Podcasts about fy18

S.O.S. (Stories of Service) - Ordinary people who do extraordinary work

Play Episode Listen Later Mar 29, 2022 4:33

2021 has been an impressive year for the Indian primary markets, with highest ever fundraising in a calendar year. And the momentum could well continue in FY23. According to a note by Prime Database, 54 companies plan to raise a massive 1.4 trillion rupees in the upcoming fiscal year, including the much awaited LIC IPO. These 54 companies already have market regulator Securities and Exchange Board of India's (Sebi's) approval for raising the money. Another 43 companies, the note said, are looking to raise about 81,000 crore rupees where Sebi approval is still awaited. The amount raised in FY22, according to Pranav Haldea, managing director, PRIME Database Group was over 3.5 times 31,268 crore rupees raised through 30 IPOs in 2020-21. The previous best year was 2017-18 (FY18) when 81,553 crore rupees was raised. According to Pranav Haldea, managing director of PRIME Database, IPOs from new-age loss-making tech startups, strong retail participation and listing gains were the other key highlights of 2021-22. But, public equity fundraising dropped to 1.70 trillion rupees from 1.9 trillion rupees in the preceding year. The largest IPO in 2021-22, which was also the largest Indian IPO ever, was of One 97 Communications (PayTM) for 18,300 crore rupees. Some of the other prominent ones included Zomato, Star Health, PB Fintech, Sona BLW and FSN E-Commerce, the parent company of Nykaa. And retail investors were a force to reckon with. The average number of applications from the retail category was 14.05 lakh, the Prime Database report said, in comparison to 12.73 lakh in 2020-21 and 6.88 lakh in 2019-20. The highest number of applications from retail in 2021-22 was for Glenmark Life Sciences, Devyani International and Latent View. Going ahead, analysts expect the secondary market to remain choppy due to the geopolitical crisis between Russia and Ukraine. This, they feel, will have repercussions for the primary market activity as well. G Chokkalingam, founder and chief investment officer at Equinomics Research, for instance, expects the Sensex to remain in the range of 56,000 to 57,000 till a solution is found for the Ukraine – Russia war. Twitter: @Pun_ditry Watch video

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Military Instagram/TikTok Influencers | S.O.S. Podcast #30

Play Episode Listen Later Jan 29, 2022 72:50

In this episode, I chat with three leading influencers in the military space. They are paving the way for young service members by showing you can #doboth - be a squared away military officer and an incredible social media storyteller/catalyst for change! Alexis Travis is an 8-year, active duty, Navy Lieutenant who spent her career working in supply, logistics, and education. She's deployed with the Seabees and on USS Georgia (SSGN 729) as part of the women in submarines program. Leveraging social media channels, she builds a community for military members that champions diversity, representation, women's barriers to service, and bridging the military-civilian gap. She uses data and humor to make change accessible and relatable. She has 7.5k followers on Instagram and 13k on TikTok. Recruited to run track and cross country, Lt. Kellie Hall received her commission through the Naval Academy and was commissioned as a Surface Warfare Officer in 2014. After time onboard USS Pinckney (DDG 91) on a Western Pacific deployment where she lead 26 Sailors as the Deck Division officer, she transferred into the Human Resources community in 2016. In October 2017, she was awarded "Medical Recruiter of the Year" where she led 77 others, and later was named Navy Recruiting District Ohio's FY18 "Inspirational Officer of the Year." Hand-selected to film the Navy's documentary "Faces of the Fleet," Kellie is a professional model, business owner, podcaster, and previous Miss USA state contestant. Her Instagram page has 36k followers. Captain Jackie Barnum is an active-duty Marine Corps logistics officer. She graduated from the Naval Academy in Annapolis MD in 2014. After completing The Basic School in Quantico VA, she completed Logistics Officer Course in Jacksonville NC before being stationed in Okinawa, Japan for 2 years. During that time, she served as a Platoon Commander and participated in multiple exercises in the Philippines and the Republic of South Korea. She was then stationed at Camp Pendleton in San Diego CA where she served as a Company Commander for Combat Service Support Company and had the opportunity to participate in exercises in Guam, the United Arab Emirates, and Port Hueneme. Currently, she serves as a Company Officer at the Naval Academy Prep School in Newport RI. Her passions include mentoring young leaders and helping them navigate challenges in their early careers. She is passionate about sharing her experiences on social media in an effort to inspire younger generations to consider a future in the military. She has 40.7k followers on Instagram.Follow Alexis on Instagram - https://instagram.com/milmama_ontherun?utm_medium=copy_linkFollow Alexis on TikTok - https://vm.tiktok.com/TTPdryMJjL/Follow Kellie on Instagram - https://instagram.com/itskellierene?utm_medium=copy_linkFollow Jackie on Instagram - https://instagram.com/jackiee.barnum?utm_medium=copy_link

#155 The Persistence Of Memory (of bad ideas)

Anticipating The Unintended

Play Episode Listen Later Jan 23, 2022 25:42

Global Policy Watch: Who’s Afraid Of Stakeholder Capitalism?Insights on global issues of the day- RSJSometime in late 2019, Alan Jope, chief executive of Unilever, the global food and cosmetics giant, declared that brands without an evangelical purpose of contributing to society will soon face extinction. As the Guardian reported then:Alan Jope, Unilever’s chief executive, said it was no longer enough for consumer goods companies to sell washing powders that make shirts whiter or shampoos that make hair shinier because consumers wanted to buy brands that have a “purpose” too.“Can these brands figure out how to make society or the planet better in a way that lasts for decades?” said Jope, outlining the company’s thinking. Unilever is not working to a set timetable but Jope, who took over from Paul Polman in January, said it was possible that a brand or even whole product category “is not going to be able to find its purpose”.His comments raised the possibility of the company selling off profitable brands, potentially hurting the bottom line, but Jope said: “Principles are only principles if they cost you something.”This looked good. I mean we all want businesses to have more social responsibility. Here was a CEO willing to take a long view of what’s good for society and let go of short-term gains. How are things going for Alan Jope now? Well, here’s Nils Prately writing in the Guardian last week:Unilever is frustrating its shareholders. Last year’s stock market “rally in everything” bypassed the consumer goods giant entirely. The shares fell by a tenth and, at £39.42, stand roughly at their level of five years ago, soon after the group adopted a supposedly energising cost-cutting and deal-making overhaul in response to its close encounter with Kraft Heinz’s financial engineers. Perhaps, the most entertaining rebuke came from fund manager Terry Smith:“Unilever seems to be labouring under the weight of a management which is obsessed with publicly displaying sustainability credentials at the expense of focusing on the fundamentals of the business.A company which feels it has to define the purpose of Hellmann’s mayonnaise has in our view clearly lost the plot. The Hellmann’s brand has existed since 1913 so we would guess that by now consumers have figured out its purpose (spoiler alert – salads and sandwiches).”Heh!But this isn’t an isolated instance of a corporation grandstanding on contribution to society as its purpose. And a lot of it is driven by other shareholders who value it more than, say, Terry Smith above. For instance, Blackrock, the world’s biggest investment manager, that owns like seven percent of every public company out there, has made ESG (environmental, social and governance) metrics a priority for their investment decisions. Over the last few years, Larry Fink, the chief executive of Blackrock, has emerged as the most influential voice on the role of business in driving the sustainability agenda. This has meant Blackrock cutting back its investments in enterprises that are seen to be bad for environment and sustainability. But this has not been without a backlash. The Republicans and their supporters see this another sign of ‘wokeism’ dominating business agenda. The more left leaning wing of Democratic party feel this is all lip service and Blackrock is not doing enough to push sustainability. There’s also the usual chorus about should it be elected lawmakers who must drive this or an unelected powerful businessman regardless of their good intentions? Plus, there’s been the usual unintended consequences. The throttling of investments into thousands of firms that have business models that still leech off environment while being hugely profitable has increased the spreads on their bonds giving an opportunity to other investors to profit. Also, with so much investments going into ESG, some sort of a ‘green asset bubble’ has been formed with businesses of all stripes positioning themselves as green and sustainable to free ride into billion-dollar valuations. These things usually end up badly for everyone. So, in his latest annual letter to CEOs titled ‘The Power of Capitalism’, Larry Fink seems to suggest he’s moderating things a bit. He starts off in the usual fashion defending the focus on stakeholder capitalism (i.e., thinking beyond shareholder profits):Stakeholder capitalism is not about politics. It is not a social or ideological agenda. It is not “woke.” It is capitalism, driven by mutually beneficial relationships between you and the employees, customers, suppliers, and communities your company relies on to prosper. This is the power of capitalism. He continues with his call for net-zero goals and finding a purpose beyond profits but there’s a subtle shift in tone:In today’s globally interconnected world, a company must create value for and be valued by its full range of stakeholders in order to deliver long-term value for its shareholders. It is through effective stakeholder capitalism that capital is efficiently allocated, companies achieve durable profitability, and value is created and sustained over the long-term. Make no mistake, the fair pursuit of profit is still what animates markets; and long-term profitability is the measure by which markets will ultimately determine your company’s success.Purpose Of CapitalWe talk about the role of capital often here. What purpose must it serve in society? How should policies be drafted to channel it for all round, sustainable progress? These aren’t new questions. Adam Smith mulled over it. Marx wrote a whole book thinking about it in ways that were original and revolutionary. That they were fundamentally unsound is a different thing. Unpaid labour is not the source of surplus value in capitalism, like he thought. There was a pause in thinking about capital in a deeper way during the first half of the 20th century. The two world wars and the great depression created the field of macroeconomics that concerned itself with questions of managing the national economy. The early Austrian school economists went the other way in thinking about the micro - a rational individual, her utility from a product or a service and her actions to maximise it. While economic thought about the nature of a firm was around during that time, most notably in the works of Ronald Coase, it wasn’t mainstream. Only in the 60s when American capitalism produced a boom rarely seen before in history did economists turn their attention to the nature of wealth creation in society and its purpose. Of course, the most famous of the economists among them was Milton Friedman. We have written about Friedman before. After a lot of soul searching, Friedman concluded:“But the doctrine of “social responsibility” taken seriously would extend the scope of the political mechanism to every human activity. It does not differ in philosophy from the most explicitly collectivist doctrine. It differs only by professing to believe that collectivist ends can be attained without collectivist means. That is why, in my book “Capitalism and Freedom,” I have called it a “fundamentally subversive doctrine” in a free society, and have said that in such a society, there is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception fraud.” The role of any business is to maximize shareholder value in a legal way. That’s it. Everything else can be counted as good intentions but will have unanticipated consequences. Shareholder value maximisation, on the other hand, checks all the boxes of a good metric for three reasons.A simple and measurable metric: The shareholder value maximisation goal is easy to set and monitor. It helps that there is a common understanding of the metric. The alternatives are amorphous. It is difficult to understand what does maximising societal value entail, for instance. Who will define what society wants? Are societal objectives of India and the US similar?Rewarding the risk-takers: The shareholders invest risk capital in an enterprise. This willingness to take risk is what leads entrepreneurs to build new products, satisfy the consumers and create new jobs. The shareholders deserve the pursuit of maximum return by the firms for this risk they undertake. It is up to them what they do with these returns. They can invest it in newer enterprises or use it to improve society as they deem fit. The management or anyone else should have no claim on how to invest the returns that belong to the shareholders.Shareholders are the residual claimants: Everyone who contributes to the value creation of an enterprise – the employees, the management team and the customers – get their fixed claim on the value through compensation for their efforts, stock options and the value derived from the products or services offered by the enterprise. Whatever is left is for the shareholder. Only when these fixed claimants are served well, the value for the residual claimant (the shareholder) is maximised. So, the pursuit of shareholder value will by itself serve the other stakeholders well.Doing One Thing WellThe Global Financial Crisis (GFC) wasn’t good for the Friedman doctrine. The massive ‘financialisation’ of business, the loosely regulated nature of financial markets which allowed for the excesses and the bailouts which saved those who had brought about the crisis were seen to be a product of Friedman’s profit maximisation philosophy. Since then controlling free markets and unbridled capitalism as ideas have found favour in most capitalistic societies. More so among the young. And in the last few years, we have had ESG added into the mix. Corporations are now supposed to do things that will serve the interest of the environment and sustainability in the long run. It sounds good and who can argue with it. But like all good intentions, it is hard to implement and runs the risk of doing just the opposite. One, beyond profit maximisation, the shareholders will have heterogenous objectives and time horizons for their investment. The definition of what’s good for humanity will be amorphous among them. Should a company increase its costs of production by adopting ‘green’ practices and make losses in the next five years in the hope that it will eventually make more profits in the long run because of this shift? Will all shareholders reward the management for this? Seems quite unlikely. Some shareholders will have shorter time horizons. Others will disagree on what’s truly ‘green’ and a few might even ask if climate change is for real. Two, the management which is the agent of the shareholders running the business has an incentive to have shareholders with ambiguous objectives. The classic management defence for short-term underperformance is we are building things for the long run. Nothing is more long-run than saving the earth seen from the perspective of the management annual performance cycle. The more ESG pressure that shareholders bring about on the management, the easier it is for them to include the long-term indeterminate objective of saving the earth in explaining their decisions and performance. There is already a danger that a lot of management teams have embraced this notion of purpose (like for mayonnaise) for performative reasons. They know talking ESG is good for the stock in the short term. Or, there is an incentive to explain away their lack of near-term performance to the pivot of being ESG friendly. Neither is good for society.Three, the core management problem in an enterprise is how to allocate capital among the many competing priorities in an enterprise. This is a prioritisation problem that takes a lot of skills to get right - understanding the financial returns of different products and markets, anticipation trends in consumer behaviour, figuring out competitors and regulatory environment. Managers spend their careers learning to get this right. Most fail in the long run which is why corporate mortality is so high - maybe 10 companies or fewer have survived among the top 100 U.S. enterprises from about 50 years ago. Now to burden them with a variable that’s not just difficult to quantify or predict but also is freighted with political and personal beliefs will only make decision making more difficult. More likely than not they will get it wrong. It is for these reasons Friedman’s doctrine remains the most elegant and practical way for firms to pursue its objectives that deliver the most value to society. For Friedman, enterprises in a competitive market pursuing shareholder maximisation will do well for society. The policymakers should work on frameworks that create the right incentives for shareholders and the management to do so while serving the long-term interests of the society. The management then works within it. It isn’t for the management or for the shareholders to optimise for objectives beyond that. The shareholders can take those returns and do what they believe is best for the society based on their beliefs. Somewhere in that Fink annual letter is a muted acceptance of this idea. PolicyWTF: One Person, One Hand BagThis section looks at egregious public policies. Policies that make you go: WTF, Did that really happen? - RSJ This caught my attention yesterday (from the Business Standard). Yes, there’s a guideline to enforce one handbag rule as cabin baggage in flights. In a memo, BCAS (Bureau of Civil Airport Security - who knew there was this too?) said: “It has been seen that an average passenger carries 2-3 hand bags to the screening point. This has led to increased clearance time as well as delays, congestion and inconvenience to passengers. It is, therefore, felt that enforcement of the aforesaid circulars must be ensured by all stakeholders,” it added. Like those hold-all bags my family used to carry during rail travel in three-tier compartments, there’s a lot to unpack here. Congestion has been a problem for long in Indian airports. In fact, the pandemic has meant lower congestion than usual. So, how did this problem and this solution present itself to the Bureau? Here’s the answer from the same report:People aware of the development said a few parliamentarians had complained to Civil Aviation Minister Jyotiraditya Scindia regarding congestion at security checks. Following that, the regulator was asked to implement steps to ease congestion.“We had a meeting with the representatives of airlines and have told them to impose the rule. It takes more time to clear multiple bags,” the security agency said. Ah! Few parliamentarians complained. I’m unsure if they were held up because of congestion because there’s usually a separate VIP channel in all Indian airports. Maybe the number of VIPs have proliferated to such an extent now that there’s congestion in that queue too. It ain’t easy to be a VIP these days. Anyway, the solution that we have come up is two-fold. Quoting the report again:“All airlines and airport operators may be instructed to take steps to implement ‘One Hand Bag rule’ meticulously on ground to ease out the congestion and other security concerns. Airlines may be made responsible and depute staff to guide passengers and check and verify their hand bag status before allowing the passenger for pre-embarkation security checks, “ the memo added.And the second solution:Besides, airlines were also asked to change flight timings so that too many flights don’t arrive or depart around the same time to prevent overcrowding at airports. However, the idea was dropped after airlines opposed this saying changing flight timings in between an ongoing schedule will not leave flexibility and force them to cancel flights, leading to chaos.Thankfully, the second solution was dropped. On to the first solution about enforcing the one-bag rule strictly. So, what will people do? They will be forced to check in their luggage to comply with this. And that will mean the baggage check-in queues will be congested which takes even more time than the security check queue. This is the Indian flyover solution. Build a flyover to solve for congestion and soon realise the congestion hasn’t eased. It has only moved to another location. What about the real solutions? Like thinking about better queue management processes, figuring out queuing patterns during different hours of the day and week based on data and planning capacity to manage the peaks or increasing the capacity for security checks - there’s not a word on these.It is a chhota story. But it has everything that you need to know about public policy in India. India Policy Watch: The Problem with ProtectionismInsights on burning policy issues in India— Pranay KotasthanePolicy success, like beauty, lies in the eyes of the beholder. One such policy success that’s been talked about a lot of late is the increase in mobile phone production in India. The narrative underlying the success is that through a prudent mix of protectionism and industrial policy instruments, India has been able to reduce its mobile phone dependence on other countries, particularly China. This deemed policy success is now being seen as the playbook for many other manufacturing sectors such as electric vehicles and pharmaceuticals. For instance, see this excerpt from Nilesh Shah and Pankaj Tibrewal’s article titled The mobile phone sector has lessons for India’s economy:“We were one of the largest consumers of mobile phones in 2014. In 2014-15, our mobile phone imports exceeded $8 billion. Our electronics imports were threatening to exceed our oil imports. The government took many steps like 100 per cent automatic FDI, levy of import duties to protect local manufacturers, the Phased Manufacturing Plan (PMP), manufacturing clusters (EMC 2.0) and the Production Linked Incentive (PLI) scheme. Despite some execution challenges on the ground, these steps have developed our mobile phone manufacturing base. They have attracted investments, created lakhs of jobs, and have moved us from being a net importer to a net exporter.Our mobile phone manufacturing value has jumped more than eight times from Rs 0.27 trillion in 2013-14 to Rs 2.2 trillion in 2020-21. Samsung runs the world’s single-largest location mobile handset manufacturing plant in Uttar Pradesh. We have surpassed the US and South Korea to become the second-largest manufacturer globally.” [Indian Express, Jan 20] Impressive, isn’t it? By now, you already know there’s going to be a “but” somewhere. So here it is.Judging a policy based only on the benefits it brings is possibly the most common mistake in policy discussions. To understand the complete picture, we also need to analyse the costs.What about the Costs?Of the policy instruments used, allowing 100 per cent FDI through the automatic route is an unequivocally positive step. And we have dealt at length with the promise and perils of the mushrooming PLI schemes in editions 86, 118, and 153.In this edition, we will limit the discussion to the third instrument in the armour: increasing import tariffs. The modus operandi seems to be somewhat like this. Through the Phased Manufacturing Program (PMP), the government increases import duties on final consumer products such as mobiles, chargers etc. This leads to import substitution because products assembled in India (even with imported parts) start to become cost-comparable to the duty-levied imports. Every year, the government keeps adding new products to this PMP list, with the objective of increasing the number of final goods that are assembled in India. The final aim and hope is that these assembly units will become the nuclei for a complete manufacturing ecosystem over time. No, the costs of this strategy are being borne by two sets of Indians. The first losers are all consumers. Higher import duties mean that mobile phone prices have been increasing. The absolute increase isn’t alarming at first sight, to be frank. But electronics prices commonly fall sharply with improving technology, and that has certainly not happened for phones over the last five years. Vivek Kaul has explained the cascading effect of this price rise here:When an individual spends more on something, she cuts down on expenditure in some other area. Given this, if one business benefits due to protectionism, another business or other businesses, lose out in the process. It’s just that this is not so obvious in the first place and hence, is the unseen effect of protectionism.Second, the Indian manufacturers themselves have been under the pump because of rising tariffs for mobile phone parts. The lure of protectionism is such that it quickly spreads from final products to intermediate inputs. Soon, it was felt that not just mobile phone makers but domestic manufacturers of camera modules and connectors should also be ‘protected’. The result — not surprisingly — the import duties are now negating all the benefits provided under the PLI schemes. Manufacturers are still unable to compete in export markets because the parts they import have become costlier. A recent comparative study analysing import tariff regimes of India, Thailand, Vietnam, China, and Mexico puts this well.The main difference in their policy approach is the tariff policy of India compared to others. India has relied heavily on higher tariffs whereas other countries have not done so. Higher tariffs orient the approach of investors and domestic producers away from global markets and towards the domestic market. Notably the exports for India compared with others have remained low as has been examined in this report.This is a crucial point. While the various incentives and protectionism has been successful to the extent that imports of phones have reduced, we are still far away from becoming a competitive exporter. Have a look at this chart I made from government data on mobile exports.As you can see, India’s mobile phone exports fell sharply from FY15 to FY18 with increasing tariffs. Though exports in absolute terms have picked up in the last three years, mobile phones as a share of India’s total exports is still below what was achieved way back in FY09! Going ahead, India’s domestic market alone (projected to be 8.8% of the global market in FY26) is insufficient to attract more manufacturing here. The ability to competitively export will be a key determinant of policy success going ahead. And for exports to rise, imports tariffs must be brought down.In sum, before copying the mobile phone policy success playbook in other sectors, we must remember that the burden of protectionist policies is borne by the consumers and eventually the manufacturers, both. Protectionism can play spoilsport in India’s hopes of exporting its electric vehicles and mobile phones to the world.HomeWorkReading and listening recommendations on public policy matters[Podcast] An insightful episode of All Things Policy with MR Sharan on his new book Last Among Equals: Power, Caste & Politics in Bihar’s Villages[Report] An excellent comparative study on tariffs in electronics by ICEA. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit publicpolicy.substack.com

Why India's two-wheeler growth story got derailed?

Backstage with Millionaires

Play Episode Listen Later Jan 20, 2022 5:32

Titled ‘Inequality Kills', an Oxfam India report recently said that the country's richest families saw their wealth reach a record high in 2021, while 84% of Indian households saw an income decline during the pandemic. It is called K-shaped economic recovery, which suggests that the rich are getting richer but the poor are bearing the brunt of the economic disruption caused by the pandemic. This is affecting the purchasing power of those on the lower end of the spectrum. So, apart from the gross domestic product or GDP -- which the RBI claims will grow at 9.5% in the fiscal year 2022 -- there are several proxy indicators which may tell us a lot about India's economic growth. One such proxy indicator is the declining sales of two-wheelers. Notably, the sales of two-wheelers in 2021 plunged to their lowest in nine years. The average inventory at dealerships currently stands at 50 days against the norm of 25-30 days. Economists explain that around 80%-90% of two-wheeler buyers come from lower-income groups. So a protracted slowdown in the sales of such vehicles effectively puts the brakes on the economic recovery in rural India. “Two-wheeler sales — a proxy of an economy's well-being — have been slipping for three years. The consecutive fall indicates that the economic growth, which has been slowing since FY18, is not equitable. The wage growth in rural India — where the majority of the two-wheelers are sold -- has been slowing down and hasn't kept pace with inflation,” said Devendra Pant, chief economist and head of public finance at India Ratings & Research. In fact, the prolonged impact of Covid-19 is being seen across vehicle segments. In a recent virtual press conference, Kenichi Ayukawa, president, Siam, explained that in the quarter ended December 2021, passenger vehicle sales touched the lowest point in five years, two-wheelers the bottom in nine years, commercial vehicles (leaving aside 2020) the lowest in five years, and three-wheelers, the worst impacted, tanked to the lowest level in 13 years. The slowdown in the rural economy is largely to blame for the decline in auto sales. The most impact is being felt in entry-level segments for both two-wheelers and passenger vehicles. On the other hand, automakers are planning a host of new launches in the premium SUV segment this year. The share of SUVs in the total PVs sold in India was 38% last year, compared to 29% in 2020 and just 16% back in 2016. Coupled with the Index of Consumer Sentiments and the rate of employment, the trend in two-wheeler sales offers a useful commentary on India's unequal growth. A recent Business Standard editorial also talked about the need to raise the tax-to-GDP ratio by 5% over time with corrective measures, such as removing tax deductions on investments for individual taxpayers. Besides this, India needs to create a sufficiently large manufacturing base for labour-intensive products, which will help us create jobs at scale and improve income levels. Watch video

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436: Steven Cooklin of Manolete Partners discusses the sharp increase in both case enquires and signed cases

The Vox Markets Podcast

Play Episode Listen Later Nov 11, 2021 10:59

Steven Cooklin, CEO, of Manolete Partners #MANO discusses the sharp increase in both case enquires and signed cases as they release their interim results, which despite lockdowns, demonstrated the strength of the business. Financial highlights: · Total revenues increased by 15% to £10.2m from H2 FY21 (£8.9m) and were 46% below H1 FY21 (£19.0m). H1 FY21 benefitted from an exceptionally large single case settlement of £9.3m (discounted gross revenue value) and was impacted to a much lower degree by the Covid-19 related Government Temporary Measures; · 76% of revenues were from realised completed cases (H1 FY21: 71%) · Gross Profit increased by 38% to £5.4m from H2 FY21 (£3.9m) and was 43% below H1 FY21 (£9.5m). The decline compared to H1 FY21 was mainly due to reduced unrealised profits reflecting the decline in the number of new case investments which was suppressed due to the Covid-19 related Government Temporary Measures; · EBIT increased 273% to £3.2m from H2 FY21 and was 52% below H1 FY21 (£6.6m); · Cash generated from completed cases increased 3% to £4.3m (H1 FY21: £4.2m); · Despite the temporarily challenging environment, cash generated from previously completed cases exceeded the cash costs of operating the business (before investment in new cases); · Investment in cases has grown by 5% to £41.4m (30 September 2020: £39.3m); · Net assets of £41.2m. Net Debt was £10.3m consisting of a drawn down loan of £11.0m, offset by cash balances of £0.7m as at 30 September 2021; · £14m of HSBC Revolving Credit Facility remains available for utilisation, as at 30 September 2021; · Basic earnings per share declined 59% to 4.8 pence (H1 FY21: 11.8 pence); and · Interim dividend proposed of 0.39 pence per share (H1 FY21: 1.17p). The interim dividend to Ordinary Shareholders will be payable on 6 January 2022 to those shareholders who are on the register of members at 17 December 2021. Operational and market highlights: · The interim results for the six months ended 30 September 2021 reflect the operations of the Company when the UK insolvency market was artificially suppressed by the unparalleled UK Government action to support business enacted in June 2020. · These Temporary Measures were largely ended, effective from 1 October 2021, as did a number of other business support schemes, including furlough. · Ongoing delivery of realised returns: 64 case realisations in H1 FY22 representing a 23% increase (52 case realisations in H1 FY21), generating gross proceeds of £7.9m, over an average duration of 11.5 months · Average money multiple of 2.6 times for the 64 cases completed in H1 FY22; · Average case duration across the full portfolio of 434 completed cases at 11.3 months; · New case investments declined by 39% to 78 (H1 FY21: 110) as a result of unprecedented Government support to the economy during the Covid-19 pandemic; · 10% increase in live cases: 240 in process as at 30 September 2021 (238 as at 30 September 2020) (all excluding Cartel cases); · 71% of live cases have been signed in the last 18 months. Only one case remains ongoing from the FY17 vintage and only two cases are outstanding from the FY18 vintage. 100% of earlier case vintages have been completed; · Our KPIs for September and October 2021 show strong signs of recovery: · The number of new case enquiries were 50 and 55 for those two months respectively, compared to a low of 31 for the month of March 2021 while the Temporary Measures were in force. · New signed cases for September and October were 15 and 18 respectively, compared to 10 in August 2021; · Cartel cases remain ongoing. In line with our strategy there has been little progress in the six months to 30 September 2021, however, we expect there will be considerable progress in the next six to twelve months. Management will reassess the investment fair value again at the year end. About Manolette Partners Manolete Partners Plc is the leading insolvency litigation financing company in the UK and was founded in 2009 by its CEO, Steven Cooklin. Manolete has invested in 618 UK insolvency litigation cases and completed 388 of them. Manolete works alongside Insolvency Practitioners (IPs) from all of the “Big Four” to smaller regional firms. Manolete has worked with over 180 IP firms and their chosen legal advisers, often on multiple cases. Manolete is different from other litigation funders because cases are completed very quickly – the average duration is less than 12 months. The large majority are settled long before trial - minimising costs and optimising returns.

Top 10 Most Profitable Startups in India

Play Episode Listen Later Jul 1, 2021 15:48

#10 Wakefit: Founded by Chaitanya Ramalingegowda and Ankit Garg in 2015, Wakefit started selling mattresses online and were already making a profit within six months of operations. Today, this D2C mattress startup is selling 1,500 mattresses to their 500,000 customers every day – raking in a revenue of $26.5 million and making a profit of $1.3 million in FY20. #9 Lenskart: Founded by Peyush Bansal in 2010, Lenskart offers an omnichannel platform for selling eyewear and lenses through their online platform and offline stores. The company has been investing heavily in setting up new physical stores – taking the number of offline stores to over 750. This is why the startup took a decade to reach profitability. In FY20, Lenskart made a revenue of $130 million with a profit of $2.4 million. #8 Cashfree: Cashfree is a digital payments gateway platform that offers more than 100 payment methods to over 50,000 businesses around the world with a team of just 130 employees. Their ability to stay lean has not only enabled them to scale but also remain profitable from the get-go. Their profit increased 14X from just $190,000 in FY18 to $2.6 million in FY20. #7 BrowserStack: India's most valuable SaaS startup BrowserStack enables developers to test their apps remotely using their cross-browser testing platform that has more than 2,000 devices and is being used by over 50,000 businesses across the world. The company has been profitable since day one. In FY20, BrowserStack raked in a profit of $3.8 million. #6 Aye Finance: SME lending startup Aye Finance has been profitable for the last three consecutive years and has disbursed loans worth more than $538 million to more than 200,000 small businesses. Aye Finance's profits have increased to $5.3 million in FY20. #5 Lendingkart: Founded in 2014, Lendingkart has disbursed loans worth $741 million to more than 100,000 small businesses. This fintech startup first achieved profitability in FY19 and their profits stand at $5.6 million in FY20. #4 OfBusiness: B2B e-commerce and lending startup OfBusiness uses purchase financing – providing businesses with a loan that they can use to purchase raw materials from their e-commerce platform. Once their profits from the interest started coming in, OfBusiness started making money and they are now on their way to becoming a unicorn. Their profits jumped 73X from just $150,000 in FY18 to a healthy $80 million in FY20. #3 CarTrade: Founded in 2009, CarTrade is the only profitable online used car marketplace. This decade-old startup has already filed for an IPO and is expected to hit the stock markets soon. The company significantly decreased its losses from $20 million in FY16 to just $2 million in FY17. They first turned profitable in FY18 and they did this through internal restructuring, key acquisitions and cost-cutting measures. Today (FY20), they are making a healthy profit of $11.5 million. #2 Boat Lifestyle: Indian consumer technology startup Boat started in 2016 by selling charging cables and were able to hit profitability within the first year. Next, they launched more products like earphones, headphones and smartwatches with quality and affordability in mind to target value-minded Indian consumers. This strategy only accelerated their growth. Boat's profit's increased by 30X from just $225,000 to $6.6 million in FY20. #1 Zerodha: India's largest stockbroking platform Zerodha has managed to change the entire stock trading industry single-handedly and they did it without even raising any external funding or marketing their product. Today, Zerodha charges just Rs 20 (or 0.03% as commission – whichever is lower) from their customer for every intraday trade. Thanks to that, Zerodha earned a solid $135 million in profits in FY21.

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India's Top 10 Loss-Making Startups That Have Raised Millions of Dollars in Funding

Backstage with Millionaires

Play Episode Listen Later Jun 18, 2021 14:19

#10 Urban Company: Urban Company is India's largest homes services marketplace. The company has a network of more than 35,000 home service professionals. They have also expanded beyond India to countries UAE, Australia, Singapore and Saudi Arabia. This rapid global expansion has caused their losses to almost doubled from $10 million in FY19 to $18 million in FY20. #9 CRED: CRED is a fintech startup that rewards its users for paying their credit card bills on time. The company is trying to fundamentally change the behaviour of its consumers in order to build a community of high trust individuals. This is why CRED had to spend a lot to get customers on their platform through expensive ads – leading to a minuscule operating revenue of $71,200, while expense stood at $51.8 million. #8 Delhivery: Logistics startup Delhivery is planning to go public in the coming months – which is why they have managed to cut down their losses significantly but it still remains considerably higher. Their losses rose to a high of $256 million in FY19 before coming down to just $38 million in FY20. #7 Udaan: Udaan is a B2B marketplace for retailers to buy products directly from the manufacturers. Focusing on rapid growth and building their all-India logistics – Udaan ended up raking up some pretty huge losses. Their losses rose by 3X from $112 million in FY19 to $333 million in FY20. #6 Ola Cabs: Ola Cabs has not only established its ride-hailing business in India but has also expanded internationally to countries like Australia, New Zealand and the UK. The company has been continuously improving its unit economics while also cutting down on losses in hopes of going public. They managed to cut down their loss from $436 million to $373 million between FY18 to FY19. #5 Swiggy: Indian food delivery unicorn Swiggy has long been engaged in a battle with its rival Zomato by offering huge discounts and cashbacks to acquire new customers. That combined with poor unit economics has caused their losses to grow. They ended the FY20 with a revenue of $368 million but a loss of $499 million. #4 Zomato: Zomato recently filed for an IPO is yet to achieve profitability either. The company claims to have achieved positive unit economics – which is a step towards profitability but according to their IPO filing, the company is expected to continue to be making losses for a while. In the first three-quarters of FY21, Zomato has already lost $93 million. #3 Dream11: Dream11 is India's only gaming startup to turn unicorn and it is also a leader in the country's fantasy gaming segment. They've had to spend a lot on the advertisement to make fantasy gaming popular among the masses – at a time when it was being looked at as gambling. As a result of which, Dream11's losses for FY19 stood at $19 million. #2 OYO: Oyo Rooms is India's hospitality unicorn that had expanded rapidly to international destinations before shrinking operations due to the pandemic. Their unpreceded rate of expansion demanded investment before they could make any money. This is why Oyo Rooms' losses grew 6X from just $50 million in FY18 to $336 million in FY19. #1 Paytm: India's most valuable fintech startup Paytm has been in the headlines for its heavy losses but they are now gearing up to file for an IPO – in fact, it could be India's largest IPO ever. While Paytm has managed to cut down its losses significantly by 42% from $389 million in FY20 to just $232 million, they are still a long way from profitability.

Ep 15: Allison Silberberg for Mayor

Liberally Social

Play Episode Listen Later Jun 4, 2021 32:10

Listen up all quick-like as we speeeeeeed through our LAST INTERVIEW OF THE SEASON with mayoral candidate Allison Silberberg! She's only got 30 minutes and we've got final ballot decisions to make! Join us for quickie convos on tree canopy, climate (of course!), whether or not co-location of housing on school grounds is really even A Thing, missing Atlantis Restaurant, and what the heck Republican yard sign placements mean! Check the show notes for details! * Fact check updates will be asterisked! We're drinking Hi-Fi Margaritas from Neighborhood Provisions The Crown Ozark Bloodline Atlantis restaurant closed! Tempo Cooking with Picasso To Kill A Mockingbird * STAAAHP! Lots of reporting says the housing-on-school-property "controversy" ain't A Thing: AlexTimes reports Washingtonian reports AlexNow reports AlexNow reports Climate Corner: ALX Environmental Action Plan * Key Indicator Dashboard reports 3% increase in tree canopy from FY18-19 * The Internet doesn't have a clear answer for why Atlantis closed. Owners weren't public about the full situation (and we respect that). ALL Alexandria Resolution on Race + Equity Is Republican Darryl Nirenberg's platform only familiar? * Reginald Brown donated $5,000 to Justin Wilson and $5,000 to Allison Silberberg AllisonforAlexandria.com Donate to Allison

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Parsley Box (MEAL) IPO

piworld audio investor podcasts

Play Episode Listen Later Mar 19, 2021 5:04

This video can be seen at: https://www.piworld.co.uk/2021/03/19/parsley-box-meal-ipo/ Kevin Dorren, CEO outlines Parsley Box's business, which is to IPO on AIM on 31st March. Parsley Box is a UK, Direct to consumer ready meal provider who target the Baby Boomer+ demographic. The capital light business model and scalable platform has enabled a CAGR of 248% from FY18 to FY20. Going forward they are looking to capitalise on the structural shift in the Grocery market to online shopping, an increased prevalence of D2C, and the growing Baby Boomer+ demographic. 00:00 – Opening & disclaimer 00:14 – Introduction 01:08 – The product 02:05 – The market 02:33 – The direct to consumer model 03:15 – Investing for growth 03:49 – The investment case

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Wisr – Is it a good investment opportunity or is it on its last legs?

Finance & Fury Podcast

Play Episode Listen Later Mar 3, 2020 14:37

Welcome to Finance and Fury, The Saw What Wednesday Edition – Question from Jack This is going to be a bit of a Q&A style episode – he did a lot of research and sent it through – making my job easy on this one – so thank you for that Jacks Question - I wonder what you think of WISR (WZR) as they have received a fair bit of media attention and commentator optimism. Before we get into it – a Short Bio on Wisr: Wisr is an Australian marketplace lender offering peer to peer lending services. It is known for being the first company of its type to be publicly listed in Australia – before 2018 - changed names from DirectMoney under a rebrand to Wisr But back in 2015 listed on the ASX through a reverse takeover of Basper Ltd, raising $AU11.2m at 20c per share Claims to be Australia’s first ‘neo lender’ offering cheaper loan rates (depending on credit history) than the big four banks. Issues small loans only between $5k and $50k then on sells them. The primary activity is writing personal loans for 3, 5 and 7 year maturities to Australian consumers, then on-selling these loans to retail, wholesale and institutional investors. The business model relies on investors who what to buy these unsecured loans – get a yield on this Loans are about 7.95% fixed repayment Uses smart app technology and a new aesthetic approach to lending (in an attempt to increase market share from ‘dinosaurs’ that hold 99% of it). Run through the analysis: Not personal advice – just a breakdown Financials (Quantitative) Free cash flow – this is the lifeline of any company – after costs/taxes/etc are paid – what does the company have left? In this case – been negative for a long time – last time the company had positive cash flow was 2010 Net losses have been growing over the years - -$2.2m in 2011 – to -$7.73m in 2019 Doesn’t help that the outstanding shares have gone from 10m in 2010 to 790m in 2019 This hurts the EPS – and potential to pay dividends - which is the next thing Operating margins and net profits at -252% and -257% respectively EPS - The EPS is the profit divided by the number of shares, since the profit is negative there is no EPS. Earning: -$7.7m – so EPS is around -$0.013 – so for every dollar your put into this company, losing $0.076 p.a. based around last price of $0.17 EPS is estimated to be positive in about 3-4 years – based around assumption of 67% earnings growth per annum – which is a huge forecast ROE – Also hasn’t been positive since 2010 – had a massive loss since 2016 each year – been over 50% each year Future ROE: WZR is forecast to be unprofitable in 3 years – but based on massive assumptions The PE – cant be done as the earnings per share is negative Price to Book - WZR is overvalued based on its PB Ratio (15.3x) compared to the AU Consumer Finance industry average (2x). Nothing really intangible assets if the company goes bankrupt What is keeping this company afloat – two factors – Jack points these out well Equity Raisings - Shareholder cash is keeping the company afloat. Risk of liquidation is low, more likely a slow death by continued losses and shareholders evaporating. Looking at the balance sheet - June 2019 - Shareholder equity - $16.77m = 90% of capital Insider shareholdings - One shareholder group owned 44% in 2018. Recent surges don’t guarantee liquidity despite a high MC, especially since I am predicting this company is going nowhere by EOY, so likely at some point significantly downward to adjust for unjustified herd buying re livewire report - The Top 20 Shareholders of WZR hold 67.18% of shares on issue. Good Media Coverage - Media (livewire reporting) – I'm always a bit skeptical of fund managers saying a company will boom If they think it will – why not buy it themselves? Trying to change market perception to get large returns on the previously bought shares Jack asks - Are there really signs of a continued turn around / market expansion? Maybe they have been around the bend and it is only going to get better, but why? Possible upsides? Good points - Earnings vs Savings Rate: WZR is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.1%). Earnings vs Market: WZR is forecast to become profitable over the next 3 years, which is considered above average market growth. High Growth Earnings: WZR's is expected to become profitable in the next 3 years. Revenue vs Market: WZR's revenue (61% per year) is forecast to grow faster than the Australian market (4.2% per year). High Growth Revenue: WZR's revenue (61% per year) is forecast to grow faster than 20% per year. Very low /no debt (relying on shareholders instead) – not always a good thing – shareholders want higher returns than debt raisings – but NAB has just provided them a third-party funding facility Downsides Jan 2020 raised $35 million through a placement and share purchase plan (30k max per shareholder), subject to shareholder – this is often done for additional funding for large projects, because nobody will lend to them (as debt is cheaper long term to raise capital off) or that they need money to stay solvent Given the tech is in place -probably the last one - More opportunity for larger competitors (economies of scale) to offer cheaper rates in tougher markets were interest rates to drop further Focusing on the tech side of things rather than the fundamentals of the business model Gaining additional market share – may be hard and there is potential of legislation risks – competitors are the ones with market monopolies Employees benefits of $5m, $2m larger than revenue Future expectations are based on hopes – recent price gain from growth in customer base - A positive is they seem to have sold more loans up 281% to $68.9m (FY18 $18.1m) which will yield revenue in 2020. This seems to be a result of their positive remarketing and new technology aimed at (attracting) those in financial stress But this sector of lending is fairly unregulated at this stage Unanswered questions How are they going to maintain recent consumer intake from their new applications? The apps are already out there, are they really going to continuously steal more customers? This where my analysis could be undone, but even if it is and they gain market share I doubt it's going to be dramatic and with continued losses I would expect a late-year downturn in the price. What is going to happen to the 35million shares just raised? 181million new shares on an MC without underlying profitability (70% of issue lost since conception). Market psychology is with momentarily with them Is a takeover or merger possible? – Always possible – could boost the price in the short term. Given the management team hold 30m shares expect them to want to sell them. Jacks comment - Otherwise, poor fundamentals surviving only on shareholder positivity – I agree However – look at Afterpay – pretty much same story – but thanks for peoples expectations – price went up Summary breakdown Dividends are nil – Financial health is pretty poor Value is bad – technically is priced in for massive future gains, even at $0.17 per share Historical performance – 1 year performance is good after bound - but very volatile share – 5 year return is still -14% p.a. Only upside is speculation of future performance – I don’t invest out of hope – May go well – but remember – the current market price is based on this expectation = But if it doesn’t – prices will only go up if more people buy outside of the company and inside investors Thank you for listening to today's episode. If you want to get in contact you can do so here: http://financeandfury.com.au/contact/

With 6 airports already in folio, Adani turns to Air India

Federal Drive with Tom Temin

Play Episode Listen Later Feb 25, 2020 3:49

The Adani group, which has already won the bid to manage 6 airports, is now all set to join the race of acquiring the state-run airline - Air India. And for this, the conglomerate is planning to submit an expression of interest (EoI) by next month, disclosed a source close to the development. However, the final decision depends on the outcome of the due diligence post submission of the EoI. Since, after the EoI process only prospective bidders will get access to airline data. The Adani group is not the only one interested in this complex deal. The Tata group, the Hinduja group, Indigo and a New York-based fund, Interups, are also expected to submit their EoIs. The deadline of submitting the EoI is 17th March. This is the second attempt made by the Centre to sell the airline after it failed to receive interest in the first round last year. As a matter of fact, sale of Air India to a private player is important for the central government as it has had to pump in Rs 30,000 crore of tax payer’s money into the airline since 2012. The airline, however, has not made money since the merger of Air India and Indian Airlines in 2007. Apart from Air India, the government has also offered to sell Air India Express and its 50 per cent stake in Air India SATS Airport Services. Therefore, they have come up with changes like relaxation of various norms, including clearing of the balance sheet, transfering of remaining portion to the special purpose vehicles, introduction of minimum shareholding of an investor and much more to ensure success this time. Despite this, things are not easy for the Adani group as, according to the bid criteria an airline or a group owning an airline cannot own more than 27 per cent in the six airports that are already with the Adani group. A similar clause restricting airlines or group owning airlines from owning more than 10 per cent in Delhi airport recently resulted in collapse of the Tata-GIC group’s investment in GMR. A banker, close to the sale process of Air India, said the present rules will not bar the Adani group from bidding for the airline. “We want as many companies to bid for the airline as it is a good asset after Rs 30,000 crore of debt was removed from the airline along with the government’s offer for 100 per cent stake,” said the source. According to present aviation sector norms, foreign airlines can bid but can only acquire a maximum of 49 per cent stake due to sectoral caps on foireign direct investment. Air India and its subsidiary, Air India Express had about 120 aircraft at FY18-end and 126 aircraft till September last year. Its fleet has both narrow-body aircraft from Airbus and wide-body planes from Boeing, making it simpler for ... To know more, listen to this podcast

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Federal cloud obligations reached $4B in FY18, report says

Play Episode Listen Later Oct 2, 2019 10:39

You might not be surprised to hear that federal spending on cloud computing is still on the rise. Now researchers at Deltek have quantified that growth. Senior Principal Research Analyst Alex Rossino shared the latest numbers and market dynamics on Federal Drive with Tom Temin.

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How Slow Is The Indian Economy? (Episode-8)

Capitalmind Podcast

Play Episode Listen Later Sep 8, 2019 59:47

"Under normal circumstances, merging PSUs would have been impossible, had the government tried it 5 years ago, there would been riot on the street, today there is not even a murmur. They were able to do that because the slowdown is obvious!" - Deepak Shenoy Host Deepak Shenoy (CEO) and Aditya Jaiswal discuss about the economic slowdown witnessed in the Indian economy. Read Full transcript: https://www.capitalmind.in/2019/09/podcast-how-slow-is-the-indian-economy-episode-8/ The Podcast was divided into three broad sections: a) Macro indicators (20 mins) b) Recent federal regulations (8 minutes) c) Few sectors which are currently facing a slowdown (30 mins) Below is an excerpt of the podcast with time stamps of important sections! 1) Macro-indicators 1:40- GDP growth: We have had 5 consecutive quarters of decelerating GDP numbers, right from 8.2% in Q1 18 to 5% in Q1 19, this was the slowest growth in 25 quarters. How bad the situation is and is the worst behind us? Or should we expect a couple of more tepid quarters? 3:20- Inflation: Inflation has been under control, it has been consistently falling for 6 straight months since Jan 2019, when inflation is under control, why is the GDP falling?, does this reflect weakening demand ultimately cooling off growth? Weakening of demand is concerning because we recently heard two big biscuit manufacturers going on record to say that people are not buying even 5-rupee packet biscuits. 8:07- Unemployment: Unemployment in FY18 stood at 6.1%, a 45 year high, now with big manufacturing units announcing massive job cuts, auto alone has seen 2.3 lakh people losing jobs, where do you see unemployment situation going in the near term? 11:02- Private consumption: Private consumption which constitutes about 58-59% of the GDP has been slowing down. Urban wage growth has stagnated, white collar wages have been slowing and rural consumption has also fallen on back of collapse on food prices and job cuts by manufacturing units, where do you see this going? 15:00- Investments: We looked at the GDP growth, inflation, unemployment and consumption, let's talk about investments. The gross capital formation has fallen from 34% in 2011 to 29% in 2018. Do you believe that we are stuck in a low growth cycle (Falling wages- falling savings, falling investments and low GDP growth)? 2) Recent federal regulations 20:30- Impact of GST and Demonetization on the economy About 30% of the Indian economy is completely informal and employs a chunk of the population. In 2014-15, late Arun Jaitley had made a statement, the informal sector doesn’t want to operate in shadows, neither they are corrupt, rather it was a failure on the part of the federal governments that even after six decades of independence, we couldn’t integrate them with the formal economy” In the pursuit of this integration, the government went ahead with the vision of cashless economy, demonetization and GST. Do you believe that demonetization and GST have actually hit the informal sector really hard? Do you think, somewhere, it turned out to be a shock therapy for the unorganized sector? 3) Sectors 28:18- Real Estate Residential real estate which was mostly fueled by black money is really not moving except the affordable housing part. Now that black money is hiding in may be gold! How will that come back into the economy? Where do you see the sector going? 33:09- Automobiles Now, we all know that there is a crisis in the Indian auto industry, all big manufacturers are reporting double digit falls in volumes. TVS chairman made a big statement, that this slowdown is the worst in 3 decades and spread across sectors. Auto stocks recently witnessed buying interest in the anticipation of a GST cut, do you believe that a GST cut can change the fortunes of the sector? 41:28- Automobile replacement cycle A lot of existing car owners have started using Ola/Uber/Quick ride and this has led to postponement new car purchase, where do you see the replacement cycle going forward? 45:23- FMCG Parle-G and Britannia went on record to say that people are not buying even INR5 rupee packet biscuits. But FMCG stocks still command relatively high premium, why is that? Do you see optimism in investors, that among autos, infra, discretionary, real estate, financials, FMCG will be resilient. 50:50- Final thoughts! You can also listen to our podcasts on our app: www.capitalmind.in/podcast

September 3, 2019 Rockingham County Board Of Commissioners

Politics/News - Rockingham County, NC

Play Episode Listen Later Sep 5, 2019 61:15

(Eden, NC) - Audio of the September 3, 2019 meeting of the Rockingham County Board of Commissioners. The meeting was held at Eden City Hall as part of the Commissioners' On-The-Road Series of meetings.AGENDA1. MEETING CALLED TO ORDER BY CHAIRMAN PYRTLE2. INVOCATION3. PLEDGE OF ALLEGIANCE4. APPROVAL OF SEPTEMBER 3, 2019 AGENDA5. RECOGNITIONSA) Outstanding Volunteers – Mr. Jeff Smith and Mr. Robert MajericksB) Proclamation – Rockingham County Fall Litter Sweep, September 14-28, 20196. CONSENT AGENDA (Consent items as follows will be adopted with a single motion, second and vote, unless a request for removal from the Consent Agenda is heard from a Commissioner.)A) Pat Galloway, Director, Financial Services1) Youth Services – Increase budget $105 for program fee revenue earned and unspent in the prior fiscal year. Program fee revenue is required to be spent within program earned.2) DSS – Increase budget $108,880 for Special Children Adoption Funds received in prior fiscal year that were not amended into the budget at that time. Funds are restricted to the program/service.3) Amend the FY19-20 budget $236,589 to roll forward the unspent NC Pre-K funding from FY18-19. Funds were received over several years from Partnership for Children and to be used in Head Start Program. County will hold $10,400 of funds to cover various transition costs incurred and remit the remaining $226,189 to the new grantee, Rockingham County Schools.B) Mark McClintock, Tax Administrator – Approval of Tax Refunds through August 20, 2019C) Rodney Stewart, RCEMS Operations Supervisor – Approval of EMS financial statement for July 20197. PUBLIC COMMENT8. RONNIE TATE, DIRECTOR, ENGINEERING AND PUBLIC UTILITIESApproval of changes to the County Water and Sewer Policy. These changes are being requested to update current policy, correct outdated language and improve efficiencies within the policy.9. TEEN LEADERSHIP COUNCILProvide update on Council activities10. NEW BUSINESS11. COMMISSIONER COMMENTS12. CLOSED SESSIONPursuant to:N.C.G.S. 143-318.11(a)(1) Approve Closed Session Minutes;N.C.G.S. 143-318.11(a)(6) Discuss Personnel13. ADJOURN# # #

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Is AI a threat or opportunity with Jason Tsao, AI and Area Transformation Lead of Microsoft Greater China Region

China Innovation Decoded

Play Episode Listen Later Aug 30, 2019 45:44

For the first episode of this new season on Microsoft, we invited Jason Tsao, AI and Area Transformation Lead of Microsoft Greater China Region. Jason received his Bachelor’s Degree from Duke University in Electrical Engineering and then went on to pursue a Masters in Engineering Management at University of Ottawa. He joined MSFT as a License Executive in Beijing responsible to establish business process for cloud in China and prior to his ATL role, Jason was the M&O lead in Taiwan since FY18 and Chief of Staff of GCR CVP since FY17. In this episode, Jason discussed with us what takes a company to bring AI in, the relationship between AI and human as well as the potential ethical challenges behind AI application. Today, with Jason Tsao, we learn about his past careers and the impact AI has brought to various industries and human life. Show Notes0:59 Personal experience 2:39 Day to day life surrounding the topic of AI 6:17 Case of a shipping company 7:36 You need a sharing culture to bring AI in 9:20 You need a culture that encourages failing 12:25 The need of cooperation with different teams 13:57 AI has transformed the OCR technology 15:01 Microsoft research Asia's investment in AI 18:12 Will AI replace human intelligence 23:50 AI and creativity 30:17 Will AI inhibit human interaction 31:35 Business opportunity behind understanding the user’s emotion sign 33:54 When will AI be able to represent full human intelligence 35:15 AI and ethics40:14 AI for good initiative 42:06 Advice for AI startups

Ep. 27: On a Mission to Change the Story for Young Community Members

Real Talk With Ru

Play Episode Listen Later Jun 12, 2019 47:27

Julie Larson, CEO/President of YWCA QUAD CITIES, has been employed with the YWCA QUAD CITIES for over 20 years. She served as Co-Executive Director for six years and assumed the role of CEO in 2005. Under Julie's leadership, YWCA QUAD CITIES’ revenues increased from $300,000 in 1999 to $1.4M in FY18. Julie is an experienced grant writer and was recently awarded a three-year Federal Grant on behalf of the YWCA QUAD CITIES for theplace2b and Street Outreach Program.

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Jobs aplenty in Indian IT sector? Know companies who are hiring the most

Play Episode Listen Later Apr 24, 2019 6:27

Tata Consultancy Services (TCS), Infosys and Wipro together did a net addition of 64,805 (after taking into account the attrition) in the financial year ended March 31, 2019, when compared to an addition of 9,864 in FY18 and 48,350 in FY17. Aggressive hiring is expected to continue in this financial year because these players are trying to cash in on the emerging demand in the market. This is expected to lift the employee hiring numbers, especially the fresher intake, by the top three players. For more, listen to this podcast.

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GAO Report: FY18 & FY17 Consolidated financial statements - April 2, 2019

Government Matters

Play Episode Listen Later Apr 2, 2019 23:07

Robert Dacey, chief accountant at the Government Accountability Office, outlines a new report on the government’s finances, and why they’re “unsustainable.” Deborah Lee James, former Secretary of the U.S. Air Force, discusses the branch’s request for funding to fix bases, and the news that Space Force won’t absorb non-Air Force space infrastructure. Aaron Boyd, senior editor of NextGov, details what’s new with the FBI’s Information Technology Enterprise Contract Support contract, and the growing use of general GSA schedules at agencies.

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Investments In Google Cloud- Alphabet Q4 FY18 Earnings Insight

Play Episode Listen Later Feb 5, 2019 8:10

Google’s parent company, Alphabet, reported Q4 and full year earnings that beat expectations across the board. The company did not provide a lot of detail regarding its cloud business which is part of its “Other Business” category. What they did mention is that they doubled the number of Google Cloud Platform (GCP) deals worth more than $1M and doubled the number of multi-year contracts. Regarding G-Suite, they noted that they now have 5 million paying customers -- up from 4 million a year ago. It is clear that Google is going to invest and scale when it comes to their Google Cloud business. Enterprises will need to chart their course appropriately and this podcast details key points to consider on why you should plan and how to plan.

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ServiceNow Q4 FY18 Earnings- Expanding Customer Relationships Leads To Strongest Q4 Ever

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Play Episode Listen Later Jan 31, 2019 9:53

ServiceNow had their strongest Q4 ever with $665M in subscription revenue, representing 33% growth. They closed 51 transactions in the quarter with over $1M in annual contract value (ACV). They now have 678 customers with over $1M in ACV, which represents 33% growth. ServiceNow is not only successfully selling their core IT products (ITSM, ITOM, ITBM, ITAM) but they are also having success with their emerging products (CSM, HR, Security Ops, Intelligent Apps). 31% of net new ACV was tied to emerging products, up from 25% last year. Expect ServiceNow to continue to focus on their current customer relationships to drive growth moving forward. They know that there is a large opportunity to continue to drive revenue through expansion of their products, adding new products, and increasing the use of what is already landed.

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20 million reasons why

Nintendo Switch Craft

Play Episode Listen Later Jan 17, 2019 28:33

Switch Craft is brought to you Live 3 times a week on Tuesday and Thursday at 3pm US Eastern and on Saturday at whatever time I can get to it. Tune in live at https://www.twitch.tv/runjumpstomp - This episode of SwitchCraft is brought to you by Thatchappzapp — Support SwitchCraft and my other content for as little as a dollar at https://www.patreon.com/runjumpstomp Music for today's episode can be found at http://www.runjumpstomp.com/music Don't forget that you want the full show you can either come watch live at https://www.twitch.tv/runjumpstomp, or you can watch the videos after the fact over at https://www.youtube.com/runjumpstomp Finally, If you're looking to support my content, head over to http://www.runjumpstomp.com/thankyou All the links there will help me create more content. Thanks so much for your support! And now its time to thank the live chat.Sponsored By:SwitchList: A complete Nintendo Switch eShop Database!Support Nintendo Switch CraftLinks:Furukawa: Nintendo Will Continue To Release 2 To 3 Smartphone Apps Annually | NintendoSoupNintendo Switch Online 2.1.0 update released - Geeky GadgetsTakashi Mochizuki on Twitter: "My latest Nintendo story: Nintendo's goal of selling 20 million Switch forecast in FY18 a long shot? Maybe not so anymore, say analysts. Some expect firm sold more than 10 million units in Oct-Dec quarter alone. https://t.co/lcYZ7yWnvu" / TwitterDead Cells Sold Over 100,000 Copies In A Week On Nintendo Switch | My Nintendo News — Switch version outsold the PlayStation 4 version by 4 to 1 when it launched. Now hard sales numbers have been revealed by the company and it shows that the Nintendo Switch version of Dead Cells sold over 100,000 copies during launch weekFurukuwa: 3DS Won't Be Discontinued As It Can Co-Exist With Switch | NintendoSoup — Furukawa said it’s soon going to be the 8th anniversary of Nintendo 3DS, and on its 8th year the system has turned into an affordable console for entry-level players and children. Compared to the Switch form factor, the 3DS is “light and compact”.< --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Fourth Quarter Failure: How we got the FY18 budget wrong, and what we're doing now

CARE Failing Forward

Play Episode Listen Later Oct 31, 2018 16:01

Michelle Nunn discusses how CARE's FY18 budget missed the balance between audacious goals and operational excellence. She ends with a call to all staff to err on the side of candor and speak truth to power.

care failure budget fourth quarter fy18

Trading Talk: Bryce's Investing Strategies Revealed | ASX Game

Equity Mates Investing Podcast

Play Episode Listen Later Aug 4, 2018 23:43

Who doesn't like the opportunity to put their investing strategies to the test without having the fear of losing your hard earned money in the process? Well thanks to the Australian Stock Exchange, you can do just that! Twice a year they run the ASX Sharemarket Game, where you are given $50,000 in pretend money, and you compete against all other entrants over a 3 month period. It's awesome. Everything is as if you're investing in real stocks - same prices, same brokerage, and the game mirrors the ASX in real time - but it's not real money. You can't lose. It's a fantastic way to try before you buy! This episode Bryce reveals some of the strategies he'll be using over the next three months as he competes with Alec, so see who is the top Equity Mate! Alec was a slow-starter, and yet to put any trades in, whereas Bryce $30,000 deep already. In this episode you will learn: • How using a Reporting Calendar can be helpful to identify investing opportunities • Which three stocks Bryce has chosen to kick-start his competition • What Ex-dividend date means • What the best and worst performing sectors were for FY18 and how this plays into Bryce's strategy Stocks and resources discussed: • Kogan.com Ltd (ASX: KGN) • Wisetech Global Limited (ASX: WTC) • Afterpay Touch Group (ASX: APT) • Australian Foundation Investment Company (ASX: AFI) • Cleanaway Waste Management Limited (ASX: CWY) • The ASX Sharemarket Game • 2018 Reporting Calendar

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Microsoft FY18 Q4 Earnings – Inside the Numbers

microsoft numbers earnings inside the numbers fy18

Play Episode Listen Later Jul 23, 2018 6:25

Microsoft FY18 Q4 Earnings – Inside the Numbers by UpperEdge

Top stocks for FY19 with Paul Rickard

Your Wealth

Play Episode Listen Later Jul 4, 2018 27:53

Investors have generally been rewarded for holding – and sticking with – growth stocks throughout FY18, with the ASX delivering another year of strong portfolio returns. Many valuations look stretched, however, and headwinds are facing many popular stocks and sectors. ----more---- As the new financial year presents an opportunity to review your strategy, veteran market commentator Paul Rickard talks with Gemma Dale about: His views on current value in the Australian sharemarket, Three stocks worth buying at current prices, What to do with CSL and other highly valued blue chips, and What to look for in the financial year ahead. You can access this and previous episodes of the Your Wealth podcast now on iTunes, Podbean or at nabtrade.com.au/yourwealth. The information provided in this podcast is intended to be of a general nature only. Any advice has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice, National Australia Bank Limited (ABN 12 004 044 937 AFSL 230686) (NAB) recommends you consider whether it is appropriate for your objectives, financial situation and needs. NAB recommends that you seek independent advice before acting on any of this information. NAB is not a registered tax agent and any taxation information contained on this website is of a general nature. The tax consequences of investing will depend on your particular circumstances and we recommend that you seek professional tax advice before applying for a financial product. The information in this podcast is not a substitute for reading the relevant terms and conditions and Product Disclosure Statement (PDS) before making any decisions available via our website at www.nab.com.au

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17: Microsoft FY18

SharePoint, Office 365, Azure News

Play Episode Listen Later Jul 3, 2018 6:05

Microsoft's Fiscal Year 2018 ist zu Ende und Österreich hat alle Ziele erreicht

microsoft ziele fy18

CD169: Fiscal Recklessness

Congressional Dish

Play Episode Listen Later Mar 10, 2018 145:43

Another shutdown, another dingleberry-filled temporary funding law! In this episode, learn about the new law that reopened the government after the 6 hour shutdown by providing funding until March 23 and be one of the few people in the country who will know about the random goodies that hitchhiked their way into law. Miranda Hannah joins Jen for the thank yous. Please Support Congressional Dish Click here to contribute using credit card, debit card, PayPal, or Bitcoin Click here to support Congressional Dish for each episode via Patreon Mail Contributions to: 5753 Hwy 85 North #4576 Crestview, FL 32536 Thank you for supporting truly independent media! Recommended Congressional Dish Episodes CD147: Controlling Puerto Rico CD128: Crisis in Puerto Rico Additional Reading Article: Get ready: Here comes another bs* budget commission by Stan Collender, Forbes, March 4, 2018. Report: Let Pentagon carry over FY18 budget boost so money isn't wasted, key lawmaker says by Joe Goud, Defense News, February 22, 2018. Report: Key health care provisions of bipartisan Budget Act of 2018 by Baker Donelson Bearman Caldwell & Berkowitz PC, Lexology, February 22, 2018. Article: Can updated tax credits bring carbon capture into the mainstream? by Emma Foehringer Merchant, Green Tech Media, February 22, 2018. Article: The shutdown clock is still ticking and that causes chaos throughout the government by Deirdre Shesgreen, USA Today, February 19, 2018. Report: Congress passes legislation to help foster children weather opioid epidemic by Lizzy Francis, Fatherly, February 13, 2018. Report: USA extends nuclear tax credit deadline, World Nuclear News, February 12, 2018. Report: House passes stopgap spending bill to end government shutdown by Lindsey McPherson, Roll Call, February 9, 2018. Report: The health 202: Republicans kill Obamacare's controversial "death panel" by Paige Winfield Cunningham, The Washington Post, February 9, 2018. Article: Why this tax bill may accidentally give huge leverage to the Freedom Caucus next year by Catherine Rampell, The Washington Post, December 20, 2017. Report: CMS announces big expansion to Medicare Advantage value-based insurance design model by Leslie Small, Fierce Healthcare, November 22, 2017. Report: House votes to repeal ObamaCare's Medicare cost-cutting board by Nathaniel Weixel, The Hill, November 2, 2017. Article: The pros and cons of switching to a Medicare Advantage Plan by John Bulliner, Medicare.com, January 24, 2017. Article: A single senator is blocking reform of the foster care system by Ryan Grim, Huffpost, December 6, 2016. Article: A sweeping reform of the foster care system is within reach but hanging by a thread by Ryan Grim, Jason Cherkis, and Laura Barron-Lopez, Huffington Post, December 2, 2016. Article: Congress to consider scaling down group homes for troubled children by Joaquin Sapien, ProPublica, May 20, 2015. Additional Viewing Hearing: A way back home: Preserving families and reducing the need for foster care, US Senate Committee on Finance, August 4, 2015. Hearing: No place to grow up: How to safely reduce reliance on foster care group homes, US Senate Committee on Finance, May 19, 2015. Bill Outline H.R. 1892: Bipartisan Budget Act of 2018 Division A: Honoring Hometown Heroes Act Sec. 10102: Allows the flag to be flown at half staff when a first responder dies at work. Division B: Supplemental Appropriations, Tax Relief, and Medicaid Changes Relating to Certain Disasters and further extension of continuing appropriations Title I: Gives $2.36 billion to the Department of Agriculture, available until the end of 2019, to pay for "expenses related to crops, trees, bushes, and vine losses" caused by Hurricanes Harvey, Irma, Maria, and other hurricanes and wildfires that took place in 2017. Companies who have crop insurance can have 85% of their losses covered by our tax money Companies who didn't buy crop insurance can have up to 65% of their losses covered by our money Title I: Gives $14 million to Puerto Rico's food program but says the money is for infrastructure grants for infrastructure damaged by Hurricanes Irma and Maria Sec. 20101: Changes the law to allow livestock producers to collect payments for cows they sold at reduced prices, instead of just dead ones, and eliminates the $20 million cap on total payouts for livestock producers. Sec. 20201: Orders the Secretary of Commerce to issue a waiver within 120 days of the provisions of the Marine Mammal Protection Act which prohibit the capture of marine mammals for three infrastructure projects designed to reduce land loss in Louisiana. It says the waiver for the projects "will remain in effect for the duration of the construction, operations and maintenance of the projects. No rule-making, permit, determination, or other condition or limitation shall be required when issuing a waiver pursuant to this section." Title IV: Gives $15 billion to the Army Corps of Engineers to repair damages caused by natural disasters $10 billion has to be spend in areas impacted by Hurricanes Harvey, Irma, and Maria Repairs made in Puerto Rico and the US Virgin Islands "shall be conducted at full Federal expense" Title V: Provides $1.652 billion for the "Disaster Loans Program Account" but $618 million of that can be spend on "administrative expenses to carry out the disaster loan program" Title VI: Adds $23.5 billion to FEMA's "Disaster Relief Fund" Sec. 20604: Adds religious institutions to the definition of a "Private Nonprofit Facility", which makes them eligible to receive tax money for disaster aid services. Sec. 20605: Says the Federal government will pay 90% of the costs for 2017 wildfire disasters. Title XI: Provides $1.374 billion for the Federal highway "Emergency Relief Program", with the Federal government paying 100% of the costs for Puerto Rico Title XI: Provides $28 billion in disaster relief for housing and infrastructure. $11 billion must be spent on areas hit by Hurricane Maria $2 billion of that will be spent on upgrades to electrical power systems Sec. 20102: Allows victims of wildfires in CA to borrow up to $100,000 from their own retirement accounts and pay it back within 3 years. Sec. 20103: Allows companies that had to close due to wildfires to get a credit for up to 40% of their employees' wages, up to $6,000 each. Sec. 20104: Suspends limitations on charitable contributions made before December 31, 2018 for relief efforts in the California wildfire disaster area Sec. 20301: Provides an extra $3.6 billion for Puerto Rico and $106 million for the US Virgin Islands for Medicaid Puerto Rico can get $1.2 billion more if Puerto Rico implements a new process for transmitting data to the Transformed Medicaid Statistical Information System (T-MSIS) and if it creates a Medicaid fraud control unit Subdivision 3: Extends 2017 government funding levels until March 23, 2018. Funds the census Forces the sale of $350 million worth of oil from the Strategic Petroleum Reserve Division C: Budgetary and other matters Sec. 30101: Sets the budget limits for 2018 and 2019 2018 $629 billion for defense $579 billion for non-defense 2019 $647 billion for defense $597 billion for non-defense Sec. 30102: Zeroes out the balances on the PAYGO budget scorecard. Sec. 30204: Requires the Secretary of Energy to sell 30 million barrels of oil from the Strategic Petroleum Reserve every year from 2022-2025 and 35 million per year in 2026 and 2027. Lowers the amount of oil we must have in reserves from 450 million barrels to 350 million barrels Sec. 30301: Suspends the debt ceiling entirely until March 1, 2019. Division D: Revenue Measures Subtitle A, Subtitle B, and Subtitle C: Extend 31 tax credits Sec. 40402: Extends until 2021 but then phases out tax credits for residential solar electricity, solar water heaters, small wind energy turbines, and geothermal heat pumps. Sec. 40411: Extends until 2022 and then phases out a 30% credit for fiber-optic solar, fuel cell, and small wind energy property, eliminating the credits entirely by 2024. Sec. 40501: Extends and expands tax credits for nuclear power facilities Sec. 41119: Extends an existing tax credit for carbon sequestration technology for 6 years and changes it so that more money is rewarded for each ton of carbon captured and eliminates a cap on how many tons were eligible for credits (it was 75 million tons). Division E: Health and Human Services Extenders Title I: Extends the authorization for the Children's Health Insurance Program through 2027 and adds $48 million per year for 2023-2027 for enrollment assistance. Title II: Extends Medicare programs Sec. 50302: Authorizes voluntary telehealth appointments for people receiving at-home dialysis treatments for end state renal disease, as long as they see a doctor in-person every 3 months. Sec. 50321: Expands a test program, which began in 2015 with 7 States, to all States. The program allows privately administered Medicare Advantage plans flexibility to design custom insurance plans for people with certain chronic diseases. Sec. 50322: Starting in 2020, privately administered Medicare Advantage plans will be able to offer extra benefits for people with chronic health conditions and uniformity requirements will be waived for those plans. Sec. 50323: Starting in 2020, privately administered Medicare Advantage plans can include "telehealth benefits" Sec. 50341: Starting sometime in 2019, some Medicare administrators will be allowed to offer incentives up to $20 to encourage seniors to encourage them to come to appointments with their primary care doctors. The money collected will not be considered taxable income. The Secretary of Health and Human Services can cancel this program at any time for any reason. Sec. 50412: Increased criminal and civil fines for Federal health care program fraud Sec. 50502: Updates the abstinence education program and increases funding from $50 million to $75 million in 2018 and 2019 Sec. 50711: Creates a program funding State efforts to provide mental health care, substance abuse treatment, and parenting counseling to parents in order to prevent their children from being placed in foster care. Sec. 50712: Allows foster care payments to be given to licensed residential treatment facilities if the facility welcomes the child to live with its parent as long as the facility provides parenting classes and family counseling. Sec. 50745: Requires States to require every child-care institution to run fingerprint-based checks of national crime information databases on any adult working in their facility. Sec. 50901: Funds Community Health Centers with $3.8 billion for 2018 and $4 billion for 2019 Sec. 52001: Repeals the Independent Payment Advisory Board Title XII: Offsets Sec. 53103: Requires Medicaid to count lottery winnings as income when determining Medicaid eligibility Sec. 53105: Rescinds $985 million from the Medicaid Improvement Fund, which is meant to improve oversight of Medicaid contracts and contractors. Sec. 53107: Reduces pay for outpatient physical and occupational therapists for care their assistant's provide to 85 percent of the rate that would have otherwise been paid. Sec. 53114: Increases the percentage that people who make over $500,000 per year pay for Medicare premiums from 80% to 85%. Sec. 53115: Empty's the Medicare Improvement Fund by eliminating all $220 million. Sec. 53116: Accelerates the closing of the prescription drug "donut hole" for seniors by moving up a decrease in out of pocket prescription costs to 25% by one year - it's now 2019 - and by increasing the percentage that drug manufacturers must discount their drugs from 50% to 70%. Sec. 53119: Cuts $1.35 billion from the Prevention and Public Health Fund over the next 10 years. Division G: Budgetary Effects Exempts the entire law from the PAYGO scorecard and the Senate PAYGO scorecards. Resources Bill Overview: H.J.Res. 45 Pay As You Go Act of 2010 Bill Summary: Pay-As-You-Go Act of 2010 Bill Scorecard: Pay-As-You-Go Act Scorecard August 4, 2017 Budget Notice: 2017 Statutory Pay-As-You-Go Act Annual Report Committee on Finance Report: An Examination of Foster Care in the United States and the Use of Privatization Government Debt Info: The Debt to the Penny and Who Holds It Government Debt Info: Interest Expense on the Debt Outstanding Louisiana State Government: Coastal Protection and Restoration Authority Infrastructure Projects Visual Resources 20 Years of Congress Budget Prograstination in One Chart Sound Clip Sources Senate Remarks: Senator Paul on Budget Cap Increases in Two-Year Budget, C-SPAN, February 8, 2018. Senator Rand Paul: The bill is nearly 700 pages. It was given to us at midnight last night, and I would venture to say no one has read the bill. No one can thoroughly digest a 700-page bill overnight, and I do think that it does things that we really, really ought to talk about and how we should pay for them. Senator Rand Paul: So the reason I’m here tonight is to put people on the spot. I want people to feel uncomfortable. I want them to have to answer people at home who said, how come you were against President Obama’s deficits, and then how come you’re for Republican deficits? Isn’t that the very definition of intellectual dishonesty? If you were against President Obama’s deficits and now you’re for the Republican deficits, isn’t that the very definition of hypocrisy? People need to be made aware. Your senators need to answer people from home, and they need to answer this debate. We should have a full-throated debate. Senator Rand Paul: You realize that this is the secret of Washington. The dirty little secret is the Republicans are loudly clamoring for more military spending, but they can’t get it unless they give the Democrats welfare spending, so they raise all the spending. It’s a compromise in the wrong direction. We should be compromising in the direction of going toward spending only what comes in. And yet this goes on and on and on. Senator Rand Paul: For the umpteenth time, Congress is going to exceed their budget caps. We had something passed back in 2010. It was called PAYGO. It was supposed to say, if you’re going to pay new money, you had to go find an offset somewhere else. You could only pay as you go. It was sort of like a family would think about it. If you’re going to spend some more money, you either got to raise your income or you’ve got to save some money. You know how many times we’ve evaded it since 2010? Thirty-some-odd times. Senator Rand Paul: So the bill’s going to exceed the budget caps by $296 billion. And that’s not counting the money they don’t count, all right? So these people are really, really clever. Imagine them running their fingers together and saying, how can we hide stuff from the American people? How can we evade the spending caps so we can be even more irresponsible than we appear? So, 296 is the official number; about $300 billion over two years that will be in excess of the budget caps. But there’s another $160 billion that’s stuck into something called an overseas contingency fund. The budget caps don’t apply there. So we’re $300 billion for two years over the budget caps; then we’re another 160 billion over the caps—they just don’t count it. They act as if it doesn’t matter; we’re just not going to count it. Senator Rand Paul: The spending bill’s 700 pages, and there will be no amendments. The debate, although it’s somewhat inside baseball that we’re having here, is over me having a 15-minute debate, and they say, woe is me; if you get one, everybody’ll want an amendment. Well, guess what? That would be called debate. That would be called an open process. That would be called concern for your country—enough to take a few minutes. And they’re like, but it’s Thursday, and we like to be on vacation on Fridays. And so they clamor. But we’ve been sitting around all day. It’s not like we’ve had 100 amendments today, we’re all worn out, we can’t do one more. We’re going to have zero amendments—zero, goose egg, no amendments. Senator Rand Paul: So over the past 40 years, four times have we actually done the right thing—passed 12 individual appropriation bills, bundled them together, have a budget, and try to do the right thing. You know, there’s no guarantee that everybody’ll be wise in their spending, but it’s got to be better; it can’t be worse. What do we do instead? It’s called a continuing resolution. We glom all the bills together in one bill, like we’ve done tonight—Republicans and Democrats clasping hands—and nobody’s going to look at it. Nobody’s going to reform the spending. As a consequence, wasteful spending is riddled throughout your government. Only four times in 40 years have we done the appropriation process the way we’re supposed to. Senator Rand Paul: The last thing I’ll get to is something called the debt ceiling. The debt ceiling is something that has been a limitation on how much we spend, and we have to vote on it, and it’s an unpleasant vote. And so they try to either do it for a long period of time or try to stretch it beyond elections. So this bill, the 700-page bill that no one read, that will continue all the spending and will not reform your government and is irresponsible—the one we will pass later tonight—that 700-page bill also allows the debt ceiling to go up. Historically, we would let the debt ceiling—our borrowing limit—we would let it go up a dollar amount. We’d say, well, we’ve got to borrow money, and it looks like we’re going to need a trillion dollars. But you know the way they do it now? It’s like everything else around here: We bend, break the rules, and then somehow there’s a little bit of deviousness to it. The debt ceiling will go up in an unspecified amount. So as much as you can borrow between now and November, go for it. So there is no limitation. The debt ceiling becomes not a limitation at all. Senator Rand Paul: And the media doesn’t even get it. The media does you such a disservice. They can’t even understand what’s going on sometimes. They’re like, bipartisanship has broken out. Hallelujah! Republicans and Democrats are getting along. And in reality, they should be telling you, look for your wallet; check your pants to make sure they haven’t taken your wallet, because when both parties are happy and both parties are getting together and doing stuff, guess what? They were usually looting the Treasury. And that’s what this bill does. It’s going to loot the Treasury. It spends money we don’t have. We will have a trillion-dollar deficit this year. Press Briefing: Presidential Remarks on Federal Spending, C-Span, June 9, 2009. Community Suggestions Video: The Political Vigilante: Graham Learns About MMT Part 1 Video: The Political Vigilante: Graham Learns About MMT Part 2 See more community suggestions HERE. Cover Art Design by Only Child Imaginations Music Presented in This Episode Intro & Exit: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio)

united states american california health starting washington energy state barack obama forbes finance north congress states republicans companies louisiana washington post democrats commerce puerto rico federal engineers paypal prevention sec empty secretary huffington post usa today agriculture creates medicare forces cuts increased thirty funds requires historically orders treasury preserving hallelujah medicaid fiscal increases adds human services obamacare foster care huffpost expands res extends c span propublica reduces suspends hurricane maria army corps fatherly roll call medicare advantage lowers hwy accelerates freedom caucus us virgin islands zeroes tax relief subdivisions strategic petroleum reserve recklessness medicare advantage plans authorizes ryan grim federal spending congressional dish defense news us senate committee hurricanes harvey hearing no crestview music alley hurricanes irma paygo catherine rampell fy18 bipartisan budget act marine mammal protection act budget act paige winfield cunningham laura barron lopez stan collender cover art design jason cherkis david ippolito children's health insurance program lindsey mcpherson public health fund

Vargas Speaks: Episode 15

news goals team star trek milwaukee big news discussed muay thai frames docuseries winter wonderland huge news schlitz fy18

Play Episode Listen Later Feb 26, 2018 22:11

In this edition of Vargas Speaks: Dr. Vargas -- • Highlights recent successes at Southeast • Explains the importance of accreditation and what it means • Talks about the university's work in connecting with area employers • Details some of the efforts in connecting directly with students • Updates us on the budget for the university for FY18 and FY19 This interview was recorded on Tuesday, February 20, 2018

talks vargas fy18

First Frames First 26: Big News about new Muay Thai DocuSeries and FY18 Goals

First Frames First

Play Episode Listen Later Feb 14, 2018 93:31

The guys start off quickly talking about a snag designing film credits, they reveal big news about their partnership with Bell on a new Muay Thai docu-series, then get into the Goals episode for the year! Was a lot of fun to recap the last year! Discussed on this show: - Schlitz and the story of the magical place Milwaukee, WI - Problems with scrolling credits - Winter Wonderland cast meet up, panic and Production Prep! - HUGE News for the Team! We are partnering with Bell to put on a Muay Thai DocuSeries in the Kitchener/Waterloo/Cambridge/Guelph Region! - Recap of last years goals and plan for this coming year! - Quentin Tarantino is in the News... And not just for his dream to Direct the next Star Trek flick!

Microsoft’s Q2 FY18 Earnings – What Enterprise Customers Need to Know

office microsoft customers enterprise earnings azure arpu fy18

Play Episode Listen Later Feb 2, 2018 4:08

Microsoft’s overall revenue grew 12% year over year reaching $28.9B. Microsoft’s growth was primarily driven by Microsoft’s success in the cloud. Most specifically, Office 365 commercial revenue grew an impressive 41% and Azure revenue grew an astronomical 98%. Microsoft knows that future success will be tied directly to their ability to expand the average revenue per user (ARPU) through migrating more enterprises to the most robust cloud offerings (i.e. Office 365 E5 and Microsoft 365 E5). All enterprises need to prepare appropriately.

Pipettes & Politics: Episode 3

Pipettes and Politics

Play Episode Listen Later Dec 15, 2017 32:34

This episode begins with a summary of hearings held to update Congress on the progress of the 21st Century Cures Act. In his testimony to the U.S. House and Senate, National Institutes of Health Director Francis S. Collins emphasized his agency’s commitment to support the next generation of researchers. The episode also provides an update on the controversial Tax Cuts and Jobs Act; our letter-writing campaign to remove the repeal of the graduate student tuition waiver; the damaging effects of a continuing resolution on the research community; and the status of the FY18 budget and a possibility of another government shutdown. We end the episode and close out the year by sharing our favorite science stories of 2017. Follow your Pipettes & Politics hosts Twitter and share your thoughts on this episode using #PipettesAndPolitics: -Benjamin Corb | @bwcorb -Andre Porter | @anporter_ -Daniel Pham | @dpham20

house politics congress senate national institutes tax cuts jobs act century cures act pipettes fy18 francis s collins andre porter

Vargas Speaks: Episode 14

vegetables vargas cultural competence organic fertilizers fy18

Play Episode Listen Later Dec 1, 2017 22:03

In this edition of Vargas Speaks : • Update on the budget for the university for FY18 • 100,000 Strong for the Americas ( ) • Higher Learning Commission Strategy Forum ( ) • Southeast Launches New Courses Dedicated to Cultural Competence in the Health Professions • Southeast Awarded Grant to Evaluate Polysulfate as Organic Fertilizer for Vegetables, Soil Conditioner This interview was recorded on Tuesday, November 16, 2017

Vargas Speaks: Episode 13

Defense & Aerospace Report

Play Episode Listen Later Aug 29, 2017 24:18

In this edition of Vargas Speaks : • A recap of eclipse activities at Southeast • How Southeast is looking on headcount the first week of classes • Update on the budget for the university for FY18 and the prospect of future cuts and how the university is addressing the budget challenges • Update on retention and graduation rates • Dr. Vargas talks about some of his short and long-term goals for Southeast • Dr. Vargas shares some of the accomplishments he's most proud of after two years serving as president • A quick update about the University Speaker Series This interview was recorded on Thursday, August 24, 2017

vargas fy18

Defense & Aerospace Business Report [July 31, 2017]

Play Episode Listen Later Jul 31, 2017 35:18

On this week’s episode of the Defense & Aerospace Business Report, sponsored by Bell Helicopter, a Textron Company, we discuss ongoing FY18 defense budget deliberations on Capitol Hill, the impact of the week in international security provocations on US defense spending, President Donald Trump’s defense-industrial base executive order, the potential implications of American sanctions on global powers on the EU-US relationship and more. This week’s guests include Byron Callan of Capital Alpha Partners, Ron Epstein of Bank of America Merrill Lynch, Steven Grundman of the Atlantic Council, former Pentagon comptroller Bob Hale (now with the Center for a New American Security’s Defense Strategies and Assessments Program), Todd Harrison of the Center for Strategic and International Success, and Sash Tusa of Agency Partners.

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21. The Angry Epiosde

Ad Astra

Play Episode Listen Later Jul 26, 2017 61:28

THIS WEEK, THE GUYS TACKLE THE HEALTHCARE DEBATE. Ha. Just kidding. Jack and Newton cover the latest and greatest in space, including the Mars Exploration Program, UN COPUOS's June meeting, and the new NASA budget proposed by the Senate. Links: Latest from Washington Louis Friedman points out further problems facing NASA’s Mars Exploration Program NASA is happy with Commercial Crew schedules Jeff Bezos gets an Instagram, shows off New Glenn factory DoD gets new advisory committee Donald Rumsfeld’s Space Commission Report Space News Highlight of the Week Senate picks $19.5B for NASA’s FY18 budget International News Summer Update on COPUOS long-term sustainability guidelines Secure World Foundation publishes a fact sheet about these guidelines Latest in Tech Sierra Nevada to launch Dream Chaser atop Atlas 5 rocket in 2020 Mishap to delay launch of NASA communications satellite Coming Soon to Space Astronomy On Tap Follow Ad Astra on Twitter at @AdAstra_Podcast, on Facebook, and subscribe to the mailing list for future updates and events!

#18: Microsoft’s One Commercial Partner Organization decoded, with Bill Hawkins.

Ultimate Guide to Partnering™

Play Episode Listen Later Jul 20, 2017 37:18

I recently returned from an amazing week in Washington DC where I had the opportunity to present to partners on "how to take their Microsoft relationship to the next level", visit many old friends and meet new friends. I also received some amazing feedback on Ultimate Guide to Partnering. This is an important time at Microsoft and partners need to better understand how the changes will impact their business and engagement with the tech giant. I asked a voice of the Microsoft partner field to help me take our listeners through the changes - what it means to partners and how this ultimately translates into action in the days ahead. In this latest episode of the podcast I was joined by Bill Hawkins from Microsoft's One Commercial Partner or OCP organization to share his thoughts on the changes, how they will impact partners and how partner sellers will engage to drive partner success in FY18. In the discussion Bill pointed to an overarching theme - the right resource, engaging with the right partner, at the right time. We discuss exactly what has changed. The slide below provides an overview of the roles and motions and we go through each element in more detail on the podcast. We touch on the shift in compensation to better align sellers to the consumption model versus the transaction. Everyone in the field will be pivoting harder in this regard. More details on incentives plans will follow as changes roll out to the segments. They have not been released as of the date of this podcast to individuals in the Microsoft organization. Toni Townes Whitley discussed the shift to "industry focused - partner powered" which is fundamental and allow for da eeper and more focused engagement by Microsoft sellers with partners into a given customer's business. The 6 verticals are: 1. Financial Services 2. Manufacturing 3. Retail 4. Education 5. Health - 430 accounts, roughly $2B. 6. Government We conclude here that it's a great time to be a partner! Satya's announced 4 key solution areas for the business during his Monday keynote - its important to note that these are not stove-piped business silos, but interdependent solution sets: 1. Modern Workplace & introduced MICROSOFT 365 2. Business Applications - including DYNAMICS 365 3. Applications & Infrastructure - 4. Data and AI In the days ahead, I'll be asking leaders from Redmond and elsewhere to join the podcast and share more details on how these changes translate into success for partners. Now more than any time - its important that Redmond have a persistent channel and message to partners and field sellers on how to drive the change to effect mutual success. I'm happy to be a conduit at scale through Ultimate Guide to Partnering. I hope you enjoy this episode. If you have not listened to the podcast, now is your chance by going to iTunes , Google Play, Player FM or going to my website “Ultimate Guide to Partnering“. Please review this podcast by going to iTunes and searching “Ultimate Guide to Partnering” and clicking on the album art and hitting the ratings tab. This helps others find the podcast. You can also follow and like on Facebook, Twitter, Instagram and LinkedIn. Thank you for following and listening. Vince Menzione

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FY18 budget, parking investments

OHSU Week

Play Episode Listen Later Jul 3, 2017 18:35

The OHSU Board of Directors approved a nearly three billion dollar budget for fiscal year 2018. The budget anticipates five percent revenue growth over last year, half what has been budgeted in past years. 15 million dollars is set aside to fund parking infrastructure. Guest: Lawrence Furnstahl, executive vice president and chief financial officer.

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#59 Josh Filler - Federal Fiscal Policy Insights

Complete EM Podcast

Play Episode Listen Later Jun 21, 2017

For this second of two episodes focused on Federal emergency management and homeland security funding, we hear from another veteran of such matters. Josh Filler was a legislative affairs director and office chief of staff in the NYC Mayor Giuliani administration before becoming the Director of State and Local Programs at the brand new Department of Homeland Security under President Bush. He continues to monitor and assess federal fiscal policy changes and their programatic impacts as he works with a number of states and UASIs. For us, he shares his assessment of the FY17 and FY18 budgets.

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This Week in California Education: Episode 16, June 17, 2017

This Week in California Education

Play Episode Listen Later Jun 16, 2017

This week: CA legislature approves FY18 budget, with increased funding for K-12 schools, DeVos criticizes charter advocates who don't support other "school choice" options & Netflix CEO commits to long-term campaign to increase charter enrollments Produced by Sarah Tan

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Defense & Aerospace Business Report [May 29, 2017]

Defense & Aerospace Report

Play Episode Listen Later May 29, 2017 41:53

On the Memorial Day episode of the Defense & Aerospace Business Report, we discuss President Donald Trump's trip to Brussels and NATO, German Chancellor Angela Merkel's comments regarding Europe's relationship with the US, Trump's proposed FY18 federal budget and more. The Defense & Aerospace Business Report is sponsored by Bell Helicopter, a Textron Company. This week's guests include: • Richard Aboulafia of the Teal Group • Steve Grundman of the Atlantic Council • Ron Epstein of Bank of America Merrill Lynch • Todd Harrison of the Center for Strategic and International Studies

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Trump Budget Release 2

Materials Minute

Play Episode Listen Later May 26, 2017 3:15

After the release of the "skinny" budget, the Administration releases its full budget proposal for FY18.

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05-23-2017 - Trump Budget Director Mick Mulvaney speaks on FY18 budget audio English

Chiki & Bella Podcast

Play Episode Listen Later May 24, 2017 34:22

05-23-2017 - Trump Budget Director Mick Mulvaney speaks on FY18 budget audio English

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Episode 16: Proposed FY18 Hospice Wage Index Rule

NHPCO Podcast

Play Episode Listen Later May 16, 2017 29:03

As many of you know by now, the proposed rule was released at the end of April. Judi and Jennifer discuss the their key takeaways for providers, like the wage index and and quality reporting. Hear how you can provide feedback as we prepare our official comment letter.

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Defense & Aerospace Business Report [May 13, 2017]

Defense & Aerospace Report

Play Episode Listen Later May 15, 2017 40:04

On this week's episode, we discuss President Donald Trump's decision to fire former FBI Director James Comey, the FY18 federal budget outlook, the House Science Committee's draft commercial-space legislation, the president's interest in defense systems, the massive cyberattack that hit over 100 countries last week, what comes next after the French election, the state of the global aerospace market and more. The Defense & Aerospace Business Report is sponsored by Bell Helicopter, a Textron Company. This week's guests include: ● Mackenzie Eaglen of the American Enterprise Institute ● Ron Epstein of Bank of America Merrill Lynch ● Todd Harrison of the Center for Strategic and International Studies ● Sash Tusa of Agency Partners in London

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FY18 Norfolk Budget Public Hearing

Norfolk City Council, Virginia-USA

Play Episode Listen Later Apr 25, 2017 99:00

FY18 Norfolk Budget Public Hearing on April 19, 2017 at Granby High School

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FY18 Proposed City of Norfolk Budget

Norfolk City Council, Virginia-USA

Play Episode Listen Later Apr 11, 2017 99:00

Presented to Norfolk City Council by Interim City Manger Doug Smith on April 11, 2017

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Vargas Speaks: Episode 10