Capital Savings – NTBA Mainstreet http://ntbamainstreet.org/ Fri, 21 Jan 2022 16:52:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://ntbamainstreet.org/wp-content/uploads/2021/03/ntbamainstreet-icon-70x70.png Capital Savings – NTBA Mainstreet http://ntbamainstreet.org/ 32 32 Governor Larry Hogan – Official Website of the Governor of Maryland https://ntbamainstreet.org/governor-larry-hogan-official-website-of-the-governor-of-maryland/ Fri, 21 Jan 2022 16:41:41 +0000 https://ntbamainstreet.org/governor-larry-hogan-official-website-of-the-governor-of-maryland/

Annapolis, MD—Governor Larry Hogan today announced the completion of the installation of energy-efficient lighting at the Annapolis Capital Complex and surrounding state office buildings. Maryland’s Department of General Services (DGS) Office of Energy and Sustainability is responsible for ensuring that the purchase and consumption of energy in state operations minimizes costs and improves sustainability , and the Maryland Energy Administration (MEA) supported this project with critical funding. This project supports Governor Hogan’s executive order to achieve a 10% energy savings goal in state-owned buildings by 2029.

“We’ve made Maryland a national leader in energy efficiency and affordable clean energy measures, and this is another way to advance those efforts,” Governor Hogan said. “I want to thank the Department of General Services and the Maryland Energy Administration for their work on this project, which will significantly reduce our energy and operating costs.”

“We are pleased to make more progress on the Governor’s energy savings goals for state-owned buildings,” said DGS Secretary Ellington E. Churchill, Jr. “DGS will continue to serve the citizens of Maryland by leading plans, projects, processes and procedures to reduce the government’s carbon footprint.

During the installation process, nearly 8,000 old fluorescent tube light fixtures were removed and replaced with advanced LED retrofit kits featuring daylight and motion sensors. All existing lighting equipment was recycled under this contract and the recycling was handled by an approved e-waste recycling company.

“The MEA is pleased to have provided the $1.1 million in interest-free loan funds for this Strategic Energy Investment Fund project on behalf of the State,” said MEA Director Mary Beth Tung. “By reducing energy and maintenance costs, this collaboration relieves both ratepayers and a constrained power grid.”

DGS installed 7,680 new energy-efficient light fixtures on 652,564 square feet in five of the Annapolis Capital Complex buildings. These buildings include the Tawes State Office Buildings, Goldstein Building, Data Center, Revenue Authority Building, and Hall of Records Building. Together, the working environments of six state agencies have been favorably impacted. These agencies include the Maryland Department of Natural Resources, the Comptroller of Maryland, the Treasurer of Maryland, the Maryland Court of Appeals, the Maryland Special Court of Appeals, and the Maryland State Archives.

The Office of Energy and Sustainability projects that 689 tonnes of carbon dioxide will be reduced each year, with annual savings of 1601.MWH of electricity and $136,095.77.

“The Office of Energy and Sustainable Development plans to install an additional 5,000 LED fixtures in four additional buildings using the $450,000 utility rebates from Phase 2 of this project,” said David St. Jean, Director of the Office of Energy and Sustainable Development. “By taking the rebates ourselves, rather than handing them over to the contractor, the state can claim more rebates across three installation iterations, turning $450,000 into nearly $650,000 in additional devices. .”

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Attorney General James sues Energy Service Company for overcharging and deceiving consumers https://ntbamainstreet.org/attorney-general-james-sues-energy-service-company-for-overcharging-and-deceiving-consumers/ Wed, 19 Jan 2022 18:16:44 +0000 https://ntbamainstreet.org/attorney-general-james-sues-energy-service-company-for-overcharging-and-deceiving-consumers/

Major Energy New Yorkers overburdened despite promising savings,
and
Consumer Energy Service Providers Switched Without Consent

NEW YORK – New York Attorney General Letitia James today filed a lawsuit against Major Energy Services LLC and Major Energy Electric Services, LLC (together, Major Energy) for overcharging and misleading New York consumers with fake advertisements. An investigation by the Office of the Attorney General (OAG) found that consumers across the state paid tens of millions of dollars more for Major Energy’s services than they would have paid their local utilities. , despite promises to save on their electricity bill.

“Ripping off New Yorkers with their hard-earned money is unacceptable,” said Attorney General James. “We hold Major Energy responsible for misleading New Yorkers and falsely promising lower prices, but in reality overcharging consumers to make a profit. Hard-working New Yorkers deserve accuracy and honesty when it comes to paying their basic bills, and my office is committed to protecting their wallets from fraudsters.

Attorney General James’ investigation found that since at least 2011 Major Energy has used deceptive marketing tactics with false promises of savings to lure consumers. Often, company sales representatives have misled consumers by falsely claiming that the representatives work for the consumer’s local utility, displaying fake badges, or wearing hard hats and construction vests when doing door-to-door solicitations. door-to-door, all to get consumers to switch their services to Major Energy. In many cases, consumers were unaware that they had been registered with Major Energy because certain sales representatives had registered them without their consent.

Records obtained by OAG show a Major Energy representative responding to a complainant saying, “I’ve worked here a long time… I’ve heard unbelievable lies, let me tell you. In another case, another Major Energy representative admitted that the company received many complaints due to “misinformation” provided by door-to-door representatives.

Major Energy serves customers in New York, Long Island, the Hudson Valley, Capital Region, Upstate and Western New York.

In his lawsuit — filed in New York County State Supreme Court — Attorney General James is seeking a permanent injunction to end Major Energy’s deceptive advertising and marketing practices, as well as restitution, reimbursement, penalties and costs.

Today’s lawsuit is part of the OAG’s long-running investigation into illegal practices by energy service companies (also known as ESCOs). Investigations into this industry have resulted in ESCOs paying millions of dollars in damages and penalties. Over the past five years, OAG has recovered approximately $4.8 million in settlements from five ESCOs.

When buying gas and electricity, consumers have two choices: (1) buy directly from a utility company or (2) contract the purchase through an ESCO. ESCOs buy energy on the open market and then resell it to consumers. Since ESCOs purchase electricity and gas from the same sources as utility companies, there is no difference in the actual electricity and gas purchased by consumers whether supplied by a ESCO or a consumer’s local utility.

Consumers can protect themselves from unscrupulous ESCOs by remembering the following tips:

  • If you receive an offer for energy services, make sure you understand whether the offer is from your utility or from an ESCO.
  • You do not have to choose an ESE to supply your gas or your electricity. You can choose to use your utility as your direct provider.
  • Make sure you understand if an ESCO contract has a termination fee and, if so, find out how much the fee will be and how long your contractual commitment will be.
  • You have the right to terminate an ESCO contract without obligation within three days if you change your mind.
  • Before accepting an offer, ask the ESCO to show you how its rates compared to your utility’s rates in each month of the past year. This can help you gauge how competitive ESCO pricing has been in the past and could be in the future.
  • If you’re not comfortable with a seller’s behavior, end the conversation by asking them in writing to consider their offer so you can make a decision without pressure and after consulting with someone you trust.
  • If you receive a notice that your service is being switched to an ESCO and you did not authorize the change, contact the utility and the ESCO immediately to tell them to stop the change. If you are unable to have an ESCO switch canceled, contact the New York Public Service Commission at 1-888-697-7728 or file a complaint on their website.
  • If you have concerns about your interaction with or the business practices of an ESCO, contact the New York Attorney General’s Office and submit a complaint on our website.

This case is being handled by Assistant Attorneys General Joseph P. Mueller and Kate Matuschak of the Consumer Frauds and Protection Bureau under the supervision of Deputy Bureau Chief Laura J. Levine and Bureau Chief Jane M. Azia, with assistance from the data analyst Anushua Choudhury from the research and analysis department. The Research and Analytics department is led by Deputy Director Megan Thorsfeldt and Director Jonathan Werberg. The Consumer Frauds and Protection Bureau is part of the Division of Economic Justice, which is headed by Chief Deputy Attorney General Chris D’Angelo and overseen by Senior Deputy Attorney General Jennifer Levy.

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Speech by Paschal Donohoe after the Eurogroup meeting of January 17, 2022 https://ntbamainstreet.org/speech-by-paschal-donohoe-after-the-eurogroup-meeting-of-january-17-2022/ Mon, 17 Jan 2022 21:16:35 +0000 https://ntbamainstreet.org/speech-by-paschal-donohoe-after-the-eurogroup-meeting-of-january-17-2022/

I’m going to start by sending my best wishes to everyone for the new year. Today we paid tribute to the recent death of the President of the European Parliament, David Sassoli. We then welcomed the new members of the Eurogroup. We have four new colleagues joining us today – Christian Lindner, Sigrid Kaag, Yuriko Backes and Magnus Brunner. We opened our meeting by giving everyone the opportunity to present their priorities for the coming year.

With regard to the policy discussion we had, our first item on the agenda was to compare the performance of the eurozone at this stage of the recovery from the pandemic against the performance we are seeing in other parts of the world. This was facilitated by a paper prepared by Commissioner Gentiloni and a presentation by OECD Chief Economist Laurence Boone. What this discussion has underlined for all of us is that the efforts we have made to help the European economy recover from COVID-19 have been appropriate, they have been of the right magnitude and they have made a huge difference to help people in the European Union. If I look at where we are now, we can now see an economic recovery that is strong despite the many risks, the many challenges. For many members of the European Union, we can see that levels of economic output are already where they were before the pandemic or approaching it. What we have also talked about is the impact of our measures on the preservation of employment, the preservation of income and the creation of savings. We are convinced of the positive impact that our measures have had on the recovery of our economies.

We remain acutely aware of the risks and challenges ahead. That’s why the second item on our agenda was a discussion of where we are with corporate solvency and the potential vulnerability that employers might face as we move away from general levels of economic support to levels more targeted economic support. We had a good discussion about this and we heard the Commission tell us about the different policy areas to which it gives priority. It is important to help employers prepare for this moment of change. We have had insolvency levels that have been lower than they would normally be during the most difficult times of the pandemic. As we move forward into 2022, we hopefully continue to be able to make changes to our response levels as we move into a different stage in the fight against the pandemic. We agreed that this is something we want to continue to focus on. We will continue to monitor this and discuss what changes we can make to national insolvency proceedings. Many of us already have measures in place at the national level to help our economies and our workers transition into new and growing sectors of our economy.

We then moved on to the approval of the recommendation on the economic policy of the euro zone. It was actually quite a short discussion, given the consensus we had before this meeting and all the work that has been done to prepare for our agreement today. So we agreed on the right fiscal stance for the Eurozone for 2022, and we agreed on the kind of policies that need to be put in place this year to help support our recovery. But we have also been clear about where we need to improve. In a moment, I will discuss the banking union and the capital markets union.

Before that, we had our first substantive discussion on the euro area dimension of the economic governance framework. And in this part of our meeting, we heard many views from governments about the draft budget plan process, about the oversight procedures in place, about the fiscal rules, about the value of national economic policy coordination, and also in terms of how we can ensure that we have made commitments regarding our national finances, that they are respected and that they are transparently monitored. This was the first discussion on this particular topic. It is fair to say and indeed obvious that we will have many more discussions on this subject in the coming period. But we had a good tone in this discussion, colleagues intervened aware of the importance of this discussion and while setting out their national views, they were aware of the need to find agreement in this area as we move forward until 2022.

In an inclusive format, we then moved on to a debriefing on the Eurozone Summit and an assessment of the state of play of Banking Union. I pointed out to my colleagues that we have an economic imperative to act. There is also a political window of opportunity in which we had to act. This was approved by all ministers. In the coming period, I will present another initiative on banking union which will set out how we want to move forward and reach agreement on the different work streams and files. To emphasize, it is not a question of reaching an agreement on a particular policy area within the Banking Union at this stage. This is a process to move all banking union projects forward and to reach agreement on how we will sequence them and how we will engage with them.

So we covered a lot at our first Eurogroup meeting of the new year. We also had the opportunity to assess where we stand with the implementation of the revised ESM Treaty, which the Eurogroup continues to commit to implementing. I am convinced that we will make progress on the banking union and I am equally convinced that we will have a political environment and a political space in which we can engage in the revision of the budgetary rules and help, I hopes, Paolo in his efforts to advance this vital process for the European Union

Visit the meeting page

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Main highlights of the 2021 finance law | Denton https://ntbamainstreet.org/main-highlights-of-the-2021-finance-law-denton/ Fri, 14 Jan 2022 16:32:59 +0000 https://ntbamainstreet.org/main-highlights-of-the-2021-finance-law-denton/

On December 31, 2021, President Muhammadu Buhari signed into law the Finance Bill 2021 (now Finance Law 2021). The Finance Law for 2021, which entered into force on January 1, 2022, amended various provisions of 13 laws of the National Assembly. We highlight below 7 key changes introduced by the 2021 finance law:

  1. Introduction of Capital Gains Tax (CGT) on share transactions: CGT at the rate of 10% is now payable on gains arising from the disposal of shares of any Nigerian company, except where the proceeds are used to acquire shares of the same entity or other Nigerian companies during the same tax year or the proceeds are less than N100 million in any 12 consecutive months. With the introduction of CGT on equity transactions, it is important that the parties to the transaction analyze the impact of the CGT to be paid (if any) on the pricing conditions and tax provisions of the contract of sale and of purchase. Alternative transaction structures may need to be explored by the parties.
  2. Exclusion of companies engaged in petroleum operations from the profit exemption in respect of goods exported from Nigeria: Under the Finance Act 2019, profits of any Nigerian company derived from goods exported from Nigeria are exempt from corporation income tax (CIT) if the export proceeds are used to acquire raw materials , installations, equipment and spare parts. The parts of the export earnings which are not used to acquire raw materials, installations, equipment or spare parts will however be subject to corporation tax. The 2021 finance law has now excluded companies engaged in downstream oil operations from this tax incentive. Companies engaged in upstream or midstream petroleum operations are also excluded.
  3. Introduction of sugary drink tax in Nigeria: Excise duty at the rate of NGN 10 per liter is now payable on soft drinks, carbonated and sugary drinks. More and more countries are introducing a tax on sugary drinks to encourage healthy eating habits. According to the World Health Organization (WHO), from 2011 to 2030, global losses (direct and indirect costs) of gross domestic product due to diabetes are expected to total US$1.7 trillion (US$900 billion in countries in high-income countries and US$800 billion in low- and middle-income countries). Taxation of sugary drinks has therefore been suggested by the WHO as a means of reducing consumption of sugars based on evidence showing that a tax on sugary drinks which increases prices by 20% can lead to a reduction in consumption of sugars. ‘around 20 %. Other benefits include savings on health care costs and the use of income and savings made for health-related projects and activities.
  4. Data protection: The Finance Act 2021 amended the Federal Inland Revenue Service (FIRS) (Establishment) Act 2007 to impose a general duty on any person acting in an official capacity or employed in the administration of the law that has access to taxpayer information to consider and treat such information as secret and confidential. Previously, the obligation imposed concerned information relating to the profits or elements of profits of any company. The Finance Act 2021 expanded the data protection obligation imposed on FIRS officials in line with the global movement to ensure data protection, not only because of its primacy as a law but because of the economic necessity of it. .
  5. Increase in the rate of higher education tax (TET) and reduction in the payment period: The TET, which was previously levied at the rate of 2%, will now be levied at the rate of 2.5% on the taxable profit of companies registered in Nigeria, excluding small companies. The resulting effect is that businesses in Nigeria, excluding small businesses, now have an increased tax liability. In addition, any company subject to the TET is required to make the payment within 30 days of receiving a tax notice from the FIRS instead of the 60-day period that was previously the case.
  6. Withdrawal from the National Agency for Scientific and Technical Infrastructure (NASENI): A levy at the rate of 0.25% on pre-tax profit is now payable by trading companies and businesses with a turnover of N100 million and above operating in the banking, mobile telecommunications, communication and information technology, aviation, shipping, and oil and gas. Although the NASENI tax is not new (having been introduced in 1992 by the NASENI law to, among other things, finance research, development and production activities), the 2021 finance law streamlines the applicability of the tax to specific sectors based on an increased turnover threshold in order to increase the effectiveness of law enforcement and generally reduce the costs of small and medium-sized businesses.
  7. Expansion of government borrowing power: The Finance Act 2021 amended the provisions of the Fiscal Responsibility Act 2007 (the FRA) with respect to government debt management. Prior to the Finance Act 2021, FRA debt management rules provided that government at all levels was only allowed to borrow for “capital expenditure” and “human development”, and “to concessional terms with a low interest rate and a reasonably long amortization period”. Under the FRA, “concessional terms” mean that the loan must carry an interest rate not exceeding 3%. The FRA’s interest rate ceiling was a key issue in government-linked financing. The Finance Act 2021 has now changed the wording of the FRA. Under the 2021 budget law, government at all levels is now able to borrow to embark on “critical reforms with significant national impact” in addition to borrowing for capital expenditure and human development. In addition, government borrowing can be done on “concessional terms”. Where at relatively low interest rates”, thereby creating a distinction between borrowings which are on “concessional terms” and borrowings which, although not on concessional terms, have a “relatively low rate of interest”. Changes introduced by the 2021 finance law effectively expand the government’s borrowing powers

Given that the main objective of the 2021 budget law is to ensure alignment between the amended laws and the federal government’s macroeconomic policy reforms, it is expected that other laws that require urgent attention to stimulate the growth of the Nigerian economy will likewise be examined and addressed in the near future.

  1. The amended laws are as follows: (1) The Capital Gains Tax Act Cap C1 Laws of the Federation of Nigeria (LFN) 2004; (2) the law relating to corporation tax Cap C21 LFN 2004; (3) the Customs and Excise Tariffs Act, etc. (consolidated) Cap C49 LFN 2004; (4) the Personal Income Tax Act Cap P8 LFN 2004; (5) Cap S8 LFN Stamp Duty Act 2004; (6) Value Added Tax Act Cap V1 LFN 2004; (7) the insurance law Cap I17 LFN 2004; (8) National Agency for Science and Engineering Infrastructure Cap N3 LFN 2004; (9) Finance (Control and Management) Act Cap F26 LFN 2004; (10) Federal Inland Revenue Service (Establishment) Act 2007; (11) Fiscal Responsibility Act 2007; (12) the Higher Education Trust Fund (Establishment) Act 2011; and (13) Nigeria Police Trust Fund (Establishment) Act 2019. ↩
  2. https://apps.who.int/iris/bitstream/handle/10665/260253/WHO-NMH-PND-16.5Rev.1-eng.pdf;sequence=1 ↩
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Canadian Banks Seek Opportunities In Fragmented U.S. Market https://ntbamainstreet.org/canadian-banks-seek-opportunities-in-fragmented-u-s-market/ Wed, 12 Jan 2022 19:06:23 +0000 https://ntbamainstreet.org/canadian-banks-seek-opportunities-in-fragmented-u-s-market/

Once dubbed the world’s best boring banks, Canada’s biggest lenders are more profitable than ever

Content of the article

Greetings from New York, where the weather is freezing minus 8 degrees Celsius (even lower with any wind chill factor). After an unusually mild start to the winter season, an arctic frost arrived with a boost this week via Canada.

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This icy blast isn’t the only invader north of the border. Canadian banks – full of excess capital and record stock prices – have also emerged, seeking to expand their presence in the United States

Bank of Montreal grabbed the headlines last month when it struck a deal to buy the US unit of BNP Paribas for US $ 16.3 billion. The deal, one of the largest ever signed by a Canadian lender, is a bold gamble. BMO already has a significant presence in the Midwest following the acquisitions of Harris Bankcorp in the 1980s and the takeover of Marshall & Ilsley a decade ago.

But the purchase of San Francisco-based Bank of the West will double its retail presence in the United States and give it a solid position in California, which has resisted economically during the pandemic.

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The current push comes at a time of relative strength. Once dubbed the world’s best boring banks, Canada’s largest lenders are more profitable than ever, thanks to years of low interest rates, robust consumer borrowing and a hot housing market fueling demand for Mortgages.

The “Big Six” – Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia (Scotiabank), BMO, Canadian Imperial Bank of Commerce and National Bank of Canada – collectively achieved 57, $ 7 billion in net profits in the fiscal year that ended in October. Bank returns on equity ranged from 14.4 percent to nearly 21 percent, above the range for the largest US institutions.

Bank of Montreal grabbed the headlines last month when it struck a deal to buy the US unit of BNP Paribas for US $ 16.3 billion.
Bank of Montreal grabbed the headlines last month when it struck a deal to buy the US unit of BNP Paribas for US $ 16.3 billion. Photo by Chris Wattie / Reuters files

It should come as no surprise that Canadians have gone south to shop. High levels of capital accumulated during a nearly two-year moratorium on capital redistributions – only lifted in November – and stock prices trading at record highs suggested Canadian banks would seek acquisitions.

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The United States has an attractive market. Unlike Canada, where the Big Six already control nearly 90 percent of the market, the United States has a more fragmented industry and offers more opportunities for growth.

And compared to European banks, Canadian lenders have proven to be better at making money in the US market. This explains why BBVA from Spain, NatWest and even HSBC have pulled out of the United States. They struggled to compete with the big Main Street lenders such as JPMorgan Chase, Bank of America and Wells Fargo.

At BMO, the U.S. unit’s return on equity was 15.8% in fiscal 2021 and did a good job of controlling overhead. Its adjusted efficiency ratio, which measures spend as a percentage of revenue, reached 50.8%. Bank of the West is doing worse at 63 percent, suggesting BMO will target this higher cost base to generate a target of US $ 860 million in pre-tax cost synergies through technology and back-office savings. .

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Besides BMO, TD Bank also has a strong presence in the United States. Canada’s second-largest lender in terms of market value has become the eighth-largest in the United States in terms of assets. After losing Bank of West to BMO, he remains keen to have a strong balance sheet to support his appetite.

Meanwhile, RBC, Canada’s largest bank, is interested in buying wealth distribution and commercial banking businesses in the United States.

One of the disadvantages for shareholders of any large transaction would be the stock buyback or dividend increase plans. They will probably have to take a break. BMO has already announced that it will delay its share buyback program, which it had previously promised to restart, until the deal with the Bank of the West is reached.

But investors must be patient. So far, Canadian banks have exceeded their weight in the United States. Greater efficiency of scale resulting from consolidation will help them maintain their place.

© 2022 The Financial Times Ltd

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Online food delivery resumes as third wave bites https://ntbamainstreet.org/online-food-delivery-resumes-as-third-wave-bites/ Tue, 11 Jan 2022 00:30:00 +0000 https://ntbamainstreet.org/online-food-delivery-resumes-as-third-wave-bites/ Bombay | Bangalore: Cloud-based restaurants and kitchens are once again seeing increased demand for food delivery online, as movement of people is restricted, especially on weekends on some subways, amid a new wave of the pandemic .

The restaurant industry, which has been nearly wiped out by Covid-19, remains afloat with online delivery as dinner suffers again, several executives have said. They expect the surge in online demand to be temporary and normalize once restrictions are lifted.

Aseem Grover, operator and owner of The Big Chill in the National Capital Region, said online volumes have doubled on a regular weekday since authorities imposed a nighttime curfew on Delhi.

“Online deliveries, of course, have increased, but that’s not what normal business would be. With the start of the nightly curfews at 10 p.m., all of our dining activity is killed, which represents 60% of volumes in the hotel industry. This is affecting us badly and some of the restrictions just don’t make sense, ”Grover said.

The Big Chill has 12 outlets in the NCR.

Augustine Kurian, partner of Kappa Chakka Kandhari specialty restaurant in Bengaluru and Chennai, said his online catering business on

and Swiggy has doubled in the past two weeks. Kurian said the company plans to aggressively advertise aggregators and direct order channels and revamp its online presence.

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“We thought that after the second wave, once the restaurant opened, things would go pretty well. But I think we need to rely more on our online delivery. And we actually need to redefine the strategy for our entire online delivery platform, ”Kurian said.

Direct ordering platforms are also benefiting from soaring online volumes. Kurian has said he leans over Dunzo and Thrive as he prepares to launch an online presence in a big way. The DotPe direct ordering platform saw a 100% increase in order volumes in the first week of January compared to the same period last month.

Management consultancy Redseer predicts that while there could be a short-term impact on food delivery volumes, due to fears of the spread of the Omicron variant of Covid-19, the entire sector will continue to grow quarterly.

“Between Q1 and Q2 2021, we saw the overall volume and value of food delivery increase by 15-20%. With a much larger online user base now, we may not see the same levels of growth, but quarterly volumes will continue to grow, ”said Abhijit Routray, Engagement Manager at Redseer. “The rate of growth of cloud kitchens exceeds the overall growth of the food delivery industry as players are now well prepared and have identified the right micro-markets in which to operate.”

Cloud kitchens make hay

New-age cloud kitchen operators such as Curefoods, Ghost Kitchens, and Box8 are already seeing a 10-15% increase in orders, with weekend curfews in play.

“Over the past 10-15 days, we’ve seen a 15-18% increase in overall delivery volumes compared to the first week of December and we expect that to reach 25% in January. There has been some confusion on the ground with the lack of clarity on the blockages, but it’s a short-term issue, ”said Karan Tanna, Founder and CEO of Ghost Kitchens Pvt. Ltd, which runs a plug-and-play model for food brands by helping them set up cloud kitchens.

QSR Channel Wow! Momo, which processes 80% of its orders through Swiggy and Zomato, told ET that online order volumes peaked at 70% more than in December before the curfews. Co-founder Sagar Daryani said he plans to increase the number of cloud kitchens from 19 to 65 by the end of the year.

“We bring all of our brands together in our cloud kitchens and that gives us better sales throughput. The silver lining here is the cloud kitchen business or the delivery business is booming. Because if people can’t go out, they at least want their favorite food delivered to their doorstep, ”Daryani said.

Hybridization models (a mix of online and offline models) will become an industry standard as large-format restaurant owners also explore plans to set up and operate cloud-based kitchens.

“The demand for cloud kitchens would increase. While the margins may be lower for restaurants compared to operating their own outlet, there is currently a lot of uncertainty for on-site dining. They create a cloud kitchen setup just to reduce risk. and going for a hybrid model, ”said Mukesh Yadav, director of cloud kitchen operator Smart Kitchen, which works with brands like Chai Point and Fatlulu’s in the National Capital Region. Yadav said the number of queries from mid-sized and high-end restaurants requesting cloud-based kitchen space has increased over the past week.

Problems on the supply side

A stronger ecosystem for online ordering and cloud-based kitchen infrastructure providers is benefiting restaurants who now have a manual to deal with these sudden and unexpected waves. That said, restaurateurs said if the restrictions were extended beyond the expected 4-6 week window, the impact on the industry could be catastrophic.

“The lifespan of the variant will be crucial. This wave is also as unexpected and sudden as the first and second waves. But what has happened is that people who have been in business for a long time have first wave savings and backups. It has diminished considerably in the second and is completely non-existent in the third. So it becomes much more difficult to survive and successfully complete, ”said Grover of BigChill.

While the spread of Covid-19 may be one of the short-term deterrents to delivering food online, dynamic lockdowns are also raising concerns within the industry.

In response to ET’s queries, food technology company Swiggy said that while there hasn’t been volatility in food order volumes yet, it expects disruption due to dynamic lockdowns. in various states.

“We are not seeing any unusual volatility in order volumes … While we can expect some degree of disruption to occur in the extent of curfews in specific cities and during these hours we do not we don’t expect it to be important This is the third such lockdown and food delivery is considered an essential service in most cities, ”a spokesperson said.

On Monday evening, the Delhi Disaster Management Authority decided to close all bars and restaurants to curb the growing number of Covid-19 cases in the national capital, and only allow take-out food.

The new guidelines, which completely ban meals and only allow deliveries, are “totally unsustainable,” Kabir Suri, president of the National Restaurant Association of India, said in a statement. “It’s like an excruciating and painful slow death for a once vibrant industry.”

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Inflation ‘raises its head’ – pension savers urged to invest now | Personal Finances | Finance https://ntbamainstreet.org/inflation-raises-its-head-pension-savers-urged-to-invest-now-personal-finances-finance/ Sun, 09 Jan 2022 04:00:00 +0000 https://ntbamainstreet.org/inflation-raises-its-head-pension-savers-urged-to-invest-now-personal-finances-finance/

The COVID-19 pandemic has had a huge impact on the economy not only in the UK, but the world as a whole. Inflation rates in Britain have reached astronomical levels in recent months, raising concern among retirees and savers.

Inflation hit 5.1% for the year through December 2021, a decade-high figure.

This has left retirees concerned about the cost of living and also made it more difficult for those saving for retirement to achieve their plans.

James Norton, head of financial planners at Vanguard, made his forecast for inflation in 2022 and suggested what retirees should do to adjust.

He told Express.co.uk: “As we have seen before, inflation is re-emerging, fueled by high energy prices and growing demand as more companies and consumers break free from their pandemic chains and fight for supply.

READ MORE: Free NHS orders ‘removed from April’ – £ 9.35 fee to be increased at the same time

He said: “Inflation has a key role in investing and is a key reason for investing in the first place.

“Inflation at 2.5% is very likely to exceed the interest available on cash savings, which means the real value of those savings will decline.

“By promoting the growth of your capital over the long term, you are looking for a return that more than compensates you for the corrosive effects of inflation.

“If instead you kept your money in a savings account or opted for an Individual Savings Account (ASI) in cash rather than an ISA for stocks and stocks, your money would earn even less. “

Mr. Norton also encouraged people to mix bonds in their investment portfolios to keep them diversified.

He said: “We don’t think bonds are there to generate returns on investment – it’s the job of your holdings.

“Instead, the role of bonds in an investment portfolio is to act as shock absorbers.

“Essentially, they act as a stabilizing influence when your stock holdings aren’t performing well. “

Another thing that savers should consider is the cost of their investments in terms of fees, which could eat into profits.

Mr Norton said, “No one can control the market, but you can control what you pay to invest.

“With inflation at 2.5%, an investor who pays 1.5% in platform and fund fees will have to achieve a return of 4% in order not to lose money. This is essential to your long term investment success.

“Stick to your plan, focus on long-term goals, and ignore the noise!” People often panic about inflation, but it really doesn’t have to be. “

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L&G appoints Andrew Kail CEO of PRT division https://ntbamainstreet.org/lg-appoints-andrew-kail-ceo-of-prt-division/ Fri, 07 Jan 2022 11:11:36 +0000 https://ntbamainstreet.org/lg-appoints-andrew-kail-ceo-of-prt-division/

Legal & General (L&G) today announced the appointment of Andrew Kail as Chief Executive Officer (CEO) of Legal & General Retirement Institutional, the group’s retirement risk transfer (PRT) arm, effective January 1, 2022.

Kail succeeds Laura Mason as CEO of the division, who became CEO of Legal & General Capital after successfully leading the company since January 2018.

After spending three decades at PwC in numerous roles, Kail joined Legal & General Retail Retirement in 2021.

During his tenure at PwC, he held the position of Head of Financial Services, where he led the company’s 6,000 teams in the areas of asset and wealth management, banking, insurance and real estate. Earlier in his career, he worked in the audit, strategy, regulation and technology units of PwC.

Commenting on her new role, Kail said, “It is a great privilege to lead such a successful global team in the Retirement Risk Transfer (PRT) markets.

Gallagher Re

“There are still significant opportunities for Legal & General to help pension plans reduce risk, in the UK and internationally, through collaboration, innovation and building on knowledge. strength of the Legal & General group.

“We provide additional security and world-class customer service to program members while investing their savings in their communities and environment, thereby improving local economies. “

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More than 8.5,000 table reservations made on the platform every hour in 2021: Dineout https://ntbamainstreet.org/more-than-8-5000-table-reservations-made-on-the-platform-every-hour-in-2021-dineout/ Wed, 05 Jan 2022 08:38:17 +0000 https://ntbamainstreet.org/more-than-8-5000-table-reservations-made-on-the-platform-every-hour-in-2021-dineout/

NEW DELHI : Food and beverage technology platform, Dineout said on Wednesday that the platform reported 8,588 table reservations per hour in 2021.

About 45 million guests saved ??1,360 crore via Dineout discounts and offers, the company said in its Dineout Trends 2021 report.

The average bill paid in 2021 has increased by 40%, in part due to revenge consumption as well as a general increase in the cost of restaurant meals. The average value of invoices has increased from ??1,907 in 2020 to ??2,670 in 2021.

“The 40% increase in mountain biking is due to the phenomenon of revenge and pent-up demands for restaurant meals, as it was the only source of entertainment for people between multiple travel restrictions,” he said. said Wednesday in a note.

The year was marked by a more severe second wave that drove consumers indoors as strict lockdowns were enforced across the country. However, in recent months, diners have once again gone out, visiting restaurants and pubs.

Interestingly, luxury restaurants in India grew by up to 120%, while reservations for fine dining formats saw 105% growth on the Dineout platform.

“Over the past year it was interesting to watch how Revenge Meals increased the average bill by 40%, but diners still saw huge savings,” said Ankit Mehrotra, co-founder and CEO of Dineout.

Mehrotra said diners using the platform have become “cautious” picking spots with high ratings and reviews.

In fact, in 2021, 73.5% of transactions were carried out in restaurants classified 4+.

“Mumbai stood out from the rest of the cities with a total of 85.2% of transactions made at the best restaurants in the city. Speaking of overall restaurant revenues, modernizing restaurant technologies has helped us improve customer satisfaction, thereby increasing restaurant sales, ”the company said.

Connaught Place in New Delhi, followed by Lower Parel in Mumbai and Whitefield in Bengaluru became the country’s most popular restaurants in 2021. The Salt Lake region in Kolkata placed fifth.

For the third year in a row, the capital has been ranked as the gastronomic capital of India, accounting for 32% of the total number of diners, followed by Bangalore with 18%.

Diners chose butter chicken, dal makhni, and naan, making North Indian cuisine a hit among platform users, followed by Chinese and Continental cuisine. Dinner is the most popular time to eat out, according to the report.

During this time, alcohol consumption also remained stable.

“Bangalore consumed 50,000 liters of alcohol in the month of December alone, making it the liquor capital of India in 2021,” he said.

A paid dinner in Mumbai ??7 15,000, the highest bill at BrewDog MidTown, Mumbai, using Dineout.

Dineout is a technology solutions platform for restaurants and eateries. The platform processes transactions and reservations for more than 100 million diners and $ 900 million in transactions for its partner restaurants. Its platform has a network of 50,000 restaurants in 20 cities.

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RBL Bank deposits fall 2.58% qoq https://ntbamainstreet.org/rbl-bank-deposits-fall-2-58-qoq/ Mon, 03 Jan 2022 08:06:15 +0000 https://ntbamainstreet.org/rbl-bank-deposits-fall-2-58-qoq/

Total RBL Bank deposits fell 2.58% qoq (qoq) to 73,637 crore at end-December 2021 from ₹ 75,588 crore at end-September 2021, according to provisional revenue.

At the end of December 2021, however, the private sector bank’s total deposits increased by 9.61% year-on-year (year-on-year) from 67,184 crore at the end of December 2020, the bank said in a filing. regulatory.

During the third quarter, the bank’s Low Cost Current Account Savings Account (CASA) deposits decreased from 1,418 crore yen to 25,316 crore yen at the end of December 2021.

CASA deposits represented 34.4% of total deposits at end-December 2021, compared to 35.4% at end-September 2021.

Retail deposits and small business deposits fell to 37.8% of total deposits at end-December 2021 from 41.6% at end-September 2021.

The short-term liquidity / LCR ratio (quarterly average) stood at 146% at the end of December 2021 compared to 155% at the end of September 2021.

RBI appoints interim CEO

The bank, on December 30, 2021, said that the Reserve Bank of India (RBI) had approved the appointment of Rajeev Ahuja as the bank’s managing director and acting CEO for a period of three months from December 25, 2021. or until the appointment of a CEO and CEO, whichever comes first.

The bank’s board of directors, at its meeting on December 25, 2021, accepted the request of long-time managing director and CEO Vishwavir Ahuja to take time off.

On December 24, 2021, the RBI appointed an additional director – its managing director Yogesh K Dayal – to the bank’s board of directors.

Referring to speculation about RBL Bank in some neighborhoods, which appeared to stem from recent events surrounding the bank, the RBI said on December 27 that there was no need for the bank’s depositors and other stakeholders to react to the reports. speculative.

The central bank added that the bank’s financial health remains stable.

Calling attention to RBL Bank’s half-yearly audited results as of September 30, 2021, the RBI said the bank has maintained a comfortable capital ratio of 16.33% and a provision coverage ratio of 76.6%.

During a media call on December 26, Rajeev said that RBL Bank and its management team fully support the RBI.

He pointed out that the bank has excess liquidity of around 15,000 crore, refinanced by the RBI and the bank lines to handle any volatility in deposits.

Rajeev stressed that these developments are not due to concerns about the advances, the quality of assets and the level of deposits of the bank.

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