Payments Imbalance – Future Komp http://futurekomp.net/ Wed, 22 Jun 2022 10:52:14 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://futurekomp.net/wp-content/uploads/2021/03/futurekomp-icon-70x70.png Payments Imbalance – Future Komp http://futurekomp.net/ 32 32 UK house prices: will rising interest rates lead to a property crash? https://futurekomp.net/uk-house-prices-will-rising-interest-rates-lead-to-a-property-crash/ Wed, 22 Jun 2022 10:52:14 +0000 https://futurekomp.net/uk-house-prices-will-rising-interest-rates-lead-to-a-property-crash/

Mortgage payments are on the rise after five successive Bank of England interest rate hikes and further increases expected in the coming months.

The Bank is seeking to contain inflation which is on track to hit 11% this year – the highest in four decades.

Ultra-low interest rates have made mortgages cheaper, inflating a housing bubble that has made home ownership a distant dream for many renters in parts of the UK.

But, as the era of low rates draws to a close, will the UK’s out-of-control property market begin to cool and could we even be heading for a crash?

What is the latest UK house price data?

Official figures released this week show prices rose 12.4% on the year to April. It was a big jump from the 9.7 per cent increase seen in March, and means the average selling price has risen by £31,000 – more than the UK median wage – to £281. £.00.

For now, it seems, buyers are willing to put up with the relatively modest rise in monthly mortgage payments, although official data does not yet reflect the most recent interest rate increases.

All four countries have seen significant increases in the cost of a house, with average prices rising in England to £299,000 (11.9%), Wales to £212,000 (16.2%), Scotland at £188,000 (16.2%) and in Northern Ireland at £165,000 (10.4%).

Growth was slowest in London at 7.9%, although the capital still has the UK’s most expensive property.

More recent figures from Halifax show prices were still rising rapidly in May.

Despite fears over the cost of living and steep rises in energy bills, house prices are up 1% (about £3,000) from April and 10.5% on the year.

The average house price hit £289,099 after the 12th consecutive monthly rise.

Halifax said a “persistent imbalance between supply and demand” for properties remains the main reason prices are hitting new record highs.

A “race to space”, which began during the pandemic, is expected to continue as people move from city apartments to bigger homes in more rural areas.

“However, the housing market has started to show signs of cooling,” said Russell Galley, managing director of Halifax Mortgages.

“Activity has started to decline and, coupled with the inflationary pressures currently on household budgets, it is likely that activity will start to slow.”

Many rural areas have seen steep price increases as more people embrace flexible working

(GETTY IMAGES)

However, there are some signs that prices could still be supported by strong demand. Estate agent Chestertons said it had seen a 31% increase in the number of people signing up for viewings at its London branches.

Chief executive Guy Gittins said there is now a “strong seller’s market” and the number of sellers willing to cut their asking prices has fallen 38% over the past year.

“The sheer volume of agreed sales in April created a difficult workload for lawyers and banks, which impacted the time it takes to finalize a sale,” he said.

Rising interest rates will affect some buyers’ ability to buy a home, but the effect may be limited.

How much have mortgage rates increased?

Some lenders have raised their mortgage rates to twice the Bank of England base rate.

HSBC raised prices for fixed-rate mortgages by 0.45 to 0.5 percentage points last week, well above the quarter-percent increase in the base rate. Nationwide also raised rates by 0.4 percentage points.

The Bank of England’s latest decision will have an immediate impact on the 1.9 million borrowers on standard or tracker variable rate mortgages, which move with the base rate.

On a £200,000 25-year mortgage, that means an extra £700 in interest payments over two years.

Around 75% of Britain’s 9million mortgage borrowers are on fixed deals, according to banking trade body UK Finance.

Fixed rates are also on the rise, with the average two-year fixed rate up almost 1% since December 2021.

The average two-year fixed rate is now 3.25%, down from 2.34% in December, according to figures from Moneyfacts.

Five-year contracts are up 3.37% from 2.64% six months ago.

As the spread between the average two-year and five-year fixed rate has narrowed, fixing longer may be a smart move, said Moneyfacts finance expert Rachel Springall.

Even longer terms are available at similar rates, with the average 10-year fixed contract now at 3.36%.

What is driving rising house prices in the UK?

Prices were inflated by the supply of cheap credit. Although rates are increasing, they are still very low by historical standards.

Housing supply also remains a problem. There aren’t enough properties people want in the areas they want.

There is now a clear dividing line in the market between houses, which are in high demand, and apartments, which are proving harder to sell in many areas.

The UK’s planning system has been accused of slowing down the process of building new properties and restricting supply.

Government proposals to radically overhaul the system and replace it with a zoning model that would automatically approve developments in designated areas have proved controversial. Some reports suggest ministers will abandon the changes.

Big developers are also being criticized for hoarding large amounts of land that may not be used for building for years. In the meantime, developers are profiting from holding land as values ​​continue to rise while the supply of new homes is limited.

Around 5% fewer house sales took place in May this year compared to the same month in 2021, according to figures from HM Revenue and Customs (Anthony Devlin/PA)

(PA Archive)

What future for UK house prices?

Property market pundits are divided on where house prices will move next, but few predict a fall this year.

The question is how fast prices will continue to rise.

Tom Bill, head of UK residential research at Knight Frank, said the recent period of price growth appeared to have peaked last month.

“We don’t expect prices to come down, but we’re likely in the last month or two of double-digit annual growth,” he said.

“The psychological impact of a rising base rate above 1%, higher mortgage rates, a squeeze in the cost of living and the gradual rebuilding of supply will all contribute to the slowdown as housing prices real estate will come back down later this year.”

Halifax expects home price growth to slow further as affordability becomes tighter.

“The house price-to-income ratio is already at an all-time high, and with interest rates rising and inflation further squeezing household budgets, it remains likely that the rate of growth of house prices will slow by the end of this year,” Halifax chief executive Russell Galley said.

Capital Economics also predicts a sharp slowdown in price growth towards the end of the year.

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The US economy is heading for a hard landing https://futurekomp.net/the-us-economy-is-heading-for-a-hard-landing/ Mon, 20 Jun 2022 14:50:00 +0000 https://futurekomp.net/the-us-economy-is-heading-for-a-hard-landing/

The US economy appears to be heading for a hard landing. After months of ignoring the growing problem, the Federal Reserve is using brutal monetary force to rein in rising prices.

Fed policymakers have effectively decided that inflation is so out of control. They are ready to induce an economic downturn which will reduce the overall demand for goods and services.

The recent carnage in the stock market suggests that the Fed’s sudden and aggressive rate hikes will squeeze consumer borrowing and hurt .

Equities, which are now fully in bearish territory, tend to lead the economy. The market message is that a recession is coming.

Claims to the contrary by Biden administration officials are far from convincing — especially given their failure to acknowledge the inflation problem until it became too overwhelming to deny.

Treasury Secretary Janet Yellen took to ABC News on Sunday to paint a rosy picture of the deteriorating economy. She says,

“I don’t think a recession is inevitable”

Maybe nothing is inevitable except death and taxes. But the latest economic indicators suggest another recession caused by clumsy central planners is also inevitable.

Bidenomics relied on fiscal and monetary stimulus supporting consumer demand.

At the same time, the Biden administration has taken steps to cut off the supply of critical commodities like fossil fuels — going so far as to halt pipeline projects and demand that oil companies stop investing in new ones. sources of domestic production and then demonize them. for not doing enough to mitigate record fuel prices.

Today, the economy must deal with imbalances of supply and demand. The housing market faces a toll after the fastest rise in mortgage rates since 1987.

Sellers are forced to negotiate prices so that buyers can pay the monthly installments. Meanwhile, housing starts, home building permits and mortgage applications are falling rapidly.

Signs of danger for the economy

  • The Federal Reserve Bank of Atlanta’s GDPNow tracker shows economic growth at 0% this spring, down from previous projections for second-quarter GDP gains.
  • The business index turned negative in June, the first such contraction since the depths of the COVID lockdowns.
  • The social mood is plummeting, with the latest Consumer University showing consumer sentiment plunging to an all-time low.
  • A recent investigation found that small business owners “feel the gloomiest in nearly five decades.”
  • And finally, 59% of US manufacturers now believe a recession is approaching.

The result is that periods of great fear create great buying opportunities. Asset classes currently under pressure will eventually bottom out. Some markets may be at or near a low now.

But with the economy likely to get worse before it gets better, risks remain elevated in economically sensitive assets such as growth stocks and industrial commodities.

Non-cyclical assets such as precious metals tend to be more resilient to economic risks. They may even benefit from an investor flight to safety – especially as it becomes more apparent that cash is not a safe haven in an environment of stagflation.

Holders of certain hard assets, namely and , will be better positioned than those locked into paper assets to survive a hard landing in the economy.

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Staffordshire village where house prices are soaring by the tens of thousands https://futurekomp.net/staffordshire-village-where-house-prices-are-soaring-by-the-tens-of-thousands/ Sat, 18 Jun 2022 07:27:51 +0000 https://futurekomp.net/staffordshire-village-where-house-prices-are-soaring-by-the-tens-of-thousands/

Some of the most expensive homes in a Staffordshire village have gained thousands of pounds in value as property prices soar. It comes as the housing market across the country has seen growth in expensive house prices, with parts of Staffordshire rising by more than 10% in the past 12 months.

Latest research released by property adviser Savills shows that rising property values ​​continue to be supported by high levels of buyer demand as well as low levels of properties for sale. Analysis shows that in Eccleshall, near Stafford, prices in the top 5-10% of value-rich homes rose by 10.2% over the 12 months.

In properties worth over £2m, prices were up 6.5% year-on-year across the Midlands, still behind the 10-percent nationwide rise, 3%. Furthermore, this figure is still 24% below the market peak of 2007, showing that there is room for further growth in the market.

TOP STORY: The spooky abandoned village less than an hour from Swadlincote

Peter Daborn, residential sales manager at Savills in the West Midlands, said: “With the ‘space race’ not yet fully running its course, demand for homes outside of London remains extremely strong. The need for greenery clearly remains a factor and the best in class country homes remain highly sought after.

In Staffordshire, those close to top schools with good links to cities like Birmingham and London do particularly well. While activity levels have slowed slightly in the consumer market, there is still a solid core of unmet demand at the high end of the market, he said.

“For now, this is undeterred by the rising cost of debt, rising cost of living and geopolitical uncertainty triggered by the war in Ukraine. Here, equity trumps equity. debt as a source of funding and much higher levels of disposable income mean that buyers have better protection against macro-economic pressures,” he added.

“With hybrid work models now embedded, a dream move to the country is still on the minds of many buyers. However, we are also seeing many regional cities and towns posting stronger quarterly price growth, suggesting that proximity to local amenities is becoming a more pressing consideration.

“Looking forward, while the imbalance between supply and demand remains a feature of the market, the lack of suitable inventory should rebalance, which should in turn stabilize prices somewhat. As such, the rate of price growth is expected to slow as the year progresses given economic pressures.

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]]> A 10% increase in the cost of import freight raises the annual CPI by 0.21 percentage points: RBI Article https://futurekomp.net/a-10-increase-in-the-cost-of-import-freight-raises-the-annual-cpi-by-0-21-percentage-points-rbi-article/ Thu, 16 Jun 2022 15:49:17 +0000 https://futurekomp.net/a-10-increase-in-the-cost-of-import-freight-raises-the-annual-cpi-by-0-21-percentage-points-rbi-article/

Mumbai, Jun 16 (PT) A 10% increase in the price of import freight will lead to a 0.21 percentage point increase in annual consumer price inflation, according to an article published in the monthly bulletin of RBI for June.

The article analyzed the impact of freight price shocks, such as container shortages and pandemic-related market frictions, on retail prices through quantum import channels and prices of big.

It is written by Ripankar Biswas, Savita Pareek and Seema Saggar of the Balance of Payments Statistics Division, Department of Statistics and Information Management, RBI.

RBI said the opinions expressed in the article are those of the authors and not of the institution.

“Based on the impulse response function, the study estimates that a 10% increase in the cost of import freight is expected to raise year-on-year CPI inflation by 0.89 percentage points in over the next six quarters before dying out.

“In particular, a 10% increase in the price of import freight causes annual consumer price inflation to rise by 0.21 percentage points,” the authors said.

They said, however, that this study predates the recent Russian-Ukrainian war and therefore does not quantify the impact on freight costs of further disruptions to supply chains.

The easing observed since September 2021, in transport costs with the commissioning of new capacities and the normalization of economies, has already started to be limited by the renewed pressure of the effects of the war.

“Stretched shipping costs could therefore be a new normal for a longer period, largely dependent on geopolitical pressures easing and no further pandemic waves emerging,” the article said.

Supply disruptions induced by the COVID-19 pandemic have increased transaction costs in many sectors, especially contact-intensive ones, he said. The associated disruptions have negatively impacted many businesses, exposing weak links.

Global freight transport was one such segment that was slow to respond as trade began to rebound from the first wave of the pandemic, he said.

In line with a sharper recovery in global trade in 2021-22, particularly imports which have recovered and exceeded pre-COVID-19 levels faster than exports, freight costs have surged and remained high since the third quarter from 2020-21, the authors said.

This reflects growing imbalances between supply and demand, market frictions and limited transmission capacities. These developments have impacted logistics costs worldwide, including in India, the article adds.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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Pakistan faces a suffocating balance of payments crisis: Naveed Qamar – Business https://futurekomp.net/pakistan-faces-a-suffocating-balance-of-payments-crisis-naveed-qamar-business/ Tue, 14 Jun 2022 02:07:25 +0000 https://futurekomp.net/pakistan-faces-a-suffocating-balance-of-payments-crisis-naveed-qamar-business/

ISLAMABAD: Pakistan is facing a stifling balance of payments (BoP) crisis and is struggling to cope with the situation both economically and socially, Trade Minister Naveed Qamar told the 12th Ministerial Conference of the World Trade Organization (MC12) in Geneva.

Mr. Qamar is representing Pakistan at MC12, which is being held June 12-15 in Switzerland. The conference was scheduled to take place in late 2021, but was postponed due to the outbreak of the Omicron variant of Covid-19.

The Minister of Commerce informed the conference that the Covid-19 pandemic and its aftermath have triggered a wave of additional difficulties and challenges for Pakistan. The minister read a written statement outlining Pakistan’s position, a copy of which was shared with the media.

Coupled with the economic downturn caused by the pandemic and the impending food crisis, he said the problem had caused significant “unrest in my country”.

“At the same time, I think we should focus on building back better and smarter,” he added.

For this, the minister hinted that he finds it absolutely essential that effective policy space remains available for countries like Pakistan to advance modern digital, technological and industrial growth.

Food security looms as another major challenge, especially for countries like Pakistan, he said. The issue will, if not already, be confronted more acutely with this organization and its members in the coming days, he added.

The Minister said that Pakistan is convinced that to ensure food security in the world, the appropriate policy tools must remain at the disposal of the members, especially those necessary to improve the production, productivity and dissemination of food to segments wider population.

Pakistan has always remained an active member of the WTO. “We strongly believe in the benefits of maintaining the fundamental principles of the multilateral trading system, especially at a time when it is facing some of its greatest challenges both for this organization and for the concept of multilateralism as we have it. understood for a long time,” Qamar said. said further.

He reaffirmed Pakistan’s commitment, in all the reforms we undertake, to strengthening the pillars that underpin the multilateral system, in particular consensus-based decision-making; continued emphasis on development, including special and differential treatment for developing countries, and a fully functional two-tier dispute settlement system.

The official announcement from the Ministry of Commerce said that Mr. Qamar stressed the need for the WTO to maintain the fundamental pillars of the Marrakesh agreement of consensus decision-making, special and differential treatment for developing countries. development and a fully functional two-tier dispute. settlement mechanism.

The Minister underlined the need for the major funders to take the greatest responsibility for saving the fish under the principle of common but differentiated responsibility.

On the sidelines, Mr. Qamar also stressed the need for a solution to the growing problems of food security and agricultural productivity during the G33 and Cairns group ministerial meetings.

The minister in the country’s position paper highlighted emerging realities such as environmental degradation, high inflation, worsening inequality and food shortages, coupled with the severe inequity in Covid vaccine availability and the a general lack of diagnostic and therapeutic capacity, have exacerbated the severity of these challenges in the developing world.

Posted in Dawn, June 14, 2022

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Contactless Fingerprint Biometrics Takes Another Step Towards Widespread Adoption https://futurekomp.net/contactless-fingerprint-biometrics-takes-another-step-towards-widespread-adoption/ Sat, 11 Jun 2022 16:08:00 +0000 https://futurekomp.net/contactless-fingerprint-biometrics-takes-another-step-towards-widespread-adoption/

Idemia and Telos have been named winners of NIST’s latest contactless fingerprint biometrics challenge, while Yoti has won government approval for a new market in the UK, in some of the most popular stories from the week on Biometric update. Executive insights also made headlines, including interviews with ID R&D, PayByFace, Integrated Biometrics and Sciometrics, and Princeton Identity.

Top biometric news of the week

Contactless fingerprint biometrics have advanced to the point of being ready for law enforcement applications, as shown by the latest NIST mFIT Challenge results, IB and Sciometrics executives say Biometric update. Their joint application scored the highest accuracy score, while Idemia and Telos scored the highest overall scores in Phase 2 for a smartphone-based mobile application that compares fingerprints against a database full of templates derived from contact-based scans.

Digital government services and benefit delivery have been in the headlines, with Jamaica striking a deal with the country’s financial institutions to pilot digital identity verification with the national identity card, as it attempts to getting more Covid aid to intended beneficiaries, while two levels of government in Pakistan are working alike to digitize benefit distribution. Bhutan launched its national digital ID system and the Philippines updated its growing number of registrations.

The digital stack that underpins the Philippines’ national digital ID system sets a good example for other countries developing their identity ecosystems, according to a World Bank blog post. Fundamental identification, digital payments and data governance systems together constitute the digital stack, the post explains, before listing the benefits that Filipinos receive from PhilSys.

Passwordless solutions continue to move towards popular acceptance, with Apple offering iPhone users the option of using facial or fingerprint biometrics instead, and LastPass launching an authentication tool to manage passwords. account credentials, with plans to add biometrics support. 1Password and Valmido have joined the FIDO Alliance, meanwhile, as reinforcements in the battle to end the use of passwords.

Airports are struggling to recover passenger volumes, so Vision-Box has introduced a self-service biometric kiosk, while an airport in Singapore is rolling out biometric devices from Idemia. Bangladesh is rolling out Veridos gates, Materna is powering biometric baggage drop for Spirit at LAX, and iProov finds that most people prefer to check in for their flights from home.

Police in Ireland could soon be legally permitted to use real-time facial recognition from public surveillance cameras, as well as forensic facial biometrics, if a planned amendment is passed this autumn. Civil society groups have pushed back, demanding a moratorium and criticizing the process of introducing change.

The digital identity service provided by partners Yoti and the UK Post has been approved by the government for online employment verification with biometrics, the first certified service for DBS schemes. Right to Work and similar programs follow the DCMS Digital Identity and Attribute Trust Framework.

Fingerprint Cards and its partner Feitian announce that they are increasing production of their combined biometric card technologies for payments and access control, which will be offered as a pre-laminated solution to manufacturers. The senor-maker also discussed its biometric access control ambitions with its partner Freevolt during the recent IFESEC 2022.

Document liveness detection is a new innovation discussed by ID R&D leaders in a sponsored article, which covers the threat the technology addresses, how it works, and the role it plays in securing the process of integration against a method of attack that has been used successfully by criminals. in nature.

PayByFace CEO and Founder Mike Draghici spoke with Biometric update on her company’s global expansion plans as she announces a major strategic investment from Indian fintech SafexPay. Draghici reveals PayByFace’s next development steps and a series of possible upcoming trials worldwide.

Heather Vescent’s column highlights Web3 and the topic of decentralized identity at this year’s EIC event. This includes Martin Kuppinger’s presentation on the fabric of identity, discussions on SSI, decentralized data storage, and technology ethics.

Princeton Identity CEO Bobby Varma spoke with Biometric update on the biometrics industry’s fight against common misconceptions and gender imbalances in the tech world, having recently been named the winner of the Women in Biometrics Award for 2022 by the SIA.

Precise Biometrics’ new CEO, Patrick Höijer, has taken the reins of the company, and he discusses the state of the market and how his journey has led him into a company blog post. Höijer’s past experience ranges from business journalism to technology CEO.

Please let us know if you see any content you would like to share with the wider biometrics and digital ID community in the comments below or via social media.

Article topics

biometric authentication | biometrics | digital identity | facial recognition | fingerprint biometrics | identity verification | national identity card | Research and development

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Pakistan’s foreign exchange reserves will hit over $12 billion when payment from China arrives this week https://futurekomp.net/pakistans-foreign-exchange-reserves-will-hit-over-12-billion-when-payment-from-china-arrives-this-week/ Thu, 09 Jun 2022 13:40:59 +0000 https://futurekomp.net/pakistans-foreign-exchange-reserves-will-hit-over-12-billion-when-payment-from-china-arrives-this-week/

ISLAMABAD: Pakistan’s foreign exchange reserves will reach over $12 billion after receiving some $2.4 billion from China in the next two to three days, Finance Minister Miftah Ismail said on Thursday, a day before the presentation of the annual budget.

The 2022-23 budget will target an estimated GDP growth of 5%, down from 5.9% in the outgoing fiscal year, and introduce tough fiscal consolidation measures to meet the benchmarks set by the International Monetary Fund (IMF) .

Speaking at the launch of the annual economic survey report, Ismail also said Pakistan’s exports grew by 28% and imports by 48% in the current financial year 2021-22 compared to the last year, and the trade deficit was $45 billion.

With foreign exchange reserves falling below $10 billion, barely enough for 45 days of imports, a growing current account deficit, historic budget deficit and double-digit inflation, Pakistan is facing a balance crisis. payments.

Chinese money is important until the IMF clears its 7th review to resume funding a $6 billion bailout package agreed in 2019.

If the IMF review is approved, Pakistan will receive a tranche of $900 million, which will also unlock other sources of external financing.

The government that took over from ousted Prime Minister Imran Khan in April says it inherited a severe economic crisis.

Khan and his aides deny this, saying they have managed to achieve strong GDP growth despite COVID-19 shutdowns that have resulted in heavy losses for industry and commerce.

The economic survey said the economy rebounded from the pandemic, after suffering a 0.94% contraction in fiscal 2020, and maintained a V-shaped recovery by posting real GDP growth of 5.97% in FY2022, but that “this strong growth, however, is unsustainable and has led to financial and macroeconomic imbalances.”

“We need sustainable growth,” said Ismail, the finance minister, adding, “We have, thank God, already avoided a default.”

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The government will halve borrowings from savings instruments in 3 years https://futurekomp.net/the-government-will-halve-borrowings-from-savings-instruments-in-3-years/ Tue, 07 Jun 2022 06:00:00 +0000 https://futurekomp.net/the-government-will-halve-borrowings-from-savings-instruments-in-3-years/ Infographic: TBS The government will halve savings certificate borrowing within three years to limit interest payments, according to finance ministry officials. To this end, the Ministry of Finance should …]]>

Government plans to cut savings certificate loans to ease pressure on interest payments

07 June 2022, 12:00

Last modification: 07 June 2022, 13:29

Infographic: TBS

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Infographic: TBS

The government will halve savings certificate borrowing within three years to limit interest payments, according to finance ministry officials.

To this end, the Ministry of Finance should impose more restrictions to discourage investment in savings certificates.

While a cut in borrowing from savings certificates could ease government pressure on interest payments, economists fear the move could hurt the country’s large middle class.

As the interest rate on savings certificates is almost double that of bank deposits, the middle classes invest in risk-free savings certificates.

Many people, including retirees, invest all their savings there and live off it. Savers have become interested in investing in savings certificates mainly due to fear of losses in the stock market and falling interest rates on bank deposits. As a result, cash bond investment has increased even during the Covid-19 pandemic.

The revised budget for the current financial year has set a borrowing target of Tk 32,000 crore from this sector, which could increase by Tk 3,000 crore in the next financial year. And dependence on low-interest foreign loans will increase by restricting investment in savings certificates over the next two fiscal years.

In the last financial year, the government spent about Tk 70,600 crore on interest payments.

In the revised budget of the current year, the allowance for interest expense has been set at over Tk 71,000 crore. In the next financial year, it will rise to over Tk 80,000 crore.

Of this amount, more than 73,000 crore taka will be spent to repay interest on internal loans including savings certificates.

Finance Ministry officials say such a high amount of interest expenditure creates an imbalance in the budget, as revenue does not increase to the desired level. Although a large portion of the budget is supposed to be spent on development to stimulate economic growth, management expenditure is increasing due to interest expenditure. In the 2024-25 fiscal year, operating profit is expected to shrink to the size of the budget, and a large portion of government spending will be on development.

According to the Ministry of Finance, over the past decade, 26% of the total financing of the deficit came from foreign sources, while the remaining 74% came from domestic sources.

According to the Finance Ministry’s plan, 45% of the deficit financing will be covered by foreign sources in the 2024-25 financial year, which will reduce the risk of crowding out in the domestic market.

Professor Mohammad Abu Eusuf, of Development Studies at the University of Dhaka, said that in addition to simplifying government financial management, the government had introduced savings certificates to encourage ordinary people to take an interest in personal savings.

“Lately, restrictions have been imposed on savings certificates. If the government imposes more austerity in this regard, people’s tendency to save will decrease,” he added.

The economist said if there are savings on hand, people can spend on any major disaster. And if there are no savings, the government must help. Considering these aspects, cash vouchers have a big role to play.

Dr Fahmida Khatun, executive director of the Center for Policy Dialogue (CPD), said government borrowing on savings certificates had exceeded the level of a few years ago.

Government borrowing in this sector has declined due to the recent introduction of automation and the reduction in interest rates and restrictions on the timely purchase of savings certificates. In this situation, it would not make sense to lower the interest rate in the future to drive down cash bond borrowing, she added.

Dr. Fahmida Khatun said that a large part of the middle class depends on interest on cash certificates. Even if they have money, they cannot afford to do business. Since the real inflation rate is higher than the interest rate on deposits, the real value of money received with interest decreases even if the money is kept in banks.

In this situation, she recommended not imposing big restrictions on savings certificates to keep middle-class life in order.

She said it would be difficult in the future to meet government needs by borrowing from foreign sources, even if interest rates were low.

“Although more than $50 billion has fallen into the pipeline, this money is not being released due to inefficient project implementation,” she added.

Going forward, the country will have to borrow money from the International Bank for Reconstruction and Development (IBRD) – the World Bank’s commercial lending window – with additional interest, the CPD executive director said.

Apart from this, after removal from the list of least developed countries, foreign subsidies will stop and interest rates will increase, she added and called on the government to seriously consider these issues in future financial management. .

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Was Andy Warhol’s portrait of Prince a copyright infringement? How this case could reshape intellectual property law https://futurekomp.net/was-andy-warhols-portrait-of-prince-a-copyright-infringement-how-this-case-could-reshape-intellectual-property-law/ Sat, 04 Jun 2022 15:00:00 +0000 https://futurekomp.net/was-andy-warhols-portrait-of-prince-a-copyright-infringement-how-this-case-could-reshape-intellectual-property-law/

The Supreme Court recently granted appellate review in Warhol v. Goldsmith, raising the somewhat alarming question of whether Warhol’s color portraits are illegal art. Specifically, the court case asks whether Andy Warhol was a copyright infringer or user of copyright when he made one of his infamous color prints of the musician Prince (per a cover of Vanity Fair) from an earlier black and white photographic portrait by Lynn Goldsmith on assignment for Newsweek.

In the copyright and visual arts communities, Warhol v. Goldsmith is a big deal. The Second Circuit Court of Appeals sided with the photographer, finding that the Warhol print was an illegal derivative version of the underlying photograph, raising the specter that many (if not all) Warhol prints made of the same way are illegal. It’s a frightening concept for art collectors and museums as well as artists who work in similar genres. But should anyone else care? And why the Court? In the current climate where abortion access, voting rights, religious freedom, affirmative action in higher education, and the legality of state gun regulation are actively debated at the Supreme Court, why is a contemporary art and photography copyright case a priority? Have Supreme Court justices suddenly stumbled upon a favorite (and previously obscure) new legal area of ​​intellectual property? Or is something else going on?

RELATED: ‘We Really Got a Warhol?’: Lisanne Skyler Talks Her HBO Documentary ‘Brillo Box (3¢ off)’

The Supreme Court, it seems, thinks that intellectual property law, a federal statutory area in the first place, is one that needs clarification.

It turns out that the Supreme Court was grant certiorari in intellectual property cases at a rate never seen before. During the first three quarters of the 20th century, the Supreme Court adjudicated only a few intellectual property cases per decade, but over the past 20 years, the Supreme Court has more that doubled its IP workload. The Supreme Court, it seems, thinks that intellectual property law, a federal statutory area in the first place, is one that needs clarification. In doing so, it reshapes intellectual property law in light of changing technological and cultural trends for a new century.

For example, the Court has decided questions about whether genetic material can be patented and owned (Myriad), the trademark law prohibiting the registration of derogatory marks is consistent with the First Amendment (Tom), and copying key parts of computer code without payment or permission for use in a new technology environment constitutes piracy (Google versus Oracle). Today, the Court has decided to weigh in on Warhol and avant-garde art.

Most people know very little about IP, or they used to. Intellectual property law was once a field of technicians, an isolated legal specialty in practice and law school. Today, intellectual property law is a central part of legal education, and law schools are rapidly building centers for intellectual property and technology law to emphasize the importance of this area in practice. contemporary law. It is such a widespread field of law that is not only in law schools, but also taught in business schools, science and humanities graduate programs, undergraduate schools, and even colleges. secondary.

Mainstreaming intellectual property leads her from an obscure corner of the law to a public awareness that even teenagers gain when they are reprimanded for reposting photos without permission, encouraged to be “entrepreneurs and inventors” from their younger age and putting © symbols on their papers or artwork to assert copyright control. These phenomena transform copyrights, patents and trademarks into topics of daily importance. Today, it is not unusual to read information about intellectual property in the headlines or to have it popular tv shows.

The Internet’s ubiquitous copying ability can pose an existential threat to intellectual property law. But everyday creators and innovators can’t live without the internet.

So maybe the Supreme Court wants to intervene in this action, but why Warhol v. Goldsmith? Yes, the case is about resolving the doctrinal legal tension between the copyright holder’s right to control the preparation of derivative works and the secondary author’s right to transform those works into a new message for a new audience. But the case is more than that. Today, in the internet age of user-generated content, 3D printing, viral expression and the digital transformation of the public sphere – with authors, inventors, users and consumers all gloriously mixed – intellectual property is not just about markets and money. When we talk about intellectual property today, we are talking about freedom of expression, access to information and health care, the right to redress, fair wages and equal dignity. And when the Supreme Court, the narrator of national values, becomes involved in intellectual property litigation, it concludes its doctrinal discussions with those fundamental questions that sustain democracy, promote institutional resilience, and sometimes also redirect our attention to the good. common.

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The Internet’s ubiquitous copying ability can pose an existential threat to intellectual property law. But everyday creators and innovators can’t live without the internet. And although the copying and dissemination of technology is nothing new, what is new is that the Supreme Court has more to say on this subject. The Constitution speaks of intellectual property in terms of promoting the “progress of science and useful arts”. When the Court currently adjudicates intellectual property cases, “progress” is driven by deeply rooted constitutional values ​​such as equality, privacy, democratic accountability, self-determination, and distributive justice.

When we talk about intellectual property today, we are talking about freedom of expression, access to information and health care, the right to redress, fair wages and equal dignity.

And this, I presume, is why the Court granted revision of Warhol v. Goldsmith. Will this case concern a solo photographer whose work has been exploited without authorization or payment by a famous artist (question of equality, fair wages and power imbalance)? Will it be free access to information and images that are already in the public domain (e.g. Prince’s facial features) and the right of all speakers to make new expressions from of this information, whether cutting-edge art or everyday communication? Will the case focus on how photography is essential to the marketplace of ideas, but the media and news outlets fail to support the photography profession (a matter of resilience of democratic institutions), then that the art market prospers with the sales of NFT in millions of dollars? Or could the case focus on the fact that the question in dispute is not for a judge but for the jury, who may be as good (if not better) at assessing the “meaning” and “message” of the art, be it Warhol or Goldsmith?

Which value will predominate in the debate between the photographer and the Warhol estate is anyone’s guess. But surely when the Supreme Court speaks of intellectual property today, it will amplify these other core constitutional values ​​in terms that demonstrate the urgency of art and science for social justice today.


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Landlords are advised to fully understand Article 21 before the rental reform changes https://futurekomp.net/landlords-are-advised-to-fully-understand-article-21-before-the-rental-reform-changes/ Tue, 31 May 2022 07:30:02 +0000 https://futurekomp.net/landlords-are-advised-to-fully-understand-article-21-before-the-rental-reform-changes/

“Ultimately, tenants’ interests are best served by a rental market where landlords have the confidence to invest”

Paul Shamplina and PayProp have issued a joint appeal to agents, landlords and tenants to consider how the eviction process could change once the latest reforms proposed by the government are introduced.

In the recent Queen’s Speech, the Government reiterated its commitment to removing ‘no-fault’ eviction notices from Section 21 in the next session of Parliament.

Paul Shamplina, Founder of Landlord Action and Commercial Director of Hamilton Fraser, has joined forces with PayProp to speak out on these issues. On their joint platform are some of the misconceptions surrounding the Section 21 and Section 8 notices, and a look at the future of post-lease reform.

Shamplina said: ‘Right now the vast majority of rentals end because the tenant chooses to leave, not because the landlord is evicting. Landlords want tenants to stay in their property long term and only give notice as a last resort.

“We know from our experience at Landlord Action that the majority of Section 21 notices are issued because a tenant is in arrears with rent or because a landlord wishes to sell or reinstate their property. In many cases, landlords could have used Section 8 for rent arrears or anti-social behavior, but their lack of confidence in the associated legal process, which is undoubtedly longer, is why many still come back to it. section 21.

“Therefore, abolishing section 21 will not significantly change the number of evictions, it will simply change the process, which may impact the number of court cases opened and the associated costs that the tenant will be responsible.”

He argues that section 8 notice and associated grounds will become the norm. Landlords who previously canceled arrears and used Section 21 will now be able to seek those arrears through Section 8, to the detriment of the tenant.

“There are various aspects of Section 8 that require considerable revision before Section 21 can be completely abolished. I think it will take a phased end to give the courts time to clear the backlog of the last two years and for all the grounds to be properly reviewed and revised,” he said.

“For example, the way forward for dealing with abandonment cases needs to be clarified, to avoid unnecessary lawsuits where the tenant has clearly already left the property.”

The importance of collecting evidence and keeping records

According to Neil Cobbold, managing director of PayProp UK, PropTech and automated software in particular have a key role to play in the transition to a Section 21-free rental market.

“Removing section 21 is probably still a long way off, with a white paper and the legislation itself having to go through both houses to get royal assent,” Cobbold said.

This, Cobbold says, gives agents, landlords and renters a chance to prepare for a Section 21-free playground.

Cobbold added: “It is important to note that eviction reform is going to be disruptive and there will be a significant run-in period.

“That’s why it’s extremely important that officers have their evidence-gathering and record-keeping processes in place, so that they can transition as smoothly as possible from the old method to the new, in which officers and owners will likely have to rely on a hardened-up version of section 8.

“Comprehensive, automatically generated reports, based on live transactional information, can make a real difference in providing the relevant evidence when an eviction is needed. The burden of proof for officers will be heavier once Article 21 is dropped. Having to demonstrate proof of arrears, for example, speaks to the need for robust record-keeping and evidence-gathering tools. »

The government also plans to reduce the number of cases going to court by setting up a new ombudsman for private rental sector landlords, helping to ensure that disputes can be easily resolved without legal recourse. Using technology to create an automated record of payments, tenant communications and other tenancy processes will help landlords and agents provide evidence of good conduct when referred to the new mediator by tenants.

Section 21 back on the rise

Recent figures from the Department of Justice revealed that eviction claims from private landlords are now higher than before the pandemic – a fact some have attributed to landlords who filed claims before Section 21 was scrapped. .

Covering the period from January to March 2022, the figures show that there were 6,447 requests for eviction of tenants by private landlords, around 3% more than in the same period in 2019, before Covid hit. struck.

Of these, 6,066 were fast-track applications filed pursuant to a Section 21 notice – some 63% more than last quarter and almost a third (32%) more than in the same quarter in 2019, before the pandemic.

Overall, there were 3,763 landlord evictions, an increase of more than a third (38%) from the previous quarter.

While these numbers aren’t massive, they’re still significant, and the direction of post-pandemic travel is for more eviction requests to be made.

Cobbold concluded: “Section 21, having been virtually unused during the pandemic for obvious reasons, is starting to see more frequent use again. So if and when it is scrapped, it’s likely to have more claims already in progress, making some sort of break-in period all the more vital.

Shamplina added: “Ultimately, tenants’ interests are best served by a rental market where landlords have the confidence to invest, providing tenants with a choice of properties to rent at a competitive price due to a balance between ‘Offer and demand.

“It is essential that the new legislation continues to encourage investment in the market because there is already an imbalance between supply and demand, so any loss of inventory will be negative for tenants.

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