Sales Engineer – Wadsworth Pacific http://wadsworth-pacific.com/ Mon, 23 Aug 2021 10:40:57 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://wadsworth-pacific.com/wp-content/uploads/2021/08/icon-19.png Sales Engineer – Wadsworth Pacific http://wadsworth-pacific.com/ 32 32 Takeover, scandal and debt – the colorful decades that ended with the fall of Debenhams | Economic news https://wadsworth-pacific.com/takeover-scandal-and-debt-the-colorful-decades-that-ended-with-the-fall-of-debenhams-economic-news/ Thu, 11 Mar 2021 08:11:25 +0000 https://wadsworth-pacific.com/takeover-scandal-and-debt-the-colorful-decades-that-ended-with-the-fall-of-debenhams-economic-news/ COVID-19 has turned out to be the final nail in the coffin for Debenhams. But the seeds of destruction of this highly regarded company were sown many years ago. Debs, whose origins can be traced back to a cloth shop that opened in London’s West End in 1778 and was later renamed following an investment […]]]>


COVID-19 has turned out to be the final nail in the coffin for Debenhams.

But the seeds of destruction of this highly regarded company were sown many years ago.

Debs, whose origins can be traced back to a cloth shop that opened in London’s West End in 1778 and was later renamed following an investment by William Debenham in 1813, was a family business for the first 150 years of his life.

Picture:
Debenhams traded profitably for many years after its IPO in 1928

It was floated on the stock exchange in 1928 and continued to trade profitably thereafter.

Enter Sir Ralph Halpern, Managing Director of The Burton Group, one of the UK’s largest retailers and the company which ironically now forms the bulk of Sir Philip Green’s Arcadia empire.

Sir Ralph, one of the most colorful business figures of recent times, teamed up with Sir Terence Conran’s Habitat-Mothercare business to launch a take-over bid for Debs in May 1985.

A fierce battle ensued in which rival House of Fraser, then owned by controversial brothers Mohamed and Ali Al Fayed, sought to derail the deal.

Sir Ralph eventually triumphed with a £ 566million takeover and Debs joined the Burton group at the end of 1985.

The takeover, later considered by the Department of Trade and Industry, was not a success – the fortunes of the larger Burton group deteriorated for several reasons.

British business executive Sir Ralph Halpern, head of the Burton group, May 22, 1985
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Sir Ralph Halpern has been embroiled in a sex scandal

By the end of 1986, the lavish salaries paid to Burton’s top executives began to elicit negative feedback from shareholders, especially the £ million paid to Sir Ralph – now commonplace in boardrooms but, at the time, a huge amount of money.

Then, in January 1987, the News of the World revealed that Sir Ralph, who was 48 at the time, had an affair with a 19-year-old model named Fiona Wright.

His racy revelations about his bedroom prowess, which led him to be called the “five-time knight,” catapulted him from business pages to the front pages.

Both events shook Sir Ralph’s confidence and angered investors.

Worse follow-up.

Sir Ralph launched a £ 200million program – already expensive at the time – to renovate Debenhams stores.

It took a long time to pay off, and when commercial real estate market values ​​began to decline in 1988, Burton was left with too much debt.

Sir Ralph was fired in November 1990 and Burton had to scramble to reduce his borrowing.

Harvey Nichols, who has been with Debenhams since 1919, was sold to Hong Kong businessman Dickson Poon for £ 60million in 1991.

Managing Director Stuart Rose leaves Cabot Hall in Canary Wharf in London, after Marks & Spencer unveils blueprint to defeat potential $ 9.1 billion bid from tycoon Philip Green 12/7/2004
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Stuart Rose – later from M&S – helped restore Burton’s fortune

In the years that followed, a new management team including Stuart Rose – who would later become chairman and CEO of Marks & Spencer – restored Burton’s fortunes, with Debenhams becoming the most profitable part of the business through initiatives such as its ‘Designers at Debenhams’ concept.

It was therefore a surprise when, in 1997, Burton announced the demerger of Debenhams.

John Hoerner, the American retailer hired by Sir Ralph to run Debenhams but who now runs the expanded Burton, chose to stay with the latter.

Burton was renamed Arcadia and retained concessions at Debenhams outlets – a move that 23 years later left the fortunes of the two companies intertwined.

As a stand-alone business, led by Terry Green, the new Debenhams company announced major expansion plans and opened more than a dozen new stores.

But only two years later, Mr Green rocked Debs by resigning to join BHS, which had just been bought out by its namesake – not a relative – Philippe Green.

He was replaced by Belinda Earl, who had been a “Saturday Girl” at her local Debenhams in Plymouth as a teenager, under whom the business flourished.

The private equity industry has noticed.

Belinda Earl, Managing Director of Debenhams Group of Stores, with CFO Matthew Roberts at their flagship store on Oxford Street in London ahead of the release of their annual results.  22/10/2002
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Belinda Earl and Matthew Roberts Help Private Equity Firm Permira Launch Takeover Bid

Ms Earl and her CFO, Matthew Roberts, helped buyout firm Permira launch a £ 1.54 billion takeover bid in July 2003.

They ended up being outbid later in the year by Baroness Retail, a rival consortium formed by CVC Capital, Texas Pacific Group and Merrill Lynch Global Private Equity, which ultimately triumphed with a knockout of £ 1.7 billion. sterling.

Ms Earl stepped out and entered a team of executives who had already made a name for themselves with a turnaround from the Homebase DIY chain.

Shortly thereafter, the team raised funds on its real estate assets, before raising in February 2005 £ 450million in a sale-leaseback agreement involving all of Debenhams’ freehold properties, including including its flagship store on Oxford Street in London.

This meant that alongside other measures such as cutting capital spending and squeezing suppliers, the new owners of Debenhams more than tripled their investment in less than three years.

Only, as it turned out, at the expense of future growth and profits.

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Former Debenhams chairman explains what went wrong

The sale-leaseback agreements imposed costly overheads and 30-year store leases on Debs as buyers increasingly moved online.

When Debs returned to the stock market in May 2006, at a valuation of £ 1.675bn, it was a bare bones company compared to one that had been private three years earlier.

Various CEOs, first longtime Michael Sharp, then former Amazon fashion chief Sergio Bucher, tried unsuccessfully to re-establish the business against these headwinds, but onerous store leases and interest payments on its debts absorbed most of the profits and deprived Debenhams of working capital.

Former chairman Sir Ian Cheshire told Sky News today there is a core of around 70 stores and a very good website that could generate interest.

To that end, it is perfectly possible that the name of Debenhams – who counted Queen Victoria among his clients – could still live on.

But it’s tempting to speculate that without his recent history and various changes in ownership, Debs wouldn’t find himself in his current situation.

And 13,000 employees would not consider laying off a few weeks before Christmas.



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Shipbuilder in Mozambique debt scandal says he made payments to current President Nyusi https://wadsworth-pacific.com/shipbuilder-in-mozambique-debt-scandal-says-he-made-payments-to-current-president-nyusi/ Thu, 11 Mar 2021 08:11:25 +0000 https://wadsworth-pacific.com/shipbuilder-in-mozambique-debt-scandal-says-he-made-payments-to-current-president-nyusi/ JOHANNESBURG (Reuters) – A Lebanese shipbuilder at the center of a $ 2 billion debt scandal in Mozambique said he made payments to its current president and ruling party in 2014, but said it was of legal campaign donations, not bribes, according to a London court filing. Mozambican President Filipe Nyusi speaks with the press […]]]>


JOHANNESBURG (Reuters) – A Lebanese shipbuilder at the center of a $ 2 billion debt scandal in Mozambique said he made payments to its current president and ruling party in 2014, but said it was of legal campaign donations, not bribes, according to a London court filing.

Mozambican President Filipe Nyusi speaks with the press in Mozambique, October 15, 2019. REUTERS / Grant Lee Neuenburg / File Photo

Privinvest said payments made to President Filipe Nyusi in the run-up to his election and to the Frelimo party were permitted under Mozambican law, according to the case filed Jan. 15 with the High Court in London.

The case concerns a series of tuna fishing, maritime security and shipbuilding projects for which Privinvest was the sole contractor and for which Mozambique borrowed $ 2 billion between 2013 and 2014, provided or arranged by banks including Credit Suisse. Nyusi was Minister of Defense when the projects were approved.

US officials say hundreds of millions of dollars have gone missing in what they have described as a front for a bribe and kickback program. The scandal prompted donors, including the International Monetary Fund, to suspend support for Mozambique, triggering a currency collapse and default in 2016.

Nyusi spokesman Caifadine Manasse denied the Mozambican leader had any connection to the scandal and said any campaign donation was legal.

“President Nyusi has no possible connection with the illegal debt,” Manasse told Reuters in response to questions about Privinvest’s court case.

“We calmly wait for the truth to come out, and it will show that neither Frelimo nor President Nyusi are involved in wrongdoing,” Manasse said.

The filing by Privinvest was part of its response to a legal action brought by Mozambique in 2019 against it, Credit Suisse and other defendants, seeking compensation and recovery of the loan funds. Mozambique also sued billionaire Privinvest owner Iskandar Safa later in the year, accusing him of fraud.

Privinvest and Safa have both denied the wrongdoing, while Credit Suisse filed a counterclaim in the London lawsuit, arguing that it was entitled to seek damages for the money owed to it.

Privinvest and Safa’s January 15 dossier indicates that Privinvest made campaign donations to Nyusi and the Frelimo party, but that “none of this was a counterpart for the projects” and that “no allegations of corruption” could not be done.

“If there had been such a conspiracy, President Nyusi (…) was fully aware of it and / or participated in it, and was indeed at the heart of the affairs of which the Republic is now complaining,” the file indicates.

Credit Suisse declined to comment on the London case.

U.S. prosecutors have filed a separate case in connection with the 2019 scandal, in which three Credit Suisse bankers pleaded guilty to charges, including conspiracy to violate anti-corruption laws. Credit Suisse said the defendants withheld their contacts from the bank. US authorities have also indicted a former Mozambican finance minister for his alleged role and are asking for his extradition from South Africa.

The United States was the first to lay charges in this case, and criminal and civil proceedings initiated by Mozambican authorities followed shortly thereafter.

Reporting by Emma Rumney in Johannesburg and Manuel Mucari in Maputo; Writing by Emma Rumney; Editing by Mark Heinrich and Nick Tattersall



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Impact of Ethiopia’s debt plan on private creditors not yet clear, adviser says https://wadsworth-pacific.com/impact-of-ethiopias-debt-plan-on-private-creditors-not-yet-clear-adviser-says/ Thu, 11 Mar 2021 08:11:25 +0000 https://wadsworth-pacific.com/impact-of-ethiopias-debt-plan-on-private-creditors-not-yet-clear-adviser-says/ NAIROBI (Reuters) – Ethiopia cannot yet say whether private creditors will be affected by the country’s “cautious” plan to review its debt, a finance ministry adviser said on Tuesday, after the week’s announcement The latter resulted in a sharp drop in the Ethiopian dollar bond. Addis Ababa announced on Friday that it plans to restructure […]]]>


NAIROBI (Reuters) – Ethiopia cannot yet say whether private creditors will be affected by the country’s “cautious” plan to review its debt, a finance ministry adviser said on Tuesday, after the week’s announcement The latter resulted in a sharp drop in the Ethiopian dollar bond.

Addis Ababa announced on Friday that it plans to restructure its sovereign debt under a new common framework of the G20 group of major economies designed to help cope with financial pressures from COVID-19. He said he was looking at all the options.

After the news, the price of Ethiopia’s dollar bond issue suffered its largest drop in one day, falling from around 8 cents on the dollar to less than 92 cents. Tradeweb data showed it recovered slightly on Tuesday to around 93 cents.

“This is a proactive government strategy to ensure that our finances are in order so that we are in a much better position to access international financial markets,” Brook Taye, senior advisor at the ministry, told Reuters. finances.

Calling the debt plan “prudent”, he said it was too early to say what it would mean for private creditors.

“Without any sort of exercise at this point, it’s very difficult for us to make any discussion, comment or suggestion on what’s going to happen,” the advisor said.

The G20 framework unveiled in November aims to streamline the process for poor countries to reduce their outstanding debt and provide relief for bilateral and private creditors.

Ethiopia started a new debt sustainability analysis with help from the International Monetary Fund before engaging with creditors, Brook said, adding that the country’s indebtedness stood at around 60% of the proceeds. gross interior.

Ethiopia has worked with creditors in the past to manage its debt burden. China, one of its main creditors, restructured its loans to Ethiopia in 2018, including a $ 4 billion loan used to build a new railway line from landlocked Ethiopia to the sea.

Brook said the restructuring was not made necessary by “a dire situation” and said Ethiopia was up to date with its $ 2,024 bond payments.

Editing by Karin Strohecker and Edmund Blair



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Zambia hires Lazard to advise on $ 11 billion debt burden https://wadsworth-pacific.com/zambia-hires-lazard-to-advise-on-11-billion-debt-burden/ Thu, 11 Mar 2021 08:11:25 +0000 https://wadsworth-pacific.com/zambia-hires-lazard-to-advise-on-11-billion-debt-burden/ Updates from the African economy Subscribe to myFT Daily Digest to be the first to know about African economic news. The government of Zambian President Edgar Lungu has hired Lazard to advise it on restructuring the cash-strapped southern African country’s $ 11 billion external debt, which has threatened to become the country’s first sovereign default. […]]]>


Updates from the African economy

The government of Zambian President Edgar Lungu has hired Lazard to advise it on restructuring the cash-strapped southern African country’s $ 11 billion external debt, which has threatened to become the country’s first sovereign default. Africa during the coronavirus pandemic.

The investment bank was hired on a $ 5 million contract to advise on the “liability management” of the country’s debt after a bidding process, the Zambian finance ministry said on Wednesday.

Lazard, who is also advising the Argentine government on its current debt restructuring negotiations with creditors, declined to comment.

Africa’s second-largest copper exporter seeks voluntary relief from private creditors to avoid default as its debts have become increasingly precarious, and as a condition for accessing IMF loans to respond to the pandemic. More than 1,000 cases have been confirmed in the country to date.

Zambia’s U.S. dollar bond prices collapsed this year as a sharp drop in copper prices and a decline in the country’s currency against the U.S. dollar put pressure on the ability to pay off debts deemed untenable even before the health crisis. Zambia’s economy, once one of Africa’s most dynamic, is expected to contract in 2020 for the first time in years.

After Argentina defaulted on its debt This month, Zambia is seen as the next big test of whether over-indebted countries can strike deals with their creditors amid the market turmoil associated with the pandemic.

Analysts and investors say Zambia’s debts will be particularly difficult to restructure because it has about as many US dollar obligations as it has debts to China, around $ 3 billion each. These debts lie outside the Paris Club of bilateral government creditors who traditionally coordinate aid to the poorest countries.

Mr. Lungu’s government, seen as increasingly erratic and authoritarian at home and abroad, is also under fire from opposition for debt transparency that has funded major procurement projects, including airports, roads and defense. The government denies the irregularity.

Zambia faces $ 1.5 billion in debt repayment this year, more than its official international reserves in January. Fitch Ratings downgraded Zambia’s credit rating to double C in April and said the default was “likely”.

Mr. Lungu’s government “does not intend to unilaterally restructure the debt without consulting creditors,” the finance ministry said.

“We will abide by the agreements and diligently use market-based instruments in our debt management,” he added.



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A Financial Expert Can Help You Get Rid Of Your Credit Card Debt https://wadsworth-pacific.com/payday-loan-lenders-for-bad-credit-read-more-about-poor-credit-payday-loans-online/ Thu, 11 Mar 2021 08:11:25 +0000 https://wadsworth-pacific.com/your-plan-to-get-out-of-credit-card-debt-from-an-expert/ The socio-economic status of a person can have an impact on their ability to live well. https://dedebt.com/ is a website that provides financial advice and information to help people build financial literacy and create wealth. Since over 5,000 years, debt has been a part of our society. Farmers have been indebted throughout human history to cover their […]]]>

The socio-economic status of a person can have an impact on their ability to live well. https://dedebt.com/ is a website that provides financial advice and information to help people build financial literacy and create wealth.

Since over 5,000 years, debt has been a part of our society. Farmers have been indebted throughout human history to cover their daily expenses and to invest in their harvest. This was their only way of survival. To repay this debt, they needed a large harvest that was dependent on many factors other than their control like weather, rain and pests.

Although life has changed significantly over the past 5,000 years, people with credit card debt are still quite common. It’s also a health issue as the stress of owing money at high rates can lead to a health problem and financial health issues. This is key to your well-being.

If you are having financial difficulties, creating a plan to eliminate credit card debt can be a great way to help you get out of it. Here are the details of how to create the plan, and what you should consider in order to successfully implement it.

The 4-Step Guide to Making a Plan to Get Rid of Credit Card Debt

1. Accept responsibility for your position

Because I have been in credit card debt multiple time, the last time I got out was when I took responsibility for my situation. It was. Only then did I realize that debt was a costly lesson I had to learn. Instead of feeling guilty and ashamed, I started to think about Why I was relapsing in credit card debt and focusing on what I could control. You can see the situation differently and have a better approach to it by taking responsibility. This helped me to take control of my debts and make decisions.

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Financial abuse can include having your partner control all aspects of your finances, predatory lending practices (like when a potential lender lies to you in order to get you money), and systemic inequalities like the racism that blacks are ingrained into our banking system. However, taking responsibility will not make you a better person. You can decide how you feel and how you react to it. In some cases, these are the only things that you have control over.

2. Know your debts: How much and to whom?

Once you are empowered to accept responsibility for your credit card debt, it will be easier to review it. You can access your credit report to find out how much and who you owe.

You are entitled to one free credit report each calendar year, as per law. Order it online from annualcreditreport.com, the Federal Trade Commission (FTC) ‘s only authorized website for free credit reports, or call 1-877-322-8228.

3. Make a list of facts about credit card debt

A list of your debts will give you a good overview. This type of list is best done using a spreadsheet, but pen and paper are also options. Here are the items that should be included on your list.

  • Name of the lender (to whom the money is owed)
  • The principal amount that you owe.
  • The percentage of interest you pay (APR)
  • Minimum monthly payment

This list will help you to determine the best way for you to manage credit card debt.

4. To get rid of your credit card debt, you should create a payment plan

Your plan for getting rid of credit card debt is important for many reasons. A plan will help you reach your debt-free day, which is the day when you are debt-free.

After you have taken a step back, and reviewed the overall plan including the date of debt-free, you can decide whether you are ready to tackle it. A simple debt management tool can help you create your plan if you feel you could benefit from more structure. Unbury.me is my favorite tool to create a debt plan. It’s free and online, so it’s easy to use.

Unbury.me allows you to enter your debt details. The database will calculate how long it will take to pay off your debt, based on the amount of your current payments. The slider at the bottom shows you how changing your payment amount could affect your debt-free day and how it can impact the amount of interest that you pay. . Paying down debt earlier means lower long-term interest payments, but this is only possible with a higher monthly repayment.

You can also choose whether you want to pay off high interest debt first or lowest balance debt. Although it is not the best strategy for minimizing interest payments in the long-term, paying the lowest balance first can have a positive psychological effect. If you have a balance, it means you are proving to yourself that your ability to pay off debt. It’s like watching the ball go over the basket. It’s inspiring and motivating.

Here are four key points to consider when you plan to get rid of credit card debt

1. Is your debt manageable or unmanageable?

It’s best to follow your plan if your payment plan is feasible and you don’t end up in debt within a reasonable time frame (a few years). You may have to consider other options such as debt consolidation or nonprofit credit counseling.

2. Consolidating credit card debt: When is it a good idea?

Consolidation refers to consolidating multiple credit cards into one debt with one payment. Consolidating your debt is not an easy decision. It is a smart decision to consolidate if you want to get out of debt as soon as possible.

Consolidating debt can increase your risk of falling into more debt. Your credit cards will be paid off and you can begin billing again.

3. What consolidation options are available?

If you have the opportunity to borrow from family members who are willing to consolidate your debts in the form a personal loan, you should seriously consider this option. Borrowing money from friends or family is often the cheapest option of all loan options. There are no upfront fees and a lower interest rate. You also have flexibility in your payments. No credit score or application required. This can have a negative impact on your relationship.

A personal loan can also be offered by a bank, credit union or any other lender that specializes in personal loans and refinance of credit card debt. You should do your research to learn about your options. Every lender will have different terms, fees, and rates. Your options are greater if you have a good credit score. Peer-to-peer loans are available for those who have difficulty with traditional lenders.

4. What about a balance transfer

Balance transfers are when you transfer your balance from one credit company to the other. This is usually done because of a promotional rate, such as 0% APR for 12 month. This usually comes with a 3% fee, so make sure you factor that in.

Balance transfers are not something I recommend. It means that you have more credit cards, and more opportunities to go into debt. However, you could use the 12 months to repay your credit card debt and improve your credit score to be eligible for a personal loan.

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Marketing director, 24, explains how she went from debt to net worth of $ 340,000 https://wadsworth-pacific.com/marketing-director-24-explains-how-she-went-from-debt-to-net-worth-of-340000/ Thu, 11 Mar 2021 08:11:25 +0000 https://wadsworth-pacific.com/marketing-director-24-explains-how-she-went-from-debt-to-net-worth-of-340000/ A 24-year-old marketer who had $ 13,000 in debt explained how she managed to pay it off and earn over $ 347,000 in net worth in five years. Queenie Tan, from Sydney, said her financial success gradually built up over time after she started researching and investing at the age of 19. “I have always […]]]>


A 24-year-old marketer who had $ 13,000 in debt explained how she managed to pay it off and earn over $ 347,000 in net worth in five years.

Queenie Tan, from Sydney, said her financial success gradually built up over time after she started researching and investing at the age of 19.

“I have always been good at saving money, but investing was completely new to me and it was something I was interested in learning more about,” she told FEMAIL.

Listening to audiobooks, Queenie quickly learned that investing was the key to generating passive income in order to achieve financial flexibility and freedom.

She now has a diverse financial portfolio and impressive net worth that she shares with her partner, as they together bought their first property in 2019 worth $ 500,000 with a deposit of $ 100,000.

Each month, Queenie is able to invest up to $ 5,000 through her six income streams as well as using the equity in the apartment.

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Sydney local Queenie Tan (pictured) said her financial success gradually built up over time after she started researching and investing when she was 19.

She now has a diverse financial portfolio and impressive net worth that she shares with her partner, as they together bought their first property in 2019 worth $ 500,000 with a deposit of $ 100,000.

She now has a diverse financial portfolio and impressive net worth that she shares with her partner, as they together bought their first property in 2019 worth $ 500,000 with a deposit of $ 100,000.

Each month, Queenie is able to invest up to $ 5,000 through her six income streams as well as use the equity in the apartment.

Each month, Queenie is able to invest up to $ 5,000 through her six income streams as well as use the equity in the apartment.

Queenie admitted that she dropped out of marketing studies and decided to apply for jobs because she lived paycheck to paycheck and only made $ 400 a week.

“When I was 19 and left home, I had no savings and working only covered the bare minimum, so I decided to give it a shot at dropping out of college – luckily, it paid off, ”she said.

Awesome net worth is calculated by the total number of assets minus any debt.

She said those assets include the value of her property, her portfolio of stocks and cryptocurrencies, her clearing account, her savings and her superannuation, but home loan debt of $ 455,000 is the only one. responsibility.

Queenie's assets include the value of her property, her portfolio of stocks and cryptocurrencies, her clearing account, her savings, and her superannuation, but home loan debt of $ 455,000 is the sole liability.

Queenie’s assets include the value of her property, her portfolio of stocks and cryptocurrencies, her clearing account, her savings, and her superannuation, but home loan debt of $ 455,000 is the sole liability.

“Ancillary activities” to increase annual income:

Independent

Dog walking or babysitting

Direct delivery

YouTube Ads

Writing

Different investment options:

Goods

Exchange Traded Funds (ETFs)

Australian Stock Exchange – ASX200

US Stock Market – S & P500

Queenie’s financial portfolio is diversified but primarily consists of exchange-traded funds (ETFs) through CMC Markets – a platform that allows users to buy Australian and international stocks for low brokerage fees.

It also uses a platform called Stake to buy US stocks because it is “user friendly” and also has low brokerage fees.

Alternative Australian ETF platforms that are known to be useful for beginners include Raiz, Spaceship, and the CommSec pocket app.

“I invest $ 5,000 each month to maintain a balance and generally try to follow the market before I buy,” she said.

Queenie said anyone can become financially free by saving the majority of your income, tracking your finances, spending less than you earn, and investing the rest.

Queenie said anyone can become financially free by saving the majority of your income, tracking your finances, spending less than you earn, and investing the rest.

Queenie is able to invest $ 5,000 each month because she lives below her means, saves or invests 60 percent of her annual income and has six sources of income.

In addition to her senior management role, she also does freelance marketing work, operates YouTube ads, owns a false eyelash e-commerce business as well as corporate dividends.

“Reaching financial goals is a time consuming process, and I have found tracking my monthly expenses to be very helpful,” she said.

When it comes to saving more money, it’s essential to spend less than what you earn, have a goal in mind, track your spending, and think about your priorities without sacrificing too much.

“The more I learned about investing, the more enthusiastic I became because it’s something that can be used to become financially free,” she said.

While Queenie and her partner currently live in the one bedroom apartment, they are hoping to purchase an investment property in the future.

While Queenie and her partner currently live in the one bedroom apartment, they are hoping to purchase an investment property in the future.

While Queenie and her partner currently live in the one bedroom apartment, they are hoping to purchase an investment property in the future.

“The more I learned about investing, the more enthusiastic I became because it’s something that can be used to become financially free,” she said.

“For this reason, I think it is so important for young people to learn more than to avoid investing.”

Queenie hopes that when she is 35, she will have enough money to work only part-time and save the time she would have spent working.

QUEENIE TIPS TO SAVE MORE MONEY

* Live below your means and spend less than what you earn per week

* Track your finances weekly / month

* Consider your priorities and what you need to spend money on

* Think about what you can get out of your weekly spending – like buying coffee or lunch every day

* Avoid buying the latest products or technologies

* Buy on sale

* Buy only what you need, not what you want



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Airbnb in talks to increase debt amid global crisis https://wadsworth-pacific.com/airbnb-in-talks-to-increase-debt-amid-global-crisis/ Thu, 11 Mar 2021 08:11:25 +0000 https://wadsworth-pacific.com/airbnb-in-talks-to-increase-debt-amid-global-crisis/ (Bloomberg) – Airbnb Inc. is in talks with investors to take on up to $ 1 billion in additional debt after it announced a $ 1 billion debt and equity deal on Monday, according to people familiar with the matter. The travel platform company said Monday it is raising $ 1 billion in debt and […]]]>


(Bloomberg) – Airbnb Inc. is in talks with investors to take on up to $ 1 billion in additional debt after it announced a $ 1 billion debt and equity deal on Monday, according to people familiar with the matter.

The travel platform company said Monday it is raising $ 1 billion in debt and equity from Silver Lake and Sixth Street Partners. The company has had discussions about raising an additional $ 500 billion to $ 1 billion by issuing either senior debt, which would prioritize its holders in the event of default, or a convertible note or the sale of a stake, said the people, who requested not to be identified because the information was not public.

The additional funds would give Airbnb an additional financial cushion as the outlook for an initial public offering darkens this year. The money could help Airbnb weather the economic crisis caused by the coronavirus pandemic without being made public, and could also allow the company to make acquisitions, a strategy it has evaluated, people with knowledge of the subject last month.

Airbnb has not disclosed the terms of its agreement with Silver Lake and Sixth Street Partners. People familiar with the matter said the transaction consisted of senior debt, as well as warrants for around 1% of the company’s equity. The mandates give Airbnb a valuation of $ 18 billion, one of the people said. This compares to an earlier value of $ 31 billion.

In March, the world’s largest colocation company reported a fourth-quarter loss of $ 276.4 million excluding interest, taxes, depreciation and amortization, down from a loss of $ 143.7 million a year earlier, according to someone familiar with the company’s accounts.

Monday’s deal raised an interest rate from 11% to 12%, the people said. The investment does not entitle investors to a seat on Airbnb’s board of directors, one of the people said.

Raising second-tier debt means Airbnb has the option of taking on more senior debt, which it is considering. The company could also raise a convertible note or shares instead, the people said.

As the house-sharing company goes into debt, it cancels a billion-dollar credit facility with multiple banks administered by Bank of America Corp. Those banks include Morgan Stanley and Goldman Sachs Group Inc., both of which have advised on the Silver Lake- Sixth Street Transaction, one of the people said. A Bank of America representative declined to comment.

The deal announced on Monday was intended to help the home-sharing company weather the pandemic devastating the global travel industry, Airbnb said in a statement.

“The new resources will support Airbnb’s ongoing work to invest for the long term in its community of hosts who share their homes and experiences, as well as work to serve all stakeholders in the Airbnb community,” said the company.

(Updates with details of the fundraising talks from the fifth paragraph.)

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Venus Concept announces the refinancing of its debt https://wadsworth-pacific.com/venus-concept-announces-the-refinancing-of-its-debt/ Thu, 11 Mar 2021 08:11:25 +0000 https://wadsworth-pacific.com/venus-concept-announces-the-refinancing-of-its-debt/ New loan and debt swap agreements dramatically improve the balance sheet and financial position by reducing the overall cost of borrowing, reducing annual interest charges and improving future cash flow TORONTO, Dec. 10 2020 (GLOBE NEWSWIRE) – Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global leader in medical aesthetic technology, today […]]]>


New loan and debt swap agreements dramatically improve the balance sheet and financial position by reducing the overall cost of borrowing, reducing annual interest charges and improving future cash flow

TORONTO, Dec. 10 2020 (GLOBE NEWSWIRE) – Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global leader in medical aesthetic technology, today announced that it has changed its ease of use. credit with the City National Bank of Florida (“CNB”) and has successfully refinanced its long-term debt obligations. Specifically, the Company secured a new loan from CNB totaling $ 50.0 million under the Main Street Senior Lending Facility established by the Board of Governors of the Federal Reserve System, article 13 (3) of the Federal Reserve Act. The loan has a term of five years and bears interest at the annual LIBOR rate plus 3%. A portion of the proceeds was used to repay $ 3.2 million of the Company’s revolving line of credit with CNB. The Company also entered into agreements with Madryn Health Partners, LP (Madryn) and Madryn Health Partners (Cayman Master), LP (collectively, “Madryn”), under which the Company repaid $ 42.5 million of the total capital. owed under the existing credit agreement with Madryn and issued subordinated convertible notes guaranteed at 8% to Madryn for a total principal amount of $ 26.7 million to exchange and repay the remaining debts owed to Madryn which would have arrived maturing in 2022. The convertible notes have a term of 5 years and the interest rate on the convertible notes decreases to 6% on the third anniversary of the issue. The Notes are convertible at any time into common shares of the Company at an initial conversion price of $ 3.25 per share, subject to adjustment.

“We are pleased to announce these significant improvements to Venus Concept’s balance sheet and financial position, reducing our cost of debt from 9% to less than 5% based on current rates,” said Domenic Della Penna, Director Financial Venus Concept. “This new loan agreement allows us to refinance our long-term debt obligations, which gives us greater flexibility to support the execution of our growth strategy. “

Additional information regarding these loan and securities agreements can be found in the company’s current report on Form 8-K filed with the Securities and Exchange Commission on December 10, 2020.

About Venus Concept

Venus Concept is an innovative global leader in aesthetic medical technology with a broad portfolio of minimally invasive and non-invasive aesthetic medical and hair restoration technology products and present in over 60 countries and 25 direct markets. Venus Concept focuses its product sales strategy on a subscription-based business model in North America and its well-established direct global markets. Venus Concept’s product portfolio includes aesthetic device platforms including Venus Versa, Venus Legacy, Venus Velocity, Venus Fiore, Venus Viva, Venus Freeze Plus, Venus Heal, Venus Glow, Venus Bliss, Venus Epileve and Venus Viva MD. Venus Concept hair restoration systems include NeoGraft®, an automated hair restoration system that facilitates the harvesting of follicles during an FUE process and ARTAS® and ARTAS iX® Robotic hair restoration systems, which harvest follicular units directly from the scalp and create recipient implantation sites using proprietary algorithms. Venus Concept has been backed by leading healthcare growth equity investors including EW Healthcare Partners (formerly Essex Woodlands), HealthQuest Capital, Longitude Capital Management and Aperture Venture Partners.

Caution Regarding Forward-Looking Statements

This Communication contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “1933 Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “1934 Act”). ‘), Including, without limitation, statements on the Financial situation of the company, and other statements containing the words “expect”, “intend”, “may”, “may” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 These forward-looking statements are based on current expectations, estimates, forecasts and projections regarding the activities of the Company and the industry in which it operates, as well as on the beliefs and assumptions of management and do not constitute guarantees of performance or future developments and involve risks, uncertainties and other known and unknown factors which are in some cases beyond the control of the Company. Factors that could materially affect the business operations and the financial performance and condition of the Company include, but are not limited to, the risks and uncertainties described in Part I Article 1A– “Risk Factors ”in the most recent annual report of the Company on Form 10-K, Part II, Item 1A -“ Risk Factors ”in the most recent Form 10-Q and in other documents the Company may file with the SEC. You are urged to carefully consider these factors when evaluating forward-looking statements and are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are based on information available to the Company on the date below. Except as required by law, the Company does not intend to publicly update or revise forward-looking statements to reflect new information or future events or otherwise.

CONTACT: Investor Relations Contact: Westwicke Partners on behalf of Venus Concept: Mike Piccinino, CFA VenusConceptIR@westwicke.com



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CFOs use bond proceeds to pay off lines of credit and debt https://wadsworth-pacific.com/cfos-use-bond-proceeds-to-pay-off-lines-of-credit-and-debt/ Thu, 11 Mar 2021 08:11:24 +0000 https://wadsworth-pacific.com/cfos-use-bond-proceeds-to-pay-off-lines-of-credit-and-debt/ In recent months, many companies have raised billions of dollars in new debt in the bond market, taking advantage of low funding costs and strong investor demand. CFOs used the additional capital to strengthen their company’s balance sheet, repay credit lines or replace old debts following Federal Reserve interventions to stabilize financial markets. Most, however, […]]]>


In recent months, many companies have raised billions of dollars in new debt in the bond market, taking advantage of low funding costs and strong investor demand.

CFOs used the additional capital to strengthen their company’s balance sheet, repay credit lines or replace old debts following Federal Reserve interventions to stabilize financial markets. Most, however, did not use the funds to invest in their businesses, according to a recent study of approximately 9,500 bond sales by Columbia Business School.

“We are seeing that a lot of issuers are issuing earlier in their cash cycle than usual, are in sectors that are not the most affected by Covid [and] use the proceeds to accumulate money or pay off debt, not invest in their operations, ”said Olivier Darmouni, associate professor of finance and economics at Columbia Business School and one of the study’s authors .

As a result, the bond market rally between March and the end of June – the time period analyzed by researchers – is unlikely to result in a “V” recovery in the wider economy, according to the study. U.S. economic growth has contracted sharply since the coronavirus pandemic took off in the spring, and the pace of the recovery has slowed in recent months. US companies have raised about $ 1 trillion in US debt markets since March, according to the Federal Reserve Bank of New York.

The Fed has been buying corporate bonds for several months with the aim of keeping bond markets open and stopping a possible wave of bankruptcies. He started by buying investment grade debt securities, then added some garbage or high yield bonds, among other measures he used, such as lowering interest rates to near zero.

Among the companies selling bonds was

Chevron Corp.

The oil producer’s net debt increased by $ 5.5 billion in the first quarter and $ 1.7 billion in the second quarter, even though it has a revolving credit facility of $ 9.75 billion . The company has cut his plans for 2020 capital spending of $ 4 billion, like many other companies that have cut capital budgets. Chevron recorded a loss of more than $ 8 billion in the second quarter.

Coca Cola Co.

, the Atlanta-based beverage maker, sold a total of $ 11.5 billion in debt in March and April. Meanwhile, Coca-Cola had about $ 8.8 billion in untapped lines of credit, according to a spokesperson. The company declined to comment further.

More than 40% of companies that issued bonds between March and the end of June did not use existing lines of credit, while nearly 60% used the proceeds of the bonds to repay lines of credit, according to the study. .

Kraft Heinz Co.

, the consumer goods giant, sold $ 3.5 billion worth of bonds in May and used the proceeds to pay off older debts, according to a spokesperson. The company pulled one of its credit facilities in March, but repaid its entire revolver in June, the spokesperson added.

Societe Generale Électrique.

issued $ 13.5 billion in debt in the second quarter, using the proceeds to pay off $ 10.5 billion in shorter-term debt. It also refinanced a $ 15 billion credit facility, which went unused throughout the quarter.

For companies, selling bonds was often cheaper than taking out lines of credit and provided them with longer-term funds compared to bank loans, the Columbia Business School researchers found. “The cost of funds for bonds may have fallen disproportionately relative to lending, with many issuers borrowing at historically low rates,” the study said. Preventing large drawdowns on lines of credit can help weaker companies preserve these facilities longer and also reduce balance sheet constraints for banks, the study found.

The use of bond proceeds by speculative-grade companies has evolved since the second quarter, said Evan Friedman, head of covenants research at Moody’s Investors Service Inc., a rating firm. Although CFOs initially stored money on balance sheets, they later turned to paying off lines of credit and paying off older, more expensive debt.

Firms in the high-yield space are now starting to spend bond proceeds on debt buyouts and mergers and acquisitions, he added.

It will be time, however, before companies embark on new large-scale investments, said Christina Padgett, head of leverage finance research at Moody’s.

“There is a fair amount of uncertainty, which needs to dissipate before you see more investment from business,” said Padgett, noting the lack of clarity on the pace of the economic recovery. “The most important thing you can have in this situation is liquidity.”

The Fed declined to comment on the study’s findings.

Write to Nina Trentmann at Nina.Trentmann@wsj.com

Copyright © 2021 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8



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Will public debt be a problem when the Covid-19 crisis is over? https://wadsworth-pacific.com/will-public-debt-be-a-problem-when-the-covid-19-crisis-is-over/ Thu, 11 Mar 2021 08:11:24 +0000 https://wadsworth-pacific.com/will-public-debt-be-a-problem-when-the-covid-19-crisis-is-over/ Updates on the global economy Sign up for myFT Daily Digest to be the first to know about global economic news. The writer is president of Fulcrum Asset Management Since Covid-19 disrupted global growth earlier this year, major advanced economies have made some of the biggest policy changes ever seen in such a short time. […]]]>


Updates on the global economy

The writer is president of Fulcrum Asset Management

Since Covid-19 disrupted global growth earlier this year, major advanced economies have made some of the biggest policy changes ever seen in such a short time. As Lenin said: “There are decades when nothing happens; and there are weeks when decades happen. We have just lived through several of these weeks.

Even more notable was the unanimity among macroeconomists that a massive fiscal and monetary stimulus is the appropriate response to a “wartime” economic emergency. Almost no one seriously disputes that politics should do “everything that’s necessary”To overcome the shock of the virus.

This agreement reflects a key conclusion of public finance theory: that a higher public debt is the right buffer for the private sector in the face of unpredictable and temporary economic crises. It avoids the distortions that would follow large changes in marginal tax rates that would otherwise be necessary to finance rapid increases in public spending.

The chorus of approval The macro profession has helped fiscal and monetary policymakers introduce massive stimulus packages almost instantly, unlike the much slower response to previous recessions, including the 2008 financial crisis.

The markets have been very volatile, but overall they have largely endorsed these decisions. Despite the increase in public debt, in the long term U.S. government bond yields are expected to remain below 1% until at least 2022. Stocks have rebounded from their lows and could only see them again if political support for the recovery is withdrawn too soon.

But once the recovery is established, public debt overhang risks dividing economists along familiar lines.

Most New Keynesian economists, including Paul krugman and Lawrence summers, believe that high debt levels in themselves will not be a problem for advanced economies. They even suggest that further debt hikes would be desirable, as it would help reverse the trend of secular stagnation in Europe and the United States.

One of the main reasons for their optimism is that the annual cost of servicing the debt will clearly be below nominal growth rate of the economy and central banks seem determined to maintain it. If the interest rate remains below the growth rate, the debt-to-gross domestic product ratio eventually stabilize, provided that the governments’ non-interest – or “primary” – fiscal balance remains stable.

Assuming the high public debt strategy is successful, real bond yields are likely to gradually rise to more normal levels. In addition, equities will respond positively to improving growth prospects as inflation returns to central banks’ 2% targets. Debt could be managed without crisis.

This may be the most likely path for advanced economies in the years to come, but it is not guaranteed.

John cochrane and Kenneth rogoff are among influential economists who warn that most advanced economies, especially the United States, could soon post higher than ever public debt to balance sheet ratios, even after the 2008 crisis. social security and health further increase potential public spending.

This group admits that interest rates have been below growth rates for long periods of time, thus helping to control public debt. But they argue that politicians are starting to respond to falling debt servicing costs by increasing primary deficits through tax cuts and long-term spending commitments. This feedback loop can lead to an indefinite increase in debt ratios, even with interest rates below the growth rate of GDP.

In addition, low debt servicing costs did not prevent previous fiscal crises from erupting without warning when financial markets suddenly deemed debt and government deficits too high. In advanced economies, particularly the United States, this could be triggered by a sharp rise in inflation, forcing central banks to resell their holdings of government debt in the market at a time when higher interest rates. are needed to control inflation.

This kind of step could cause a rush into the government bond and foreign exchange markets that would be catastrophic for the financial system and for asset prices. Mr Cochrane says it would be a “huge disaster” – and that’s no exaggeration.

The recent explosion in public debt is not a problem at the moment. But one day, perhaps out of the blue, it could turn into a serious crisis. As Stanley fischer argued that a coherent exit strategy will be needed to mitigate these risks.



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