our clients not win homes,” Lower CEO and co-founder Dan Snyder said in an interview with National Mortgage News.

Consumers bidding all cash in 2021 were four times more likely to win a bidding war, according to Redfin, with buyers sometimes bidding more than the list price. In April, the National Association of Realtors reported that cash purchases accounted for 26% of all existing home salesand in Florida, they accounted for nearly half of all purchases last year.

“We’re going to try to do it direct to consumer, and we’re also going to distribute it to our local brands and our local branches so they can use it with their local real estate agents,” Snyder said.

Unlike some cash flow programs, which require the borrower to go through a designated agency, “the real estate agent doesn’t have to give up his money, and he doesn’t have to give up his client.”

Rather than just serving as a one-time transaction, Mortgage Pass should be an entry for borrowers who ideally return to Lower for other services once they see its benefits, Snyder said. The program comes with an extended rate lock-in period if needed, and if rates go down, Lower says it will cut them for free.

“We will be releasing new features for pre-approved customers for our Mortgage Pass product,” Snyder said, calling it a “holistic” platform. “Once you have purchased your home through us, you can refinance at a discounted price. Or you can take out a discounted home equity line of credit.

While fintechs were among the first companies to commercialize the concept, the all-cash product has seen a growing number of new entrants since the start of 2021. Traditional retail lenders including Evergreen Home Loans, American Financial Resources and Guild Mortgage, have come on board with their own down payment products. And in May, wholesale lender Homepoint announced a partnership with Accept.inc begin to offer it as an option to its customers,

Following a $100 million Series A fundraising round last year, Lower has embarked on several business and growth initiatives over the past 12 months, including appointing chief officers and partnerships with iBuyer and fintechs Power Buyer Opendoor and Orchard. Earlier this week, the lender also announced its acquisition of Florida-based Hamilton Home Loans, which will operate as a new division within Lower.

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Tucker Ellis adds bankruptcy partner in Chicago https://columbus-chamber.org/tucker-ellis-adds-bankruptcy-partner-in-chicago/ Fri, 10 Jun 2022 20:32:00 +0000 https://columbus-chamber.org/tucker-ellis-adds-bankruptcy-partner-in-chicago/ By Adrian Cruz (June 10, 2022, 4:32 p.m. EDT) – Tucker Ellis LLP has added an experienced bankruptcy attorney with more than two decades of experience in a wide range of creditor matters as a partner in its office of Chicago. Jason Torf joined Tucker Ellis’ commercial litigation group last month after three and a […]]]>
By Adrian Cruz (June 10, 2022, 4:32 p.m. EDT) – Tucker Ellis LLP has added an experienced bankruptcy attorney with more than two decades of experience in a wide range of creditor matters as a partner in its office of Chicago.

Jason Torf joined Tucker Ellis’ commercial litigation group last month after three and a half years at Ice Miller LLP. Prior to joining Ice Miller, he spent five years at Horwood Marcus & Berk Chartered and nearly 13 years at Schiff Hardin LLP.

“We are fortunate to continue to attract top-flight, accomplished talent like Jason to Tucker Ellis,” managing partner Joe Morford said in a statement. “The meaningful experience he brings to our bankruptcy and to our business…

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Asian stocks fall as oil lingers above $120, yen tumbles https://columbus-chamber.org/asian-stocks-fall-as-oil-lingers-above-120-yen-tumbles/ Thu, 09 Jun 2022 06:41:30 +0000 https://columbus-chamber.org/asian-stocks-fall-as-oil-lingers-above-120-yen-tumbles/ A woman wearing a face mask stands in front of a bank’s electronic board showing the Hong Kong stock index in Hong Kong, Thursday, June 9, 2022. Stocks were mostly weaker in Asia on Thursday as investors were watching for further signs of inflation and crude oil prices hovered above $120 a barrel, adding to […]]]>

A woman wearing a face mask stands in front of a bank's electronic board showing the Hong Kong stock index in Hong Kong, Thursday, June 9, 2022. Stocks were mostly weaker in Asia on Thursday as investors were watching for further signs of inflation and crude oil prices hovered above $120 a barrel, adding to price pressures.  (AP Photo/Kin Cheung)

A woman wearing a face mask stands in front of a bank’s electronic board showing the Hong Kong stock index in Hong Kong, Thursday, June 9, 2022. Stocks were mostly weaker in Asia on Thursday as investors were watching for further signs of inflation and crude oil prices hovered above $120 a barrel, adding to price pressures. (AP Photo/Kin Cheung)

PA

Stocks were mostly down in Asia on Thursday as investors watched for further signs of inflation and crude oil prices hovered above $122 a barrel, adding to price pressures.

Benchmarks fell across the region except in Tokyo, where a weaker yen pushed up issuance from some Japanese exporters. Nintendo Co. issues jumped 1.9% in afternoon trading, while Honda Motor Co. shares gained more than 0.9%.

The Japanese yen recently fell to fresh 20-year lows against the US dollar, a trend the International Monetary Fund and other analysts expect to continue for some time due to higher interest rates in the states. United States and Europe, compared to Japan, where long-term interest rates remain close to zero.

The dollar was trading at 133.80 Japanese yen after hitting 134 yen earlier in the day, from 134.20 yen on Wednesday night. The euro traded at $1.0721, falling from $1.0718.

The Governing Council of the European Central Bank will hold a monetary policy meeting later today. Comments from Christine Lagarde, head of the European Central Bank, have markets pricing in an interest rate hike in July, with perhaps more to follow.

“Nevertheless, the economic recovery remains fragile and subject to downside risks related to geopolitical risks, erosion of real incomes, supply chain constraints and limited fiscal support,” said Venkateswaran Lavanya of the Department of Asia and Oceania Treasury of Mizuho Bank in Singapore.

“For this, ECB will not want to throw the baby out with the bathwater; calibrate monetary tightening at a more sustained pace, even if it is slow,” she said in a comment.

Japan’s benchmark Nikkei 225 gained 0.2% in afternoon trade to 28,290.06. Australia’s S&P/ASX 200 slipped 1.2% to 7,037.10. The South Korean Kospi fell 0.4% to 2,616.46. Hong Kong’s Hang Seng fell 1.0% to 21,788.94, while the Shanghai Composite lost 1.1% to 3,228.08.

The impact of inflation has worsened since Russia’s invasion of Ukraine, which put increased pressure on energy and food prices. U.S. crude oil prices rose 2.3% on Wednesday and are up 63% for the year, while wheat prices are up 39% in 2022. Supply chains have also tightened to following a series of shutdowns for Chinese cities battling COVID-19 cases.

In energy trading, benchmark U.S. crude rose 29 cents to $122.40 a barrel. He earned $2.70 on Wednesday. Brent, the international oil pricing standard, gained 35 cents to $123.93 a barrel.

Heightened inflationary pressure from the conflict in Ukraine and lockdowns in China prompted the Organization for Economic Co-operation and Development to revise its economic growth forecasts downward, following several other international groups, including the World Bank.

Treasury Secretary Janet Yellen, testifying before the Senate Finance Committee on Tuesday, said she expects inflation to remain high and be a top priority. The Fed is widely expected to raise its main short-term interest rate by half a percentage point at its meeting next week. It would be the second consecutive increase of double the usual amount, and investors are expecting a third in July.

Stocks fell sharply on Wall Street, erasing most of their gains for the week as investors were discouraged to see more evidence of inflation’s impact on businesses and a gloomy new outlook for the global economy.

The S&P 500 index fell 1.1% to 4,115.77. The Dow Jones Industrial Average lost 0.8% to 32,910.90 and the Nasdaq slipped 0.7% to 12,086.27.

Small company stocks fell more than the rest of the market. The Russell 2000 fell 1.5% to 1,891.01.

Bond yields rose. The yield on the 10-year Treasury, which banks use to set rates on mortgages and other loans, rose to 3.02% from 2.97% on Tuesday evening.

Big worries on Wall Street remain rising inflation and whether the Federal Reserve’s decision to aggressively raise interest rates will help soften the impact or possibly push the economy into a recession. .

The Fed’s goal is to slow economic growth enough to cushion the impact of inflation. Demand for goods exceeded supply and production capacity for most of the post-pandemic recovery. But investors fear the Fed is going too far too fast in raising rates, pushing the US economy into a recession.

The next big inflation update comes on Friday, when the US government releases its latest reading on the consumer price index.

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Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

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VERDICT: Former Blackhawk Eric Nesterenko dies at 88 https://columbus-chamber.org/verdict-former-blackhawk-eric-nesterenko-dies-at-88/ Mon, 06 Jun 2022 21:39:12 +0000 https://columbus-chamber.org/verdict-former-blackhawk-eric-nesterenko-dies-at-88/ Eric Nesterenko, a fluid skater and deep thinker who played 16 seasons with the Blackhawks, has died. He was 88 years old. Only six people — Stan Mikita, Duncan Keith, Brent Seabrook, Patrick KaneBobby Hull and Jonathan Toews – has played more games for the franchise than Nesterenko, who has logged 1,013 games in various […]]]>

Eric Nesterenko, a fluid skater and deep thinker who played 16 seasons with the Blackhawks, has died. He was 88 years old.

Only six people — Stan Mikita, Duncan Keith, Brent Seabrook, Patrick KaneBobby Hull and Jonathan Toews – has played more games for the franchise than Nesterenko, who has logged 1,013 games in various roles, many of them unglamorous.

After growing up with Ukrainian immigrants in what he called a “little mining town 400 miles north of Winnipeg, an abandoned place called Flin Flon,” Nesterenko moved with his family to Toronto. Accompanied by hockey as a youth, he was signed by the Maple Leafs, who thought they had a future superstar. But after four seasons in which he felt constrained by their style, Nesterenko was sent to Chicago, where he became a staple from the 1956-57 season.

He only scored 20 goals once, the following year. But the “Flin Flon Flash”, with his elegant gait, lanky build and exceptional intuition, established himself as a defensive savant. Nesterenko, who also responded to “Elbows” or “Swoop”, reliably tracked opposing snipers and killed penalties for long years alongside specialist partners such as Bill Hay, Chico Maki and Lou Angotti . When opportunity and space permitted, Nesterenko could pounce. He scored 25 shorthanded times, including six in 1964-65.

A nonconforming type even in the comfortable days of the Original Six, Nesterenko enrolled at the University of Toronto while a member of the Blackhawks. College was a rumor in the National Hockey League at the time, but he was looking for a backup plan, just in case. Blackhawks general manager Tommy Ivan, eager to get this enlightened young man on the ice, came up with a new solution. Nesterenko could go to classes, provided he is ready and able for games.

Tweet from @NHLBlackhawks: We are saddened by the passing of former forward Eric Nesterenko at the age of 88. Nesterenko was a key member of the 1961 Stanley Cup winning team and played 16 years with the Blackhawks. We send our condolences to his entire family ������ pic.twitter.com/XSHE3EhVut

Motivated and disciplined, Nesterenko has always been. He also explored life off the beaten track. When salary negotiations stalled, he briefly left the Blackhawks during training camp to try out for the Toronto Argonauts of the Canadian Football League. Like the Maple Leafs, they saw real talent and offered him a contract. With that leverage, Nesterenko returned to the Blackhawks and helped the rejuvenated franchise to the 1961 Stanley Cup.

Nesterenko ventured into places not often frequented by big city athletes. He visited the vast cultural places of Chicago – museums, theaters, opera, symphony orchestra. Then, at the end of the hockey season, Nesterenko would disappear from the Evanston home with his wife and three children, seeking peace and quiet. His teammates affectionately referred to him as “intellectual”, but he only laughed at the label. Also, the guys knew that when the puck fell, Nesterenko was all-in.

Studs Terkel, a legendary author, wrote a book in 1974: “Working: People talk about what they do all day and how they feel about what they do.” Nesterenko was a star guest and his interview did not disappoint.

“The goal of a professional game is to win. That’s what we sell. We sell it to a lot of people who don’t win at all in their usual life. I have my doubts about what I’m doing. I’m not sure of myself. It doesn’t seem clear to me sometimes. I’m a man playing a boy’s game. Is that a good reason to make money? Then I turn around and think about a job. I tried to be a stockbroker. I say to a guy, ‘I have a good stock, do you want to buy it?’ He says no. I say, ‘Okay.’ You don’t want to buy, don’t buy. I’m not good at persuading people to buy things they want to buy. But the stockbroker comes to see me play. I’m not going to see him be a broker. When Toronto let me down, I said, “I’m a failure. Twenty-two, what do we know? We know our time is fleeting. Our values ​​are instantaneous. C It’s really hard to bide your time.

Famous columnist Bob Greene was also intrigued by this student-athlete. After leaving the Blackhawks in 1972, Nesterenko had a brief stint with the Chicago Cougars of the World Hockey Association. He reflects on his career as follows:

“Hockey can be a heavy mistress when the legs give out and maybe the mental edge as well. The hardest thing for a professional athlete to recognize is that they’re not the best in the world. There are some so few who make it to the major leagues in any sport. We were all the best in our schools, our neighborhoods. Until you become a pro, you just don’t understand that’s going to change. This took me two or three years in the NHL Then one day I just knew it was true There are men here who are better than me I can play my best, I can play at the absolute peak of my abilities, and there are still men who are younger and much better. You hear that the players don’t have fun like they used to. I don’t know if that’s true, but if it’s is the case, it’s a shame.”

After his retirement, Nesterenko said he became a “ski bum”. He settled in Colorado where he became a famous ski instructor. Always ready to try something different, Nesterenko briefly went to Hollywood, starring in the hockey movie “Youngblood.” He acted as a consultant for the film, and also as the co-starring father of an aspiring gamer.

“Dean Youngblood was Rob Lowe,” Nesterenko recalled. “It was a typical storyline. I was there to teach him how to skate. Nice guy, not really fast on the blades. But it worked and it was fun. Whatever I was doing, I was looking to have fun If I had one message to today’s race in the NHL, it would be to have fun at the sport, because it’s the greatest sport of all.The hockey player enjoys an existence privileged. Savor it. It’s work. But it’s work to play.

Eric Nesterenko. A life fully lived.

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FEATURE: Doneghey set to lead Blackhawks first draft https://columbus-chamber.org/feature-doneghey-set-to-lead-blackhawks-first-draft/ Fri, 03 Jun 2022 14:46:14 +0000 https://columbus-chamber.org/feature-doneghey-set-to-lead-blackhawks-first-draft/ The last three months have been a whirlwind for Mike Doneghey. When Kyle Davidson was named Blackhawks general manager in March, one of his first moves was to promote Doneghey to director of amateur scouting, tasking him with leading the team until the NHL Draft in July. With just weeks to spare in amateur seasons […]]]>

The last three months have been a whirlwind for Mike Doneghey.

When Kyle Davidson was named Blackhawks general manager in March, one of his first moves was to promote Doneghey to director of amateur scouting, tasking him with leading the team until the NHL Draft in July. With just weeks to spare in amateur seasons around the world, Doneghey got to work booking trips around the world to see some of this year’s top talent firsthand and catch up with the rest. of the amateur scouting team.

“Fortunately, there were about six weeks of hockey left in North America and Europe,” Doneghey said. “We don’t have a first choice, but we still have to know those players… We have to prepare as if we were picking anywhere from one to anywhere, and know those guys the same way and out of the ice.”

The Blackhawks’ former 1989 12th-round pick never made it to the NHL on the ice, but over the past 12 seasons, Doneghey has become an integral part of the team’s off-ice scouting staff and player staff. organization. He cut his teeth for nearly 10 years on the amateur scouting circuit, starting as a part-time scout the year Chicago took Kevin Hayes to the first round of the Doneghey home region in the northeast. , then rose through the ranks to become a full-time Scout and eventually head of the American Scout.

In recent years, he has taken on larger roles as Director of Player Assessment and, more recently, Director of Player Personnel, expanding his scouting reach to leagues at all levels of the world, both amateur and professionals. His unique background gives him a global vision of the game, the amateur pool and the steps to follow to obtain a 17 or 18 year old draft pick in the NHL.

“He’s done a terrific job over the years,” associate general manager Norm Maciver said. “He’s very passionate about what he does, very detailed in what he does and he’s a very hardworking guy. He put in his time and he was rewarded…I think that perspective gives him a bit more baseline for what he really wants in terms of traits and stats watching these players go forward.”

This week, Doneghey, Davidson, Maciver and associate general manager Jeff Greenberg, along with head scouts from the United States, Canada and Europe, dig deeper into preparation for the 2022 NHL Combine Draft at Buffalo, where 85 top prospects make their cases to 32 teams. The Blackhawks squad went through four straight days of one-on-one conversations with future NHL prospects before follow-up conversations and fitness testing wrap up the week-long showcase in the coming days.

Chicago doesn’t have a first-round pick entering the draft, but with five total picks in the second and third rounds — ranging from 38th to 96th overall — significant talent for the future of the rebuilding franchise will come without any doubt. of this year’s prospect pool.

“When we look at the second and third rounds, there’s probably a reason why some of these kids have dropped in terms of other teams’ rosters across the league,” Maciver said. “What we try to do is really separate out the characteristics and traits that we really value and we do our best to try and obviously find players that we think can help us down the road.”

This week’s conversations with potential picks will begin to solidify the list of targets for Doneghey and his team to work on in early July, making the most of each Blackhawks selection.

“You have a painted picture of these players and what the on-ice product brings,” Doneghey explained, “so now you can really dig in and see their mannerisms, their (build), the way they talk, the way they shake your hand, eye contact. You can see the character side and what they will bring to your organization.

He designates a player as Alex De Brincat, a No. 39 overall pick in 2016, like the kind of talent that can be found in those second and third rounds if he and his team do their due diligence at every level. The Carolina Hurricanes, Doneghey added, have been a regular playoff contender in recent years with three impact players — Sebastian Aho, Brett Pesce and Jaccob Slavin — who were second-, third-, and fourth-round picks, respectively.

“The players are there,” he said. “You just have to roll up your sleeves, leave no stone unturned and get on with it.”

Over the next five weeks, Blackhawks personnel will prepare for every scenario and every possibility. With 37 picks ahead of Chicago’s first-round pick, they have to sit down and wait their turn on the clock. Doneghey has been through the process enough over the past few years to know that the more you prepare, the quicker you can react on draft day – If these four players are there, who is our choice? If it’s these three, which position do we value the most? If this player falls into this range, would we consider moving up? At what price?

“If you like a player, you have to go get him,” Doneghey said. “You have to trust your scouts. You have to trust your own pair of eyes, your own knowledge of the draft.”

“I was really impressed with the way he leads the group, the way he leads meetings and interviews here in Buffalo,” Maciver said of Doneghey. “I think he’s done a tremendous job. Just seeing him mature as the leader of this group has been very impressive so far.”

It has been a tireless road for Doneghey in preparation for his first draft at the helm of the team, but work he is delighted to see pay off on July 7-8.

“From Kyle, to me, to the amateur scouts, there’s a lot of excitement out there in this lineup (of choices),” Doneghey said. “A lot of the group have seen (the players) through the U18 championships or the world championships or different tournaments and venues throughout the year. We can all feel, from 38 to 96, that there is will have some good value players there. – let’s get them. The guys are excited about the players that are there. Really excited.

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B2B: Melio launches international payments for SMEs https://columbus-chamber.org/b2b-melio-launches-international-payments-for-smes/ Tue, 31 May 2022 20:11:09 +0000 https://columbus-chamber.org/b2b-melio-launches-international-payments-for-smes/ Today in B2B payments, JiffyStock will now accept cryptocurrency for B2B wholesale payments, while Mondu is picking up $43 million for the expansion of its buy now, pay later (BNPL) B2B services. Additionally, ACH payments are on the rise in the B2B industry, B2B payments innovation has been hampered by a talent shortage, PayMate India […]]]>

Today in B2B payments, JiffyStock will now accept cryptocurrency for B2B wholesale payments, while Mondu is picking up $43 million for the expansion of its buy now, pay later (BNPL) B2B services. Additionally, ACH payments are on the rise in the B2B industry, B2B payments innovation has been hampered by a talent shortage, PayMate India is asking to go public, and Kennek is adding plug-and-play credit infrastructure on the Mambu cloud platform.

B2B ACH payments are experiencing a “boom”

More than two-thirds (68%) of CFOs report increased use of Automated Clearing House (ACH) transfers in their business due to digitalization since the start of the pandemic, making ACH the mode of payment #1 in most frequent use, according to the “Real-Time Payments Tracker,” a collaboration between PYMNTS and The Clearing House.

Originally developed in the 1970s, ACH payments allow money to be transferred electronically between bank accounts, and payments are typically settled within one to three days. It has become one of the main payment methods in the United States for business uses such as paying employees, taxes and suppliers.

The benefits of ACH include speed, low cost, and a contactless process – a combination that is leading many organizations to expand its use.

Melio presents international payments for SMEs

Small business-focused B2B payments platform Melio has launched an international payments initiative that will allow US small businesses to make payments to suppliers in more than 70 countries around the world by July 1. July, according to a press release on Tuesday, May 31.

Melio said in its announcement that 63% of small businesses have had to change their supply chains in the last six months, and cross-border payments have increased rapidly during this period, which means that small businesses that are not equipped to manage them are often left out or left out. Melio’s international payments solution brings the capabilities to a wider range of providers.

Talent Shortage Is a Major Barrier to B2B Payments Innovation

As businesses consider innovation in digital payments, one of the biggest hurdles they face is a lack of in-house knowledge about the technologies they are looking to adopt.

According to “Accelerating the Time to Realized Revenue”, a collaboration between PYMNTS and Mastercard based on a survey of 409 business leaders.

Large and medium-sized companies said they struggle to hire and retain the staff they need to create informed strategy, implement new technologies and manage them.

B2B Retail Marketplace Betastore Brings $2.5M to Clothing Stores in Africa

Nigeria-based B2B retail marketplace Betastore has raised $2.5m to help informal stores in West and Central Africa deal with financial issues and stock-outs. By removing middlemen, the market will allow informal traders to access fast-moving consumer goods from manufacturers and distributors to make products cost-competitive. It will work with logistics partners to ensure one-day delivery.

Betastore aims to expand beyond its three existing markets – Ghana, Democratic Republic of Congo and Cameroon – by the end of the year. CEO Steve Dakayi-Kamga said the important thing was to scale the business through an asset-light strategy, with “no capital or labor-intensive assets” on warehouses or its delivery fleet.

The company plans to expand to more than 100 cities in Nigeria, Ivory Coast and Senegal before the end of the year.

Kennek Launches Plug and Play Credit Infrastructure on Mambu’s Cloud Platform

Kennek Lending Solution will launch a new “plug and play” credit infrastructure on the Mambu cloud banking platform to help alternative lenders and credit investors find credit. Building on Mambu’s composable cloud platform, the company will offer a “very flexible” lending solution.

The platform will work with businesses to help get things started and run, and will allow customers to streamline all of their middle and back office functions, and provide structure and access to risk management tools. .

Kennek has seen demand for software-as-a-service (SaaS) platforms, lenders and credit investors, and will expand into continental Europe.

JiffyStock will take crypto for B2B wholesale payment

B2B wholesale marketplace JiffyStock has started accepting cryptocurrency for payment, according to a report from the Digital Journal on Monday, May 30, allowing businesses on the platform to use crypto to buy and sell goods and services bulk.

The report notes that major B2B wholesale marketplaces often lack the technology to support new payment methods.

Rami Altawara, CEO of USASCT, the company behind JiffyStock, said innovation in the wholesale e-commerce industry is lacking.

B2B payments company PayMate India files public filing

Payments and services provider PayMate India has filed its draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India to raise funds through an initial public offering (IPO). The company wants a new issue of ₹1125 crore and a sell offer of ₹375 crore. Up to 10% of the supply will remain available for allocation to individual bidders, with approximately 75% for qualified institutional buyers.

Proceeds will go to new investments in new locations, the company said. PayMate is a multi-payment category platform using vendor payments, statutory payments and utility payments, enabling a “fully integrated” B2B payments stack. It allows consumers and sellers, suppliers, buyers, resellers and distributors to use commercial cards to make direct tax payments, utility payments and more.

Mondu releases $43 million for BNPL B2B services

Buy Now Pay Later (BNPL) company Mondu has raised $43 million in a Series A funding round, the company announced in a Monday May 30 blog post, enabling it to “continue to invest” in its product, drive consumer acquisition and support its expansion into more European countries, starting with Austria in June.

The Mondu BNPL solution will offer installment payment options for business-to-business (B2B) and cash transactions, and would be easy to integrate with payment APIs, plugins and widgets.

This will allow business customers to enjoy the kind of frictionless payment they want for business-to-consumer (B2C) transactions, Mondu said.

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NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.

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