Finance debt – Jenam 2011 Wed, 22 Sep 2021 22:03:57 +0000 en-US hourly 1 Finance debt – Jenam 2011 32 32 Sanjeev Gupta rushes to raise funds to save the Steel Empire Wed, 07 Apr 2021 23:17:27 +0000

Updates from Sanjeev Gupta

Sanjeev Gupta’s GFG Alliance is working on plans to raise new loans against parts of the group outside the UK, and on generating cash from an accelerated sale of goods, as the metals mogul is fighting to save his empire.

The group is taking these steps to consolidate its finances while continuing to seek long-term alternative financing after the bankruptcy of its main lender. Green capital filed for insolvency earlier this month, forcing GFG, which has $ 20 billion in revenue and employs 35,000 people on four continents, to scramble for funding.

British government rejected a direct way from Gupta Friday for more than £ 170million to help with working capital, as well as additional funds to cover short-term operating losses from the group’s UK operations during its debt restructuring. The proposal suggested that an investment vehicle be created to provide financial returns over a period of time. Concerns are growing over the fate of Liberty Steel, the alliance’s steel business and Britain’s third largest producer. GFG employs around 5,000 people in Great Britain, of which around 3,000 work in the steel industry.

Ministers, however, said they were worried about GFG’s opaque structure and feared that any document would end up leaving the UK. “Our priority is sites and jobs in the UK, not this business entity,” a government official said.

GFG has stepped up “self-help” measures to avoid financial collapse, according to people familiar with the situation. These include selling scrap metal inventory and speeding up the sale of finished goods to help increase working capital. The company is also in talks to raise funds against assets outside of Britain who have no debt against them. The money collected could then be transferred to UK operations, one person said. GFG’s most valuable asset is believed to be InfraBuild, its Australian company.

Another option being considered is to raise funds against some of the group’s UK operations. One sticking point, however, would be getting permission from Greensill, which holds the security of some of GFG’s assets. To complicate matters, Greensill’s directors are still attempting to establish the identities of all investors in the finance company and their position in the finance chain.

GFG said Greensill’s struggles had “created a difficult situation,” but stressed the group had “adequate funding” to meet current needs. It said it was taking specific steps in its specialty steel business in the UK to “stabilize business and improve cash flow”.

A government spokesperson said it was closely monitoring developments around Liberty Steel and continued to engage closely with the company, the wider UK steel industry and the unions. The Financial Times reported last week that ministers had established emergency plans take over management of GFG’s UK operations in the event of a collapse. The Treasury similarly backed British Steel in 2019 before it was finally sold to a Chinese steel group.

Members of the Select Business Committee (BEIS) are drawing up plans for an investigation into the UK steel company Gupta, including its links to Greensill Capital, relations with politicians and government support.

However, Conservative MPs have reportedly vetoed any attempt by the committee to force David Cameron to – who pressured Chancellor Rishi Sunak on behalf of Greensill – to break his silence. The Beis commission is expected to announce its investigation within two weeks.

The FT recently revealed that when Cameron was Prime Minister he gave Greensill, an ally of former Cabinet Secretary Jeremy Heywood, an office in the Cabinet Office and a role of adviser “representative of the Crown”.

Meanwhile, tthe Sunday Times reported that Cameron signed a loan program in 2012 for NHS-linked pharmacies even though an official report rejected Greensill’s proposals – and the Australian financier used his position to pressure 11 departments for private work.

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Is there a real snowstorm in Michigan in the near future? Wed, 07 Apr 2021 23:17:24 +0000

We probably haven’t had a real snowstorm in southern Michigan this winter. Let’s take a look and see if any snow systems worth watching is heading our way.

Looking at the snow events so far this winter, Grand Rapids, Lansing, Detroit, Ann Arbor, Flint and Saginaw haven’t had four inch snow at the same time. I would say there was only one genuine blizzard in northern Michigan this winter, in early December. This snowstorm covered Cadillac from Houghton Lake to Alpena with more than a foot of snow. Since then, only a few inches of total snow has fallen.

So if you are a snow lover I know you are looking west to see if there is anything on the horizon.

There is some hope for what I would call “a Michigan blizzard”. I think we could agree that a blizzard in southern Michigan brings six inches or more of snow.

Snowstorms are usually brought in an upper west-southwest airflow. This flow gives a storm a chance to get enough humidity and produce a shovelful of snow.

The upper airflow curves out of the west-southwest over the next week. Our modeling data shows two weather systems over the next 10 days that will move from the southern plains northeast to the Great Lakes. That’s a good flow for at least a low end snowstorm.

Watch the storms across the Pacific Ocean.

The satellite over the Pacific Ocean shows several large storms coming from the western and southwestern Pacific.

There is a storm in the southwest desert and at least three other storm systems over the Pacific.

Our models show this weekend as the arrival of a combination of two of these storms. Part of the storm in the southwest and a full storm over the Pacific are expected to combine.

Here is a forecast of precipitation from this Saturday evening to next Tuesday. Granted, this is far from predicting the details of the storm, but we can get a general idea of ​​if it could be a “blizzard”.


Next generalized storm forecast for this weekend until Tuesday.

The storm system is coming in the right direction to produce heavy snow and other winter conditions.

For now, I would be looking more at the situation than the exact release of the model. There will be two of this type of weather system in the next 10 days – one this weekend or Monday and another next Friday.

This type of flow and storm gaze can typically produce four to seven inch snow in the heaviest part of the snow.

snow forecast

Total snow forecast until January 29, 2021 from the GFS model.

Even the models right now aren’t going crazy with amounts of snow. You can see several bands of snow over six inches crossing the Great Lakes, but nothing very heavy.

In other words, yes, snow lover, we at least have a chance to have at least one full blown snowstorm in Michigan in the next 10 days. In fact, we have two decent photos of significant snow.

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Rock legend Eddie Van Halen loses battle with cancer at 65 Wed, 07 Apr 2021 23:17:23 +0000

One of the most famous rock guitarists in the history of music has passed away. According to Associated press, Eddie Van Halen lost his battle with cancer at the age of 65. Van Halen’s son Wolf also confirmed the news on Twitter.

“I can’t believe I have to write this, but my father, Edward Lodewijk Van Halen, lost his long and arduous battle with cancer this morning,” he wrote on social media. “He was the best dad I could ask for. Every moment I shared with him on and off the stage was a gift. My heart is broken and I think I will never fully recover from this loss. “

Van Halen is among the 20 best-selling artists of all time. The group was inducted into the Rock and Roll Hall of Fame in 2007. Rolling Stone magazine ranked Eddie Van Halen 8th on its list of the 100 Greatest Guitarists.

Van Halen released their first album in 1978. The band is known for their hits “Jump”, “Panama”, “Why Can’t This Be Love”, “Right Now”, “Hot For Teacher” and “Runnin ‘With The Devil ”. . “

Eddie Van Halen is also known for having one of the most memorable guitar solos of all time on Michael Jackson’s hit “Beat It”.


30 celebrities you might not know are from Michigan

12 celebrities you think were born in Michigan, but weren’t

Motown artist tops new Rolling Stone 500 greatest albums of all time list

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Kemba Walker “had a bit of discomfort” in his left knee during practice, leading to cautious Boston Celtics plan Wed, 07 Apr 2021 23:17:21 +0000

Boston Celtics On Monday, Kemba Walker sidelined their second consecutive practice as they exercise extreme caution with their All-Star point guard and his awkward left knee. In a video conference with reporters after practice, head coach Brad Stevens revealed that the plan was put in place after Walker’s first individual practices.

“He had a bit of discomfort after a few one-on-one workouts,” Stevens said. “I think he’s definitely feeling better than he even was in March. But with just the little discomfort, we said, “Let’s take the four days and increase them appropriately. “

Although it is positive that Walker’s knee is apparently better than he was when he returned, Stevens and the Celtics don’t think they can risk pushing too hard, too soon.

“The number one thing is strength and strength around the knee,” Stevens said. “Hard to do that with the four days we just had… we were really hard yesterday and we went at least half hard today, so I think it makes a lot of sense to increase it then when we start again on Wednesday. .. he will live much longer on Wednesday ”

Walker has missed 14 games this season, mostly with left knee pain. The knee inflamed after participating in the All-Star Game, which required it to be emptied. He missed the entire Boston West Coast trip that followed.

Walker struggled in his three games after his comeback, missing his signature glow that allowed him to pass defenders, land him free throws and set up his devastating pace-changing jumps. He shot 27.9% from the floor in those games and just 20.8% from 3 points in 29 minutes per game.

Stevens once said they were going move very slowly with Kemba Walker, what he recognizes is not ideal. But the Celtics are trying to make sure Walker is not only healthy for the start of the playoffs, but can be 100% for the rest of his time in Boston.

“(limiting him) may mean he’s a little late when we start the scrimmage game and when we start playing the seeded matches from his normal minutes, but his health is the most important thing. “Stevens said. “And it’s not just for this particular period, it’s for the long haul and the strength around the knee is important.”

The Celtics will speak on Tuesday before returning for practice on Wednesday and Thursday. Their first exhibition match is on July 24 and their first ranking match is a week later.

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Glastonbury receives £ 900,000 in funding for the arts Wed, 07 Apr 2021 23:17:19 +0000

The Glastonbury Festival will receive £ 900,000 from the Culture Recovery Fund.

The sum was announced in the £ 400million of UK government grants and loans for the arts.

The festival was forced to cancel two events due to the pandemic and drew some criticism by announcing a global live broadcast this year, on the first weekend the music halls may reopen.

Co-organizers Michael and Emily Eavis said they were “extremely grateful to be offered a significant award.”

“After losing millions of dollars due to the cancellation of our last two festivals, this grant will make a huge difference to help secure our future,” they said.

The digital, culture, media and sports ministry said the money will help the event this year and carry it through 2022.

More than 2,700 organizations are offered grants and loans in the latest announcement.

Around £ 300million in grants have been awarded to recipients including Glastonbury, the National Football Museum and Bamburgh Castle.

Over £ 170million in loans have been made to organizations such as the National Theater and the Royal Shakespeare Company.

Culture Secretary Oliver Dowden said: “Our record-breaking Culture Recovery Fund has already helped thousands of cultural and heritage organizations across the country survive the world’s greatest crisis. that they have never faced.

“Now we stand by their side as they prepare to welcome audiences once again through their doors – helping our cultural gems plan for their reopening and (to) thrive in the best times to come.”

Recipients of new loans will include the English Heritage Trust, The Lowry and The Sage Gateshead.

An additional £ 6.5million has been allocated to independent cinemas, including £ 138,333 for the Phoenix Cinema in East Finchley, the oldest UK cinema in continuous use and where Dame Judi Dench is a patron.

Dame Judi said: “Local cinemas are a vital part of our cultural lives, captivating us with films about lives we recognize and offering us stories about other cultures around the world.

“These are places where people come together for a shared experience and have inspired a lot of people to make screen careers. We must ensure that present and future generations have the same opportunities to enjoy and participate in the common experience on the big screen. “

Grants worth nearly £ 60million have been made to help theaters, from West End’s Criterion Theater to Wolverhampton Grand Theater, plan their reopening.

Museums, including the London Transport Museum and the National Football Museum in Manchester, receive a total of over £ 25million in this latest round of funding.

The Komedia Hall in Brighton, the Brudenell Social Club in Leeds and the Camden Roundhouse are among the funded comedy clubs and concert halls.

Actor Stephen Fry, who recently received his coronavirus vaccine, praised the funding (Stefan Rousseau / PA)

Dame Julie Walters, Stephen Fry and Hugh Bonneville were also among those who hosted the funding.

Charlestown Harbor, a Unesco World Heritage Site and Poldark filming location, has received £ 109,500 to help the site survive.

The announcement so far brings the government’s total investment in grants, capital and repayable funding from the Culture Revival Fund to over £ 1.2 billion in more than 5,000 cultural organizations and sites and individual assets.

Charity Theaters Trust hailed additional aid for theaters in England, with director Jon Morgan saying: “Theaters must have been closed for much longer than anyone might have expected, so rightly, theater organizations are receiving grants. additional in recognition of this.

“Before the pandemic hit, theaters played an important role in communities around the world. Over 34 million people attend theaters in the UK each year, generating £ 1.28 billion in box office revenue.

“It is crucial for the social, cultural and economic well-being of the country that our theaters survive this crisis and can contribute to its recovery. It is therefore important that cinemas continue to receive support until they can reopen in a viable manner. “

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Quicken Loans ISMs Can Inspire Your Dorm Decor Wed, 07 Apr 2021 23:17:17 +0000

As interns across the country prepare to complete their summer internships and return to school, many interns from Quicken Loans and the Family of Companies (FOC) are also returning to their dorms or off-campus apartments. .

As a three-time returning intern, I can say that Quicken Loans influenced me in more than one way. One influence is linked to interior design. If you walk into any FOC building you will immediately notice the brightly colored walls, giant fathead minnows® and even ping-pong tables.

ISMs – the several fundamental principles that shape and drive the culture here at Quicken Loans – serve as a point of inspiration and allow you to bring the FOC culture with you even after your amazing internship is over. However, ISMs don’t just apply to your working time, they apply to everyday life. Here are four ideas inspired by the ISM to decorate your new digs this fall.

“The inches we need are all around us”

“We foster a culture that motivates our team members to find the thumbs we need all around us,” says this ISM. This ISM talks about the many different little things (inches) that Quicken Loans does to set itself apart from the competition. These thumbs are the driving force behind the culture that drives team members to find opportunities and make an impact everywhere.

One thumb that I have found useful is my Fathead Bighead – a foam board, a color image of my face! When you work here, everyone gets one for their desk so people can easily find where you are sitting; it would be a great addition to any wall or door. It can also be a great conversation starter and a way to market your internship experience.

You can also purchase under license or personalized skulls of your favorite athletes, superheroes and more that stick to the wall without scratching the surface. They are perfect for those temporary living conditions so you can avoid the expense of damage!

“Obsessed with finding a better way”

This is a “never-ending mission to find a better way for every process and everything we touch”. This is a great example of the possibility of integrating ISMs into your daily life.

Consider finding a better way to study for an exam or customize your room to best suit your learning environment. You shouldn’t stick to what you know! There are so many different ways to personalize your space and make it better. If you know that writing things down helps you remember them, try a foam cork board. They can easily be hung on the wall and now you have a place to pin all your class sticky notes as well as cool photos from your internship.

“We will find out”

“We do not need to have all the answers before starting a project or launching a new and innovative idea”, such is the logic of this ISM. After doing three internships here, this ISM tells me a lot. There was never a time when I felt I couldn’t talk about an idea I had. The team members and leaders were always there to guide me along the way.

Keeping the theme of teamwork, a great way to come up with ideas for a bedroom or shared space is to ask your friends or roommates. You don’t need to have everything figured out before you move in. If you share a common space with roommates and want to add a personal touch to an otherwise bland area, brainstorm with your roommates to decide what works for everyone.

“You have to take the roast out of the oven”

“Always make new mistakes. To take decisions. And, when you think the roast is pretty much done, take it out of the oven, ”is the rule of thumb here. This ISM is a great take-away point from the internship. This means not being afraid to make decisions and act on them within a reasonable time (so that the roast doesn’t overcook).

This may also apply to your new digs this fall. Don’t be afraid to take risks with color or add some creative elements to your space – it can always be changed. Quicken Loans continually encourages its team members to be on the lookout for new opportunities.

As you can see, I learned a lot during my internship experiences, even imagining my college setting, and you too! If you are interested in exploring internship opportunities with the family of companies, visit

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