A Camet http://acamet.org/ Wed, 28 Sep 2022 05:46:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://acamet.org/wp-content/uploads/2021/04/a-camet-icon-150x150.png A Camet http://acamet.org/ 32 32 ITA leads de novo arbitration for failure to review report by DVO https://acamet.org/ita-leads-de-novo-arbitration-for-failure-to-review-report-by-dvo/ Wed, 28 Sep 2022 05:46:00 +0000 https://acamet.org/ita-leads-de-novo-arbitration-for-failure-to-review-report-by-dvo/
LTCG - ITAT - DVO - taxscan

Income Tax Appeal Tribunal (ITAT), Mumbai Bench Addition orders de novo decision for disregard of Department Valuation Officer (DVO) report regarding addition made under long-term capital gain (LTCG).

The assessee being an individual, expired, subsequently, Hitesh Dhanji, representing as the legal heir of the original assessee late BhanubenDhanji Shah, filed the Revised Form No. 36, duly presenting himself as a “ legal heir” of the original assessee. During the reporting year, the assessee filed a tax return declaring a total income of Rs 11,04,646 and also indicated income from property, long-term capital gains and income from other sources comprising interest income from the Bank, interest on bonds and interest on loans advanced.

During the valuation procedure, it was observed that under the heading ‘Long Term Capital Gains’, the valuator indicated a sum of Rs.3,10,975. In the capital account filed with the tax return, it was claimed that the said property was acquired at a cost of Rs 64,990, out of which the assessee incurred an improvement cost of Rs 81,775.

From the copy of the agreement filed by the assessee in support of the said sale of assets, the assessment officer noticed that the market value was estimated by the registration authority at Rs. 12,84,000. Considering the value determined by the Registration Authority to be a correct market value, the Valuation Officer, passed under Section 143(3) of the Act, determined the long term capital gains of 11 78,098 rupees and added it to income. of the appraised. On appeal, the CIT(A), rejected the appeal lodged by the assessee. Injured, the assessed person is appealed to the Tribunal.

The authorized representative of the assessee, Vishal Shah, argued that during the pendency of the appeal proceedings before the CIT(A), a report by the department’s assessment officer regarding the value of the property was requested, which was not considered by CIT(A), while denying the assessee’s appeal. On the other hand, the departmental representative, Smita Nair, relied on orders given by lower authorities.

The bench consisting of Om Prakash Kant, Accounting Member and Sandeep Singh Karhail, Judicial Member, observed that “Since the disputed addition under the heading ‘Long Term Capital Gain’, which was confirmed by the CIT (A ), was made on the basis of value determined by the registration authority without consideration of the department’s valuation officer’s report, we deem it appropriate and appropriate to place this matter on the file of the valuation officer. assessment for a decision de novo.

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Smt. Bhanuben Dhanji Shah versus Dy. income tax commissioner

Counsel for the Appellant: Shri Vishal Shah

Counsel for the Respondent: Smt. Smita Nair


September 26: NHL Pre-Season Roundup https://acamet.org/september-26-nhl-pre-season-roundup/ Tue, 27 Sep 2022 05:03:45 +0000 https://acamet.org/september-26-nhl-pre-season-roundup/

The 18-year-old left-winger had a shot on goal in 16:59 of ice time.

“It was great and I’m sure it will only get better and better, like at the start of the season (October 12), but it was great,” Slafkovsky said. “It was faster for sure, but those are small things. I’ll get used to it.

“I won a few pucks, I lost a few. I can be better. I know myself, I can play better, I can skate faster and shoot more.

It was the first pre-season game for each team.

Tomas Tatar and Graeme Clarke scored for the Devils. Mackenzie Blackwood started and made 15 saves on 16 shots for the Devils. Nico Daws came on midway through the second period and made five saves.

Cole Caufield scored for the Canadians. Jack Allen made 18 saves in 29:18, and Cayden Primeau made 11 saves on 13 shots in relief.

Caufield scored on the power play at 12:32 of the first period to give the Canadiens a 1-0 lead.

Tatar tied the game at 1-1 with a power play goal at 16:07 of the second period.

Clarke scored at 14:03 of the third period for the 2-1 final.

Central New Jersey Nico Hischier left the game after the first period due to cramps. Hischier, who is the Devils captain, had a shot on goal in 6:24 of ice time.

Video: Tatar and Clarke score in 2-1 pre-season win

Panthers 4, Predators 3 (OT): Alexander Barkov scored with one second left in overtime to give the Florida Panthers a 4-3 victory over the Nashville Predators at Bridgestone Arena in Nashville in the first preseason game for each team.

Barkov’s shot from the left circle on the run deflected.

Paul Maurice made his Florida coaching debut in the first of two split-team games between the teams. Nashville won Game 2 4-0.

Ryan Lomberg, Eetu Luostarinen and Kai Schwindt marked, and Aaron Ekblad and Santtu Kinnunen each had two assists for the Panthers. Barkov got an assist and Sergei Bobrovsky made 10 saves on 12 shots in 31:45 before being replaced by Mack Guzdawho made 12 saves.

Juuso Parssinen had a goal and an assist for the Predators. Connor Ingram made 10 saves on 12 shots in 31:17 before being replaced by Devin Cooleywho made 18 saves.

Nino Niederreiter got an assist in his debut with the Predators after signing a two-year, $8 million contract (average annual value of $4 million) on July 21.

Ryan Johansen tied it 3-3 for Nashville with 5:25 left in the third period on a deflection.

Luostarinen gave Florida a 1-0 lead with a shorthanded goal with 43 seconds left in the first period when he scored on a 2-on-1.

Schwindt made it 2-0 at 3:41 of the second period before Parssinen made it 2-1 at 4:42. Roland McKeown tied 2-2 at 11:45.

Lomberg gave the Panthers a 3-2 lead at 2:11 of the third on a rebound from the left side of the net.

Rangers 4, Islanders 1: Igor Shesterkin stopped all 14 shots he faced midway through the second period, helping the New York Rangers to a 4-1 win over the New York Islanders at Madison Square Garden in New York City.

It was the first pre-season game for each team.

K’Andre Miller scored a shorthanded goal and Brennan Othmann got two assists for Rangers. Dylan Garand made nine saves for Shesterkin, who played 31:41 after winning the Vezina Trophy last season as the NHL’s top goaltender.

Robin Salo scored for the Islanders, who lost in Lane Lambert’s first game as coach. Semyon Varlamov allowed four goals on 20 shots in 31:15 before being replaced by Jakub Skarekwho made 15 saves.

Jimmy Vesey gave Rangers a 1-0 power play lead at 10:51 of the first period with a sharp angled shot over Varlamov’s left shoulder from the right side. The 29-year-old forward, who played his first three NHL seasons (2016-19) with the Rangers, is in training camp on a pro trial contract.

Chris Kreider made it 2-0 on a rebound at 15:48.

Miller extended the lead to 3-0 with four seconds left in the period when he scored on a pass from Othmann, who chased a loose puck into the corner after an Islanders turnover.

zac jones made it 4-0 with a one-timer at 11:41 of the second period.

Salo scored at 16:10 for the 4-1 final.

Video: Kreider and Miller score in 4-1 pre-season win

Blues 4, Stars 0: Josh Leivo scored two goals and an assist for the St. Louis Blues in a 4-0 win over the Dallas Stars at American Airlines Center in Dallas.

Logan Brown had a goal and an assist for St. Louis, which won its first two preseason games. Thomas Greiss made 10 saves in the first half, and Colten Ellis made 23 saves to complete the shutout.

Anton Khudobin made 11 saves on 13 shots in the first, and Jake Oettinger made 13 saves on 15 shots for Dallas in its preseason opener.

Brown scored his third goal in two games on a rebound 13:13 into the first to make it 1-0.

Leivo made it 2-0 at 19:04, then scored again at 11:54 of the second period to give the Blues a 3-0 lead.

william bitten scored at 13:01 of the third period for the final 4-0.

Predators 4, Panthers 0: Forward Matthew Tkachuk was held without a point in his debut for the Florida Panthers, a 4-0 loss to the Nashville Predators at Bridgestone Arena in Nashville.

It was the second of two split-team matches between the teams. Visiting Florida won Game 1 4-3 in overtime.

Tkachuk, who had a shot on goal in 18:13, was acquired on July 22 in the deal that advanced Jonathan Huberdeau and defender MacKenzie Weegar to the Calgary Flames.

Ryan McDonagh got an assist in his debut for the Predators, and Matt Duchene and Mattias Ekholm each got two assists. Kevin Lankinen stopped all 13 shots he faced before being substituted midway through the second period by Yaroslav Askarov (12 stops).

Spencer Knight started in the Panthers’ goal and made 19 saves on 20 shots in 29:56. Alexander Lyons made 15 relief stops.

Philippe Forsberg gave Nashville a 1-0 lead at 14:23 of the first period. It was his first game since signing an eight-year, $68 million contract (average annual value of $8.5 million) on July 11.

Cody glass pushed to 2-0 at 8:01 of the third period from the right scores an assist from Duchene for a power play goal.

Colton Sissons made it 3-0 at 1:30 p.m. when he finished a breakaway with a backhand, and Tanner Jeannot tipped a McDonagh shot at 17:12 for the 4-0 final.

McDonagh was traded to Nashville by the Tampa Bay Lightning on July 3.

Kraken 3, Oilers 0: Matty Beniersthe No. 2 pick in the 2021 NHL Draft, scored for the Seattle Kraken in their 3-0 win over the Edmonton Oilers at Climate Pledge Arena in Seattle.

Beniers, who had nine points (three goals, six assists) in 10 NHL games last season, gave the Kraken a 1-0 lead at 2:12 of the second period.

Martin Jones stopped all 13 shots he faced in 32:15, and Joey D’accord made 15 relief saves for Seattle in its preseason opener.

Olivier Rodrigue started in goal for Edmonton and allowed one goal on nine shots in 30:00. Ryan Fanti made 16 relief stops.

Ryan Donat made it 2-0 at 14:15 of the second, and morgan geek scored shorthanded 43 seconds into the third period for the 3-0 final.

Video: Jones and Daccord combine for shutout in 3-0 win

Kings 2, Golden Knights 1 (OT): Kevin Fiala scored a goal and an assist in his debut for the Los Angeles Kings, a 2-1 overtime win over the Vegas Golden Knights at T-Mobile Arena in Las Vegas.

Fiala, a forward, was acquired by the Kings in a trade from the Minnesota Wild on June 29 and signed a seven-year, $55.125 million contract (average annual value of $7.875 million) on the following day.

He tied the game 1-1 for Los Angeles at 14:07 of the second period, then assisted on Adrian Kempepower play goal at 1:48 of overtime for the 2-1 final.

Cal Peterson stopped 10 of 11 shots in the first period for the Kings, and Phoenix Copley stopped all 23 shots he faced in relief.

Jack Eichel marked, and Phil Kessel got an assist for Vegas. Logan Thompson stopped all nine shots he faced in 30:13, and Hill of Adin made seven relief stops.

Eichel gave the Golden Knights a 1-0 lead 7:10 into the first.

Video: Kempe takes OT winner in 2-1 pre-season win

NHL.com Independent Correspondent Sean Farrell contributed to this report

As Nifty50 drops key support, more chart weakness https://acamet.org/as-nifty50-drops-key-support-more-chart-weakness/ Tue, 27 Sep 2022 02:33:00 +0000 https://acamet.org/as-nifty50-drops-key-support-more-chart-weakness/


Trade setup for Tuesday, September 27: The Nifty50 has slipped nearly 4% below its 200-day moving average and the weakness may persist for the next 1-2 sessions, experts say. Here’s what the technical charts suggest.

Benchmark Indian equities fell to two-month closing lows on Monday as the market continued to slide for the fourth consecutive session, tracking weakness in global markets amid lingering concerns over a slowing global economy. growth and the sharp interest rate hikes of the COVID era.

What do the graphs suggest for Dalal Street?

The Nifty50 formed a long bear candle on the daily chart with a lower open, suggesting a downtrend in the market, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

Although the 50-certificate index has lost almost 1,000 points from the 18,000 mark, there is no buy confirmation coming out of the lows, he said.

He sees the possibility of a bounce from the crucial support at 16,800 in the near term.

It’s time to sell the rise in the banking sector

After facing extreme selling pressure from higher levels following Fed announcements, Nifty Bank breached crucial support at 40,000 on a closing basis, according to Kunal Shah, senior technical analyst at LKP Securities. .

“This confirms the breakdown… The index remains in a sell-up mode with a hurdle at 40,500 and next visible support at 39,000,” he said.

Here are the key things to know about the market ahead of the September 27 session:

Clever SGX

On Tuesday, Singapore Stock Exchange (SGX) Nifty futures – an early indicator of the Nifty index – rose 79.5 points or 0.5% to 17,021 ahead of the Dalal Street opening bell.

Equities in other Asian markets saw mixed moves on Tuesday as investors shrugged off the Fed’s third straight 75 basis point hike in policy rates last week, but worries persisted about the strength of the global economy. MSCI’s broadest index of Asia-Pacific stocks outside of Japan was down 0.2% at last count.

Japan’s Nikkei 225 rose 0.8%, China’s Shanghai Composite was flat and Hong Kong’s Hang Seng fell 1%.

S&P 500 futures rose 0.7%. On Monday, Wall Street’s three major indexes fell 0.6-1.1% as the Dow Jones confirmed a bear market as investors feared the Fed’s aggressive inflation campaign could send the US economy into a tailspin. a marked slowdown.

What to expect on Dalal Street?

HDFC Securities’ Shetti believes Nifty’s short-term trend continues to be strongly negative.

“The weakness can be expected to continue over the next 1-2 sessions. The lower level of 16,800 should offer a base for the market in the near term,” he said.

Mohit Nigam, Head-PMS at Hem Securities, identified the following levels to watch:

Index Support Resistance
Nifty50 16,800 17,400
Clever bank 38,000 39,500

Major Moving Averages

In a bearish signal, the Nifty slipped 3.6% below its long-term simple moving average.

Period (Nb of sessions) ADM
5 17,064.5
ten 17 118
20 17,320.1
50 17,551.3
100 17,729.3
200 17,656.4

FII/DII activity

Foreign institutional investors (FIIs) remained net sellers of Indian stocks for a fourth consecutive trading day on Monday, drawing 5,101.3 crore from Dalal Street, according to preliminary exchange data. Domestic institutional investors, however, made net purchases of Rs 3,532.2 crore.

The maximum call open interest is accrued at the strike price of 17,500, with 1.7 lakh contracts, and the next highest at 17,700, with 1.4 lakh, according to exchange data. On the other hand, the maximum open interest to sell is 16,000, with 1.4 lakh contracts, and 17,000, with 1.3 lakh.

This indicates a strong hurdle at 17,500 and an immediate base at 17,000.

Here are two stocks that have seen an increase in open interest as well as price:

Store Current IO CPM Price change Change of OI
CIPLA 7,677,150 1,064.80 0.19% 14.04%
ASIAN PAINTING 4,893,000 3,440 1.06% 0.32%

Long relaxation

Store Current IO CPM Price change Change of IO
RBLBANK 47,550,000 112.35 -8.62% -27.74%
FSL 15,392,000 103.85 -0.81% -24.39%
GUJGASLTD 5,737,500 484.7 -0.51% -22.92%
M&MFIN 21,104,000 180.65 -7.43% -20.13%
NAVIGATE 77,574,000 74.4 -4.68% -19.96%

(Increase in price and decrease in open interest)

Store Current IO CPM Price change Change of IO
LTTS 893,000 3,440.15 0.89% -22.06%
IPCALAB 1,142,700 893.9 2.09% -20.14%
PERSISTENT 583,500 3,175 0.64% -17.46%
METROPOLIS 804,000 1,505.25 3.27% -16.46%
LUPINE 7,112,800 652.8 0.53% -14.62%

(Increase in price and decrease in open interest)

Store Current IO CPM Price change Change of IO
PIIND 1,696,000 3,012.50 -1.66% 32.10%
ELECTRICAL NETWORK 37,662,300 200.65 -1.21% 23.10%
BHEL 99,246,000 54.85 -5.59% 12.27%
NAUKRI 1,671,750 3,721.80 -4.41% 9.78%
POLYCAB 638,700 2,457.35 -4.09% 9.49%

(Decrease in price and increase in open interest)

52 Week Highs

A stock in the BSE 500 universe – the stock market’s broadest index – has hit

52 week lows

Some early harvests ‘pleasantly surprised’ farmers https://acamet.org/some-early-harvests-pleasantly-surprised-farmers/ Mon, 26 Sep 2022 21:50:46 +0000 https://acamet.org/some-early-harvests-pleasantly-surprised-farmers/

It may be weeks before agricultural experts can say with confidence how the state’s corn and soybean yields have fared this year, but some early harvesters are relieved that their yields are better than expected.

“The first fields that are harvested are hardly a barometer of what things will look like for the rest of the harvest, but people have been quite pleasantly surprised so far,” said Meaghan Anderson, field agronomist at the Iowa State University Extension which oversees the Iowa center. “But I think the expectation bar wasn’t very high.”

Planting in much of the state was delayed this year by April rains. Then the rains stopped and drought conditions spread to the northwestern and southern halves of the state. May, June, July and August were all warmer and drier than normal, according to weather summaries from state climatologists.

Anderson said his recent survey of early corn crops in Polk County showed an average of about 191 bushels per acre. That’s about 13% less than last year, when Iowa farmers set a new yield record.

“That’s significantly lower than last year, but would be considered average,” Anderson said.

About 5% of the state’s corn crop has been harvested, according to a U.S. Department of Agriculture report released Monday. The harvest so far is five days behind last year, but only one day less than the five-year average.

“People are just getting started this week — we have a lot of green corn here,” said Angie Rieck-Hinz, ISU Extension field agronomist for north-central Iowa. “People are concerned about maturity. We won’t be very hot this week. … If we can get some heat next week, we can finish some of the corn.

About 44% of the corn in this region is ripe, according to the USDA report. That compares to a high of 85% in east-central Iowa.

Rieck-Hinz said the ripening of the crop is not too far off from normal, but farmers need favorable weather conditions to avoid the additional costs of drying too wet grain.

About 7% of the state’s soybean crop was harvested, three days behind the five-year average. Corn and soybean conditions remained stable with 64% of corn rated good or excellent and 62% of soybeans rated the same.

Last week was exceptionally warm and averaged 6 degrees above normal, according to the USDA report. Rainfall averaged about a quarter inch. That’s about a third of what’s normally expected for this week.

Know before you get funded https://acamet.org/know-before-you-get-funded/ Mon, 26 Sep 2022 13:17:00 +0000 https://acamet.org/know-before-you-get-funded/

ROOSEVELT, Utah, September 26, 2022 /PRNewswire/ — Borrowers around the world will recognize that the best loans online are those that are quick and easy to apply for, as well as those that are approved and paid for without requiring a thorough analysis of your credit history. For a long time, those who needed the best emergency loans couldn’t get them due to strict bank lending criteria. However, with the rise of online loans, some of the best emergency loans are now available in minutes and repaid even to those with bad credit or no collateral, such as the Cash advance financial brokers.

Many of the 43 million Americans eligible for debt cancellation cheered when the Biden administration announced that eligible borrowers could get up to $20,000 rebate on federally held student loans. The Ministry of Education has provided information to borrowers and will provide more in the coming weeks. For now, there are a few key dates to remember: According to the ministry, applications will be available online in early October and will take four to six weeks to process. This means that borrowers must complete forms before November 15according to a chart released by the Education Secretary Miguel Cardonain order to qualify for the discount before a pandemic-era payment pause takes effect.

Online service on Cash advance is completely free and searches for potential lenders within their network as well as the extensive network of non-lending third-party lender networks. Simply complete their secure online form and press the SUBMIT button. If it locates a potential lender, the user will be directed to the next steps to complete your loan application. If you are presented with a loan offer, you will be given the opportunity to review the terms of the loan, which you can accept or decline. Some of their lending partners may offer lines of credit in addition to traditional loans. They strongly advise reading the terms of the loan carefully before accepting it, no matter where they get it.

The Department of Education has also suggested a new income-contingent repayment rule that would limit monthly payments to 5% of Discretionary Income instead of 10%, cutting payments in half for many borrowers. According to student loan experts, these rules won’t be finalized for several months in 2023, but borrowers should be aware of the potential change for planning purposes.

There are different lenders online, and they consider different factors when deciding whether to approve or reject loan applications. However, some of these factors are cross-cutting and should be noted. For example, to qualify for an online business loan, you must have been in business for at least one or two years. Your small business should also have an annual income of $100,000 at $250,000. Applicants must also have a credit score of 500 to 650. As stated earlier, each lender has their own set of terms of service.

Loan repayments are usually made online with a few basic procedures. The steps are described below.

  • Go to your bank’s net-banking portal and select “Bill Pay” or another relevant option.
  • Select the lending bank or loan provider under “Loans”.
  • Enter your loan account number, date of birth and mobile phone number.
  • Enter the EMI amount and choose your preferred payment method, such as net banking, debit card, credit card, etc.
  • Complete the transaction and save the digital receipt.

About Cash Advance:

The online EMI payment option at Cash advance is convenient. This not only prevents you from missing EMIs, but it also sends pre-notifications and lets you set up standing orders to refund EMIs on specific dates. To maintain your high credit score, be sure to pay your loan EMIs on time. Cash Advance offers the ease of access to instant online loans that allows borrowers to easily handle financial emergencies. Borrowers should, however, choose the term of the loan wisely in order to get the most out of the credit option.

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SOURCE Cash Advance

UK banks soar on rising interest rates – but crash during recessions https://acamet.org/uk-banks-soar-on-rising-interest-rates-but-crash-during-recessions/ Sun, 25 Sep 2022 13:02:55 +0000 https://acamet.org/uk-banks-soar-on-rising-interest-rates-but-crash-during-recessions/
Tim Worstall on the three key considerations currently affecting the UK financial sector

We have to think of three different things when we consider UK banks – Lloyds (LOY), NatWest, (NWG) Barclays (BARC) and HSBC (HSBA). Well, OK, just three things after these useful details to know if traders have enough toot to dust off cleavages and other essentials.

The first essential for banks is interest rate margins, the second is how much are they going to lose to people who go bankrupt (this being different from cleavages) and the third is how focused are they on the UK United ? With these three, and these three alone, we have a pretty good guide to how UK bank stocks should perform.

Like any simplistic metric, it is not perfect. Management can still surprise us by screwing up, they might let a trader go like Barings did Nick Leeson and so on. But the three main things we want to worry about, which should guide us in valuations, are these three: interest rates, the recession and the UK.

How do you feel about LYG?

Vote to see the sentiment of traders!

Lloyds Banking Group (LLOY) share price

How British are UK banks?

The British part here is indeed not essential as a banking component. The other two are for all banks everywhere, all the time. The UK part of banking is that it allows us to apply these other two to our four main vehicles listed here, as they have different exposures to the UK retail banking economy.

  • Lloyds Bank, for example, is almost entirely based on the British economy. A pencil sketch, rather than an accurate representation, Lloyds takes deposits from Britons, in sterling, and then lends them, in sterling, to British home buyers. True enough that we can model Lloyds this way.
  • NatWest is close to that, but with a little more exposure to wholesale banking – large corporates, etc.
  • Barclays is split between a national sterling banking operation, much like NatWest, but with a global investment bank stuck on top of it.
  • HSBC is, again, a national and sterling company allied with extensive operations in the Far East in Hong Kong, China and everything in between.

The fact that British Lloyds, NatWest, Barclays and HSBC are British allows us to apply our intuitions about the British economy and the pound to them, that’s all.

Impact of rising interest rates

Rising interest rates boost bank profits. This can be seen in the importance that banks place on providing us with their interest rate margins.

Lloyds said in its first quarter report “net interest margin benefited from increases in bank base rates” and in the first half “good performance in its core businesses, including increased lending combined with higher interest rate”.

NatWest (NWG) stock price chart

It was much the same for NatWest: “Bank net interest margin (NIM) of 2.72% was 26 basis points higher in the first quarter of 2022, due to the impact of rate hikes basic” ; and at HSBC: “Adjusted revenue increased 4% to $25.7 billion, driven by higher net interest income, reflecting higher interest rates.”

Everyone says that rising interest rates increase margins – why? Banks live on the difference between what they borrow and what they lend with the interest margin.

This has been depressed for the past 15 years or so because interest rates have been made artificially low through quantitative easing. Few will deposit money in a bank in order to lose money with a negative interest rate, so the effective floor of the deposit rate (in sterling at least) has been zero. But lending rates have been pushed down again and again – falling rates meet an unmovable base, margins squeeze.

As interest rates rise, these bank margins rise again. Let’s get back to what they should be – in theory at least. This means they are expanding. A few tenths of a percentage point makes a hell of a difference and we see it quarterly given the pace of rising interest rates.

Another way to describe the same effect is with float. A lot of the money in the banks doesn’t stay there very long – our salaries for example. The account can start the month with £5,000 (hey, journalism pays well), by the time the mortgage is exhausted, bills, expenses, it reaches £5 at the end of the month (good, okay, not so good).

But for the bank it’s an average of £2,500 across millions and millions of accounts and they don’t pay us interest at all on current accounts. They can pool and lend that average – which they do – and they earn more doing it as interest rates go up.

So higher interest rates increase bank profits – because those interest rate margins, the things they live off of, increase.

Barclays stock price chart (BARC)

Add the recession effect

This is not, however, to insist that bank stocks have only one path to the upside.

It’s because we have this other problem. In a recession, some people and businesses will go bankrupt – and some people who go bankrupt do so because of bank money, which means loan losses increase during recessions.

Banking, then, is more of a game of scooping up those pennies – millions and billions, it’s true – as interest rates rise, and then seeing how many hundreds of millions of pounds are lost during the recession.

The problem being that rising interest rates is the thing that is likely to cause the recession. In fact, that’s why the Bank of England raises interest rates, to bring on recession times that will drive inflation out of the economy.

This is what makes bank stocks difficult or attractive to trade. The event – rising interest rates – that increases profits is the very thing that is likely, over time, to produce those losses on loans to bankrupts.

HSBC share price (HSBA)

Exposure to the UK economy

Which then brings us back to how a bank is British. If we think the UK recession is going to be less severe than elsewhere then we would favor Lloyds, NatWest, Barclays, HSBC in that order. Or, if we think that interest rates on the pound sterling will rise more than elsewhere, but will not cause a recession, we would be for the same order.

Alternatively, if we think the Far East economy will continue while the UK spins around the bunghole, then we reverse our prediction: it becomes HSBC at Lloyds.

Which brings us back to how much each of the four, Lloyds, NatWest, Barclays, HSBC, depend on Britain’s domestic economy – and the pound – for their profits.

It’s pretty much – as it all is – in this order: Lloyds, NatWest, Barclays and HSBC. The more we think the sterling economy will manage through rising interest rates to some form of stability, without the disaster of a deep recession, the more likely we are to value Lloyds over HSBC, and less the reverse is. . So, trade carefully, but always remember our warning: past performance does not guarantee future results.

It’s also possible to stop thinking about stock prices and think about the UK economy itself, to which the right reaction is almost certainly: Jeez, God Save all who sail in her.

Further reading

Oil markets are volatile but they are not broken https://acamet.org/oil-markets-are-volatile-but-they-are-not-broken/ Sun, 25 Sep 2022 06:03:11 +0000 https://acamet.org/oil-markets-are-volatile-but-they-are-not-broken/

Oil markets are broken. The extreme volatility and lack of liquidity means that crude futures have become disconnected from the strained physical oil markets. At least that is what certain strong voices in the oil world are telling us. But I suspect they can talk about their own books.

Complaining that the markets are broken suggests to me that someone traded on the wrong side of the recent oil price slump, positioning themselves for a rise that didn’t happen.

Claims that the futures and physical markets have become disconnected are not new. They have been around for decades. When oil prices soared in 2007-08, oil ministers from members of the Organization of the Petroleum Exporting Countries lined up to complain that futures markets had become too big. The volume of oil traded, often by people who never intended to handle a single barrel of the dark stuff, was many times greater than the global trade in physical crude. These “speculators” were pushing the price of oil to record highs, while physical supplies, according to producers, were plentiful.

Today, Saudi Energy Minister Abdulaziz bin Salman and others are telling us otherwise. There aren’t enough people trading oil futures, and the paper market, as it’s called, doesn’t reflect the real shortage of crude. This time it is not the fault of speculators, but too few producers seeking to hedge the value of their future production by buying futures contracts.

Activity in the crude futures markets is measured by open interest, or the number of contracts open at any given time. While the combined level of open interest in the Brent and West Texas Intermediate crude markets has fallen sharply from its highs, reached in 2017-18 and again last year, open interest n is not weak in historical terms. It is back to where it was in 2013-14 and well above the levels seen in 2007-08, when paper markets were too big.

One thing is undoubtedly true, however: rough markets are extremely volatile. The first nine months of 2022 have already placed the year in the top six of the past 30 for daily Brent crude movements above 5%. The three most volatile years by this measure were the financial crash of 2008, the year of the Covid-19 pandemic and the year of Iraq’s invasion of Kuwait.

But a 5% price change at a time when oil was around $20 a barrel, like in 1990, is very different from a 5% change now that the price is near $100 a barrel. In absolute terms, take price moves above $5 a barrel and 2022 has already topped the list of the most volatile years for crude since at least 1988.

But volatility doesn’t necessarily mean a broken market. The most volatile years for oil have all been those where major events rocked the markets, and this one is no different. Russia’s invasion of Ukraine and the threat of sanctions on its oil exports, the post-pandemic resumption of travel to many parts of the world, the lockdowns imposed under China’s zero-Covid policy, and now looming recession fears in North America and Europe have all disrupted markets in 2022.

Yes, global oil inventories are low after huge draws last year, when OPEC+ oil producers failed to ramp up production fast enough to match the recovery in demand. Yes, years of underinvestment in new oil production capacity, both inside and outside OPEC, have reduced spare capacity to a sliver. Yes, sanctions on some Russian oil exports could take millions of barrels of crude a day off the market in December, followed by millions more refined products early next year.

But these legitimate concerns are offset, for now, by expectations of recession and demand destruction in some of the biggest oil-consuming countries. And if Europe and the United States fall into recession, if they haven’t already, the ripple effect of lower imports of consumer goods from China is likely to dampen the recovery. of oil demand there when the Covid restrictions are finally lifted.

Paper oil markets are looking beyond the supply issues that are captivating OPEC+ oil ministers. I remain baffled that their response to a tight oil market is to threaten to make it even tighter by cutting production again.

Will oil prices pick up again towards the end of the year, as futures markets catch up with physical tensions? They might, especially if European Union sanctions hit Russian oil exports hard. But prices could just as well continue their downward trajectory if the recession leads to widespread demand destruction.

Hold on to your hats, the wild oil ride of 2022 isn’t over yet.

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Julian Lee is oil strategist for Bloomberg First Word. Previously, he was a senior analyst at the Center for Global Energy Studies.

More stories like this are available at bloomberg.com/opinion

]]> Latest updates from coach Brian Daboll ahead of MNF vs. Cowboys game https://acamet.org/latest-updates-from-coach-brian-daboll-ahead-of-mnf-vs-cowboys-game/ Sat, 24 Sep 2022 17:49:19 +0000 https://acamet.org/latest-updates-from-coach-brian-daboll-ahead-of-mnf-vs-cowboys-game/

Daboll: How is everybody ? Normal Friday training today. So other than that, shoot.

Q: What happened with (wide receiver) Kadarius (Toney) yesterday? I saw that he had gone the other way.

A: It’s still his hamstring. We’re just trying to do well with the player, and he didn’t do anything for the walkthrough, so we downgraded him.

Q: Where is it for Monday?

A: He will not train today. We will meet again as we normally do after practice and sit down with (Senior Vice President, Medical Services/Head Athletic Coach) Ronnie (Barnes) and the medical staff. We usually do it on the Friday after practice when we make our final decisions on the injury report.

Q: You took guys – of course I can’t think of who, maybe (outside linebacker) Kayvon (Thibodeaux) – until Game Day Week 1. Will you do that with Kadarius, or do you think you’ll find out today anyway?

A: I think whoever is injured, we try if we think there is maybe a chance, maybe there is no chance. Again, these discussions take place after this practice, after undergoing rehabilitation sessions or light work on the practice field. And if they can’t go, they can’t go. But (we) try to keep hope alive for as long as possible to see if these guys can go.

Q: Would you be ok with a guy not training for a normal week, say Thursday, Friday, and playing it Monday or Sunday?

A: Hard usually. Yes, it is generally difficult. I think it’s case by case. That’s how we’ll take this one.

Q: Do you have any sense of excitement about Kayvon and (outside linebacker) Azeez (Ojulari) being on the field for the first time if so? As a coach, do you have any anticipation of what this might look like?

A: Nope. I’m happy for the players that they are improving. I have been hopeful for the past two weeks. They are two good players for us. You would like to have all the players available. So I’m excited if they’re ready to go. It will be nice to have them there.

Q: Where do you stand at the opposite corner (cornerback) Adoree’ (Jackson)? Because obviously (cornerback Cor’Dale) Flott started the game; (defensive back) Fabian (Moreau) finished it.

A: These decisions, too, we will go through today’s practice; and then we sit down as a team and all these things that we still have to talk about, which I would say I have confidence in the guys playing opposite him. It could be both, or it could be one of them. But we’ll skip today’s practice and then we’ll talk about it.

Q: You’re going to have to start doing those press briefings later today on Friday, huh?

A: Nope. Now is the perfect time.

Q: You have played many great matches in your life. Does that qualify as a big game in your mind?

A: Well, it’s the start of the regular season, so again, we’re focused on what we can do better. I’ve said it before: it’s always cool to play Monday night, a division game. But it’s next right now, and we’re at the start of the season.

Q: Are you aware of the statistic (that) the difference between a 2-0 and 3-0 start among teams going to the playoffs jumps 25%?

A: I leave that to you guys. I don’t think we can get involved in that. We need to focus on what we need to do this week against the team that held (Tampa Bay Buccaneers quarterback Tom) Brady and (Cincinnati Bengals quarterback Joe) Burrow within 20 points per game, under 200 passing yards, played very well defensively and their quarterback did a good job last week doing what he had to do to win the game.

Q: Do you block it or quench it? And it’s the same for your players: do you want them to block or soak up the excitement around the Giants right now? Because 2-0 for these fans is like 10-0 after the last five years.

A: I think when you win a game, it’s hard to win a game in the National Football League, and you should feel good when you win a game. And then you should be able to turn the page quickly. The same if you win another one; I don’t think you can go too high or go too low if things don’t go your way. You have to keep doing the things that we think we should do every week. Make sure we’re ready. The matches are difficult on Sunday or Monday. Things will happen. But we really need to focus on the things we can control. The last game, the next game, it really has nothing to do with it.

Q: Shep (wide receiver Sterling Shepard) made a comment after the game; I think he said, “Everybody’s always trying to figure out where to line up.” It’s probably too much for your taste. What are you doing this week to clear up some of that pre-snap confusion.

A: You keep building on it. You keep building on it. There will be some at the start of the season. The more you are together, the fewer there are usually. You do the same. You go through it, you prep it, and you scale things down if you need to scale things down. And then you come here and make sure they do it right. If you need to repeat it, you repeat it. Hopefully, as you continue to build the system, under the pressure of each of these games, each week it improves.

Q: Feliciano expressed the same kind of things and was frustrated with the way things went offensively, especially in the first half. Did you get that feeling from the offensive unit all week that “Hey, we won a game, but we didn’t…”?

A: I think you get it – again, after doing this for a while – it’s never going to be perfect. You fix the things you can fix, whether it’s on defence, special teams, offense. And you work there during the week. You focus on the things that weren’t as good as they should have been, and then you try to build on the ones that were and stay as consistent as possible.

Q: How many adjustments or changes are you making? I mean the attack in the first half.

Q: How many edits do you make in terms of process or anything else? Is there anything you can do? The first-half attack was rather stagnant for the first few weeks; in the second half, you were much better.

A: You are consistent with your approach. But you always make adjustments, whether it’s training plans, training periods, how you train at the start of the play, reviews on Saturdays. Again, whether it’s going really well or not as well as you’d like, I think that’s the job I have to do and then communicate that to the coaches. And they have their say. Not just starting out slow, which we obviously don’t want to do, but really every aspect of the game. So every week you come into the game and feel ready. You feel like you did the right thing to prepare your team. They understand what we have to do. And then it’s Monday again (after a Sunday game), you’re still analyzing what you’re doing. This will not change.

Q: What was it like from week 1 to week 2, now week 3 – those changes?

A: It’s also small things. These are different periods of practice. Maybe it’s adding another rep. It is the communication with the staff. You’re always self-analyzing, self-evaluating, or self-scouting, not just plays you’ve called, downs, and distances, but really the whole planning process that’s going on all the time. throughout the week.

Q: Did you change it much then?

A: Nope. You just change the little things here and there. We believe in what we do. We believe in our process. We believe in our preparation. But it’s by no means perfect. So you are always trying to improve yourself. This is what you must do.

Q: There was a segment this week on NFL Live that said the (Carolina) Panthers inform their plays based on where (running back) Christian McCaffery lines up in the backfield. So I have two questions. A – did you feel like you knew what they were doing? And second, how aware are you of reporting your games as an infraction? Or is it more of a baseball thing?

A: I think you always self-scout. I watch a lot throughout the week on both sides and in the kicking game. You are always trying to gain a competitive advantage. You can go through a scouting report and talk about trends or things like that. In the heat of the moment, do I think it matters? Yeah. But unless something is 100% or in the 90s (or) 80s, you can also say too much to a player, where he thinks, “Look for that”. And remember this. Do this. You want to let them use their skills and play fast.

Q: With Leo (defensive lineman Leonard Williams), is it a discussion after practice before we can say where he is?

A: Discussion after practice. Yeah.

Q: So let’s say he can’t play. He obviously plays a ton of cliches. He plays very well. How are you gonna plug the guy in there? Does (defensive lineman) Dexter (Lawrence) need to do more? How would you compensate if he is absent?

A: I’d say all the guys in that D-line room are good to go if that’s the case. We try to use those big players – you try to use as many guys as possible to keep them fresh throughout a game. If this is a case where Leo can’t go, then these guys will be ready to go. Obviously, Leo is a very good player. But every guy we have on the roster, we expect him to be ready to go.

Q: What have you seen from Kayvon and Azeez this week?

A: Improvement. They have taken good steps. I think they are much better than they were the week before. I hope they have a good day here, and we’re going in the right direction with these guys.

Q: Barring a setback, are you confident they should be ready by Monday?

13 funniest tweets of the week https://acamet.org/13-funniest-tweets-of-the-week/ Sat, 24 Sep 2022 09:00:31 +0000 https://acamet.org/13-funniest-tweets-of-the-week/

Autumn is here, and you know what that means… Time to get outside and enjoy the splendor of changing leaves? Absolutely not. Go to an apple orchard? Yeah, no. Put on a cozy sweater and light a candle? Be real.

Fall is here, and it’s time to sit inside, scroll through your phone, and read some really great tweets. Life is short, read all the tweets you can.

Lucky for you, we’ve done the hard work to collect this week’s funniest tweets. So here they are, the 13 best tweets of the last seven days.

1. What’s special about a Big Steve’s Special is that if you see it on a menu, you definitely have to order it.

2. Each ad is for an app that needs all your credentials. But you’ll get 0.03% cash back at participating Walgreens stores.

3. Oh, so everyone loves me? Incredible, I’ll take it.

4. Some tweets are just perfect. It’s perfect.

5. Whoa, whoa, whoa. I didn’t think you were going to take her there, your honor.

6. Just a certain type of person who posts too much online.

7. I like it here.

8. Please understand that NyQuil Chicken is a joke and should be treated as such.

9. I think I will use this time to learn how to play guitar.

10. One of the many good so-called Adam Levine DM memes.

11. And another.

12. Tweet dril obligatory for you.

13. And finally, this.

The rupee slips to 81 marks against the dollar https://acamet.org/the-rupee-slips-to-81-marks-against-the-dollar/ Fri, 23 Sep 2022 23:45:27 +0000 https://acamet.org/the-rupee-slips-to-81-marks-against-the-dollar/ Sep 24, 2022 | 07:39 IST

The rupee slips to 81 marks against the dollar

Goa Inc expects escalating costs, ordinary people will be hit hard

Team Herald

PANJIM: The rupee fell 30 paise to close at a new all-time low of 81.09 against the US dollar on Friday, weighed down by US currency strength overseas and risk sentiment among investors.

In the interbank foreign exchange market, the local currency broke through the 81 mark for the first time and fell to 81.23 against the US currency.

It eventually closed at 81.09, down 30 paise from its previous close. On Thursday, the rupee plunged 83 paise – its biggest single-day loss in nearly seven months – to close at 80.79, its previous record low. This is the third consecutive losing session for the Indian currency in which it lost 124 paise against the US dollar.

Goa Chambers of Commerce and Industry (GCCI) President Ralph De Sousa, reacting to the development, told the Herald that India’s foreign exchange reserves would be hit hardest due to more expensive imports and increase in the current account deficit.

On the other hand, the weak Rupee in the international market makes Indian products cheaper. Imports have increased in recent years, but so have exports, for which we will have to pay more.

“Indian foreign exchange reserves are also falling due to capital account imbalance as foreign investors withdraw from capital markets. India has faced a high ratio of public debt to GDP, which is increasing. This can lead to political uncertainty and a reduction in essential tax expenditures,” De Sousa said.

Interest rates, inflation can also take a hit. It is a difficult situation to live with. The government will have to provide an immediate response with a medium and long-term action plan on both micro and macro economic policies. This would help reassure anxious investors, both domestic and foreign, who seem to be worried about the falling rupee,” the GCCI Chairman added.

President – Goa Association of Realtors, and Vice President – National Association of Realtors, India Amit Chopra believed that the decline in the value of the Rupee will have two totally divergent effects on the real estate sector.

“One is the increase in prices with the corresponding increase in things that we pay for in dollars, such as oil, which will affect transport costs and thus lead to a dizzying increase in construction costs, which can lead to a Second, NRIs and OCIs who earn money will find it a little more lucrative to invest in India, which can increase demand,” said Amit Chopra.

He hopes that the government will ensure that the prices of products like petroleum products, cements, steel, etc. do not increase by providing a small reduction in GST rates and further recognizing the real estate sector’s contribution to nation building by giving it the long-awaited industry status and providing incentives (like tax breaks, etc.) ) to the mains.

Goa produced almost 12% of the total pharmaceuticals in India. Pharmaceutical industry sources said: ‘We will be affected in both directions. If we buy the raw material in US dollars, it will cost us more. However, if we export the finished product to the United States, the industry should benefit.

CEO of Sapna Technologies, an IT company in Goa which exports 100% software, Nilesh Nayak, said: “We charge in GBP which is at an all time low. This significantly affected revenues. Going forward, unless the pound sterling rises against the rupee, this will have serious consequences for exports to the UK.

Renowned Goan Chartered Accountant Sandip Bhandare opined that escalating inflation in the United States had a butterfly effect on the rest of the world.

“The US Federal Reserve is reversing its pandemic-era policies and raising interest rates, pushing dollars out of India. The rate tightening can undoubtedly help exporters and the IT sector, but the heavy impact on the import of essential supplies, the bond market and inflation could prompt the RBI to use its own monetary policy tools very soon. These could include a further increase in interest rates, thereby reducing liquidity in the system and increasing the cost of funding for businesses,” said Sandip Bhandare.