Finance debt – Jenam 2011 Mon, 03 May 2021 08:15:27 +0000 en-US hourly 1 Finance debt – Jenam 2011 32 32 Easter Egg Hunters descend on Fruitland | Characteristics Wed, 07 Apr 2021 23:14:05 +0000

FRUITLAND – Children who missed the Easter egg search last year due to the COVID-19 pandemic had the opportunity to make up for lost time this weekend; Hundreds of Fruitland families took to the Fruitland High School football field on Saturday to participate in the Homes of Idaho Fruitland 2021 Easter Egg Hunt. The event was free to the public and featured a bounce house for the most energetic visitors to get out of their tremors, as well as photo opportunities with the Easter Bunny.

Real estate agent Jaime Bieker, who was in charge of organizing the event, said Homes of Idaho organized it to help bring the community together.

“I hope next year we can build it bigger and bigger, and just offer something more to our community,” Bieker said. “We had [keep the event small] this year, unfortunately.

The egg hunt was divided into three age groups (0-3 years old, 4-6 years old and 6 years and older) and was staggered throughout the afternoon to minimize crowding in the field .

As the kids gathered their treats for the day, loan officer Justin Tripon of Evergreen Home Loans in Nampa roasted hot dogs for visitors to enjoy.

In addition to sponsoring the annual Fruitland Family Fun Day, Bieker said Homes of Idaho staff members plan to give families more to do.

“We’re just trying to bring more events to our community; there really isn’t much going on, ”Bieker added. “As Fruitland continues to grow, we hope we can’t do the Easter egg hunt, but host several other events for families to get out and have fun… Fruitland is hosting Fruitland Family Fun Day, but it’s is really the only big event that we have all year round, so [we’re] try to just organize more family events [going]. “

Bieker hinted at possible Independence Day and Halloween events. She expressed her gratitude to the families who attended the event and looks forward to their support in hosting future events.

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In one block of Anchorage, businesses that survived the winter look to the future Wed, 07 Apr 2021 23:14:05 +0000

Anchorage Cider House | Billy Anderson, Director of Fat Ptarmigan. (Jeff Chen / Alaska Public Media)

Restaurant manager Billy Anderson directed patrons to a sign-up sheet near the front doors of Anchorage Cider House | Fat Ptarmigan on a recent afternoon.

“Three of us? Excellent,” he said happily, behind a face mask. “Can I ask just one person to log in for contact tracing?”

He asked them where they would like to sit. Only two other tables had customers.

If you had asked Anderson a few years ago if it was a good day for business, he would have said: No way. But more than a year after the start of a pandemic, his answer is: Yes, it’s a good day.

“It is not like it used to be. But people are coming, and over time the seats fill up, ”he said. “We are slowly moving in the right direction.”

Cautious optimism is a theme of the Anderson block of Fifth Avenue, between D and E streets. There are restaurants, a furniture store, offices and empty storefronts. Together, they provide insight into how businesses have struggled, especially in the city’s downtown core, as a multi-year recession turned into a pandemic, and thousands of jobs in Anchorage have disappeared.

On a February afternoon, Fifth Avenue between D and E streets in Anchorage provides a glimpse of how businesses are adapting or falling back under the weight of the COVID-19 pandemic. (Jeff Chen / Alaska Public Media)

As the city settles in the spring, executives of the companies that survived said they were starting to see encouraging signs, with warmer weather, capacity restrictions lifted and more vaccinated people returning. to some of the rhythms of pre-pandemic life. But things are still far from normal, and as tourism is unlikely to rebound this summer, they are taking it day by day.

“It’s almost like we’ve been swimming for so long and trying to get our heads above water,” Anderson said. “We’re almost at the point where we can start breathing again.”

Colleen Hickey, owner of Furniture Classics. (Jeff Chen / Alaska Public Media)

Just down the block last Friday at Furniture Classics, owner Colleen Hickey was sitting behind a counter, with a stack of catalogs in front of her.

“It was the toughest year, I would say, ever,” said Hickey, who opened the furniture store on Fifth Avenue in 1989.

“It was the time of Exxon Valdez,” she says. “And it was pretty dark here. We’ve been through good times and bad, but this should definitely be rated as the hardest part.

The store was quiet this afternoon, with the exception of a Billy Joel song played over the speakers. There were no customers in the store. Hickey said it’s impossible to predict what a business might look like on any given day. She has tried moving on to more interior design work over the past year, with Alaska’s housing market, a bright spot in the pandemic.

“We’ve had a pretty busy morning,” she says. “We had several people from the start, which surprised me. But now it’s very quiet. So you just don’t know.

Hickey said she was worried her store and others would withstand another blow, after the recession and pandemic took their toll.

“If we were to have a real slowdown again, due to COVID, closures or that sort of thing, I would say all bets are off,” she said. “I mean, you can tell how many businesses just disappeared.”

The coronavirus pandemic is reshaping cities across the country, and what will emerge in downtown Anchorage is still not formed.

Construction workers walk down Fifth Avenue between D and E streets on a February afternoon. (Jeff Chen / Alaska Public Media)

In the city, the pandemic has “damaged all industries” and led to the biggest job decline on record, according to a report released in January by state economists.

Anchorage has lost nearly 14,000 jobs in less than a year. Bars, restaurants and hotels were hit the hardest, as Alaskans and tourists stayed at home and the city put rules in place to slow the spread of the coronavirus.

Next to the furniture store on Fifth Avenue, Ginger is one of many companies that are cutting jobs to stay afloat. The restaurant now has about two dozen employees, said Matt Gill, managing partner. But he would normally have about double that.

“This past year, honestly, I haven’t even considered it a business. I saw it as us just trying to keep our heads above water and keep people working, ”he said. “I’m just happy to keep the doors open.”

Others couldn’t.

On the east side of the Fifth Avenue block, next to a corner parking lot, is a largely empty space that used to be Escape Salon and Spa. It appears to have closed last spring as part of the government’s coronavirus mandates, and has not reopened since.

The owner did not respond to interview requests for this story.

On a February afternoon, 5th Avenue between D and E streets in Anchorage provides a glimpse of how businesses are adapting or falling back under the weight of the COVID-19 pandemic. (Jeff Chen / Alaska Public Media)

The closure of the show left Club Paris, one of the city’s oldest restaurants, ended with storefronts vacant during the fall and winter.

There used to be a gift shop on the other side, but it closed a few years ago.

Club Paris co-owner Scott Selman remembers looking at the empty spaces across the street earlier this year. Some windows in the living room were covered with paper. People sought refuge under the awnings.

“I swear to God, it was apocalyptic. It was one of the most depressing sites I have ever seen, ”he said.

Scott Selman, co-owner of Club Paris. (Jeff Chen / Alaska Public Media)

Club Paris has been in the Selman family for decades.

Selman’s father bought the restaurant as a silent partner in 1976, and later became the sole owner.

Selman and his brother are now co-owners of the iconic restaurant, which he said he had to partly reinvent over the past year.

While the food and styrofoam boxes seemed “incongruous,” he laughed, they changed the restaurant’s menu so they could sell more take-out. They also relied on grants, loans and a lot of community support.

“I’m going to tear it up just thinking about it,” Selman said. “As soon as we found out how bad it was, we got emails, people sent us checks to pass us through, people made more take out orders.”

Selman described the current business situation as “sustainable, but not flourishing.”

Chef Juan Parra Chavez is preparing dinner at Club Paris, an iconic restaurant in downtown Anchorage in February 2021. (Jeff Chen / Alaska Public Media)

But in a good sign for the block, the space east of the restaurant was recently rented out, local real estate agent Charles Scherbaum said. He thinks it will be a fair again.

Scherbaum is still trying to rent the old gift shop. But, he said, the pandemic has made leasing commercial space more difficult, with some companies reluctant to accept a new lease and new risks.

The office building on the block has a sign in its window: it’s also renting space. The property manager declined to comment for this story.

The solar building in downtown Anchorage. The five-story office complex advertises space for rent. (Jeff Chen / Alaska Public Media)

Scherbaum said he viewed this time as “just another dip in the road” for the city center.

“Having lived in Anchorage for over 50 years, I feel the city will come back,” he said.

It is not known how long it will take downtown to recover.

Many people are hungry to resume normal routines, including going out to eat and shop, said Nolan Klouda, director of the University of Alaska Center for Economic Development. But the double blow of a recession and a pandemic will likely slow down the job recovery.

“It could easily take, you know, four or five years just to get back to 2019 employment levels, which were already lower than 2015 employment levels due to our previous recession,” he said. “So this shows you that we have a lot of ground to catch up.”

Many big questions also remain, he said. What will tourism be like this summer without the big cruise ships? And how many Alaskans will return to their offices?

Pizza cooks at Anchorage Cider House | Fat Ptarmigan. (Jeff Chen / Alaska Public Media)

Back in Fat Ptarmigan, the restaurant tables were spaced even further apart to comply with city distancing rules. A waiter brought pepperoni and mushroom pizza to a client who works downtown and was on a lunch break.

“My big issue is the support we continue to provide downtown,” said customer Eddie Parker. “So I did what I could. And that is why I am here today.

Parker is among the locals who helped keep the restaurant running during the toughest times, said Anderson, the manager.

And, after a year of depending primarily on grants, loans, and savings to help cover costs, the restaurant is nearing breakeven point.

“We see hope,” he said.

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The Fond du Lac prosecutor announces the appointment of the Attorney General | national Wed, 07 Apr 2021 23:14:05 +0000

MADISON, Wisconsin (AP) – Fond du Lac County District Attorney Eric Toney will challenge Wisconsin Attorney General Josh Kaul next year.

Toney announced his candidacy on Saturday afternoon in a statement. He is the first Republican to enter the race. He accused Kaul, a Democrat, of being more interested in politics than law enforcement, saying Kaul strives to advance liberal causes such as student debt cancellation.

Kaul’s campaign spokeswoman Ruthie Posekany said in a statement that the attorney general had addressed issues important to the public, “not to powerful and well-connected special interests.”

“As Attorney General, Josh Kaul has put public safety first,” she said.

Kaul joined a group of 23 attorneys general in a letter to U.S. Education Secretary Miguel Cordona on Wednesday calling for more reforms to make the student loan repayment process easier and prevent borrowers from repaying old college loans. .

Toney was elected first district attorney at Fond du Lac in 2012 and is in his third term. He is also president-elect of the Wisconsin District Attorneys Association. He holds a law degree from Hamline University and has completed seven marathons.

He said he had reorganized the district attorney’s office to allow full-time prosecutors to handle cases of minors, domestic violence and sexual assault. He also praised himself for making the office paperless to operate more efficiently during the COVID-19 pandemic and for leading an effort to bring a drug court to the county.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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4 indicted, including former Cincinnati mayoral candidate, in COVID-19 fraud schemes Wed, 07 Apr 2021 23:14:05 +0000


4 indicted, including former Cincinnati mayoral candidate, in COVID-19 fraud schemes

Four people have been charged federally with defrauding COVID-19 pandemic relief funding programs, including former Cincinnati mayoral candidate Kelli Prather. relief and some reportedly spent the funding they received on lavish personal items and vacation travel, federal father, 48, of Cincinnati, appeared in federal court in Cincinnati on Tuesday afternoon. According to court documents, she requested six loans from the Paycheck Protection Program as part of the COVID-19 pandemic relief from the CARES Act. Services, Rich Glo Management Services and Tots R Us. Federal officials said the bank discovered a number of errors in Prather’s loan applications and also identified that there were six different pending applications. She is charged with bank fraud, aggravated identity theft, misrepresentation, misrepresentation in connection with credit or loan applications and misrepresentation of a social security number. She also competed for the Hamilton County Commission in 2020. Three other people were also charged, including Toni Wright, 34, of Cincinnati; Melissa McGhee, 37, of Cincinnati; and Jon Alan Bader, 50, of Dayton. WLWT will update this story.

Four people have been charged federally with defrauding COVID-19 pandemic relief funding programs, including former Cincinnati mayoral candidate Kelli Prather.

Some defendants have reportedly repeatedly requested relief funds and some reportedly spent the funding they received on lavish personal items and vacation trips, federal officials said.

Prather, 48, of Cincinnati, appeared in Cincinnati federal court on Tuesday afternoon.

According to court documents, she requested six loans from the Paycheck Protection Program as part of the COVID-19 pandemic relief from the CARES Act.

Prather allegedly claimed to own six businesses: Improved Healthcare Solutions, Improved Life Skills, Prather Property Management, Reliable Ambulet Services, Rich Glo Management Services, and Tots R Us.

Federal officials said the bank discovered a number of errors in Prather’s loan applications and also identified that there were six different pending applications.

Prather sought more than $ 600,000 in compensation for the fraud and fraudulently received approximately $ 19,800, according to the criminal complaint.

She is charged with bank fraud, aggravated identity theft, misrepresentation, misrepresentation in credit or loan applications and misrepresentation of a social security number.

Prather ran for mayor this year, but failed to secure the necessary signatures. She also competed for the Hamilton County Commission in 2020.

Three others have also been charged, including Toni Wright, 34, of Cincinnati; Melissa McGhee, 37, of Cincinnati; and Jon Alan Bader, 50, of Dayton.

WLWT will update this story.

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Why Banks Are Seeking Government Help After SC’s Loan Moratorium Judgment Wed, 07 Apr 2021 23:14:05 +0000

After the Supreme Court delivered its judgment in the loan moratorium case last week, lenders were particularly concerned about one specific detail. The court said that every borrower, regardless of the current loan, will be eligible for the compound interest waiver for the period from March to April. mint takes a closer look at how this additional benefit will affect lenders and why they seek government assistance.

How is this different from the last wave of waivers announced in October?

In October of last year, the government agreed to shoulder the burden of the compound interest exemption for personal and small business loans until 2 crore. This waiver concerns interest payments during the moratorium period from March to August. The Reserve Bank of India (RBI) had authorized such a deferral of repayment to help borrowers overcome the negative impact of covid-19 which has left millions unemployed.

What was the first reaction of the bankers?

The Association of Indian Banks (IBA), a lobbying body representing the interests of banks, has written to the government demanding repayment of the compound interest that must be returned to borrowers. This was after the proposal was approved at the IBA’s management committee meeting last week. Bankers said they would not be able to return the money without government help as it would hurt their bottom line. That aside, the government informed the Supreme Court in October last year that “it is impossible for banks to bear the burden resulting from waiving compound interest without passing on the financial impact to depositors or affecting negatively their net worth ”.

How did the government react to this request?

Reports indicate that the government is reluctant to accept the additional waiver bill, estimated at around 7,500 crore, although a final decision is awaited.

What is the status of the first round of waiver refunds?

Interestingly, non-bank financial corporations (NBFCs) have yet to receive their share of repayments in the first waiver cycle. The banks said they were also in the process of obtaining it. The State Bank of India (SBI) has been appointed the nodal agency responsible for collecting and settling dues from all lenders after submitting their claims by December 15. Raman Agarwal, co-chair of the Financial Industry Development Council (FIDC), the industry body of the NBFC, told reporters last week that non-bank financiers had filed their grievances with the SBI and had not heard talk about no refund. The first round was expected to cost the government close to 6500 crore. SBI also refused to part with data on the amount of reimbursement claims received. A Right to Information Request (RTI) filed by mint was dismissed, citing exemptions under section 8 (1) (d) of the RTI Act of 2005.

What do experts think of the waiver bill?

Analysts at Emkay Research said a section of bankers suggested the IBA, Reserve Bank of India or the government should file a writ petition challenging the court directive. Care Ratings said in a note that if the government reimbursed this amount to banks, there would be no impact on banks, but affected borrowers would receive significant relief.

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Utah Trucking Company Owner Pleads Guilty to Role in FedEx Bribery Program in $ 24 Million Trucking and P3 Loan Fraud | USAO-UT Wed, 07 Apr 2021 23:14:05 +0000

SALT LAKE CITY – Hubert Ivan Ugarte, 52, of Draper, Utah, pleaded guilty to his role in two separate fraud schemes last week in federal court. Ugarte initially pleaded guilty to charges related to a federal corruption case involving the purchase of FedEx Ground (FXG) contracted shipping routes worth $ 24 million in profit and also pleaded guilty fraudulently obtaining a federal paycheck protection program (P3) loan for other trucking companies. .

In the corruption case, Ugarte was convicted of fraud and money laundering for his involvement in a pay-to-play trucking system in which prosecutors alleged that Ugarte was one of ten defendants in paying around $ 1 million in bribes to the director of the Utah FXG Ground Hub. in order to exploit the manager’s position with FedEx and make their trucking business as lucrative as possible.

In the plea deal, Ugarte admitted to bribing FXG’s senior liner director Ryan Lee Mower with around $ 490,000, which grossed Ugarte’s trucking companies over $ 24 million over the course of a period of seven years between 2012 and 2019. In return for the bribe payments, the FXG director awarded the Ugarte companies several FXG delivery routes that Ugarte could not qualify for. under established FXG policies.

In order to carry out the program, Ugarte and the director of FXG worked to obscure the ownership of Ugarte’s many trucking companies by filing false compliance reports with FXG in order to give Ugarte more trucking routes than A business owner was only entitled under established FXG policies. . As a result, Ugarte was cleared to operate at least 45 trucking routes from the Salt Lake FXG hub, significantly exceeding the FXG limit of just 15 trucks for the Salt Lake City hub. This practice, known as “oversizing” in the contract transportation industry, along with paying bribes to the director of FXG, would have resulted in the automatic termination of Ugarte’s contracts if discovered by FXG authorities. Throughout the program, Ugarte’s companies received around $ 135 million in gross payments from FXG, resulting in net profits for its trucking companies of around $ 24 million.

In the second Paycheck Protection Program (PPP) loan fraud case, Ugarte pleaded guilty to submitting a fraudulent loan application to the Small Business Administration (SBA) through the CARES (Coronavirus) law. Aid, Relief, and Economic Security). Ugarte admitted that he fraudulently obtained $ 210,000 in P3 loans after failing to disclose that he was facing a federal indictment for his role in the fraudulent trucking scheme.

The CARES Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to millions of Americans suffering the economic effects of the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of up to $ 249 billion in forgivable loans to small businesses for job maintenance and certain other expenses under the PPP. In April 2020, Congress authorized more than $ 300 billion in additional P3 funding.

Proceeds from PPP loans are to be used by businesses on salary costs, mortgage interest, rent, and utilities. The PPP allows the interest and principal of the PPP loan to be fully written off if the business spends the loan proceeds on those expense items within a specified time after receiving the proceeds and uses a certain amount of the PPP loan proceeds on wage costs.

On May 14, 2020, Ugarte received $ 210,000 from the Transportation Alliance Bank as part of the PPP. Instead of using at least 75% of the loan to pay for wage costs, including bad paychecks, Ugarte used 60% of the loan to pay off payment arrears for trucks, leaving 40% for wage costs.

Sentencing is set for June 32021, in both areas.

Assistant US attorneys at the Utah US Attorney’s Office continued the cases against Ugarte. Special agents from the FBI, IRS, and the Department of Transportation’s Office of Inspector General conducted the investigations.

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Illinois Repays $ 25 Million in Student Loans to Encourage Homeownership, Attracting Homebuyers to State | Government and Politics Wed, 07 Apr 2021 23:14:05 +0000

Mo Hoelker, 33, didn’t want to depend on government bureaucracy for loan relief when there was an option readily available, she said. She and her husband, Sam, moved out of their Chicago apartment and bought their first home under the program in February, a three-bedroom, two-bathroom home in Mount Prospect, Illinois.

She wondered if she could have gotten a lower rate if they hadn’t used SmartBuy. But she decided that about $ 18,000 in student loan repayments exceeded those potential costs over the course of about a decade.

The several hundred dollars she used to pay in student loans each month helps her pay off her mortgage, making her more comfortable committing to a large payment, he said. she declared.

“I think at the end of the day what I gained using this program was really financial peace of mind,” she said.

Wintrust Mortgage, one of 34 Chicago-area lenders working with the state on the program, has prequalified several people from other states, primarily Indiana and Wisconsin, said Jason Accola, senior consultant in mortgages. Maloney, returning to the area from Florida, is his only out-of-state client under contract.

Approximately $ 33,000 of the $ 44,000 student loans granted to Maloney will be repaid under the SmartBuy program. Maloney will repay the remainder of this debt.

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UBS recruiting loans to financial advisers collapse again Wed, 07 Apr 2021 23:14:05 +0000

Over the past half-decade, UBS’s trend of downsizing has taken a heavy toll on the company’s outstanding recruiting loans to financial advisers.

The cable company reported $ 1.872 billion in recruiting loans for the fourth quarter. This is almost half of the $ 3.03 billion reported by UBS for the fourth quarter of 2016, the year the company announced plans to cut hiring, citing high costs and a willingness to shift resources to d other operations.

The decline in recruiting activities and costs has been accompanied by a decrease in the number of advisers. UBS’s wealth management business in the Americas, which includes a small number of advisers in Latin America and Canada, seconded 6,305 advisers at the end of last year, up from 6,549 in 2019. UBS has declared 7,025 advisers in its wealth management business in the Americas at the end of 2016 (In the years since, the company has made changes in the way it communicates the numbers of its wealth management business).

In 2019, then CEO Sergio Ermotti pointed out that the company’s strategy “plays on the bottom line” and that “recruiting loans and all the arrangements made in the United States to recruit people dilute essentially the profits ”.

Of course, UBS always selects advisers for high net worth and high net worth clients. Last year the company recruited an $ 11 billion team by Merrill Lynch in Charlotte, NC and a $ 9 billion team by JPMorgan in Atlanta.

According to the Swiss bank, UBS’s Wealth Americas unit’s pre-tax profit rose $ 135 million to $ 386 million. Revenue increased $ 88 million to $ 2.382 billion in part due to higher invested assets.

UBS said its region of the Americas recorded a pre-tax profit of $ 1 billion for 2020.

The cable company reported $ 1.568 trillion in invested assets, up from $ 1.403 trillion a year ago, which is an 11% increase. The company’s advisers brought in $ 1.4 billion in net new money, up from $ 9 billion in outflows last year.

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Black Americans Deserve Loan Discount (Letter) Wed, 07 Apr 2021 23:14:04 +0000

For the publisher:

Would canceling student debt promote racial equity? well described the challenges that massive student debt poses to the economy and recent proposals to write off that debt, highlighting the disparity in student loan burdens by race and the role of structural racism in creating and perpetuating these disparities. The unwritten assumption in much of the current student debt discourse is that cancellation should be applied equally to all borrowers, which leads to many difficulties for affluent college graduates who take undue advantage of it. While canceling all loans may be what equality requires, it is not what equity requires.

One of the most effective ways for the Biden administration to keep promises made to black Americans during election season, the promises that propelled candidate Biden beyond the crowded Democratic primary field in South Carolina and to a victory Overwhelming impact on then-President Trump is for supporting targeted relief programs for black Americans. As labor economist Julianne Malveaux declared“What Biden needs to do that few presidents have wanted to do is target … if you have a population that has been hit hardest, you have to have specific remedies for that population.”

Black Americans have been hit hardest by the student loan crisis due to systemic racism. For President Biden to keep his election promise to bring racial justice “to the heart of every part of his economic agenda,” he must implement targeted policies such as a limited debt cancellation program for white borrowers. and a debt cancellation program for Black Borrowers with no cap on the amount of forgiveness.

Critics of student loan cancellation have spoken out justice and the relatively affluent students who could benefit from a student loan discount. Canceling student loans for black borrowers is not about treating “students who have avoided or paid off debt” differently; it’s about making whole black students who never had a chance to do it! Black student borrowers are hardly the wealthiest, with some fearing that they may receive undue loan forgiveness.

A targeted student debt relief program for black borrowers “would recognize the disparities that led black students to borrow in the first place” and should be part of the larger repair platform for which some have called. As Rep. Pressley said, “It’s not a question of where. It’s a question of and. Cancellation of black student loan and individual restitution and housing subsidies and business subsidies …

Importantly, this broad reparations platform would respond to what debt cancellation critics denounce as the “equity” of debt cancellation for student loan borrowers (many of whom are NOT graduates of). university) while doing nothing for “black people … who did not” have the opportunity to go to university. ”

President Biden signed an executive order on his first day in office authorizing his administration to prioritize closing the racial wealth gap, and he must now act in that order. The administration’s stance on student debt relief is a test of whether it will simply talk about the rhetoric of racial equity and espouse an aspiration to eliminate the racial wealth gap or be seen as an administration. which actually created targeted racial justice programs and narrowed the wealth gap.

– Ricshawn Adkins Roane

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AfDB Helps Egypt Improve Rail System Safety With € 145 Million Loan Wed, 07 Apr 2021 23:14:03 +0000

The African Development Bank, AfDB, will provide Egypt with a € 145 million line of credit to help the country improve the safety of the rail system and increase the capacity of the network.

“The planned improvements are expected to benefit low-income Egyptians, around 40% of the population, who depend on trains as an affordable mode of transportation,” the bank said in a statement.

The credit facility comes days after a fatal train crash in southern Sohag governorate last month.

A high-speed passenger train collided with another which had suddenly stopped. The incident left dozens injured and at least 18 people killed.

Transport Minister Kamel al-Wazir accused human error of being the cause of the crash and authorities who promised penalties for those responsible for the collision rounded up eight people, reports The New Arab.

Egypt has witnessed several train accidents in recent history. The deadliest occurred in 2002 when 373 people died in a fire that ravaged a crowded train south of Cairo.

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