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How to unwind a commercial real estate transaction – Press Telegram

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Today I’m going to delve deeper into the topic of cancellation culture. No, not stifling freedom of speech but the cancellation of a commercial real estate transaction. In other words, how to unwind a transaction.

As mentioned in this space over the years, commercial real estate agreements come in two forms – leases and sales. Unlike our residential counterparts, commercial leases can represent a significant portion of our practices, in some cases up to 100%.

Since many companies choose to rent the premises from which they practice their profession and the sales market is currently experiencing an acute shortage, more and more leases are being created. Obviously, canceling a sale or a lease has its nuances, so I’ll spend some time on both.

What precedes each direction is an identification of needs, a study of the market, tours of potential, negotiation and contracts. The departure occurs at the documentation stage.

When a lease is signed, the deal is done, notwithstanding the fit-up and move-in. When a purchase and sale contract is executed, the transaction begins. As you can see, relaxation depends on where you are in the process. Allow me to dissect.

Leases

Until you scratch your John Hancock on this 17-page tome, you can leave even if you’ve signed a letter of intent. In some cases, after you sign a lease and you don’t make the required deposits in a timely manner, the landlord may press eject. But typically, once you and the landlord sign, deposits and insurance are exchanged, a rental agreement is assigned.

Now, if circumstances result in “delay of possession” – meaning you can’t move in beyond what’s described – a cancellation can occur.

OK, you’re in and things are changing. Now what? Generally, you have three alternatives: buyout, sublease or default.

A buyout works like this: With the lease, you have committed to a certain dollar obligation which is calculated by multiplying your monthly rent by the years remaining on the term. Let’s say that figure is $1 million. In order to complete a buyout, you would approach the property owner and offer him a fraction of the remaining bond. She will then analyze whether taking a buyout is in her best interest. More specifically, with the money offered, can the costs of finding a new occupant be absorbed?

Then a sublease

You attract a surrogate to live out your lease and do all the things you’ve agreed to do, like pay the rent, repay the property taxes, mow the lawn, etc. Please note: subletting must be accepted by the landlord, but it may not be unreasonable.

Finally, you walk away and raid the owner. This is never recommended as all sorts of legal remedies will be triggered. But, it is an option.

Sales

Reminder: When a purchase and sale contract is signed, the timer starts running. Until a deed is recorded signaling that the race is over, there are escape routes.

The simplest happens during a period of due diligence. Completed within 15-60 days of fulfilling a contract, this includes a finance commitment, title review, inspection, forensic appraisal of leases (if applicable ), expenditures and revenues and a survey of environmental conditions. If one of them is unsuccessful and a compromise solution cannot be found, it’s over.

Once all the conditions described in an emergency period are lifted, part of the money is at risk. This means the buyer can lock out and the deposit is lost.

Some may wonder, hmmm, it looks like the buyer holds the key. When can a seller cancel? Simply, if the buyer performs, the seller cannot. My lawyer buddies are collective in saying, uh-huh! True.

Needless to say, however, a costly “specific performance” battle may ensue.

Probably the craziest example of this happened a few years ago with a vendor we represented. It seems that the seller – after committing to sell his property – and the buyer waiving the contingencies have discovered a costly prepayment penalty.

One day I received a call from the seller asking me to cancel the transaction. Astonished, I asked, “On what basis?”

“Because I can’t afford the prepayment,” he replied.

Luckily, we persuaded the buyer to walk away. But not without reimbursement of their expenses and payment of their agent.

Allen C. Buchanan, SIOR, is a principal at Lee & Associates Commercial Real Estate Services in Orange. He can be reached at [email protected] or 714.564.7104.

Scammers can affect your credit report

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The world can’t help but talk about the so-called Tinder Swindler, the soft-spoken con artist who used dating apps to meet lots of women.

READ ALSO: Money saving tips

He then accumulated huge lines of credit and loans in their name, leaving them with massive debts.

And if you think it couldn’t happen to you, think again.

Every day people take out loans for other people or sign a guarantor for someone else’s loans. If for any reason there are any breaches of the agreement, you could put your credit report at serious risk and it could take several years to recover.

“What few people realize is that it’s not just late payments or missed payments that hurt your credit score or make lenders suspicious,” said Davina Myburgh, director of Consumer Interactive at TransUnion. Africa.

“Taking too much credit in a short time can hurt your credit rating and your ability to get credit in the future.

“And if you take out these loans for someone else, for whatever reason, the risks to your financial health increase exponentially,” Myburgh said.

Myburgh said there was no problem opening a new credit card or taking out a revolving credit facility.

“But if you suddenly open two or three new credit facilities in a short period of time, what you’re telling lenders is that you might be in financial trouble.

“At the very least, you will attract attention the next time you apply for credit from your bank.
someone else’s debt

“When you sign bail on a loan for a child or parent (or someone you met on Tinder), that debt can get you in trouble if they don’t keep their payments.

“You will be held accountable, and it will reflect on your credit report and negatively affect your credit score.”

He said that when you apply for new credit yourself, lenders will consider your guarantor as part of your indebtedness.

Many “difficult” credit applications
“Every time you apply for credit, the lender will do a credit report on you, what is known in the trade as a ‘hard’ inquiry.

“Many people don’t realize that too many tough requests to check your credit can negatively impact your credit score, as it can be seen as a sign of financial stress.

“Be aware that difficult searches can often come from unexpected sources, such as a request to open a new cell phone account or a request for a credit limit increase.

“A lender should tell you this and ask your permission before doing this type of research, so make sure you only apply for credit when necessary to avoid lowering your score.

“To make sure you stay on top of your credit score and keep your finances healthy, make it a habit to check your credit report regularly.”

You get a free credit report every 12 months from providers like TransUnion.

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Credit-Card-Sized Device Focuses Terahertz Energy to Generate High-Resolution Images | MIT News

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Researchers have created a device that allows them to electronically steer and focus a beam of terahertz electromagnetic energy with pinpoint precision. This opens the door to real-time, high-resolution imaging devices that are hundredths the size of other radar systems and more robust than other optical systems.

Terahertz waves, located on the electromagnetic spectrum between microwaves and infrared light, exist in a “no man’s land” where neither conventional electronics nor optical devices can effectively manipulate their energy. But these high-frequency radio waves have many unique properties, such as the ability to pass through certain solid materials without the health effects of X-rays. They can also enable higher speed communications or vision systems capable of seeing through foggy or dusty environments.

MIT’s Terahertz Integrated Electronics Group, led by Associate Professor Ruonan Han, seeks to bridge this so-called terahertz gap. These researchers have now demonstrated the most accurate and electronically steerable terahertz antenna array, which contains the largest number of antennas. The antenna array, called the “reflector array”, works like a controllable mirror with its direction of reflection guided by a computer.

The reflector array, which packs nearly 10,000 antennas into a device the size of a credit card, can precisely focus a beam of terahertz energy onto a tiny area and quickly control it with no moving parts. Built using semiconductor chips and innovative manufacturing techniques, the reflector array is also scalable.

The researchers demonstrated the device by generating 3D depth images of scenes. The images are similar to those generated by a LiDAR (light detection and ranging) device, but because the reflector array uses terahertz waves instead of light, it can work effectively in rain, fog or snow. This small reflector array was also able to generate radar images with twice the angular resolution of those produced by radar at Cape Cod, which is a building so large it is visible from space. While Cape Code radar is capable of covering a much larger area, the new reflector array is the first to bring military-grade resolution to a device for commercial smart machines.

“Antenna arrays are very interesting because just by changing the delays that feed each antenna, you can change the direction in which the energy is focused, and it’s completely electronic,” says Nathan Monroe ’13, MNG’ 17, first author of the paper who recently completed his doctorate in the Department of Electrical Engineering and Computer Science (EECS) at MIT. “So it comes as an alternative to those big radar dishes you see at the airport that move with motors. We can do the same thing, but we don’t need moving parts because we just change a few bits in a computer.

Co-authors include EECS graduate student Xibi Chen; Georgios Dogiamis, Robert Stingel and Preston Myers of Intel Corporation; and Han, lead author of the article. The research is presented at the International Solid-State Circuit Conference.

Inventive manufacturing techniques

With typical antenna arrays, each antenna generates its own radio wave power internally, which not only wastes a lot of energy, but also creates complexity and signal distribution problems that previously prevented these arrays from s adapt to the number of antennas required. Instead, the researchers built a reflective array that uses a primary power source to send terahertz waves to the antennas, which then reflect the energy in a direction the researchers control (similar to a satellite dish on the roof ). After receiving the energy, each antenna performs a delay before reflecting it, which focuses the beam in a specific direction.

Phase shifters that control this delay typically consume a large portion of the radio wave’s energy, sometimes as much as 90 percent, Monroe explains. They designed a new phase shifter that consists of only two transistors, so it consumes about half the power. Additionally, typical phase shifters require an external power source such as a power supply or battery for operation, which creates power consumption and heating issues. The new design of the phase shifter does not consume any energy.

Directing the energy beam is another problem – calculating and communicating enough bits to control 10,000 antennas at once would significantly slow down the performance of the reflector array. The researchers avoided this problem by integrating the antenna array directly on the computer chips. Because the phase shifters are so small, just two transistors, they were able to reserve about 99% of the space on the chip. They use this extra space for memory, so each antenna can store a library of different phases.

“Rather than telling this antenna array in real time which of 10,000 antennas should point a beam in a certain direction, you just tell it once and then it remembers. Then you just dial that and, essentially, it fetches the page from its library. We later discovered that this allows us to think about using that memory to also implement algorithms, which could further improve the performance of the antenna array,” says Monroe.

To achieve the desired performance, the researchers needed about 10,000 antennas (more antennas allow them to direct energy more precisely), but building a computer chip large enough to hold all those antennas is a huge challenge in itself. . So they took an evolutionary approach, building a single, small chip with 49 antennae that is designed to communicate with copies of itself. Then they tiled the chips into a 14 x 14 array and assembled them with microscopic gold wires that can communicate signals and power the array of chips, Monroe explains.

The team worked with Intel to fabricate the chips and help with die assembly.

“Intel’s advanced high-reliability assembly capabilities combined with state-of-the-art high-frequency Intel 16 silicon process transistors have enabled our team to innovate and deliver a compact, efficient, and scalable imaging platform to frequencies below the terahertz. These compelling results further strengthen the Intel-MIT research collaboration,” says Dogiamis.

“Prior to this research, people really didn’t combine terahertz technologies and semiconductor chip technologies to achieve this ultra-sharp, electronically controlled beamforming,” Han says. “We saw this opportunity and, also with unique circuit techniques, came up with very compact but also efficient on-chip circuits so that we could effectively control the behavior of the wave at these locations. By taking advantage of IC technology, we can now enable certain built-in memory and digital behaviors that certainly did not exist in the past. We believe that by using semiconductors, you can truly enable something amazing.

A range of applications

They demonstrated the reflective array by taking measurements called radiation patterns, which describe the angular direction in which an antenna radiates its energy. They were able to focus the energy very precisely, so that the beam was only one degree wide, and were able to steer that beam in one degree steps.

When used as an imager, the one degree wide beam travels in a zigzag pattern over each point in a scene and creates a 3D depth image. Unlike other terahertz networks, which can take hours or even days to create an image, theirs operates in real time.

Because this reflective array works quickly and is compact, it could be useful as an imager for a self-driving car, especially since terahertz waves can see through bad weather, Monroe says. The device could also be well suited for autonomous drones as it is lightweight and has no moving parts. Additionally, the technology could be applied in security settings, enabling a non-intrusive body scanner that could work in seconds instead of minutes, he says.

Monroe is currently working with the MIT Technology Licensing Market to commercialize the technology through a startup.

In the lab, Han and his collaborators hope to continue advancing this technology by using new advances in semiconductors to reduce the cost and improve the performance of chip assembly.

The research is funded by Intel Corporation and the MIT Center of Integrated Circuits and Systems.

Kentucky Small Business Loan Options

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Did you know that almost all businesses in Kentucky are small businesses (99.3% of them, anyway)? That’s a lot of small business owners who may need financial help from time to time.

The good news is that there are tons of opportunities to find financing for small businesses in the state. What could you do with a little extra cash for your business?

How a Small Business Loan Can Help Your Kentucky Business

Not sure what a business loan can be used for? Allow me to enlighten.

For an existing business, loan funds can be used as working capital to help cover business expenses such as payroll, office equipment and supplies. You can also use them to buy another business, renovate your own, or buy real estate.

For a startup, a loan can be used to cover expenses related to launching a business. Note that if you don’t have a great track record with your business, your loan options may be limited.

Types of small business loans to choose from

When it comes to small business loans, there are several categories to choose from. Each has its own requirements to qualify, so depending on your credit score, you may qualify for one or more types.

I have also included some of the lenders who work with Kentucky businesses.

Bank loans

Although they are among the most difficult to obtain, loans offered by banks or credit unions generally have the lowest interest rates. Here are some of the lenders to consider in Kentucky.

U.S. government loans for small businesses

Another option to consider if you have good credit is an SBA loan. SBA loans are offered by lenders approved by the Small Business Administration, although the SBA itself does not lend money. You can get more information about its 7(a) and 504 loan programs at SBA.gov.

Here are the SBA lenders in Kentucky:

Equipment loans

If you’re specifically looking to buy equipment for your business and don’t have good credit, don’t worry. There are equipment loans that use the equipment you buy as collateral, which can keep interest rates low. These are usually easy to qualify.

Commercial real estate loans

And if you are looking to buy commercial real estate, there are loans for that too. Similar to equipment loans, these loans use the property you buy as collateral for the loan.

What it takes to get approved for a small business loan

You already know that your credit scores are important when applying for a small business loan. Many lenders, especially banks, also require entrepreneurs to have been in business for at least two years, which means startups can struggle to qualify for traditional loans.

Additionally, lenders may want to see financial statements and/or tax returns. Some lenders, especially SBA lenders, may also ask to see a business plan so they can understand how you plan to use the funds.

How to Choose the Right Loan for Your Kentucky Small Business

Start by reviewing the eligibility requirements for a given loan. Once you’ve narrowed down your selection to those you qualify for, look at the rates you’re offered. Low-interest loans are ideal, but consider other things like additional fees, the reputation of the lender, and other services offered.

Small Business Grant Options for Kentucky

Financial assistance for Kentucky businesses doesn’t just come from small business loans. You may also be eligible for grants offered by businesses, state and local governments, and nonprofit organizations.

These grants do not have to be repaid. Some have strong competition. Some have specific requirements, such as whether your business is female, minority, or veteran-led, or is in a certain industry. Still, you can’t get one if you don’t ask for it! Start with these grants.

Additional Resources for Kentucky Small Businesses

If you need more than financing and could use some tips on how to run your business smartly, check out these resources for small businesses in Kentucky. They offer free training, mentorship, networking, and education.

Entrepreneurship can be a long and winding road. But you don’t have to take this trip on your own. Whether you need money to get through a slow period in your business or want someone to kick start your ideas, there are resources in the state of Kentucky that can help you on the road to success.

This article was originally written on February 18, 2022.

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Are installment loans and payday loans the same thing? –

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Are installment loans and payday loans the same thing? When people need money right away, they often fail to shop around and evaluate loan options. However, the repercussions of rushed loans can be serious. For this reason, we will analyze and discuss the differences and similarities between two common types of loans: payday loans and installment loans. So here’s what you need to know to make smart credit decisions and avoid doubling your debt.

What is an installment loan?

We’ve all undoubtedly used different types of installment loans, even if the term “installment” is unfamiliar to us. It is a kind of loan in which you borrow a certain amount of money and then repay it in monthly installments. Typically, these loans have a fixed repayment schedule, which means the monthly payment amount remains constant for the life of the loan. As a result, borrowers can simply organize their budget and loan repayment will not be a surprise as payment day approaches.

Common Examples of Installment Loans

Installment loans come in different forms:

They can be secured or unsecured, may have different repayment terms and APRs (Annual Percentage Rates). So whatever you’re looking for, it’s a good idea to compare interest rates https://shinyloans.com/articles/difference-between-nominal-and-real-interest-rate and repayment terms to find the one that suits you best. The most popular types of installment loans are:

Car loans:

These loans are granted to finance a new or used vehicle. These loans have a collateral when you secure the borrowed money against the acquired automobile. The repayment periods for these loans generally range from two to eight years.

Student loans:

These types of installment loans are usually unsecured and help pay for undergraduate, graduate, and other types of post-secondary education. The advantage of student loans is that you don’t start your payments right away. instead, you take the money, pay your tuition, and pay it back when you graduate and work.

Mortgages:

Mortgages are provided to make major expenses, such as the house. The purchased property also secures these loans. Mortgage repayment terms typically range from 10 to 30 years.

Securities lending:

A loan that requires an asset as collateral is called a title loan. In addition, title loans are popular because they do not take into account the applicant’s credit rating and because they can be approved very quickly. The most common type of title loan is the car title loan, where the car itself is the asset pledged. Companies like Titlelo offer these loans online in just a few minutes.

What is a payday loan?

The question most often raised is that of the payday loan. These loans are becoming increasingly popular due to their wide availability. Advertisements for these small loans spread across the internet, attracting more borrowers. Payday loans are short-term loans lasting several weeks. These loans, also known as cash advances, are popular among low-income borrowers and those with a history of credit failure. Unfortunately, because they have high interest rates, it’s easy to get into debt.

Installment and payday loans: main distinctions

Let’s start by noting the distinctions between these loans. Therefore, the basic distinction between a payday loan and an installment loan lies in the repayment terms, payment mechanism, and loan amounts.

Reimbursement deadlines:

A personal loan is a very short-term loan with a maturity of usually less than one month, while an installment loan is at least two years old.

Payment forms:

Payday advances must be repaid in one large payment. But installment loans, as the name suggests, are paid in monthly installments over a set period of time that can range from a few months to several years.

Amounts borrowed:

These two types of loans mainly vary in the amounts available. The amount borrowed for payday loans cannot exceed $2,500, while installment loans are available for higher amounts.

Interest rate:

Installment loans generally have lower interest rates than payday advances.

Availablity:

Payday advances are easily accessible compared to installments.

The Similarity Between Installment Loans and Payday Loans

Despite the distinctions mentioned above, these two loan types also share some standard features:

The absence of warranty:

A basic similarity between payday loans and installment loans is that they are both often unsecured, meaning there is no property or collateral to back the transaction. In other words, if you fail to repay the borrowed money, the lender cannot seize your secured property.

Online processing:

Although installment loans are often granted by traditional credit institutions. (Banks and credit unions). They are increasingly available online through internet lenders. Accordingly, you can apply for these loans from anywhere and anytime.

No credit check:

Indirect credit drawdowns may occur in addition to hard credit drawdowns for online installment loans. Also, because internet lenders often do not set strict qualification standards for accepting these loans. Moreover, even consumers with poor credit could benefit.

When choosing between a payday loan and an installment loan, the latter is always the cheaper alternative. However, if you are denied an installment loan, you can always consider payday loan options.

Are installment loans and payday loans the same thing?

Data Breach Alert: MetLife, Inc. | Console and Associates, PC

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Recently, MetLife, Inc. (“MetLife”) suffered a cyberattack that compromised the names and social security numbers of some consumers. the data breach lawyers at Console & Associates, PC will begin interviewing victims of the breach to determine the damages they suffered and the legal claims that may be available to them. If you recently learned that your information was compromised in the recent breach, contacting a data breach attorney is the first step to understanding all of your options.

What we know so far about the MetLife data breach

MetLife, Inc. is one of the largest insurers in the world, with 90 million customers in more than 60 countries. MetLife, Inc., is the name of the holding company of Metropolitan Life Insurance Company (MLIC), more commonly known as “MetLife”. The company offers a wide range of insurance products, including health insurance, dental insurance, automobile insurance, disability insurance, as well as annuities. In 2020, MetLife generated more than $67 billion in revenue and employed approximately 49,000 people.

Given the recentness of the MetLife data breach, little is known about its causes or the number of parties involved. However, according to an attorney general’s office, the compromised information includes consumers’ names and social security numbers. On February 9, 2022, MetLife began sending data breach notification letters to those whose information was compromised in the breach.

Learn more about the causes and risks of data breaches

Often, data breaches result from a hacker gaining unauthorized access to a company’s computer systems in an effort to obtain sensitive consumer information. Although no one can know why a hacker targeted MetLife, it is common for hackers and other criminals to identify companies believed to have weak data security systems or vulnerabilities in their networks.

Once a cybercriminal gains access to a computer network, they can then access and delete all data stored on compromised servers. While in most cases a business victim of a data breach can identify the accessed files, they may have no way of knowing which files the hacker actually accessed or deleted. Datas.

Although the fact that your information has been compromised in a data breach does not necessarily mean that it will be used for criminal purposes, being the victim of a data breach puts your sensitive data in the hands of someone unauthorized. Therefore, you are at increased risk of identity theft and other fraud, and criminal use of your information is a possibility that should not be ignored.

Given this reality, individuals who receive a MetLife data breach notification should take the situation seriously and remain vigilant by checking for any signs of unauthorized activity. Companies like MetLife are responsible for protecting consumer data in their possession. If it appears that MetLife has failed to adequately protect your sensitive information, you may be eligible for financial compensation through a data breach lawsuit.

What consumer remedies are there following the MetLife data breach?

When customers decided to do business with MetLife, they assumed the company would take their privacy concerns seriously. And it goes without saying that consumers would think twice about giving a company access to their information if they knew it wouldn’t be secure. Thus, data breaches such as this raise questions about the adequacy of a company’s data security system.

When a business, government entity, nonprofit, school, or other organization accepts and stores consumer data, it also accepts a legal obligation to ensure that this information is kept private. US data breach laws allow consumers to pursue civil data breach claims against organizations that fail to protect their information.

Of course, given the recentness of the MetLife data breach, the investigation into the incident is still in its early stages. And, at this time, there is no evidence yet to suggest that MetLife is legally liable for the breach. However, that may change as more information about the breach and its causes comes to light.

If you have questions about your ability to bring a data breach class action lawsuit against MetLife, contact a data breach attorney as soon as possible.

What should you do if you receive a MetLife data breach notification?

If MetLife sends you a data breach notification letter, you are among those whose information was compromised in the recent breach. Although this is not the time to panic, the situation deserves your attention. Below are some important steps you can take to protect yourself against identity theft and other fraudulent activity:

  1. Identify compromised information: The first thing to do after becoming aware of a data breach is to carefully review the data breach letter sent. The letter will tell you what information about you was accessible to the unauthorized party. Be sure to make a copy of the letter and keep it for your records. If you’re having trouble understanding the letter or what steps you can take to protect yourself, a data breach attorney can help.

  2. Limit future access to your accounts: Once you’ve determined what information about you was affected by the breach, the safest game is to assume that the hacker who orchestrated the attack stole your data. Although this is not the case, prevention is better than cure. To prevent future access to your accounts, you must change all passwords and security questions for any online account. This includes online banking accounts, credit card accounts, online shopping accounts, and any other accounts that contain your personal information. You should also consider changing your social media account passwords and setting up multi-factor authentication where available.

  3. Protect your credit and financial accounts: After a data breach, companies often provide affected parties with free credit monitoring services. Signing up for free credit monitoring offers important protections and does not affect any of your rights to bring a data breach lawsuit against the company if it is found to be legally responsible for the violation. You should contact a credit bureau to request a copy of your credit file, even if you notice no signs of fraud or unauthorized activity. Adding a fraud alert to your account will provide you with additional protection.

  4. Consider implementing a credit freeze: A credit freeze prevents anyone from accessing your credit report. Credit freezes are free and remain in effect until you remove them. Once a credit freeze is in place, you can temporarily lift it if you need to apply for any type of credit. While freezing credit on your accounts may seem like overkill, given the risks involved, it’s warranted. According to the Identity Theft Resource Center (“ITRC”), freezing credit on your account is “the most effective way to prevent a new credit/financial account from being opened.” However, only 3% of data breach victims freeze their accounts.

  5. Monitor your credit report and financial accounts regularly: Protecting yourself following a data breach requires continuous effort on your part. You should regularly check your credit report and all financial account statements for any signs of unauthorized activity or fraud. You should also call your banks and credit card companies to report that your information has been compromised in a data breach.

founder and former chief investment officer of a New York-based investment adviser charged with securities fraud and obstruction of justice | USAO-SDNY

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Damian Williams, United States Attorney for the Southern District of New York, and Michael J. Driscoll, Deputy Director in Charge of the New York Bureau of the Federal Bureau of Investigation (“FBI”), announced that JAMES VELISSARIS, the founder and former chief investment officer of Infinity Q Capital Management (“Infinity Q”), a New York-based investment adviser that managed a mutual fund and a hedge fund believed to have approximately $3 billion in assets under management, was charged with securities fraud and obstruction of justice for orchestrating a scheme to lie to investors and falsify documents. VELISSARIS made false and misleading statements to investors and others regarding Infinity Q’s process for valuing certain over-the-counter (“OTC”) derivative positions that constituted a substantial portion of mutual fund holdings and hedge funds, and also fraudulently mismarked those securities in a way that did not reflect their fair value. VELISSARIS committed the rating error scheme in order to inflate the value of investment funds as reported to investors, to attract and retain capital and to increase its own compensation. In order to avoid detection of the scheme, VELISSARIS provided both Infinity Q’s auditor and the Securities and Exchange Commission (“SEC”) with falsified or altered documents, including providing the auditor with of modified conditions which served to provide fabricated support for the fraudulently inflated values. VELISSARIS turned himself in to FBI agents in Atlanta, Georgia this morning and is expected to be presented later today.

US attorney Damian Williams said: ‘As alleged, James Velissaris breached his duty to put the interests of his investors before his own profits. In order to attract and retain investment in the funds it operated, Velissaris lied about the independence of the process it used to assess fund assets, and it manipulated that process to convince investors that the funds worked much better than they were. He then tried to cover his tracks by submitting fabricated or altered documents to the fund’s auditor and the SEC. This case demonstrates once again the Bureau’s ongoing commitment to eradicating financial fraud, whether in private funds or public markets.

FBI Deputy Director Michael J. Driscoll said, “Investment fraud schemes may seem like a tried-and-true get-rich-quick scheme, but perpetrators are often overconfident in their ability to conceal their illegal activity. to investigators. As was the case with Velissaris, the truth caught up with him and his alleged lies were exposed. Today, he faces the consequences of his actions.

According to the allegations contained in a six-count indictment released today in Federal Court and other publicly available information:[1]

Fund

VELISSARIS was the founder and Chief Investment Officer of Infinity Q, an investment advisor that managed both a mutual fund (the “Mutual Fund”), established circa 2014, and a hedge fund (the “Fund Hedging Funds” and collectively the “Investment Funds”), began circa 2017. By 2021, the two funds were expected to have approximately $3 billion in assets under management. Infinity Q was headquartered in New York, New York, and employed a small team that included a Compliance Officer and a Risk Officer (“Employee-1”).

A major component of mutual fund and hedge fund holdings consisted of over-the-counter (“OTC”) derivative positions that involved tailored contracts that allowed counterparties to take positions on volatility or price movements. underlying assets or indices. . VELISSARIS, through Infinity Q, has disclosed to its investors that it is valuing these OTC derivative positions on a fair value basis and has used the services of a independent third-party provider. In particular, Infinity Q has disclosed to investors and other stakeholders that it uses Bloomberg Valuations Service (“BVAL”) to independently calculate the fair value of these positions, in accordance with the terms of the underlying derivative contracts. These OTC derivative positions represented hundreds of millions of dollars of investment fund portfolios.

Velissaris’ scheme to lie to investors and inflate derivative swap positions

In fact, however, VELISSARIS defrauded Infinity Q investors by taking an active role in valuing Infinity Q positions and modeling positions in a way that was not based on actual contract terms. underlyings and which was inconsistent with the fair value. VELISSARIS’ contribution to BVAL’s valuation process was inconsistent with Infinity Q’s statements regarding the independence of the process and allowed VELISSARIS to fraudulently mismark positions in BVAL. VELISSARS engaged in an error in marking positions in BVAL by making false entries in BVAL’s system, including secretly modifying the computer code employed by BVAL which caused BVAL to modify and ignore certain critical terms. By modifying and ignoring the terms in this way, BVAL declared values ​​artificially inflated and, often, much higher than the fair value.

By manipulating positions on OTC derivatives in BVAL in this way, VELISSARIS has ensured that many positions in investment funds have abnormal and, sometimes, impossible valuations. For example, VELISSARIS has at times effected manipulations in the mutual fund and/or the hedge fund which have caused certain identical positions held by both the mutual fund and the hedge fund (i.e., a position where all material terms are the same) to have substantially divergent values. In other cases, some of the manipulations of VELISSARIS have caused certain positions held by the investment funds to have impossible values, for example when, according to the actual terms of the swap, the value adopted by VELISSARIS could only be true if the volatility was negative – a condition that is mathematically impossible.

Ultimately, after the discovery of the VELISSARIS tagging scheme in or around February 2021, Infinity Q liquidated the investment funds and sold its OTC derivative positions. These positions were sold for hundreds of millions of dollars less than their purported market values ​​in BVAL, resulting in substantial losses for investors in the investment funds.

Velissaris lies to auditors and obstructs SEC investigation

In order to conceal this scheme and prevent its detection, VELISSARIS lied to many outside actors and regulators. First, in order to prevent Infinity Q’s external auditor (the “Auditor”) from uncovering the fraud, VELISSARIS provided the Auditor with falsified counterparty term sheets which it had modified to modify the actual terms of certain OTC derivative positions. In particular, as part of a number of audits, the auditor selected certain OTC positions that he would independently assess in order to confirm the reasonableness of BVAL’s Infinity Q values. In order to ensure that the auditor would not arrive at materially different results when independently evaluating the positions that VELISSARIS had manipulated in BVAL, VELISSARIS modified the terms of certain transaction documents and provided them to the listener. After receiving these falsified documents and relying on them in his independent assessment, the Statutory Auditor confirmed the reasonable nature of the valuations of VELISSARIS at BVAL.

Additionally, beginning in May 2020, the SEC initiated an investigation and subsequent investigation into Infinity Q’s valuation practices. As part of this investigation, VELISSARIS provided false and misleading information to the SEC. For example, when the SEC requested original documents that had been provided to investors, VELISSARIS modified the documents before providing them to the SEC, including some changes that would help hide its mis-marking scheme. For example, the original Infinity Q investor documents stated that “[o]Once a price is established for a portfolio security, it must be used for all Funds that hold the security. As explained above, this was false and on numerous occasions, manipulations in BVAL carried out by VELISSARIS caused the same positions in the FCP and the Hedge Fund to have significantly different values. To cover up the falsity of Infinity Q’s disclosures, VELISSARIS and Employee-1 removed this line from investor materials that were provided to the SEC.

In June 2020, the SEC asked Infinity Q to provide additional documents, including documents regarding Infinity Q’s valuation committee and all of its meeting minutes. Infinity Q’s investor documents indicated that Infinity Q had a valuation committee, including VELISSARIS, that the committee would meet monthly or more often, and that VELISSARIS would be responsible for preparing the minutes of those meetings. In fact, however, VELISSARIS had kept no notes of these meetings. As a result, days before responding to the SEC, VELISSARIS drafted memos purporting to be from review committee meetings in 2019 and 2020 and submitted them to the SEC.

* * *

VELISSARIS, 37, of Atlanta, Georgia, is charged with securities fraud, wire fraud, lying to auditors and obstruction of justice, each of which carries a maximum sentence of 20 years in prison ; and investment adviser fraud and conspiracy to obstruct justice, each punishable by up to 5 years in prison. The maximum potential penalties in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the accused will be determined by a judge.

Mr. Williams praised the work of the Federal Bureau of Investigation. He also thanked the Securities and Exchange Commission and the Commodity Futures Trading Commission for their cooperation and assistance in this investigation.

This matter is being handled by the Bureau’s Securities and Commodities Fraud Task Force. Assistant U.S. Attorneys Daniel Loss and Daniel Tracer are charged with the prosecution.

Amazon and Visa reach global truce on credit card fees

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Visa payment cards arranged on a computer keyboard.

Matt Cardy | Getty Images

Amazon has reached a global settlement with Visa to settle a dispute over the credit card giant’s fees.

The deal means Amazon customers in the UK can continue to use Visa credit cards, as previously announced by the two companies. Amazon will also remove a 0.5% surcharge on Visa credit card transactions in Singapore and Australia, which it introduced last year.

Last month, Amazon said it had dropped plans to stop accepting Visa credit cards in Britain, two days before the change was due. The companies said at the time that they would continue discussions on a broader resolution to their spat.

“We recently entered into a global agreement with Visa that allows all customers to continue to use their Visa credit cards in our stores,” an Amazon spokesperson told CNBC via email. “Amazon remains committed to providing customers with a convenient and choice checkout experience.”

Amazon has pressured Visa to lower its fees, in a series of moves that have signaled growing frustration among retailers over the costs associated with major card networks, as well as the e-commerce giant’s market power and its influence on its partners.

The likes of Visa, Mastercard and American Express now face intense competition from a flood of fintech challengers, from “buy now, pay later” services like Klarna to open banking, a technology that enables start-ups to effectively bypass traditional payment rails such as cards. .

In a statement emailed to CNBC, Visa said its agreement with Amazon would also see the two collaborate on “new products and technology initiatives to ensure innovative payment experiences for our customers in the future.”

The two companies declined to comment further on the terms of their agreement when asked by CNBC.

How Arcadia is using technology to connect Marylanders to saving energy

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Have you ever wondered what you can do with your financial data?

You can connect it to other apps to do all sorts of useful things, from investing to transferring money to friends to budgeting and more. Once you’ve connected your credit reports to a personal finance app, for example, the app can provide suggestions on how to pay off debt, improve your credit, and even new credit cards or loans that you might consider given your credit history.

All of these financial apps work because you can share your financial data with them. This information does not only belong to your bank; you can choose to share it with these third-party apps to make your data work better for you.

If there are apps to help you do more with your financial data, shouldn’t there also be options to help you do more with your energy data?

You would think so. Unfortunately, the digital revolution has more or less ignored the energy industry. Our energy system is still quite archaic. It’s hard to access your energy usage data and share it with third-party companies that could help you do more, like connect to clean energy sources or save money on your bills of electricity.

Arcadia uses technology to break the fossil fuel monopoly

Arcadia is on a mission to change that. Its technology platform makes it easy to connect your existing utility account to local solar farms under a program called community solar. You won’t need to install solar panels whether you rent or own your home, and you don’t need to pay extra for renewable energy.

Solar farms are built on unused land, or in people’s gardens, or on community buildings. Because the panels are housed elsewhere, anyone can join a community solar farm, whether you rent or own or live in a house, apartment or condo.

Also, nothing changes about how you get your energy. Your same utility company delivers it as usual and you remain a customer of your utility, so you never have to worry about service interruptions.

Aerial view of a solar farm. (Courtesy picture)

When you join a community solar farm, you subscribe to a portion of the total energy produced by the farm. Your serving is based on the amount of energy you use in a typical month. The clean solar energy from the solar panels flows directly into the local power supply for homes and businesses. As your solar farm produces electricity, you earn credits on your monthly utility bill. You could even save up to 5% off your bill each month (or more, for eligible low-to-moderate income customers).

Community solar power expands access to clean energy

Seventy percent of Americans want cleaner energy, but a much smaller and more privileged percentage actually have a roof that can hold solar panels. This is why community solar power is so important to advancing our clean energy and social equity goals. It allows solar projects to be built in more places than customers’ rooftops, while providing cheaper, cleaner energy to anyone paying an electricity bill.

For the two-thirds of families who don’t own a home, don’t have great credit, or have a roof that’s just facing the wrong direction for rooftop solar panels, community solar power is a way to continue enjoying the benefits of solar energy without a construction project on their roof.

Our CEO, Kiran Bhatrajulikes to say that community solar is the best energy product for customers today because it offers guaranteed, risk-free savings from local, resilient, and clean energy sources.

Try our simple signup to see for yourself how much we’ve made it easy for Marylanders to connect to local solar farms and save on your electric bills. We’ll give you an extra $20 on your electric bill when you sign up.

Now your energy data can work better for you and for the planet.

Subscribe to a local solar farm -30-

POLICE REPORTS | News, Sports, Jobs

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EASTERN PALESTINE

– An officer responded to a West Martin Street address about someone throwing trash into a resident’s container without permission

– Officers contacted a member of Street Service on Saturday afternoon in response to the door to the park scout cabin being kicked in. Officers also discovered a broken window. The building was secured after officers determined nothing had been stolen.

— The police department received a call Saturday for a welfare check on East North Avenue. An officer couldn’t find anyone at the house.

— A woman contacted by police feared her adult son was missing on Saturday afternoon. The man then contacted his mother.

— A man was advised to stop ice fishing at the town lake on Saturday after a report from a concerned citizen.

–A case regarding a report made about child endangerment Saturday afternoon is pending with Columbiana County Children’s Services.

– Officers spoke with residents at an East Main Street address on Thursday evening after neighbors complained of shouting and stomping. Officers observed several young children in the home and advised their guardians to quiet the noise.

— On Thursday evening, a resident of West Martin Street asked for help to start his vehicle.

– A woman reported unemployment fraud on Thursday.

— The school resource officer was asked to help accompany an administrator on a home visit Thursday morning.

LISBON

– Donald Bruce Tarleton of Saltwell Road is charged with assault after an incident at his workplace, the advice center on State Road 145. A dispute over escape doors between co-workers brought officers Feb. 2 to 8 47 a.m. after Tarleton allegedly grabbed a colleague by her shirt and shoved her. He received a summons to appear in court on February 8.

– A car stuck in snow near the exhibition grounds on February 1 just before 8 a.m. brought officers to Saltwell Road. Officers were able to assist the driver and pushed the car out of the snow.

– Two residents of Kendall House got into an argument and called the police to mediate on Jan. 29 just after 10 a.m. An employee confirmed the two were arguing and said if they behaved they were always welcome. The police advised the caller to stay away from the other resident.

– Police were contacted after a man made threats at the Race Road veterinary clinic on January 29. He had argued with employees on the phone and wanted to speak to the vet. He told them he hoped they were dead and he was there, so they called the police. Police spoke to the man who said his dog had just died and was upset. The police said he was not welcome there and he said he understood.

– Lisbon officers were called to assist the sheriff’s office at O’Reilly Auto Parts on Jan. 23. They were sent to an address on North Market Street. When they arrived, a deputy was already there. Officers stayed away until he cleared the scene.

— Benjamin Matthew Kuhlen of 746 E. Lincoln Way is charged with vandalism after admitting to doing it “something stupid.” On January 25, a caller told officers he saw a man throw a brick at a neighbor’s house and smash a window. The next day, Kuhlen called the police and admitted what he had done.

– Police were told there was a man in a gray tracksuit walking around near the downtown courthouse, heading towards cars demanding money and cigarettes at 12.33pm on February 8. Police found no one matching the description.

– A report of a reckless driver entering town at 2:48 p.m. Feb. 8 on State Road 45 has been expunged after officers spoke to the driver and said all was well.

– A suspicious vehicle was reported to officers at 4:41 p.m. Friday at the Farmer’s Bank. An employee said they came to do a title but were told they couldn’t. Then they asked to use the restroom and were told there was no public restroom. Then they sat in the car for nearly half an hour, the employee said. Officers spoke to people who said they used the washrooms at Save A Lot. They agreed to leave.

– On Friday afternoon, during the school’s Valentine’s Day celebrations, police were called to East Chestnut and Harrison streets. A driveway and a fire hydrant were blocked. The owner of one came out and was told to move out. Her plate was also expired and she was notified. The police passed on the information of the other owner to be found in the school.

– Police responded to a call about a domestic dispute on North Market Street at 2.14pm on Friday, where a caller said he was worried about his daughter. The police arrived and were informed that nothing was happening. Two county social workers were there and the resident said they were helping restore the water. The woman’s boyfriend was arrested on an outstanding warrant and taken to the sheriff’s office.

– A caller from Sherman Street at 1:14 p.m. Friday said there was someone in her basement behind the furnace and she didn’t know who he was but saw him going down there . The police arrived and found no one in the basement. She didn’t let them empty the rest of the house but asked them to look outside. They found nothing.

– Police were dispatched to 632 E. Lincoln Way at 4:29 a.m. Sunday. Officers checked the scene and found everything to be secure.

– A vehicle parked at Smith Oil on Wednesday at 2.45am led to a wellness check. Officers found a sleeping man who said he was taking a nap so he could complete his ride. He left the scene without further incident.

– Police were dispatched to a garbage truck on East Lincoln Way at 12:21 p.m. Friday and they helped direct traffic until the truck could be moved.

– Police learned a man was lying in the snow on East Washington Street and Jackson Street on Feb. 7 just before 7 p.m., but found no one matching that description.

– A hit-and-run Thursday just before 7pm damaged the rear view mirror of a car but no one was injured. The caller was at Smith Oil and said an ambulance drove left of center and cut his mirror.

– A caller on Grant Street at 5 a.m. on Feb. 6 said people were outside damaging their vehicle, but officers found no one there and no footprints in the snow around it of the car. They cleared the scene with no further problems.

– Police received a call about a noise complaint on North Park Avenue on Feb. 8 at 7:40 p.m. They drove by and heard no noise from the area.

Salem

– No citations were issued, but a 33-year-old man was found guilty after backing his vehicle into a Salem woman’s vehicle parked in the 200 block of Penn Avenue at 10:24 a.m. Tuesday, causing damage minor visible.

— A woman in the 100 block of North Lincoln Avenue reported at 5:43 a.m. Tuesday that a man she knew continued to show up at her residence. The police checked the area, but he had already left.

–Jacquelynn Phillips-Wilson, 42, Valley Road, was cited for driving a vehicle under the influence and marking lanes after a traffic stop at 1:09 a.m. Tuesday in the 700 block of West State Street. Her mother responded by driving the vehicle and the woman was placed in the care of a family member.

– Kerri Steffel, 32, Bank Street, was arrested on an active warrant, turned over to the Columbiana County Sheriff’s Deputy and taken to jail after a dispute was reported in the 500 block of Bank Street at 10:45 p.m. Monday. Nothing physical happened.

– A reckless silver van with a blacked-out license plate was reported driving all over North Ellsworth Avenue and East Second Street at 8:36 p.m. Monday. Officers saw the van in the distance but lost it in traffic.

– A man in the 2100 block of Monroe Street reported at 8:25 p.m. Monday that his employer told him someone had used his Social Security number to file an unemployment claim on his behalf. He said he is currently employed and has not filed for unemployment. He was given advice and told to call the police if he found anything on his credit report.

— A woman in the 400 block of South Lundy Avenue at 7:20 p.m. Monday asked how to get a restraining order on a man who sent her a disturbing text message. He was told his options.

– A detective at 6:47 p.m. Monday received a cyber tip from Internet Crimes Against Children regarding alleged child pornography. The incident is under investigation.

— A Hanoverian man reported at 5:19 p.m. Monday that last Monday he drove to the Memorial Building and someone was ordering cars to park. He said he drove over a pile of snow and caused damage to his front bumper.

— A reckless red vehicle was reported northbound on South Lincoln Avenue swerving extensively at 11:26 a.m. Monday, but was no longer in the area.

— The school’s resource manager was notified at 11:05 a.m. Monday by the South East School principal of telecommunication harassment that occurred at a residence on Franklin Avenue during the weekend. The officer spoke with the parent involved who then recounted what had happened.

– A Cleveland Street woman reported at 10:17 a.m. Monday that she had provided her Social Security number and other information to an unknown caller on the phone. He was told to contact the Social Security office.




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No Tax Increase in City Budget Proposal, CSGA Fully Funded | ALXnow

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New City Manager James Parajon may be trying to make a good first impression on the townspeople. His first budget — a continuation of one started under former city manager Mark Jinks — comes with no new tax rate increases. Even so, with rising property valuations, local homeowners can still expect to see taxes go up.

At a meeting today, Parajon joined Budget Director Morgan Routt and other city officials to present the fiscal year 2023 budget to city council.

The budget is $829.9 million, an increase of 7% over the previous year’s budget.

“This budget does not contain a change in the tax rate,” Parajon told reporters at a meeting earlier in the day. “The Board has asked to provide Alternative A, which is a modest increase in tax rate, and Option B, which is a more substantial rate of increase.”

Those rates, Parajon said, would be 1 cent for every $100 increase in assessed value or a 2-cent increase.

The budget office was also able to save more with $1 million in efficiencies and funding from ARPA – of which $21 million is included in the budget. Much of that, Parajon said, will be spent on affordable housing.

While the recommended budget doesn’t change the tax rate, Parajon said the budget was largely funded by revenue growth related to real estate appraisals.

“The real estate market hasn’t slowed down during the pandemic,” Parajon said. “In fact, we’ve seen significant increases in valuation.”

City residents, however, can expect a utility fee increase of $14, from about $280 to $294.

“It helps us accelerate stormwater management and flood mitigation,” Parajon said.

Parajon said residents can expect an average increase of $445 a year in their taxes, with assessment growth taken into account.

Most of the budget increase is dedicated to staff compensation adjustments:

  • Firefighters, nurses, firefighters: 6% salary scale adjustment
  • Police Department and Sheriff’s Office: 5% pay scale adjustment
  • General employees: adjustment of the salary grid by 4%

Parajon said this is in addition to annual step increases for everyone in these sectors.

Josh Turner, president of IAFF Local 2141, said it was a good step but not enough.

“While we appreciate the new city manager’s efforts to address the compensation issues seen in our department, this proposal does not do enough to stop the bleeding,” Turner said. “When you drop 20 points in the fourth quarter, it’s not enough to score when the other team scores. We have to do a full court press to play catch-up.

Turner said that over the past two weeks the city has lost three additional medical firefighters, who left for better pay and working fewer hours in neighboring jurisdictions.

“It takes us three years to recruit, train and prepare someone as a nurse firefighter,” Turner said. “A six percent increase is substantial, but with Fairfax, Arlington and other jurisdictions offering an even bigger increase, it puts us even further behind our competitors. If an Alexandria firefighter earns 70,000 and gets a 6% raise, but a Fairfax firefighter earns 85,000 and also gets a 6% raise, the pay gap between Alexandria and Fairfax firefighters is even higher now.

The Alexandria Police Union said on social media that the department is facing a similar shortage of new recruits to make up for those who are leaving.

Meanwhile, Parajon said the recommended budget will fully meet the demands of CSPA’s budget, which will include a 10.25% increase for teachers.

The budget also includes a 2.4% increase in the ten-year equipment improvement plan (PIC).

“A lot of that includes funding for initiatives that have taken place over the past year, particularly in building schools,” Parajon said. “This includes full funding for CIP ACPS, which includes Minnie Howard’s new high school and the purchase and renovation of an office building.”

The CIP includes $288 million to expand flood mitigation efforts, including projects in the Glebe Road area and spot improvements throughout the city. The CIP also includes $200 million to renovate city facilities.

After tonight’s meeting, Parajon is due to present the budget to the public on Thursday, February 17 at 7 p.m. There will be nine working sessions throughout the spring to review the budget. A special hearing on the public budget is scheduled for Monday, March 7 and a hearing on the addition/removal of tax rates on April 23. The final adoption of the budget is scheduled for 4 May.

Bitcoin Rewards Card Review Upgrade

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Main advantages

The Upgrade Bitcoin Rewards Card offers an interesting mix of benefits.

Bitcoin Rewards

The main appeal of the Upgrade Bitcoin Rewards card is in its name. It earns Bitcoins from your payments for purchases you have made.

The price of Bitcoin has skyrocketed several times over the years, so your rewards may increase in value. It should be mentioned that the opposite is also true. Since Bitcoin is so volatile, your rewards could very well decrease in value.

All things considered, bitcoin rewards are a great way to get acquainted with the world of cryptocurrency. You can create a Bitcoin balance without having to invest your own money.

COMPARE TOP CHOICES: Best Crypto Credit Cards

Unlimited refund of 1.5%

This card earns 1.5% in Bitcoin when you make payments on your purchases. This is different from most rewards credit cards, which earn rewards when you make purchases. With an upgrade card, you must first pay for a purchase before you earn rewards on it.

The upgrade takes the monetary value of your rewards and uses it to buy Bitcoins. For example, if you refund a purchase of $100, it buys $1.50 worth of Bitcoin.

Buying Bitcoin doesn’t happen right away. After making a payment, Upgrade will purchase the Bitcoin within one to two statement periods.

No card fees

There are no card fees to use the Upgrade Bitcoin Rewards Card. That means:

  • No annual fee
  • No drawdown fees, including purchases and direct bank account deposits
  • No foreign transaction fees
  • No prepayment penalty

There is a 1.5% transaction fee when you sell your Bitcoin rewards. As this is the only way to use your rewards, these fees are unavoidable.

Fixed APR

This bitcoin rewards card has a fixed APR (annual percentage rate). Credit cards normally have a variable APR which can change with interest rate trends. With Upgrade, your card’s interest rate remains the same. Another good thing about Upgrade is that it usually offers lower interest rates than credit card issuers.

LEARN MORE: What is APR?

Lenient Approval Requirements

The Upgrade Bitcoin Rewards Card is intended for consumers with average to excellent credit. There aren’t many rewards card options for fair/average credit, so if your score is in that range, this upgrade card is a great choice.

COMPARE TOP CHOICES: Best credit cards for fair/average credit

Send money to your bank account

One of the advantages of the Upgrade Bitcoin Rewards card over credit cards is that you can use it for cash, not just purchases. If you ever need a loan, you won’t need to apply to a lender. You can get a direct deposit to your bank account from your upgrade card at no additional cost.

It is neither easy nor cheap to get money with a credit card. Although many credit cards allow you to get money as a cash advance, there are additional fees and the credit card issuer normally charges a higher interest rate.

LEARN MORE: How does a credit card cash advance work?

Fixed payments

At the end of the billing cycle, Upgrade takes the balance from your card and pays you a fixed monthly payment. By paying at least this amount, you will have the balance paid at the end of the duration of your draw.

This is very different from credit cards, where you can make small minimum payments and your balance has no set end date. Some people prefer the structure offered by fixed payments. If you are one of them, you will probably like the Bitcoin Upgrade rewards card.

Pleasant Grove UT Used Cars – BHPH Launch for Poor/Bad Credit Services

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Rocky Mountain Motor Cars now offers an updated line of options for customers with weak or bad credit. The company sells used vehicles and helps every customer get the car they need with a payment plan they can afford.

This ad lets individuals buy vehicles they love with payment plans they can afford. Rocky Mountain Motor Cars offers a wide selection of high quality vehicles, all of which have passed a thorough inspection.

More information can be found at https://www.rockymountainmotorcars.com

The announcement comes as more and more Americans buy used cars in recent years. Used vehicles allow customers to afford better cars, get lower insurance and registration costs, and experience less depreciation. With diligent inspections and a two-year, 24,000-mile warranty, Rocky Mountain Motor Cars offers the benefits of buying used vehicles while delivering a high level of reliability.

Rocky Mountain Motor Cars has a 99% Approval Guarantee for people who are currently employed. The company looks at the customer’s current situation and projected future to help determine financing, allowing customers to build better credit and afford better vehicles.

Customers can get pre-qualified instantly. Unlike other dealerships, there is no SSN or DOB required for pre-qualification, and it does not affect the customer’s credit rating. More details can be found at https://www.rockymountainmotorcars.com/buy-here-pay-here-pleasant-grove-utah Where https://goo.gl/maps/X2rQ8a9QLzASWNTM7

The dealership has a wide variety of quality used vehicles from different manufacturers. They stock trucks, vans, SUVs, sedans, family crossovers and more. With the expert advice available, customers can find a reliable car that meets their needs without breaking their budget – and benefit from a personalized payment plan, regardless of their credit score.

The company also has an on-site service center with experienced mechanics, enabling customers to operate their vehicles safely and efficiently.

About Rocky Mountain Motor Cars

Rocky Mountain Motor Cars is a used vehicle dealership based in Pleasant Grove, Utah. They have 15 years of experience selling and financing cars, with a focus on accessibility for people with damaged credit.

Satisfied customer: “Honestly, I thought I couldn’t buy a car with my poor credit. But when we needed a reliable vehicle, we could get it from Rocky Mountain Motor Cars. Everyone has been a great help, and my family can do more now with a reliable car.

Interested persons can find more information at https://www.rockymountainmotorcars.com/pleasant-grove-car-dealers-with-in-house-financing

Contact information:
Name: Ryan Pianu
E-mail: Send an email
Organization: Rocky Mountain Motor Cars
Address: 767 S State Rd, Pleasant Grove, Utah 84062, USA
Phone: +1-801-785-1058
Website: https://www.rockymountainmotorcars.com

Build ID: 89063987

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COMTEX_402428954/2773/2022-02-15T04:01:15

February 14, 2022 – Lending Rates Begin To Rise – Forbes Advisor

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Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Last week, the average interest rate on refinanced student loans rose. This is good news for borrowers looking to refinance their student loans.

The average fixed interest rate on a 10-year refinance loan was 3.71% from February 7 to February 11. This is for borrowers with a credit score of 720 or higher who have prequalified in Credible.com’s student loan marketplace. The average interest rate on a five-year variable-rate loan was 2.78% among the same population, according to Credible.com.

Related: Best Student Loan Refinance Lenders

Fixed rate loans

Last week, the average fixed rate on 10-year refinance loans rose 0.11% to 3.71%. The previous week, the average was 3.60%.

Fixed interest rates remain the same throughout the term of the borrower’s loan. This allows borrowers refinancing now to lock in a rate much lower than they would have received this time last year. This time last year, the average fixed rate on a 10-year refinance loan was 3.78%, or 0.07% higher than the current rate.

A borrower refinancing $20,000 in student loans at the current average fixed rate would pay about $200 per month and about $3,969 in total interest over 10 years, according to Forbes Advisor’s student loan calculator.

Variable rate loans

Last week, the average five-year variable refinance student loan rate fell to 2.78% on average, from 2.96%.

Unlike fixed rates, variable interest rates fluctuate over the life of a loan depending on market conditions and the index to which they are linked. Many refinance lenders recalculate rates monthly for borrowers with variable rate loans, but they usually limit the height of the rate, to 18%, for example.

If you were to refinance an existing $20,000 loan into a five-year loan at a variable interest rate of 2.78%, you would pay about $357 on average per month. In total interest over the term of the loan, you would pay approximately $1,445. Of course, since the interest rate is variable, it can fluctuate up or down from month to month.

Related: Should You Refinance Student Loans?

The right time to refinance student loans

Lenders generally require you to graduate before refinancing. While it’s possible to find a lender without this requirement, in most cases you’ll want to wait to refinance after you graduate.

Keep in mind that to get the lowest interest rates, you’ll need good or excellent credit.

If you don’t yet have enough credit or income to qualify, you can either wait and refinance later or use a co-signer. The co-signer you choose should know that they will be responsible for making student loan payments if you can’t and that the loan will show up on their credit report.

Finally, make sure you can save enough money to justify refinancing. At current rates, most borrowers with high credit ratings can benefit from refinancing. But those with less than excellent credit who won’t receive the lowest fixed or variable interest rates may not be able to. Start by exploring the rates you could prequalify for through multiple lenders, then calculate your potential savings.

Other Student Loan Refinance Features to Consider

A big caveat when refinancing federal student loans to private student loans is that you’ll lose many of the benefits of federal loans, like income-driven repayment plans and generous deferment and forbearance options.

You may not need these programs if you have a stable income and plan to pay off your loan quickly. But be sure you won’t need these programs if you plan to refinance federal student loans.

If you need the benefits of these programs, you can refinance only your private loans or only a portion of your federal loans.

What to Consider When Comparing Student Loan Refinance Rates

Refinancing a student loan at the lowest possible interest rate is one of the best ways to reduce the amount of interest you’ll pay over the life of the loan.

You may find that variable rate loans start lower than fixed rate loans. But because they are variable, they have the potential to increase in the future.

Fortunately, you can reduce your risk by paying off your new refinance loan quickly, or at least as quickly as possible. Start by choosing a short term loan but with a manageable payment. Then pay extra whenever you can. This can hedge your risk against possible rate hikes.

IFA pork and poultry members renew retailer protests today

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Pork and poultry members of the Irish Farmers’ Association (IFA) will renew their protests to retailers in two counties today (Monday February 14).

Protests are expected to take place at retailers in counties Monaghan and Cork.

It is understood the protest in Monaghan has already started, at Dunnes shops in Monaghan town.

The Cork protest is due to take place at 11:00 a.m. at Bishopstown Shopping Center on the outskirts of Cork City. The Dunnes Stores store is also the target of this protest.

In a statement this morning, IFA President Tim Cullinan said: “It is very disappointing that Dunnes Stores ignored the IFA meeting request.

“The pork, poultry and horticulture sectors are in crisis and retailers must act responsibly,” he stressed.

“We met with other retailers last week to highlight the serious loss-making situation of many farmers due to escalating costs. However, Dunnes Stores did not even respond to requests for an IFA meeting,” said Cullinan said.

Over the past week, the IFA has met with representatives from Tesco, SuperValu, Centra and Lidl, where IFA delegations – led by Cullinan – raised concerns about farmers’ costs of production and the impact on the viability of farmers.

“A substantial part of the production of these sectors is sold on the shelves of retailers in Ireland. These important players in the retail sector have an essential role.

“They now need to prove to farmers that they have not only listened, but will follow through on those commitments with suppliers and ensure farmers’ cost increases are covered and they can afford to stay in business.” activity,” the IFA president said, reiterating his previous comments from the weekend.

He also criticized ‘government inaction’ on legislation to introduce the long-promised Food Ombudsman, which he said has left farmers powerless in the food chain.

“Every link in the food chain deserves to have its cost recognized and to have the ability to recoup those costs, otherwise Ireland’s food production system will fail,” he warned.

In a joint statement over the weekend, IFA Poultry Chairman Nigel Sweetman and IFA Pig Chairman Roy Gallie said: “The retail grocery market in Ireland is dominated by five major retailers, controlling 90% of the market. Unless we have strong regulation of these retailers, we will see more and more farmers going to the wall. »

Pharr police make arrest for stolen credit card and gas ring

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Following reports of credit card skimmers by two police departments last week, the Pharr Police Department says it has arrested two people who officers say were caught red-handed at gas pumps. gasoline swiping credit cards.

Additionally, the suspects, Port residents Arthur Jorge Ramirez, 32, and Carla Castillo, 24, were in possession of 81 credit cards.

Pharr and McAllen Police Departments sent out news releases last week warning residents that credit card scammers were operating in both municipalities and McAllen Police announced find the skimmers at four different gas stations.

Jorge Ramirez, Carla Castillo, Alfredo Arroyo and Emmanuel Izaguirre

Following Saturday’s traffic stop which occurred around 2.19pm near the Stripes store at Military and Jackson Roads after police responded to a report of a suspicious vehicle, detectives responded to the WoodSpring Suites hotel at 1207 W. Interstate 2 in Pharr where they arrested two other suspects: Houston residents Alfredo Arroyo, 42, and Emmanuel Izaguirre, 38.

“The subjects were running a stolen credit card operation used to steal fuel from local convenience stores and resell,” police said. in a version.

The suspects will be charged with theft of petroleum product, fraudulent use or possession of credit or debit card information, participation in organized criminal activity and possession of a controlled substance.

Pharr police say the investigation is active and ongoing and detectives are looking for two other people who may be linked to this case or who operate in a separate group.

One of these people is Cande Rios, of unknown age, and another unknown man.

The Pharr Police Department is looking for Candle Rios and another unknown male suspect. (Courtesy of Pharr Police Department)

Detectives are also looking for a black Ford F-150 with license plate number PJR-2010 and a white Mercedes SUV with license plate number NDK-0810.

“This group may still be in the area,” police said.

Anyone with information is asked to call 911 or Crime Stoppers at (956) 787-8477, police said.


RELATED READING:

Police offer tips on preventing card skimmers

McAllen police find credit card skimmers at 4 gas stations

The most common money is in relationships

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Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products.

According to a recent survey from US News & World Report.

Similar to infidelity in love, financial infidelity occurs when a partner deliberately chooses not to tell the truth, but in this case it is something around money.

While financial infidelity can certainly take many forms, survey results identified that the biggest money-related lies that emerged in relationships were secret shopping (31.4%), hiding debts (28.7%) and dishonesty regarding income (22.6%).

These numbers help paint a bigger picture of the impact of money on our partnerships. A key part of overcoming lying to your spouse about huge credit card debt you might have, or if your partner is being dishonest about how much money they actually earn, is to better understand your own personal financial management and that of the other. skills.

“Couples are likely to have different levels of financial literacy,” Beverly Harzog, credit card expert at US News & World Report, tells Select. “The important thing is that they grow together and are able to compromise when it comes to budgeting and spending. There are many resources available to deepen your financial knowledge, such as books, websites, and free apps. “

In short, getting to know together how your money works and where your money goes can help you avoid long-term financial infidelity. Whether it’s reducing debt or being proactive about budgeting, leveraging resources to come to terms with each other is key.

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There is a strong correlation between financial infidelity and high debt

For many couples, carrying the weight of debt can make or break a relationship, especially when one partner is unaware of the other’s financial burden.

According to the US News survey, more than half of couples who experienced financial infidelity were also heavily in debt. On the other hand, among those who did not experience financial infidelity, only 22.7% were in debt.

Tackle your debt, or at least talking about it openly with your partner is a good first step to getting on the same page. “Couples need to be in agreement when it comes to debt reduction,” Harzog says. “You set a common financial goal and you have to work together to get there.”

What to do if you or your partner have credit card debt

“Most of the great [credit card] issuers have apps to help you track expenses,” says Harzog. “If you still have a very good credit score, consider using a balance transfer credit card to get out of debt. Once you’ve decided on a strategy to get rid of debt, cut spending to help you reach your goal.”

Balance transfer cards offer no interest on balance transfers for a set period – usually for at least six months and up to 21 months. During the introductory period of the 0% APR, you can pay off your debts without paying costly interest charges. For example, both the Citi® Diamond Preferred® Card and the Citi Simplicity® Card offer an introductory APR of 0% for 21 months on balance transfers from the date of the first transfer (after that, a variable APR of 13.74% to 23.74% on the Citi Diamond Preferred and a variable APR of 14.74% to 24.74% on the Citi Simplicity). All transfers must be completed within the first 4 months. The balance transfer fee for each card is $5 or 5% of the transfer amount, whichever is greater.

Citi Simplicity® Card

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for 21 months on balance transfers; 0% for 12 months on purchases

  • Regular APR

    14.74% to 24.74% variable

  • Balance Transfer Fee

    5% of each balance transfer; $5 minimum

  • Foreign transaction fees

  • Credit needed

Another good option that also allows you to earn money on your expenses is the Citi® Dual Charge Card. This card offers zero interest on balance transfers for the first 18 months (after that, 13.99% to 23.99% variable APR). Cardholders earn 2% cash back on all eligible purchases (1% when they purchase and an additional 1% after they pay their credit card bill). Keep in mind that once the introductory 0% APR period is over, interest will kick in, so you want to make sure you pay off your balance within that interest-free period.

Citi® Dual Charge Card

  • Awards

    2% Cash Back: 1% on all qualifying purchases and an additional 1% after you pay your credit card bill

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for the first 18 months on balance transfers; N/A for purchases

  • Regular APR

    13.99% – 23.99% variable on purchases and balance transfers

  • Balance Transfer Fee

    For balance transfers made within 4 months of account opening, an introductory balance transfer fee of 3% of each transfer ($5 minimum) applies; after that, a balance transfer fee of 5% of each transfer ($5 minimum) applies

  • Foreign transaction fees

  • Credit needed

What to do if you or your partner have student loans

Does your spouse need motivation to finally reduce their student debt?

Apps like Crusher have a special roundups feature that allows users to reduce their student loans by applying spare currency from their daily purchases. This tool, which should be used at the top users making the minimum monthly payment on their student loans, will ensure that you are constantly investing money in your loans without having to think about it.

Chipper can also help you or your partner develop a strategy for repaying student loans by connecting the user to forgiveness programs and income-driven repayment plans to potentially help lower monthly payments.

For private student borrowers, it’s worth considering refinancing your student loans at a lower interest rate, especially now that we hope to see rate increases in March. When you refinance your student loans, you have the option of getting a lower rate, and you can extend or shorten your loan term depending on how quickly you want to pay off your loans. This could make your monthly payments more manageable and save you money in the long run.

SoFi Student Loan Refinance is a great option for borrowers looking to refinance at a lower rate while benefiting from certain protections in the event of a change in their financial situation. For even better refinance terms or lower rates, applicants with a lower credit score can also apply with a co-signer.

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

Tips to protect yourself against identity theft

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Barbara EJ Bennett, Chief crook | Larimer County Sheriff’s Office

Here are some tips to protect yourself against identity theft.

IDENTITY THEFT

If you see accounts you don’t recognize on your credit report, strange transactions on your credit card or bank card, or the IRS notifies you that they received more than one tax return from you – these are red flags that someone is using your ID!

Use all identity theft protection recommendations to protect your identity.

  • Change passwords frequently
  • Deactivation of preselected credit card offers Shred all documents/mail containing personal information.
  • Regularly review your bank and credit card statements for any unauthorized activity (even a small amount).
  • Freeze your credit so that your credit report is not accessible to others, no one can open an account in your name (including you), apply for a loan or a credit card in your name.
  • Use 2-factor authentication for devices and accounts.
  • Before giving away or throwing away a device, wipe everything clean.
  • Install anti-virus software.
  • If you’re out of town, have your mail picked up every day rather than piling it up in your mailbox.
  • Check your credit report annually. This credit report can give early warning signs that someone may have used your identity. A free copy is available at “annualcreditreport.com“. Watch for new or unusual activity or even some negative information that surprises you. Report such irregularities immediately.

Credit freeze or fraud alert?

Credit freeze – Identity thieves cannot open a new account in your name. It prevents creditors from accessing your credit report, which stops opening an account. You can lift the gel whenever you need.

Fraud alert – this alerts a company to check with you before opening a new account in your name.

Learn more about scams at larimer.org/sheriff.

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net zero: Connecting the dots: a just energy transition, labor migration and job opportunities

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Nearly 70% of India’s energy portfolio comes from fossil fuel-based generation. Apart from being the backbone of our energy sector, coal has multiple socio-economic implications in a developing country like India. Coal mining and related sectors employ millions of permanent and contract workers with or without social security. Additionally, the ecosystem built around mines and thermal power plants provides livelihoods for many others. In addition, taxes and royalties from coal constitute a substantial part of government revenue.

India’s coal belt can be seen as a microcosm of the paradox of plenty. The districts in this region, although rich in natural resources, have yet to achieve socio-economic growth and development comparable to their peers. Without adequate green investments channeled into these pockets of coal to address the consequences of coal mine closure, it will only exacerbate the existing misery of the local population.

It is common knowledge that the behemoths of the coal and thermal power sectors have served the local economy and people in a meaningful way through their corporate social responsibility and other community development initiatives by providing infrastructure , health and education facilities. All of these should be kept in mind while preparing the transition strategy by gradually reducing India’s reliance on coal and increasing reliance on renewable energy (RE) generation.

There is a spatial disparity between large coal-producing states and states with high renewable energy potential. The eastern region of India, home to most of the coal mines, will experience huge job losses and subsequent impact on their local economies due to this proposed transition. On the other hand, western India will witness new employment opportunities in the booming renewable energy sector.

This implies a further migration of labor from east to west in order to fill employment gaps. Whether or not this displaced workforce with their existing skills will be employable in solar or wind projects is another concern. In addition, the renewable energy sector is less labor intensive, except for the construction phase. Therefore, this structural shift from coal-based thermal power generation to renewable power generation may not be able to absorb millions of workers who are expected to lose their jobs in the coal and related.

Clearly, a similar geographic lag exists in terms of new investments entering the energy sector. By anticipating that the unit cost of electricity produced from fossil fuels will eventually become much higher than that of solar energy, this will gradually create a huge impact on employment in the energy sector based on fossil fuels. coal. Moreover, due to environmental concerns complemented by the scarcity of coal as experienced by India in the immediate past, a transition from the primacy of coal to an energy mix based on alternative sources becomes imperative.

With this sequence of interconnected developments, the future of coal mining and other sectors heavily dependent on coal, particularly the conventional power generation sector, looks much more difficult. However, the disproportionate shares of the number of studies focusing on the potentially favorable aspects of green energy adoption and the body of existing literature on the negative impact of coal mine closure on employment opportunities employment, have not yet received the required attention from all relevant stakeholders. in order to ensure a central place in political discourse.

Therefore, mitigating the challenges posed by the gradual closure of coal mines and the subsequent reduction of thermal power plants – as an inevitable part of this transition – will not be an easy task. Building a coalition of stakeholders including policy makers, research organisations, directly and indirectly affected people and investors will be crucial to gaining the necessary local buy-in, both economic and political.

In short, in order to address the employment challenges caused by the impending energy transition, the government must focus on: a) developing and improving new workforce skill sets, and b) the creation of employment opportunities in other labour-intensive sectors of the economy. expanding the scope and coverage of relevant programs and schemes.

Moreover, a potentially disastrous consequence can be avoided with an evidence-based development of a framework for the closure of coal mines, having a medium and long term vision of the diversification of economic activities of these regions, in particular for create alternative livelihood opportunities. Interventions should be made to reallocate and reuse land abandoned by coal mines and thermal power plants.

Along with the ecological restoration of these sites, the exploration of possibilities for new economic activities such as fishing, ecotourism, agroforestry and renewable energy projects adapted to local contexts which can employ local communities, in particular the workforce of the former coal mine, must be conducted holistically.

So, in conclusion, the recently adopted Glasgow Pact on Climate Change, which placed unprecedented emphasis on the envisaged shift from conventional to renewable energy generation, recognized the need to enhance opportunities of mobilizing financial and technological support from the developed North towards enabling developing countries to embrace this transition in a fair and timely manner.

This called for the creation of intergovernmental alliances to identify and pursue targeted interventions to phase out coal power and increase reliance on electricity generation from alternative sources while addressing issues such as socio-economic and energy poverty, the creation of safe and decent alternative employment opportunities. , the inclusion of women, the development of local communities, etc. It goes without saying that at the national level, a comprehensive policy framework ensuring a just energy transition from coal to renewables with a focus on job creation should involve comprehensive planning, investment and good governance.

Mehta is Secretary General and Bhattacharjee is Policy Analyst of CUTS International, a global public policy think-and-action group on trade, regulation and governance.

Southwest Credit Cards Welcome Bonus Now Includes Companion Pass

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Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products.

The Southwest Airlines Companion Pass is one of the most coveted airline perks because it’s basically an unlimited free coupon for airline flights. Whenever you fly southwest you can bring a companion “for free” if you have the companion pass – you will only have to pay the taxes for their flight (only $5.60 for one-way flights in the USA). And you can even use the Companion Pass for flights you’ve redeemed points on, making the whole flight experience super cheap.

And now, thanks to a new credit card promotion, the Companion Pass is easier than ever to earn.

To access the benefit, you normally must complete 100 qualifying one-way flights on Southwest or earn 125,000 Southwest miles through a combination of flights and/or credit card spending. With this promotion, however, you will only have to spend a moderate amount to enjoy the benefit for more than a year.

To select details the promotion and what you need to know to take advantage of the offer.

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The Southwest Airlines Companion Pass bonus is back

You can earn the Southwest Companion Pass and a set of points after signing up for a Southwest consumer credit card and meeting minimum spending requirements. Here’s what you’ll earn:

  • A companion pass valid until February 28, 2023
  • 30,000 Southwest Rapid Rewards points that do not expire

To earn the bonus, you must spend $5,000 on qualifying purchases within the first three months of account opening. But to benefit from the welcome offer, you must:

  1. Not be a current Southwest Rapid Rewards credit card member, and
  2. Has not received a new cardholder bonus for a Southwest Rapid Rewards credit card in the past 24 months

Southwest points are worth about 1.3 cents each, which means the 30,000 bonus points are worth about $390. However, the further southwest you travel and use the Companion Pass, the more money you’ll save with this offer.

This isn’t the first time Southwest has run this enticing promotion, but it’s now back for 2022. However, it’s still unclear when the bonus will end, so consider grabbing a card before it’s too late. late.

Southwest Maps with Companion Pass Welcome Bonus

Each of the cards below now has this valuable bonus:

Southwest Rapid Rewards® Plus Credit Card

Who is this card for: the Southwest Rapid Rewards® Plus Credit Card is ideal for someone looking for a low annual fee travel credit card and who occasionally flies with the airline.

Southwest Rapid Rewards® Plus Credit Card

  • Awards

    Earn 2X points on Southwest® purchases, 2X points on local transit and commuting, including carpooling; 2X points on internet, cable, phone services and select streaming; 1X points on all other purchases

  • welcome bonus

    Earn Companion Pass® through 2/28/23 plus 30,000 points after spending $5,000 on purchases in the first 3 months

  • Annual subscription

  • Introduction AVR

  • Regular APR

    15.99% to 22.99% variable

  • Balance Transfer Fee

  • Foreign transaction fees

  • Credit needed

Southwest Rapid Rewards® Premier Credit Card

Who is this card for: the Southwest Rapid Rewards® Premier Credit Card is a solid choice for someone who spends a bit more regularly with the airline. The Plus awards 2X points per dollar spent on Southwest flights, while the Premier awards 3X. You’ll also get two EarlyBird registrations per year and 6,000 Southwest Points on each account anniversary.

Southwest Rapid Rewards® Premier Credit Card

  • Awards

    Earn 3X Points on Southwest® purchases, 2X Points on local transit and commuting, including carpooling; 2X points on internet, cable, phone services and select streaming; 1X points on all other purchases

  • welcome bonus

    Earn Companion Pass® through 2/28/23 plus 30,000 points after spending $5,000 on purchases in the first 3 months

  • Annual subscription

  • Introduction AVR

  • Regular APR

    15.99% to 22.99% variable

  • Balance Transfer Fee

  • Foreign transaction fees

  • Credit needed

Southwest Rapid Rewards® Priority Credit Card

Who is this card for: the Southwest Rapid Rewards® Priority Credit Card is the highest Southwest credit card available and offers great benefits for someone who flies the airline regularly. It comes with a $75 annual travel credit, 7,500 Southwest Points on each account anniversary, and four upgrade boardings per year for an annual fee of $149.

Southwest Rapid Rewards® Priority Credit Card

  • Awards

    Earn 3X Points on Southwest® purchases, 2X Points on local transit and commuting, including carpooling; 2X points on internet, cable, phone services and select streaming; 1X points on all other purchases

  • welcome bonus

    Earn Companion Pass® through 2/28/23 plus 30,000 points after spending $5,000 on purchases in the first 3 months

  • Annual subscription

  • Introduction AVR

  • Regular APR

    15.99% to 22.99% variable

  • Balance Transfer Fee

  • Foreign transaction fees

  • Credit needed

At the end of the line

The Southwest Companion Pass is a great way to save money on travel if you travel with someone regularly. While it’s often not advisable to spend more than you normally would to earn rewards points or elite status, as long as you stick to your budget, it will the welcome offer is attractive.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

Best credit cards for bad credit: February 2022

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CNN Underscored reviews financial products such as credit cards and bank accounts based on their overall value. We may receive a commission through the LendingTree Affiliate Network if you apply and are approved for a card, but our reporting is always independent and objective.

If you have a low credit score, you might be surprised to learn that getting a new credit card could actually help. If you can get a new card approved despite having bad credit, you’ll have the opportunity to develop better credit habits and better creditworthiness through responsible use. Plus, adding a new card can improve your credit utilization rate and your credit score if you’re already in debt.

Unfortunately, credit card options for people with bad credit tend to have few benefits. For example, you usually won’t get a welcome bonus with these types of cards, and they usually charge fees, such as annual fees and foreign transaction fees. Credit cards for bad credit can also come with high interest rates, which can make maintaining a balance expensive.

But with all that said, it’s important to understand that some credit cards for bad credit are considerably better than others. So let’s take a look at the types of credit cards you might qualify for with poor credit, and how you can use them to your advantage.

Click here to see the latest list of the best credit cards for people with bad credit.

If you have bad credit, you are probably already aware of it. After all, a bad credit score usually means that you’ve been denied a credit card or other loan in the past because a lender felt you posed too much of a financial risk. You probably also know the reason why you have bad credit to begin with, whether it’s because you let a loan or credit card go into default, you have an account in collection, or you go bankrupt. case.

But even if that’s the case, it never hurts to check your credit score so you know exactly where you stand. Fortunately, there are several ways to check your credit score for free.

You can start by signing up for a credit monitoring service that provides a free credit score or a program that offers free credit monitoring tools. For example, Experian Boost gives consumers a free snapshot of their FICO credit score, and it can even help you improve your score quickly.

When working on your credit score, you’ll probably want to pay the most attention to your FICO credit score because it’s the most commonly used scoring model. FICO credit scores range from 300 to 850 and are broken down into the following levels:

  • Excellent: 800 and above
  • Very good: 740 to 799
  • Good: 670 to 739
  • Fair: 580 to 669
  • Poor: 579 and below

While truly “bad” credit is a FICO score of 580 or lower, “fair” credit between 580 and 669 is still below average compared to other US consumers. If your credit score falls into one of these categories, you need to take steps to improve it as soon as possible.

See if you qualify for one of these credit cards for people with fair credit.

If you have poor credit, you can qualify for two types of credit cards: secured credit cards and unsecured credit cards.

Secured credit cards are usually the easiest to get if you have bad credit. However, secured credit cards require a cash deposit to get started. This means that you may need to deposit $200, $500 or more as collateral, and you will usually get a low credit limit at or near your deposit.

The biggest advantage of secured credit cards is that they are usually reported to major credit bureaus. This means that all of your one-time payments are added to your credit report, which can help you increase your credit over time. And even if you need to put down a cash deposit to open a secured card, if you later close the account or upgrade in good standing and with a $0 balance, your deposit will be refunded.

Save money with these best credit card offers for people with bad credit.

In addition to secured credit cards, you may also qualify for an unsecured credit card with bad credit. These cards tend to come with fees, low credit limits, and few benefits, but they can still help you build credit.

Store credit cards are also a type of unsecured credit card that may be easier for people with bad credit to approve because they can usually only be used at the store or chain that issues the card.

Besides being easier to get, the biggest advantage of store credit cards is that if you find yourself shopping at a particular retailer often, you may be able to save money, whether on your initial purchase or later on a future shopping spree. Typically, using a store credit card saves you 5% on your purchase, and store credit cards can also have other benefits that you might not have thought of. .

Before you get a new credit card, you need to make sure you have a clear understanding of what you hope to accomplish. Although obtaining a credit card gives you the opportunity to improve your credit, you could worsen your credit if you are not prepared to take on this responsibility. So before you apply, ask yourself these questions:

  • Do I plan to carry over a balance? If you want a credit card so you can carry over a balance, be aware that credit cards for bad credit come with high interest rates. Not only that, but secured credit cards require you to deposit money as collateral, so they’re not a good option if you need a loan.
  • Am I interested in the rewards? Some credit cards for people with bad credit offer the opportunity to earn rewards on your spending. Although rewards can be lucrative, keep in mind that they often entice people to spend more than they intended.
  • Do I want to pay an annual fee? Not all credit cards for people with bad credit charge an annual fee, but some do. If you decide to pay an annual fee, you need to make sure that any benefits you get in exchange are worth it.
  • Am I ready to take my credit seriously? A new credit card gives you the opportunity to improve your credit, but it won’t happen automatically. In most cases, getting a new credit card will only help your situation if you keep your balance low and always pay your bill on time.

The best credit cards for bad credit may not sound very appealing, but the point is to use them to boost your credit score so you can qualify for better deals later. But there are a few “gotchas” to be aware of and watch out for, including:

  • Costs: While you should try to avoid annual fees if you can, you should also be aware that some credit cards, especially those for people with bad credit, try to charge an account set-up fee or program fees. Avoid these offers as much as possible.
  • High APRs: Beware of high interest rates which can make debt incredibly expensive. In fact, if you’re considering using a credit card to improve your credit, you should try to avoid carrying a balance on the new card entirely.
  • Credit errors: Finally, watch out for mistakes that hurt your credit in the first place. The worst thing you can do is pay your credit card bill late, as this will have a major negative effect on your credit score, so avoid it at all costs.

Compare credit card offers available to people with fair credit.

If your goal is to get a new credit card to help rebuild your credit, you need to know and understand how your credit score is determined in the first place. Let’s take a closer look at the five factors that make up your FICO credit score:

  • Payment history: 35%
  • Amounts due: 30%
  • Length of credit history: 15%
  • New credit: 10%
  • Credit mix: 10%

By looking at these factors, it’s easy to see what your next steps should be. More importantly, you should strive to pay your credit card bill — and all your other bills — on time each month. Also, you need to keep your debt to a minimum, because the amount you owe against your credit limits is 30% of your FICO score, also known as your “credit utilization rate.”

Since any credit card you get with bad credit will likely have a low credit limit to start with, you’ll need to be extra careful not to go over your credit limit and pay off your balance as much as possible each month to keep your credit utilization rate is low.

The length of your credit history can also be increased if you keep old credit accounts open and in good standing, and you can keep your score high in the “new credit” category by refraining from opening too many new accounts.

Your credit mix is ​​a final category to keep in mind, but you might not have too many different types of credit — such as installment loans like a mortgage or car loan — when your credit score credit is fair or bad. Once you’ve improved your credit score, you can worry more about diversifying your credit with installment loans, revolving accounts, and other types of credit.

Ultimately, if you’re going to get a new credit card in an effort to improve your bad credit, you need to make sure that you don’t make the same mistakes that got you into trouble in the first place. So if you decide to apply for a new credit card, be smart about how you use it. Don’t overspend, don’t pay bills late, and avoid cards that charge high fees so you can get back on the path to good credit.

Learn more and apply now for the best credit cards you can get with bad credit.

Is your credit rating good or excellent? Or maybe you have no credit? CNN underlined has you covered with our other stories in this series:

Check out CNN Underscored’s list of best credit cards available now.

Get all the latest personal finance deals, news and advice from CNN Underscored Money.

Integrated finance bridges the generation gap

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The pandemic has given us all a chance to become more polished digital natives.

But consider for a moment that we don’t often think about what’s “behind” integrated finance and payments, especially if we’re younger and more adept with technology. Instead, we weigh the exchange value – what we are request to be provided, in relation to the value of what is to be provided.

As Walt Granville, Senior Vice President of Banking and Network Operations and Partnerships at Netspend, Karen Webster, CEO of PYMNTS, put it, “We talk about FinTech and finance – and I doubt any consumer of these services be familiar with these terms.”

More and more people from older cohorts – think baby boomers and the silent generation – have moved online in droves to transact. cautioned that delivering new online offerings to these older users should be done iteratively, in a way that makes them feel comfortable and, ideally, keeps them coming back.

As elsewhere in the midst of the great digital shift, there is a clear generational divide. Older users are both skeptical and vulnerable when it comes to interacting with the very apps that could make their online financial lives a little easier.

A packaging problem

To put it in real terms, a consumer opening a Venmo account or setting up the Starbucks app is most likely unaware that they are setting up a regulated financial account (much like they would, say, Account).

However, these same consumers know what kind of experience they want. They know they are buying a service that will allow them to buy what they want, and possibly earn loyalty points, in a controlled environment. If the experience meets or exceeds these expectations, brands will win more customers and cement their loyalty. The more features and abilities associated with that account, the stickier they become.

Granville noted that ultimately consumers will aggregate more of their activities through the app, which will help drive usage of super apps when those apps take shape.

He added that in some cases, vendors are focusing on healthcare-related bill payment products for seniors – with education about the new offering placed in the mix long before the point of transaction.

Bypass the pitfalls

It’s not an easy task, given that, as Granville said, “there are a lot of pitfalls in there for older generations”, even though about half of them have moved online. .

Older consumers can stick to the rules they were taught as online scams proliferated: don’t give out any personally identifiable information and don’t give out your credit card number over the phone. Yet the apps that older consumers are looking to use require them to transmit all of this information by entering it online.

Granville noted that creating an informative and user-friendly onboarding experience can go a long way to addressing this innate mistrust. Let customers know what data is collected – and why it’s collected – on a low-level account, and they’ll be more comfortable when they upgrade to a larger account, all in a trusted environment. Eventually, these same users will feel comfortable providing their credentials and account information when creating accounts on an open banking platform.

See also: Payments integration gives brands more control over critical customer experiences

Healthcare is a natural choice for older customers to start interacting with apps, entering their data, and ultimately making transactions — and there’s at least some precedent here. Granville noted that online games, with finance integrated as part of the experience, can make older adults more aware of how apps and online payments and interactions can all intersect.

In the end, the elderly population remains independent but with guardrails.

“Having controls and being able to participate are some of the valuable assets that are given to older people,” he said.

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On: Seventy percent of BNPL users say they would prefer to use the installment plans offered by their banks – if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments and the Untapped Opportunity of FIssurveyed over 2,200 US consumers to better understand how consumers view banks as BNPL providers in a sea of ​​BNPL pure-players.

College funding is up for a vote in Holyoke

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HOLYOKE — Council is set to accept a request for $475,000 for the city to fund the design phase of a new college — a first step in the process of receiving state funding for the construction of a new building.

The city council’s finance committee this week advanced to the full council, by a 3-2 vote, the bond request for the $475,000 needed to conduct a feasibility study for the construction of a new building. of middle school on the current site of William R. Peck Middle School. When city council meets next week, nine councilors will have to vote to issue the bond.

Payment for the feasibility study is the next step needed to advance the Massachusetts School Building Authority’s process to obtain reimbursement for a substantial portion of the construction costs of the new school. The MSBA requires that the money for the study be earmarked before proceeding.

In 2019, most Holyoke elected officials supported the construction of two new middle schools in the city – one at Peck Middle School and the other at HB Lawrence Elementary School. The $130 million projects, which were to receive $75.8 million from the MSBA, would have replaced two of the district’s buildings most in need of replacement.

However, the costs of the project and the amount the state chose to repay meant that residents had to vote on a waiver of the Proposition 2½ debt exclusion to cover the remaining $54 million. Those opposed to the plans have raised concerns about the tax hike and the process the city has undertaken to put the ballot issue to voters. And when voters headed to the polls, 64% of them voted to reject the proposal.

Normally, it takes years for a school district to get back into the MSBA queue if it votes to reject a construction project. But the quasi-state authority soon invited the city back into the process, this time focusing on a smaller project by building a single school for 550 students.

Some of the most vocal opponents of the failed college plan in 2019 are either council incumbents or new members elected in November.

General Counsel Kevin Jourdain was one of those who took part in the 2019 “no” campaign and raised many questions at three public council finance committee hearings in the past month. He and new Ward 2 Councilor Will Puello voted in a minority not to recommend approval of the $475,000 feasibility study, General Councilor Joseph McGiverin, Ward 6 Councilor Juan Anderson-Burgos and Councilor General Peter Tallman voting to support the request.

During an initial hearing before the committee on January 10, Erin Brunelle, a member of the general school committee, explained that the earliest a new school could open would be in the fall of 2026. She pointed to an analysis from February 2021 from the city’s financial advisers to the firm HilltopSecurities, which it says has shown that with capital debt off the books, the city could afford to issue a 30-year bond in 2024 at a rate of interest of 4.5% and to maintain the same level of indebtedness that it has now.

The city set up a 16-member school construction committee in the fall. The committee will hear in June whether the MSBA has invited the school district to its next phase of the process – the feasibility study phase. Money for the study must be allocated by April 29.

During the three city council hearings, Jourdain asked questions of school department officials, the town hall and city councilors about the impact of the school project on the budget for the coming years and whether it would cause the need for a tax override vote in the future for other municipal expenditures. Without assurances that a waiver won’t be needed in years to come, he said the city was wasting half a million dollars on a feasibility study without having any idea what other costs might arise.

“It’s like a balloon, if you squeeze here it inflates and comes out here,” Jourdain said. If the city ends up paying $1.3 million a year on a 30-year bond, say, on debt service for the project, he said he’d like to know they could do it “without cause distress to other regions”.

Others, however, noted that the current request is just for the money for a feasibility study, without which nothing can move forward. Details of the final draft and a bond for it will be discussed and voted on later, they said.

“Here we’re just looking for a vote to get funds that we may not even need to move to the next phase so we can do the necessary math and include that in the analysis you’re looking for,” Mayor Joshua Garcia mentioned.

But inevitably, both parties spent much of their time discussing what that bond would look like and whether it would be affordable.

“Can we afford not to? McGiverin asked, saying not doing something about dilapidated school buildings would simply be passing on the unaffordability to the city’s next generations. “And that’s wrong.”

Mayor Joshua Garcia said he agreed with Jourdain that the city needs to look to the future to understand how best to use the city’s resources. He said he was working with the state Department of Revenue to get technical assistance for longer-term financial forecasting, which the city is not currently doing. Garcia also said he intends to develop a capital plan that will assess the city’s assets and determine what spending priorities should be.

Cinder McNerney, the city’s longtime financial advisor at HilltopSecurities, pointed out that unlike many other communities, Holyoke does not have a capital plan that would estimate the next five years of possible capital spending. Without it, she said, the city cannot assess its spending priorities. She said if the city waits to get many of these questions answered now, it could miss the opportunity to tackle a project under better market conditions.

“If this school had been published, you probably would have saved a lot of money by locking in the fees,” McNerney said. “Now you’re in a different interest rate market.”

Ward 5 Councilor Linda Vacon also expressed the need for a capital plan and concerns about the cost of the project. She said she wanted to be able to adequately answer questions about affordability when taxpayers come to her with those inevitable questions.

Whitney Anderson, the maintenance administrator for Holyoke Public Schools, explained the urgent need to replace Peck Middle School, noting that parts aren’t available for its outdated electrical system and heating components, for example. He said he was excited about a new school for city kids.

“I’m even more excited about taking this thing out of the portfolio,” he said, expressing concern that if a catastrophic failure occurs, the city would have to abandon the structure and have to pay a lot more money. . “Not to be dark and gloomy, but these are the realities.”

City councilors who were not part of the finance committee attended the hearings and weighed in on the future of the project. They will all vote on whether to allocate money for the construction of the building on Tuesday evening.

Speaking at a February 7 hearing, General Counsel Israel Rivera said the council would likely accept many more funding requests with little controversy. But when it comes to education, he added, “for some reason there are always a million questions.”

Dusty Christensen can be contacted at [email protected]

Data is revolutionizing credit scoring

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Scholar argues that new data sources will expand access to credit and raise questions of privacy and fairness.

You may be surprised to learn that your next Internet search could affect your credit score.

Lenders use credit scores to assess whether they will give credit to consumers for homes, cars, education and many other aspects of life. Traditionally, the credit bureaus that provide these ratings have account on the borrowing history of consumers. Now, however, they are manufacturing use of new and varied “alternative data” sources.

The use of alternative data in credit reporting is both promising and perilous, according to a recent article by Sahiba Chopra, Vanderbilt law student at the time of publication. Chopra calls for reforms to the regulatory framework governing credit ratings to ensure fairness and equity in the use of alternative data.

Alternative data promises to expand access to loans for more than one in seven American adults who lack an established credit rating, Chopra maintains. These people, the majority of whom are black or Hispanic, are effectively locked out to apply for loans because they don’t have a borrowing history that credit bureaus can analyze.

But today, credit bureaus can use alternative data sources that go beyond borrowing history to assess whether these people will repay their loans. Sources of information can include consumer utility payments, education level or even internet browsing history.

While showing promise for expanding access to credit, using alternative data to calculate credit scores also raises several concerns, Chopra warns. The data can contain inaccuracies. Data collection can interfere in consumer privacy. And the complexity of the algorithms used to process the data too creates the potential for unintended discrimination based on factors such as race and gender.

Chopra views existing laws and regulations are insufficient to address these concerns.

Two laws govern credit scores. The first – the Fair Credit Reporting Act (FCRA)—imposed obligations imposed on individuals or companies that provide information for credit reports or that use such reports. CARF requires credit information providers to take steps to ensure its accuracy. This too requires that consumers receive notification whenever a business or individual takes adverse action against them based on their credit history, such as denying them a loan.

Chopra raises several concerns about the FCRA’s treatment of alternative data. The law imposed no requirement for the level of detail that adverse action notices must contain, which means that consumers may have no idea what data sources were considered in the decision to deny them credit. This too contains no limits on the types of information credit reporting agencies use to build their scores, raising privacy and fairness concerns when agencies incorporate data such as browsing history.

A second federal law, the Equal Credit Opportunity Act (ECOA) – also governs credit ratings and concentrates on preventing discrimination in lending and borrowing against ‘protected classes’ such as race, sex or religion. ECOA allow borrowers to sue lenders for intentional discrimination whenever a lender’s actions have a “disproportionately negative” discriminatory impact.

Chopra complaints that the ECOA fails to prevent discrimination in the age of alternative data because of the high hurdles it places on consumers seeking to prove that a lender has discriminated against them. Individuals already face difficulty in demonstrating that a company has acted in a discriminatory manner. Proving that an algorithm violates the ECOA is even more difficult, because consumers have little or no access to the underlying methodology used to grant or deny them access to credit.

To remedy these problems, several jurists have offers a new Model Credit Rating Fairness and Transparency Act (FaTCSA). FaTCSA look for address transparency issues by requiring credit reporting agencies to provide state attorneys general and the public with detailed explanations of their methodologies. Promoters hope this increased disclosure will encourage reporting agencies to comply with anti-discrimination requirements and increase the accuracy of their scores.

Chopra identifies several proposals that would improve the FaTCSA or other regulatory updates. New legislation or proposed regulations should enable consumers to trace data used in their credit report to its ultimate source, she added. argue. The law should also require lenders to set their credit standards and inform consumers of concrete steps they can take to improve their ratings. Also, Chopra favors prohibiting credit reporting agencies from using consumer browsing data as part of their credit score.

Chopra too offers several actions that regulators can take under their current authority. The Consumer Financial Protection Bureau, for example, could publish no-action letters to lenders appearing to use consumer data in a discriminatory manner. Such letters can state further use of this data on increased disclosures and compliance with anti-discrimination protections.

Also, Chopra argue that agencies could operate on the presumption that the use of alternative data in credit reports is discriminatory, shifting the burden to credit reporting agencies to prove compliance with the law.

Chopra highlighted the importance of a unified federal response to prevent regulatory fragmentation that will leave consumers in different states with different levels of protection.

Based on current trends, the use of alternative data in credit information only seems likely to Continue to augment. Chopra argues that Congress and federal regulators must work to ensure it increases access to credit while protecting consumer privacy.

Do Student Loans Affect Your Credit Score?

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If you have federal student loans, you may not have to make payments until May 1, 2022, thanks to the current federal student loan payment freeze.

But just because you’re not making payments now doesn’t mean your student loans don’t matter. Your student loans can have a major impact on your credit score and your financial life. Whether this impact is positive or negative will depend on what you do once payments resume.

Although student loans are generally considered “good debt” – debt that can potentially improve your life significantly and in the long run – they are still debt and can affect your financial future.

“Student loans can help or hurt your credit score, just like any other kind of credit obligation that shows up on your credit report,” says Michelle Lambright Black, credit expert and founder of CreditWriter.com. “For example, timely payments on student loans could boost your credit score over time. Late payments, on the other hand, could lead to a lower credit rating,” she adds.

As long as you make payments on time, however, student loans are more likely to improve your credit score than hurt it. Here’s what to know about how student loans affect your credit score and how you can use them to your advantage.

How do student loans affect your credit score?

Your credit score is typically calculated using five main factors: payment history, credit usage (balance owed divided by total available credit), how long your credit history is, your combination of credit and recent firm credit applications.

According to Mark Kantrowitz, higher education expert and author of “How to Appeal for More College Financial Aid,” your student loans impact your credit score primarily through your payment history. Payment history makes up the largest part of your credit score, so late or missing student loan payments can have a pretty big impact on your credit score.

“Late payments can drop your credit score by 50 to 100 points,” says Kantrowitz. “Default on your student loans, which occurs after being 120 days behind on private student loans and 270 to 360 days on federal student loans, can have a greater impact on your credit score.”

Because student loans are considered installment loans, credit usage doesn’t matter as much as with revolving accounts like credit cards, Kantrowitz says. However, having an installment loan in your credit mix, especially one that helps build a longer credit history, could be helpful for your overall credit score.

Black and Kantrowitz claim that private and federal loans affect your credit similarly. “From a credit reporting perspective, there is no difference between a federal student loan and a private student loan,” says Black.

It’s important to note that your credit score isn’t the only part of your financial profile that student loans affect, Kantrowitz says. They can also affect your debt-to-income ratio, making it more difficult to qualify for a mortgage. However, recent changes to mortgage underwriting rules for certain government-backed loans mean that borrowers with an income-driven repayment plan may have an easier time qualifying for a mortgage than before. , says Kantrowitz.

Will my credit score get worse if I miss a monthly payment?

Because of the importance of payment history, every missed student loan payment – ​​private or federal – can have a significant negative impact on your credit score.

However, Black points out, your private lender or federal agent must report you as “overdue” before the action affects your credit. “With private lenders, it can happen when you hit the 30-day overdue mark,” says Black. “Federal Student Loans Services, by comparison, typically doesn’t report you late to the credit bureaus until you’re 90 days past the due date.”

Even if you are not reported, you could still face negative consequences from your lender or servicer in the form of late fees or penalties. These can be added to your loan balance and generate additional interest, which increases your debt. That’s why it’s important to always make your payments on time, if possible.

Late payments can stay on your credit report for up to two years, Kantrowitz says, even after you resume payments and update your account. “However, recent activity has a greater impact on your credit score than older activity,” he adds. “So there should be an improvement in your credit score even a few months after updating the account and resuming payments.”

Pro tip

Reduce the risk of missing a loan payment by signing up for AutoPay. Many lenders even offer an interest rate reduction for signing up for AutoPay.

Can student loans help improve your credit score?

Although missing student loan payments can lower your credit score, paying regularly on time helps build a positive payment history, Black says.

Adding another account to your credit report can also help if you have a thin credit report, adds Black. Having a student loan could improve your credit mix, which accounts for 10% of your FICO score calculation. A good credit mix could boost your credit score and show lenders that you can handle multiple types of credit.

And, as time passes and your student loan ages, the average age of your credit accounts increases, which can also give you a small boost in your credit score.

Of course, it all depends on your ability to consistently make payments on time. Kantrowitz recommends setting up AutoPay with your private lender or federal loan officer. This way, you won’t have to try to remember to make your payments each month, and you reduce the risk of paying late or, worse, missing payments.

“Not only are you less likely to be late with a payment, but many lenders offer an interest rate discount when you sign up for AutoPay,” Kantrowitz says. “You typically see a 0.25 or 0.50 percentage point cut as an incentive.”

Do student loans affect credit scores during the student loan freeze?

As part of the federal government’s pandemic relief measures, federal student loan repayments have been frozen. During this period, some loans require no payment and do not earn interest. In addition to this, collections have been suspended on defaulted loans. The last extension of this payment freeze is due to expire on May 1, 2022. Although there may be additional extensions in the future, you should not rely on them when planning.

During the freeze, you won’t be penalized for not making payments, which means your credit score won’t be affected. However, if your loan was in default before the freeze, it will still show up on your credit report and impact your credit score, even if collection attempts have stopped.

It is important to note that not all loans are affected by this freeze. Private student loans are not affected. In addition, non-defaulted loans from the FFEL program that are not held by the Ministry of Education are not eligible.

Whether you have federal or private student loans, it’s important to address repayment issues as soon as possible. Borrowers who are experiencing financial difficulties should contact their loan servicer to inquire about their options rather than letting their loans go into default, Kantrowitz says. These options may include deferral and forbearance, partial forbearance, reduced interest-only payments, and alternative repayment plans.

Ultimately, the best way to keep your credit score healthy and your debt under control is to stay on top of your student loan payments – whether that means paying the amount owed on time each month, or contacting your lender as soon as possible and work out another deal if you can’t pay.

My son spent $100 on my credit card for Fortnite – instead of punishing him, I made him work for every penny

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A DAD used TikTok to teach his son a lesson after spending $100 on Fortnite.

Instead of punishing his son, Gerry Grant decided to make him work for every penny by bringing him to work and completing chores.

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Gerry Grant’s son used his credit card to spend $100 on FortniteCredit: TikTok/thefamilyguygg…g2
Instead of punishing him, Grant made his son work to get the money back and teach him a valuable lesson.

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Instead of punishing him, Grant made his son work to get the money back and teach him a valuable lesson.Credit: TikTok/thefamilyguygg…g2

“The new era of parenting,” Grant wrote in the caption video, which went viral with over 2.6 million views.

The video shows Grant’s son stocking the shelves of a grocery store under his father’s supervision.

The son works with several pallets of bread as he fills the shelves.

“My son decided to spend $100 on Fortnite with my credit card,” reads the text on the screen.

“Instead of punishing him, I’m going to make him earn every penny.”

Later in the 20-second clip, Grant’s son could be seen sleeping in the passenger seat of a truck.

“He’s too tired,” Grant said. “No time for games.”

The video garnered nearly four thousand comments, many of which supported Grant for teaching his son a lesson.

“Honestly this would help so many kids,” wrote one user. “They don’t get hit or yelled at, they just get a valuable lesson that nothing is free.”

Another user wrote: “This is the gray area. You don’t have to beat them to discipline them and you don’t have to let them get away with everything.

However, some users have accused Grant of using his son as a way to get free labor.

“He tries [sic] make his son work because he’s tired of working so he uses that as an excuse,” one commenter wrote.

Grant responded with a montage of his day-to-day work. He is shown unloading his truck and stocking the grocery store shelves.

“Nawl [sic]mate, just life lessons…” he wrote in the caption of the video.

The video has gained over 2 million views

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The video has gained over 2 million viewsCredit: TikTok/thefamilyguygg…g2
Many praised Grant for doing this to teach his son a lesson

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Many praised Grant for doing this to teach his son a lessonCredit: TikTok/thefamilyguygg…g2

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States Ban Use of Credit Scores to Set Auto and Home Insurance Rates

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Is it fair to charge more car insurance bonuses and home insurance rates because a person has a weakness credit score?

A new rule in Washington state will ban the practice, joining a handful of other states that have similar bans. But the insurance industry is fighting back, arguing that the ban could actually force many customers to pay higher premiums.

Washington’s new rule aims to prevent people with poor credit from facing higher rates for their home, auto and renters insurance — especially during the pandemic, which has disrupted the finances of millions of Americans. The rule is expected to go into effect March 4 and last until federal and state pandemic financial protections end or for three years, whichever is longer. The state insurance commissioner said he would work to make the ban permanent.

Washington argues that using credit scores to calculate insurance premiums is unfair. The state insurance commissioner noted that people who struggle financially (and end up with low credit scores) often fall victim to circumstances beyond their control, such as unemployment, unexpected medical expenses, and natural disasters.

A 2020 to study by the Consumer Federation of America found that good drivers in Washington state with bad credit scores (FICO considers a score below 580 to be bad) paid 79% more for their mandatory auto insurance than drivers with excellent credit. “I just don’t think it’s fair for good drivers to punish them if they’ve had credit problems,” Washington Gov. Jay Inslee said. reported by the Associated Press.

A few other states have bans or restrictions similar to Washington’s new rule, including Hawaii, California, Michigan, Massachusetts and Maryland.


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How are credit scores used?

Credit scores are used by lenders to assess the risk of lending you money. The higher your score, the more likely a lender will consider you a good candidate for all types of loans, from mortgages at student loans at credit cardand the more likely you are to benefit from favorable loan terms, such as low interest rates.

But the loans are not the only way credit scores are used. Insurance companies, utility companies, landlords, and even cell phone companies can check your credit to get an idea of ​​how likely you are to pay your bills on time, and by extension, to decide what kind of terms contracts for which you will be eligible.

Critics of the credit scoring system say it perpetuates economic and racial inequality and is biased against those without access to generational wealth. People of color tend to have disproportionately low credit scores and, by extension, are more likely to turn to subprime lenders who charge exorbitant interest rates and fees. Lower credit scores also mean fewer opportunities for home ownership, business loans and more.

There are also tens of millions of Americans who are effectively invisible to banks and other big lenders because they haven’t established the lines of credit — like credit cards, student loans, or mortgages — that are needed. to generate a credit report and build a credit history. And without a credit history, it is extremely difficult to access traditional loan services.


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Insurers say rates could rise with credit score ban

Insurance groups are fighting the new rule in Washington. Three groups – the American Property Casualty Insurance Association, the Professional Insurance Agents of Washington and the Independent Insurance Agents and Brokers of Washington – filed lawsuits earlier this month to prevent the ban from taking effect . In a lawsuit, insurers argue that using credit scores to determine insurance premiums and eligibility for coverage is justified because scores are generally good predictors of future insurance claims.

They argue that preventing insurers from using credit scores to calculate insurance rates is an overreach on the part of the government that will restrict the free market and drive up insurance rates for more than a million people. consumers.

There is evidence to support this claim: One 2016 to study by the Vermont Department of Financial Regulation found that a ban on using credit information to set auto insurance rates would raise premiums by nearly 100,000 vehicles. The idea is that these car owners are currently paying less than they would because of their good credit ratings. If a ban were enacted, the study found that the median annual premium increase would be about $33 for this group.

Claire Howard, senior vice president, general counsel and general secretary of the American Property Casualty Insurance Association, said in a declaration that Washington state’s new rule will be “particularly harmful to seniors on fixed incomes and those struggling to recover economically from the COVID pandemic.”

How to get a higher credit score

While the fate of the new rule in Washington is still unclear, many other states allow the use of credit scores when calculating insurance rates. If you’re worried that a bad credit score will drive up your insurance costs, there are a few steps you can take.

Start by making sure you pay all your bills on time. Timely payments are a major factor in your score. It’s also a good idea to try to reduce the amount of available credit you use (called your credit utilization ratio) to less than 30%. Using too much credit at one time can lower your score.

You might consider enrolling in a program like Experian Boostwhich lets you add one-time payments to utility companies, phone companies, and even streaming services to your credit report to shore up your score.

You can also consult a credit repair company. And remember, it takes a long time to adjust your credit. Don’t be surprised if your efforts don’t show up in your score right away.


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6 tips to improve your credit score

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Creditworthiness is defined by a three-digit credit score and could be the key to a healthy financial life. Good credit is a determining factor when it comes to getting a mortgage, car loan, student loan or low interest credit card. Credit can also affect utility costs, insurance rates, rent demands, and even your ability to land the job you want. A low credit score will make it harder to do any of these things and could potentially cause stress in your life.

The best plan is to never get upside down with your credit in the first place; however, in the unfortunate event that does occur, there are proven strategies to help fix your credit. Below are several suggestions for improving or maintaining a positive credit score.

1. Get a low-interest, no-fee credit card: A great way to build a good credit score is to get a credit card that offers a low fixed interest rate and doesn’t bombard you with fees. Champion Credit Union offers a credit card with a low, fixed rate and no balance transfer or overlimit fees. Don’t apply to the first credit card company you find on a Google search or who solicits you in the mail. Do your research and be sure to partner with an institution that works for you and your lifestyle.

2. Check your credit report: These days it’s easy to get your credit score, but every once in a while you should print out and evaluate your entire credit report to see what works for or against you. Factors that contribute to a higher score include a history of on-time payments, low balances on your credit cards, a mix of different types of loans and credit cards, older credit accounts, and minimum requests for a new credit. On the other hand, late or missed payments, high credit card balances, collections and judgments are the main detractors of the score. The quick fixes are to pay off the revolving credit, remove the inaccuracies, and become an authorized user on someone else’s credit card account.

3. Understand the FICO score: Over 90% of lenders use the FICO credit score, which is based on the following five factors:

With that in mind, try to make all payments on time and avoid late fees at all costs, as payment history is number one on the list. Plus, create systems to help you stay on track, like automating bills with direct withdrawals, setting reminders on your phone, or creating a filing/calendar system. Some people have bills written with a credit card and then pay off the credit card each month.

4. Maintain 30% or less credit utilization: This is the part of your credit limit that you are using at any given time. There are two main ways to help with the use of credit. The easiest way is to pay your credit card balance in full each month. If that’s not possible, try to keep your total outstanding balance to 30% or less of your total credit limit. A second useful tactic is to request a credit limit increase, as long as your purchases do not increase simultaneously. With online access to your credit card account, requesting a higher limit can be done in minutes.

5. Work to keep old accounts open: Do you remember that credit card you got in college? Don’t close it. The age of your line of credit contributes greatly to your overall credit score. Keep old accounts open, even if they’re paid and you don’t plan to use them. It is unwise to close accounts with zero balances when you have other cards with remaining balances. This negatively affects your credit utilization rate. Also, if you have overdue accounts, try to fix the issues rather than closing them completely.

6. Consider consolidating your debts: If you have several outstanding debts, it could be advantageous to take out a debt consolidation loan from a bank or credit union. Then you only have to focus on one payment and more than likely you can find a debt consolidation loan with a low interest rate. A similar tactic is to transfer balances from high-balance, variable-rate credit cards to a lower-rate credit card. Credit card companies often offer promotions such as 12 to 18 months of low or no interest on the amount transferred.

Building good credit or fixing a poor credit rating won’t happen overnight, but if you follow these suggestions faithfully, you will see significant improvements. Putting in the work is worth it. Finally, if you have young people in your life, teach them these skills when they are teenagers so they can enter adulthood with healthy lines of credit.

Health workers resign. Access to earned wages can help

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The toll of the pandemic on frontline healthcare workers is almost unfathomable. It was a two-year barrage of patients, stress and fatigue that contributed to staffing shortages at a time when the need is greatest.

Employers are responding by reassessing every aspect of their offers to new workers, including how they perceive their wages.

IntelyCare, a Boston-based job placement service for nursing professionals, has begun offering Access to Earned Salary, a benefit that allows employees to receive the earned portion of their pay before the regular bi-weekly schedule.

“The power curve has shifted,” says John Shagoury, president and chief operating officer of IntelyCare. “Nurses have more control over whether and how they want to work. Having control over when they get paid helps with work-life balance.”

Read more: Too little, too late: 500,000 nurses will leave the bedside by the end of 2022

Earned Wage Access, also known as Early Wage Access or EWA, has gained popularity at the start of the pandemic. As a result, major consumer payment companies such as MasterCard and banking technology provider Fiserv entered into new partnerships with EWA companies in 2021.

EWA vendors say the product proves its value as a retention and recruiting tool.

IntelyCare, which has approximately 30,000 nurses on its platform, launched DailyPay’s EWA product in June 2021 through a partnership with Denver-based human resources outsourcing company ADP. Shortly after, IntelyCare reported a 300% increase in placements compared to 2020. EWA is not solely responsible for this growth, but it is an advantage in a job market in which professionals have a mixed unusual financial challenges and burnout, but lots of options for where to find a job.

“We thought of them who are struggling to pay their bills and make ends meet. Faster access to funds could make a difference for them,” Shagoury said. Healthcare staff access IntelyCare’s app to find shifts at hospitals, long-term care facilities and other facilities, while facilities also use the app to find staff. It’s a two-sided deal that Shagoury likens to an “Uber for nurses.”

Total employment of licensed practical nurses fell 20% between April 2020 and June 2021, according to a January 2022 study by Health Affairs. The employment of nursing aides fell by 10% and that of registered nurses by 1%. Total employment across all categories of nurses is still 10% below pre-pandemic levels. The shortage is large enough to create greater economic pressure on hospitals and other medical care providers.

Read more: Access to earned wages can be a critical benefit for small businesses and hourly workers

The decline is due to a lack of available staff, reports Health Affairs. For example, in Vermont, approximately 600 students graduate from nursing school each year, 9,000 that will be needed over the next seven years to fill vacancies.

A study conducted by Branch, a Minneapolis-based EWA provider, found that 86% of its client employers saw an average 38% increase in job applications when Branch was included in job postings. In a survey of 3,000 hourly paid employees in foodservice, retail and healthcare, 94% said access to early payment helps ease financial concerns; and staff enrolled in EWA stayed in their jobs 60% longer. Another 71% felt “more incentivized” to go to work with an employer who offered instant or up-front payment.

“In addition to providing free and instant access to earned pay, we’ve found that accelerating payments through other means and eliminating fees can also help workers, such as providing cashless tips right after each shift or the offer of rewards to earn money on daily expenses,” says Atif Siddiqi, Founder and CEO of Branch.

New York-based EWA company DailyPay launched a digital wallet in January that supports EWA disbursement. The wallet loads every day a user works. DailyPay positions the wallet as a means to mitigate overdrafts, as well as a retention game for its base of 500 employers, including Dick’s Tractor and Supply and Kroger. DailyPay’s wallet connects to over 6,000 financial institutions and supports bill payment, investments and digital payments. DailyPay’s banking partners include PNC, for which it supports real-time payday advances.

“So many people are focused on saving and building emergency funds,” says Jeenniey Walden, head of innovation and marketing at DailyPay. “Flexible pay lets people know whether they can take time off or need to schedule extra shifts.”

Read more: Access to earned wages is just a weapon in the fight for financial well-being

EWA companies have traditionally positioned their products as a safer alternative to payday loans, although consumer groups called for regulations that treat EWA advances as credit. Business models differ, but EWA companies generally charge fees under $10 per transaction. The Consumer Financial Protection Bureau has generally taken a lighter touch on EWA than on payday loans.

Gartner reports that EWA “has emerged as a cost-effective alternative that helps employees meet unforeseen urgent needs and, therefore, reduces financial stress.” Gartner adds that retention may also improve since workers are less likely to leave for another employer that does not have a similar benefit.

“If I look at three companies and one lets you get paid when you want and the others say you have to get paid every other Friday, there’s value in that,” says Matt Pierce, Founder and CEO of Immediate, an EWA Provider based in Birmingham, Alabama.

Immediate recently partnered with Automatic Payroll Systems, an HR contractor based in Shreveport, Louisiana, to offer a range of financial wellness products, including EWA. Instant also allows payday advances to be directly loaded onto prepaid cards which can be used to pay bills.

“As the big quit continues, it’s a way for companies to introduce themselves to people,” Pierce said. “That makes access to earned pay a very fast-growing space.”

The shortage of nurses mirrors employment problems in other fields. More than 4.5 million workers quit their jobs in November, a month that typically sees a surge in hiring before the holidays, according to US Bureau of Labor Statistics. Shortages should last until 2022 and impact categories that are favorable to payroll alternatives such as EWA such as catering, healthcare, utilities, and transportation.

“As the world tries to recover from the pandemic, we’re seeing more and more employers getting early access to salaries,” said Peter Mullen, senior vice president of PayActiv in San Francisco.

Yard workers, freelancers and contractors are EWA’s traditional sweet spot, and today they are joined by staff at quick service restaurants, home care providers and call centers, Mullen said. PayActiv has also increased its efforts to place its service in recruitment advertisements.

“An HR person can offer potential employees greater control and access to cash as part of their daily lives,” says Mullen.

Is San Antonio FloatMe a Safer Alternative to Payday Loans?

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FloatMe, a San Antonio tech startup that provides cash advances to workers on their next paycheck, said it raised $16.2 million from investors in its most recent fundraising round.

Overall, the startup has raised $49.1 million in funding since June 2019, including $25 million in debt funding, according to Crunchbase, which tracks investments in tech companies. FloatMe’s new investors include Iowa-based Active Capital and ManchesterStory.

“We’ve been under the radar,” FloatMe co-founder and president Joshua Sanchez said. “The funding is validation that we have grown significantly and allows us to expand.”

However, he declined to say how many customers use the app.

FloatMe, with 60 employees and an office in downtown Soledad Street, is part of a wave of online and mobile cash advance companies gaining traction during the coronavirus pandemic. They compete with payday lenders who sell high-interest loans to largely low-wage workers, a disproportionate share of whom are black and Hispanic.

FloatMe’s service is similar to financial technology, or fintech, offerings from companies such as Moneylion, Earnin and Dave.

Like its biggest rivals, FloatMe says it offers customers payday cash advances, not loans.

Customers pay a monthly fee of $1.99 and can request small advances – no more than $50 – which they repay when their next paychecks hit their bank accounts.

The startup’s terms of service state that users must be US citizens at least 18 years old and have a cell phone and email address. To create an account, customers authorize the company to access their bank account balance and transaction history.

They must also prove that they have received at least $200 in electronic payroll deposits three times before they can apply for advances.

FloatMe CEO Josh Sanchez markets his company as an alternative to payday lenders.

Jessica Phelps

Once approved, users can receive their advances through an automated transfer from the clearing house to their bank accounts in one to three business days. Or they can pay $4 for an “instant” money deposit within eight hours.

Fees for faster access to cash advances have caught the attention of industry watchdogs. Many workers who apply for cash advances are in financial straits and need money fast.

“This type of fee would be voluntary, but really adds up for consumers,” said Yasmin Farahi, senior policy adviser at the Center for Responsible Lending, a North Carolina-based nonprofit policy and research group.

FloatMe users can also receive offers from third-party companies for financial management services or products — if they choose, according to the startup.

According to the terms of service: “In all cases, you will need to register to receive these offers from partners, and FloatMe may receive compensation from these partners for referring you to them. FloatMe is not responsible for the products and services offered by these partners.

Payday debt traps

The federal Consumer Financial Protection Bureau describes a payday loan as “a short-term, high-cost loan, typically $500 or less, that is usually due on your next paycheck.” Loans are available in storefronts and online.

If borrowers do not repay their loans on time or at all, lenders can withdraw money from their bank accounts, sometimes resulting in overdraft fees. Payday lenders also sometimes send collection agencies after delinquent borrowers.

Payday loans have long been a big business in Texas.

The Center for Responsible Lending analyzed average annual percentage rates, or APRs, for a $300 loan with 14-day repayment periods in each state. Data shows Texans can pay up to 664% APR — the highest in the nation — because the state has no interest rate caps to protect borrowers.

“Payday loans are marketed as a quick financial fix, but they’re actually a long-term debt trap,” Farahi said. “People will take out a loan thinking it’s a one-time loan to deal with a short-term crisis. But with all the fees and costs, they end up having to take out another loan and another loan.

Like his peers, Sanchez says FloatMe is not a payday lender.

“FloatMe is all about transparency,” he said. “We charge members $1.99 per month to access our personal finance management tools, overdraft alerts and other budget management features. Members can access the floats without having to pay the $1.99. There is no credit check. There is no interest and no hidden fees.

“We do not collect or store sensitive information (personal information),” Sanchez said. “We work with a third party to simply connect a member’s bank account. We do not sell any user data.

The company’s website says it uses Plaid, a California-based financial services company, to connect to customers’ bank accounts.

Debt trap

Sanchez said he had his own bad experience with a payday lender.

Five years ago, he was driving in San Antonio when a VIA Metropolitan Transit bus veered into his lane and rammed his vehicle.

The Incarnate World University graduate had car insurance but couldn’t wait for payment to fix his car – he needed it to get to work. At the time, he was among the 67% of millennials without a credit card. So he dipped into his savings to pay for repairs to the vehicle, leaving him short of cash before his next paycheck.

He didn’t want to ask his mother for money, so he turned to a payday lender for a $200 loan – and quickly fell behind on his payments.

“I have to understand that paying on time is important,” he said. “The way lenders generate their income is by betting that people can’t prepay and get into a habitual cycle of having to pay interest. The sad thing is that the majority of people cannot afford a sudden recovery.

Later that year, Sanchez pitched the idea for FloatMe during a startup challenge at Geekdom, a coworking space in downtown San Antonio, and won $13,000.

FloatMe’s terms of service say it doesn’t charge late fees or penalties, and it won’t go to a collection agency to track down customers for payment.

“If a member doesn’t repay a float, we don’t seek recourse,” Sanchez added. “Our only response is not to allow the member to take another float.”

Still, consumer advocates remain wary of cash advance companies because they aren’t regulated like payday lenders.

“A lot of them try to say they’re not loans, but we think they’re loans and should be regulated by consumer protection laws and state loan laws.” , Farahi said. “Obviously in Texas these laws aren’t strict on user caps, but we’re concerned that they’re trying to get exclusions from state and federal lending laws saying that it it’s not about loans. And really, a lot of them are payday loans in some other form.

[email protected]

TymeBank launches a credit card – Gadget

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TymeBank, South Africa’s fastest growing digital bank, has launched its credit card as it seeks to cater to different financial needs and life stages.

“The launch of the TymeBank credit card is an important step in our growth phase and is in line with our intention to diversify our customer profile by attracting more customers from middle and upper middle income groups,” said the CEO of TymeBank, Tauriq Keraan.

“The card has been in the works for some time, but we thought long and hard about the timing, especially given the challenging consumer environment. That said, a credit card is a secure and convenient form of payment that can add the value to your budget and lifestyle, provided it is used responsibly.

The TymeBank Visa credit card, offered in partnership with registered credit provider RCS, is internationally recognized. A tap-and-go credit card, it can be used to make online and point-of-sale purchases, both locally and internationally.

TymeBank also offers a Buy Now Pay Later (BNPL) offer called MoreTyme, which allows eligible customers to purchase a retail product by paying only 50% of the purchase price upfront, with the balance settled over a period of time. 30 or 60 days, without paying interest or fees.

To qualify for a TymeBank credit card, applicants must be 18 or older, employed, and earning R3000 or more per month. They must also have a valid South African identity card or driver’s license and a South African bank account.

Cardholders earn Pick n Pay Smart Shopper points when they use the card anywhere, while using the card at Pick n Pay stores doubles their Smart Shopper earning. Customers who register before April 30, 2022 will earn up to four times as many Smart Shopper points until that date, when paying at Pick n Pay.

TymeBank provided the following information on features and benefits:

  • Free SMS notifications for added security
  • Free delivery of the first card by courier
  • Cardholders can get up to three additional cards for family members
  • Up to 55 days of interest-free credit if the total amount due is paid on time each month.

Customers can apply online at the link of TymeBank website, https://apply.tymecard.co.za or through the free TymeBank app, which can be downloaded from Google Play, Huawei Gallery or iOS App Stores.

Credit Scores, Credit Reports, and Credit Verification Services Market Movements by Trend Analysis, Growth Status – MyFICO, Equifax, IdentityForce, Credit Karma, Experian, Credit Sesame – Cleveland Sports Zone

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Latest report on Credit Scores, Credit Reports and Credit Verification Services Market released by Value Market Research provides detailed market analysis including market size, share, value, growth and trends for the period 2020-2027. The market for credit scores, credit reports and credit verification services is vast, with many local and global players. The market for credit scores, credit reports and credit verification services is large, with many regional and international players. Major market leaders follow many strategies to improve their market position such as acquisitions, product portfolio expansion, contracts, merger, contracts, acquisitions, product upgrades to expand their market share worldwide.

The Global Credit Scores, Credit Reports & Credit Check Services Market report provides an in-depth analysis of drivers and opportunities, market size and estimates, competitive landscape, major investment pockets, top winning strategies and changing trends of the market.

A comprehensive competitive analysis that covers relevant data on industry leaders is intended to help potential market entrants and existing players competing with the right direction to arrive at their decisions. Market structure analysis examines credit scores, credit reports and credit check services companies in detail with their profiles, market revenue shares, complete portfolio of their offerings, strategies networking and distribution, regional market footprints, and more.

To analyze the growth trajectory and provide an overview of the global Credit Scores, Credit Reports and Credit Verification Services market, the report titled Global Credit Scores, Credit Reports and Credit Verification Services Market Credit Starts with Definition, Executive Summary, Segmentation and Classification, Credit Ratings Industry Chain Analysis, Credit Reporting and Credit Checking Services, Value Chain Analysis, and Policy Analysis of Ratings Market of credit, credit reports and credit checking services.

The main key players are: MyFICO, Equifax, IdentityForce, Credit Karma, Experian, Credit Sesame, Identity Guard, Trans Union and Serasa

Our team of experts are constantly working on updated data and information on business processes related to key players who value the market. For future strategies and predictions, we provide a special section regarding the covid-19 situation

The compelling points of the Global Credit Scores, Credit Reports and Credit Verification Services Market report are the comprehensive study of major market players, their competitive scenario, segment-wise analysis of the Credit Scores Market , credit reports and credit check services, a study of market competitors, their consumer base, demand and supply chain scenario and competitive factors. Application of Credit Scores, Credit Reports and Credit Checking Services product, manufacturing cost, labor cost, raw material, key developments and innovative strategies are listed in this report . Interest in the market for credit scores, credit reports and credit verification services has grown over the past few decades due to the development and progress in the innovation of credit scores, credit reports and credit and credit check services. Growing interest from consumers, end customers and industry specialists, furthermore, the regions coordinated the rise of credit ratings, credit reports and credit verification services. An in-depth investigation of the Credit Scores, Credit Reports, and Credit Verification Services market helps in understanding the in-depth market insights and future plans.

The report offers comprehensive and in-depth information on each of the major end-user areas along with annual forecasts to 2026. In-depth study of market size and its detailed segmentation helps in determining credit ratings, credit and credit check prevail. Services Market Opportunities. Major countries in each region are mapped based on their market revenue waves. Key industry market players are profiled and their adopted directions and strategies are meticulously analyzed which predicts the competitive outlook for the Credit Scores, Credit Reports and Credit Verification Services market.

Credit Scores, Credit Reports and Credit Checking Services Market Analysis by Type: by product type (credit score, credit reports and credit checking services), type (individual credit, business credit)

Credit Scores, Credit Reports and Credit Verification Services Market Analysis by Applications:

Based on dominance, company profiles of all major manufacturers, its founding year, credit ratings, credit reports and credit checking services, marketing and sales region, products and services offered as well as contact details are cited in this research report. Data on credit scores, credit reports and credit check services collected from different magazines, annual reports, internet sources and journals are confirmed by conducting face-to-face or telephone interviews with the experts of the credit ratings, credit reports and credit verification services industry. After corroboration, data from credit scores, credit reports, and credit check services are represented in the form of tables, charts, and graphs. The visual representation helps in better understanding of facts and figures of Credit Scores, Credit Reports and Credit Checking Services market.

Vital points covered in this research report on credit scores, credit reports and credit checking services:

– Searching Credit Scores, Credit Reports, and Credit Verification Services displays a list of companies that are looking for an inorganic extension.

– Displays various close relationships and deep-rooted contracts between leading manufacturers of credit ratings, credit reports and credit verification services and commodity suppliers and distributors.

– The success and improvement factors of the credit ratings, credit reports and credit verification services industry are displayed in this research report.

— Credit assessments, credit reports and credit verification services performed SWOT (Strengths, Weaknesses, Opportunities and Threats) and PESTEL (Political, Economic, Social, Technological, Environmental and Legal) analysis performed.

– Credit scores, credit reports and credit verification services Product capacity, import/export details, supply chain analysis, future plans and approaches, gross margin and various technological developments of the main leaders are cited in this research report.

Answers to key questions:

1. Who are the main market players and what are the important business plans?

2. What are the major concerns of the critical information of the Global Credit Scores, Credit Reports and Credit Verification Services Market?

3. What are the various prospects and threats faced by the dealers in the Global Credit Scores, Credit Reports and Credit Verification Services Market?

4. What are the strengths and weaknesses of the main suppliers?

Contents:

Chapter 1: Market Overview of Credit Scores, Credit Reports and Credit Verification Services

Chapter 2: Global Market Status and Forecast by Regions

Chapter 3: Global Market Status and Forecast by Types

Chapter 4: Global Market Status and Forecast by Downstream Industry

Chapter 5: Market Driving Factors Analysis

Chapter 6: Market Competition Status by Major Manufacturers

Chapter 7: Major Manufacturers Overview and Market Data

Chapter 8: Upstream and Downstream Market Analysis

Chapter 9: Cost and Gross Margin Analysis

Chapter 10: Marketing State Analysis

Chapter 11: Conclusion of the Market Report

Chapter 12: Research Methodology and Reference

Adroit Market Research is an India-based business analytics and advisory firm incorporated in 2018. Our target audience is a wide range of businesses, manufacturing companies, product/technology development institutions and industry associations who need to understand the size of a market, key trends, participants. and future prospects of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help them create opportunities that increase their revenue. We follow a code – Explore, learn and transform. At our core, we are curious people who enjoy identifying and understanding industry patterns, creating insightful study around our findings, and crafting lucrative roadmaps.

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Global Account Manager

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Phone number: USA: +1.210.667.2421/ +91 9665341414



Commercial Credit Market 2022 Growing Demand, Top Trends with Major Key Players – Veda Advantage, LexisNexis, Cortera, TransUnion, Dun&Bradstreet, FICO, etc. – Cleveland Sports Zone

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The report’s in-depth research offers insights into the global Trade Credit market’s development potential, upcoming trends, and statistics. It also shows the variables influencing the overall market size forecast. According to the report, it provides current global commercial credit market technology trends and industry insights to help decision makers make informed strategic decisions. Further, the market study examines the growth drivers, restraints, and competitive dynamics of the market. The Trade Credit Market Research has also identified the major vendors and distributors operating in each of the major geographies. These statistics and research are expected to help trade credit market players to expand their geographical reach and improve their distribution channels in the market.

Request a sample report here https://www.orbisresearch.com/contacts/request-sample/4755150

Major Players of Global Trade Credit Market:

Veda Advantage
LexisNexis
Cortera
Trans Union
Dun & Bradstreet
FICO
Equifax
NerdWallet
Moody’s Corporation
Credit karma market
Experian plc
MSTS

Additionally, the Trade Credit Market report is based on current comprehensive research investigation. The report is reviewed using primary and secondary research techniques. Thus, primary research may include the development of databases on regional and global trade credit markets, supplemented by interviews with key personnel from top companies around the world. This is complemented with an in-depth review of regional and global regulations, changing buying habits, general economic projections, technological advancements, and environmental implications of the global Commercial Credit Market.

Trade credit industry type includes:

Assessment service
Advice service
Others

Trade credit industry applications include:

finance
Industrial
Energy
Consumer Discretionary
Materials
Computer science
Health care
Basic consumption
Real estate
Telecommunication services

This research study offers Commercial Credit market share based on current and projected industry growth. Classifications such as nations, market segments, and product types are also highlighted in the search. This Trade Credit Market study offers a comprehensive review of the major global players in the industry, from top to bottom. Tables, graphs and statistics are provided with the segmentation. The forecasters have analyzed the Trade Credit report to better understand the market trends among other critical aspects.

This study analyzes the competitive landscape of the Commercial Credit industry and provides data on the goods provided by various companies to help clients improve their position in the market. Likewise, this Trade Credit market research report contains information on recent trends and difficulties that may affect the growth of the market. This will help businesses develop plans to maximize their potential growth opportunities. The research provides comprehensive data on the issues that may challenge the development of the market. The analysis of the global commercial credit market includes an overview of definition, categorization, drivers, competition, and recent strategic actions. The report sheds light on the potential prospects accessible in the Trade Credit sector. The Commercial Credit market study primarily focuses on the key industry leaders and reveals all significant facets of the competitive landscape.

Ask our expert if you have a question at: https://www.orbisresearch.com/contacts/enquiry-before-buying/4755150

The study outlines the company’s effective tactics and methods, consumer preferences, regulations, current rival moves, as well as the many investment opportunities and dangers in the trade credit industry. This market report also presents recent market developments and in-depth product analysis. The Trade Credit Market Research emphasizes overall values ​​for the current year as well as a likely projection for the projected period.

Key Highlights of the Trade Credit Market Report Study:

– An in-depth look at the global trade credit industry.
– The report studies the Trade Credit market and offers its players key actionable insights
– The study has considered all the key developments from the present past, helping the consumers of the report with current updates in the Trade Credit industry.
– The research study is likely to help key decision makers in the Trade Credit market to assist them in the decision-making procedure.

About Us:

Orbis Research (orbisresearch.com) is a one-stop-shop for all your market research needs. We have an extensive database of reports from leading publishers and authors around the world. We specialize in delivering customized reports according to our clients’ requirements. We have complete information about our publishers and therefore are sure of the accuracy of the industries and verticals of their specialization. This helps our clients map their needs and we produce the perfect market research required for our clients.

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Bangladesh urged to bear half cost of India-funded road project

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Bangladesh government to bear almost half of the expenses of an India-funded road project in Brahmanbari to improve connectivity with eastern landlocked states following a new cost increase proposal, provide ministry officials.

The project executing agency, Department of Roads and Highways, wants the Government of Bangladesh to bear 67% of the incremental costs of Tk 2,229.75 crore for the Ashuganj-Akhaura 4-lane highway project executed in under India’s credit line, the officials said.

The remaining 33% of the additional cost will be borne by the Indian government, which has bet on the 50-kilometer route to streamline connectivity between its mainland and the eastern state of Tripura and other areas without direct maritime connection.

Planning Ministry officials said the project’s initial funding structure would see drastic changes if RHD’s new proposal is approved by the National Economic Council’s Executive Committee at a meeting on Tuesday.

With ECNEC’s approval, Dhaka’s financial participation in the project will rise to 49 percent from 36 percent previously, Planning Ministry officials said.

RHD Chief Engineer Md Abdus Sabur told New Age that the country’s financial involvement will increase due to the acquisition of additional land and the payment of taxes.

He noted that they needed to acquire additional land after the width of the road was decided to increase to 5.3 meters from the previous 3.0 meters.

The additional duty and value added tax were included in the proposed revision, he said.

In 2017, RHD started implementing the project at an estimated cost of Tk 3,567.85 crore, with New Delhi providing loans of Tk 2,255.76 crore and Tk 1,312 crore from Dhaka.

After the proposed revision, the new cost of the project will rise to Tk 5,791.60 crore with Delhi providing a total of Tk 2,982 crore and Dhaka providing Tk 2,808 crore.

RHD’s proposal also sought to extend the project’s mandate to June 2025 from an extended mandate of June 2022, said Md Mamun-Al-Rashid, a member of the planning ministry.

Planning Ministry officials said complex rules and regulations under India’s line of credit had delayed the launch of the first tender, limited to Indian contractors, by nearly two years.

The Covid pandemic has further slowed the project, they said, adding that less than 40% of projects had been completed through 2021.

Former Project Manager Arun Alo Chakma said that as the implementation of the project under the Indian Line of Control is new to the country, a significant amount of time was wasted in the documentation process.

The documentation is also checked by the EXIM Bank of India, he said.

Former acting government adviser Mirza Azizul Islam said the government should be more careful when negotiating foreign loans.

The mechanism to overcome lengthy approval procedures should be there to avoid delays that increase the cost of the project as well as liability for debt payment, he noted.

The progress of not only the Ashuganj-Akhaura 4-lane highway project but also many other projects implemented within the Lines of Control has not been satisfactory due to delays, officials from the Ministry of Planning.

Loans worth $865 million have been disbursed through October 2021 under the four lines of credit worth over $7.8 billion and linked to 43 projects.

The 19th Bangladesh-India LoC Review Meeting was held in Dhaka on October 27-28 to review the progress of the projects.

Officials from both countries have expressed optimism that the utilization rate of credit lines will increase significantly soon.

Which US Avios credit card should you apply for?

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In the interest of full disclosure, OMAAT earns a referral bonus for anyone approved through some of the links below. These are the best publicly available deals (conditions apply) we’ve found for each product or service. The opinions expressed here are those of the author alone, and not those of the bank, credit card issuer, airline, hotel chain or product manufacturer/service provider, and have not been reviewed, approved or otherwise endorsed by any of these entities. Please see our Advertiser Policy for more details on our partners, and thank you for your support!

In the United States, three credit cards allow you to earn Avios, which is the currency of the points of the carriers of the International Airline Group (IAG). These three cards include:

You can assume that there are many differences between the cards, as they are all associated with different airlines. However, the similarities between these cards outnumber the differences.

These cards all currently have amazing welcome bonuses of up to 100,000 Avios, so in this article I wanted to take a look at which of the three cards makes the most sense.

Why all Avios point currencies are the same

As mentioned above, these three cards earn Avios, although they earn different “flavors” of Avios:

Although they are separate loyalty programs, you can transfer Avios between the three programs for free, assuming your loyalty accounts have been open for at least 90 days.

Therefore, when choosing between these cards, I wouldn’t be concerned about the specific scheme you earn Avios with, as you can freely transfer Avios between schemes.

You can transfer Avios between the three programs free of charge

What the three Avios credit cards have in common

The three Avios-generating credit cards have a lot in common, including:

  • A welcome bonus of 100,000 Avios after spending $5,000 on purchases in the first three months; these are the best bonuses we’ve ever seen on these cards, and some of the best bonuses out there
  • An annual fee of $95
  • 5x Avios for purchases with British Airways, Iberia, Aer Lingus and LEVEL for the first 18 months from account opening, then 3x Avios on such purchases thereafter
  • 3x Avios on hotel accommodation when you buy directly from a hotel for the first 18 months from account opening, then 2x Avios on such purchases thereafter
  • 1x Avios on all other purchases
  • No foreign transaction fees
  • Travel and purchase protection

I cannot stress enough how exceptional these welcome bonuses are, considering the reasonable outlay required to earn 100,000 Avios. We’ve seen offers of up to 100,000 Avios on these cards in the past, but they’ve usually required spending $20,000. This offer is much better.

All of these cards are considered separate products, so you are potentially eligible for each card (including welcome bonuses). Just keep Chase’s standard credit card application rules in mind, including the 5/24 rule.

All three cards have welcome bonuses of 100,000 Avios

How are the three Avios credit cards different

Most airline credit cards offer travel benefits, which is one of the main reasons you’ll want to stick with these cards. Each of these three credit cards offers travel benefits tailored to the airline in question:

  • Each card has at least one perk that you receive just for having the card, with no spending requirement
  • Each card has a benefit you receive if you spend $30,000 on the card in a calendar year

Let’s see how these benefits compare.

Benefits of the Aer Lingus visa

The Aer Lingus Card offers the following travel benefits:

  • Just for having the card, you receive priority boarding on Aer Lingus flights to and from the USA
  • For spending $30,000 on the card in a year, you receive an Aer Lingus Economy Companion ticket, which allows you to bring a companion with you at no additional cost when you book a paid economy ticket

Read my full Aer Lingus Card review.

Enjoy priority boarding on Aer Lingus flights

British Airways Visa Benefits

The British Airways Card offers the following travel benefits:

Read my full review of the British Airways Card.

Win a companion voucher that can be used for first class

Advantages of the Iberia Visa

The Iberia Card offers the following travel benefits:

  • Just for having the card, you get a 10% discount on paid Iberia flights
  • For spending $30,000 on the card in one year, you receive a $1,000 discount voucher on Iberia flights, which can be applied when booking two tickets on the same flight in the same class of service.

Read my full review of the Iberia Card.

Win a $1,000 voucher on Iberia flights

Which Avios credit card should you apply for?

Since Avios points can be transferred between the different programs, and since all three cards have the same great bonus of 100,000 Avios, I recommend choosing the card based on the benefits you value the most. Everyone will have a different opinion as to which items above are most valuable depending on which airline they fly with.

Personally, I would rank the benefits of the card as follows:

  1. The British Airways Card offers the most robust benefits just for having the card (10% off paid flights and up to $600 back on rewards), and also offers the most valuable reward for spending $30,000 on the card (the British Airways Travel Together ticket)
  2. The Iberia Card offers the second best benefits just for having the card (10% discount on paid flights), and the reward for spending $30,000 on the card (a $1,000 Iberia discount voucher) can also be precious.
  3. The Aer Lingus card offers the weakest benefits, in my opinion, both for having the card (priority boarding to and from the US) and for spending $30,000 on the card (a budget companion voucher for a paid ticket)
You can earn lots of Avios with these bonuses

When considering which cards to request, remember that you are potentially eligible for all of these cards. For example, I already have the British Airways card and I plan to take the Aer Lingus card or the Iberia card soon, especially with these bonuses. This could be another deciding factor between these cards.

Which Avios credit card product do you like the most?

Even in Retirement, It’s Wise to Monitor Your Credit Score | Business

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Question: Now that I’m retired, my income and expenses are the same every month. So, do I still need to watch my credit score?

Responnse: The Federal Consumer Financial Protection Bureau recommends regular monitoring of credit scores at any age, but especially for seniors who are often at greater risk of identity theft or fraud. Unexplained credit score changes are warning signs of these crimes.

Unfortunately, data breaches have made identity theft and fraud more common by exposing the personal information of millions of consumers. In some cases, criminals steal social security numbers and birth dates. Unlike credit card numbers, this type of personal information cannot be changed easily, making the need for protection against fraud and identity theft all the more important.

There are several ways to protect sensitive information from misuse, including bank and credit card statement verification, fraud alerts with account security freeze options, identity theft protection services and, of course, credit rating monitoring.

Consumers can request a free credit report every 12 months to check for errors or fraudulent entries from annualcreditreport.com.

There are three national credit bureaus: Experian, TransUnion and Equifax. When reviewing your report, question any unrecognized entries and verify that personal and financial information is accurate and complete.

Credit ratings will likely change with large credit purchases, new loan applications, or other available or new access to credit. For example, many retirees are downsizing or adjusting the size of their homes, often resulting in a new mortgage. To qualify for the best rates, make sure your credit scores are optimal for you by correcting any errors on your credit reports, according to MoneyWise.com.

Experian Credit Bureau suggests that one way to easily improve a credit score is to reduce the amount of debt. Avoid making routine payments with credit cards that are themselves revolving credits. By keeping these account balances low, you can avoid getting into debt.

Also, Experian warns that moving balances between credit card accounts does not eliminate the debt problem. Additionally, consumers should regularly scan credit reports to see if any accounts have overdue payments and subsequent charges to eliminate any errors.

To boost credit scores, determine exactly how much you owe and interest rate on each existing credit card or loan, then pay off the highest rate accounts first, depending on myFICO.com.

In retirement, income and bills are often similar from month to month; so, myFICO.com recommends automated payment plans directly from bank or credit union accounts. Scheduling payments to individual creditors can help you get your bills under control and reduce the risk of late payments, which could lead to a lower credit score.

Additionally, AARP suggests that you shouldn’t rush to close old accounts. The age of your oldest and newest credit accounts and the average age of all accounts represent 15% of your credit score. If you don’t pay annual fees on old accounts, it may be worth keeping them open. The longer you’ve had credit, the better your score usually is.

Again, it’s important to monitor your credit score regularly, especially in retirement, to protect against fraud and help you meet any future credit access needs.

Michael Bateman is a retiree who previously worked in marketing and corporate communications.

Michael Bateman is a retiree who previously worked in marketing and corporate communications.

Data Breach Alert: SI Group Inc. | Console and Associates, PC

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Recently, SI Group Inc. announced that the personal information of approximately 7,241 individuals was compromised in a data breach. Our data breach lawyers are investigating this cybersecurity incident to determine whether consumers may have grounds for a data breach class action lawsuit.

What to know about the SI Group Inc. data breach

The company recently reported that between August 9, 2021 and August 14, 2021, an unauthorized party gained access to certain files on its servers. Further investigation revealed that the files may contain the following information:

  • Names
  • Addresses
  • Date of birth
  • Social security numbers
  • Driver’s license numbers
  • Passport numbers
  • Health or insurance information

According to reports, SI Group Inc. does not know what information individuals actually accessed and cannot confirm that the unauthorized party retained any of the information.

However, anyone who receives a data breach notification letter from SI Group Inc. may now face an increased risk of identity theft and other financial loss. Lawyers are currently investigating this recent cybersecurity incident to determine whether the company has taken the necessary steps to keep your data safe and whether those affected by the breach can file a data breach class action lawsuit.

What is a data breach?

A data breach occurs when a hacker or other unauthorized party secretly gains access to sensitive consumer information stored on a company’s servers through some kind of cyberattack. Once a hacker obtains consumer data, they can use that information to commit identity theft or for other criminal purposes. Sometimes hackers sell the data they obtain through a cyberattack to the highest bidder.

No one can say for sure why a hacker targeted your data during a data breach or what they plan to do with it, but having your sensitive information in the hands of an unauthorized party exposes you to a increased risk of identity theft.

As consumers, we all provide personal data to businesses for a variety of reasons. We trust these companies to protect our private data and keep this information secure. Unfortunately, data breaches happen frequently.

Lawyers are investigating data events like this security breach to determine the legal rights of consumers who trusted companies with their sensitive information. Often, hackers target companies that rely on outdated or inadequate data security measures. If it is determined that SI Group Inc. has, in fact, failed to adequately protect consumer data in one way or another, affected individuals may be eligible for compensation for their financial losses.

What can you do after a data breach?

If you received a data breach letter from the company that suffered a security incident, it means that an unauthorized person, possibly a criminal, may have accessed, viewed, and retained your personal information. Although the company cannot know why the third party sought your information and what they intend to do with it, the situation warrants a certain level of caution on your part.

Below are some ways to protect yourself against identity theft and other possible financial risks that can arise from a data breach:

      1. Read the data breach letter carefully to determine what information about you was accessible;
      2. Make a copy of the letter for your records;
      3. Sign up for the free credit monitoring service provided to you (you will need the information in the data breach letter to do this);
      4. Change all your passwords and security questions for all online accounts;
      5. Enable two-factor authentication, where available;
      6. Regularly review your credit card and bank account statements for any signs of suspicious activity;
      7. Monitor your credit report for any unexpected changes that could be a sign of identity theft;
      8. Contact one of the major credit bureaus to ask them to add a fraud alert to your profile; and
      9. Notify your banks and credit card companies of the data breach.

To protect and preserve their legal rights, individuals who have been notified that their data may have been compromised are strongly advised to immediately contact a data breach lawyer.

Data breach attorneys are investigating this security incident and the possibility of a data breach class action lawsuit

Businesses have an ethical and legal duty to protect consumers’ personal information. Although developing and implementing a comprehensive and up-to-date data security system is expensive, it is a necessary cost of doing business in an environment where cyberattacks and data breaches are common. .

Data breach laws are complex, and just because your information may have been accessed while in the custody of SI Group Inc. does not mean that company is legally liable. However, if a company fails to take appropriate steps to protect sensitive consumer information, it can be held liable through a data breach class action lawsuit.

If you have received a data breach notification letter, it is important not only to protect yourself from possible fraud, but also to safeguard your legal rights by contacting a data breach attorney. Consumer privacy attorneys investigate legal matters involving all types of data breaches, ransomware attacks, and cyberattacks, without gain or expense.

find a copy of data breach letter here.

NOTICE OF DATA BREACH

Dear [RECIPIENT],

We are writing to inform you of an incident that may have affected your personal information.

What happened?

On August 14, 2021, SI Group, Inc. fell victim to a ransomware attack, which infected Company systems and may have resulted in unauthorized access or theft of files containing personal information. Upon discovery, we took immediate action to contain the threat and engaged leading third-party forensic experts to investigate the incident and assist us in our remediation efforts. We also notified federal law enforcement

authorities of the incident and cooperate with their investigative efforts.

Our internal investigation revealed that between August 9, 2021 and August 14, 2021, the malicious actor infiltrated our system and was able to access and delete data from file servers on our corporate networks, which contained personal information relating to certain employees of the company (current and former), as well as the personal information of contractors, beneficiaries and other third parties.

We regret the impacts this incident may have on you, and we are sending this letter to let you know what we know and offer you some options to minimize the risk to yourself.

What information was involved?

The exact personal information accessed varies from person to person, but we have determined that the types of personal information involved include name, address, date of birth and other sensitive data elements, such as a social security number, driver’s license number, passport number, or health or insurance information. Please be aware that not all of this information has been disclosed in each instance, and your relevant personal information may be a subset of these categories.

What we do.

We take the security of your personal information very seriously. As soon as we discovered the incident, we isolated our networks and launched a forensic investigation, contacted law enforcement and took action to remedy the incident. In response to this attack, we enhanced our security and monitoring processes and took other steps to minimize the risk of similar incidents in the future.

Additionally, we have arranged to provide you with credit monitoring, identity theft protection and dark web monitoring services for a period of two years at no cost to you through Equifax. It is possible that this incident affected both adults and minors, who could be identified as beneficiaries, for example. Accordingly, instructions

on how to activate these services for adults and minors are included in the attached Equifax registration instructions. Please note that if you have already signed up for this service in accordance with a previous notice from the Company, you are already covered by the plan and no further action is required.

What you can do.

In addition to signing you up for free credit monitoring, we’ve set up a dedicated call center through Epiq Global to help answer any questions you may have. You can contact the call center toll-free at 800-983-8781 between 9:00 a.m. and 9:00 p.m. Eastern Time, Monday through Friday, excluding holidays.

Finally, we encourage you to carefully review your accounts and credit reports to ensure that all activity on your account is valid. You should promptly report any suspicious charges to the organization with which the account is maintained.

For more information.

If you have any questions about this incident or would like additional information, please refer to the attachments for general steps you can take to monitor and protect your personal information or call the Epiq call center at 800-983 -8781 between 9:00 a.m. and 9:00 p.m. Eastern Time, Monday through Friday, excluding holidays.

We regret that this incident has occurred and apologize for any inconvenience this incident may have caused you.

The Oral Antiseptics Market is progressing with a substantial growth rate over the forecast period 2021-2028, Players – 3M, dentsply sirona. – Cleveland Sports Area

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New York, United States: Prospecting Oral Antiseptics Market report created by DECISIVE MARKET OVERVIEW explains an overview of global companies, including definitions, applications, industry chain construction and characterizations, etc. A precise evaluation of the CAGR rate over the forecast period of 2020-2027 has been instilled. A portion of the global market essentials are clarified like general usage and creation volume, absolute transaction and layout volume, importing, sending, hard stage examination, sales methodologies. expanded authorization, trading scenes, imperative limits for sufficient market valuation, market size, net margins, top-down value investigation, modern market guideline, asset management, etc. There are a portion of presentation designs in the world that are actually quite difficult to sort through. Along these lines, appropriate graphical representations are presented like bars, charts, graphs, etc. for an accurate understanding of these core presentation designs over the planned period of 2020-2027. The Gross Domestic Product is most likely the main element of the advertisement as it deals with the general development rate of the market. Different explanations behind its enhancement just like corruption are comprehensively amalgamated.

To avail sample copy of report visit @ https://www.decisivemarketsinsights.com/oral-antiseptic-market/22614364/request-sample

Key companies operating in this market

P&G
Revive Personal Products Company.
3M
dentply sirona
Colgate-Palmolive
Johnson & Johnson
Dentaid SL
ICPA Health Products Ltd.
Cipla inc.
Church & Dwight Co., Inc.

Market by type
Based on cetylpyridinium chloride, based on chlorhexidine gluconate, hydrogen peroxide, essential oils, methyl salicylate, povidone-iodine

Market by Application
(dental care, oral cleaning, other); Distribution channel (supermarket/hypermarket, pharmacy, retail pharmacy, e-commerce)

The COVID-19 pandemic has overwhelmed the entire global market and hampered its development significantly. Irrespective of these prevailing unfavorable circumstances, sorting out some vital systems is extremely crucial to track the maintainability of the general market development.

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Value chain investigation is a profoundly competent and modernized procedure applied by global market pioneers to properly sort out the arrangement of prime exercises that enhance the value of its end result and dissect these exercises as a whole for a huge cost reduction.

Answers to key questions in this Oral Antiseptics Market report: –
Ø What will be the effect of the COVID-19 pandemic on the development of the global market and what are the chances after the COVID-19 pandemic?
Ø What are the fundamental limits that are vital for an accurate assessment of the market?
Ø What are the important systems received by global pioneers for successful market development?
Ø What will be the general economic situation in the next 6-7 years alongside its CAGR?
Ø What are the various difficulties that a company is likely to face and what are the effective methods offered by mechanical specialists to overcome these overwhelming difficulties?

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Please contact us and our expert will get back to you within 30 minutes:

Critical market insights
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How to apply for a business credit card

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A business credit card can give you a myriad of flexibility. Business credit cards can help you manage your cash flow and separate your business expenses from your personal expenses. You can also quickly access cash capital to fund your day-to-day operations, as well as business-specific rewards and benefits not available on a personal credit card.

Who can apply for a business credit card?

Anyone with a business can apply for a business credit card. But, contrary to what most think, you don’t need an office or a certain number of employees to qualify as a business. In fact, you don’t even need an LLC or corporation to have a small business credit card, you can apply as an unincorporated sole proprietor.

Anyone with a for-profit business can get this type of credit card, including gig workers, freelancers, online sellers, and more. As long as you make a profit, or just intend to, you can be approved for a small business credit card.

When should you apply for a business credit card

You can apply for a small business credit card as soon as you start your business, even if you haven’t had any income or expenses yet. And if you’ve had your business for a while, here are some circumstances when you should consider applying for a business credit card:

  • You want to simplify accounting: The first rule of business is to separate your business and personal expenses. This will protect your personal finances in the event of legal issues with your business. Although many entrepreneurs start out by using their personal credit to make business purchases, be aware that this can make your life a lot harder when tax time comes around.
  • You want to build a business credit history: Having a solid credit history is necessary to obtain financing when it comes time to develop your business. The process of establishing good credit is long and slow. The earlier you can start, the better. Making business purchases with your business credit cards and then paying the balance on time each month will help you build good credit for your business.
  • You need an additional source of funding: Whether you need financing for larger initial inventory or want to amplify your presence with a larger marketing campaign, having a business credit card gives you working capital you can use. to meet your business needs. Additionally, many business credit cards offer introductory financing at 0% APR on new purchases, balance transfers, or both. That way, you can make the new purchase without having to pay interest on your balance during the introductory financing period.

What you need to apply for a business credit card

Each credit card issuer has a different application, but most will require applicants to provide the following information:

Business information. You will need to provide the following information about your business, including its legal name, mailing address, and phone number. You may also need to provide the industry type of your business and its legal structure, such as a corporation, LLC, nonprofit, or sole proprietorship. Other common questions include how long you have been in business and how many employees you have.

Income and tax information. You will probably be asked a few questions about your business finances. This can include your business’s annual revenue and how much you plan to spend on business expenses each month. You will also be asked to provide your company’s Employer Identification Number (EIN). If you don’t have an EIN, you can provide your Social Security Number (SSN) instead.

Personal informations: You will need to enter your legal name, contact information, total annual income, and social security number. This is how the credit card issuer will use this information to check your personal credit score.

The business credit card application process

When you apply for a small business credit card, your application goes through several steps.

The application stage. Once you have gathered the required information, the business credit card application process becomes much easier. You can apply in person through the local branch of your preferred credit card issuer or complete an online application.

Questions will cover your business structure, income, and personal information during the application process. Note that if another person has a 25% or greater stake in your business, you will need to provide their information as well.

The verification step. Once you submit your application, expect the provider to check your personal credit with one or more of the three major consumer credit bureaus, Equifax, Experian and TransUnion, to obtain your credit score, your payments and debt history. They will also review your reported income to make sure you can afford a credit card.

The decision stage. Your credit history and submitted information will be analyzed to see if it matches the credit card issuer’s eligibility criteria. If your credit score isn’t great, the card you qualify for may have lower benefits and higher interest rates. Cards with higher benefits have higher standards.

Once they have made a decision, you will be notified. You can receive instant approval online and receive a physical credit card in the mail within 7-10 days (exact number of days may vary by bank). Or you may receive your refusal in the mail. If your request is denied, you will receive a reason.

The reconsideration stage. If your small business credit card application is initially declined, you can always contact the card issuer for reconsideration. Often applicants are able to provide new information or clarify their application, which may result in an approval.

What are the qualification criteria for business credit cards

Business credit card applicants must have good to excellent credit to qualify for most cards. This means a FICO® score of 670 or higher. Those with a lower credit score may qualify for a card with a smaller line of credit or a secured business credit card that requires you to make a cash deposit up front which will be used as a security deposit.

How to choose the right business credit card

Here are some factors to consider when researching and analyzing your options:

  • Awards: Review your business transactions for the past six months to identify your top spending areas and choose a credit card that offers the greatest benefits when you spend in these categories. For example, if you travel a lot for business, choose a card that offers cash back, gift cards, or rewards points for airline tickets, office supply stores, and gas station purchases. .
  • Sign-up bonuses: Although you may be inclined to choose the card with the highest offer, remember that you don’t get the bonus just by signing up for the credit card. You will need to qualify the welcome offer by meeting the spending requirement. If you have a big purchase coming up for your business within the first few months of getting your card, you may be able to use that purchase to earn the bonus.
  • Annual fees: Credit cards with high annual fees usually come with more generous rewards. But consider whether what you’re going to spend will unlock enough rewards to justify the annual fee. It is also worth considering the benefits offered by the card which can offset the annual fee paid.
  • APR: Annual Percentage Rate (APR) refers to the interest charges on your balance if you don’t pay it off each month. You may qualify for a low interest rate if you have excellent credit. But having a lower credit score can mean receiving a card with a higher APR. If you’re worried about incurring interest charges, consider a credit card with a 0% APR introductory financing offer.
  • Foreign transaction fees: If your business often takes you overseas or you make purchases that are processed outside of the United States, then you’ll want to have a card with no foreign transaction fees. Unfortunately, many cards charge a 3% fee on all foreign transactions, but there are more and more that don’t.

At the end of the line

Whether you own a large or small business, or are simply a freelancer, having a dedicated card for your business expenses can reward you in many ways. By taking the time to find the right business credit card for your needs and learning how to apply for one, you can take advantage of one of the most valuable business tools available.

This article was originally written on February 3, 2022.

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What does rising interest rates mean for personal loans?

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In order to slow down inflation, the Federal Reserve should raise its interest rates from March.

Increases in the federal funds rate tend to make borrowing more expensive for consumers, but not all types of financing are affected equally.

Although personal loans may see higher average interest rates, the cost of borrowing with a personal loan is still heavily influenced by factors within your control, including the amount and term of your loan, your credit score and your existing debts.

Fixed rate vs variable rate loans


Most personal loans are fixed rate loans, which means that the annual percentage rate, which includes interest and any fees, does not change for the life of the loan.

This distinction is important because, unlike variable-rate loans, such as home equity lines of credit, fixed-rate loans aren’t as dependent on market conditions, says Michael Shepard, senior vice president of direct lending at consumption at the US Bank.

“Floating rate loans tend to be very much in line with the federal funds rate,” he says. “With shorter-term fixed rate loans, that’s a factor, but it’s not really a one-to-one correlation.”

Harry Zhu, senior vice president and director of personal loans at Alliant Credit Union, believes personal loan rates will rise, especially if the Fed raises the federal funds rate multiple times this year. The magnitude of the rate increase is less clear, he says.

Is it the right time to take out a personal loan?

If you’re already planning to apply for a personal loan in the coming months, getting one now could save you a slightly higher interest rate.

Personal loan rates have been relatively low since the start of the pandemic, and even small increases can make a substantial difference in the amount of interest you ultimately pay.

For example, a personal loan of $15,000 repaid over five years at an interest rate of 10% costs $4,122 in interest. The same loan at 12% interest costs $5,020.

Given the rising rate environment, taking out a personal loan now makes sense, according to Zhu.

“If you have a need, I think it’s a good idea to lock in a relatively low rate,” he says.

However, borrowers who are unsure of getting a loan should not let impending rate hikes rush them into a decision they are not ready to make.

Dan Herron, a certified financial planner based in San Luis Obispo, Calif., urges caution when it comes to taking out personal loans, especially if there’s a risk of default.

“As an advisor, I want my clients to make sure they fully understand the ramifications of this loan and what happens if you don’t pay it back within a certain time frame,” he says.

Personal loans for rising credit card rates

Borrowers looking to consolidate credit card debt — a common use of personal loans — may want to pay close attention to upcoming rate hikes since the credit card interest ratesa variable rate type of financing, will likely increase.

If you qualify for a lower rate on a debt consolidation loan than the rate you pay on your credit cards, you can save money on interest, lower your monthly payments, and potentially get out of debt faster.

While consolidating debt at a lower rate is generally a good idea, Herron says, make sure you’ve resolved all of the circumstances that led to the debt in the first place.

How to get the cheapest personal loan

Overall interest rate trends are just one of the factors that make up the rate you receive on a personal loan. Here’s how to maximize your chances of getting the cheapest loan possible.

Check your credit: Your credit score and credit history have a big impact on your personal loan rate. Build your credit before you apply for a loan, and look for any errors in your credit report that could lower your score.

Repay other debts: Lenders will assess your other debts when evaluating your loan application. If you can pay off your debts before applying, it may lower your rate.

Reduce the amount and duration of your loan: Larger loans may carry a higher interest rate because they represent more risk for the lender. And the longer the repayment term, the more interest you will pay. To cut costs, apply for the lowest loan amount that still covers your expenses and choose the shortest term with monthly payments you can afford.

Add a guarantee: Linking collateral like your vehicle or an investment account to your loan application helps secure the loan, which leads to a more competitive rate. However, if you default, the lender can seize the asset.

Add a candidate: Joint and co-signed loans can mean lower interest rates if the additional applicant has a higher credit score or income than you. This applicant will also be responsible for loan repayments.

Choose the right lender: Look for the most affordable personal loan you can find. Banks tend to offer the lowest rates on personal loans to borrowers with good and excellent credit (690 FICO or higher). Credit unions also offer affordable loans and generally consider borrowers with lower credit scores. Online lenders serve borrowers across the credit spectrum, but rates may be higher.

Pre-qualification with multiple lenders is one of the best ways to check potential rates without hurting your credit score, but not all lenders offer this feature.

Sponsored Content: Personal Loans — Why Should You Get One?

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A personal loan is usually an unsecured loan, which means you don’t have to post collateral. Thus, the lender will have nothing to seize in the event of default. However, we do not encourage you to default on your personal loans, as this has consequences.

One of these consequences affects your credit score. When you default on a loan, your credit score drops and reduces your chances of getting another loan approved in the future. So where can you use a personal loan? Personal loans are flexible and you can use them for a variety of reasons, such as covering an emergency fund or consolidating your loans.

Like any other type of installment loan, they are usually repaid with interest each month. But before we get into the different reasons why you should take out a personal loan, let’s talk in more detail about the type of loan.

How do personal loans work?

Different types of loans are intended for specific purchases. For example, a mortgage is for a house, car loans for cars, and student loans for educational purposes. For loans like mortgages and car loans, the new car and the house serve as the respective collateral.

Mortgages and auto loans are secured loans because they require collateral. But not all loans require collateral and such loans are called unsecured loans. Personal loans fall into this category.

A typical personal loan does not require any collateral. This means that the lender takes a significant risk in the transaction. However, the interest rate is much higher and getting approval is more complex compared to a secured loan. Approval depends on several factors such as your credit score, credit reports, and debt ratio. However, some types of personal loans are unsecured.

Since personal loans can also be used to purchase property or a car, these purchases can act as collateral in the event of default. However, in turn, the interest rate drops significantly and approval is much easier.

Whether your personal loan is secured or not, failure to pay always has the same consequences. So why take out a personal loan? Here are some reasons.

Emergency cash assistance

If you are in an emergency and need money immediately, personal loans are your solution. Most lenders today offer online applications, which makes the application process very convenient. The application process is quick, especially if you already have the documents in hand.

Approval is also quick and you can get the money the very next day or in some cases several hours later. You may need emergency financial assistance for overdue rent, funeral expenses, medical bills, or an unexpected car repair.

If you’re hesitating between getting a personal loan or a payday loan, here’s what you need to know. Payday loans are suitable for short-term cash assistance. Their deadline is usually in your next payday. However, the borrowing limit is much more limited compared to personal loans. Plus, they have incredibly high interest rates. Personal loans are a type of instant installment loan, so payments are usually made monthly or every two weeks.

Debt Consolidation

One of the most common reasons people take out personal loans is to consolidate debt. But what is debt consolidation?

Debt consolidation takes all your debts and places them in one account for easy payment and a lower interest rate. This makes the deadline for all accounts uniform, and if you chose a personal loan with a low interest rate, you would pay that instead of having to remember the interest rate for each account.

Home repairs and improvements

The most common home improvement financing strategy is to take out a home equity loan. It’s the most logical decision, especially if you already have equity in your own home. This can also be done if you want to make repairs. However, did you know that you can also take out a personal loan for these reasons?

Home equity loans and line of credit loans take your home as collateral once you are unable to pay. Unsecured personal loans do not. So instead of risking losing your home for a secured loan, why not take out a personal loan? Of course, we don’t necessarily mean that it’s okay not to repay your personal loans. We say that a personal loan is much less risky than an equity loan or a line of credit.

In conclusion

Personal loans are quick and easy to apply for, especially if you’re in an emergency or want to buy something not too extravagant. However, remember that you must have an excellent credit score and an impeccable credit report to access personal loans, as they are unsecured. Also, your interest rate and borrowing limit depend on these factors, so keep that in mind.

QUALCOMM INC/DE MANAGEMENT REPORT AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q)

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This information should be read in conjunction with the condensed consolidated
financial statements and the notes thereto included in "Part I, Item 1" of this
Quarterly Report and with "Management's Discussion and Analysis of Financial
Condition and Results of Operations" for the fiscal year ended September 26,
2021 contained in our 2021 Annual Report on Form 10-K.
This Quarterly Report (including but not limited to this section titled
Management's Discussion and Analysis of Financial Condition and Results of
Operations) contains forward-looking statements. Words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," "estimates," "may,"
"will," "would" and similar expressions or variations of such words are intended
to identify forward-looking statements, but are not the exclusive means of
identifying forward-looking statements in this Quarterly Report. Additionally,
statements concerning future matters such as our future business, prospects,
results of operations, financial condition or research and development or
technology investments; new or enhanced products, services or technologies;
emerging industries or business models; design wins or product launches;
industry, market, business, product, technology, commercial, competitive or
consumer trends, including seasonality; the 5G transition; our expectations
regarding future demand or supply conditions; strategic investments or
acquisitions, and the anticipated timing or benefits thereof; potential impacts
of the COVID-19 pandemic, legal or regulatory matters, U.S./China trade or
national security tensions or vertical integration by our customers;
competition; and other statements regarding matters that are not historical are
also forward-looking statements.
Although forward-looking statements in this Quarterly Report reflect our good
faith judgment, such statements can only be based on facts and factors currently
known by us. Consequently, forward-looking statements are inherently subject to
risks and uncertainties and actual results and outcomes may differ materially
from the results and outcomes discussed in or anticipated by the forward-looking
statements. Factors that could cause or contribute to such differences in
results and outcomes include without limitation those discussed under the
heading "Risk Factors" below, as well as those discussed elsewhere in this
Quarterly Report. Readers are urged not to place undue reliance on these
forward-looking statements, which speak only as of the date of this Quarterly
Report. We undertake no obligation to revise or update any forward-looking
statements in order to reflect any event or circumstance that may arise after
the date of this Quarterly Report. Readers are urged to carefully review and
consider the various disclosures made in this Quarterly Report, which attempt to
advise interested parties of the risks and factors that may affect our business,
financial condition, results of operations and prospects.
First Quarter Fiscal 2022 Overview
Revenues for the first quarter of fiscal 2022 were $10.7 billion, an increase of
30% compared to the year ago quarter, with net income of $3.4 billion, an
increase of 38% compared to the year ago quarter. Highlights from the first
quarter of fiscal 2022 included:
•QCT revenues increased by 35% in the first quarter of fiscal 2022 compared to
the year ago quarter, primarily due to an increase in average selling prices and
favorable mix toward higher-tier 5G products in handsets, in part reflecting
demand from certain Chinese OEMs as they continue to gain device share, along
with higher IoT revenues.
•QTL revenues increased by 10% in the first quarter of fiscal 2022 compared to
the year ago quarter, primarily due to higher estimated revenues per unit, which
was primarily driven by favorable mix, including 5G.
•On October 4, 2021, we and SSW Partners, a New York-based investment
partnership, entered into a definitive agreement to acquire Veoneer, Inc.
(Veoneer) for $37.00 per share in cash, which values the estimated total cash
consideration to be paid to Veoneer's shareholders, inclusive of amounts
expected to be paid at closing for Veoneer's outstanding equity awards and
convertible senior notes due 2024, at approximately $4.5 billion. At closing,
SSW Partners will acquire all of the outstanding capital stock of Veoneer,
shortly after which it will sell Veoneer's Arriver business to Qualcomm and
retain Veoneer's Tier-1 automotive supplier businesses. Following close of the
Arriver business sale, we intend to incorporate Arriver's computer vision, drive
policy and driver assistance technologies into our Snapdragon automotive
platform to deliver an ADAS (advanced driver assistance systems) platform for
automakers and Tier-1 automotive suppliers. The acquisition is expected to close
in 2022, subject to certain closing conditions.
Our Business and Operating Segments
We develop and commercialize foundational technologies and products used in
mobile devices and other wireless products. We derive revenues principally from
sales of integrated circuit products and licensing our intellectual property,
including patents and other rights.
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We are organized on the basis of products and services and have three reportable
segments. We conduct business primarily through our QCT (Qualcomm CDMA
Technologies) semiconductor business and our QTL (Qualcomm Technology Licensing)
licensing business. Our QSI (Qualcomm Strategic Initiatives) reportable segment
makes strategic investments. We also have nonreportable segments, including QGOV
(Qualcomm Government Technologies), our cloud AI inference processing initiative
and other technology and service initiatives.
Our reportable segments are operated by QUALCOMM Incorporated and its direct and
indirect subsidiaries. QTL is operated by QUALCOMM Incorporated, which owns the
vast majority of our patent portfolio. Substantially all of our products and
services businesses, including QCT, and substantially all of our engineering and
research and development functions, are operated by Qualcomm Technologies, Inc.
(QTI), a wholly-owned subsidiary of QUALCOMM Incorporated, and QTI's
subsidiaries. Neither QTI nor any of its subsidiaries has any right, power or
authority to grant any licenses or other rights under or to any patents owned by
QUALCOMM Incorporated.
Seasonality. Many of our products and much of our intellectual property are
incorporated into consumer wireless devices, which are subject to seasonality
and other fluctuations in demand. Our revenues have historically fluctuated
based on consumer demand for devices, as well as on the timing of
customer/licensee device launches and/or innovation cycles (such as the
transition to the next generation of wireless technologies). This has resulted
in fluctuations in QCT revenues in advance of and during device launches
incorporating our products and in QTL revenues when licensees' sales occur.
These trends may or may not continue in the future. Further, the trends for QTL
have been, and may in the future be, impacted by disputes and/or resolutions
with licensees and/or governmental investigations or proceedings.
Results of Operations
Revenues (in millions)
                                         Three Months Ended
                            December 26,       December 27,
                                2021               2020           Change
Equipment and services     $       8,682      $       6,442      $ 2,240
Licensing                          2,023              1,793          230
                           $      10,705      $       8,235      $ 2,470


First quarter 2022 vs. 2021
The increase in revenues in the first quarter of fiscal 2022 was primarily due
to:
+  $2.2 billion in higher equipment and services revenues from our QCT segment
+  $158 million in higher licensing revenues from our QTL segment
Costs and Expenses (in millions, except percentages)
                                               Three Months Ended
                                   December 26,      December 27,
                                       2021              2020          Change
Cost of revenues                  $     4,303       $     3,489       $  814
Gross margin                               60  %             58  %


First quarter 2022 vs. 2021
Gross margin percentage increased in the first quarter of fiscal 2022 primarily
due to:
+ increase in QCT gross margin
- decrease in higher margin QTL licensing revenues in proportion to QCT revenues

                                       22
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                                        Three Months Ended
                            December 26,      December 27,
                                2021              2020          Change
Research and development   $     1,930       $     1,653       $  277
% of revenues                       18  %             20  %


First quarter 2022 vs. 2021
The increase in research and development expenses in the first quarter of fiscal
2022 was primarily due to:
+  $197 million increase driven by higher costs related to the development of
wireless and integrated circuit technologies (including 5G and application
processor technologies), primarily driven by an increase in employee-related
expenses
+  $91 million increase in share-based compensation expense
                                                    Three Months Ended
                                        December 26,      December 27,
                                            2021              2020          Change

Selling, general and administrative    $       608       $      567        $    41
% of revenues                                    6  %             7  %


First quarter 2022 vs. 2021
The increase in selling, general and administrative expenses in the first
quarter of fiscal 2022 was primarily due to:
+  $69 million increase in employee-related expenses
-  $29 million decrease in expenses driven by revaluation of our deferred
compensation obligation on lower relative stock market performance (which
resulted in a corresponding decrease in net gains on deferred compensation plan
assets within investment and other income, net due to the revaluation of the
related assets)
Interest Expense and Investment and Other Income, Net (in millions)
                                                                            Three Months Ended
                                                          December 26,           December 27,
                                                              2021                   2020                Change
Interest expense                                         $      139            $         141          $      (2)

Investment and other income, net
Interest and dividend income                             $       17            $          21          $      (4)
Net gains on marketable securities                               17                      118               (101)
Net gains on other investments                                   93                       34                 59
Net gains on deferred compensation plan assets                   13                       54                (41)
Impairment losses on other investments                           (1)                      (1)                 -

Net (losses) gains on derivative instruments                    (13)                       9                (22)
Equity in net earnings (losses) of investees                      7                       (2)                 9

Net gains (losses) on foreign currency transactions               7                      (14)                21
                                                         $      140            $         219          $     (79)


                                       23
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Income Tax Expense (in millions, except percentages)
The following table summarizes the primary factors that caused our income tax
provision to differ from the expected income tax provision at the U.S. federal
statutory rate:
                                                                               Three Months Ended
                                                                     December 26,               December 27,
                                                                         2021                       2020

Provided provision for income tax at the federal statutory tax rate $812

                $      547
Excess tax benefit associated with share-based awards                      (188)                     (163)
Benefit from foreign-derived intangible income (FDII) deduction            (140)                      (75)
Benefit related to the research and development tax credit                  (58)                      (59)

Foreign currency loss (gains) related to foreign withholding tax
receivable                                                                   12                       (79)

Other                                                                        28                       (22)
   Income tax expense                                               $       466                $      149
Effective tax rate                                                           12  %                      6  %


We estimate our annual effective income tax rate to be 14% for fiscal 2022,
which is lower than the U.S. federal statutory rate, primarily due to a
significant portion of our income qualifying for preferential treatment as FDII
at a 13% effective tax rate, excess tax benefits associated with share-based
awards and benefits from our federal research and development tax credit.
The current U.S. presidential administration and Congress have proposed to
increase U.S. tax rates and/or eliminate or reduce the FDII deduction.
Substantially all of our income is taxable in the U.S., of which a significant
portion qualifies for preferential treatment as FDII. If such proposals are
enacted into law, our provision for income taxes, results of operations and cash
flows would be adversely (potentially materially) affected.
Segment Results
The following should be read in conjunction with our financial results for the
first quarter of fiscal 2022 for each reportable segment included in this
Quarterly Report in "Notes to Condensed Consolidated Financial Statements, Note
6. Segment Information."
QCT Segment (in millions, except percentages)
                                                       Three Months Ended
                                          December 26,      December 27,
                                              2021              2020           Change
          Revenues
          Handsets (1)                   $     5,983       $     4,216       $  1,767
          RFFE (2)                             1,132             1,061             71
          Automotive (3)                         256               212             44
          IoT (internet of things) (4)         1,476             1,044            432
          Total revenues                 $     8,847       $     6,533       $  2,314
          EBT (5)                        $     3,114       $     1,919       $  1,195
          EBT as a % of revenues                  35  %             29  %   

6 points


(1) Includes revenues from products sold for use in mobile handsets, excluding
RFFE (radio frequency front-end) components.
(2) Includes all revenues from sales of 4G, 5G sub-6 and 5G millimeter wave RFFE
products (a substantial portion of which are sold for use in mobile handsets)
and excludes radio frequency transceiver components.
(3) Includes revenues from products sold for use in automobiles, including
telematics, connectivity and digital cockpit.
(4) Primarily includes products sold for use in the following industries and
applications: consumer (including computing, voice and music and XR), edge
networking (including mobile broadband and wireless access points) and
industrial (including handhelds, retail, transportation and logistics and
utilities).
(5) Earnings (loss) before income taxes.
Substantially all of QCT's revenues consist of equipment and services revenues,
which were $8.6 billion and $6.4 billion in the first quarter of fiscal 2022 and
2021, respectively. QCT handsets, automotive and IoT revenues mostly relate to
sales of
                                       24
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our Snapdragon platforms (which include processors and modems), stand-alone
Mobile Data Modems, radio frequency transceiver, power management and wireless
connectivity integrated chipsets.
First quarter 2022 vs. 2021
The increase in QCT revenues in the first quarter of fiscal 2022 was primarily
due to:
+  higher handsets revenues, primarily driven by $1.9 billion in higher revenues
per chipset, which was primarily due to increases in average selling prices and
favorable mix toward higher-tier 5G products, particularly from certain Chinese
OEMs as they continue to gain device share
+  higher RFFE revenues, primarily driven by an increase in demand for 4G/5G
products from major OEMs
+  higher automotive revenues, primarily driven by an increase in demand for
digital cockpit products
+  higher IoT revenues, primarily driven by a $245 million increase in revenues
per unit due to an increase in average selling prices and favorable mix
primarily in consumer products and a $187 million increase in demand across edge
networking and industrial products
QCT EBT as a percentage of revenues increased in the first quarter of fiscal
2022 primarily due to:
+  higher revenues
+  higher gross margin percentage, primarily driven by higher average selling
prices and favorable mix due to an increase in demand for 5G products, partially
offset by higher product costs
-  higher operating expenses, primarily driven by higher research and
development expenses
QTL Segment (in millions, except percentages)
                                                    Three Months Ended
                                        December 26,      December 27,
                                            2021              2020          Change

              Licensing revenues       $     1,818       $     1,660       $  158

              EBT                            1,406             1,270          136

              EBT as a % of revenues            77  %             77  %           -


First quarter 2022 vs. 2021
The increase in QTL licensing revenues in the first quarter of fiscal 2022 was
primarily due to a $144 million increase in estimated revenues per unit,
primarily driven by favorable mix, including 5G.
QTL EBT as a percentage of revenues remained flat in the first quarter of fiscal
2022 primarily due to:
+  higher revenues
-  higher operating expenses, primarily driven by higher selling, general and
administrative expenses
QSI Segment (in millions)
                                                         Three Months Ended
                                             December 26,       December 27,
                                                 2021               2020          Change

       Equipment and services revenues     $    8              $          9      $    (1)

       EBT                                    122                       158          (36)


First quarter 2022 vs. 2021
The decrease in QSI EBT in the first quarter of fiscal 2022 was primarily due to
a $36 million decrease in net gains on investments.
Looking Forward
In the coming years, we expect consumer demand for 3G/4G/5G multimode and 5G
products and services to continue to ramp around the world as we continue to
transition from 3G/4G multimode and 4G products and services. We believe that 5G
will continue to drive adoption of certain technologies that are already
commonly used in smartphones by industries and applications beyond mobile
handsets, such as automotive and IoT. We believe it is important that we remain
a leader in 5G technology development, standardization, intellectual property
creation and licensing, and a leading developer and supplier of 5G integrated
circuit products in order to sustain and grow our business long-term.
As we look forward to the next several quarters, our business may be impacted by
the following key items:
•We expect QCT revenues to continue to be favorably impacted compared to the
prior year, reflecting continued strength across handsets, RFFE, automotive and
IoT revenue streams.
                                       25
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•While we and the semiconductor industry continue to experience capacity
constraints, we have entered into several, and we expect to enter into
additional, multi-year capacity purchase commitments with certain suppliers of
our integrated circuit products in an effort to secure commitments for future
supply, which we expect will allow us to continue to realize benefits from
increased demand for integrated circuit products, particularly from certain
Chinese OEMs as they continue to gain device share. Despite these realized
benefits, there continues to be supply chain complexities and challenges that
have prevented, and we expect will continue to prevent, us from securing supply
to fully realize the benefits of increased customer demand.
•We expect commercial 5G network deployments and device launches will continue.
•We expect our research and development costs will increase compared to the
prior year, primarily due to increased investment towards advancements in 5G and
application processor technologies and certain other long-term initiatives, as
well as an increase in share-based compensation expense.
•We expect continued intense competition, particularly in China.
•Current U.S./China trade relations and/or national security protection policies
may negatively impact our business, growth prospects and results of operations.
See "Risk Factors" in this Quarterly Report, including the Risk Factor titled "A
significant portion of our business is concentrated in China, and the risks of
such concentration are exacerbated by U.S./China trade and national security
tensions."
•We currently do not expect a significant impact on our results of operations in
the future due to COVID-19. The degree to which the COVID-19 pandemic impacts
our business, financial condition and results of operations will depend on
future developments, which are highly uncertain. See "Risk Factors" in this
Quarterly Report, specifically the Risk Factor titled "The coronavirus
(COVID-19) pandemic had an adverse effect on our business and results of
operations, and may continue to impact us in the future."
In addition to the foregoing business and market-based matters, we continue to
devote resources to working with and educating participants in the wireless
industry and governments as to the benefits of our licensing program and our
extensive technology investments in promoting a highly competitive and
innovative wireless industry. However, we expect that certain companies may be
dissatisfied with the need to pay reasonable royalties for the use of our
technologies and not welcome the success of our licensing program in enabling
new, highly cost-effective competitors to their products. Accordingly, such
companies and/or governments or regulators may continue to challenge our
business model in various forums throughout the world.
Further discussion of risks related to our business is provided in the section
titled "Risk Factors" included in this Quarterly Report.
Liquidity and Capital Resources
Our principal sources of liquidity are our existing cash, cash equivalents and
marketable securities, cash generated from operations and cash provided by our
debt programs. The following tables present selected financial information
related to our liquidity at December 26, 2021 and September 26, 2021 and for the
first three months of fiscal 2022 and 2021 (in millions):
                                                          December 26,      

September 26,

                                                              2021                   2021                Change
Cash and cash equivalents                               $       6,607          $        7,116          $   (509)
Marketable securities                                           4,703                   5,298              (595)

Cash, cash equivalents and marketable securities $11,310

   $       12,414          $ (1,104)


                                                              Three Months Ended
                                                December 26,       December 27,
                                                    2021               2020            Change

Net cash flow generated by operating activities $2,057 $3,175 $(1,118)

  Net cash used by investing activities                 (112)            

(1,202) 1,090

  Net cash used by financing activities               (2,446)            

(1,645) (801)


Cash, cash equivalents and marketable securities. The net decrease in cash, cash
equivalents and marketable securities was primarily due to $1.2 billion in
payments to repurchase shares of our common stock, $765 million in cash
dividends paid, $583 million in capital expenditures, $500 million in payments
of tax withholdings related to the vesting of share-based awards and $238
million in cash paid for acquisitions and other investments. This was partially
offset by net cash provided by
                                       26
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operating activities, which was impacted by advanced payments of $1.4 billion
made to suppliers of our integrated circuit products under multi-year capacity
commitments, as well as $1.0 billion of net changes in other operating assets
and liabilities, consisting of increased working capital, including higher
inventory and related operating liabilities to support QCT demand, an increase
in accounts receivable as a result of higher revenues (net of an increase in
amounts accrued for customer incentive arrangements recorded as a reduction to
accounts receivable) and the timing of payments related to payroll, benefits and
other liabilities. We currently expect our working capital requirements to
increase in the near term to support QCT demand.
Capital Return Program. On October 12, 2021, we announced a new $10.0 billion
stock repurchase program, which was in addition to the then-remaining repurchase
authority of $0.9 billion under the previous program. The stock repurchase
programs have no expiration date. In the first three months of fiscal 2022, we
repurchased and retired 8 million shares of our common stock for $1.2 billion,
before commissions. At December 26, 2021, $10.1 billion remained authorized for
repurchase under our stock repurchase programs. Our stock repurchase program is
subject to periodic evaluations to determine when and if repurchases are in the
best interests of our stockholders, and we may accelerate, suspend, delay or
discontinue repurchases at any time.
In the first quarter of fiscal 2022, we paid cash dividends totaling $765
million, or $0.68 per share. On January 18, 2022, we announced a cash dividend
of $0.68 per share on our common stock, payable on March 24, 2022 to
stockholders of record as of the close of business on March 3, 2022. We
currently intend to continue to use cash dividends as a means of returning
capital to stockholders, subject to capital availability and our view that cash
dividends are in the best interests of our stockholders, among other factors.
Debt. At December 26, 2021, we had $15.5 billion of principal floating- and
fixed-rate notes outstanding, $1.5 billion of which matures in May 2022. The
remaining debt has maturity dates in 2023 through 2050. We have an unsecured
commercial paper program, which provides for the issuance of up to $4.5 billion
of commercial paper. Net proceeds from this program are used for general
corporate purposes. At December 26, 2021, we had $500 million of commercial
paper outstanding. We also have a Revolving Credit Facility, which provides for
unsecured revolving facility loans, swing line loans and letters of credit in an
aggregate amount of up to $4.5 billion, which expires on December 8, 2025. At
December 26, 2021, no amounts were outstanding under the Revolving Credit
Facility. We expect to issue debt in the future. The amount and timing of such
debt will depend on a number of factors, including but not limited to maturities
of our existing debt, acquisitions and strategic investments, favorable and/or
acceptable interest rates and changes in corporate income tax law. Additional
information regarding our outstanding debt is provided in "Notes to Consolidated
Financial Statements, Note 6. Debt" in our 2021 Annual Report on Form 10-K.
Acquisitions. In October 2021, we and SSW Partners entered into a definitive
agreement to acquire Veoneer for total estimated cash consideration of
approximately $4.5 billion, substantially all of which will be funded by
Qualcomm, and in the first quarter of fiscal 2022, we paid a $110 million
termination fee to Magna International Inc. on behalf of Veoneer. Further, we
have entered into a loan facility under which we will provide financing to
Veoneer of up to $480 million under certain conditions. The acquisition is
expected to close in 2022, subject to certain closing conditions. Additional
information related to this definitive agreement to acquire Veoneer and our
obligations under the loan facility is included in this Quarterly Report in
"Notes to Condensed Consolidated Financial Statements, Note 7. Acquisitions." We
expect to continue making strategic investments and acquisitions, the amounts of
which could vary significantly, to open new opportunities for our technologies,
obtain development resources, grow our patent portfolio or pursue new
businesses.
Long-term Capacity Commitments. We have entered into several multi-year capacity
purchase commitments with certain suppliers of our integrated circuit products.
In the first quarter of fiscal 2022, we made $1.4 billion in advance payments
related to certain obligations under these purchase agreements, which were
included within other assets and other current assets at December 26, 2021.
Additional information regarding long-term capacity commitments and other
purchase obligations is provided in "Notes to Consolidated Financial Statements,
Note 7. Commitments and Contingencies" in our 2021 Annual Report on Form 10-K.
Additional Capital Requirements. Expected working and other capital requirements
are described in our 2021 Annual Report on Form 10-K in "Part II, Item 7.
Management's Discussion and Analysis of Financial Condition and Results of
Operations." At December 26, 2021, other than for the changes disclosed in the
"Notes to Condensed Consolidated Financial Statements" and "Liquidity and
Capital Resources" in this Quarterly Report, there have been no other material
changes to our expected working and other capital requirements described in our
2021 Annual Report on Form 10-K.
Further, regulatory authorities in certain jurisdictions have investigated our
business practices and instituted proceedings against us and they or other
regulatory authorities may do so in the future. Additionally, certain of our
direct and indirect customers and licensees have pursued, and they or others may
in the future pursue, litigation, arbitration or other strategies
                                       27
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against us related to our business. Unfavorable resolutions of one or more of
these matters have had and could in the future have a material adverse effect on
our business, revenues, results of operations, financial condition and cash
flows. See "Notes to Condensed Consolidated Financial Statements, Note 5.
Commitments and Contingencies" and "Risk Factors" in this Quarterly Report.
We believe, based on our current business plan and the facts and factors known
by us, our cash, cash equivalents and marketable securities, our expected cash
flow generated from operations and our expected financing activities will
satisfy our working and other capital requirements for at least the next 12
months and thereafter for the foreseeable future. See "Risk Factors" in this
Quarterly Report.
Risk Factors
You should consider each of the following factors in evaluating our business and
our prospects, any of which could negatively impact our business, results of
operations, cash flows and financial condition, and require significant
management time and attention. Further, the risks and uncertainties described
below are not the only ones we face. Additional risks and uncertainties not
presently known to us or that we currently consider immaterial may also
negatively impact our business, results of operations, cash flows and financial
condition, and require significant management time and attention. In such cases,
the trading price of our common stock could decline. You should also consider
the other information set forth in this Quarterly Report in evaluating our
business and our prospects, including but not limited to our financial
statements and the related notes, and "Part I, Item 2. Management's Discussion
and Analysis of Financial Condition and Results of Operations." References to
"and," "or" and "and/or" should be read to include the others, as appropriate.
RISKS RELATED TO THE CORONAVIRUS (COVID-19) PANDEMIC
The coronavirus (COVID-19) pandemic had an adverse effect on our business and
results of operations, and may continue to impact us in the future.
The rapid, global spread of COVID-19 and the fear it created resulted in
significant economic uncertainty, significant declines in business and consumer
confidence and global demand in the wireless industry (among others) and a
global economic slowdown, which resulted in a global recession. Specifically,
throughout most of calendar 2020 and into early calendar 2021, the decline in
demand for smartphones and other consumer devices sold by our customers or
licensees resulted in decreased demand for our integrated circuit products
(which are incorporated into such devices) and a decrease in the royalties we
earned on the licensing of our intellectual property (which is dependent upon
the number of such devices sold that utilize our intellectual property).
The COVID-19 pandemic could impact our business, results of operations and
financial condition in the future as described above, and/or through delayed,
reduced or cancelled customer orders; disruptions or delays in our supply chain;
the inability of our customers or licensees to purchase or pay for our products
or technologies; the insolvency of key suppliers, customers or licensees; delays
in reporting or payments from our customers or licensees; or failures by other
counterparties. Additionally, federal, state or foreign governments may in the
future increase corporate tax rates, increase employer payroll tax obligations
and/or otherwise change tax laws to pay for stimulus and other actions that have
been and may in the future be taken as a result of the COVID-19 pandemic.
The COVID-19 pandemic also caused us to modify our workforce practices, such as
having the vast majority of our employees working from home. We could be
negatively affected in the future if, among others, a significant number of our
employees, or employees who perform critical functions, become ill and/or are
quarantined as the result of exposure to COVID-19, or if government policies
restrict the ability of those employees to perform their critical functions.
Further, our efforts to reopen our offices safely may not be successful, could
expose our employees, customers, licensees and partners to health risks and us
to associated liability, and could result in disruptions among our employees.
See also the Risk Factor titled "We may not be able to attract and retain
qualified employees, and our attempts to fully reopen our offices and operate
under a hybrid working environment may not be successful."
The degree to which the COVID-19 pandemic impacts our future business, results
of operations and financial condition will depend on future developments, which
are uncertain, including but not limited to the duration, spread and severity of
the pandemic; the availability, adoption and efficacy of vaccines; the
emergence, spread and severity of new variants of COVID-19, and the protection
afforded by vaccines against such variants; government responses and other
actions to mitigate the spread of and to treat COVID-19; and when and to what
extent normal business, economic and social activity and conditions resume. We
are similarly unable to predict the extent to which the pandemic impacts our
customers, licensees, suppliers and other partners and their financial
conditions, but adverse effects on these parties could also adversely affect us.
Finally, the COVID-19 pandemic may make it harder for management to estimate the
future performance of our business. To
                                       28
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the extent the COVID-19 pandemic adversely affects our business, results of
operations and financial condition, it may also have the effect of exacerbating
the other risks discussed in this "Risk Factors" section.
RISKS RELATED TO OUR OPERATING BUSINESSES
We derive a significant portion of our revenues from a small number of customers
and licensees, and particularly from their sale of premium tier devices. If
revenues derived from these customers or licensees decrease or the timing of
such revenues fluctuates, our business and results of operations could be
negatively affected.
We derive a significant portion of our revenues from a small number of customers
and licensees, and particularly from their sale of premium tier devices, and we
expect this trend to continue in the foreseeable future. Our industry is
experiencing and may continue to experience concentration of device share among
a few companies, particularly at the premium tier, contributing to this trend.
Certain Chinese OEMs continue to grow their device share in China and are
increasing their device share in regions outside of China, and we derive a
significant portion of our revenues from a small number of these OEMs as well.
See also "Notes to Condensed Consolidated Financial Statements, Note 2.
Composition of Certain Financial Statement Items - Concentrations."
In addition, a number of our largest integrated circuit customers have
developed, are developing or may develop their own integrated circuit products,
or may choose our competitors' integrated circuit products, which they have in
the past utilized, currently utilize and may in the future utilize in some (or
all) of their devices, rather than our products, which could significantly
reduce the revenues we derive from these customers. See also the Risk Factor
titled "Our business, particularly our semiconductor business, may suffer as a
result of our customers vertically integrating (i.e., developing their own
integrated circuit products)."
Further, political actions, including trade and/or national security protection
policies, or other actions by governments, particularly the U.S. and Chinese
governments, have in the past, currently are and could in the future limit or
prevent us from transacting business with certain of our customers, limit,
prevent or discourage those customers from transacting business with us, or make
it more expensive to do so, any of which could also significantly reduce the
revenues we derive from these customers. See also the Risk Factor titled "A
significant portion of our business is concentrated in China, and the risks of
such concentration are exacerbated by U.S./China trade and national security
tensions."
In addition, we spend a significant amount of engineering and development time,
funds and resources in understanding our key customers' feedback and/or
specifications and attempt to incorporate such input into our product launches
and technologies. These efforts may not require or result in purchase
commitments from such customers or we may have lower purchases from such
customers than expected, and consequently, we may not achieve the anticipated
revenues from these efforts, or these efforts may result in non-recoverable
costs.
The loss of any one of our significant customers, a reduction in the purchases
of our products by such customers or the cancellation of significant purchases
by any of these customers, whether due to the use of their own integrated
circuit products or our competitors' integrated circuit products, government
restrictions, the COVID-19 pandemic or otherwise, would reduce our revenues and
could harm our ability to achieve or sustain expected results of operations, and
a delay of significant purchases, even if only temporary, would reduce our
revenues in the period of the delay. Any such reduction in revenues would also
impact our cash resources available for other purposes, such as research and
development.
Further, the concentration of device share among a few companies, and the
corresponding purchasing power of these companies, may result in lower prices
for our products which, if not accompanied by a sufficient increase in the
volume of purchases of our products, could have an adverse effect on our
revenues and margins. In addition, the timing and size of purchases by our
significant customers may be impacted by the timing of such customers' new or
next generation product introductions, over which we have no control, and the
timing and success of such introductions may cause our revenues and results of
operations to fluctuate.
Apple purchases our MDM (or thin modem) products, which do not include our
integrated application processor technology, and which have lower revenue and
margin contributions than our combined modem and application processor products.
Consequently, to the extent Apple takes device share from our customers who
purchase our integrated modem and application processor products, our revenues
and margins may be negatively impacted.
Our industry has also experienced slowing growth in the premium-tier device
segment due to, among other factors, a maturing premium-tier smartphone industry
in which demand is increasingly driven by new product launches and innovation
cycles.
A reduction in sales of premium-tier devices, a reduction in sales of our
premium-tier integrated circuit products (which have a higher revenue and margin
contribution than our lower-tier integrated circuit products), or a shift in
share away from
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OEMs that utilize our premium-tier products, would reduce our revenues and
margins and may harm our ability to achieve or sustain expected financial
results. Any such reduction in revenues would also impact our cash resources
available for other purposes, such as research and development.
Further, while our product and revenue diversification strategies have resulted
in an increasing portion of our revenues coming from outside of mobile handsets,
e.g., from industries such as automotive and IoT, certain product categories
within those industries may in themselves be subject to high levels of customer
concentration.
Although we have more than 300 licensees, we derive a significant portion of our
licensing revenues from a limited number of licensees, which includes a number
of Chinese OEMs. In the event that one or more of our significant licensees fail
to meet their reporting and payment obligations, or we are unable to renew or
modify one or more of their license agreements under similar terms as their
existing agreements, our revenues, results of operations and cash flows would be
adversely impacted. Moreover, the future growth and success of our core
licensing business will depend in part on the ability of our licensees to
develop, introduce and deliver high-volume products that achieve and sustain
customer acceptance. We do not have control over the product development, sales
efforts or pricing of products by our licensees, and our licensees might not be
successful. Reductions in sales of our licensees' products, or reductions in the
average selling prices of wireless devices sold by our licensees without a
sufficient increase in the volumes of such devices sold, would generally have an
adverse effect on our licensing revenues.
Our business, particularly our semiconductor business, may suffer as a result of
our customers vertically integrating (i.e., developing their own integrated
circuit products).
Certain of our largest integrated circuit customers (for example, Samsung)
develop their own integrated circuit products, which they have in the past
utilized, and currently utilize, in certain of their devices and may in the
future utilize in some (or all) of their devices, rather than our products (and
they have and may continue to sell their integrated circuit products to third
parties, discretely or together with certain of their other products, in
competition with us).
Apple has utilized modem products of one of our competitors in some of its
devices rather than our products, and solely utilized one of our competitors'
products in several of its prior device launches. In April 2019, we entered into
a multi-year chipset supply agreement with Apple and began shipping modems under
this agreement in the third quarter of fiscal 2020. In December 2019, Apple
acquired Intel's modem assets and is developing its own modem products using
these assets. Accordingly, Apple is expected to use its own modem products,
rather than our products, in some or all of its future devices.
Similarly, we derive a significant portion of our revenues from Chinese OEMs.
Certain of our customers in China have developed, and others may in the future
develop, their own integrated circuit products and use such integrated circuit
products in their devices rather than our integrated circuit products, including
due to pressure from or policies of the Chinese government (whose Made in China
2025 campaign targets 70% semiconductor self-sufficiency by 2025), concerns over
losing access to our integrated circuit products as a result of actual,
threatened or potential U.S. or Chinese government actions or policies,
including trade protection or national security policies, or other reasons. See
also the Risk Factor titled "A significant portion of our business is
concentrated in China, and the risks of such concentration are exacerbated by
U.S./China trade and national security tensions."
In addition, supply/capacity constraints within the semiconductor industry may
further incentivize our integrated circuit customers to vertically integrate in
an effort to secure additional control over their supply chains.
If some or all of our largest customers and/or the largest smartphone OEMs
utilize their own integrated circuit/modem products in some (or all) of their
devices rather than our products, our business, revenues, results of operations,
cash flows and financial position could be materially adversely impacted. See
also the Risk Factor titled "We derive a significant portion of our revenues
from a small number of customers and licensees, and particularly from their sale
of premium tier devices. If revenues derived from these customers or licensees
decrease or the timing of such revenues fluctuates, our business and results of
operations could be negatively affected."
A significant portion of our business is concentrated in China, and the risks of
such concentration are exacerbated by U.S./China trade and national security
tensions.
We derive a significant portion of our revenues from Chinese OEMs, and from
non-Chinese OEMs that utilize our integrated circuit products in their devices
and sell those devices into China, which has the largest number of smartphone
users in the world. We also source certain critical integrated circuit products
from suppliers in China.
Due to various factors, including pressure, encouragement or incentives from, or
policies of, the Chinese government (including its Made in China 2025 campaign),
concerns over losing access to our integrated circuit products as a result of
actual, threatened or potential U.S. or Chinese government actions or policies,
including trade protection or national security
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policies, or other reasons, some of our Chinese integrated circuit customers
have developed, and others may in the future develop, their own integrated
circuit products and use such integrated circuit products in their devices, or
use our competitors' integrated circuit products in their devices, rather than
our products, which could materially harm our business, revenues, results of
operations, cash flows and financial position. See also the Risk Factor titled
"Our business, particularly our semiconductor business, may suffer as a result
of our customers vertically integrating (i.e., developing their own integrated
circuit products)."
Political actions, including trade protection and national security policies of
the U.S. and Chinese governments, such as tariffs, bans or placing companies on
restricted entity lists, have in the past, currently are and could in the future
limit or prevent us from transacting business with certain of our Chinese
customers or suppliers, limit, prevent or discourage certain of our Chinese
customers or suppliers from transacting business with us, or make it more
expensive to do so. Given our revenue concentration in China, if, due to actual,
threatened or potential U.S. or Chinese government actions or policies: we were
further limited in, or prohibited from, selling our integrated circuit products
to Chinese OEMs; our non-Chinese OEM customers were limited in, or prohibited
from, selling devices into China that incorporate our integrated circuit
products; Chinese OEMs develop and use their own integrated circuit products or
use our competitors' integrated circuit products in some (or all) of their
devices rather than our integrated circuit products; Chinese tariffs on our
integrated circuit products or on devices which incorporate our integrated
circuit products made purchasing such products or devices more expensive to
Chinese OEMs or Chinese consumers; or our Chinese licensees delay or cease
making payments of license fees they owe us, our business, revenues, results of
operations, cash flows and financial position could be materially harmed.
Similarly, if, due to U.S. or Chinese government actions or policies, we were
limited in or prohibited from obtaining critical integrated circuit products
from our suppliers in China, our business, revenues, results of operations, cash
flows and financial position could be materially harmed. See also the Risk
Factor titled "We derive a significant portion of our revenues from a small
number of customers and licensees, and particularly from their sale of premium
tier devices. If revenues derived from these customers or licensees decrease or
the timing of such revenues fluctuates, our business and results of operations
could be negatively affected."
Finally, government policies in China that regulate the amount and timing of
funds that may flow out of the country have impacted and may continue to impact
the timing of our receipt of, and/or ability to receive, payments from our
customers and licensees in China, which may negatively impact our cash flows.
RISKS RELATED TO NEW INITIATIVES
Our growth depends in part on our ability to extend our technologies and
products into new and expanded product areas, and industries and applications
beyond mobile handsets. Our research, development and other investments in these
new and expanded product areas, industries and applications, and related
technologies and products, as well as in our existing technologies and products,
and new technologies, may not generate operating income or contribute to future
results of operations that meet our expectations.
While we continue to invest significant resources toward advancements primarily
in support of 4G- and 5G-based technologies, we also invest in new and expanded
product areas, and industries and applications beyond mobile handsets, by
utilizing our existing technical and business expertise and through acquisitions
or other strategic transactions.
In particular, our future growth depends in part on new and expanded product
areas, such as RFFE, and industries and applications beyond mobile handsets,
such as automotive and IoT; our ability to develop leading and cost-effective
technologies and products for these new and expanded product areas, industries
and applications; and third parties incorporating our technologies and products
into devices used in these product areas, industries and applications.
Accordingly, we intend to continue to make substantial investments in these new
and expanded product areas, industries and applications, and in developing new
products and technologies for these product areas, industries and applications.
Our growth also depends significantly on our ability to develop and patent 5G
technologies, and to develop and commercialize products using 5G technologies.
However, our research, development and other investments in these new and
expanded product areas, industries and applications, and corresponding
technologies and products, as well as in our existing, technologies and products
and new technologies, such as 5G, use of licensed, shared and unlicensed
spectrum and convergence of cellular and Wi-Fi, may not succeed because, among
other reasons: we may not be issued patents on the technologies we develop; the
technologies we develop may not be incorporated into relevant standards; new and
expanded product areas, industries and applications beyond mobile handsets, and
consumer demand therein, may not develop or grow as anticipated; we may be
unable to attract or retain employees with the necessary skills in such new and
expanded product areas, industries and applications; our strategies or the
strategies of our customers, licensees or partners may not be successful;
alternate technologies or products may be better or may reduce the advantages we
anticipate from our investments; competitors' technologies or products may be
more cost
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effective, have more capabilities or fewer limitations or be brought to market
faster than our new technologies or products; we may not be able to develop, or
our competitors may have more established and/or stronger, customer, vendor,
distributor or other channel relationships; and competitors may have longer
operating histories in industries and applications that are new to us. We may
also underestimate the costs of, or overestimate the future revenues or margins
that could result from, these investments, and these investments may not, or may
take many years to, generate material returns.
Further, the automotive industry is subject to long design-in time frames, long
product life cycles and a high degree of regulatory and safety requirements,
necessitating suppliers to the industry to comply with stringent qualification
processes, very low defect rates and high reliability standards, all of which
results in significant barriers to entry and increased costs.
In addition, in order to successfully extend our technologies and products into
new and expanded product areas, and industries and applications beyond mobile
handsets, we may need to transition to new business models and transform aspects
of our organization, and we may not be successful in doing so.
If we are not successful in extending our technologies and products into new and
expanded product areas, and industries and applications beyond mobile handsets,
if our new technologies and products are not successful, or if we are not
successful in the time frames we anticipate, we may incur significant costs and
asset impairments, our business and revenues may not grow or grow as
anticipated, our revenues and margins may be negatively impacted, our stock
price may decline and our reputation may be harmed.
We may engage in acquisitions and other strategic transactions or make
investments, or be unable to consummate planned strategic acquisitions, which
could adversely affect our results of operations or fail to enhance stockholder
value.
We engage in acquisitions and other strategic transactions, including joint
ventures, and make investments, which we believe are important to the future of
our business, with the goal of maximizing stockholder value. From time to time,
we acquire businesses and other assets, including patents, technology and other
intangible assets, enter into joint ventures or other strategic transactions and
purchase minority equity interests in or make loans to companies, including
those that may be private and early-stage. Our strategic activities are
generally focused on opening or expanding opportunities for our products and
technologies and supporting the design and introduction of new products (or
enhancing existing products) for mobile handsets, and for new industries and
applications beyond mobile handsets. Many of our strategic activities entail a
high degree of risk and require the use of significant amounts of capital, and
investments may not become liquid for several years after the date of the
investment, if at all. Our strategic activities may not be successful, generate
financial returns or result in increased adoption or continued use of our
technologies or products. We may underestimate the costs or overestimate the
benefits, including product, revenue, cost and other synergies and growth
opportunities that we expect to realize, and we may not achieve those benefits.
In some cases, we may be required to consolidate or record our share of the
earnings or losses of companies in which we have acquired ownership or variable
interests. In addition, we have in the past recorded, and may in the future
record, impairment or other charges related to our strategic activities. Any
losses or impairment charges that we incur related to strategic activities will
have a negative impact on our results of operations and financial condition, and
we may continue to incur new or additional losses related to strategic assets or
investments that we have not fully impaired or exited.
Achieving the anticipated benefits of business acquisitions depends in part upon
our ability to integrate the businesses in an efficient and effective manner and
achieve anticipated synergies, and we may not be successful in these efforts.
Such integration is complex and time consuming and involves significant
challenges, including, among others: retaining key employees; successfully
integrating new employees, facilities, technology, products, processes,
operations (including supply and manufacturing operations), sales and
distribution channels, business models and business systems; retaining customers
and suppliers of the businesses; consolidating research and development
operations; minimizing the diversion of management's attention from ongoing
business matters; consolidating corporate and administrative infrastructures;
and managing the increased scale, complexity and globalization of our business,
operations and employee base. We may not derive any commercial value from
associated technologies or products or from future technologies or products
based on these technologies, and we may be subject to liabilities that are not
covered by indemnification protection that we may obtain, and we may become
subject to litigation. Additionally, we may not be successful in entering or
expanding into new sales or distribution channels, business or operational
models, geographic regions, industries and applications served by or adjacent to
the associated businesses or in addressing potential new opportunities that may
arise out of our strategic acquisitions.
If we do not achieve the anticipated benefits of business acquisitions or other
strategic activities, our business and results of operations may be adversely
affected, and we may not enhance stockholder value by engaging in these
transactions.
Many of our acquisitions and other strategic investments require approval by the
United States and/or foreign government agencies. Certain agencies in the past
have, and may in the future, deny the transaction or fail to approve in a timely
manner, resulting in us not realizing the anticipated benefits of the proposed
transaction. Future acquisitions or other
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strategic investments may be more difficult, complex or expensive to the extent
that our reputation for our ability to consummate acquisitions has been harmed.
Further, if U.S./China relations remain strained, our ability to consummate any
transaction that would require approval from the relevant regulatory agency(ies)
in China may be severely impacted.
RISKS RELATED TO SUPPLY AND MANUFACTURING
We depend on a limited number of third-party suppliers for the procurement,
manufacture, assembly and testing of our products manufactured in a fabless
production model. If we fail to execute supply strategies that provide supply
assurance, technology leadership and reasonable margins, our business and
results of operations may be harmed. We are also subject to order and shipment
uncertainties that could negatively impact our results of operations.
We primarily utilize a fabless production model, which means that we do not own
or operate foundries for the production of silicon wafers from which our
integrated circuits are made. Other than the facilities we own that manufacture
certain of our RFFE modules and RF (radio frequency) filter products, we rely on
third-party suppliers to perform the manufacturing and assembly, and most of the
testing, of our integrated circuits. Our suppliers are also responsible for the
procurement of most of the raw materials used in the production of our
integrated circuits. There are a limited number of such third-party suppliers,
and even fewer who are capable of manufacturing at the leading process
technology nodes or who are willing to operate at older process technology
nodes. The semiconductor manufacturing foundries that supply our products are
primarily located in Asia, as are our primary warehouses where we store finished
goods for fulfillment of customer orders.
The following issues related to our third-party suppliers could have an adverse
effect on our ability to meet customer demand and negatively impact our
revenues, business operations, profitability and cash flows:
•demand for integrated circuits that exceeds suppliers' capacity to meet that
demand;
•a reduction, interruption, delay or limitation in our product supply sources;
•a failure by our suppliers to procure raw materials or allocate adequate raw
materials for our products;
•an inability to procure or utilize raw materials, components or products from
our suppliers due to government prohibitions or restrictions on transactions
with certain countries and/or companies, and alternative suppliers, raw material
sources or raw materials are not available or not available in acceptable time
frames or upon acceptable terms;
•a failure by our suppliers to allocate adequate manufacturing, assembly or test
capacity for our products;
•our suppliers' inability to react to shifts in product demand or an increase in
raw material or component prices;
•our suppliers' inability to develop or maintain, or a delay in developing or
building out, manufacturing capacity for leading process technologies, including
transitions to smaller geometry process technologies;
•the loss of a supplier or the inability of a supplier to meet performance,
quality or yield specifications or delivery schedules;
•additional expense or production delays as a result of qualifying a new
supplier and commencing volume production or testing in the event of a loss of,
or a decision to add or change, a supplier;
•natural disasters, the effects of climate change or geopolitical conflicts
impacting our suppliers and their manufacturing foundries or assembly, test or
other facilities;
•health crises, including epidemics or pandemics such as the COVID-19 pandemic,
and government and business responses thereto, which impact our suppliers,
including as a result of quarantines or closures;
•cyber-attacks on our suppliers' information technology (IT) systems, including
those related to their manufacturing foundries or assembly, test or other
facilities; and
•trade or national security protection policies, particularly U.S. or Chinese
government policies, that limit or prevent us from transacting business with
suppliers of critical integrated circuit products, or that limit or prevent such
suppliers from transacting business with us or from procuring materials,
machinery or technology necessary to manufacture goods for us.
While we have established alternate suppliers for certain technologies, there
are a limited number of such suppliers, and even fewer who are capable of
operating at the leading process technology nodes or who are willing to operate
at older process technology nodes. We rely on sole- or limited-source suppliers
for certain products, which may exacerbate the risks identified above, and
subject us to other significant risks, including poor product performance and
reduced control over delivery schedules, manufacturing capability and yields,
quality assurance, quantity and costs. To the extent we have
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established or in the future establish alternate suppliers, these suppliers may
require significant amounts of time and levels of support to bring such
technologies to production, both of which may increase for complex or leading
process technologies. As a result, we may invest a significant amount of effort
and resources and incur higher costs to support and maintain such alternate
suppliers. Further, the elimination or limitation of a foundry supplier's
ability to manufacture components or products for us due to trade or national
security protection policies could increase our vulnerability to sole- or
limited-source arrangements and limit or prevent us from procuring critical
components or products from those suppliers. Future consolidation of foundry
suppliers could also increase our vulnerability to sole- or limited-source
arrangements and reduce our suppliers' willingness to negotiate pricing, which
could negatively impact our ability to achieve cost reductions, increase our
manufacturing costs and limit the amount of capacity available to us. Our
arrangements with our suppliers may obligate us to incur costs to manufacture,
assemble and test our products that do not decrease at the same rate as
decreases in pricing to our customers. Our ability, and that of our suppliers,
to develop or maintain leading process technologies, including transitions to
smaller geometry process technologies (which adds risk to manufacturing yields
and reliability), and to effectively compete with the manufacturing processes
and performance of our competitors, could impact our ability to introduce new
products and meet customer demand, could increase our costs (possibly decreasing
our margins) and could subject us to the risk of excess inventories. Any of the
above could negatively impact our business, results of operations and cash
flows.
Although we have long-term contracts with our suppliers, some of these contracts
do not provide for long-term capacity commitments. To the extent we do not have
firm commitments from our suppliers over a specific time period or for any
specific quantity, our suppliers may allocate, and in the past have allocated,
capacity to the manufacture, assembly and testing of products for their other
customers (including our competitors) while reducing or limiting capacity to
manufacture, assemble or test our products, and such capacity may be limited
based on our suppliers' ability and willingness to invest in the capital
required to manufacture in the leading process technologies. Our suppliers or
potential alternate suppliers may also manufacture their own integrated circuits
that compete with our products. Such suppliers have in the past allocated and
may again allocate raw materials and manufacturing capacity to their own
products and reduce or limit the production of our products. Accordingly,
capacity for our products may not be available when we need it. To the extent we
do obtain long-term capacity commitments, we may incur additional costs related
to those commitments or make non-refundable payments for capacity commitments
that are not used. In addition, we may not receive reasonable pricing,
manufacturing or delivery terms from our suppliers, and our ability to obtain
favorable terms may be diminished during times of high demand and/or limited
manufacturing capacity for integrated circuit products.
We cannot guarantee that the actions of our suppliers will not cause disruptions
in our operations that could harm our ability to meet our delivery obligations
to our customers or increase our cost of sales. To the extent we are unable to
obtain adequate supply to meet our delivery obligations, we may be obligated to
make payments to our customers for such shortfalls. Currently, the global
semiconductor industry is experiencing demand for integrated circuits that
exceeds the industry's capacity to meet that demand. Our ability to meet
increased demand for our products has been and may continue to be limited due to
the inability to obtain the additional manufacturing, assembly and test capacity
necessary to fully meet such demand. If we are unable to fully meet customer
demand, this could result in lost sales opportunities, reduced revenue growth
and harm to our customer relationships. These issues may be exacerbated if
customers overstate their expected demand requirements in order to procure
additional supply, which could negatively impact our ability to forecast and to
allocate supply appropriately among our customers. These issues may also be
exacerbated with respect to our platform solutions, which already entail a great
deal of complexity due to differing lead-times, technologies and suppliers for
each integrated circuit product included in such solutions.
Additionally, we place orders with our suppliers using our and our customers'
forecasts of demand for our products, which are based on a number of assumptions
and estimates. As we move to smaller geometry process technologies, the
manufacturing lead-time increases. As a result, the orders we place with our
suppliers are generally only partially covered by commitments from our
customers. If we, or our customers, overestimate demand, or if demand is
impacted by factors outside of our or our customers' control, and such demand is
not covered by a binding commitment from our customers, we may experience
increased excess or obsolete inventory, which would negatively impact our
results of operations.
See also the Risk Factor below titled "There are numerous risks associated with
the operation and control of our manufacturing facilities, including a higher
portion of fixed costs relative to a fabless model; environmental compliance and
liability; impacts related to climate change; exposure to natural disasters,
health crises and cyber-attacks; timely supply of equipment and materials; and
various manufacturing issues" as similar risks, as well as additional risks, may
be applicable to our third-party suppliers' manufacturing facilities, which
could result in disruptions to our business or additional costs to us, and
negatively impact our results of operations.
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There are numerous risks associated with the operation and control of our
manufacturing facilities, including a higher portion of fixed costs relative to
a fabless model; environmental compliance and liability; impacts related to
climate change; exposure to natural disasters, health crises and cyber-attacks;
timely supply of equipment and materials; and various manufacturing issues.
We own and operate various facilities that manufacture certain of our RFFE
modules and RF filter products. Manufacturing facilities are characterized by a
higher portion of fixed costs relative to a fabless model. We may be faced with
a decline in the utilization rates of our manufacturing facilities due to
decreases in demand for our products, including in less favorable industry
environments, or due to our failure to win and/or retain designs with OEMs.
During such periods, our manufacturing facilities could operate at lower
capacity levels, while the fixed costs associated with such facilities would
continue to be incurred, resulting in lower gross profit.
We are subject to many complex environmental, health and safety laws,
regulations and rules in each jurisdiction in which we operate our manufacturing
(and research and development) facilities. The regulatory landscape in these
areas continues to evolve, and we anticipate additional laws, regulations and
rules in the future. In particular, new, or changes in, environmental and
climate change laws, regulations or rules, including relating to GHG emissions,
could lead to new or additional investments in production processes and could
increase environmental compliance expenditures. In addition, certain
environmental laws impose strict, and in certain circumstances joint and
several, liability on current or previous owners or operators of real property,
or parties who arranged for hazardous substances to be sent to disposal or
treatment facilities, for the cost of investigation, removal or remediation of
hazardous substances. As a result, we may incur clean-up costs in connection
with any such removal or remediation efforts, as well as other third-party
claims in connection with contaminated sites. In addition, we could be held
liable for consequences arising out of human exposure to hazardous substances or
other environmental damage. If we, or companies or facilities we acquire or have
acquired, in the past failed or in the future fail to comply with any such laws
and regulations, then we could incur regulatory penalties, fines and legal
liabilities; suspension of production; significant compliance requirements;
alteration of our manufacturing, assembly or test processes; restriction on our
ability to modify or expand our facilities; damage to our reputation; and
restrictions on our operations or sales. We are also required to obtain and
maintain environmental permits from governmental authorities for certain of our
operations. We cannot make assurances that we will at all times be in compliance
with such laws, regulations, rules and permits. See also the risk factor titled
"Our business may suffer due to the impact of, or our failure to comply with,
the various existing, new or amended laws, regulations, policies or standards to
which we are subject."
Climate change concerns and the potential resulting environmental impact may
result in new environmental, health and safety laws and regulations that may
affect us, our suppliers and our customers. Such laws or regulations could cause
us to incur additional direct costs for compliance, including costs associated
with changes to manufacturing processes or the procurement of raw materials used
in manufacturing processes, as well as increased indirect costs resulting from
our customers, suppliers or both incurring additional compliance costs that are
passed on to us. These costs may adversely impact our results of operations and
financial condition. In addition, climate change could cause certain natural
disasters, such as drought, wildfires, storms, flooding or rising sea levels, to
occur more frequently or with greater intensity, which could pose physical risks
to our manufacturing facilities or our suppliers' facilities, could disrupt the
availability of water necessary for the operation of our manufacturing
facilities or our suppliers' facilities, and could increase or decrease
temperatures resulting in increased operating costs and/or business disruption.
We have manufacturing facilities in Asia and Europe. If tsunamis, flooding,
earthquakes, volcanic eruptions, drought or other natural disasters, effects of
climate change or geopolitical conflicts, were to damage, destroy or disrupt our
manufacturing facilities, it could disrupt our operations, cease or delay
production and shipments of inventory and result in costly repairs, replacements
or other costs and lost business. In addition, natural disasters, effects of
climate change or geopolitical conflicts may result in disruptions in
transportation, distribution channels and supply chains, and significant
increases in the prices of raw materials. Further, health crises, including
epidemics or pandemics, such as the COVID-19 pandemic, and government and
business responses thereto, could affect our manufacturing facilities, including
by resulting in quarantines and/or closures, which would result in disruptions
to and potential closures of our manufacturing operations. Our manufacturing
operations could also be disrupted by cyber-attacks on our IT systems, as
described in the Risk Factor below titled "Our business and operations could
suffer in the event of security breaches of our IT systems, or other
misappropriation of our technology, intellectual property or other proprietary
or confidential information."
Our manufacturing operations depend on securing raw materials and other supplies
in adequate quality and quantity in a timely manner from multiple suppliers, and
in some cases, we rely on a limited number of suppliers, including in some cases
sole suppliers, particularly in Asia. There may be cases where supplies of raw
materials and other products are interrupted by disaster, accident or some other
event at a supplier; supply is suspended due to quality or other issues; there
is a shortage of supply due to a rapid increase in demand; and/or we or our
suppliers are prohibited from utilizing certain raw materials, or
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products or components that incorporate such raw materials, due to government
restrictions related to the countries from which such raw materials originate,
and acceptable alternative suppliers, raw materials or raw materials sources are
not available or not available in acceptable time frames or upon acceptable
terms, among others, which could impact production and prevent us from supplying
our products to our customers. If the supply-demand balance is disrupted, it may
considerably increase costs of manufacturing due to increased prices we pay for
raw materials. From time to time, suppliers may extend lead times, limit amounts
supplied to us or increase prices due to capacity constraints or other factors.
Additionally, supply and costs of raw materials may be negatively impacted by
trade and/or national security protection policies, such as tariffs, or actions
by governments that limit or prevent us from transacting business with certain
countries or companies or that limit or prevent certain companies from
transacting business with us, or trade tensions, particularly with countries in
Asia. Further, it may be difficult or impossible to substitute one piece of
equipment for another or replace one type of material with another. A failure by
our suppliers to deliver our requirements could result in disruptions to our
manufacturing operations.
Our manufacturing processes are highly complex, require advanced and costly
equipment and must be continuously modified to improve yields and performance.
Difficulties in the production process can reduce yields or interrupt
production, and as a result, we may not be able to deliver our products or do so
in a timely, cost-effective or competitive manner. Further, to remain
competitive and meet customer demand, we may be required to improve our
facilities and process technologies and carry out extensive research and
development, each of which may require investment of significant amounts of
capital and may have a material adverse effect on our results of operations,
cash flows and financial condition.
From time to time, we begin to purchase equipment to meet expected customer
demand in advance of any purchase orders or long-term purchase commitments.
Further, we typically begin manufacturing our products using our or our
customers' forecasts of demand for our products, which are based on a number of
assumptions and estimates and may not be covered by long-term purchase
commitments. As a result, we may incur increased inventory and manufacturing
costs and/or record impairment charges to the extent anticipated sales
ultimately do not materialize or are lower than expected. If we or our customers
overestimate demand, or if demand is impacted by factors outside of our or our
customers' control such as the COVID-19 pandemic or trade or national security
protection policies, that is not under a binding commitment from our customers,
we may experience higher inventory carrying and operating costs and/or increased
excess or obsolete inventory, which would negatively impact our results of
operations
RISKS RELATED TO CYBERSECURITY OR MISAPPROPRIATION OF OUR CRITICAL INFORMATION
Our business and operations could suffer in the event of security breaches of
our IT systems, or other misappropriation of our technology, intellectual
property or other proprietary or confidential information.
Third parties regularly attempt to gain unauthorized access to our IT systems,
and many such attacks are increasingly more sophisticated. These attacks, which
might be related to industrial, corporate or other espionage, criminal hackers
or state-sponsored intrusions, include trying to covertly introduce malware to
our computers and networks, including those in our manufacturing operations,
exploiting vulnerabilities in hardware, software or other IT infrastructure and
impersonating authorized users, among others. We may also be subject to
ransom-style cyber-attacks, which could impact our IT systems and cause
widespread disruption to our business, including our manufacturing operations,
and expose our confidential or propriety information. Third parties that store
and/or process our confidential information, or that provide products, software
or services used in our IT infrastructure (including applications), may be
subject to similar attacks, which could also result in malware being introduced
into our IT infrastructure, e.g., through the third parties' software and/or
software updates. Such attacks could result in the misappropriation, theft,
misuse, disclosure, loss or destruction of the technology, intellectual
property, or the proprietary, confidential or personal information, of us or our
employees, customers, licensees, suppliers or other third parties, as well as
damage to or disruptions in our IT systems. We believe that we have a robust
cybersecurity program that is aligned to international cybersecurity frameworks,
and that we leverage industry best practices across people, processes and
technologies in an attempt to mitigate cybersecurity threats. However, we may
not be able to anticipate, detect, repel or implement effective preventative
measures against all cybersecurity threats, particularly because the techniques
used are increasingly sophisticated and constantly evolving. As part of our
cybersecurity program, we seek to identify and remediate vulnerabilities in our
IT systems and software (including third party software used in our IT systems)
that could be exploited by hackers or other malicious actors. However, we may
not be aware of all such vulnerabilities, and we may fail to identify and/or
remediate such vulnerabilities before they are exploited. Attempts to gain
unauthorized access to our IT systems or other attacks have in the past, in
certain instances and to certain degrees, been successful (but have not caused
significant harm), and may in the future be successful, and in some cases, we
might be unaware of an incident or its magnitude and effects.
In addition, employees and former employees, in particular former employees who
become employees of our competitors, customers, licensees or other third
parties, including state actors, have in the past and may in the future
misappropriate, wrongfully use, publish or provide to our competitors,
customers, licensees or other third parties, including
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state actors, our technology, intellectual property or other proprietary or
confidential information. This risk is exacerbated as competitors for talent,
particularly engineering talent, increasingly attempt to hire our employees. See
also the Risk Factor titled "We may not be able to attract and retain qualified
employees, and our attempts to fully reopen our offices and operate under a
hybrid working environment may not be successful." Similarly, we provide access
to certain of our technology, intellectual property and other proprietary or
confidential information to our direct and indirect customers and licensees and
certain of our consultants, who have in the past and may in the future
wrongfully use such technology, intellectual property or information, or
wrongfully disclose such technology, intellectual property or information to
third parties, including our competitors or state actors. We also provide access
to certain of our technology, intellectual property and other proprietary or
confidential information to certain of our joint venture partners, including
those affiliated with state actors and including in foreign jurisdictions where
ownership restrictions may require us to take a minority ownership interest in
the joint venture. Such joint venture partners may wrongfully use such
technology, intellectual property or information, or wrongfully disclose such
technology, intellectual property or information to third parties, including our
competitors or state actors.
The misappropriation, theft, misuse, disclosure, loss or destruction of the
technology, intellectual property, or the proprietary, confidential or personal
information, of us or our employees, customers, licensees, suppliers or other
third parties, could harm our competitive position, reduce the value of our
investment in research and development and other strategic initiatives, cause us
to lose business, damage our reputation, subject us to legal or regulatory
proceedings, cause us to incur other loss or liability and otherwise adversely
affect our business. We expect to continue to devote significant resources to
the security of our IT systems, and our technology, intellectual property and
proprietary and confidential information.
Further, China has implemented, and other countries or regions may implement,
cybersecurity laws that require our overall IT security environment to meet
certain standards and/or be certified. Such laws may be complex, ambiguous and
subject to interpretation, which may create uncertainty regarding compliance. As
a result, our efforts to comply with such laws may be expensive and may fail,
which could adversely affect our business, results of operations and cash flows.
In addition, our contracts with certain of our customers will require us to
obtain cybersecurity certifications for our IT systems. Failure to obtain or
maintain the necessary cybersecurity certifications could result in loss of
future revenues, damage to our customer relationships and reputation, and a
shifting of business to our competitors.
RISKS RELATED TO HUMAN CAPITAL MANAGEMENT
We may not be able to attract and retain qualified employees, and our attempts
to fully reopen our offices and operate under a hybrid working environment may
not be successful.
Our future success depends upon the continued service of our executive officers
and other key management and technical personnel, and on our ability to continue
to identify, attract, retain and motivate them. Implementing our business
strategy requires specialized engineering and other talent, as our revenues are
highly dependent on technological and product innovations. In addition, in order
to extend our business into certain new and expanded product areas and
industries and applications beyond mobile handsets, we will be required to
attract, retain and motivate engineering and other technical personnel with
specialized skills in these areas, and these skills are in high demand among our
competitors. The market for employees in our industry is extremely competitive,
and competitors for talent, particularly engineering talent, increasingly
attempt to hire, and to varying degrees have been successful in hiring, our
employees or employment candidates, including by establishing or expanding local
offices near our headquarters in San Diego, California. Further, the increased
availability of remote working arrangements, largely driven by the COVID-19
pandemic, has expanded the pool of companies that can compete for our employees
and employment candidates. A number of such competitors for talent are
significantly larger than us and are able to offer compensation in excess of
what we are able to offer or other benefits that we generally do not offer, such
as the ability to permanently work from home. Further, existing immigration laws
make it more difficult for us to recruit and retain highly skilled foreign
national graduates of universities in the United States, making the pool of
available talent even smaller. If we are unable to attract and retain qualified
employees, our business may be harmed.
The COVID-19 pandemic caused us to modify our workforce practices, including
having the vast majority of our employees work from home. As we reopen our
offices, we intend to operate under a "hybrid" working environment, meaning that
the majority of our employees will have the flexibility to work remotely at
least some of the time for the foreseeable future. The hybrid working
environment may impair our ability to maintain our collaborative and innovative
culture, and may cause disruptions among our employees, including decreases in
productivity, challenges in communications between on-site and off-site
employees and, potentially, employee dissatisfaction and attrition. If our
attempts to safely reopen our offices and operate under a hybrid working
environment are not successful, our business could be adversely impacted.
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RISKS SPECIFIC TO OUR LICENSING BUSINESS
The continued and future success of our licensing programs requires us to
continue to evolve our patent portfolio and to renew or renegotiate license
agreements that are expiring.
We own a very strong portfolio of issued and pending patents related to 3G, 4G,
5G and other technologies. It is critical that we continue to evolve our patent
portfolio, particularly in 5G. If we do not maintain a strong portfolio that is
applicable to current and future standards, products and services, our future
licensing revenues could be negatively impacted.
Our patent license agreements in effect that generate a significant portion of
our licensing revenues are effective for a specified term. To receive royalties
after the expiration date of the specified term, we will need to extend or
modify such license agreements or enter into new license agreements with such
licensees. We might not be able to extend or modify license agreements, or enter
into new license agreements, in the future without negatively affecting the
material terms and conditions of our license agreements with such licensees, and
such modifications or new agreements may negatively impact our revenues. In some
circumstances, we may extend, modify or enter into new license agreements as a
result of arbitration or litigation, and terms imposed by arbitrators or courts
may be less favorable to us than existing terms, and may impact the financial or
other terms of license agreements not subject to the litigation or arbitration.
If there is a delay in extending, modifying or entering into a new license
agreement with a licensee, there would be a delay in our ability to recognize
revenues related to that licensee's product sales. Further, if we are unable to
reach agreement on such modifications or new agreements, it could result in
patent infringement litigation with such licensees.
Efforts by some original equipment manufacturers (OEMs) to avoid paying fair and
reasonable royalties for the use of our intellectual property may require the
investment of substantial management time and financial resources and may result
in legal decisions or actions by governments, courts, regulators or agencies,
Standards Development Organizations (SDOs) or other industry organizations that
harm our business.
From time to time, companies initiate various strategies to attempt to
negotiate, renegotiate, reduce and/or eliminate their need to pay royalties to
us for the use of our intellectual property. These strategies have included: (i)
litigation, often alleging infringement of patents held by such companies,
patent misuse, patent exhaustion, patent invalidity or unenforceability of our
patents or licenses, alleging that we do not license our patents on fair,
reasonable and nondiscriminatory (FRAND) terms, or alleging some form of unfair
competition or competition law violation; (ii) taking positions contrary to our
understanding (and/or the plain language) of their contracts with us; (iii)
appeals to governmental authorities; (iv) collective action, including working
with wireless operators, standards bodies, other like-minded companies and
organizations, on both formal and informal bases, to adopt intellectual property
policies and practices that could have the effect of limiting returns on
intellectual property innovations; (v) lobbying governmental regulators and
elected officials for the purpose of seeking the reduction of royalty rates or
the base on which royalties are calculated, seeking to impose some form of
compulsory licensing or weakening a patent holder's ability to enforce its
rights or obtain a fair return for such rights; and (vi) attempts by licensees
to shift their royalty obligation to their suppliers in order to lower the
wholesale (i.e., licensee's) selling price on which the royalty is calculated.
In addition, certain licensees have disputed, underreported, underpaid, not
reported or not paid royalties owed to us under their license agreements or
reported to us in a manner that is not in compliance with their contractual
obligations, and certain companies have yet to enter into or have delayed
entering into or renewing license agreements with us for their use of our
intellectual property, and they or others may engage in such behavior in the
future. The fact that one or more licensees dispute, underreport, underpay, do
not report or do not pay royalties owed to us may encourage other licensees to
take similar actions or not renew their existing license agreements, and may
encourage other licensees or unlicensed companies to delay entering into, or to
not enter into, new license agreements. Further, to the extent such licensees
and companies increase their device share, the negative impact of their
underreporting, underpayment, non-payment or non-reporting on our business,
revenues, results of operations, cash flows and financial condition will be
exacerbated.
We have been in the past and are currently subject to various litigation and/or
governmental investigations and proceedings. Certain of these matters are
described in this Quarterly Report in "Notes to Condensed Consolidated Financial
Statements, Note 5. Commitments and Contingencies." We may become subject to
other litigation or governmental investigations or proceedings in the future.
Additionally, certain of our direct and indirect customers and licensees have
pursued, and others may in the future pursue, litigation or arbitration against
us related to our business. Unfavorable resolutions of one or more of these
matters have had and could in the future have a material adverse effect on our
business, revenues, results of operations, cash flows and financial condition.
See also the Risk Factors below titled "Changes in our patent licensing
practices, whether due to governmental investigations, legal challenges or
otherwise, could adversely impact our business and results of operations" and
"Our business may suffer as a result of adverse rulings in governmental
investigations or proceedings."
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In addition, in connection with our participation in SDOs, we, like other patent
owners, generally have made contractual commitments to such organizations to
license those of our patents that would necessarily be infringed by
standard-compliant products as set forth in those commitments (referred to as
standard-essential patents). Some manufacturers and users of standard-compliant
products advance interpretations of these commitments that are adverse to our
licensing business, including interpretations that would limit the amount of
royalties that we could collect on the licensing of our standard-essential
patent portfolio.
Further, some third parties have proposed significant changes to existing
intellectual property policies for implementation by SDOs and other industry
organizations with the goal of significantly devaluing standard-essential
patents. For example, some have put forth proposals which would require a
maximum aggregate intellectual property royalty rate for the use of all
standard-essential patents owned by all of the member companies to be applied to
the selling price of any product implementing the relevant standard. They have
further proposed that such maximum aggregate royalty rate be apportioned to each
member company with standard-essential patents based upon the number of
standard-essential patents held by such company. Others have proposed that
injunctions should not be an available remedy for infringement of
standard-essential patents and have made proposals that could severely limit
damage awards and other remedies by courts for patent infringement (e.g., by
limiting the base upon which the royalty rate may be applied). A number of these
strategies are purportedly based on interpretations of the policies of certain
SDOs concerning the licensing of patents that are or may be essential to
industry standards and on our (or other companies') alleged failure to abide by
these policies.
Some SDOs, courts and governmental agencies have adopted, and may in the future
adopt, some or all of these interpretations or proposals in a manner adverse to
our interests, including in litigation to which we may not be a party. Further,
SDOs in certain countries may attempt to modify widely accepted standards and
claim the resulting standard as their own.
We expect that such proposals, interpretations and strategies will continue in
the future, and if successful, our business model would be harmed, either by
limiting or eliminating our ability to collect royalties (or by reducing the
royalties we can collect) on all or a portion of our standard-essential patent
portfolio, limiting our return on investment with respect to new technologies,
limiting our ability to seek injunctions against infringers of our
standard-essential patents, constraining our ability to make licensing
commitments when submitting our technologies for inclusion in future standards
(which could make our technologies less likely to be included in such standards)
or forcing us to work outside of SDOs or other industry groups to promote our
new technologies, and our revenues, results of operations and cash flows could
be negatively impacted. In addition, the legal and other costs associated with
asserting or defending our positions have been and may in the future be
significant. We expect that such challenges, regardless of their merits, will
continue into the foreseeable future and will require the investment of
substantial management time and financial resources.
Changes in our patent licensing practices, whether due to governmental
investigations, legal challenges or otherwise, could adversely impact our
business and results of operations.
As described in the Risk Factor below titled "Our business may suffer as a
result of adverse rulings in governmental investigations or proceedings," we
have been in the past, currently are and may in the future be subject to various
governmental investigations and legal proceedings challenging our patent
licensing (or chipset sales) practices. We are currently subject to certain
governmental investigations and/or legal proceedings, including those described
in this Quarterly Report in "Notes to Condensed Consolidated Financial
Statements, Note 5. Commitments and Contingencies." We believe that one intent
of certain of these governmental investigations and legal proceedings has been
to reduce the amount of royalties that licensees are required to pay to us for
their use of our intellectual property.
If we were required to reduce the royalty rates in our patent license
agreements, our revenues, earnings and cash flows would be negatively impacted
absent a sufficient increase in the volume of sales of devices upon which
royalties are paid. Similarly, if we were required to reduce the base on which
our royalties are calculated, our revenues, results of operations and cash flows
would be negatively impacted unless there was a sufficient increase in the
volume of sales of devices upon which royalties are paid or we were able to
increase our royalty rates to offset the decrease in revenues resulting from
such lower royalty base (assuming the absolute royalty dollars were below any
relevant royalty caps).
If we were required to grant patent licenses to chipset manufacturers (which
could lead to implementing a more complex, multi-level licensing structure in
which we license certain portions of our patent portfolio to chipset
manufacturers and other portions to OEMs), we would incur additional transaction
costs, which may be significant, and we could incur delays in recognizing
revenues until license negotiations were completed. In addition, our licensing
revenues and earnings would be negatively impacted if we were not able to
obtain, in the aggregate, equivalent revenues under such a multi-level licensing
structure.
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If we were required to sell chipsets to OEMs that do not have a license to our
patents, our licensing program could be negatively impacted by patent exhaustion
claims raised by such unlicensed OEMs (i.e., claims that our sale of chipsets to
such OEMs forecloses us from asserting any patents substantially embodied by the
chipsets against such OEMs). Such sales could provide OEMs with a defense in the
event we asserted our patents against them to obtain licensing revenue for those
patents. This could have a material adverse effect on our licensing program and
our results of operations, cash flows and financial condition.
To the extent that we were required to implement any of these licensing and/or
business practices, including by modifying or renegotiating our existing license
agreements or pursuing other commercial arrangements, we would incur additional
transaction costs, which may be significant, we could incur delays in
recognizing revenues until license negotiations were completed, and our
business, revenues, results of operations, cash flows and financial condition
could be harmed. The impact of any such changes to our licensing practices could
vary widely and by jurisdiction, depending on the specific outcomes and the
geographic scope of such outcomes. In addition, if we were required to make
modifications to our licensing practices in one jurisdiction, licensees or
governmental agencies in other jurisdictions may attempt to obtain similar
outcomes for themselves or for such other jurisdictions, as applicable, which
could result in increased legal costs and further harm to our business,
revenues, results of operations, cash flows and financial condition.
RISKS RELATED TO REGULATORY AND LEGAL CHALLENGES
Our business may suffer as a result of adverse rulings in governmental
investigations or proceedings.
We have been in the past and currently are subject to various governmental
investigations and proceedings. Certain of these matters are described in this
Quarterly Report in "Notes to Condensed Consolidated Financial Statements, Note
5. Commitments and Contingencies." Key allegations or findings in those matters
include or have in the past included, among others: that we violate FRAND
licensing commitments by refusing to grant licenses to chipset manufacturers;
that our royalty rates are too high; that the base on which our royalties are
calculated should be something less than the wholesale (i.e., licensee's)
selling price of the applicable device (minus certain permitted deductions);
that we unlawfully require customers to execute a patent license before we sell
them cellular modem chipsets; that we have entered into exclusive agreements
with chipset customers that foreclose competition; that we leverage our position
in baseband chipsets in the RFFE space; and that we violate antitrust laws and
engage in anticompetitive conduct and unfair methods of competition. We may
become subject to other litigation or governmental investigations or proceedings
in the future.
Unfavorable resolutions of one or more of these matters have had and could in
the future have a material adverse effect on our business, revenues, results of
operations, cash flows and financial condition. Depending on the matter, various
remedies that could result from an unfavorable resolution include, among others:
the loss of our ability to enforce one or more of our patents; injunctions;
monetary damages, fines or other orders to pay money; the issuance of orders to
cease certain conduct or modify our business practices, such as requiring us to
reduce our royalty rates, reduce the base on which our royalties are calculated,
grant patent licenses to chipset manufacturers, sell chipsets to unlicensed OEMs
or modify or renegotiate some or all of our existing license agreements; and
determinations that some or all of our license agreements are invalid or
unenforceable. In addition, a governmental body in a particular country or
region may successfully assert and impose remedies with effects that extend
beyond the borders of that country or region. If some or all of our license
agreements are declared invalid or unenforceable and/or we are required to
renegotiate these license agreements, we may not receive, or may not be able to
recognize, some or any licensing or royalty revenues under the impacted license
agreements unless and until we enter into new license agreements; and even
licensees whose license agreements are not impacted may demand to renegotiate
their agreements or invoke the dispute resolution provision in their agreements,
and we may not be able to recognize some or any revenues under such agreements.
The renegotiation of license agreements could result in terms that are less
favorable to us than existing terms, or lead to arbitration or litigation to
resolve the licensing terms, which could also be less favorable to us than
existing terms, and each of which could take months or possibly years. Licensees
may underreport, underpay, not report or not pay royalties owed to us pending
the conclusion of such negotiations, arbitration or litigation. In addition, we
may be sued for alleged overpayments of past royalties paid to us, including
private antitrust actions seeking treble damages under U.S. antitrust laws. The
occurrence of any of the above could have a material adverse effect on our
business, revenues, results of operations, cash flows and financial condition,
and our stock price could decline, possibly significantly, in which case we may
have to significantly cut costs and other uses of cash, including in research
and development, significantly impairing our ability to maintain product and
technology leadership and invest in next generation technologies. Further,
depending on the breadth and severity of the circumstances above, we may have to
reduce, suspend or eliminate our capital return programs, and our ability to
timely pay our indebtedness may be impacted.
These challenges have required, and may in the future require, the investment of
significant management time and attention and have resulted, and may in the
future result, in significant legal costs.
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RISKS RELATED TO INDUSTRY DYNAMICS AND COMPETITION
Our revenues depend on our customers' and licensees' sales of products and
services based on CDMA, OFDMA and other communications technologies, including
5G, and customer demand for our products based on these technologies.
We develop, patent and commercialize technology and products based on CDMA,
OFDMA and other communications technologies, which are primarily wireless. We
depend on our customers and licensees to develop devices and services based on
these technologies to drive consumer demand for new 3G/4G and 3G/4G/5G multimode
and single-mode devices, and to establish the selling prices for such devices.
Further, the timing of our shipments of our products is dependent on the timing
of our customers' and licensees' deployments of new devices and services based
on these technologies. Increasingly, we also depend on operators of wireless
networks, our customers and licensees and other third parties to incorporate
these technologies into new device types and into industries and applications
beyond mobile handsets, such as automotive and IoT, among others.
We have historically been successful during wireless technology transitions,
including 3G, 4G and now 5G. Commercial deployments of 5G networks and devices
have begun and will continue. However, the timing and scale of such deployments,
in certain regions, have been and may in the future be delayed due to the
COVID-19 pandemic or for other reasons that are beyond our control.
Our revenues and growth in revenues could be negatively impacted, our business
may be harmed and our substantial investments in these technologies may not
provide us an adequate return, if: our customers' and licensees' revenues and
sales of products, particularly premium-tier products, and services using these
technologies, and average selling prices of such products, decline due to, for
example, the maturity of smartphone penetration in developed regions, including
China; we do not continue to maintain our intellectual property and technical
leadership in 5G, including in ongoing 5G standardization efforts; we are unable
to drive the adoption of our products into networks and devices, including
devices beyond mobile handsets; or consumers' rates of replacement of
smartphones and other computing devices decline.
Our industry is subject to intense competition in an environment of rapid
technological change. Our success depends in part on our ability to adapt to
such change and compete effectively; and such change and competition could
result in decreased demand for our products and technologies or declining
average selling prices for our products or those of our customers or licensees.
Our products and technologies face significant competition. Competition may
intensify as our current competitors expand their product offerings, improve
their products or reduce the prices of their products as part of a strategy to
maintain existing business and customers or attract new business and customers,
as new opportunities develop, and as new competitors enter the industry.
Competition in wireless communications is affected by various factors that
include, among others: OEM concentrations; vertical integration; competition in
certain geographic regions; government intervention or support of national
industries or competitors; the ability to maintain product differentiation in
light of evolving industry standards and speed of technological change
(including the transition to smaller geometry process technologies and the
demand for always on, always connected capabilities); access to capacity in the
supply chain; and value-added features that drive selling prices and consumer
demand for new 3G/4G and 3G/4G/5G multimode and single-mode devices.
We anticipate that additional competitors will introduce products as a result of
growth opportunities in wireless communications, the trend toward global
expansion by foreign and domestic competitors, and technological and public
policy changes. Additionally, the semiconductor industry has experienced and may
continue to experience consolidation, which could result in significant changes
to the competitive landscape. For example, if any key supplier of technologies
and intellectual property to the semiconductor industry was sold to one of our
competitors, it could negatively affect our ability to procure or license such
technologies and intellectual property in the future, at all or upon acceptable
terms, which could have wide-ranging impacts on our business and operations.
We expect that our future success will depend on, among other factors, our
ability to:
•differentiate our integrated circuit products with innovative technologies
across multiple products and features (e.g., modem, radio frequency front-end
(RFFE), including millimeter wave (mmWave), graphics and other processors,
camera and connectivity) and with smaller geometry process technologies that
drive both performance and lower power consumption;
•develop and offer integrated circuit products at competitive cost and price
points and to effectively cover all geographic regions and all device tiers;
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•continue to be a leader in mobile, and drive the adoption of our technologies
and integrated circuit products, including RFFE, into the most popular device
models and across a broad spectrum of devices in mobile, such as smartphones,
tablets, laptops and other mobile computing devices;
•increase or accelerate adoption of our technologies and products in industries
and applications outside of mobile handsets, including automotive and IoT;
•maintain or accelerate demand for our integrated circuit products at the
premium device tier, while also driving the adoption of our products into high,
mid- and low-tier devices across all regions;
•remain a leader in 5G (and 4G) technology development, standardization,
intellectual property creation and licensing, and develop, commercialize and
remain a leading supplier of 5G (and 4G) integrated circuit products, including
RFFE products;
•maintain access to sufficient capacity in the supply chain relative to our
competitors to meet customer demand;
•create standalone value and contribute to the success of our existing
businesses through acquisitions, joint ventures and other strategic
transactions, and by developing customer, licensee, vendor, distributor and
other channel relationships in new industries and applications;
•identify potential acquisition targets that will grow or sustain our business
or address strategic needs, reach agreement on terms acceptable to us, close the
transactions and effectively integrate these new businesses, products,
technologies and employees;
•provide leading products and technologies to OEMs, high level operating systems
(HLOS) providers, operators, cloud providers and other industry participants as
competitors, new industry entrants and other factors continue to affect the
industry landscape;
•be a preferred partner and sustain preferred relationships providing integrated
circuit products that support multiple operating system and infrastructure
platforms to industry participants that effectively commercialize new devices
using these platforms; and
•continue to develop brand recognition to effectively compete against better
known companies in computing and other consumer driven segments and to deepen
our presence in significant emerging regions and China.
We compete with many different semiconductor companies, ranging from
multinational companies with integrated research and development, manufacturing,
sales and marketing organizations across a broad spectrum of product lines, to
companies that are focused on a single application, industry or standard
product, including those that produce products for mobile handsets, automotive
and IoT, among others. Most of these competitors compete with us with respect to
some, but not all, of our businesses or product lines. Companies that design
integrated circuits based on CDMA, OFDMA, Wi-Fi or their derivatives are
generally competitors or potential competitors. Examples (some of which are
strategic partners of ours in other areas) include Broadcom, MediaTek, Nvidia,
NXP Semiconductors, Qorvo, Samsung, Skyworks, Texas Instruments and UNISOC
(formally known as Spreadtrum Communications). Some of these current and
potential competitors may have advantages over us that include, among others:
motivation by our customers in certain circumstances to use our competitors'
integrated circuit products, to utilize their own internally-developed
integrated circuit products and/or sell such products to others, or to utilize
alternative technologies; lower cost structures or a willingness and ability to
accept lower prices or lower margins for their products, particularly in China;
foreign government support of other technologies, competitors or OEMs that sell
devices that do not contain our integrated circuit products; better known brand
names; ownership and control of manufacturing facilities and greater expertise
in manufacturing processes; more extensive relationships with local distribution
companies and OEMs in certain geographic regions (such as China); more
experience in industries and applications beyond mobile handsets (such as
automotive and IoT); and a more established presence in certain regions.
In addition, certain of our largest integrated circuit customers have in the
past utilized, currently utilize and may in the future utilize our competitors'
integrated circuit products in some (or all) of their devices, rather than our
products. Further, certain of those customers have developed, are developing or
may develop their own integrated circuit products (effectively making them
competitors), which they have in the past utilized, currently utilize and may in
the future utilize in some (or all) of their devices, rather than our products.
See also the Risk Factor titled "Our business, particularly our semiconductor
business, may suffer as a result of our customers vertically integrating (i.e.,
developing their own integrated circuit products)."
Further, political actions, including trade and/or national security protection
policies, or other actions by governments, particularly the U.S. and Chinese
governments, have in the past, currently are and could in the future limit or
prevent us from transacting business with certain of our customers or suppliers,
limit, prevent or discourage certain of our customers or
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suppliers from transacting business with us, or make it more expensive to do so.
This could advantage our competitors by enabling them with increased sales,
economies of scale, operating income and/or cash flows and/or enable critical
technology transfer, allowing them to increase their investments in technology
development, research and development and commercialization of products. See
also the Risk Factor titled "A significant portion of our business is
concentrated in China, and the risks of such concentration are exacerbated by
U.S./China trade and national security tensions."
Further, certain of our competitors develop and sell multiple components
(including integrated circuit products) for use in devices and sell those
components together to OEMs. Our competitors' sales of multiple components put
us (and our discrete integrated circuit products) at a competitive disadvantage.
Certain of our competitors also develop and sell infrastructure equipment for
wireless networks and can optimize their integrated circuit products to perform
on such networks to a degree that we are not able to, which again puts us at a
competitive disadvantage.
Competition in any or all product tiers may result in the loss of business or
customers, which would negatively impact our business, revenues, results of
operations, cash flows and financial condition. Such competition may also reduce
average selling prices for our chipset products or the products of our customers
and licensees. Certain of these dynamics are particularly pronounced in emerging
regions and China where competitors may have lower cost structures or may have a
willingness and ability to accept lower prices or lower margins on their
products. Reductions in the average selling prices of our chipset products,
without a corresponding increase in volumes, would negatively impact our
revenues, and without corresponding decreases in average unit costs, would
negatively impact our margins. In addition, reductions in the average selling
prices of our licensees' products, unless offset by an increase in volumes,
would generally decrease total royalties payable to us, negatively impacting our
licensing revenues.
RISKS RELATED TO PRODUCT DEFECTS OR SECURITY VULNERABILITIES
Failures in our products, or in the products of our customers or licensees,
including those resulting from security vulnerabilities, defects or errors,
could harm our business.
Our products (including for purposes of this Risk Factor, related software) are
complex and may contain defects, errors or security vulnerabilities, or
experience failures or unsatisfactory performance, due to any number of issues,
including issues in materials, design, fabrication, packaging and/or use within
a system. Development of products in new domains of technology, such as the
transition to 5G, and the migration to integrated circuit technologies with
smaller geometric feature sizes, increases complexity and adds risk to
manufacturing yields and reliability, and increases the likelihood of product
defects, errors or security vulnerabilities. Defects, errors, security
vulnerabilities or other unintended functionality could also be introduced into
our products by cyber-attacks or other actions by malicious actors, either
directly or through third-party products or software used in our products or IT
infrastructure (including applications). Further, because of the complexity of
our products, defects, errors or security vulnerabilities might only be detected
when the products are in use. Risks associated with product or technology
defects, errors or security vulnerabilities are exacerbated by the fact that our
customers typically integrate our products into consumer and other devices.
The use of devices containing our products to interact with untrusted systems or
otherwise access untrusted content creates a risk of exposing the system
hardware and software in those devices to malicious attacks. Further, security
vulnerabilities in our products or the technologies we use could expose our
customers, or end users of our customers' products, to hackers or other
unscrupulous third parties who develop and deploy malware that could attack our
products or our customers' products or IT infrastructure. Such attacks could
result in the disruption of our customers' businesses or the misappropriation,
theft, misuse, disclosure, loss or destruction of the technology or intellectual
property, or the proprietary, confidential or personal information, of our
customers, their employees or the end users of our customers' devices. While we
continue to focus on this issue and take measures to safeguard our products from
cybersecurity threats, device capabilities continue to evolve, enabling more
elaborate functionality and applications, and increasing the risk of security
failures, and techniques used to perpetrate cybersecurity attacks are
increasingly sophisticated and constantly evolving. See also the Risk Factor
titled "Our business and operations could suffer in the event of security
breaches of our IT systems, or other misappropriation of our technology,
intellectual property or other proprietary or confidential information."
Our products may be responsible for critical functions in our customers'
products and networks. Failure of our products to perform to specifications, or
other product defects, errors or security vulnerabilities, could lead to
substantial damage to the products we sell to our customers, the devices into
which our products are integrated and the end users of such devices, and,
potentially, to our customers' IT infrastructure. Such defects, errors or
security vulnerabilities could give rise to significant costs, including costs
related to developing solutions, recalling products, repairing or replacing
defective products, writing down defective inventory, or indemnification
obligations under our agreements, and could result in the loss of sales and
divert the attention of our engineering personnel from our product development
efforts. In addition, defects, errors or security vulnerabilities in our
products could result in failure to achieve market acceptance, a loss of design
wins, a shifting of
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business to our competitors, and litigation or regulatory action against us, and
could harm our reputation, our relationships with customers and partners and our
ability to attract new customers, as well as the perceptions of our brand. Other
potential adverse impacts of product defects, errors or security vulnerabilities
include shipment delays, write-offs of property, plant and equipment and
intangible assets, and losses on unfavorable purchase commitments. In addition,
defects, errors or security vulnerabilities in the products of our customers or
licensees could cause a delay or decrease in demand for the products into which
our products are integrated, and thus for our products.
In addition, the occurrence of defects, errors or security vulnerabilities may
give rise to product liability claims, particularly if such defects, errors or
security vulnerabilities in our products or the technology we use, or the
products into which they are integrated, result in personal injury or death, and
could result in significant costs, expenses and losses. If a product liability
claim is brought against us, the cost of defending the claim could be
significant, and could divert the attention of our technical and management
personnel and harm our business, even if we are successful. We may be named in
product liability claims even if there is no evidence that our products caused
the damage in question, and even though we may have indemnity from our
customers, and such claims could result in significant costs and expenses.
Further, our business liability insurance may be inadequate, or future coverage
may be unavailable on acceptable terms, which could adversely impact our
financial results. The above is exacerbated by the fact that our products may be
used, and perform critical functions, in various high-risk applications such as:
(i) automobiles, including autonomous driver assistance programs; (ii) cameras
and artificial intelligence, including home and enterprise security; (iii) home
automation, including smoke and noxious gas detectors; (iv) medical condition
monitoring; (v) location and asset tracking and management, including wearables
for child safety and elderly health; (vi) robotics, including public safety
drones and autonomous municipality vehicles; and (vii) extended reality (XR) for
treatment of phobias or PTSD, early detection of disorders or special needs,
among others.
Accordingly, defects, errors or security vulnerabilities in our products or the
technologies we use could have an adverse impact on us, on our customers and the
end users of our customers' products. If any of these risks materialize, there
could be a material adverse effect on our business, results of operations and
financial condition.
RISKS RELATED TO INTELLECTUAL PROPERTY
The enforcement and protection of our intellectual property may be expensive,
could fail to prevent misappropriation or unauthorized use of our intellectual
property, could result in the loss of our ability to enforce one or more
patents, and could be adversely affected by changes in patent laws, by laws in
certain foreign jurisdictions that may not effectively protect our intellectual
property and by ineffective enforcement of laws in such jurisdictions.
We rely primarily on patent, copyright, trademark and trade secret laws, as well
as nondisclosure and confidentiality agreements, international treaties and
other methods, to protect our intellectual property, including our patent
portfolio. Policing unauthorized use of our products, technologies and
intellectual property is difficult and time consuming. The steps we have taken
have not always prevented, and we cannot be certain the steps we will take in
the future will prevent, the misappropriation or unauthorized use of our
products, technologies or intellectual property, particularly in foreign
countries where the laws may not protect our rights as fully or as readily as
U.S. laws or where the enforcement of such laws may be lacking or ineffective.
See also the Risk Factor titled "Our business and operations could suffer in the
event of security breaches of our IT systems, or other misappropriation of our
technology, intellectual property or other proprietary or confidential
information."
Some industry participants who have a vested interest in devaluing patents in
general, or standard-essential patents in particular, have mounted attacks on
certain patent systems, increasing the likelihood of changes to established
patent laws. In the United States, there is continued discussion regarding
potential patent law changes and current and potential future litigation
regarding patents, the outcomes of which could be detrimental to our licensing
business. The laws in certain foreign countries in which our patents are or may
be licensed, or our products are or may be manufactured or sold, including
certain countries in Asia, may not protect our intellectual property rights to
the same extent as the laws in the United States. We cannot predict with
certainty the long-term effects of any potential changes. In addition, we cannot
be certain that the laws and policies of any country or the practices of any
standards bodies, foreign or domestic, with respect to intellectual property
enforcement or licensing or the adoption of standards, will not be changed in
the future in ways that are detrimental to our licensing program or to the sale
or use of our products or technologies.
We have had and may in the future have difficulty in certain circumstances in
protecting or enforcing our intellectual property and contracts, including
collecting royalties for use of our patent portfolio due to, among others:
refusal by certain licensees to report and pay all or a portion of the royalties
they owe to us; policies or political actions of governments, including trade
protection and national security policies; challenges to our licensing practices
under competition laws; adoption of mandatory licensing provisions by foreign
jurisdictions; failure of foreign courts to recognize and enforce
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judgments of contract breach and damages issued by courts in the United States;
and challenges before competition agencies to our licensing business and the
pricing and integration of additional features and functionality into our
chipset products. See also the Risk Factors titled "Efforts by some original
equipment manufacturers (OEMs) to avoid paying fair and reasonable royalties for
the use of our intellectual property may require the investment of substantial
management time and financial resources and may result in legal decisions or
actions by governments, courts, regulators or agencies, Standards Development
Organizations (SDOs) or other industry organizations that harm our business" and
"Our business may suffer as a result of adverse rulings in governmental
investigations or proceedings."
We have engaged in litigation and arbitration in the past and may need to
further litigate or arbitrate in the future to enforce our contract and
intellectual property rights, protect our trade secrets or determine the
validity and scope of proprietary rights of others. As a result of any such
litigation or arbitration, we could lose our ability to enforce one or more
patents, portions of our license agreements could be determined to be invalid or
unenforceable (which may in turn result in other licensees either not complying
with their existing license agreements or initiating litigation or arbitration),
license terms (including but not limited to royalty rates for the use of our
intellectual property) could be imposed that are less favorable to us than
existing terms, and we could incur substantial costs. Any action we take to
enforce our contract or intellectual property rights could be costly and could
absorb significant management time and attention, which, in turn, could
negatively impact our results of operations and cash flows. Further, even a
positive resolution to our enforcement efforts may take time to conclude, which
may reduce our revenues and cash resources available for other purposes, such as
research and development, in the periods prior to conclusion.
Additionally, although our license agreements generally provide us with the
right to audit the books and records of licensees, audits can be expensive, time
consuming, incomplete and subject to dispute. Further, certain licensees may not
comply with the obligation to provide full access to their books and records. To
the extent we do not aggressively enforce our rights under our license
agreements, licensees may not comply with their existing license agreements, and
to the extent we do not aggressively pursue unlicensed companies to enter into
license agreements with us for their use of our intellectual property, other
unlicensed companies may not enter into license agreements. Similarly, we
provide access to certain of our intellectual property and proprietary and
confidential business information to our direct and indirect customers and
licensees, who have in the past and may in the future wrongfully use such
intellectual property and information or wrongfully disclose such intellectual
property and information to third parties, including our competitors. See also
the Risk Factor titled "Efforts by some original equipment manufacturers (OEMs)
to avoid paying fair and reasonable royalties for the use of our intellectual
property may require the investment of substantial management time and financial
resources and may result in legal decisions or actions by governments, courts,
regulators or agencies, Standards Development Organizations (SDOs) or other
industry organizations that harm our business."
Claims by other companies that we infringe their intellectual property could
adversely affect our business.
From time to time, companies have asserted, and may again assert, patent,
copyright or other intellectual property claims against our products or products
using our technologies or other technologies used in our industry. These claims
have resulted and may again result in our involvement in litigation, and we are
currently involved in such litigation, including those described in this
Quarterly Report in "Notes to Condensed Consolidated Financial Statements, Note
5. Commitments and Contingencies." We may not prevail in such litigation given,
among other factors, the complex technical issues and inherent uncertainties in
intellectual property litigation. If any of our products were found to infringe
another company's intellectual property, we could be subject to an injunction or
be required to redesign our products, or to license such intellectual property
or pay damages or other compensation to such other company (any of which could
be costly). If we are unable to redesign our products, license such intellectual
property used in our products or otherwise distribute our products (e.g.,
through a licensed supplier), we could be prohibited from making and selling our
products. Similarly, our suppliers could be found to infringe another company's
intellectual property, and such suppliers could then be enjoined from providing
products or services to us.
In any potential dispute involving us and another company's patents or other
intellectual property, our chipset foundries, semiconductor assembly and test
providers and customers could also become the targets of litigation. We are
contingently liable under certain product sales, services, license and other
agreements to indemnify certain customers, chipset foundries and semiconductor
assembly and test service providers against certain types of liability and
damages arising from qualifying claims of patent infringement by products sold
by us, or by intellectual property provided by us to our chipset foundries and
semiconductor assembly and test service providers. Reimbursements under
indemnification arrangements could have an adverse effect on our results of
operations and cash flows. Furthermore, any such litigation could severely
disrupt the supply of our products and the businesses of our chipset customers
and their customers, which in turn could harm our relationships with them and
could result in a decline in our chipset sales or a reduction in our licensees'
sales, causing a corresponding decline in our chipset or licensing revenues. Any
claims, regardless of their merit, could be time consuming to address, result
                                       45
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in costly litigation, divert the efforts of our technical and management
personnel and/or cause product release or shipment delays, any of which could
have an adverse effect on our results of operations and cash flows.
We may continue to be involved in litigation and may have to appear in front of
administrative bodies (such as the United States International Trade Commission)
to defend against patent assertions against our products by companies, some of
whom are attempting to gain competitive advantage or leverage in licensing
negotiations. We may not be successful in such proceedings, and if we are not,
the range of possible outcomes is very broad and may include, for example,
monetary damages or fines or other orders to pay money, royalty payments,
injunctions on the sale of certain of our integrated circuit products (or on the
sale of our customers' devices using such products) or the issuance of orders to
cease certain conduct or modify our business practices. Further, a governmental
body in a particular country or region may assert, and may be successful in
imposing, remedies with effects that extend beyond the borders of that country
or region. In addition, a negative outcome in any such proceeding could severely
disrupt the business of our customers and their wireless operator customers,
which in turn could harm our relationships with them and could result in a
decline in our chipset sales or a reduction in our licensees' sales, causing
corresponding declines in our chipset or licensing revenues.
Our use of open source software may harm our business.
Certain of our software and our suppliers' software may contain or may be
derived from "open source" software, and we have seen, and believe that we will
continue to see, customers request that we develop products, including software
associated with our integrated circuit products, that incorporate open source
software elements and operate in an open source environment, which, under
certain open source licenses, may offer accessibility to a portion of our
products' source code and may expose our related intellectual property to
adverse licensing conditions. Licensing of such software may impose certain
obligations on us if we were to distribute derivative works of that software.
For example, these obligations may require us to make source code for the
derivative works available to our customers in a manner that allows them to make
such source code available to their customers or license such derivative works
under a particular type of license that is different than what we customarily
use to license our software. Furthermore, in the course of product development,
we may make contributions to third-party open source projects that could subject
our intellectual property to adverse licensing conditions. For example, to
encourage the growth of a software ecosystem that is interoperable with our
products, we may need to contribute certain implementations under the open
source licensing terms that govern such projects, which may adversely impact our
associated intellectual property. Developing open source products, while
adequately protecting the intellectual property upon which our licensing program
depends, may prove burdensome and time-consuming under certain circumstances,
thereby placing us at a competitive disadvantage, and we may not adequately
protect our intellectual property. Also, our use and our customers' use of open
source software may subject our products and our customers' products to
governmental and third-party scrutiny and delays in product certification, which
could cause customers to view our products as less desirable than our
competitors' products.
GENERAL RISK FACTORS
We operate in the highly cyclical semiconductor industry, which is subject to
significant downturns. We are also susceptible to declines in global, regional
and local economic conditions generally. Our stock price and financial results
are subject to substantial quarterly and annual fluctuations due to these
dynamics, among others.
The semiconductor industry is highly cyclical, volatile, subject to downturns
and characterized by constant and rapid technological change, price erosion,
evolving technical standards, frequent new product introductions, short product
life cycles and fluctuations in product supply and demand. Periods of downturns
have been characterized by diminished demand for end-user products, high
inventory levels, excess or obsolete inventory adjustments, underutilization of
manufacturing capacity, changes in revenue mix and erosion of average selling
prices. We expect our business to continue to be subject to such cyclical
downturns. Consequently, our revenues may decline, and our results of operations
and financial condition may be adversely impacted.
A decline in global, regional or local economic conditions, a slow-down in
economic growth, particularly in geographic regions with high concentrations of
wireless voice and data users or high concentrations of our customers or
licensees, could also have adverse, wide-ranging effects on our business and
financial results, including: a decrease in demand for our products and
technologies; a decrease in demand for the products and services of our
customers or licensees; the inability of our suppliers to deliver on their
supply commitments to us, our inability to supply our products to our customers
and/or the inability of our customers or licensees to supply their products to
end users; the insolvency of key suppliers, customers or licensees; delays in
reporting or payments from our customers or licensees; failures by
counterparties; and/or negative effects on wireless device inventories. In
addition, our customers' and licensees' ability to purchase or pay for our
products and intellectual property and network operators' ability to upgrade
their wireless networks could be adversely affected, potentially leading to a
reduction, cancellation or delay of orders for our products. Further,
inflationary pressure may increase our costs,
                                       46
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reduce demand for our products or those of our customers or licensees due to
increased prices of those products, or result in employee attrition to the
extent our compensation does not keep up with inflation, particularly if our
competitors' compensation does.
Our stock price and financial results have fluctuated in the past and are likely
to fluctuate in the future. Factors that may have a significant impact on the
market price of our stock and our financial results include those identified
above and throughout this Risk Factors section, as well as: volatility of the
stock market in general and technology and semiconductor companies in
particular; announcements concerning us, our suppliers, our competitors or our
customers or licensees; and variations between our actual financial results or
guidance and expectations of securities analysts or investors, among others. In
the past, securities class action litigation has been brought against companies
following periods of volatility in the market price of their securities, among
other reasons. We are and may in the future be the target of securities
litigation. Securities litigation could result in substantial uninsured costs
and divert management's attention and our resources. Certain legal matters,
including certain securities litigation brought against us, are described in
this Quarterly Report in "Notes to Condensed Consolidated Financial Statements,
Note 5. Commitments and Contingencies."
Our business may suffer due to the impact of, or our failure to comply with, the
various existing, new or amended laws, regulations, policies or standards to
which we are subject.
Our business and products, and those of our customers and licensees, are subject
to various laws, rules and regulations globally as well as government policies
and the specifications of international, national and regional communications
standards bodies (collectively, Regulations). These include, among others:
Regulations affecting: patent licensing practices; antitrust, competition and
competitive business practices; the flow of funds out of certain countries
(e.g., China); cybersecurity; import and export regulations, such as the U.S.
Export Administration Regulations administered by the U.S. Department of
Commerce; protection of intellectual property; trade and trade protection
including tariffs; foreign policy and national security; environmental
protection (including climate change), health and safety; supply chain,
responsible sourcing, including the use of conflict minerals, and human rights;
spectrum availability and license issuance; adoption of standards; taxation;
privacy and data protection; labor, employment and human capital; corporate
governance; public disclosure; and business conduct. Compliance with, or changes
in the interpretation of, existing Regulations, the adoption of new Regulations,
changes in the oversight of our activities by governments or standards bodies,
or rulings in court, regulatory, administrative or other proceedings relating to
such Regulations, among others, could have an adverse effect on our business and
results of operations. See also the Risk Factors titled "Our business may suffer
as a result of adverse rulings in governmental investigations or proceedings,"
"Changes in our patent licensing practices, whether due to governmental
investigations, legal challenges or otherwise, could adversely impact our
business and results of operations," "A significant portion of our business is
concentrated in China, and the risks of such concentration are exacerbated by
U.S./China trade and national security tensions," "There are numerous risks
associated with the operation and control of our manufacturing facilities,
including a higher portion of fixed costs relative to a fabless model;
environmental compliance and liability; impacts related to climate change;
exposure to natural disasters, health crises and cyber-attacks; timely supply of
equipment and materials; and various manufacturing issues," and "Tax liabilities
could adversely affect our results of operations."
Regulations are complex and changing (which may create uncertainty regarding
compliance), are subject to varying interpretations, and their application in
practice may evolve over time. As a result, our efforts to comply with
Regulations may fail, particularly if there is ambiguity as to how they should
be applied in practice. Failure to comply with any Regulation may adversely
affect our business, results of operations and cash flows. New Regulations, or
evolving interpretations thereof, may cause us to incur higher costs as we
revise current practices, policies or procedures and may divert management time
and attention to compliance activities.
There are risks associated with our debt.
Our outstanding debt and any additional debt we incur may have negative
consequences on our business, including, among others: requiring us to use cash
to pay the principal of and interest on our debt, thereby reducing the amount of
cash available for other purposes; limiting our ability to obtain additional
financing for working capital, capital expenditures, acquisitions, stock
repurchases, dividends, general corporate or other purposes; and limiting our
flexibility in planning for, or reacting to, changes in our business, industries
or the market. Our ability to make payments of principal and interest on our
indebtedness depends upon our future performance, which is subject to economic
and political conditions, industry cycles and financial, business and other
factors, many of which are beyond our control. If we are unable to generate
sufficient cash flow from operations to service our debt, we may be required to,
among other things: refinance or restructure all or a portion of our debt;
reduce or delay planned capital or operating expenditures; reduce, suspend or
eliminate our dividend payments and/or our stock repurchase program; or sell
selected assets. Such measures might not be sufficient to enable us to service
our debt. In addition, any such refinancing, restructuring or sale of assets
might not be available on economically favorable terms or at all, and if
prevailing interest rates at the time of any such refinancing or restructuring
are higher than our current rates,
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interest expense related to such refinancing or restructuring would increase.
Further, if there are adverse changes in the ratings assigned to our debt
securities by credit rating agencies, our borrowing costs, our ability to access
debt financing in the future and the terms of such debt could be adversely
affected.
Tax liabilities could adversely affect our results of operations.
We are subject to income taxes in the United States and numerous foreign
jurisdictions. Significant judgment is required in determining our provision for
income taxes. We regularly are subject to examination of our tax returns and
reports by taxing authorities in the United States federal jurisdiction and
various state and foreign jurisdictions, most notably in countries where we earn
a routine return and the tax authorities believe substantial value-add
activities are performed, as well as countries where we own intellectual
property. The final determination of tax audits and any related legal
proceedings could materially differ from amounts reflected in our income tax
provisions and accruals. In such case, our income tax provision, results of
operations and cash flows in the period or periods in which that determination
is made could be negatively affected.
Tax rules may change in a manner that adversely affects our future reported
results of operations or the way we conduct our business. Most of our income is
taxable in the United States with a significant portion qualifying for
preferential treatment as FDII (foreign-derived intangible income). Beginning in
fiscal 2027, the effective tax rate for FDII increases from 13% to 16%. Further,
if U.S. tax rates increase and/or the FDII deduction is eliminated or reduced,
both of which have been proposed by the current U.S. presidential administration
and Congress, our provision for income taxes, results of operations and cash
flows would be adversely (potentially materially) affected. Also, if our
customers move manufacturing operations to the United States, our FDII deduction
may be reduced.
We have tax incentives in Singapore that require we meet specified employment
and other criteria. Although our profit in Singapore has declined as a result of
our 2018 restructuring and such tax incentives were not significant beginning in
fiscal 2019, failure to meet these incentive requirements through March 2022
could require us to refund previously realized material tax benefits for 2017
and 2018.
Further changes in the tax laws of foreign jurisdictions could arise as a result
of the base erosion and profit shifting (BEPS) project that was undertaken by
the Organization for Economic Co-operation and Development (OECD). The OECD,
which represents a coalition of member countries, recommended changes to
numerous long-standing tax principles related to transfer pricing and continues
to develop new proposals including allocating greater taxing rights to countries
where customers are located and establishing a minimum tax on global income.
These changes, as adopted by countries, may increase tax uncertainty and may
adversely affect our provision for income taxes, results of operations and cash
flows.

© Edgar Online, source Previews

FDA clears credit card-sized personal ECG machine

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For just $149, consumers can now carry a personal ECG (electrocardiogram) device in their wallet.

The FDA has cleared AliveCor’s KardiaMobile card, which the Mountain View, Calif.-based company describes as “the thinnest, most convenient personal ECG device ever.”

The size of a standard credit card, the KardiaMobile card is designed to fit in any wallet and deliver a medical-grade single-lead ECG in 30 seconds.

“After disrupting traditional ECG monitoring with our revolutionary Kardia platform, we have taken an unprecedented step by creating the first-ever credit card-sized personal ECG,” said Priya Abani, CEO of AliveCor. “KardiaMobile Card delivers the most sophisticated AI in the most convenient form factor ever, putting the power of real-time ECG analysis directly into patient wallets and furthering our vision of becoming the 24/7 virtual cardiologist. /7 for patients when they are not in front of their doctor.”

KardiaMobile Card pairs with a smartphone using Bluetooth technology to detect six of the most common arrhythmias, more than any other personal ECG on the market, according to AliveCor. KardiaMobile Card users also have access to cardiac ECG analysis, monthly heart health reports, and automatic sharing of ECG recordings. The device’s algorithm is based on AliveCor’s AI-enabled Kardia technology, which has been evaluated by over 170 peer-reviewed studies. Designed to withstand weather, water, and wear, the KardiaMobile Board is AliveCor’s most portable and durable ECG available, allowing users to take an ECG recording anytime, anywhere. or.

“The availability of a personal ECG that fits in a wallet will change the face of remote cardiac monitoring for patients and healthcare professionals,” said Darria Long Gillespie, MD, emergency physician and clinical assistant professor of medicine. Emergency, AliveCor Ambassador, and Founder of TrueveLab. “As someone living with ventricular tachycardia and having treated patients with arrhythmia, I know how critical it is to access accurate, real-time ECG recordings. KardiaMobile Card has made this technology even easier to access, and it quickly became the most valuable card in my wallet.”

The KardiaMobile card comes with one-year access to KardiaCare, the heart health service that offers more than 130,000 members a suite of advanced features to help them better manage and understand their heart health. KardiaCare includes ECG evaluations by board-certified cardiologists, monthly reports that summarize ECG and blood pressure data, automatic sharing of ECG recordings with caregivers, and the ability to detect a wider range of heart conditions.

Evolution of the personal ECG market

About a year ago, MD+DI editor Omar Ford hosted Dave Albert, MD, co-founder and chief medical officer of AliveCor, on an episode of the Let’s Talk Medtech podcast to discuss the evolution of the personal ECG market and significant successes of the company.

“Today, the idea that someone can record their own ECG using a device they have purchased over the counter, and if they wish, send that data to their doctor for review and to help take care of them, I think that’s an accepted notion today, just as it’s accepted that you can prick your finger and test your blood sugar,” Albert said. “When I was a student in medicine in the late 1970s, you had to go to a doctor to have your blood sugar tested. Imagine the millions of diabetics they can’t even think that’s how it should be managed because blood sugar goes up and down with exercise and food… so now we know we can measure our blood sugar, we can take our blood pressure we can record our ECG, we can do a lot of things that were previously only done in a doctor’s office or a hospital.

So while the evolution of the personal ECG market has exceeded his expectations, Albert said he has also gone “down the path of this thing we call digital health.”

Use the player below to listen to the full conversation between Ford and Omar.

Washington insurance commissioner passes credit score ban

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Washington State Insurance Commissioner Mike Kreidler passed a rule prohibiting insurers from using credit scoring to set auto, home and renter’s insurance rates for three years after financial protections end federal and state emergencies related to the pandemic, whichever is longer.

The rule was announced on Tuesday and will go into effect on March 4. Kreidler’s office said it began the process of implementing a permanent rule after an emergency rule issued by the commissioner last year was struck down by a court. The court found that there was no justification for circumventing normal rule-making procedures.

Kreidler said he was also proposing a new rule that would require insurers to provide policyholders with a written explanation of any premium changes.

“We know that now, more than ever, credit reports are unreliable,” Kreidler, a Democrat, said in a written statement. “It is unfair to base the amount of often compulsory insurance on an unreliable and fluctuating factor like credit score.

Kreidler said that once federal pandemic protections end, people who have struggled financially in the past two years are likely to see delinquencies appear on their credit reports.

He noted that insurers charge nearly 80% more good drivers with low credit scores for mandatory car insurance.

Republicans have denounced the move, saying it will incur additional costs for people on fixed incomes, like seniors, who have benefited from reduced insurance rates because of their good credit scores.

“They are now placed in an untenable position where they are not receiving more revenue and they are seeing a rate increase of several hundred dollars,” Republican Sen. John Braun said.

Two other states do not allow homeowners’ credit scoring and auto insurance rates: California, which passed a ballot measure in 1988, and Massachusetts. Maryland allows credit scoring to determine auto insurance rates, but not for homeowners, and Hawaii allows credit scoring for home insurance, but not auto.

Kreidler said he plans to use the time while the ban is in effect to work with the legislature, consumer groups and the insurance industry in an effort to permanently end the use of credit rating. credit in setting insurance premiums.

Today’s Mortgage Rates Drop | February 1, 2022

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Borrowers looking for a 30-year fixed rate mortgage can expect average rates of 4.041%, down 0.026 percentage points from yesterday. Rates are also lower for most other loan categories. The average rate on a 30-year refinance loan has fallen to 5.293%, while the rate on a 5/1 variable rate mortgage is averaging 2.566%.

  • The last rate on a 30-year fixed rate mortgage is 4.041%.
  • The final rate on a 15-year fixed rate mortgage is 3.06%. ⇓
  • The last rate on a 5/1 ARM is 2.566%. ⇓
  • The latest rate on a 7/1 ARM is 2.884%. ⇑
  • The latest rate on an ARM 10/1 is 2.952%. ⇑

Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a credit score of 700 — roughly the national average score — could pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate that 8,000 lenders offered applicants the previous business day. Freddie Mac’s weekly rates will generally be lower, as they measure the rates offered to borrowers with higher credit scores.

Are you looking for a loan? Check out Money’s lists of top mortgage lenders and top refinance lenders.

Today’s 30-Year Fixed Rate Mortgage Rates

  • The 30-year rate is 4.041%.
  • It’s a day offold by 0.026 percentage points.
  • It’s a month to augment by 0.414 percentage points.

The 30-year fixed rate mortgage is the most popular home loan in America thanks to its long repayment term and lower monthly payments. The predictability that comes with a fixed rate is also an attractive feature. A potential downside is that the rate will be higher than on a shorter-term loan, so you’ll be spending more.

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Average mortgage rates

Data based on US mortgages closed on January 31, 2022

Type of loan January 31 Last week Change
15-year fixed conventional 3.06% 3.02% 0.04%
30-year fixed conventional 4.04% 4.02% 0.02%
ARM rate 7/1 2.88% 2.83% 0.05%
ARM rate 10/1 2.95% 2.89% 0.06%

Your actual rate may vary

15 years today fixed rate mortgage rates

  • The 15-year rate is 3.06%.
  • It’s a day offold by 0.024 percentage point.
  • It’s a month infold by 0.502 percentage points.

The advantages of a 15-year fixed rate loan are its lower interest rate and shorter repayment term — you’ll save money by paying less total interest. The caveat is that the monthly payments will be higher than on an equivalent 30-year loan, so you need to make sure you can afford the larger payments.

The latest rates of adjustable rate mortgages

  • The last rate on a 5/1 ARM is 2.566%. ⇓
  • The latest rate on a 7/1 ARM is 2.884%. ⇑
  • The latest rate on an ARM 10/1 is 2.952%. ⇑

Adjustable rate mortgages will start with a low, fixed interest rate that will eventually become adjustable and reset regularly based on market conditions. This means that the rate could increase significantly at some point. An example of how an ARM works is a 5/1 adjustable rate loan. The interest rate will be fixed for five years, then reset every year until the end of the term of the loan.

The Latest VA, FHA, and Jumbo Loan Rates

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 3.831%. ⇓
  • The rate for a 30-year VA mortgage is 3.858%. ⇓
  • The rate for a 30-year jumbo mortgage is 3.726%. ⇔

The latest mortgage refinance rates

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30-year fixed rate refinance is 5.293%. ⇓
  • The refinance rate on a 15-year fixed rate refinance is 4.698%. ⇑
  • The refinance rate on a 5/1 ARM is 3.156%. ⇑
  • The refinance rate on a 7/1 ARM is 3.429%. ⇓
  • The refinance rate on a 10/1 ARM is 3.511%. ⇓
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Average Mortgage Refinance Rates

Data based on US mortgages closed on January 31, 2022

Type of loan January 31 Last week Change
15-year fixed conventional 4.7% 3.43% 1.27%
30-year fixed conventional 5.29% 4.38% 0.91%
ARM rate 7/1 3.43% 3.17% 0.26%
ARM rate 10/1 3.51% 3.25% 0.26%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates have fallen through 2020. Millions of homeowners have responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes they might not have been able to afford if rates were higher. In January 2021, rates briefly dipped to the lowest levels on record, but rose slightly for the rest of the year.

Looking ahead, experts believe that interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and further labor market gains. The Federal Reserve also began to scale back its purchases of mortgage-backed securities and announced that it plans to raise the federal funds rate three times in 2022 to combat rising inflation. from March.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. Rates are expected to remain near historic lows throughout the first half of the year, rising slightly later in the year. Even with rising rates, it will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed acted quickly when the pandemic hit the United States in March 2020. The Fed announced its intention to keep money flowing in the economy by lowering the Federal Fund short-term interest rate between 0% and 0.25%, which is also low as you go. The central bank also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but began to scale back those purchases in November.
  • The 10-year Treasury bond. Mortgage rates keep pace with government 10-year Treasury bond yields. Yields first fell below 1% in March 2020 and have since risen. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are weak, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached historic highs early last year and have yet to recover. GDP has also taken a hit, and although it has rebounded somewhat, there is still plenty of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes some work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. Borrowers with the highest credit scores are the ones who will get the best rates, so it’s essential to check your credit report before you begin the home hunting process. Taking steps to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which is the share of the house price that the lender has to finance. A lower LTV usually translates to a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the home purchase.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. Also consider different types of lenders, such as credit unions and online lenders in addition to traditional banks.

As well. take the time to learn about the different types of loans. Although the 30-year fixed rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year mortgage or an adjustable rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which best suits your needs and financial situation. Government loans — such as those backed by the Federal Housing Authority, Department of Veterans Affairs, and Department of Agriculture — may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the right lender will help ensure that your mortgage rate doesn’t increase before the loan is closed.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by more than 8,000 lenders across the United States for which the most recent rates are available. Today we are posting rates for Monday, January 31, 2022. Our rates reflect what a typical borrower with a credit score of 700 might expect to pay for a home loan right now. These rates were offered to people depositing 20% ​​deposit and include discount points.

More money :

2022 budget forecasts: increase in deduction limits, reduction in surtax rates expected

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Expectations are high as Finance Minister Nirmala Sitharaman is going to present the Union budget for the financial year 2022-23 on February 1, 2022 amid the Covid-19 pandemic.

Expectations are high as Finance Minister Nirmala Sitharaman is going to present the Union budget for the financial year 2022-23 on February 1, 2022 amid the Covid-19 pandemic.

Deduction u/s 80D

The pandemic affecting a large number of people, we are witnessing a surge in medical expenses. Thus, an increase in the deduction limit for health insurance and medical expenses under Section 80D of the Income Tax Act is provided.

“Covid-19 has forced insurance companies to increase medical premiums. The corresponding increase in the Section 80D deduction is the need of the hour,” said Gopal Bohra, Partner, NA Shah Associates.

Speaking about the 80D limit, Prachi Mehta, Director of Dhruva Advisors, also said, “Increased amount of deduction for medical insurance premium under section 80D – Medical expenses have increased over time and , therefore, families need improved medical coverage. An increase in the quantum of deduction under Section 80D could be beneficial.

Home work allowance

As many employees are forced to work from home to avoid the spread of the new coronavirus, it would be beneficial for them if tax incentives were granted on expenses related to working from home.

“Working from home has gained traction in the pandemic and is seen as a feasible solution to curb the spread of the virus. Employees incur costs to set up a “home office,” and the government should allow some deduction to salaried taxpayers for these incurred expenses,” Bohra said.

Advocating for the work from home allowance, Mehta said: “The work from home scheme is here to stay. Employees incur several infrastructure costs to ensure that working from home is seamless and efficient. Additional allowance (e.g. in the form of a separate standard deduction) for expenses incurred by employees for working from home should be considered.

Standard deduction

Bogged down by wage cuts, job loss and high inflation, salaried taxpayers are also set to get further relief through an increase in the standard deduction limit from the current level of Rs 50,000 to Rs 1 lakh.

“The pandemic has hit the salaried class very hard, an increase in the standard deduction of Rs 50,000 would bring much needed relief to salaried taxpayers,” Bohra said.

Income tax supplement

With high surcharge rates affecting taxpayers earning more than Rs 50 lakh in a tough financial year, a reduction in rates is expected.

“While corporate tax rates have been lowered in the past, individuals in high income brackets are taxed at a rate of almost 42% on a substantial portion of their income. A reduction in the surtax rate for high-income people would provide some respite,” Mehta said.

Dividend income supplement

Speaking about the disparity in the collection of surtax on dividend income from stocks and mutual fund (MF) shares, Bohra said: “The surtax on stock dividends is limited to 15%, while the Surtax on dividends from shares of mutual funds is not limited to 15 percent. hundred. In the next budget, we expect the government to eliminate this disparity.

Relief for Genuine Transactions

Relief is also provided for genuine transactions, in situations such as receipt of sum of money above Rs 50,000 without any consideration (Section 56(2)(x)), etc.

“Deeming provisions of law such as Section 56(2)(x) or Section 50CA were introduced to combat tax evasion. Often transactions involving real circumstances fall under these provisions and the taxpayer ends up paying higher taxes. An amendment so that the deeming provisions only apply to cases of wrongdoing and an exception for genuine transactions would be welcome,” Mehta said.

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Huntington Police Blotter: A man had stolen a credit card

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HUNTINGTON, NY – These are recent arrests made in the Huntington area from January 23-29.

The Suffolk County Police Department released the following information. All charges are charges and do not imply guilt.

  • Tyler DeSantis, 30, of East Patchogue punched another man while on the ground while working with another person on December 31 on Pinelawn Road in Melville, police said. The man suffered a dislocated shoulder, police said. DeSantis was arrested and charged with third-degree assault with intent to cause bodily harm on January 28.
  • Damian Hernandez, 20, of Fuquay-Varina, North Carolina, was found in possession of a Visa card belonging to someone else while at the Huntington train station at 9 a.m. on Jan. 27, police said. He was arrested and charged with Fourth Degree Criminal Possession of Stolen Property: Possession of a Credit Card on January 27.
  • Elisha McGowan, 26, of Hempstead, stole clothes worth more than $2,300 from Saks Fifth Avenue at Walt Whitman stores around 2.30pm on January 26, police said. He was arrested and charged with grand larceny in the fourth degree: property value over $1,000 on January 26.

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Rafael Nadal makes history in Australian Open five-set classic against Daniil Medvedev | ATP tour

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Rafael Nadal made history again in the early hours of Monday morning as he came back from two sets at love to claim his record 21st Grand Slam title at the Australian Open.

Under the lights of the Rod Laver Arena, the legendary Spaniard looked down on Daniil Medvedev. However, the sixth seed showed his big game mentality, beating the Russian 2-6, 6-7(5), 6-4, 6-4, 7-5 in front of a raucous crowd in a Melbourne classic.

With his spectacular win, Nadal claimed sole ownership of the record for most Grand Slam titles in men’s singles, passing Roger Federer and Novak Djokovic, who both have 20 Major crowns. The 35-year-old, who also lifted the trophy in Melbourne in 2009, became just the second Open Era player alongside Djokovic to win each of the four major tournaments at least twice.

“It was one of the most emotional matches of my career,” Nadal said at the award ceremony. “Sharing the court with Daniil was just an honour. It’s amazing. To be honest, a month and a half ago I wasn’t sure if I could come back to the Tour playing tennis. But today, I am here in front of you all with this trophy in front of me. You are just amazing, thank you so much.

You may also like: Nadal wins 21st Grand Slam to add to ‘headlines’ tally

In a high-quality, physical match that fluctuated, a pumped-up Nadal showed his fighting spirit to water down a searing Medvedev performance. With his back firmly against the wall after the second set, Nadal’s champion mindset shone as he began to hit Medvedev more successfully in a brutal, hard-hitting performance to turn the tables. He rallied from 2-3, 0/40 on serve in the third set to change the momentum of the match. In the fifth set, he squandered his first opportunity to serve out the match, but sealed his victory on the second request.

This is only the fourth time Nadal has come back from two sets at love in his career. The last time he accomplished this was nearly 15 years ago when he beat Mikhail Youzhny in the fourth round at Wimbledon in 2007. The last Australian Open champion to return after two sets to win was in 1965 when Roy Emerson beat Fred Stolle.

The world No. 5 was aggressive from the baseline throughout, showing excellent footwork to round his backhand and dictate with his topspin forehand. The sixth seed shot 67 winners, closed the net effectively to shorten the points and broke seven times to triumph after five hours and 25 minutes.

Nadal now leads Medvedev 4-1 in their ATP Head2Head series, with this second meeting in a Grand Slam final. At the US Open in 2019, Medvedev went from two sets to love before Nadal prevailed in the decision in an epic Flushing Meadows.

“Having the huge support I received over the last three weeks is going to stay in my heart for the rest of my life, so thank you very much,” Nadal added.

Most Grand Slam men’s singles titles (of all time)

After the Citi Open last August, the former world No. 1 did not compete for the rest of the year due to a left foot injury. It was his second tournament since. But the Spaniard played in Australia like he had never been away, his win over the Russian taking his perfect 2022 record to 10-0.

The 35-year-old, who won his 89th tour-level title at the Melbourne Summer Set earlier this month, was tested to his limits en route to the Championship game, overtaking Denis Shapovalov in five sets in the quarter-finals finals, before he beat seventh-seeded Italian Matteo Berrettini in the semi-finals. However, he kept enough fuel in the tank to dig deep against Medvedev one last time to claim victory.

“Difficult to speak after playing [for] five hours and 30 minutes and lose, but I want to congratulate Rafa because what he did today I was amazed,” Medvedev said. “After the game, I asked him: ‘Are you tired?’ because it was crazy. You raised your level after the first two sets for your 21st Grand Slam title. You are an incredible champion, it was incredible.

Rafael Nadal” style=”width: 100%;” />
Photo credit: Clive Brunskill/Getty Images
In a quick start, Medvedev quickly found his range against Nadal, forcing the Spaniard to make mistakes as he showed his impressive defensive skills to stay in brutal rallies. The Russian read Nadal’s serve well, breaking the 35-year-old’s love interest in back-to-back service games to take a 5-2 lead before retaining the lead.

In a mammoth second set that swirled one way and then the other, both were strong on the return as they matched the intensity of the other on the floor. Nadal twice had a break advantage but couldn’t put the Russian away as Medvedev recovered 1-4 and then 3-5.

Medvedev saved a set point on serve from the Spaniard at 3-5, Ad-Nadal, before eventually coming back as they moved to a tie-break. Starting on the 4/5, Medvedev raised his level, setting a set point with a volley winner, which he then converted by guiding a backhand pass down the line, raising his arms in celebration.

But Nadal showed everyone his fighting spirit at the start of the third set. He held crucially from 0/40 to 2-3 before turning the screw on Medvedev with his brutal strike to break. Serving for the set, the Spaniard opened his shoulders and fired three winners to claim the set, roaring with delight as he gained a foothold in the match.

A pumped up and invigorated Nadal continued to attack in the fourth set. He fended off two break points early in the set before finding the breakthrough on Medvedev’s serve as he pulled the world No. 2 from corner to corner with his brutal strike.

Medvedev refused to leave, responding immediately when Nadal fired a long forehand, but Nadal once again demonstrated his fighting spirit, sealing his second straight break with a deft backhand cross pass. The Spaniard beat 23 winners in the set and effectively came back behind the Russian in the forehand corner to equalise.

Nadal then showcased his supreme fitness levels in the decider, not letting his intensity wane in the fifth set. The former world No. 1 fired a forehand winner down the line to break for a 3-2 advantage as the Spaniard took the lead for the first time in the match since the start of the first set, over four hours earlier. .

The 35-year-old then raced through a 14-minute service game, firing three big first serves to fend off three more break points, but was unable to serve as Medvedev came from 4-5 down. /30 behind level. . However, Nadal was not to be denied, immediately backing down before finally putting Medvedev to bed on the second request.

<a href=Raphael Nadal”
Photo credit: Mark Metcalfe/Getty Images
Medvedev, who also reached the final in Melbourne last year, was trying to become the first Open Era male player to follow his first major trophy with his second at the upcoming Grand Slam, after triumphing at the US Open in September.

The world No. 2 beat Stefanos Tsitsipas in the semi-finals to advance to his fourth major final, equaling compatriot Marat Safin’s all-time record for most appearances by a Russian in a Slam league match .

Did you know?
The 35-year-old is the third oldest man in the open era to win a Grand Slam title after Ken Rosewall and Federer.

John Lewis Sheffield: New images show redevelopment proposals drawn up by architecture student

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As an architecture student, I found it disturbing that the construction industry was still one of the biggest contributors to the climate crisis. We’re taught to always find ways to modernize and reuse in our design work, and yet the attitude across town seems poles apart; Sheffield seems addicted to demolition.

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What the former John Lewis site in Sheffield city center would look like under redevelopment plans drawn up by architecture student Luke Ball

I propose an alternative option combining both the renovation of the existing building and the creation of a new public park. I believe that by retaining and modernizing the northern aspects of the building, and permanently dismantling the car park and some sections of the building’s framework, the design would combine the best aspects of each of the current proposals.

This would create a vision of a greener Sheffield, promoting sustainable reuse and promoting Sheffield as a place of innovation, respectful of, but not limited by, its history.

By retaining and modernizing the north facade of the current building, the redevelopment would preserve the current identity and character of the town square and the relationship of the building to the town square and town hall. It would bring together the old, the new, and everything in between, to create a sense of identity and place.

This is what the former John Lewis site in Sheffield city center could look like if it is redeveloped using Luke Ball’s design idea for a refurbishment and park

On the ground floor, the façade could be modified by replacing the large storefronts with more traditional ones to allow access to each commercial unit from Barker’s Pool, without significant change in the character of the building or the symmetry of the square. This allows the internal spaces to be divided into several smaller units for a variety of uses, from retail and leisure on the ground floor, to offices and housing on the upper floors.

The main entrance to Barker’s Pool could then be converted into an arcade to allow direct access to the integrated park directly through the building. Arrangements could then be made for booths or flexible indoor displays to take place in the arcade. Creating this arcade would also increase footfall to units on either side, as people crossing would have more time and incentives to interact with these retail/leisure spaces, while selected units could be allowed to overflow in the newly created park and create outdoor seating areas in the newly created green space.

The decision to remove a substantial part of the building’s current framework is something which, as with total demolition, should not be taken lightly, and would still create a significant carbon impact while irreversibly altering the fabric of an important building in Sheffield; however both much less than would result from total demolition

This is an opportunity to be proud of our status as the greenest city in the UK and to bring even more green space to Sheffield; support local wildlife, absorb carbon, manage rainwater and purify the air we breathe. By creating a new public park integrated with commercial and leisure spaces, a new public space would be created, offering a place to meet and relax and would bring sustained additional traffic to the city centre.

What the old John Lewis site in Sheffield would look like under redevelopment plans drawn up by architecture student Luke Ball, who wants to retain part of the existing building while creating a new park

In addition to opening up the center of the building to create new green space and a smaller building depth, the stepping of the southern sections of the building’s frame would help create a less imposing and more human-sized building, while increasing direct sunshine. in the outdoor space.

This would preferably be achieved by removing only the top two stories from the frame of this section, but if necessary the two story segments of the building could be created anew, with the facade made up of segments salvaged and salvaged from the potentially demolished aspects which they would replace. Other materials such as tile and concrete from the parking lot could be reused and incorporated into landscaping and walkways to further reduce waste.

I believe that this proposal would offer all the advantages offered by the third option currently under consideration; that of total demolition and replacement with a smaller building and a public park; at a similar cost, but has a significant carbon saving by maintaining the building’s current structure, and would preserve the rich architectural heritage and quality of the building and Barker’s Pool.

The unique aesthetic and cultural significance of the renovated building and park would create a destination point in the center and encourage those who might otherwise have no reason to visit, while making a clear statement about the future. , values ​​and innovation of Sheffield and its communities, cementing it as a destination and example of a green and sustainable city with unparalleled character and sense of place.

What the old John Lewis site in Sheffield would look like under redevelopment plans drawn up by architecture student Luke Ball, who wants to retain part of the existing building while creating a new park

The idea, design, visualizations and report were created by Luke Ball and Eliana Fitzmaurice, architecture/architecture and landscape undergraduate students at Sheffield Hallam and the University of Sheffield.

How to Buy Bitcoin With Credit Card Instantly 2022

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Do you know how to buy Bitcoin with a credit card? Most avid crypto investors are looking to add BTC to their crypto portfolios right now.

This beginner’s guide covers everything about crypto credit card purchases and where to buy Bitcoin with a credit card.

How to Buy Bitcoin With a Credit Card – Quick Steps

  • Open an account with eToro – Go to the eToro website and click on the “Register Now” button to register using your email or social media accounts.
  • Verify account – Upload a copy of your government-issued ID card and proof of residency.
  • Deposit – Deposits as low as $10 are accepted at eToro. You can use a credit card, debit card or any other payment method to make a deposit.
  • Buy bitcoins – Buy the required BTC you desire.

>>> Buy Bitcoins on eToro

Crypto-assets are a highly volatile unregulated investment product. No investor protection in UK or EU.

Where to buy bitcoin with credit card

Looking for how to buy bitcoin with credit card? Here is a comprehensive review of the best brokers and exchanges that allow you to buy Bitcoin with a credit card.

  1. eToro – Best Overall Platform to Buy Bitcoin by Credit Card
  2. Binance – Best Crypto Exchange with High Liquidity to Buy BTC with Credit Card
  3. Coinbase – Best Beginner-Friendly Platform for Buying Bitcoin with Credit Card

1. eToro – Best Overall Platform to Buy Bitcoin with Credit Card

eToro is considered the best Bitcoin investment and trading broker. the Bitcoin exchange platform has 20 million outstanding users worldwide and a wide range of financial services.

eToro is a highly regulated platform with operating licenses from the Australian Securities as well as the Investment Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). These demonstrate that buying Bitcoin on the platform is safe and secure.

CopyTrader is a unique feature available on eToro that allows clients to watch and duplicate the trading tactics of more experienced traders and make more profit.

eToro allows investors to buy Bitcoin with a credit card, PayPal, Skrill, Neteller and other bank transfers. For trading, transfers and conversions of digital assets, the social trader supports over 40 cryptocurrencies. The platform boasts of the lowest minimums in the market. Investors from the US or UK can start trading with as little as $10. Moreover, eToro offers the best crypto wallet with top-notch security.

eToro is the best place to go if you want to buy bitcoins with USD. Although deposits are free, eToro investors must pay a $5 fee to initiate withdrawals.

Advantages:

  • Commercial Copy Tool
  • Extensive payment options
  • Highly regulated

The inconvenients:

  • Transactions are in US dollars

>>> Buy Bitcoins on eToro

Crypto-assets are a highly volatile unregulated investment product. No investor protection in UK or EU.

2. Binance – Best platform with high liquidity to buy BTC with credit card

https://static.mediawire.in/pr/metadata/15494522/temp/How_to_Buy_Bitcoin_with_Credit_Card_Instantly_2022_-1.png

Binance is one of the most popular crypto exchanges in the world. It surpasses all other exchanges in terms of trading volume, handling billions of dollars in daily trades. So if you are looking for a platform to buy Bitcoin with a credit card, this exchange has you covered.

There are many advantages to using Binance. Binance, as one of the largest Bitcoin exchanges, is extremely liquid. This implies that you will be able to trade Bitcoins in seconds.

In addition to credit card payments, Binance also offers a variety of payment options, including debit cards, e-wallet options such as PayPal, and bank transfers.

Advantages:

  • Low transaction costs
  • very liquid
  • Extensive inventory of digital assets

The inconvenients:

  • Not regulated in many countries

>>> Buy Bitcoins on Binance

Crypto-assets are a highly volatile unregulated investment product. No investor protection in UK or EU.

3. Coinbase – Best Beginner-Friendly Bitcoin Exchange

How-to-buy-Bitcoin-with-credit-card-instantly-2022--2

Coinbase is commonly recognized as the most liquid cryptocurrency exchange globally, with a large volume of crypto pairings.

The platform may apply fees when customers buy, sell, or convert bitcoin, but the fees are low. Additionally, Coinbase’s minimum deposit is set at $2. The trading fee is 0.5%; however, there are no fees for initial deposits or withdrawals.

Coinbase offers a variety of payment options, including credit cards, bank transfers, and other options. Because it includes a mobile app and a standalone wallet, the platform is one of the best alternatives to eToro. The interface is simple and intuitive, making it easy for investors to purchase bitcoins by credit card.

Coinbase also offers educational materials and activities to help customers better understand the crypto financial market, how crypto works, and how to profit from crypto investments.

Advantages:

  • Suitable for beginners
  • Low minimum deposit
  • Intuitive interface

The inconvenients:

>>> Buy Bitcoin on Coinbase

Crypto-assets are a highly volatile unregulated investment product. No investor protection in UK or EU.

How to buy Bitcoin with a credit card on eToro – Tutorial

1. Open an account on eToro.

How-to-buy-Bitcoin-with-credit-card-instantly-2022--3

To do this, click on the registration option on the eToro website. Enter your address and unique password or register with your Google or Facebook account.

2. Verify identity

How-to-buy-Bitcoin-with-credit-card-instantly-2022--4

You must follow the know your customer (KYC) procedure to be fully integrated into the platform. All you need is a copy of your driver’s license or a valid passport. You will also need to show proof of residency, such as a recent utility bill or bank statement.

3. Deposit

Simply tap on the “Deposit Funds” option on the eToro site to make a deposit. You will be taken directly to the deposit page, where you can enter your credit card information. To fund your account, go to “Deposit” and enter the amount of digital asset you wish to purchase.

4. Search Bitcoin

In the search field, type ‘BTC’ and click on the first result that appears.

5. Buy bitcoins

Where-to-Buy-Bitcoin-UK---5-Best-Places-9

>>> Buy BTC on eToro

Crypto-assets are a highly volatile unregulated investment product. No investor protection in UK or EU.

Click the “Trade” button to open the buy page to invest in Solana. Type the amount of Bitcoin you want to buy and click “Open Trade” to buy Bitcoins with a credit card.

Why buy Bitcoin with a credit card?

There are many advantages for investors who buy Bitcoin by credit card. These benefits include:

1. Fast deposits and withdrawals

On many exchanges where you can buy Bitcoin instantly with a credit card, transactions are usually quick and smooth. This is mainly because paying with a credit card eliminates the lengthy verification step required by other payment methods like bank transfers.

Additionally, most platforms such as eToro do not charge any fees for deposits made with credit cards.

2. High security

Credit cards offer better protection against fraud and some independence from your bank account, which adds an extra level of security. Indeed, the fees are not debited directly from your bank account; instead, your credit card issuer will see it as a charge on your account to be settled when you pay off your credit.

3. Easy to use

Paying for your Bitcoin purchase is decidedly easier to use than other payment methods. There is often no need to register with a third-party payment merchant or wait for deposit verification, which can take 3-7 days on eToro. Simply link your credit card to the platform and instantly buy bitcoins with a credit card.

>>> Buy Bitcoins on eToro

Crypto-assets are a highly volatile unregulated investment product. No investor protection in UK or EU.

How to buy Bitcoin with a credit card without verification

Investors can buy Bitcoin with a credit card without verification on some platforms that allow users to buy Bitcoin without verifying their identity. These platforms range from third-party bitcoin wallets to unregulated bitcoin exchanges.

However, some of these platforms may be dangerous and may not access your credit card details. We recommend using trusted and regulated exchanges like eToro, Coinbase, and Binance to buy Bitcoin with a credit card.

Conclusion

Following the rise of Bitcoin in the digital asset market, there has been an increase in payment options available to investors. One of these payment options is to buy Bitcoin with a credit card. This option is easy to use, cheap and fast.

This option leads to more questions such as where to buy Bitcoin with credit card. Our top pick is the master of social trading, eToro.

eToro is a trading and investment broker that allows investors to buy Bitcoin by credit card. Excellent customer service, wide investment options, a transparent fee structure and a highly regulated platform are some of the popular features of eToro.

>>> Buy Bitcoins on eToro

Crypto-assets are a highly volatile unregulated investment product. No investor protection in UK or EU. Your capital is in danger. Additionally, 68% of retail investor accounts lose money when trading CFDs with this provider. You need to ask yourself if you can afford to take the high risk of losing your money.

Disclaimer: Content Produced by CryptoPR

Improve your credit with a debit card

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Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products.

For many, having a good credit rating is key to achieving many financial milestones in life, from getting a lower interest rate on a loan to getting a higher credit limit. on your credit card. Credit cards are a way for people to increase their credit score with their daily purchases.

However, getting a credit card often requires a good credit score, so it can be difficult to start building your credit. However, fintech companies have been working on innovative solutions to help you build your credit score outside of traditional methods.

Additional card created a debit card that allows people to build credit without a credit check or high credit score to qualify. Below, Select takes a look at how Extra Card works and the various features it offers.

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How can Extra be a debit card that improves your credit score?

Additional was founded by Max Hellerstein, Cyrus Summerlin and Biren Shah in 2020. Extra works a bit like a payment card. With a charge card, cardholders are not able to carry over a balance from month to month and are required to pay their balance in full after a time interval, usually every 30 days.

With Extra, cardholders make a purchase and Extra reimburses the merchant at the time of the transaction. However, Extra connects to your checking account, so one day after you make a purchase, Extra takes the money from your bank account for that transaction.

At the end of the month, Extra then reports your card transactions to the Equifax and Experian credit bureaus. Additional does not currently report to Transunion.

Extra is in communication with Transunion about its information being added to Transunion credit reports, said Sloane Wimberly, director of communications at Extra Card.

By reporting cardholder payments to Equifax and Experian, the Additional card can have a positive impact on your credit score as reported by these two bureaus.

With the aid of Additional card can also have an impact on your credit utilization rate. The credit utilization rate is the ratio between the credit you use and the total amount of credit granted to you. Your credit utilization ratio impacts the “amount owed” category of your FICO score. The “amount owing” category includes 30% of your credit score. Experts recommend keeping your credit utilization rate below 30%, or even 10% if you can.

Because the card is redeemed daily, your credit utilization rate will reset each day, Wimberly explains. When your credit utilization ratio resets frequently, you are more likely to have a low utilization ratio. Having a low usage rate also has a positive impact on your credit score.

The Extra card does not charge any APR or interest as you have to pay your balance daily. And unlike a credit card, Extra won’t let you spend more than you have in your bank account, so you won’t have to worry about overspending and potential debt.

In order to qualify for a Additional card, you don’t need a credit score either. Extra does not perform credit checks, but potential cardholders must meet the following requirements:

  • Applicants must be 18 years or older
  • You must have an SSN or ITIN number
  • Applicants must have an address in the United States where you can receive your supplemental card (PO boxes are not valid)
  • Have a checking account at one of the 10,000 selected US banks
  • Have an iOS device (iPhone or iPad) or Android device running version 10 or later

According to Wimberly, 99% of applicants are approved for the card because all transactions on the card are guaranteed in cash. When cardholders sign up for Extra, they receive a spending limit based on the real-time balance of the bank account they choose to connect, Wimberly explains.

Fees and Rewards

Additional charges annual or monthly fees to cardholders. For Extra Credit Building, you’ll pay $8 a month, but if you’re willing to pay for the whole year upfront, you’ll get a slight discount and pay $84. For Extra Credit Building and Rewards, you’ll pay $12 per month or $108 for the whole year.

For the highest price, you will have access to the Extra Rewards program. Cardholders will earn 5 reward points for every dollar spent. Five reward points are worth up to 1 cent, so the redemption value is only 0.2 cents per point. Essentially, you get 1% back on all purchases if you redeem your points for maximum value.

Extra has a rewards store available through the Extra app, but store offerings vary. According to Wimberly, recently popular items in the store include an electric toothbrush, card games, gift cards and AirPods. Given that Extra is a credit-focused debit card, it’s no surprise that it offers few rewards and little flexibility in how cardholders can redeem their points.

The Extra Card cannot be used abroad, so there are no foreign transaction fees.

Alternatives to the Extra Card

The extra fees can be quite a steep price to pay in trying to boost your credit score. You might consider alternatives like a secured credit card, which requires you to pay a deposit that serves as security if you do not pay your bills. Generally, your line of credit is equal to the amount of your deposit. Secured cards are much easier to approve if you have bad credit or no credit.

When Select analyzed various secured cards to determine which cards were best for people with no or bad credit who wanted to improve their scores, it ranked the Discover it® Secure credit card as winner.

With the Discover it® Secure credit card, cardholders only need to put down a minimum deposit of $200 for a line of credit equal to that amount. Seven months after account opening, Discover will assess your credit card account to determine if you can upgrade to an unsecured line of credit.

If you don’t want to make a down payment, you might consider the “no annual fee” Visa® Petal® 1 credit card, which is aimed at people with non-prime credit who are looking to improve their scores.

The Petal 1 card has no annual fee, no welcome bonus, and earns 2-10% cash back at select merchants. With the Petal 1 card, you’ll have to make your monthly payments in full or risk having to pay interest. Unlike the Extra card, the Petal 1 card falls under the three credit bureaus, has no annual fees or foreign transaction fees (unlike Extra, the Petal 1 can be used abroad).

Plus, unlike the Extra Card, the Petal 1 Card is a credit card, so you’ll have a whole month to pay your bill.

At the end of the line

the Additional card can be a useful tool for people who don’t qualify for most credit cards but are looking to improve their credit score. However, the card has a monthly fee of $8 or an annual fee of $84, so you might be better off getting a secured credit card with no annual fee in order to build your credit.

Secured cards will require a security deposit, but you’ll usually receive the deposit and qualify for an unsecured card after you’ve made your payments on time and in full for a few months. Extra Card also has drawbacks: your card history is not shared with the three credit bureaus and cannot be used abroad.

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Visa Petal 1 credit card is issued by WebBank, Member FDIC.

For Discover it® secure credit card rates and fees, click here.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

Over 200 pieces of mail stolen in Powell Butte PO burglary found abandoned near Oakridge

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POWELL BUTTE, Ore. (KTVZ) – More than 200 pieces of mail stolen in a recent burglary at the Powell Butte Post Office have been found dumped in a rural area near State Route 58 just east of Oakridge , according to Crook County Sheriff’s Deputies.

The Sheriff’s Office and the U.S. Postal Service investigated a Jan. 16 burglary at the Powell Butte facility, where numerous mail and packages were stolen.

Ten days later and 120 miles away, the sheriff’s office responded Wednesday to a citizen’s report of mail found in the area off Highway 58 and recovered more than 200 pieces of mail taken during break-ins in many post office boxes.

Deputies said several of the postal items recovered contained personal information, putting the intended recipients at risk of identity theft.

They offered this advice in a Facebook post:

The Crook County Sheriff’s Office strongly encourages everyone involved to keep a close watch on:

• Accounts and bank statements

Credit card accounts and statements

• Explanation of the medical benefits of individual health plans

If your identity is stolen, it is recommended that you take immediate action to avoid any loss.

Call one of the national credit reporting companies and request that a 90-day fraud alert be placed on your records:

Equifax 1-800-525-6285

Experian 1-888-397-3742

Trans Union 1-800-680-7289

Order your credit report and look for any suspicious activity.

Create an identity theft report

File a complaint with the FTC at ftc.gov/complaint or 1-800-877-438-4338

Contact the Crook County Sheriff’s Office at 541-447-6398 to file a police report.

KLA CORP MANAGEMENT REPORT AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-Q)

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements other than statements of historical fact
may be forward-looking statements. You can identify these and other
forward-looking statements by the use of words such as "may," "will," "could,"
"would," "should," "expects," "plans," "anticipates," "relies," "believes,"
"estimates," "predicts," "intends," "potential," "continues," "thinks," "seeks,"
or the negative of such terms, or other comparable terminology. Forward-looking
statements also include the assumptions underlying or relating to any of the
foregoing statements. Such forward-looking statements include those regarding,
among others: the future impacts of the COVID-19 pandemic; forecasts of the
future results of our operations, including profitability; orders for our
products and capital equipment generally; sales of semiconductors; the
investments by our customers in advanced technologies and new materials; growth
of revenue in the semiconductor industry, the semiconductor capital equipment
industry and our business; technological trends in the semiconductor industry;
future developments or trends in the global capital and financial markets; our
future product offerings and product features; the success and market acceptance
of new products; timing of shipment of backlog; our future product shipments and
product and service revenues; our future gross margins; our future research and
development ("R&D") expenses and selling, general and administrative ("SG&A")
expenses; international sales and operations; our ability to maintain or improve
our existing competitive position; success of our product offerings; creation
and funding of programs for R&D; results of our investment in leading edge
technologies; the effects of hedging transactions; the effect of the sale of
trade receivables and promissory notes from customers; our future effective
income tax rate; our recognition of tax benefits; the effects of any audits or
litigation; future payments of dividends to our stockholders; the completion of
any acquisitions of third parties, or the technology or assets thereof; benefits
received from any acquisitions and development of acquired technologies;
sufficiency of our existing cash balance, investments, cash generated from
operations and the unfunded portion of our Revolving Credit Facility (as defined
below) to meet our operating and working capital requirements, including debt
service and payment thereof; future dividends, and stock repurchases; our
compliance with the financial covenants under the Credit Agreement (as defined
below) for our Revolving Credit Facility; the adoption of new accounting
pronouncements; and our repayment of our outstanding indebtedness.
Our actual results may differ significantly from those projected in the
forward-looking statements in this report. Factors that might cause or
contribute to such differences include, but are not limited to:
•The impact of the COVID-19 pandemic on the global economy and on our business,
financial condition and results of operations, including the supply chain
constraints we are experiencing as a result of the pandemic;
•Economic, political and social conditions in the countries in which we, our
customers and our suppliers operate, including global trade policies;
•Disruption to our manufacturing facilities or other operations, or the
operations of our customers, due to natural catastrophic events, health
epidemics or terrorism;
•Ongoing changes in the technology industry, and the semiconductor industry in
particular, including future growth rates, pricing trends in end-markets, or
changes in customer capital spending patterns;
•Our ability to timely develop new technologies and products that successfully
anticipate or address changes in the semiconductor industry;
•Our ability to maintain our technology advantage and protect our proprietary
rights;
•Our ability to compete with new products introduced by our competitors;
•Our ability to attract, onboard and retain key personnel;
•Cybersecurity threats, cyber incidents affecting our and our customers,
suppliers and other service providers' systems and networks and our and their
ability to access critical information systems for daily business operations;
•Liability to our customers under indemnification provisions if our products
fail to operate properly or contain defects or our customers are sued by third
parties due to our products;
•Exposure to a highly concentrated customer base;
•Availability and cost of the wide range of materials used in the production of
our products;
•Our ability to operate our business in accordance with our business plan;
•Legal, regulatory and tax environments in which we perform our operations and
conduct our business and our ability to comply with relevant laws and
regulations;
•Our ability to pay interest and repay the principal of our current indebtedness
is dependent upon our ability to
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manage our business operations, our credit rating and the ongoing interest rate
environment, among other factors;
•Instability in the global credit and financial markets;
•Our exposure to currency exchange rate fluctuations, or declining economic
conditions in those countries where we conduct our business;
•Changes in our effective tax rate resulting from changes in the tax rates
imposed by jurisdictions where our profits are determined to be earned and
taxed, expiration of tax holidays in certain jurisdictions, resolution of issues
arising from tax audits with various authorities or changes in tax laws or the
interpretation of such tax laws; and
•Our ability to identify suitable acquisition targets and successfully integrate
and manage acquired businesses.
For a more detailed discussion of these and other risk factors that might cause
or contribute to differences from the forward-looking statements in this report,
see Part II, Item 1A, "Risk Factors" in this report as well as Part I, Item 1,
"Business" and Part II, Item 7, "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in our Annual Report on Form 10-K
for the year ended June 30, 2021. You should carefully review these risks and
also review the risks described in other documents we file from time to time
with the Securities and Exchange Commission ("SEC"). You are cautioned not to
place undue reliance on these forward-looking statements, and we expressly
assume no obligation and do not intend to update the forward-looking statements
in this report after the date hereof.
EXECUTIVE SUMMARY
We are a leading supplier of process control and yield management solutions and
services for the semiconductor and related electronics industries. Our broad
portfolio of inspection and metrology products, and related service, software
and other offerings, support R&D and manufacturing of integrated circuits
("IC"), wafers and reticles. Our products, services and expertise are used by
our customers to measure, detect, analyze and resolve critical and nanometric
level product defects, helping them to manage manufacturing process challenges
and to obtain higher finish product yields at lower cost. We also offer advanced
technology solutions to address various manufacturing needs of Printed Circuit
Boards ("PCB"), Flat Panel Displays ("FPD"), Specialty Semiconductor Devices and
other electronic components, including advanced packaging, light-emitting
diodes, power devices, compound semiconductors, and data storage, as well as
general materials research.
The pervasive and increasing needs for semiconductors in many consumer and
industrial products, the rapid proliferation of new applications for more
advanced semiconductor devices, and the increasing complexity associated with
leading edge semiconductor manufacturing drives demand for our process control
and yield management solutions, and this demand is expected to continue for the
foreseeable future. At the same time, technology is transforming how we live and
work, and the data driven economy is fundamentally changing how businesses
operate and deliver value. This digital transformation is enabling secular
demand drivers such as High-Performance Computing, Artificial Intelligence,
Machine Learning, and rapid growth in new automotive electronics and 5G
communications markets. Each trend is driving investments and innovation in
advanced Logic and Memory semiconductor devices, as well as new and increasingly
more complex advanced packaging and PCB technologies. The favorable end-market
dynamics are driving our customers to make increased investments in our process
control and yield management solutions as part of their overall capital
investment plans. These trends also drive demand for our other products such as
those used in PCB, FPD and Specialty Semiconductor manufacturing, where the
increase in technology complexity is expected to continue and further accelerate
as more devices become interconnected and dependent on other electronic devices.
As a result of these factors, we saw a general strengthening of demand for our
products throughout fiscal 2021 and in the first half of fiscal 2022. We
continue to focus on our close collaborative relationships with our customers,
which allows us improved insight into customer demand to more efficiently manage
our business, ranging from product development to balancing inventory levels, in
order to meet their needs.
We are organized into four reportable segments. We manage our Specialty
Semiconductor Process and PCB, Display and Component Inspection reporting
segments within our Electronics, Packaging and Components ("EPC") group.
•Semiconductor Process Control ("SPC"): a comprehensive portfolio of inspection,
metrology and data analytics products as well as related service offerings that
help IC manufacturers achieve target yields throughout the semiconductor
fabrication process.
•Specialty Semiconductor Process: advanced vacuum deposition and etching process
tools used by a broad range of specialty semiconductor customers.
•PCB, Display and Component Inspection: a range of inspection, testing and
measurement, and direct imaging for patterning products used by manufacturers of
PCBs, FPDs, advanced packaging, microelectromechanical systems and other
electronic components.
•Other: products that do not fall into the three segments above.
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China is emerging as a major region for manufacturing of logic and memory chips,
adding to its role as the world's largest consumer of ICs. Additionally, a
significant portion of global FPD and PCB manufacturing has migrated to China.
Government initiatives are propelling China to expand its domestic manufacturing
capacity and attracting investment from semiconductor manufacturers from Taiwan,
Korea, Japan and the United States. Although China is currently seen as an
important long-term growth region for the semiconductor and electronics capital
equipment sector, the United States Department of Commerce ("Commerce") has
added certain China-based entities to the U.S. Entity List, restricting our
ability to provide products and services to such entities without a license. In
addition, Commerce has imposed export licensing requirements on China-based
customers engaged in military end uses, as well as requiring our customers to
obtain an export license when they use certain semiconductor capital equipment
based on U.S. technology to manufacture products connected to Huawei or its
affiliates. While these rules have not significantly impacted our operations to
date, such actions by the U.S. government or another country could impact our
ability to provide our products and services to existing and potential customers
and adversely affect our business. For additional information regarding risks
related to our international operations, see Part II, Item 1A, "Risk Factors" in
this report.
The following table sets forth some of our key quarterly unaudited financial
information:
                                                                         Three Months Ended
(In thousands, except net income  December 31,         September 30,           June 30,            March 31,           December 31,
per share)                            2021                 2021                  2021                 2021                 2020
Total revenues                   $ 2,352,630          $  2,083,838          $ 1,925,471          $ 1,803,773          $ 1,650,870
Costs of revenues                $   908,162          $    813,624          $   772,241          $   709,629          $   669,733
Gross margin                              61  %                 61  %                60  %                61  %                59  %
Net income attributable to
KLA(1)                           $   717,444          $  1,068,417          $   632,978          $   567,496          $   457,251
Diluted net income per share
attributable to KLA(2)           $      4.71          $       6.96          $      4.10          $      3.66          $      2.94


__________________
(1)Our net income attributable to KLA increased to $717.4 million in the three
months ended December 31, 2021 compared to the three months ended December 31,
2020 primarily as a result of higher revenues partially offset by higher costs
of revenues and higher income taxes. Refer to the sections below for further
information.
(2)Diluted net income per share is computed independently for each of the
quarters presented based on the weighted-average fully diluted shares
outstanding for each quarter. Therefore, the sum of quarterly diluted net income
per share information may not equal annual (or other multiple-quarter
calculations of) diluted net income per share.
Impact of COVID-19
Events surrounding the ongoing COVID-19 pandemic had resulted in a reduction in
economic activity across the globe in calendar year 2020 and early 2021.
Vaccinations and pandemic containment measures have now created an environment
that is driving economic growth, even as the pace of economic recovery remains
uneven in various geographies. The resumption of growth has caused us to
experience new constraints in our supply chain. Supply chain lead times are
extended and shortages have sometimes required us to plan further ahead and
increase our purchase commitments to secure critical components on a timely
basis. We continue to monitor our supply chain and work with our suppliers to
identify and mitigate potential gaps to ensure continuity of supply.
While all of our global sites are currently operational, any local pandemic
outbreaks or advent of new variants could require us to temporarily curtail
production levels or temporarily cease operations based on government mandates
or due to outbreaks affecting our manufacturing employees. We remain committed
to the health and safety of our employees, contractors, suppliers, customers and
communities, and are following government policies and recommendations designed
to slow the spread of COVID-19.
Our efforts to respond to the pandemic have included health screenings, social
distancing, employee separation protocols at our facilities, suspension of
non-essential business travel and work from home to the extent possible. We have
also developed augmented reality-based solutions for remote services that allow
for rapid response to customer needs. We are working with government authorities
in the jurisdictions where we operate, and continuing to monitor our operations
in an effort to ensure we follow government requirements, relevant regulations,
industry standards, and best practices to help safeguard our team members, while
safely continuing operations to the extent possible at our sites across the
globe.
We believe these actions are appropriate and prudent to safeguard our employees,
contractors, suppliers, customers, and communities, while allowing us to safely
continue operations. We will continue to actively monitor the situation and may
take
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further actions or alter our business operations that we determine are in the
best interests of our employees, customers, partners, suppliers, and
stakeholders, or as required by federal, state, or local authorities.
CRITICAL ACCOUNTING ESTIMATES AND POLICIES
The preparation of our Condensed Consolidated Financial Statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions in applying our accounting
policies that affect the reported amounts of assets, liabilities, revenues and
expenses, and related disclosure of contingent assets and liabilities. We base
these estimates and assumptions on historical experience and evaluate them on an
ongoing basis to ensure that they remain reasonable under current conditions.
Actual results could differ from those estimates. We discuss the development and
selection of the critical accounting estimates with the Audit Committee of our
Board of Directors on a quarterly basis, and the Audit Committee has reviewed
our related disclosure in this Quarterly Report on Form 10-Q.
There have been no material changes in our critical accounting estimates and
policies since our Annual Report on Form 10-K for the fiscal year ended June 30,
2021. Refer to Note 1 "Basis of Presentation" to our Condensed Consolidated
Financial Statements for additional details. In addition, please refer to
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" contained in Part II, Item 7 of our Annual Report on Form 10-K for
our fiscal year ended June 30, 2021 for a complete description of our critical
accounting policies and estimates.
Recent Accounting Pronouncements
For a description of recent accounting pronouncements, including those recently
adopted and the expected dates of adoption as well as estimated effects, if any,
on our Condensed Consolidated Financial Statements of those not yet adopted, see
Note 1 "Basis of Presentation" to our Condensed Consolidated Financial
Statements.
RESULTS OF OPERATIONS
Revenues and Gross Margin
Revenues
Our business is affected by the concentration of our customer base and our
customers' capital equipment procurement schedules as a result of their
investment plans. Our product revenues in any particular period are
significantly impacted by the amount of new orders we receive during that period
and, depending upon the duration of manufacturing and installation cycles, in
the preceding period. Revenue is also impacted by average customer pricing,
customer revenue deferrals associated with volume purchase agreements, and the
effect of fluctuations in foreign currency exchange rates.
Service revenues are generated from product maintenance and support services, as
well as billable time and material service calls made to our customers. The
amount of our service revenues is typically a function of the number of systems
installed at our customers' sites and the utilization of those systems, but it
is also impacted by other factors, such as our rate of service contract
renewals, the types of systems being serviced and fluctuations in foreign
currency exchange rates.

                                      Three Months Ended December 31,                  Q2 FY22
                                                                                         vs.
(Dollar amounts in thousands)          2021                        2020                Q2 FY21
Revenues:
Product                         $     1,895,769               $ 1,238,023       $ 657,746        53  %
Service                                 456,861                   412,847          44,014        11  %
Total revenues                  $     2,352,630               $ 1,650,870       $ 701,760        43  %
Costs of revenues               $       908,162               $   669,733       $ 238,429        36  %
Gross margin                               61.4   %                  59.4  %


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                                       Six Months Ended December 31,              Q2 FY22 YTD
                                                                                      vs.
  (Dollar amounts in thousands)           2021                 2020               Q2 FY21 YTD
  Revenues:
  Product                          $     3,525,657        $ 2,383,518       $ 1,142,139        48  %
  Service                                  910,811            805,972           104,839        13  %
  Total revenues                   $     4,436,468        $ 3,189,490       $ 1,246,978        39  %
  Costs of revenues                $     1,721,786        $ 1,290,295       $   431,491        33  %
  Gross margin                                61.2   %           59.5  %


Product revenues during the three and six months ended December 31, 2021
increased compared to the three and six months ended December 31, 2020,
respectively, primarily due to strong demand for many of our products,
especially our inspection portfolio, as well as increases from continued growth
in the advanced packaging, 5G infrastructure and specialty semiconductor
markets.
Service revenues during the three and six months ended December 31, 2021
increased compared to the three and six months ended December 31, 2020,
primarily due to an increase in our installed base.
Revenues by segment(1)

                                                       Three Months Ended December 31,                       Q2 FY22
                                                                                                               vs.
(Dollar amounts in thousands)                             2021                    2020                       Q2 FY21
Revenues:
SPC                                               $       2,052,202          $ 1,380,184          $  672,018               49  %
Specialty Semiconductor Process                             112,738               90,587              22,151               24  %
PCB, Display and Component Inspection                       187,977              179,267               8,710                5  %
Other                                                             -                  449                (449)            (100) %
Total revenues for reportable segments            $       2,352,917          $ 1,650,487          $  702,430               43  %



                                                  Six Months Ended December 31,                       Q2 FY22 YTD
                                                                                                          vs.
(Dollar amounts in thousands)                       2021                    2020                      Q2 FY21 YTD

Income:

SPC                                          $      3,831,285          $ 2,648,138          $ 1,183,147               45  %
Specialty Semiconductor Process                       214,767              179,540               35,227               20  %
PCB, Display and Component Inspection                 390,785              360,444               30,341                8  %
Other                                                       -                  590                 (590)            (100) %

Total revenue for reportable segments $4,436,837 $3,188,712 $1,248,125

               39  %


__________

(1)Segment revenues exclude corporate allocations and the effects of changes in
foreign currency exchange rates. For additional details, refer to Note 18
"Segment Reporting and Geographic Information" to our Condensed Consolidated
Financial Statements.
Revenues from our SPC segment during the three and six months ended December 31,
2021 increased compared to the three and six months ended December 31, 2020,
respectively, primarily due to strong demand for many of our products especially
from our inspection portfolio. Revenues in the EPC group during the three and
six months ended December 31, 2021 increased compared to the three and six
months ended December 31, 2020, respectively, primarily due to continued growth
in advanced packaging, 5G infrastructure and specialty semiconductor markets.
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Revenues by region
The following is a summary of revenues by geographic region, based on ship-to
location, for the indicated periods:
                                              Three Months Ended December 31,                                              Six Months Ended December 31,
(Dollar amounts in
thousands)                                2021                                 2020                                   2021                                   2020
Taiwan                      $       776,442            33  %       $   380,785            23  %       $     1,403,526                31  %       $   749,886            24  %
China                               544,537            23  %           382,157            23  %             1,229,693                28  %           868,246            27  %
Korea                               323,095            14  %           347,947            21  %               562,278                13  %           537,465            17  %
North America                       271,594            12  %           214,808            13  %               449,334                10  %           384,984            12  %
Japan                               196,282             8  %           156,721            10  %               371,449                 8  %           321,140            10  %
Europe and Israel                   175,195             7  %           100,201             6  %               262,635                 6  %           183,318             6  %
Rest of Asia                         65,485             3  %            68,251             4  %               157,553                 4  %           144,451             4  %
Total                       $     2,352,630           100  %       $ 1,650,870           100  %       $     4,436,468               100  %       $ 3,189,490           100  %


A significant portion of our revenues continues to be generated in Asia, where a
substantial portion of the world's semiconductor manufacturing capacity is
located, and we expect that trend to continue.
Gross margin
Our gross margin fluctuates with revenue levels and product mix and is affected
by variations in costs related to manufacturing and servicing our products,
including our ability to scale our operations efficiently and effectively in
response to prevailing business conditions.
The following table summarizes the major factors that contributed to the changes
in gross margin:
                                                                                  Gross Margin
                                                             Three Months Ended                    Six Months Ended
December 31, 2020                                                   59.4%                               59.5%
Revenue volume of products and services                             2.9%                                 2.8%
Mix of products and services sold                                   0.2%                                  -%

Manufacturing labor, overhead and efficiencies                     (0.1)%                               (0.2)%
Other service and manufacturing costs                              (1.0)%                               (0.9)%

December 31, 2021                                                   61.4%                               61.2%


Changes in gross margin, which are driven by the revenue volume of products and
services, reflect our ability to leverage existing infrastructure to generate
higher revenues. Changes in gross margin from the mix of products and services
sold reflect the impact of changes within the composition of product and service
offerings. Changes in gross margin from manufacturing labor, overhead and
efficiencies reflect our ability to manage costs and drive productivity as we
scale our manufacturing activity to respond to customer requirements, and
amortization of intangible assets. Changes in gross margin from other service
and manufacturing costs include the impact of customer support costs, including
the efficiencies with which we deliver services to our customers, and the
effectiveness with which we manage our production plans and inventory risk.
The increase in our gross margin during the comparative periods presented is
primarily due to a higher revenue volume of products and services sold,
partially offset by an increase in service and manufacturing costs.
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Segment gross profit(1)

                                                        Three Months Ended                                        Q2 FY22
                                                           December 31,                                             vs.
(Dollar amounts in thousands)                              2021                        2020                       Q2 FY21
Segment gross profit:
SPC                                                  $   1,342,937                $   884,090                      $ 458,847               52  %
Specialty Semiconductor Process                             60,274                     51,171                          9,103               18  %
PCB, Display and Component Inspection                       82,322                     84,584                         (2,262)              (3) %
Other                                                            -                       (121)                           121             (100) %
                                                     $   1,485,533                $ 1,019,724                      $ 465,809               46  %



                                                      Six Months Ended December 31,                      Q2 FY22 YTD
                                                                                                             vs.
(Dollar amounts in thousands)                           2021                    2020                     Q2 FY21 YTD
Segment gross profit:
SPC                                              $      2,504,866          $ 1,698,900          $  805,966               47  %
Specialty Semiconductor Process                           114,995              101,099              13,896               14  %
PCB, Display and Component Inspection                     176,798              174,753               2,045                1  %
Other                                                           -                 (108)                108             (100) %
                                                 $      2,796,659          $ 1,974,644          $  822,015               42  %


________________
(1)  Segment gross profit is calculated as segment revenues less segment costs
of revenues and excludes corporate allocations, amortization of intangible
assets, inventory fair value adjustments, acquisition related costs, and the
effects of changes in foreign currency exchange rates. For additional details,
refer to Note 18 "Segment Reporting and Geographic Information" to our Condensed
Consolidated Financial Statements.
Gross profit in the SPC segment during the three and six months ended
December 31, 2021 increased compared to the three and six months ended
December 31, 2020, respectively, primarily due to a higher revenue volume of
products and services sold, partially offset by an increase in other service and
manufacturing costs. Gross profit in the Specialty Semiconductor Process segment
during the three and six months ended December 31, 2021 increased compared to
the three and six months ended December 31, 2020, respectively, primarily due to
higher revenue volume, partially offset by a less favorable mix of products and
services sold. Gross profit in the PCB, Display and Component Inspection segment
during the three months ended December 31, 2021 decreased compared to the three
months ended December 31, 2020 primarily due to a less favorable mix of products
and services sold as well as an increase in other service and manufacturing
costs. Gross profit in the PCB, Display and Component Inspection segment for the
six months ended December 31, 2021 remained relatively unchanged from the six
months ended December 31, 2020.
Research and Development ("R&D")
R&D expenses may fluctuate with product development phases and project timing as
well as our R&D efforts. As technological innovation is essential to our
success, we may incur significant costs associated with R&D projects, including
compensation for engineering talent, engineering material costs and other
expenses.

                                                Three Months Ended December 31,                      Q2 FY22
                                                                                                       vs.
(Dollar amounts in thousands)                      2021                    2020                      Q2 FY21
R&D expenses                                $       265,031           $   229,064          $ 35,967              16  %
R&D expenses as a percentage of total
revenues                                                 11   %             

14%


R&D expenses during the three months ended December 31, 2021 increased compared
to the three months ended December 31, 2020, primarily due to an increase in
employee-related expenses of $43.5 million as a result of additional engineering
headcount as well as higher employee compensation and benefit costs, partially
offset by a decrease in engineering project material costs of $9.0 million.
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                                                 Six Months Ended December 31,                     Q2 FY22 YTD
                                                                                                       vs.
(Dollar amounts in thousands)                      2021                   2020                     Q2 FY21 YTD
R&D expenses                                $      523,184           $   448,102          $    75,082              17  %
R&D expenses as a percentage of total
revenues                                                12   %              

14%


R&D expenses during the six months ended December 31, 2021 increased compared to
the six months ended December 31, 2020, primarily due to an increase in
employee-related expenses of $71.2 million as a result of additional engineering
headcount as well as higher employee compensation and benefit costs, an
in-process R&D write-off of $6.0 million, and an increase in consulting costs of
$5.6 million, partially offset by a decrease in engineering project material
costs of $10.5 million.
Our future operating results will depend significantly on our ability to produce
products and provide services that have a competitive advantage in our
marketplace. To do this, we believe we must continue to make substantial and
focused investments in our R&D. We remain committed to product development in
new and emerging technologies.
Selling, General and Administrative ("SG&A")

                                                   Three Months Ended December 31,                      Q2 FY22
                                                                                                          vs.
(Dollar amounts in thousands)                         2021                    2020                      Q2 FY21
SG&A expenses                                  $       213,479           $   181,909          $ 31,570              17  %
SG&A expenses as a percentage of total
revenues                                                     9   %          

11%


SG&A expenses during the three months ended December 31, 2021 increased compared
to the three months ended December 31, 2020, primarily due to increases in the
following: employee-related expenses of $22.6 million as a result of additional
headcount as well as higher employee compensation and benefit costs,
facilities-related expense of $2.4 million, depreciation expense of $1.9 million
and consulting costs of $1.4 million.

                                                 Six Months Ended December 31,                     Q2 FY22 YTD
                                                                                                       vs.
(Dollar amounts in thousands)                      2021                   2020                     Q2 FY21 YTD
SG&A expenses                               $      406,740           $   354,540          $    52,200              15  %
SG&A expenses as a percentage of total
revenues                                                 9   %              

11%


SG&A expenses during the six months ended December 31, 2021 increased compared
to the six months ended December 31, 2020, primarily due to increases in the
following: employee-related expenses of $34.1 million as a result of additional
headcount as well as higher employee compensation and benefit costs, consulting
costs of $6.2 million, facilities-related expense of $3.7 million, depreciation
expense of $2.6 million and travel-related expense of $2.2 million.
Restructuring Charges
Restructuring charges were $0.5 million and $4.6 million for the three months
ended December 31, 2021 and 2020, respectively. Restructuring charges were
$0.9 million and $8.1 million for the six months ended December 31, 2021 and
2020, respectively. Restructuring charges for the three and six months ended
December 31, 2020, included $1.0 million and $2.0 million, respectively, of
non-cash charges for accelerated depreciation related to certain right-of-use
assets and fixed assets to be abandoned. As of December 31, 2021, the accrual
for restructuring charges was $2.9 million.
For additional information refer to Note 19 "Restructuring Charges" to our
Condensed Consolidated Financial Statements.
Interest Expense and Other Expense (Income), Net
Other expense (income), net is comprised primarily of realized gains or losses
on sales of marketable securities, gains or losses from revaluations of certain
foreign currency denominated assets and liabilities as well as foreign currency
contracts, interest-related accruals (such as interest and penalty accruals
related to our tax obligations) and interest income earned on our invested cash,
cash equivalents and marketable securities.
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                                                    Three Months Ended December 31,                     Q2 FY22
                                                                                                          vs.
(Dollar amounts in thousands)                           2021                   2020                     Q2 FY21
Interest expense                                 $        37,852           $  38,880          $ (1,028)             (3) %
Other expense (income), net                                1,201               3,882            (2,681)            (69) %
Interest expense as a percentage of total
revenues                                                       2   %               2  %
Other expense (income), net as a percentage of
total revenues                                                  < 1%        


Interest expense during the three months ended December 31, 2021
decreased compared to the three months ended December 31, 2020, primarily due to
lower interest expense on our Revolving Credit Facility.
Other expense (income), net during the three months ended December 31, 2021
decreased compared to the three months ended December 31, 2020, primarily due to
more favorable exchange rates.

                                                   Six Months Ended December 31,                    Q2 FY22 YTD
                                                                                                        vs.
(Dollar amounts in thousands)                         2021                  2020                    Q2 FY21 YTD
Interest expense                               $       76,164           $  78,266          $    (2,102)             (3) %
Other expense (income), net                    $       15,341           $   7,079                8,262             117  %
Interest expense as a percentage of total
revenues                                                    2   %               2  %
Other expense (income), net as a percentage of
total revenues                                               < 1%           


Interest expense during the six months ended December 31, 2021
decreased compared to the six months ended December 31, 2020, primarily due to
lower interest expense on our Revolving Credit Facility.
Other expense (income), net during the six months ended December 31, 2021
increased compared to the six months ended December 31, 2020, primarily due to a
fair value loss of $8.9 million from an equity security in the six months ended
December 31, 2021..
Provision for Income Taxes
The following table provides details of income taxes:
                                             Three Months Ended December 31,                Six Months Ended December 31,
(Dollar amounts in thousands)                    2021                   2020                  2021                    2020
Income before income taxes                $       926,905           $ 527,402          $     1,693,253           $ 1,011,208
Provision (benefit) for income taxes              209,388              70,419                  (92,749)              134,083
Effective tax rate                                   22.6   %            13.4  %                  (5.5)  %              13.3  %


The effective tax rate during the three months ended December 31, 2021 was
higher compared to the three months ended December 31, 2020 primarily due to the
impact of the following items:
•Tax expense increased by $163.7 million during the three months ended December
31, 2021 relating to a non-recurring tax expense resulting from a new Israel tax
law enacted on November 15, 2021. The new Israel tax law limits our ability to
maintain our previous representation that the historical earnings were
permanently reinvested in Israel. We recorded deferred tax liability and related
tax expense of $163.7 million in accordance with the new Israel tax law;
partially offset by
•Tax expense decreased by $69.1 million during the three months ended December
31, 2021 relating to an internal restructuring reducing the deferred tax
liability on unremitted earnings.
The effective tax rate during the six months ended December 31, 2021 was lower
compared to the six months ended December 31, 2020 primarily due to the impact
of the following items:
•Tax expense decreased by $394.5 million during the six months ended December
31, 2021 relating to a non-recurring tax benefit resulting from the intra-entity
transfers of certain intellectual property rights ("IP rights"). During the
three months ended September 30, 2021, we completed intra-entity transfers of IP
rights to one of our Singapore subsidiaries in order to better align the
ownership of these rights with how our business operates. The transfers did not
result in taxable gains; however, our Singapore subsidiary recognized deferred
tax assets for the book and tax basis
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difference of the eligible transferred IP rights; and
•Tax expense decreased by $69.1 million during the six months ended December
31,2021 relating to an internal restructuring reducing the deferred tax
liability on unremitted earnings; partially offset by
•Tax expense increased by $163.7 million during the six months ended December
31, 2021 relating to a non-recurring tax expense resulting from a new Israel tax
law enacted on November 15, 2021. The new Israel tax law limits our ability to
maintain our previous assertion that certain historical earnings of our
subsidiaries were permanently reinvested in Israel. Given this, we recorded a
deferred tax liability and related tax expense of $163.7 million during the
three months ended December 31, 2021 for the future Israel income tax due upon
repatriation of these historical earnings in accordance with the new Israel tax
law.
Our future effective income tax rate depends on various factors, such as tax
legislation, the geographic composition of our pre-tax income, the amount of our
pre-tax income as business activities fluctuate, non-deductible expenses
incurred in connection with acquisitions, R&D credits as a percentage of
aggregate pre-tax income, non-taxable or non-deductible increases or decreases
in the assets held within our Executive Deferred Savings Plan, the tax effects
of employee stock activity and the effectiveness of our tax planning strategies.
For discussions on tax examinations, assessments and certain related
proceedings, see Note 13 "Income Taxes" to our Condensed Consolidated Financial
Statements.
Liquidity and Capital Resources
                                                                      As of                    As of
(Dollar amounts in thousands)                                   December 31, 2021          June 30, 2021
Cash and cash equivalents                                      $       1,657,057          $  1,434,610
Marketable securities                                                  1,153,404             1,059,912
Total cash, cash equivalents and marketable securities         $       2,810,461          $  2,494,522
Percentage of total assets                                                    24  %                 24  %

                                                                     Six Months Ended December 31,
(In thousands)                                                         2021                    2020
Cash flows:
Net cash provided by operating activities                      $       1,674,595          $  1,073,252
Net cash used in investing activities                                   (281,570)             (230,212)
Net cash used in financing activities                                 (1,166,876)             (665,583)
Effect of exchange rate changes on cash and cash equivalents              (3,702)               19,600
Net (decrease) increase in cash and cash equivalents           $         

222,447 $197,057


Cash, Cash Equivalents and Marketable Securities
As of December 31, 2021, our cash, cash equivalents and marketable securities
totaled $2.81 billion, which represents an increase of $315.9 million from
June 30, 2021. The increase is due to net cash provided by operating activities
of $1.67 billion, partially offset by stock repurchases of $829.6 million, cash
used for payment of dividends and dividend equivalents of $322.0 million,
capital expenditures of $133.9 million and $38.0 million in net cash paid for an
acquisition.
As of December 31, 2021, $1.22 billion of our $2.81 billion of cash, cash
equivalents and marketable securities were held by our foreign subsidiaries and
branch offices. We currently intend to indefinitely reinvest $702.2 million of
the cash, cash equivalents and marketable securities held by our foreign
subsidiaries for which we assert that earnings are permanently reinvested. If,
however, a portion of these funds were to be repatriated to the United States,
we would be required to accrue and pay state and foreign taxes of approximately
1% - 22% of the funds repatriated. The amount of taxes due will depend on the
amount and manner of the repatriation, as well as the location from which the
funds are repatriated. We have accrued state and foreign tax on the remaining
cash of $519.8 million of the $1.22 billion held by our foreign subsidiaries and
branch offices. As such, these funds can be returned to the U.S. without
accruing any additional U.S. tax expense.
Cash Dividends
During the three months ended December 31, 2021, our Board of Directors declared
a regular quarterly cash dividend of $1.05 per share on our outstanding common
stock, which was paid on December 1, 2021 to our stockholders of record as of
the
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close of business on November 15, 2021. During the same period in fiscal year
ended June 30, 2021, our Board of Directors declared and paid a regular
quarterly cash dividend of $0.90 per share on our outstanding common stock. The
total amount of regular quarterly cash dividends and dividend equivalents paid
during the three months ended December 31, 2021 and 2020 was $159.1 million and
$139.6 million, respectively. The total amount of regular quarterly cash
dividends and dividend equivalents paid during the six months ended December 31,
2021 and 2020 was $322.0 million and $280.7 million, respectively. The amount of
accrued dividend equivalents payable for regular quarterly cash dividends on
unvested RSUs with dividend equivalent rights as of December 31, 2021 and
June 30, 2021 was $10.4 million and $10.3 million, respectively. These amounts
will be paid upon vesting of the underlying unvested RSUs as described in Note
10 "Equity, Long-term Incentive Compensation Plans and Non-Controlling Interest"
to our Condensed Consolidated Financial Statements.
Stock Repurchases
The shares repurchased under our stock repurchase program have reduced our basic
and diluted weighted-average shares outstanding for the six months ended
December 31, 2021 and 2020. The stock repurchase program is intended, in part,
to offset the dilution from our equity incentive plans, shares issued in
connection with purchases under our ESPP as well as to return excess cash to our
shareholders.
Cash Flows from Operating Activities
Historically, we have financed our liquidity requirements through cash generated
from our operations. Net cash provided by operating activities during the six
months ended December 31, 2021 was $1.67 billion compared to $1.07 billion
during the six months ended December 31, 2020. This increase of $601.3 million
resulted primarily from the following:
•An increase in collections of approximately $1.25 billion mainly driven by
higher shipments and prepayments during the six months ended December 31, 2021;
•A decrease in other tax payments of approximately $17 million during the six
months ended December 31, 2021; partially offset by
•An increase in accounts payable payments of approximately $475 million during
the six months ended December 31, 2021; and
•An increase in employee related payments of approximately $87 million during
the six months ended December 31, 2021; and
•An increase in income tax payments of approximately $113 million during the six
months ended December 31, 2021.
Cash Flows used in Investing Activities
Net cash used in investing activities during the six months ended December 31,
2021 was $281.6 million compared to $230.2 million during the six months ended
December 31, 2020. This increase in cash used was mainly due to increases in
cash paid for business acquisition of $38.0 million and cash paid to purchase
fixed assets of $17.9 million, partially offset by a decrease in net purchases
of available for sale and trading securities of $7.1 million.
Cash Flows used in Financing Activities
Net cash used in financing activities during the six months ended December 31,
2021 was $1.17 billion compared to cash used in financing activities of $665.6
million during the six months ended December 31, 2020. This increase was mainly
due to increases in cash used for common stock repurchases of $464.2 million and
cash paid for dividends and dividend equivalents of $41.2 million, partially
offset by a decrease in net debt repayments of $9.7 million.
Senior Notes
We have senior unsecured notes in the aggregate principal amount of $3.45
billion outstanding as of December 31, 2021. In February 2020, we issued $750.0
million ("2020 Senior Notes") aggregate principal amount of senior, unsecured
long-term notes under which the proceeds were used to redeem $500.0 million of
Senior Notes due 2021, including associated redemption premiums, accrued
interest and other fees and expenses, to repay borrowings of $200.0 million
under the Revolving Credit Facility, and for other general corporate purposes.
In March 2019 and November 2014, we issued $1.20 billion (the "2019 Senior
Notes") and $2.50 billion (the "2014 Senior Notes" and together with the 2019
Senior Notes and the 2020 Senior Notes, the "Senior Notes"), respectively,
aggregate principal amount of senior, unsecured long-term notes. See Note 8
"Debt" to our Condensed Consolidated Financial Statements for additional
discussion of existing debt. We may seek to refinance our existing debt and may
incur additional indebtedness depending on our capital requirements and the
availability of financing.
Interest is payable as follows: semi-annually on March 1 and September 1 of each
year for the 2020 Senior Notes; semi-annually on March 15 and September 15 of
each year for the 2019 Senior Notes; and semi-annually on May 1 and November 1
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of each year for the 2014 Senior Notes. The Indenture for the Senior Notes
includes covenants that limit our ability to grant liens on our facilities and
enter into sale and leaseback transactions, subject to certain allowances under
which certain sale and leaseback transactions are not restricted.
In certain circumstances involving a change of control followed by a downgrade
of the rating of a series of Senior Notes by at least two of Moody's Investors
Service ("Moody's"), S&P Global Ratings ("S&P") and Fitch Inc. ("Fitch"), unless
we have exercised our rights to redeem the Senior Notes of such series, we will
be required to make an offer to repurchase all or, at the holder's option, any
part, of each holder's Senior Notes of that series pursuant to the offer
described below (the "Change of Control Offer"). In the Change of Control Offer,
we will be required to offer payment in cash equal to 101% of the aggregate
principal amount of Senior Notes repurchased plus accrued and unpaid interest,
if any, on the Senior Notes repurchased, up to, but not including, the date of
repurchase.
As of December 31, 2021, we were in compliance with all of our covenants under
the Indenture associated with the Senior Notes.
Revolving Credit Facility
We have a Credit Agreement (the "Credit Agreement") providing for a $1.00
billion unsecured Revolving Credit Facility (the "Revolving Credit Facility"),
with a maturity date of November 30, 2023. During the first quarter of the
fiscal year ending June 30, 2021, we made a principal payment of $50.0 million
on the Revolving Credit Facility which brought the balance under the Revolving
Credit Facility to zero. During the first quarter of the fiscal year ending
June 30, 2022, we borrowed $300.0 million from the Revolving Credit Facility,
which was paid in full in the same quarter. As of December 31, 2021, we had no
outstanding borrowings under the Revolving Credit Facility.
We may borrow, repay and reborrow funds under the Revolving Credit Facility
until the maturity date, at which time such Revolving Credit Facility will
terminate, and all outstanding loans under such facility, together with all
accrued and unpaid interest, must be repaid. We may prepay outstanding
borrowings under the Revolving Credit Facility at any time without a prepayment
penalty.
Borrowings under the Revolving Credit Facility will bear interest, at our
option, at either: (i) the Alternative Base Rate ("ABR") plus a spread, which
ranges from 0 bps to 75 bps, or (ii) the London Interbank Offered Rate ("LIBOR")
plus a spread, which ranges from 100 bps to 175 bps. The spreads under ABR and
LIBOR are subject to adjustment in conjunction with credit rating downgrades or
upgrades. We are also obligated to pay an annual commitment fee on the daily
undrawn balance of the Revolving Credit Facility, which ranges from 10 bps to 25
bps, subject to an adjustment in conjunction with changes to our credit rating.
As of December 31, 2021, we elected to pay interest on the borrowed amount under
the Revolving Credit Facility at LIBOR plus a spread of 100 bps, and we pay an
annual commitment fee of 10 bps on the daily undrawn balance of the Revolving
Credit Facility.
The Revolving Credit Facility requires us to maintain an interest expense
coverage ratio as described in the Credit Agreement, on a quarterly basis,
covering the trailing four consecutive fiscal quarters of no less than 3.50 to
1.00. In addition, we are required to maintain the maximum leverage ratio as
described in the Credit Agreement, on a quarterly basis of 3.00 to 1.00,
covering the trailing four consecutive fiscal quarters for each fiscal quarter,
which can be increased to a maximum of 4.00 to 1.00 for a period of time in
connection with a material acquisition or a series of material acquisitions. As
of December 31, 2021, our maximum allowed leverage ratio was 3.00 to 1.00.
We were in compliance with all covenants under the Credit Agreement as of
December 31, 2021 (the interest expense coverage ratio was 23.43 to 1.00 and the
leverage ratio was 0.95 to 1.00). Considering our current liquidity position,
short-term financial forecasts and ability to prepay the Revolving Credit
Facility, if necessary, we expect to continue to be in compliance with our
financial covenants at the end of our fiscal year ending June 30, 2022.
Contractual Obligations
There have been no material changes outside the ordinary course of business to
our contractual obligations as disclosed in our Annual Report on Form 10-K for
the fiscal year ended June 30, 2021, except for an increase in purchase
obligations for inventory. For additional details regarding our debt and
commitments, refer to Note 8 "Debt" and Note 15 "Commitments and Contingencies,"
respectively, to our Condensed Consolidated Financial Statements. For additional
details regarding our contractual obligations, refer to our Annual Report Form
on 10-K for the fiscal year ended June 30, 2021.
Working Capital
Working capital was $3.93 billion as of December 31, 2021, which represents an
increase of $332.4 million compared to our working capital of $3.59 billion as
of June 30, 2021. As of December 31, 2021, our principal sources of liquidity
consisted
                                       47
--------------------------------------------------------------------------------
  Table of Contents
of $2.81 billion of cash, cash equivalents and marketable securities. Our
liquidity may be affected by many factors, some of which are based on the normal
ongoing operations of the business, spending for business acquisitions and other
factors such as uncertainty in the global and regional economies and the
semiconductor, semiconductor-related and electronic device industries. Although
cash requirements will fluctuate based on the timing and extent of these
factors, we believe that cash generated from operations, together with the
liquidity provided by existing cash and cash equivalents balances and
availability under our Revolving Credit Facility, will be sufficient to satisfy
our liquidity requirements associated with working capital needs, capital
expenditures, cash dividends, stock repurchases and other contractual
obligations, including repayment of outstanding debt, for at least the next 12
months.
In June 2021, Moody's upgraded our senior unsecured credit rating from Baa1 to
A2. Our credit ratings as of December 31, 2021 are summarized below:
Rating Agency        Rating
Fitch                 BBB+
Moody's                A2
Standard & Poor's     BBB+


Factors that can affect our credit ratings include changes in our operating
performance, the economic environment, conditions in the semiconductor and
semiconductor equipment industries, our financial position, material
acquisitions and changes in our business strategy.
Off-Balance Sheet Arrangements
As of December 31, 2021, we did not have any off-balance sheet arrangements, as
defined in Item 303(a)(4)(ii) of Regulation S-K, that have or are reasonably
likely to have a current or future effect on our financial position, changes in
financial condition, revenues and expenses, results of operations, liquidity,
capital expenditures, or capital resources that are material to investors. Refer
to Note 15 "Commitments and Contingencies" to our Condensed Consolidated
Financial Statements for information related to indemnification obligations.
                                       48

————————————————– ——————————

Contents

© Edgar Online, source Previews

See Doom run on something smaller than a credit card

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To say that Doom has been ported to just about every electronic device would be pretty accurate, and this latest video shows another example.


A hand holding a computer chip card with Doom playing in the background.

By the end of next year, the original Loss the game will officially be three decades old. However, despite his age, it will still be a long time before his legacy is forgotten. The fact that it’s one of the most defining FPS games of the genre in history means it probably won’t fade into obscurity for long, if at all. It’s still influencing other titles to this day, and over the years it’s been experimented with as people tried to get it to work on all sorts of wacky devices, including this one.

GAMER VIDEO OF THE DAY

In a video uploaded to YouTube a few days ago, the Adafruit Industries channel showed that it was possible to play from the years 1993 Loss on a computer smart card, in this case a System-in-Package module, it is about the size, if not smaller, of a credit card. The short footage shows the game running perfectly on a 1.3 inch TFT screen running at 240×240 resolution. Controls include a series of basic switches right on the board, and they’ve even managed to implement a headphone jack, so anyone playing can still get sound.

RELATED: Twitter Bot Plays in DOOM at One Frame Per Hour


There have been many unusual devices that Loss was ported, but this version, dubbed “PINKY” is probably one of the smaller machines that runs the game. An additional blog post from the creator explains that this iteration of the game running on the ESP32 Pico device is called ” PrBoom”, which is described as a “minimal version” of Loss. User DESK OF LADYADA, who initiated the port, says the screen is probably the smallest that can be used in this instance which still has “pixel perfect” emulation.

It’s an impressive port in general, showing that id Software’s classic release still holds a special place in the gaming community, often used as a way to test emulations or just to see what weird devices can be turned into gaming machines. game. As its status as an important landmark in the game is solidified, Loss has kind of become a meme over the years, and maybe that’s what has helped it stay culturally relevant.


Developer id Software is one of the most influential studios, especially at the start of Wolfenstein, Lossand earthquake when the FPS genre was still in its infancy. Of course, the team has evolved since that time and progressed in many ways. The restart of Loss in 2016, and the follow-up in 2020, show that it’s a franchise that’s still making waves to this day, but fans will still be drawn to the classics.

MORE: 15 Video Games That Pioneered Online Multiplayer Before It Was Popular

Source: Adafruit


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How ‘payday loans’ help wolves manage their money

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Clubs won’t use the same wording, but many regularly take loans from banks. It is very common in modern football.

Wolves are no different. In 2019, they took out a £50m loan backed by future TV revenue with Australian financial services giant Macquarie Group.

Last month, they then received £23million from the same group on a secured loan against the last two installments due from Liverpool for the sale of Diogo Jota.

Financial jargon aside – Wolves essentially received £23m in December and when those future installments arrive from Anfield, due in July 2022 and July 2023, that money will then be refunded to the bank – with interest.

The reason? Cash flow. Clubs tend to receive huge sums of money at the start of a season, with advances from television contracts and subscription sales, but often have little revenue throughout a season.

They have to pay salaries and various other expenses, and that’s where bank loans come in.

“Good cash flow in any business is essential for survival and sustainability,” said football finance expert Kieran Maguire.

“Companies don’t fail because of a lack of profit, they fail because they don’t manage their cash flow well.

“It’s exactly the same as us. As individuals, we may be asset rich, in the sense that we have a car or a house, but if we don’t have the money to buy groceries for that week, we will starve.

“Having someone in a football club who can do cash flow forecasting and budgeting is essential for the survival of the club.”

If you or I have taken out a payday loan, the interest may be piling up and financial difficulties are on the horizon.

But with traditional banks reluctant to lend to football clubs, these specialist lenders step in with lower interest rates.

“I don’t think there is a danger of clubs taking out these types of loans,” Maguire added.

“If you get the money now, that will solve the problem and it could give you a cash flow problem in a year or two, or perhaps Wolves would have sold two more players or secured funding from other sources.

“So I don’t see that as a problem. It’s a cash management issue and it’s cheaper than other forms of borrowing because it’s secured by money transfers. The clubs could see an advantage in this.

“There is always interest on these types of loans.

“In the documents we have seen, the lender normally charges between seven and nine and a half percent interest per annum.

“It’s not prohibitive and it’s cheaper than a credit card. It’s cheaper than some owners are asking to loan to clubs, but it’s still important if we look at the money compared to Diogo Jota’s transfer.

“We’re talking tens of millions of pounds, so the interest is potentially hundreds of thousands of pounds, but that won’t stop a club from continuing.”

The financial world of football was murky enough before the Covid-19 pandemic kicked in.

There are many examples, past and present, where this goes wrong and clubs cease to exist.

But for now, football payday loans will remain and the industry as a whole should thrive.

Maguire said: “The pandemic has certainly not helped clubs.

“The Premier League is financially insulating itself from the pandemic due to the strength of TV deals, but matchday revenue is still a vital part of a club’s finances. Therefore, this hole must be filled in one way or another.

“They like to call it bill discounting, but I prefer the term ‘glorified payday loan.’

“These types of loans are quite common in other industries, and those industries survive.”

10 of the most hyped credit card features

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To stand out in the highly competitive credit card market, issuers often load their advertising with features and benefits that sound impressive. But the truth is, some just aren’t.

Take “zero fraud liability,” for example. It’s not so much a feature as US federal law. Essentially, all cards have it.

Free credit score? If it was 2010, it could be special. No more.

When choosing a card, it can be useful to know which features are snow work, added only to inflate marketing points. You can safely ignore them and focus on the attributes that really help you make a good decision, like annual fees, rewards, interest rate, and sign-up bonus.


The market is full of good credit cards right now, whether you’re looking for cash back, travel points, or a break on interest payments. When deciding on your next credit card, don’t be afraid to gloss over these marketing braggings.

1. Zero Fraud Liability

No one wants to be held responsible for unauthorized or fraudulent charges to their credit card when it’s so common. The number of “data breaches” in 2021 has reached an all-time high, many involving payment card information, according to the nonprofit Identity Theft Resource Center.

But American consumers have been protected from fraudulent charges for decades by the federal Fair Credit Billing Act. Technically, you could be owed $50 in some cases, but banks and credit card networks, such as Visa and Mastercard, generally waive liability. The fact is that it is not a special characteristic on which to base a decision.

2. Free Credit Score

Periodically checking credit scores is a good idea. And while you had to pay to get them, you usually don’t anymore. You can get them not only from your credit card company or bank, but also from various other third-party sources.

If you need access to your credit reports, on which the scores are based, you can get them at annualcreditreport.com. The three major credit bureaus announced in January that you can access reports weekly, instead of once a year, through 2022.

3. No overlimit fees

Credit cards used to charge penalty fees if you charge more than your credit limit. They usually don’t anymore, thanks to federal protections, namely the Cards Act of 2009.

“Overlimit fees that were common before the card law was implemented remained almost non-existent in 2019 and 2020,” says the latest market analysis from the Consumer Financial Protection Bureau.

So again, “no overlimit fees” is a good-sounding marketing pitch, but it’s not a factor.

4. No foreign transaction fees (on travel cards)

Some overhyped marketing points depend on the type of card. For example, some cash back credit cards charge a foreign transaction fees – usually around 3% extra on anything you buy overseas. So if you’re trying to choose between two cashback cards and one of them doesn’t charge this fee, it may be a legitimate advantage.

But no self-respecting travel card should charge for them, and the vast majority don’t. Still, you can bet it’s going to be an important feature listed for some point- and mile-generating cards anyway.

5. Metal Cards

Choose a credit card based on the quality of the card itself, not its composition – or whether it clinks when you drop it on the table. Your wallet will thank you.

PS: It’s a headache to get rid of old metal cards.

6. Early Warning/Fraud Monitoring

Sounds good, right? “Get a warning of suspicious activity on your account.” But remember, this is for the sender, not you. You are not responsible anyway.

Additionally, if the issuer’s fraud algorithms are too much sensitive, you might end up with a bunch of declined or flagged transactions on legitimate expenses.

7. Card lock

Called various names – such as a freeze or a quick lock – this service essentially allows you to “disable” a credit card you’ve lost or misplaced, to thwart thieves. It’s a cool and potentially very useful feature, but it’s not unique, at least not anymore. Most major card issuers offer some version of card lock.

And again, this is ultimately a feature to protect the transmitter, not you. You are not responsible.

8. Contactless payment

Also called “tap to pay”, this is often touted. But that’s not a differentiator because it’s almost standard now, at least among newly issued and replacement cards.

Visa said last year that 300 million Visa cards in the United States were contactless-enabled, representing a significant share of active credit and debit cards nationwide.

9. Mobile app

We are in 2022, when smartphones are ubiquitous. If your credit card account doesn’t have a mobile app, that should be a red flag.

Other common technical features that shouldn’t influence your card decision: EMV chip technology, compatibility with digital wallets, paperless statements, SMS/email notifications or the ability to automatically pay from a bank account or choose your payment date. That’s all standard fare now.

10. 24/7 customer service

Again, pretty much expected these days. (24-hour customer service doesn’t speak for the quality of that service, of course.)

It’s not outright deception when broadcasters make these fluffy claims; they really do offer those features. But the same goes for almost all of their competitors, and it would be a shame if those claims tip your decision towards the wrong card.

Today’s Mortgage Rates Slide Again | January 27, 2022

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The average daily rate for a 30-year fixed rate mortgage continues to decline, standing at 3.966% today. The rate on a 30-year refinance is also lower today, averaging 4.103%. However, the rate on a 5/1 adjustable rate mortgage is 2.524%, unchanged from yesterday.

  • The last rate on a 30-year fixed rate mortgage is 3.966%.
  • The final rate on a 15-year fixed rate mortgage is 2.972%. ⇑
  • The latest rate on a 5/1 ARM is 2.524%. ⇔
  • The latest rate on an ARM 7/1 is 2.8%. ⇔
  • The latest rate on an ARM 10/1 is 2.867%. ⇓

Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a credit score of 700 — roughly the national average score — could pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate that 8,000 lenders offered applicants the previous business day. Freddie Mac’s weekly rates will generally be lower, as they measure the rates offered to borrowers with higher credit scores.

Are you looking for a loan? Check out Money’s lists of top mortgage lenders and top refinance lenders.

Today’s 30-Year Fixed Rate Mortgage Rates

  • The 30-year rate is 3.966%.
  • It’s a day offold by 0.018 percentage points.
  • It’s a month to augment by 0.335 percentage points.

The 30-year fixed rate mortgage is the most popular loan thanks to three advantages: the interest rate is predictable, the monthly payment is constant and the long repayment term means that these payments will be lower and more affordable. On the other hand, the interest rate will be higher compared to a shorter term loan, so borrowers will pay more interest over time.

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Average mortgage rates

Data based on US mortgages closed on January 26, 2022

Type of loan January 26 Last week Change
15-year fixed conventional 2.97% 3.05% 0.08%
30-year fixed conventional 3.97% 4.03% 0.06%
ARM rate 7/1 2.8% 3.86% 1.06%
ARM rate 10/1 2.87% 4.11% 1.24%

Your actual rate may vary

15 years today fixed rate mortgage rates

  • The rate over 15 years is 2.972%.
  • It’s a day infold by 0.003 percentage points.
  • It’s a month infold by 0.419 percentage points.

The advantages of a 15-year fixed rate loan are its lower interest rate and shorter repayment term – you’ll pay off the loan faster and with less total interest. However, it may not be the best choice for everyone, as monthly payments tend to be higher than an equivalent longer-term loan.

The latest rates of adjustable rate mortgages

  • The latest rate on a 5/1 ARM is 2.524%. ⇔
  • The latest rate on an ARM 7/1 is 2.8%. ⇔
  • The latest rate on an ARM 10/1 is 2.867%. ⇓

Some borrowers may opt for an adjustable rate mortgage. The interest rate on an ARM will be fixed for the first few years and then start to reset regularly. A 5/1 ARM, for example, will have a fixed rate for five years before beginning to adjust each year. Although an ARM can be attractive because the initial interest rate is very low, there is a risk that it will increase significantly after it becomes adjustable.

The Latest VA, FHA, and Jumbo Loan Rates

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 3.751%. ⇓
  • The rate for a 30-year VA mortgage is 3.846%. ⇑
  • The rate for a 30-year jumbo mortgage is 3.601%. ⇔

The latest mortgage refinance rates

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30-year fixed rate refinance is 4.103%. ⇓
  • The refinance rate on a 15-year fixed rate refinance is 3.093%. ⇓
  • The refinance rate on a 5/1 ARM is 2.822%. ⇑
  • The rollover rate on a 7/1 ARM is 3.097%. ⇔
  • The rollover rate on a 10/1 ARM is 3.167%. ⇓
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Average Mortgage Refinance Rates

Data based on US mortgages closed on January 26, 2022

Type of loan January 26 Last week Change
15-year fixed conventional 3.09% 3.17% 0.08%
30-year fixed conventional 4.1% 4.14% 0.04%
ARM rate 7/1 3.1% 4.01% 0.91%
ARM rate 10/1 3.17% 4.26% 1.09%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates have fallen through 2020. Millions of homeowners have responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes they might not have been able to afford if rates were higher. In January 2021, rates briefly fell to lowest levels on record, but rose slightly for the rest of the year.

Looking ahead, experts believe that interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and further labor market gains. The Federal Reserve also began to scale back its purchases of mortgage-backed securities and announced plans to raise the federal funds rate three times in 2022 to combat rising inflation.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. Rates are expected to remain near historic lows throughout the first half of the year, rising slightly later in the year. Even with rising rates, it will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed acted quickly when the pandemic hit the United States in March 2020. The Fed announced its intention to keep money flowing in the economy by lowering the Federal Fund short-term interest rate between 0% and 0.25%, which is also low as you go. The central bank also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but began to scale back those purchases in November.
  • The 10-year Treasury bond. Mortgage rates keep pace with government 10-year Treasury bond yields. Yields first fell below 1% in March 2020 and have since risen. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are weak, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached historic highs early last year and have yet to recover. GDP has also taken a hit, and although it has rebounded somewhat, there is still plenty of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes some work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. Borrowers with the highest credit scores are the ones who will get the best rates, so it’s essential to check your credit report before you begin the home hunting process. Taking steps to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which is the share of the house price that the lender has to finance. A lower LTV usually translates to a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the home purchase.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. Also consider different types of lenders, such as credit unions and online lenders in addition to traditional banks.

As well. take the time to learn about the different types of loans. Although the 30-year fixed rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year mortgage or an adjustable rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which best suits your needs and financial situation. Government loans — such as those backed by the Federal Housing Authority, Department of Veterans Affairs, and Department of Agriculture — may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the right lender will help ensure that your mortgage rate doesn’t increase until the loan is closed.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by more than 8,000 lenders across the United States for which the most recent rates are available. Today we are posting rates for Wednesday, January 26, 2022. Our rates reflect what a typical borrower with a 700 credit score might expect to pay for a home loan at this time. These rates were offered to people depositing 20% ​​deposit and include discount points.

More money :

TSMC’s $40 billion frenzy could tip the scales on Taiwan’s growth

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(Bloomberg) – Taiwan’s economy is set to get a substantial boost this year from Taiwan Semiconductor Manufacturing Co.’s unprecedented spending spree as the chipmaker giant ramps up plans to build additional factories.

Bloomberg’s Most Read

Taiwan’s largest company revealed earlier this month plans to spend between $40 billion and $44 billion this year on new factories to help ease the semiconductor shortage. That equates to about 5% of Taiwan’s $760 billion economy, based on the government’s gross domestic product estimates for 2021. And while some of TSMC’s capital spending will go overseas, the majority will be spent at home on expanding factories making its much sought- after semiconductors.

Winston Chiao, an economist at Taipei-based Taishin Securities, said TSMC’s spending plans mean it is expected to revise upwards its latest GDP growth forecast of 4.2% this year.

“TSMC’s $30 billion in capex expenditures last year triggered a series of capital expenditures and construction of new factories across all businesses in its supply chain, such as steel, chemical chemicals and other raw materials,” he said on Wednesday.

Taiwan’s GDP probably grew by 6% last year, according to a Bloomberg survey of economists. That would be the fastest rate of expansion since the 2010 rebound from the global financial crisis. The government statistics office is due to release fourth quarter and full year data later on Thursday.

The growth was mainly fueled by a bumper year for Taiwanese exporters. Global demand for semiconductors and other electronics surged, driven by a rebound in consumer spending as most countries eased their coronavirus lockdowns throughout the year.

Company revenue reflected this, with companies’ combined annual sales on the Taiwan Stock Exchange rising 15% to a record high of NT$38.2 trillion ($1.4 trillion), according to a statement from the stock Exchange. The benchmark Taiex hit multiple highs throughout the year and the Taiwan dollar strengthened to a new 24-year high.

For 2022, the main risk to the economy is whether the government adopts tough new measures to stamp out a small but growing Covid-19 outbreak. Domestic consumption is expected to have rebounded in the fourth quarter of 2021 after a partial mid-year lockdown shuttered entertainment venues and banned restaurant dining.

According to Alicia Garcia Herrero, chief economist for the Asia-Pacific region of Natixis SA, the renewal of restrictions risks further aggravating the growing imbalances between sectors that depend on domestic consumption and thriving export industries.

“This divergence in growth has started to affect wages and inflation,” she wrote in a report Wednesday. “Sectors linked to global trade, such as semiconductors and shipping, have benefited from strong wage growth, while the service sector is in a parallel universe.”

She warned that Taiwan’s economy could face an outbreak of Dutch disease, which would prevent non-exporting sectors from keeping pace with the tech industry, leading to increased inequality.

The government, for now, sees a healthy rebound, forecasting domestic consumption to grow by 5.36% this year.

“With fewer and fewer countries targeting Covid-zero and Taiwan also expected to learn to live with the virus, we are unlikely to return to the lockdown stage that dragged domestic sectors down in 2021,” Taishin’s Chiao said. Securities. “Therefore, it is unlikely that Taiwan will experience such a severe hot/cold economy as in 2021 this year.”

Bloomberg Businessweek’s Most Read

©2022 Bloomberg LP

If There’s No Student Loan Forgiveness, Student Debt Strikes Could Be Next

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If there is no student loan cancellation, student debt strikes could be next.

Here’s what you need to know.

Student loans

Student loan debt strikes coming to a city near you? Sen. Elizabeth Warren (D-MA), a former presidential candidate and champion of large-scale student loan forgiveness, reiterated her call this week for large-scale student loan forgiveness. In one interview with teen vogueWarren said: “”It’s time, Mister President! The pause in student debt repayment has shown just how important it is to the lives of millions of Americans. The break gave people a chance. It’s a reminder of how student loan debt is now deeply affecting our economy.

(The student loan forgiveness could be the reason the Democrats lose the midterm elections).

Along with Senate Majority Leader Chuck Schumer (D-NY), Warren created the main proposal in Congress for large-scale student loan forgiveness. However, with dim prospects of this legislation passing in Congress, Warren and Schumer implore the president to use executive power to forgive up to $50,000 in student loans for eligible borrowers. (Here’s Who Won’t Get Student Loan Forgiveness). Warren says student debt is hurting the economy and preventing young Americans from buying homes, getting married, starting families, saving for retirement and starting businesses. As a presidential candidate, Warren campaigned for the cancellation of 95% of all student loan debt. His latest student loan forgiveness proposal could cost $1 trillion and would forgive all federal student loan debt for 36 million student borrowers.

(Biden was asked about $10,000 student loan forgiveness. Here’s what he said).


Stop Paying Student Loans: Student Debt Strike

What if Congress doesn’t approve large-scale student loan forgiveness? What if Biden didn’t cancel student loans? Are student debt strikes next? Biden has extended student loan relief three times, but some advocates say it’s not enough. What they really want is the cancellation of the student loan. (Student borrowers will get $15 billion in student loan forgiveness). When asked if she would support student loan protests and student debt strikes if large-scale student loan cancellations didn’t happen, Warren said teen vogue“I am all in young people to find every humanly possible way to make their voices heard. The White House is making a decision now. We need to be heard – all of us.

During the first 100 days of Biden’s presidency, the Debt Collective – a membership-based syndicate of debtors and their allies – sponsored the Biden Jubilee 100 in which 100 student borrowers became presumably “strikers” to quit to pay their student loans. Their goal was for Biden to cancel all student loan debt — including private and federal student loans — within the first 100 days of Biden’s presidency. However, this did not happen. However, Biden has forgiven $12.7 billion in student loans since becoming president. It is possible that without large-scale student loan cancellations in the coming months, some organizations will resort to one or more student loan strikes.


Should You Stop Paying Your Student Loans?

So, should you stop paying your student loans? There are several ways to show your opposition or support for a particular political position. However, whether you think student loans are unfair or have become prohibitively expensive, remember that your student loans are tied to a promissory note, which is a financial obligation to repay student loans. If you choose not to repay your student loans, your credit score could be damaged, your wages could be garnished, and you could be hurt financially. Before you simply stop paying student loans, consider these alternative options:

  1. Ask your student loan officer about student loan repayment options
  2. Explore Income Driven Repayment Plans
  3. Apply for student loan forgiveness
  4. Consider bankruptcy for your student loans
  5. Pursue the cancellation of public service loans

The good news is that there has been ongoing student loan relief, including temporary student loan forbearance, for federal student loans for nearly two years. That said, student loan relief will end soon and federal student loan repayments will resume starting May 1. If you’re struggling to repay your student loans, the best thing to do is to assess your options and prepare now.

Here are some popular ways to save money and pay off student loans faster:


Student Loans: Related Reading

Student borrowers will get $15 billion in student loan forgiveness

Is student debt cancellation the next step?

Here’s who won’t get student loan forgiveness

How Your Student Loans May Qualify for $1.7 Billion in Student Loan Forgiveness

Mark McCown: Man’s credit card debt won’t pass to kids – The Tribune

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Dear Lawyer Mark: I am very concerned about something and wondering if you can help me.

I’m no longer a spring hen, and with my health issues, I don’t think I’ll be around for long. I live alone, but my children watch over me and help me every day.

My problem is that they don’t know that I have a lot of credit card debt.

It started when I fell behind on my doctor’s bills, then I needed a little more to pay for my food and medicine because my social security wasn’t enough for all that.

When the interest and late fees added up, my interest rate went up again, and now I have about $20,000 that I owe.

I’m afraid that when I die, they’ll go after my kids for payment, and they’ll live paycheck after paycheck like everyone else.

What can I do? — Petrified to Perry

Dear Petrified: There are a number of things you can do, but let me immediately dispel one fear: unless your children have signed off on the credit card application, the credit card companies can’t.” pursue them”.

In Ohio and most other states, there is a provision called the Fraud Statute. In general, this law says that unless someone agrees in writing to be bound by the debt of another, he cannot be held responsible for it.

This means that your creditor cannot sue your children for a debt that belongs to you after your death.

However, this provision does not exempt your estate from the obligation.

Everyone should have a will, which tells the court how you want your assets divided after you die.

Before the probate court distributes your property, however, all of your debts must be paid by your estate.

This means that if you want to allow your children to inherit from you, you must have enough assets to pay off your debt.

There are several things you can do while you live to pay off debt if you want your children to have an inheritance.

First, you can try negotiating directly with the credit card company or have someone do it on your behalf.

Often, creditors are willing to settle for much less than is owed, as a large portion of the debt can be made up of extremely high late fees and finance charges, so the creditor has never really advanced you. money to start.

If you choose a credit counseling agency, be sure to use a licensed nonprofit agency. Pay close attention to the companies you see advertised on TV.

Often, these are for-profit companies charging you while your credit rating plummets and waiting for you to be sued to “attempt” to settle your debt.

Another option you may have is to declare bankruptcy, which could potentially erase all of your debts.

Since bankruptcy depends on individual circumstances, I recommend that you speak to a lawyer: most bankruptcy lawyers do not charge consulting fees.

It’s The Law is written by attorney Mark K. McCown in response to legal questions he has received. If you have a question, please forward it to Mark K. McCown, 311 Park Avenue, Ironton, Ohio 45638, or email him at [email protected] The right to condense and/or edit any questions is reserved.

Interest rates are set to rise in 2022 – here are 4 ways to prepare

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With Goldman Sachs predicting that the Federal Reserve will raise its benchmark interest rate by a full percentage point this year, you might be worried that interest rate hikes will hurt your finances.

The federal funds rate, set by the central bank, is the overnight interest rate at which banks borrow from each other. It also influences the prime interest rate, which is what lenders use to determine how much interest you’ll pay on credit cards, mortgages, and other loans. When the federal funds rate rises, the prime rate tends to follow.

For now, there are money moves you can make while the benchmark interest rate is still hovering around 0.08%. These won’t apply to everyone, but here are four to consider.

1. Refinance your home loans

You might find mortgages with around 3% interest for most of 2021, but the Mortgage Bankers Association predicts rates will rise increase to 4% this yearwhich could make monthly mortgage payments more expensive.

For a 30-year mortgage on a $300,000 home, the difference between 3% and 4% would be $147 more per month. Considering that the average rate for a 30-year fixed rate mortgage has gone to 3.68% this weekup 16 basis points from a week ago, you might want to commit to a lower rate now, before it goes even higher.

If you have an adjustable or variable rate mortgage that is already testing the limits of your monthly budget, you may want to refinance to lock in a fixed rate mortgage to ease the uncertainty of rising rates. But be sure to research the pros and cons of refinancing a mortgage before deciding.

Likewise, a home equity line of credit, or HELOC, is closely tied to the Fed’s benchmark rate, so you might want to shop around and switch from a variable rate to a fixed rate loan if you have one.

2. Refinance your private student loans

Although borrowers with private loans aren’t eligible for the Biden administration’s pause on federal student loan payments and interest, they have the option to refinance their loan at a fixed rate now, before interest rates drop. interest does increase.

If you have a private loan and are considering refinancing, you “should consider pulling the trigger as soon as possible to try and take advantage of current rates,” Betsy Mayotte, president of The Institute of Student Loan Counselorssaid in a previous interview with CNBC.

3. Pay off your credit card debt

The average credit card interest rate is around 16% right now, but with rate hikes looming, those rates could be back around 17% by the end of the year. according to Ted Rossman, senior industry analyst at CreditCards.com.

While this only increases your monthly payments by a few dollars, depending on how much you owe, if you’re already struggling to pay your bills, those extra few dollars could be an unexpected burden.

In that case, now might be the time to look at all of your debt consolidation options, including a balance transfer card or taking out a personal loan, and see what works best for you.

If you have federal student loan payments that have been suspended until May, you can use those funds to do some financial housekeeping, like paying off some of your credit card debt to help ease rising student fees. interest, if you can afford it.

4. Improve your credit score

Since lenders use your credit score to determine the interest rates you’ll pay on loans, the easiest way to offset benchmark interest rate increases is to improve your credit score.

Credit cards are a good example of how this works, especially since banks can raise your rates at any time as long as they give you 45 days notice.

Let’s say you owe a balance of $6,194, the national average. With a good credit score of 660 to 719, you would pay $1,983 in interest alone if you made monthly payments of $200, according to CNBC Select. That’s nearly $700 less than what you’d pay in interest with a subprime credit score of 580 to 619.

To keep your credit score high, focus on paying off your debts and making timely payments of your outstanding balance each month. You can find more tips on improving your credit score here.

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Don’t miss: This 29-year-old USPS postman is on track to earn over $90,000 this year — here’s how he spends his money

Using payday loans during the COVID-19 pandemic

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On a day-to-day basis, paying bills can be a real challenge for most individuals and households. Unfortunately, with the COVID-19 pandemic, the financial situation has worsened, highlighting the need for most people to obtain emergency cash.

Payday loans give you access to short-term funds, but usually at a higher interest rate. Most payday loans are usually between $500 and $1,500 or less. In addition, your personal loan is due when you receive your monthly salary.

One could easily imagine that the pandemic will be helpful to the business of payday lenders. However, quite the opposite happened, as fewer people took out payday loans. This can be attributed to a number of factors.

First, at the height of the pandemic, most states made it easier for households to access cheaper loans. In reality, small business administration (SBA) has undertaken a Paycheck Protection Program to ensure businesses can access loans to stay afloat and keep employees working.

Also, with the federal relief and child tax credit available to many people along with other social benefits, the need for payday loans has diminished. Nevertheless, many finance experts believe that there could be an increase in demand for payday loans very soon. Although there are fewer lockdowns and restrictions, COVID-19 is still in full swing. So the pandemic lending rules may apply to most payday lenders.

Either way, here’s how to navigate getting and using a payday loan during the pandemic. In this article, you’ll also learn about the pros and cons of payday loans in these circumstances and whether it’s the best cash advance option for you.

How to get a payday loan during the pandemic

For starters, payday loans aren’t as popular as they were a few years ago. Only about 31 states allow payday loans while the rest have banned the loan structure at varying levels. So, you may need to check with your state loan policies to see if payday loans are allowed.

If so, you can visit payday loan stores near you or access a lender app from your mobile device. Applying for a payday loan can be done through an application form with the lender. Since payday loans are unsecured, you don’t have to worry about collateral when applying for a loan.

Applying for a payday loan during the pandemic, or at any time, requires that you have a current job. You will need to submit your payment stub and authorize your lender to transfer the amount electronically or you can write a post-dated check for this amount.

Common payday loan terms

Payday loans are a special form of financing because they differ from most conventional loans. Here are the common loan terms you should expect when taking out a payday loan during this pandemic.

  • A short payment period: Most people refer to payday loans as a two-week performance loan. Indeed, the time window for reimbursement is very short, generally not exceeding two weeks.
  • High interest rate: It is best to calculate the interest rate for payday loans using the annual percentage rate (APR). Most loans have an average APR of 400% or more, which makes them very expensive.
  • Single payment: Unlike most loans, you cannot repay your personal loan in installments. All payments are usually made in one installment on the next payday.

What happens if you can’t repay your payday loan?

Most of the time, borrowers are unable to complete the repayment of their payday loan. Usually, the lender tries to cash the check or make an electronic transfer. If you have an insufficient balance, your bank will charge you an overdraft as often as it happens.

If you continue to default, lenders may call endlessly, contact relatives, or hand you over to collection agencies. To avoid this, you can contact the lender to offer extended payment plans if you think you won’t be able to meet the payment due date. Most lenders are generally open to this feature. You can also take out a debt consolidation loan or declare bankruptcy if you are truly unable to repay the loan.

In extreme cases, after a long period of default, the lender may seek a settlement requiring the borrower to pay less than agreed. Since the interest is usually exorbitant, the lenders end up losing nothing. However, this can ruin your credit score.

Alternatives to payday loans

If you decide that payday loans aren’t the ideal pandemic option for you, there are several alternatives you can try. Here are some other types of emergency loans without the drawbacks of payday loans.

  • Bad Credit Loans: These loans are ideal for times of emergency, especially if you have a low credit rating. They are secured unlike payday loans and they have lower interest rates.
  • Cash Advance Apps: Cash Advance apps are mobile software that can offer loans in anticipation of future income. Although they also charge by APR, they are cheaper and won’t put you in a debt cycle.
  • Lending Circles: Instead of getting payday loans with ridiculous repayment terms, you can pool resources from family or friends with little or no interest.
  • Pawnbroker: This type of loan requires you to provide collateral in exchange for a loan. If you pay as agreed, your property will be returned to you. This process is less expensive than payday loans.

Final Thoughts on Payday Loans

While payday loans are undeniably useful for emergency financing, they leave you with more than just a debt to settle. This is why many financial experts advise borrowers to avoid loans. If you’re already in this one and the pandemic is affecting your ability to pay, you can follow one of the recommended steps in this article. Otherwise, you better look for other emergency loan options.

Perpetual Credit Income Trust: PCI Monthly Investment Report – December 2021

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HOW WE INVEST

The manager employs a robust, active and risk-aware investment process to invest in the broader universe of credit and fixed income securities. It aims to find the most attractive credit investment opportunities at all times on a risk-adjusted basis. The investment strategy is described in more detail below.

Diversification – the Trust is actively managed and through its flexible investment strategy, diversification can be achieved across asset type, credit quality, maturity, country and issuer. The allocation to high yield assets (sub-investment grade and unrated assets) offers the possibility of generating higher returns for the portfolio while complementing the allocation to investment grade assets. The manager typically focuses on assets at the top of the capital structure, such as senior assets or

alonesubordinated debt because these assets are higher in the order of priority of payment in the event of liquidation of the issuer of the asset.

LIT Australia Focused Credit – although the Trust has the ability to invest globally, the preference is generally to focus on Australian issuers which may be listed or unlisted and denominated in AUD or foreign currencies . The manager believes that its local presence and ability to meet borrowers and their management team is an advantage in assessing opportunities and managing portfolio credit risk.

Income – the Trust’s income is primarily generated from coupon payments on corporate bonds and asset-backed securities, and interest income from investments in loans. It is important to note that the receipt of these payments by borrowers is reliable, as there is an obligation to pay unlike dividend payments from listed companies which are at the discretion of the board of directors.

useTherefore, the predictability of coupon payments is generally high. The Trust’s income also contributes to the current yield which is the expected yield (based on net tangible assets) of the portfolio assuming the assets are held to maturity. The Trust achieves its current yield by investing in a diversified mix of assets across issuers, sectors and asset types.

Investment performance – this is generally determined by the Investment Manager’s selection of assets for the portfolio and the evolution of credit spreads. Credit spreads refer to the compensation or return provided for accepting credit risk, i.e. the risk that a borrower or counterparty will fail to meet its principal and/or interest payment obligations. at their due date. When credit spreads tighten, it indicates improving market conditions and/or a more positive view of borrowers’ risk profile. This means that the value of an existing asset in the portfolio will increase. Conversely, when credit spreads widen, the value of the asset in the portfolio decreases. This is usually the result of uncertain economic conditions or when the perception

staffthe borrower’s creditworthiness has deteriorated.

Asset pricing – assets in the portfolio are typically bonds and floating rate notes that are tradable with daily pricing and liquidity. When external prices are not available, loan valuations are reviewed by the Perpetual Loan Valuation Committee (LVC) and fair valued. This means that if there is a market price dislocation, as we have seen in 2020 with the pandemic, or an impairment risk on a credit, the fair value changes.

Regular access to information is essential to the manager’s investment process to enable ongoing monitoring of credit risk. This allows loan appraisal to be up-to-date and timely. The total value of portfolio assets is reflected in the Trust’s estimated Net Tangible Assets (NTA) published daily on the ASX.

For________________________________________________________________________

COMMUNICATION TO INVESTORS

the PCI website hosts a range of information, including monthly investment updates, portfolio manager information, dividend history and educational resources. the my investments The website section also includes details of the Automic Investor portal, where you can choose to receive regular communications, periodic statements and updates electronically.

The 10 Best Gaspard Ulliel Movies, Ranked By IMDb Score

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Tragedy struck the film world on January 19 when beloved French actor Gaspard Ulliel died following a skiing accident. The former Bleu de Chanel face has put in some impressive performances throughout his relatively brief career, even going so far as to steal most of the films he was a part of.

RELATED: 10 Essential French New Wave Directors

He managed to get a few lead roles under his belt with his supporting roles, perhaps most famously as the younger version of Hannibal Lecter in Hannibal rising. And with an upcoming performance in the MCUs moon knight, fans will be able to say goodbye to the actor in perhaps his biggest role yet.

ten The Third Part of the World (2008) – 5.4


Gaspard Ulliel and Clémence Poesy in The Third Part of the World

The third part of the world followed Emma (Clémence Poésy), a young woman with a very strange power. When she meets a man she cares about and touches him, they melt into nothingness. However, this is information she finds out the hard way.

The role of François, the man who disappears at the same time as an astronomer, was that (temporarily) inhabited by Ulliel. With the help of François’ brother, Emma must find the cause of her new lover’s whereabouts.

9 Ultimate Heist (2009) – 5.4


Gaspard Ulliel and Jean Reno in Ultimate Heist

While this isn’t an underrated 2000s heist flick, Ultimate Heist (The First Circle) has Jean Reno and Ulliel in the lead roles. The plot follows Milo Malakian (Reno), the French leader of a major gang.

Ulliel played Malakian’s son, Anton, who also delved into the world of crime. However, the gangster life is not for young Malakian, and he wants out. Much of the plot drama comes from the back and forth between Ulliel and Reno’s various future plans.


VIDEO OF THE DAY

8 A Celestial Vintage (2009) – 5.6


Gaspard Ulliel in A celestial vintage

A Celestial Vintage (from the novel Winegrower’s Luck), was a 2009 romantic drama starring Jérémie Renier, Vera Farmiga and Keisha Castle-Hughes (whale rider). The plot follows Sobran Jodeau (Renier), a peasant winemaker with three great loves.

RELATED: 10 Best English Films Influenced By The French New Wave

Castle-Hughes played his wife, Celeste, while Farmiga portrayed Baroness Aurora of Valday. Her third love was Xas (Ulliel), an angel who begins to show Jodeau the true meaning of life and love.


seven Saint Laurent (2014) – 6.2


Saint Laurent smoking in Saint Laurent

Saint Laurent was a 2014 biopic that centered on the life of fashion designer Yves Saint Laurent from 1967 to 1976. Unfortunately, the film as a whole received mixed reviews from critics. However, some aspects of it have been praised, especially in terms of its cast (which includes no time to dieby Léa Seydoux).

The title role goes to Ulliel, nominated for the Lumières and the Césars. The Lights are the equivalent of the Golden Globes while the Césars are the equivalent of the Oscars.


6 Hannibal Rising (2007) – 6.2


Gaspard Ulliel as Hannibal Lecter in Hannibal Rising

Hannibal rising was the 2007 prequel to Red Dragon, Thesilenceofthelambs, and Hannibal. It follows young Lecter as he begins his jaunt with the Nazis before expanding his malevolent focus.

Although not as scary as the character was in Thesilenceofthelambs, Ulliel’s Hannibal Lecter was intermittently creepy. The problem is the purpose of Rising to start. But if someone had to take over the role popularized by Anthony Hopkins (an insurmountable task), the French comedian was the one to do it.


5 The Dancer (2016) – 6.5


Gaspard Ulliel in The Dancer

Set in 1887, The dancer follows 25-year-old Marie-Louise Fuller as she leaves the West for the New York cityscape. There she sets out to become an actress, accidentally inventing a new dance in the process. This earned him the name of electric fairy. When the New Yorkers try to seize it, it heads for Paris.

RELATED: The Best French Film From Each Decade Of The 20th Century

Ulliel came on the scene once Fuller arrived in the City of Love, playing Louis d’Orsay, Fuller’s lover.


4 It’s Only the End of the World (2016) – 6.9


Gaspard Ulliel in It's only the end of the world

The Louis d’Ulliel in It’s only the end of the world is certainly one of the most tragic heroes in the history of cinema. He is a talented writer with a terminal illness. Now he has to return to his (remote) home for the first time in years to tell them the news.

Louis represents one of Ulliel’s most difficult and complex roles. His dynamic with members of his family (including Marion Cotillard, Léa Seydoux and Vincent Cassel) is simply intense, and each actor has been praised in his role. Especially given that the majority of the limited cast was playing against type.




3 Brotherhood of the Wolf (2001) – 7.0


Brotherhood of the Wolf

Brotherhood of the Wolf was an early French action horror film featuring an all-star cast. The plot follows Chevalier Grégoire de Fronsac and his Native American partner Mani as they investigate a series of bizarre murders. However, they may not cope with a normal man. In fact, it may be a beast.

In this film, Ulliel’s role is quite limited, but he plays a rather prestigious role: King Louis XV of France.


2 Paris, I Love You (2006) – 7.2


Poster for Paris Je T'aime

As one of the best anthology films ever made, Paris I love you (Paris I love you) told several distinct love stories in Paris. Set in separate neighborhoods of the City of Love, 22 directors stepped in to tell the 18 stories, including Gus Van Sant, Alexander Payne, Alfonso Cuarón, the Coen brothers, Gérard Depardieu and horror legend Wes Craven. .

It was in Van Sant’s segment that Ulliel appeared. He took the lead role: a young man who believes a print worker is the love of his life.


1 A Very Long Commitment (2004) – 7.6


Gaspard Ulliel in A Very Long Engagement

Ulliel’s highest rated film, A very long commitment, was a World War I romantic drama. Audrey Tautou played the role of Mathilde Donnay, the fiancée of a soldier convicted of self-harm to receive a discharge. Then the men are thought to have been killed in no man’s land. Donnay, however, believes him to be alive and will stop at nothing to learn the truth.

The late actor played Manech Langonnet, Donnay’s fiancé, and a significant part of the film is told through his POV. Rounding out the cast are big names like Marion Cotillard and Jodie Foster.

NEXT: 10 Awesome But Underrated Jodie Foster Movies

Harry Potter Fancast Collage


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The Benefits of Using Credit Cards

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Credit cards become a valuable financial tool once you learn to use them sensibly and responsibly. It offers rewards, protection, convenience and helps build an effective credit rating. So, what kind of benefits can one reap by using a credit card? To get started, let’s look at some of the top benefits of using a credit card:

Credit grace period (spend now, pay later): Arguably, the most attractive feature of a credit card is the interest-free grace period that users can enjoy provided the amount to be repaid is cleared on the due date. IndusInd Bank grants up to 50 days of credit to its customers without having to pay interest.

Credit score: Since credit card transactions are similar to available loans, all such transactions are reported to the credit bureaus who use them to calculate, as well as build your credit profile. Credit scores become crucial if you are considering availing loans for business expansion, vehicle purchase, personal needs, or simply buying a new home. A good credit rating allows borrowers to negotiate the best deal with the lending institution, helping them achieve their financial goals.

Rewards and Benefits: These include benefits such as discounts, cash back, reward points, loyalty credits, free club memberships, free access to airport lounges, among others. You should select the card that offers the most and fits your lifestyle requirements.

Cash planning: You can time your major purchases in a way that can help you get a longer credit period. Making credit card purchases in the early days of the billing cycle can maximize the grace period. Some card companies provide a graphical view of your spending habits which are divided into spending categories based on time bands. This can help you analyze your expenses and make necessary adjustments to your cash flow plan.

Credit card EMI: Banks and financial institutions offer cardholders the option of paying for certain purchases by equivalent monthly installments (EMI). In fact, several card issuers even go the extra mile to offer interest-free EMIs with terms ranging from 3 to 36 months. This is a useful option for those who don’t want to pay for large purchases all at once. Instead, they are comfortable spreading repayments over a few months.

Instant pre-approved loan: Credit card issuers offer pre-approved loans to card users with a healthy repayment record and credit profile. Some credit card issuers offer loan amounts (with terms ranging from 6 to 36 months) that exceed the approved credit limit. This is convenient in case of financial requirements.

-With contributions from IndusInd Bank

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Panchkula resident loses ₹1.9 lakh in credit card fraud

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Online scammers have retired 1.9 lakh from the credit card of a Panchkula resident, police said on Saturday. The victim, Ambuj Aggarwal, a resident of Sector 20, told police that 99.430.80 and 90,955.80 was deducted from his credit card without his authorization after he answered a call from an unknown number regarding his pending mobile phone bill. A case under article 420 of the CPI was registered after verification.

PGIMER waives OPD registration fees

Amid the spike in Covid cases, the PGIMER administration decided to waive registration fees for patients visiting DPOs after booking appointments via teleconsultation. The institute had suspended walk-in OPDs on January 10 and only treated patients in person after providing them with a prior appointment via teleconsultation. The decision was made to prevent exposure of co-morbid patients to infection. Medical Superintendent Dr Vipin Kaushal said: “The waiver is for the time being because queuing to pay the fee creates hurdles. Patients can directly consult the doctor.

Kindergarten Admissions: Random draw in 3 schools

Chandīgarh
Bhavan Vidyalaya Primary School, Sector 33; Carmel Convent School, Area 9, and St Xavier’s Secondary School, Area 44, held an online draw for nursery admissions on Saturday. For 100 places available at Bhavan Vidyalaya, no less than 1,842 students applied. The draw took place for 65 seats. At the Carmel convent, 715 children had applied for 120 places. At St Xavier, 310 students had applied for 100 places. Schools must post the final list by February 1.

IG Holds Meeting With Mohali Cops

Mohali
Inspector General (Ropar Range) Arun Kumar Mittal held a meeting with all senior police officers and officers from Mohali District Police Station on Saturday to provide an update on preparations for the Republic Day elections and the Punjab assembly. Mittal was informed that police surveillance was intensifying and interstate nakas had been strengthened. Later, the IG along with Chief Superintendent of Police Harjit Singh led a market flag march from Phase 7 to other parts of the city.

Maloya detained with illicit alcohol

Chandīgarh
A 30-year-old man has been arrested after police recovered 29 bottles, 22 halves and 43 quarts of country liquor in his possession near the Maloya Colony cremation ground. Identified as Lala from Gawala Colony, Maloya, he was convicted under the Excise Act and later released on bail.

Faculty training ends at UIPS

Chandīgarh
A week-long virtual teacher training program conducted by the University Institute of Pharmaceutical Sciences (UIPS) ended on Saturday at the University of the Panjab. Twenty-five lecturers drawn from academic institutions, industrial companies and research organizations in India, the United States, Canada, Australia and Spain trained 68 participants in “new era technologies in the formulation design space,” a statement read.

Daily Mortgage Rates Are Above 4% | January 22 & 23, 2022

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The average rate for a 30-year fixed-rate mortgage crossed 4% this week for the first time since September 2020, ending the week at 4.019%. Rates for all loan categories ended higher week over week. The average interest on a 30-year refinance, for example, has risen to 4.136%.

  • The last rate on a 30-year fixed rate mortgage is 4.019%.
  • The final rate on a 15-year fixed rate mortgage is 3.037%. ⇓
  • The latest rate on a 5/1 ARM is 2.574%. ⇓
  • The last rate on an ARM 7/1 is 3.891% ⇑
  • The latest rate on a 10/1 ARM is 4.135%. ⇓

Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a credit score of 700 — roughly the national average score — could pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate that 8,000 lenders offered applicants the previous business day. Freddie Mac weekly rates will generally be lower, as they measure the rates offered to borrowers with higher credit scores.

Are you looking for a loan? Check out Money’s lists of top mortgage lenders and top refinance lenders.

Today’s 30-Year Fixed Rate Mortgage Rates

  • The 30-year rate is 4.019%.
  • It’s a day offold by 0.031 percentage points.
  • It’s a month to augment by 0.366 percentage points.

The 30-year fixed rate mortgage is the most popular home loan thanks to its long repayment term, lower monthly payments and constant interest rate. Compared to a shorter term loan, however, the interest rate will be higher, meaning you will pay more over the life of the loan.

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Average Mortgage Refinance Rates

Data based on US mortgages closed on January 20, 2022

Type of loan January 20 Last week Change
15-year fixed conventional 3.15% 3.04% 0.11%
30-year fixed conventional 4.14% 4.06% 0.08%
ARM rate 7/1 4.03% 3.93% 0.1%
ARM rate 10/1 4.28% 4.17% 0.11%

Your actual rate may vary

15 years today fixed rate mortgage rates

  • The rate over 15 years is 3.037%.
  • It’s a day offold by 0.037 percentage point.
  • It’s a month infold by 0.479 percentage points.

The lower interest rate and shorter payback period of a 15-year fixed rate mortgage makes it an attractive option for some borrowers as they will save on interest. The monthly payments will however be higher than an equivalent loan over 30 years, so it will not suit all budgets.

The latest rates of adjustable rate mortgages

  • The latest rate on a 5/1 ARM is 2.574%. ⇓
  • The latest rate on a 7/1 ARM is 3.891%. ⇑
  • The latest rate on a 10/1 ARM is 4.135%. ⇓

Adjustable rate mortgages will start with a low introductory interest rate that will be fixed for a number of years. Eventually, the rate will become adjustable, reset at regular intervals. A 5/1 ARM will have a fixed rate for five years before starting to reset each year, for example. An ARM can be a good option for someone who doesn’t plan to keep the house beyond the fixed rate period. Keep in mind that once the rate starts to adjust, there may be a big spike.

The Latest VA, FHA, and Jumbo Loan Rates

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 3.801%. ⇓
  • The rate for a 30-year VA mortgage is 3.861%. ⇓
  • The rate for a 30-year jumbo mortgage is 3.726%. ⇔

The latest mortgage refinance rates

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30-year fixed rate refinance is 4.136%. ⇓
  • The refinance rate on a 15-year fixed rate refinance is 3.149%. ⇓
  • The rollover rate on a 5/1 ARM is 2.871%. ⇑
  • The refinance rate on a 7/1 ARM is 4.033%. ⇓
  • The rollover rate on a 10/1 ARM is 4.278%. ⇓
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Average Mortgage Refinance Rates

Data based on US mortgages closed on January 20, 2022

Type of loan January 20 Last week Change
15-year fixed conventional 3.15% 3.04% 0.11%
30-year fixed conventional 4.14% 4.06% 0.08%
ARM rate 7/1 4.03% 3.93% 0.1%
ARM rate 10/1 4.28% 4.17% 0.11%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates have fallen through 2020. Millions of homeowners have responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes they might not have been able to afford if rates were higher. In January 2021, rates briefly fell to lowest levels on record, but rose slightly for the rest of the year.

Looking ahead, experts believe that interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and further labor market gains. The Federal Reserve also began to scale back its purchases of mortgage-backed securities and announced plans to raise the federal funds rate three times in 2022 to combat rising inflation.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. Rates are expected to remain near historic lows throughout the first half of the year, rising slightly later in the year. Even with rising rates, it will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed acted quickly when the pandemic hit the United States in March 2020. The Fed announced its intention to keep money flowing in the economy by lowering the Federal Fund short-term interest rate between 0% and 0.25%, which is also low as you go. The central bank also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but began to scale back those purchases in November.
  • The 10-year Treasury bond. Mortgage rates keep pace with government 10-year Treasury bond yields. Yields first fell below 1% in March 2020 and have since risen. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are weak, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached historic highs early last year and have yet to recover. GDP has also taken a hit, and although it has rebounded somewhat, there is still plenty of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes some work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. Borrowers with the highest credit scores are the ones who will get the best rates, so it’s essential to check your credit report before you begin the home hunting process. Taking steps to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which is the share of the house price that the lender has to finance. A lower LTV usually translates to a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the home purchase.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. Also consider different types of lenders, such as credit unions and online lenders in addition to traditional banks.

As well. take the time to learn about the different types of loans. Although the 30-year fixed rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year mortgage or an adjustable rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which best suits your needs and financial situation. Government loans — such as those backed by the Federal Housing Authority, Department of Veterans Affairs, and Department of Agriculture — may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the right lender will help ensure that your mortgage rate doesn’t increase before the loan is closed.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by more than 8,000 lenders across the United States for which the most recent rates are available. Today we are posting rates for Thursday, January 20, 2022. Our rates reflect what a typical borrower with a credit score of 700 might expect to pay for a home loan at this time. These rates were offered to people depositing 20% ​​deposit and include discount points.

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A curious black coyote caught on camera near Lubber Run in Arlington Forest | ARLnow

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A coyote was spotted in Arlington Forest near Lubber Run (courtesy Amy Cocuzza)

A black coyote was spotted near Lubber Run this week, and she may have babies.

Although sightings of the shy dog ​​are relatively rare, the Arlington Forest coyote’s dark fur is somewhat rarer. Her coloring is what helped the Animal Welfare League of Arlington identify that she was not new to the area.

An Arlington Forest resident called AWLA, which runs the county’s animal control operation, to report a sighting Monday, and said the coyote had cubs in tow, though officers did not couldn’t locate her or the young people to confirm. On Tuesday, an ARLnow reader, Amy Cocuzza, filmed her in the neighborhood.

Cocuzza contacted a USDA wildlife specialist, who said the Arlington Forest coyote’s dark fur is rare but not uncommon. Eastern coyotes have enormous color variation.

AWLA animal control chief Jennifer Toussaint told ARLnow that the Arlington Forest coyote was not the only black coyote she had seen in Arlington. She first saw it on Highway 110 near Memorial in 2013. She likened the unusual coloration — known as melanism — to that of the more common black squirrel.

She said the coyote Cocuzza saw is likely female and they learned of her in Arlington Forest last year.

Previous sightings of coyotes reported by ARLnow have all been of a gray or tan-colored canine. A coyote has been spotted wandering the Fairlington area several times in 2020. Coyotes have also been seen wandering along Washington Blvd and in Potomac Overlook, Lubber Run and Cherrydale Regional Park. In 2014, a coyote was hit by a car near Arlington National Cemetery.

Toussaint called coyotes “highly adaptable opportunists” and said they thrive living near people in suburban and urban environments like Arlington where it’s easy to forage for food — enjoying the food for pets or discarded garbage. But she added that the presence of a coyote, which can be active day or night, is not alarming. In fact, there are some benefits like free rodent control.

“Urban coyotes are born in our neighborhoods and are generally familiar with us, our pets and our routines,” she said. “Once in a while it may be necessary to remind a curious coyote to beware of people, especially if someone has been feeding them, which is neither advisable nor legal.”

Toussaint recommends “hazing” techniques, such as clapping, raising your voice, whistling, or shaking an aluminum can with pennies inside. She said that while coyotes pose no risk to humans, they should never be handled and pets should be monitored closely and kept up to date on rabies vaccinations.

“We don’t see a lot of interactions or conflicts between coyotes and people or pets, but when we do, it’s usually because someone has been startled, so it’s a good idea. to practice hazing techniques before allowing a pet into your yard, as well.” she said.

Arlington Director of Natural Resources Alonso Abugattas writes that “the eastern coyote is larger than the western ones, about the size of a border collie or even a German shepherd, often between 45 and 55 pounds”, with males generally being larger than females.

The USDA specialist suggested to Cocuzza that the black coyote may wander because it’s mating season, and “it tends to be bolder and wander around then.”

Hats off to Amy Cocuzza

Today’s mortgage rates fell slightly | January 21, 2022

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The rate on a 30-year fixed rate mortgage is lower today, breaking a 4-day streak of consecutive increases as the average slipped to 4.019%. The rate on a 30-year refinance loan also fell, reaching 4.136%. Almost all other loan types are also seeing lower rates than yesterday.

Slightly lower rates for purchase and refinance loans mean more borrowers with strong credit should be able to find and lock in a low rate and comfortable monthly payments.

  • The last rate on a 30-year fixed rate mortgage is 4.019%.
  • The final rate on a 15-year fixed rate mortgage is 3.037%. ⇓
  • The latest rate on a 5/1 ARM is 2.574%. ⇓
  • The last rate on an ARM 7/1 is 3.891% ⇑
  • The latest rate on a 10/1 ARM is 4.135%. ⇓

Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a credit score of 700 — roughly the national average score — could pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate that 8,000 lenders offered applicants the previous business day. Freddie Mac weekly rates will generally be lower, as they measure the rates offered to borrowers with higher credit scores.

Today’s 30-Year Fixed Rate Mortgage Rates

  • The 30-year rate is 4.019%.
  • It’s a day offold by 0.031 percentage points.
  • It’s a month to augment by 0.366 percentage points.

Most borrowers choose the predictable interest rate, long payback period and relatively low monthly payments of the 30-year fixed rate mortgage. However, the interest rate will be higher than that of a short term loan, so you will pay more interest in the long term.

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Average mortgage rates

Data based on US mortgages closed on January 20, 2022

Type of loan January 20 Last week Change
15-year fixed conventional 3.04% 2.91% 0.13%
30-year fixed conventional 4.02% 3.92% 0.1%
ARM rate 7/1 3.89% 3.79% 0.1%
ARM rate 10/1 4.14% 4.02% 0.12%

Your actual rate may vary

15 years today fixed rate mortgage rates

  • The rate over 15 years is 3.037%.
  • It’s a day offold by 0.037 percentage points.
  • It’s a month infold by 0.479 percentage points.

Interest on a 15-year fixed rate mortgage will be lower than on a 30-year mortgage, so you won’t pay as much for the loan. The short term means you’ll pay off the mortgage faster, but it also means the monthly payments will be higher than a longer term loan. You need to make sure you can afford higher payments.

The latest rates of adjustable rate mortgages

  • The latest rate on a 5/1 ARM is 2.574%. ⇓
  • The latest rate on a 7/1 ARM is 3.891%. ⇑
  • The latest rate on a 10/1 ARM is 4.135%. ⇓

An adjustable rate mortgage could be an attractive option if you don’t plan to stay in the house long term or are open to refinancing at some point. The interest rate will initially be fixed, then will become variable and reset periodically. The interest rate on a 5/1 ARM, for example, is fixed for five years and then resets every year. Although the initial interest rate is very low, it can increase significantly at any time once it becomes adjustable.

The Latest VA, FHA, and Jumbo Loan Rates

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 3.801%. ⇓
  • The rate for a 30-year VA mortgage is 3.861%. ⇓
  • The rate for a 30-year jumbo mortgage is 3.726%. ⇔

The latest mortgage refinance rates

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30-year fixed rate refinance is 4.136%. ⇓
  • The refinance rate on a 15-year fixed rate refinance is 3.149%. ⇓
  • The rollover rate on a 5/1 ARM is 2.871%. ⇑
  • The refinance rate on a 7/1 ARM is 4.033%. ⇓
  • The rollover rate on a 10/1 ARM is 4.278%. ⇓
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Average Mortgage Refinance Rates

Data based on US mortgages closed on January 20, 2022

Type of loan January 20 Last week Change
15-year fixed conventional 3.15% 3.04% 0.11%
30-year fixed conventional 4.14% 4.06% 0.08%
ARM rate 7/1 4.03% 3.93% 0.1%
ARM rate 10/1 4.28% 4.17% 0.11%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates have fallen through 2020. Millions of homeowners have responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes they might not have been able to afford if rates were higher. In January 2021, rates briefly fell to lowest levels on record, but rose slightly for the rest of the year.

Looking ahead, experts believe that interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and further labor market gains. The Federal Reserve also began to scale back its purchases of mortgage-backed securities and announced plans to raise the federal funds rate three times in 2022 to combat rising inflation.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. Rates are expected to remain near historic lows throughout the first half of the year, rising slightly later in the year. Even with rising rates, it will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed acted quickly when the pandemic hit the United States in March 2020. The Fed announced its intention to keep money flowing in the economy by lowering the Federal Fund short-term interest rate between 0% and 0.25%, which is also low as you go. The central bank also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but began to scale back those purchases in November.
  • The 10-year Treasury bond. Mortgage rates keep pace with government 10-year Treasury bond yields. Yields first fell below 1% in March 2020 and have since risen. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are weak, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached historic highs early last year and have yet to recover. GDP has also taken a hit, and although it has rebounded somewhat, there is still plenty of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes some work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. Borrowers with the highest credit scores are the ones who will get the best rates, so it’s essential to check your credit report before you begin the home hunting process. Taking steps to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which is the share of the house price that the lender has to finance. A lower LTV usually translates to a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the home purchase.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. Also consider different types of lenders, such as credit unions and online lenders in addition to traditional banks.

As well. take the time to learn about the different types of loans. Although the 30-year fixed rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year mortgage or an adjustable rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which best suits your needs and financial situation. Government loans — such as those backed by the Federal Housing Authority, Department of Veterans Affairs, and Department of Agriculture — may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the right lender will help ensure that your mortgage rate doesn’t increase before the loan is closed.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by more than 8,000 lenders across the United States for which the most recent rates are available. Today we are posting rates for Thursday, January 20, 2022. Our rates reflect what a typical borrower with a credit score of 700 might expect to pay for a home loan at this time. These rates were offered to people depositing 20% ​​deposit and include discount points.

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Jefferson County parents charged after 9-month-old child found burned | WETM

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CARTHAGE, NY (WWTI) – Two Jefferson County parents have been arrested in connection with a child abuse investigation.

The Jefferson County Sheriff’s Office has confirmed that Noah Riewaldt, 21, and Kaysie Riewaldt, 22, have been charged after their nine-month-old baby was found severely burned.

According to the Sheriff’s Office, on November 27, 2021, an investigation was opened into a third-party complaint in a child abuse case on Potter Street in the Village of West Carthage. The Agency and the West Carthage Police Department discovered that the child had suffered severe burns to a significant part of his body.

Due to the severity of the injuries, the infant was transferred to Upstate University Hospital where he was treated by medical staff and pediatric intensive care unit burn specialists.

The sheriff’s office said further investigation found the injuries were not accidental, as initially claimed by the parents, and the two did not seek medical attention for the burns.

Subsequently, Noah Riewaldt was charged with second-degree assault, a D-Felony; First Degree Reckless Endangerment, a D-Felony; and endangering the welfare of a child, an A.

Kaysie Riewaldt was charged with first-degree reckless endangerment, a D-Felony; and endangering the welfare of a child, an A.

Both parents were arraigned in Jefferson County CAP Court. Noah Riewaldt was remanded to Jefferson County Jail on $25,000 cash bond or $50,000 bond. Kaysie Riewaldt was released before trial and ordered to report for probation.

The Jefferson County Sheriff’s Office said an investigation into the matter is currently underway and further charges may be laid.

Online gambling companies allow credit card betting through apps despite industry rules

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A Sunday World survey shows the country’s biggest online betting companies continue to allow credit card betting through their apps, despite industry rules saying this shouldn’t happen.

One of the companies, BoyleSports, was also found to allow betting and withdrawals without account verification or photo ID, despite industry age rules requiring verification.

Another company, Paddy Power, said there is a “loophole” for credit card betting in Ireland as it does not have the same strict gambling laws as the UK.

The briefing comes as a leading gambling addiction expert in Ireland claims the number of problem gamblers here could now be three times higher than official estimates of 40,000.

Former Paddy Power chairman Fintan Drury told the Sunday world the pace of the government’s plans to appoint a gambling regulator to tackle issues such as credit card betting is “appalling”.

Credit card gambling is described by experts as particularly dangerous and is severely restricted in countries like the UK, which has stricter gambling laws than Ireland.

The government has said here that it intends to restrict credit card betting by appointing a gambling regulator, which is expected next year.

“Credit card betting is a major problem,” said Barry Grant, CEO and Founder of Problem Gambling Ireland and an adviser specializing in gambling addiction.

“Most of the people we work with have access to a lot of credit cards. And there are a lot of workarounds, with things like PayPal being tied to credit cards.

“A lot of the big betting companies here would have to answer to the UK gambling regulator, but we don’t have any here.”

Asked how many people suffer from gambling addiction in Ireland, Mr Grant said the previously quoted figures of between 30,000 and 40,000, or 0.8% of the population, are “a long way off”.

“It’s maybe up to three times that figure, if you consider that across the border in the North it’s 2.3%,” he said.

“And there are still 5 pc considered to be at risk.”

Most major betting companies in Ireland have signed up to the Irish Bookmakers Association’s voluntary Safer Gambling Code, which prohibits credit card gambling.

However, two of the biggest companies – Paddy Power and BoyleSports – have defended credit card bets as coming from ‘third party’ payment apps such as Apple Pay, Google Pay or Revolut.

They said betting companies cannot see which Apple Pay, Google Pay or Revolut payments come from credit or debit cards.

This way, a spokesperson said the companies were not technically in breach of Safer Gambling Code rules.

Revolut has over 1.2 million users in Ireland and industry figures show that Apple Pay and Google Pay are a common contactless payment method for those with credit cards.

Online gambling is now a central part of betting company revenue, rising from 26% to 39% of the multi-billion dollar industry here, according to a recent industry report.

Nearly half of online betting is done from phones, with companies investing heavily in their apps.

Asked about the “loophole” in Ireland that companies are using to justify accepting more bets, a spokesman for Junior Justice Monister James Browne, declined to comment specifically.

“The (Gaming Regulatory) Authority will have the discretion, based on its expertise, to react quickly and resolve all issues and concerns relating to payment methods and the associated risks,” he said. he said, referring to the regulator’s prerogative to include the credit card. payments within its attributions.

Last week it was revealed that betting app LiveScore Bet refused to delete an account despite six direct requests.

The company, which now exclusively streams hundreds of European football matches in its app for those who sign up, apologized for the incident.

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Chase and Instacart will launch a new credit card in 2022

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  • Instacart is North America’s leading online grocery platform.
  • Instacart and Chase are launching a co-branded credit card later this year.
  • The card will offer expedited points on Instacart purchases, among other benefits and rewards.
  • Read Insider’s guide to the best rewards credit cards.

If you’re unfamiliar with Instacart, it’s an online grocery shopping platform that lets you order nearby pickup or delivery.

Participating Instacart stores include Kroger, ALDI, Meijer and Costco – and the site now supports non-food stores such as Best Buy, Dick’s Sporting Goods and Bed Bath & Beyond. You can find over 700 grocers and retailers through Instacart.

Read more: How does Instacart work? What to know about the freelancer-powered grocery delivery service

Coming later this year, Chase and Instacart are unveiling an all-new co-branded credit card – the Instacart Mastercard.® credit card. It’s always good news to hear about a new credit card on the market, although we know relatively little about the inner workings of that card.

New Chase Instacart credit card

Featured credit cards from our partners
Featured Reward

60,000 points

Credit needed

good to excellent

Featured Reward

3 free nights (each worth up to 50,000 points) after qualifying purchases and 10x the total points on qualifying purchases in select categories

Credit needed

good to excellent

Featured Reward

1.5% cash back on top of regular earnings on everything you buy up to $20,000 spent in the first year (worth up to $300 cash back)

Credit needed

good to excellent

You may have noticed that Chase and Instacart have been working together sporadically over the past couple of years. There are occasional discounts via Chase offers. There is currently a promotional Instacart Express Membership for customers with select Chase Cards, including $10 off your next order of $35+, through April 2022, when you join by January 31, 2022 (you can register here).

The partnership foreshadowed what was to come: a true co-branded credit card. Chase did not reveal important details about the card, such as its annual fee, earning rates and reward currency. It only says it will offer “accelerated points on Instacart purchases, among other benefits and rewards.”

If the card’s win rates are impressive, this might be a product to consider as it brings together several hundred merchants under one platform. However, purchases through the Instacart code as grocery stores with most credit card issuers like American Express and Chase. This means that the Chase Instacart credit card will need exceptional winning rates, as well as perhaps Instacart credits and an Instacart Express subscription to challenge competitors.

Read more: The best credit cards for grocery shopping

For example, American Express’ Blue Cash Preferred® card earns 6% on the first $6,000 spent in supermarkets each calendar year (1% thereafter). Using this card to buy groceries through Instacart should earn you 6% back.

Or the American Express® Gold Card

earns 4 Amex Membership Rewards points per dollar in supermarkets (up to $25,000 spent in US supermarkets each year, then 1 point per dollar). Insider estimates the value of Amex points at 1.8 cents each, giving you an effective return rate of around 7.2% on travel.

This card will be a World Elite Mastercard, so it may come with standard World Elite benefits such as:

  • Rental Car Elite Status
  • Mobile phone protection
  • World elite concierge
  • Free Shoprunner Membership

However, issuers sometimes waive certain benefits offered by payment processing networks. We don’t know for sure what this card’s suite of benefits will look like.

The Chase Sapphire Preferred is currently one of the best credit cards for grocery spending

Regular APR

15.99%-22.99% variable

Chevron icon It indicates an expandable section or menu, or sometimes previous/next navigation options.

  • Advantages and disadvantages

  • Details


  • Advantages
    • High sign-up bonus gets you started with lots of points
    • Solid travel blanket
    The inconvenients
    • Does not offer Global Entry/TSA PreCheck application fee credit
    • Earn 60,000 bonus points after spending $4,000 on purchases within the first 3 months of account opening. It’s $750 when you redeem through Chase Ultimate Rewards®.
    • Enjoy perks like a $50 annual Ultimate Rewards resort credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, and more.
    • Earn 25% more value when you redeem airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 to travel.
    • With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select rotating categories.
    • Get unlimited deliveries with $0 shipping and reduced service fees on qualifying orders over $12 for at least one year with DashPass, DoorDash’s subscription service. Activate before 3/31/22.
    • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Baggage Insurance and more.

    Read our review
    Read our review A long arrow pointing to the right

    Chase already has a great option for supermarket spending.

    The Chase Sapphire Preferred® Card earns 3 Chase Ultimate Rewards points per dollar for online grocery purchases (excluding Target, Walmart and wholesale clubs). Insider estimates the value of Chase Points at 1.8 cents each. This means that if you use this card through Instacart, you should effectively receive 5.4% back on trips.

    This card also offers 60,000 points after spending $4,000 on purchases within the first three months of account opening. It comes with valuable travel benefits like Master Rental Car Insurance, Trip Delay Insurance, and Baggage Delay Insurance.

    We frequently recommend the Chase Sapphire Preferred as the best travel points credit card f