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first_imgSports betting By overturning PASPA, the US Supreme Court could transform sports betting nationwide. But, as so often when revolt is in the air, royalty stands in the way – in this case, the risk of high sports royalties on betting handle, which now threatens the revolution. And we should know – we’re British. By Paul LeylandThe United States got rid of its king nearly 250 years ago. Since then the former colonies have got a lot right, especially in economic terms. But one of the few areas where the Land of the Free lags behind the Old Country is in sports betting.In the UK, it is a thriving business worth more than $3.4bn in net revenue terms (excluding horseracing), all of it legal and regulated. By comparison, the legal and regulated element in the US is a desultory $300m or so, with the illegal, untaxed (and, by extension, unsafe) market worth about $2.5bn or more by our estimates.The clean repeal of PASPA could change all that, with a growing number of states prepared to act. We say “could” because a successful push for high, turnover-based sports-royalty fees (the integrity badge now seems to have been diluted) could put this eagerly awaited sports-betting revolution at risk.A bit of our own history is relevant here. Before 2001 the UK had a 9% turnover tax, including an element of racing levy (a sort of royalty for the sport of kings, in return for arranging itself for betting more completely than any other). Because British bookmakers were ungenerous fellows (some still are, though most have learned their lesson), this worked out as a revenue tax of about 30% (on gross margins of about 30%, including the cost of the tax).That’s not so dissimilar to the 15% to 20% tax on revenue that a 1% sports royalty on handle (“turnover” in the UK) implies on the 5% to 6% sports margins typical in Nevada and, we believe, among illegal sportsbooks. This is especially so because Britain’s 9% included government taxes as well as sports royalties, whereas a 15% to 20% revenue royalty fee is before state and federal governments even get a look-in.In 2001, Britain scrapped this duty regime in favour of a 15% revenue tax and a 10% horseracing levy, also on revenue. If we assume that customers have a certain amount they are willing to spend, and spend it regardless of whether it is on entertainment or tax as well, then the theoretical math(s) is very simple: 9% tax gets ‘recycled’ (spent over again on more bets) at a 21% net margin (30% minus 9%), therefore increasing turnover by 43% (9% divided by 21%).The theory was borne out almost exactly in practice, as William Hill plc advised investors in its 2002 Annual Results:“From the day of the introduction of the new tax there has been clear evidence of customers recycling the money saved on deductions into more and bigger bets. Turnover on fixed odds betting … in the retail channel was up 44% and gross win was up 1%”From a tax point of view this meant the Treasury and horseracing, instead of getting 30% of revenue, got about 22% (with about 60% of bets on horseracing at the time). So the government and sport were worse off, right? Well, in the short term, yes. But this was a calculated risk and one that payed off big time.That is because betting operators were now able to offer customers better value, since they didn’t have to price bets to cover a tax or charge the customer directly. In fact, a gross-profits tax does not have any direct impact on price; for better or worse, this allowed British bookmakers to offer roulette at a 97% payout, as well as low-margin in-play betting and highly competitive prices on the biggest football matches, horseracing festivals and sports tournaments. And customers loved it.In 2001, we estimate that the total UK sports-betting market, including horseracing, was worth about $2.2bn (on today’s exchange rates); it is now worth about $4.7bn. A 4.6% revenue CAGR might not be all that impressive but it hides a bigger story.In 2001, UK horseracing was worth about $1.3bn in betting revenue terms; it is still worth $1.3bn. Football and other betting has grown from about $440m to $3.4bn, a CAGR of 13%. In other words, the growth has come from sports betting because bookmakers have been able to price the product attractively.The theoretical tax yield crossed over within seven years and thereafter the UK government would have made substantially more tax out of the new regime than the old (if all revenue were captured onshore – but that’s another story).Revenue growth in sports betting since the tax change is not the most impressive aspect though. In 2001, there were about eight million Britons who frequented betting shops (nearly 20% of adults), though they were typically older blue-collar workers and their main interest was horseracing.About the same number of people now bet on sports across channels (about 70% online) but they aren’t from a (dying) socio-economic pigeonhole; they come from all walks of life, with only gender marking a demographic skew. Low taxes allowed more attractive pricing and products, which in turn drove a sports-betting revolution and has almost certainly increased the popularity of the underlying sports: just look at the spectacular success of Sky Betting and Gaming.The assumption from certain stakeholders in the run up to the PASPA decision seems to have been: “Let’s tax the bookmakers; plough the money back into the sport and therefore the sport will be richer.” This thinking is flawed on two levels, in our view, as the British experience demonstrates.First, just because a tax appears to be for a large amount doesn’t mean it will yield a large amount; in fact the opposite is often true, as Laffer explained to Reagan. Second, transferring value does not create it. If simply being able to bet on a sport to generate tax off it were a recipe for success, then US racing would be in rude health, leaving other sports for dust (or dirt). The real value comes from building customer engagement and this means providing a compelling product.The question is this: “Do US sports want to generate small sums of money by making small groups of people pay a lot for a niche service or do they want to build their fanbases to generate sustainable, growing returns?” We would hope that when seen in this light, there is a “right” answer.Another revolutionary slogan might be useful here: “No taxation without representation.” In other words, if stakeholders want a transfer of value, it should be //for// something: data has a value, picture rights have a value, ensuring integrity has a value, shaping the product to encourage engagement has, potentially, considerable value.Some or all of these can and should be paid for by bookmakers, either collectively or through commercial arrangements (which must offer advantage over those not paying). Something-for-something can build a vibrant, win-win model; something-for-nothing is likely to have the opposite effect.In the UK, there is no statutory underpin of sports rights within a specifically betting context outside horseracing. In that horseracing does more than any other major sport to accommodate betting, the need is both clearer and greater.But it is eminently logical that betting has a financial relationship with sport that recognises the value of the content and assists with integrity collectively, commercially or both. Here we went from one extreme to another. The US, by coming late to the party, has a golden opportunity to strike the right balance.By fixing high royalties (especially given that taxes need to come out on top), the US runs the risk of stifling the revolution and creating a stymied, inflexible and low-innovation sector that appeals only to a few. And to us, that sounds positively un-American.Paul Leyland of Regulus Partners was an equity analyst in the City for more than 10 years, among the first to be focused on the gambling sector. He moved into the industry as corporate development director for William Hill, advising on retail strategy, regulatory issues, the racing industry, supply chain management and M&A. Royalty or revolution? A view from across the pond Overturning PASPA could transform sports betting in the US but, as Paul Leyland explains, the risk of high sports royalties on betting handle now threatens the revolution Topics: Sports betting AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwittercenter_img Subscribe to the iGaming newsletter 27th June 2018 | By Hannah Gannage-Stewart Tags: Online Gambling Email Addresslast_img read more


first_imgDangote Cement Plc (DANGCE.ng) listed on the Nigerian Stock Exchange under the Building & Associated sector has released it’s 2014 annual report.For more information about Dangote Cement Plc (DANGCE.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the Dangote Cement Plc (DANGCE.ng) company page on AfricanFinancials.Document: Dangote Cement Plc (DANGCE.ng)  2014 annual report.Company ProfileDangote Cement Plc manufactures, packages and distributes cement and related products for the limestone mining, coal production and property investment sectors in Nigeria and the rest of Africa. The company has operations in Nigeria, Benin and Ghana, Cameroon, Congo, Ethiopia, Senegal, Sierra Leone, South Africa, Tanzania and Zambia and exports internationally. Dangote Cement Plc operates the largest cement plant in sub-Saharan Africa, the Obajana Cement Plant. Cement bagged and distributed by Dangote Cement Plc is required of the limestone mining, coal production and property investment sectors. Formerly known as Obajana Cement Plc, the company changed its name to Dangote Cement Plc in 2010. The company is a subsidiary of Dangote Industries Limited. Its head office is in Lagos, Nigeria. Dangote Cement Plc is listed on the Nigerian Stock Exchangelast_img read more


first_imgOn July 22, 2016, the 27th Pastors for Peace Friendshipment Caravan participants met in Cuba with doctors who were veterans of the international campaign against Ebola in the West African countries of Liberia, Sierra Leone and Guinea. The caravan travels yearly in solidarity with Cuba, challenging the U.S. travel ban. To volunteer or apply to be a caravanista, contact ­[email protected] or 212-926-5757, ext. 6.The following excerpts were transcribed from a video produced by Joe Friendly for IFCO/Pastors for Peace.Dr. Jorge Delgado, deputy director of the Central Unit for Medical Cooperation, who led the brigade in Sierra Leone: [Cuba has] been in 117 countries of the world in these 55 years, with more than 160,000 persons involved who work in the health care sectors. Today we have 49,500 health workers in 62 countries. We have a special program in support of Venezuela that has been going on for a number of years.Cuban medical collaboration has always been solidarity, mainly in support of the people. In 2005, when Hurricane Katrina struck our brothers and sisters in New Orleans, we proposed to the U.S. administration that we would send a medical brigade.More than 10,000 health sector workers answered Fidel’s call to form a special medical brigade to go to the U.S., named “Henry Reeve” after a young person from New York City who fought for Cuba’s independence against Spanish colonialism. In 1876 Reeve died in combat in Cienfuegos.Everyone knows that Bush did not accept the proposal to send the medical brigade after the Katrina disaster. To demonstrate that the Henry Reeve Brigade was here to stay to help the world, half of the brigade went to Guatemala to help after flooding there.And just to show we were not fooling around, there was the earthquake in Pakistan in October 2005. In two months, 2,500 workers were sent to that country to help. They were located in 32 hospitals that Cuba also sent, with all equipment included, with nothing asked in exchange. We are Creoles, we are not accustomed to snow — we were there for eight months!The Henry Reeve Brigade, after the events we have mentioned, has been in another 17 countries. We gave support to Haiti for the cholera epidemic and the earthquake, with 1,500 health workers.When the Ebola epidemic took place in Western Africa, the United Nations and World Health Organization requested support from four countries — three rich countries, the U.S., France, England — and Cuba, where we are rich in solidarity, with human resources who have the training and ability to help other countries of the world in situations like these.From July to September 2014 the international media spread the news of the catastrophe the countries were undergoing. It seemed that Ebola would invade all parts of the world. But for each person who died from Ebola, ten per day died from malaria — as is happening today in poor countries in Africa. But Ebola could spread throughout the world, so it had to be controlled where it was in order to prevent the spread.The World Health Organization requested 165 doctors for Sierra Leone, 55 for Liberia and 37 for Guinea. We have many anecdotes from Cuba, considering all who traveled there. In a week, or to be more precise, in three days, there were more than 400 Cuban volunteers ready. In a week, 12,000 doctors and nurses were ready go and struggle against Ebola. Many were upset because they were not able to go.On Dec. 17, 2014, our colleagues from the U.S. heard the news about restored U.S-Cuba diplomatic relations, along with those of us also serving there. So there was applause, greetings, but no hugs. In the protocol for prevention of Ebola you cannot hug or touch hands, but we touched our hearts; it was expressed that way.The feeling was, OK, but we are working here together already. So although we were grateful for the official relations, the perception was we are already here on site, but now the working relations are official.I finally want to say that our Minister of Health had a personal interview with Dr. Chan, secretary of the World Health Organization, in which our minister said, yes, Cuba is going to be there. Dr. Chan said, we know it is a critical disease, many die, but they should die with dignity, with someone to care for them until the end. That was the Cuban medical brigade.We were able to reduce the mortality rate from its height of 85-90 percent. In Sierra Leone, we lowered that to 32-36 percent. So many lives were saved — the product of the medical attention of Cubans and the doctors and nurses of other countries, too.Dr. Enrique Betancourt, who served in Liberia: Everybody knows the enormous tradition of solidarity our country has had. In my case, I also had this tradition at home. My parents were among the first doctors and nurses who in the 1970s helped in the Republic of Angola. Going into my history, my father died in 1986 with Mozambique’s President Samora Machel. So my mother always had this legacy of my father present in our home.On Sept. 19, I was just changing duty, I was finished, I was at my work center, when I was asked if I was willing to participate in the struggle against Ebola. In spite of the tears of my wife who worked with me, the pride I felt at saying “yes” was very great — to undertake the legacy my father had given us.I worked in Angola from 2010 to 2012, and the deaths from malaria were many, but nothing like Ebola. Not only because of the quantity, but also the degree of danger and the number of deaths that happened, the way the patients arrived, and above all the children.Enrique Ubieta, the Cuban author of “Zona Roja: La experiencia cubana del ébola” (“Red Zone: The Cuban Experience with Ebola”), also spoke on the panel. The book tells the story of the 265 volunteer Cuban doctors and nurses who served in West Africa to combat Ebola. Many practitioners detail conditions on the ground created by imperialist ravages in the region that contributed to the spread of the deadly epidemic.The New York launch of the next ­Pastors for Peace Cuba Caravan will be held on April 15 at 7 p.m. at Holyrood Episcopal Church Iglesia Santa Cruz, 715 West 179 St.PHOTOS: JOE FRIENDLY VIDEOFacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this Dr. Enrique Betancourt Dr. Jorge Delgadolast_img read more


first_img Facebook Twitter By Hoosier Ag Today – Dec 20, 2016 SHARE The National Ag Statistic Service released the results of its first-ever Local Food Marketing Practices Survey this week. Over 167,000 U.S. farms locally produced and sold food through direct marketing practices. That resulted in $8.7 billion in revenue in 2015. Farmers who sold directly to institutions and intermediaries like wholesalers who would locally brand the product brought in the most money at $3.4 billion. Roughly 115,000 American farms sell their products direct to consumers, through on-farm stores or farmers’ markets. That segment of producers took in $3 billion in sales. A group of farmers also sold to retailers, pulling in $2.3 billion in profit. Previous articlePurdue Economists Predict Slow Recovery for U.S. AgricultureNext articleWill SDS Be Back in Indiana in 2017? Hoosier Ag Today Facebook Twitter USDA Releases Local Food Marketing Survey Results Home Indiana Agriculture News USDA Releases Local Food Marketing Survey Results SHARElast_img read more


first_imgReporters Without Borders urges the authorities to react with the utmost firmness to today’s murder of Crispin Perez in his home in San Jose (in western Mindoro Occidental province). Perez was shot twice and stabbed twice by an unidentified assailant shortly after hosting his morning programme on local radio DWDO. PhilippinesAsia – Pacific PhilippinesAsia – Pacific Filipina journalist still held although court dismissed case eleven days ago May 3, 2021 Find out more Policeman arrested for journalist’s murderReporters Without Borders notes that a police officer, Darwin Quimoyog, has been arrested for the murder of journalist and lawyer Crispin Perez in his home in San Jose (in Mindoro Occidental province) on 9 June. Quimoyog, who was identified by Perez’s wife, worked as a bodyguard for a local politician whose company was criticised by Perez on the air.—— Help by sharing this information Philippines: RSF and the #HoldTheLine Coalition welcome reprieve for Maria Ressa, demand all other charges and cases be dropped News February 16, 2021 Find out more RSF_en June 1, 2021 Find out more “I strongly believe that this is politically motivated,” Sato said, noting that Perez made many enemies by criticising a contract which a local cooperative signed with an influential privately-owned company.” Mass international solidarity campaign launched in support of Maria Ressa News News Provincial police chief Ceasar Miranda said the police were looking for an unidentified suspect who fled on a motorcycle. “The police must consider all the possibilities,” Reporters Without Borders said. “Perez was a lawyer and a former provincial vice-governor, but it may have been the content of his programmes that led to his murder. The central government must assign substantial resources to this investigation.” June 10, 2009 – Updated on January 20, 2016 Murder of radio show host who was also a lawyer News Follow the news on Philippines Perez’s murder comes just six days after crime reporter Jojo Trajano’s death in a shootout between police and gang members in a Manila suburb.Mindoro Occidental governor Josephine Sato said today’s murder was carried out by a man who “posed as a client and stabbed Perez in the back.” Aged 66, Perez was rushed to St. Mary Magdalene hospital where he was pronounced dead on arrival. Receive email alerts Organisation to go furtherlast_img read more


first_img Name (required)  Mail (required) (not be published)  Website  Community News PCC goalie Clarque DeYoung makes a save in a recent match, image by Richard Quinton.The Pasadena City College women’s water polo team limited host El Camino to just seven shots on goal as the Lancers recorded their first shutout win in 10 years in a 16-0 victory at the El Camino Mini Tournament September 18.Head Coach Terry Stoddard’s Lancers are 2-3 this season.PCC goalie Clarque DeYoung made six saves. Pasadena jumped out to an 8-0 lead in the first quarter and ran away with the match. The last time a Lancers team shut out an opponent was Oct. 28, 2005 v. Santa Monica (14-0) at the Pasadena Mini Tournament.Irma Sarac scored on all six of her shot attempts, and added team-highs in steals with eight and assists with four. Marley Reyes tallied five goals and sophomore Sharon Perez scored two goals with four assists and five steals. Team captain Ariahn Givens only played in the first half and picked up two goals, two assists and four steals.Also at the ECC Tournament, PCC lost to Los Angeles Valley, 16-5, despite 10 saves by DeYoung. Krysten Proctor scored two goals as did Givens, who added seven steals.On September 16, the Lancers opened South Coast Conference action and suffered a 14-3 loss at Chaffey. Givens made eight steals and scored a goal while Proctor scored the other two PCC goals. DeYoung made 14 saves.PCC next plays four games at the annual Cabrillo Tournament in Northern California on Friday-Saturday, Sept. 25-26. First Heatwave Expected Next Week EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Subscribe 0 commentsShareShareTweetSharePin it Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Make a comment Business Newscenter_img More Cool Stuff Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Sports PCC Womens Water Polo Records First Shutout Win in a Decade By ROBERT LEWIS Published on Tuesday, September 22, 2015 | 12:52 pm Your email address will not be published. Required fields are marked * Top of the News Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Herbeauty6 Lies You Should Stop Telling Yourself Right NowHerbeautyHerbeautyHerbeauty6 Lies You Should Stop Telling Yourself Right NowHerbeautyHerbeautyHerbeautyIs It Bad To Give Your Boyfriend An Ultimatum?HerbeautyHerbeautyHerbeautyHow To Lose Weight & Burn Fat While You SleepHerbeautyHerbeautyHerbeautyThese Lipsticks Are Designed To Make Your Teeth Appear Whiter!HerbeautyHerbeautyHerbeautyEase Up! Snake Massages Are Real And Do Wonders!HerbeautyHerbeauty faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyCitizen Service CenterPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Community Newslast_img read more


first_imgPeople Jane “Desdy” Kellogg Baggott, 90, Owner of Altadena Stables Has Passed Away From STAFF REPORTS Published on Monday, April 4, 2016 | 3:57 pm [Editor’s note:  This story originally reported an incorrect birthdate for Desdy Kellogg. We offer our sincerest apologies to the family. That date has now been corrected.]Jane “Desdy” Kellogg Baggott, owner of Altadena Stables, has passed away. She was 90.On April 1, an entry on Altadena Stables’ Facebook page announced her passing on March 31, 2016.“A sad day for Altadena Stables, Desdy Kellogg-Baggott, passed yesterday,” the post said. “Her compassion for others, incredible horsemanship, and artist skills, will be missed and never forgotten.”Desdy Kellogg Baggott was born as Jane Catherine Jackson in La Jolla, California on November 6, 1926, to William and Helen Jackson. She once said of La Jolla, “I was born there so long ago that the most controversial issue in town was whether or not to remove the horse watering trough from the center of Girard Avenue.”Janell Gruss, barn manager at Altadena Stables, said Desdy Baggott has been an accomplished horse woman most of her life.“She’s been an owner, trainer, instructor,” Gruss says. “As an animal activist, she has rescued several animals. She just loved animals.”Gruss said Baggott was also an accomplished sculptor and painter and was active in the Altadena art scene for a long time.After Desdy and William Kellogg married in 1950 in La Jolla, they initially set up house in Santa Paula, where they published the Santa Paula Chronicle, but they soon moved to Altadena where they raised their family of four children.Desdy eventually remarried after Will’s passing in 1989. She and husband Charles Baggott moved to La Canada, where they have resided for the rest of her life.Her family said she fought a long and hard battle with cancer, extending her life for more than two and a half years beyond the initial pronouncement of three months. During those two and a half years, she made the most of her extra time on earth and accomplished more in that time than many people accomplish in a lifetime. This was a testament to the amazing and talented woman she was, her family said.When Desdy passed away in La Canada, her daughter Jane Kellogg was by her side.Prominent equestrienne and realtor Meredith McKenzie announced Desdy Baggott’s friends plan a “horse parade” in her memory at a future date.“Her compassion for others, incredible horsemanship, and artist skills, will be missed and never forgotten,” McKenzie said. “This amazing woman kept horseback riding alive in Altadena for many years.”She is survived by her husband Charles; her brother, Robert Jackson; her four children William, Robert, Frederick and Jane Kellogg; twelve grandchildren and six great grandchildren.Services will be held at the Mountain View Cemetery Chapel at 2400 Fair Oaks Avenue, Altadena, at 11:00 a.m. on Wednesday, April 6, 2016. First Heatwave Expected Next Week Business News Community News EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Subscribe Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday More Cool Stuff Top of the News Your email address will not be published. Required fields are marked *center_img Make a comment faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyCitizen Service CenterPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Community News Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Name (required)  Mail (required) (not be published)  Website  Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena 3 recommended0 commentsShareShareTweetSharePin it HerbeautyWant To Seriously Cut On Sugar? You Need To Know A Few TricksHerbeautyHerbeautyHerbeautyDo You Feel Like Hollywood Celebrities All Look A Bit Similar?HerbeautyHerbeautyHerbeautyHe Is Totally In Love With You If He Does These 7 ThingsHerbeautyHerbeautyHerbeautyA Mental Health Chatbot Which Helps People With DepressionHerbeautyHerbeautyHerbeautyThese Are 15 Great Style Tips From Asian WomenHerbeautyHerbeautyHerbeautyThis Trend Looks Kind Of Cool!HerbeautyHerbeautylast_img read more


first_img November 14, 2017 1,480 Views  Print This Post The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Foreclosure, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago CoreLogic default Delinquency Foreclosure HOUSING Loan mortgage Oil 2017-11-14 rachelwilliams How Oil Prices Impact Mortgage Default Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / How Oil Prices Impact Mortgage Default Tagged with: CoreLogic default Delinquency Foreclosure HOUSING Loan mortgage Oil Data Provider Black Knight to Acquire Top of Mind 2 days ago According to data published Tuesday in CoreLogic’s Loan Performance Insights Report, 4.6 percent of mortgages nationally were in some stage of delinquency, defined as 30 days or more past due, as of August 2017. This number represents a 0.6 percentage point year-over-year decline compared to August 2016’s delinquency rate of 5.2 percent.According to the report, August 2017’s foreclosure inventory rate was down to 0.6 percent from 0.9 percent in August 2016. This marked the lowest foreclosure inventory rate for the month of August since it was 0.5 percent in August 2006.CoreLogic said that early-stage delinquencies, defined as 30-59 days past due, were at 2 percent for August 2017, marking a drop from 2.1 percent from August 2016. Meanwhile, mortgages 60-89 days past due were unchanged at 0,7 percent.Finally, CoreLogic states that serious delinquencies, defined as 90 days or more past due, were at their lowest level since 2007 when the rate was 1.9 percent in October of that year and 1.7 percent in August. August 2017’s serious delinquency rate was down to 1.9 percent from 2.4 percent in August 2016. While overall delinquency rates were down, CoreLogic reported that Alaska and other areas dependent on oil experienced increases in delinquency rates.“Crude oil prices this August were less than half their level three years ago. This has led to oil-related layoffs and an increase in loan delinquency rates in states like Alaska and in oil-centric metro areas like Houston,” said CoreLogic chief economist Dr. Frank Nothaft.The CoreLogic report also states that early-stage delinquency rates can be volatile, so studies also analyze transition rates, defined as the transition of a mortgage from current to past due. CoreLogic said that the share of mortgages that went from current to 30 days past due was unchanged from August 2016 at 0.9 percent for August 2017.“Serious delinquency and foreclosure rates are at their lowest levels in more than a decade, signaling the final stages of recovery in the U.S. housing market,” said CoreLogic CEO and President Frank Martell. The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Previous: The Challenges of Investing in REO Next: Home Values in Sync Subscribelast_img read more


first_imgColumnsChange Is The Only Constant Devashish Bharuka7 May 2020 1:08 AMShare This – xWho moved my Cheese? by Dr Spencer Johnson is an enlightening story of four characters who live in a ‘Maze’ and look for ‘Cheese’ to nourish and make them happy. ‘Cheese’ is a metaphor for what you want to have in life — whether it is a good job, a loving relationship, money, health, or spiritual peace of mind. And the ‘Maze’ is where you look for what you want — the…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginWho moved my Cheese? by Dr Spencer Johnson is an enlightening story of four characters who live in a ‘Maze’ and look for ‘Cheese’ to nourish and make them happy. ‘Cheese’ is a metaphor for what you want to have in life — whether it is a good job, a loving relationship, money, health, or spiritual peace of mind. And the ‘Maze’ is where you look for what you want — the organisation you work in, or the family or community you live in. In the story, the characters are faced with unexpected change. Eventually, one of them deals with it successfully by accepting the reality of change and working around it. In real life, in a legal community, lawyers look for an accessible court system where they can vindicate the client’s cause, take professional steps and leaps but at the end of it and most important – make a living. Fast forward, and we unavoidably reach a stage where the court system is inaccessible, where judges are unapproachable to seek justice – what would be the worth of an advocate? For litigation lawyers, the very existence of the court system is the essence of their existence – it is their ‘Maze’ as fancied by Dr. Johnson. The fruits of this system is the ‘Cheese’ for the advocates – making a living, helping someone get justice, serve society et al. The situation is worse than what Dr. Johnson imagined. In our story, the difficulty is that the ‘Maze’ itself is inaccessible. One has to look for alternatives to enter the ‘Maze’ and get the ‘Cheese’. It cannot be denied that the present pandemic has been a serious setback to the professional life of all the lawyers. We have all been taken by surprise. But, now that we are faced with the situation, can we still sit tight with a fond hope that status quo ante COVID-19 would somehow materialise to soften the crush. Should we not accept the change and move ahead? Indian Courts have adopted technology With its past experience of more than one and half a decade with use of computers, the Indian courts are better positioned to use technology today as compared with many other countries. It is mandatory for each new judge entering the subordinate judiciary to have a comprehensive computer training through State Judicial Academies. This includes a basic computer operation training, working on Ubuntu operating system and the case management application. From day one, they are expected to conduct proceedings where computers are being used. Processed data available on the eCourts portal is based on the raw data being sourced from the subordinate courts across the country. This data is collected and processed through the online National Judicial Data Grid and is a result of use of computers in each and every court in the entire country. The Supreme Court as also every High Court and the subordinate judiciary have moved on with times to use technology. Since the national lockdown has been declared, unavoidably, we find the Indian courts recoiling themselves with only ‘very urgent’ interactions with the outer world. Even such minuscule openings are permitted through video conferencing hearings alone. It has been more than a month and the end is nowhere near. Recent reports of COVID-19 affecting Supreme Court employees adds to the concern. Though there have been appeals from different corners to start open court hearings at the earliest, the reality staring on our faces can hardly be overlooked. A website has been created recently – www.remotecourts.org – which shows how courts and Judges across the globe in around 40 countries (including Kenya, Nigeria, Rwanda) are adopting technology and moving on. For all, just like in India, it has been a difficult shift. But now that the bridge is finally before us, we need to cross it or find ourselves stagnant. Need for the Indian legal professionals to adopt technology In any given profession or business, a smart service provider would want to adapt to changing circumstances and update himself to ensure that his profession or business does not suffer. In short, no one can continue to prosper as a status quoist. Present COVID-19 situation calls upon the legal fraternity to adopt new ways to keep their own profession relevant. The Indian legal profession has been open-minded since long towards embracing technology. From writing by hand to typing on a typewriter to printing from computers, the look and feel of pleadings have changed. Legal research has shifted from using only books to a beneficial mix of books and research facilities like, SCC Online, Manupatra, etc. Documents are no more being cyclostyled but rather photocopied and now being even scanned, stored and printed/emailed. Advocates are progressively getting used to online cause lists, retrieving case status online, receiving orders and judgments through the internet and even following daily court progress through online display boards. Anyone with even a simple smartphone is already using technology as an aid to his own legal practice. Our vision to take the Indian legal fraternity in the long run – say next 20 years and beyond – requires a deeper reflection. On the one end, we have young minds trained as lawyers who have expertise in using SCC Online, Manupatra, LexisNexis India, JSTOR, Westlaw India, etc. as legal research tools, who communicate through emails, who sign digitally through Digital Signature Certificate (DSC) or DocuSign and who use Mendeley, Zotero and Evernote to organize and systematically retrieve their legal notes and materials; however, on the other end of the spectrum are lawyers (of same age but from humbler background), who lacked resources or opportunities for such learning and exposure. But the fact remains that both would and do stand side by side in a court and both have to live up to the expectation of their client and give their best. Given this deep-rooted disparity between advocates, it is upon the Bar Councils and Bar Associations to bridge this yawning gap. One needs to identify such advocates and ensure appropriate training and provide them system support. If an Indian lawyer is indeed to march along the judiciary to ensure full access to justice, it must transform itself and make use of all such tools for that purpose. We have been at the cross-roads of this gap for a while – COVID-19 has only brought this debate forward with much more intensity. We are constantly witnessing the movement of myriad services to the online platform. Every day, one receives webinar invites on various topics ranging from general information to yoga to science to management to law to cooking skills to religion, etc. Online banking and e-commerce have been in India for some time with tremendous success. After COVID-19, most of the schools and universities have started with online education. In legal arena as well, alternative disputes resolution mechanisms have already made a head start. There have been thoughtful discussions on e-mediation and e-arbitration. Arbitration, as a mode of dispute resolution, seems to have already adopted the format of virtual hearings in view of the pandemic. Online dispute resolution has been of some interest in Indian circles for a while. Recent ODR webinars have been more emphatic in their approach. All in all, everyone is adopting and adapting. I truly hope and pray that this pandemic passes by as quickly as possible and open court hearings commence at the earliest. But mere hope and pray cannot be a denial to the extant truth. The present state of affairs does not instill enough confidence that the courts could be made fully functioning in near future. It cannot be gainsaid that the courts can easily turn into hotspots if its full functionality is pre-maturely permitted. The Delhi High Court has already held that it would not use air conditioners for the time being. Advocates from all parts of the cities would attend to the open court hearings. Advocates with chambers within the court premises would come even if they do not have a case listed. The high possibility of the virus spreading quickly in the court premises cannot be treated as a mere fiction. Use of technology by the legal professionals in India in a balanced manner is the need of the day. It is obvious that all this would not, and cannot, 100% replace the open court hearings. But at the same time, a balance has to be maintained. Technology does not transplant one’s practice, it transforms it. Legal practice – lock, stock and barrel – can never be replaced by automation or artificial intelligence. Legal expertise cannot be substituted by technological advancements. To assume and fear that legal profession would be obliterated is a paradigm of futile imagination. The profession would undergo a transformation but surely its relevance would remain so long as we want it to be. The courts in India have been pioneers in adopting the concept of virtual courts since the pandemic has struck. The Supreme Court has noted in its recent Report on use of virtual courts that, “There cannot be divergent views about the fact that justice cannot be spoon-fed. Justice delivery, even at the door-steps of the stakeholders, requires the stakeholders of the ecosystem to diligently discharge their role and duties, prescribed and required in the scheme of things.” Advocates are one of the stakeholders of the system. It is exigent that they too play their part diligently in this transformation and support the courts rather than creating obstacles. We must remember that access to justice does not require a defined form – what is important is access and not the form. In a recent telephonic interview, Justice Chandrachud, Chairperson of the E-Committee of the Supreme Court, has noted that, “We were confronted with a situation almost overnight when lockdown was announced and we could not have court hearings. So instead of barring access to justice completely, we thought that the next best option was to have hearings through video conferencing.” He has further confirmed that model rules for video conferencing is being finalised and circulated to all the High Courts ‘to ensure uniformity in video conferencing but subject to such situational modifications’. Further, the E-Committee at the Supreme Court will soon constitute a panel of experts who will help draw up a standard operating procedure for digitization across the nation. As noted earlier, COVID-19 is an opportunity for creating a system for the present and the future. It is quite clear that the courts are creating alternatives to ensure that the justice delivery continues. However, it is upon the legal fraternity to play its role in this transformation. Limited functionality with limited open court hearing is unlikely to further the cause of justice and definitely, not of the advocates (for their living). SCBA President Dushyant Dave has rightly pointed out that while physical hearing might not be possible, the court should invest in functioning virtually. Effective support from the advocates would help the courts to adopt a defined, balanced plan for ensuring both limited open as well as virtual court hearings to end the stand-still. The Bar Councils and the Bar Associations have a larger role to play in ensuring an attitudinal change of the advocates towards use of technology and guiding them through adoption and adaption. It is time that we make an attempt to enter the ‘Maze’ through alternative routes and find our ‘Cheese’. The way forward is laid before us by our Courts and the E-Committee. We need to give up our fears and forge ahead. For the present, each one of us must make the best of the situation and attempt to transform our law practice through training and learning. Trust me, it is for our own good!The author is an Advocate-on-Record at the Supreme Court of India. He is a Harvard Law School graduate and a Doctoral Research Candidate (part-time) at Jindal Global Law School. Author’s views are personal. Next Storylast_img read more


first_imgAndrei Stanescu/iStockBy CATHERINE THORBECKE, ABC NEWS(MERRITT ISLAND, Fla.) — SpaceX scrubbed its launch of dozens of Starlink satellites Saturday from Florida’s Kennedy Space Center.SpaceX wrote on Twitter that the mission needed “more time for checkouts” and the team was working to identify the next launch opportunity.The launch — which was scheduled for 10:54 a.m. ET — would have been the 10th of its Starlink missions and included 57 satellites as part of Elon Musk’s goal to create a constellation of satellites that can bring high-speed internet to large, remote swaths of the globe.It would also have carried two satellites from BlackSky, a SpaceX customer through the private firm Spaceflight.As of Friday afternoon, the weather was a 60% go for launch, according to the Launch Mission Execution Forecast. SpaceX did not cite the weather as its reason for canceling.The satellites were to have launched aboard a Falcon 9 rocket.Saturday’s mission would have marked the third SpaceX Starlink satellite launch in less than two months.The Starlink satellites previously courted controversy within the astronomical community, when many expressed fears that their brightness impeded visibility of the night sky. When the first batch launched last year, some people even reported UFO sightings, the American Astronomical Society said.In April, SpaceX announced a series of updates, pledging to make the new batch of satellites “invisible to the naked eye within a week of launch” and darkening the satellites “so they do not saturate observatory detectors.” The company added that by June, all future Starlink satellites will have “sun visors” that will block sunlight from hitting the brightest parts of the spacecrafts.In a statement ahead of the scheduled launch, SpaceX confirmed that “all Starlink satellites on this flight are equipped with a deployable visor to block sunlight from hitting the brightest spots of the spacecraft — a measure SpaceX has taken as part of our work with leading astronomical groups to mitigate satellite reflectivity.”Saturday’s canceled mission also comes on the heels of the private space firm’s first manned launch in late May, when SpaceX teamed up with NASA to send astronauts Doug Hurley and Bob Behnken to the International Space Station. The historic flight sent U.S. astronauts into space on U.S. equipment and from U.S. soil for the first time in nearly a decade.ABC News’ Ella Torres contributed to this report.Copyright © 2020, ABC Audio. All rights reserved.last_img read more

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