Bank of Korea to Hold Rates, Cut GDP View: Decision Guide

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(Bloomberg) — The Bank of Korea is expected to hold its policy rate at a record low on Thursday while slashing growth projections as a resurgence of the coronavirus throws recovery prospects into disarray.

All 22 analysts surveyed by Bloomberg expect the seven-day repurchase rate to remain at 0.5%, a level Governor Lee Ju-yeol has said is close to the effective lower bound. Lee this week told lawmakers the bank may cut its economic projections for 2020 by a considerable margin after forecasting a 0.2% contraction in May.



a screenshot of a cell phone: As 2020 GDP forecasts slide, pressure mounts on BOK to do more


© Bloomberg
As 2020 GDP forecasts slide, pressure mounts on BOK to do more

With little question among analysts that the BOK will stand pat on rates, the focus shifts to how significantly the bank cuts its view of this year’s growth, said economist Park Jeong-woo at Nomura Holdings Inc.

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“Anything below -1% and people will take that to mean

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What We Learned About Newtek Business Services’ (NASDAQ:NEWT) CEO Compensation

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NASDAQ:NEWT) in 1999, and we think it’s a good time to look at the executive’s compensation against the backdrop of overall company performance. This analysis will also evaluate the appropriateness of CEO compensation when taking into account the earnings and shareholder returns of the company.” data-reactid=”28″Barry Sloane became the CEO of Newtek Business Services Corp. (NASDAQ:NEWT) in 1999, and we think it’s a good time to look at the executive’s compensation against the backdrop of overall company performance. This analysis will also evaluate the appropriateness of CEO compensation when taking into account the earnings and shareholder returns of the company.

See our latest analysis for Newtek Business Services ” data-reactid=”29″ See our latest analysis for Newtek Business Services

How Does Total Compensation For Barry Sloane Compare With Other Companies In The Industry?

According to our data, Newtek Business Services Corp. has a market

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South Shore Health hires investment bank to explore strategic options

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The parent company of South Shore Hospital said Wednesday that a merger with another health care network is among the options likely on the table as it begins the second phase of a strategic review.



a car parked in front of a building: South Shore Hospital in South Weymouth.


© Pat Greenhouse/Globe Staff
South Shore Hospital in South Weymouth.

Rose Di Pietro, interim chief executive of South Shore Health, said in an e-mail to employees that the nonprofit health system has hired investment bank Cain Brothers to “help sharpen our focus on exploring opportunities for future direction.”

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The move is the next step in a review that begin in January with an eye toward how to adapt to changes in the health care industry. That effort was slowed by the onset of the coronavirus pandemic.

In an interview, Di Pietro said South Shore Health has “no preconceived notions” on what steps it may take as a result of the review being done

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Phunware Provides Upwardly Revised Financial Guidance for Application Transactions Business

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AUSTIN, Texas–(BUSINESS WIRE)–Phunware, Inc. (NASDAQ: PHUN) (the “Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, announced today that it has upwardly revised the financial guidance previously provided for its Application Transactions business. The Company currently projects that its non-recurring media transaction revenues will increase by more than 60% quarter-over-quarter, with strong growth specific to new media sales wins on mobile.

Since inception in 2009, Phunware has helped brands of all sizes navigate the complex ecosystem of mobile and digital advertising, allowing customers to engage audiences and drive business outcomes and results for digital transformation. The Company provides best-in-class mobile advertising software, tools and services, including expertise with media strategy and planning, mobile-first creative development, custom audience creation and campaign management and optimization, as offerings within its core Multiscreen-as-a-Service (MaaS) enterprise cloud platform for mobile.

The majority of Phunware’s

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Virgin Australia Bondholders Withdraw Plans for Proposal to Rival Bain Capital Deal | Investing News

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SYDNEY (Reuters) – Virgin Australia Holdings Ltd

bondholders have withdrawn plans for a proposed recapitalisation of the airline that was meant to rival one from U.S. private equity firm Bain Capital, a spokesman for the bondholders said on Friday.

Singapore’s Broad Peak and Hong Kong’s Tor Investment Management, which had proposed the rival deed of company arrangement (DOCA) to recapitalise the airline, hold around A$300 million ($216 million) of Virgin’s A$2 billion of unsecured bonds, part of nearly A$7 billion owed to creditors.

A court ruling this week makes it impossible to complete due diligence and present a substantially unconditional DOCA proposal to rival Bain’s at a creditors’ meeting on Sept. 4, the spokesman for the bondholders said.

Virgin Australia is in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy provisions used to restructure companies in the United States.

Administrator Deloitte plans to issue a report to creditors

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Bank frauds more than doubled to Rs 1.85 trillion in FY20: RBI

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Bank frauds of Rs 1,00,000 or more have more than doubled in value to Rs 1.85 trillion in FY20, with the number of such cases increasing 28% in the same period, the Reserve Bank of India’s annual report showed on Tuesday. These frauds occured over the past few years but have been accounted for in the financial year they were reported.  Data from the central bank also showed that a majority of these frauds are in loan portfolios of banks, both in terms of number and value. 

“There was a concentration of large value frauds, with the top 50 credit-related frauds constituting 76% of the total amount reported as frauds during 2019-20. Incidents relating to other areas of banking, like off-balance sheet and forex transactions, fell in 2019-20,” said RBI. 

The report further revealed that 80 per cent of these reported frauds happened in the

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Does Homeowners Insurance Cover Renovations?

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The amount of homeowners insurance you buy depends on factors like your home’s size, condition, and the cost to rebuild it if disaster were to strike. But what if those variables change—say, because you add a deck or update the kitchen? Does homeowners insurance cover renovations? If there’s a remodel or renovation in your future, here’s what you need to know about insurance coverage for your home.

Key Takeaways

  • Your existing homeowners insurance policy may cover renovations, but any significant updates and upgrades could leave you underinsured.
  • Verify that your contractor has adequate liability insurance and workers’ compensation coverage.
  • Consider increasing your liability coverage limits in case there’s a makeover mishap and/or someone gets injured.
  • Speak with your home insurance agent about your renovation plans before you get started to find out if you need to change your coverage limits.

Should I Notify My Home Insurance Agent If I Renovate

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Bank’s COVID relief turned to financial pain for BMO customer, now reimbursed for her trouble

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a woman wearing a dress: Marissa Stowe's application to BMO's COVID-19 financial relief program led to almost five months of confusion as she was passed back and forth between numerous bank employees, while receiving calls from the bank's collection department and watching her credit score take a nose dive.


© Ben Nelms/CBC
Marissa Stowe’s application to BMO’s COVID-19 financial relief program led to almost five months of confusion as she was passed back and forth between numerous bank employees, while receiving calls from the bank’s collection department and watching her credit score take a nose dive.

The Bank of Montreal is waiving a Vancouver woman’s entire credit card balance and lowering her interest rate after a botched application to its COVID-19 financial relief program drove her further into debt. 

The problems started at the end of March, when Marissa Stower, 33, applied for a credit card payment deferral program with BMO shortly after being laid off from her job at a restaurant.

That application led to almost five months of confusion as she was passed back and forth between numerous bank employees, while receiving calls from the bank’s collection department and watching her credit score take a nose dive. 

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Exclusive: Belarus Won’t Introduce Capital Controls to Stop Rouble Slide – Central Bank | Investing News

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MINSK (Reuters) – The Belarusian central bank will not introduce capital controls to prevent the depreciation of the Belarusian rouble as these would be counterproductive, central bank board member Dmitry Murin told Reuters on Tuesday.

A political crisis sparked by mass protests against President Alexander Lukashenko has dragged the rouble to record lows against the euro this week and sent Belarusians scrambling to buy foreign currency at exchange points. [nL8N2FQ1J2]

On Tuesday, the rouble weakened further, losing 1.2%-1.5% against the dollar and the euro. It has lost 30% so far this year against the euro

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But the central bank is not contemplating imposing restrictions, Murin said, adding: “We believe that the introduction of restrictions will have the exact opposite effect.”

Asked if the National Bank of Belarus could return to the obligatory sale of foreign exchange earnings, introduce targeted sales of foreign currency, restrict deposits or foreign exchange

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Wilkins Says Pandemic Reveals Limits to Bank of Canada Policy

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(Bloomberg) — The Bank of Canada’s No. 2 official said one of the lessons of the current pandemic has been to highlight the limits of monetary policy “solving all problems” in a world of low interest rates, as the central bank studies potential changes to its 2% inflation target.

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Speaking at a workshop organized by the Bank of Canada on its mandate renewal next year, Senior Deputy Governor Carolyn Wilkins said the future challenges for central banking have become “crystal clear” in recent months as the world economy navigates the crisis — low interest rates diminish the central bank’s ability to combat future downturns, while also encouraging households to take excessive risks.

That means fiscal policy will need to play a significant role stimulating growth, Wilkins said. It also means regulatory policies need to step up to counter any buildup in financial vulnerabilities as the central bank keeps

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