Borrowing – Scipion http://scipion.org/ Thu, 16 Sep 2021 22:36:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://scipion.org/wp-content/uploads/2021/03/cropped-s-32x32.png Borrowing – Scipion http://scipion.org/ 32 32 Qualifund “lender” not registered will be closed after the tip to the authorities https://scipion.org/qualifund-lender-not-registered-will-be-closed-after-the-tip-to-the-authorities/ Thu, 16 Sep 2021 22:36:00 +0000 https://scipion.org/qualifund-lender-not-registered-will-be-closed-after-the-tip-to-the-authorities/

Authorities are moving to shut down a company that claimed to be lending to people with poor credit history despite not being registered to provide financial services.

The Ministry of Business, Innovation and Employment (MBIE) Hīkina Whakatutuki and the Te Komihana Tauhokohoko Trade Commission are investigating Qualifund Limited, which was set up by scammer David Lawrence Marsters.

The agencies had been informed by a member of the public that Marsters had created the company under the name David Harding and that neither Marsters nor Qualifund were on the financial service provider register of companies and persons authorized to provide financial services to the public.

Marsters was extradited from the United States in the early 2000s to face 48 charges of using a document with intent to defraud, for which he was jailed for three years.

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Stuff contacted Marsters, who declined to speak, but said via email that Qualifund would be closed by the end of next month.

Thursday, MBIE posted a notice which intended to cancel Qualifund from the Register of Companies.

Qualifund was formed in July by a person using the name David Alexander Harding, and is the sole director and shareholder, giving the Business Office an address in Papamoa Beach.

After the authorities initiated the investigation, all text and images were removed from the Qualifund website.

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After the authorities initiated the investigation, all text and images were removed from the Qualifund website.

But after the MBIE’s protection and control unit began investigating in August, the person calling himself David Harding changed the CEO’s name to Lawrence Alexander David Branson Marsters, who was listed as a resident of the same. David Harding’s Papamoa Beach address.

It was then again changed to the hyphenated Lawrence Alexander David Branson-Marsters.

The Companies Act requires people who create companies to use their real names and addresses.

A spokesperson for MBIE said the Companies Registry initiated the process of removing Qualifund Ltd and H&D Developments and Investments Ltd on the grounds that the company director had intentionally provided inaccurate information.

The review of information regarding Lawrence Branston-Marsters was ongoing.

MBIE declined to comment on the status of the investigations while they were ongoing, the spokesperson said.

The complainant also informed the Financial Markets Authority, which has the power to remove companies from the register of financial service providers. This is designed to protect the public from bogus financial services companies.

An FMA spokesman said he had referred the complaint relating to Qualifund to the Commerce Commission which regulates credit agreements.

“In terms of any problems with the [Financial Services Providers’ Register], we will allow the Trade Commission investigations to run their course first, ”he said.

Qualifund said on its website that it offers “mortgage solutions where others normally can’t”.

He claimed to grant real estate, personal, commercial, or agribusiness loans, saying it could help people with poor credit history.

“Its founders brought 40 years of experience to the company to offer a revolutionary process of providing capital. Offering commercial lines of credit, large business term loans, same-day loans and more. Qualified collateralized loan solutions that work for kiwis, “the website boasted.

After the authorities initiated the investigation, all text and images were removed from the Qualifund website.

The Trade Commission spokeswoman said she was looking into the complaint.

Despite the cancellation of the website, Qualifund confirmed in a text message on 9 September that the telephone number indicated was theirs.

However, calls to the number went unanswered.

The masters contacted Stuff after the emails were sent to the Papamoa Beach homeowner and Williamson and Co, Marsters ‘Pukekohe accountant, whose Edinburgh St office was briefly listed as Marsters’ home address on the company for Qualifund.

“I don’t know you and I don’t want to talk to you. But qualifund doesn’t trade and it won’t. And the company will be taken from the companies [register] end of next month, ”Marters said in an email.

– An earlier version of this story incorrectly stated that the Financial Markets Authority manages the register of financial service providers. Updated at 10:36 am on September 17, 2021.

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Things you need to know about same-day loans https://scipion.org/things-you-need-to-know-about-same-day-loans/ Fri, 10 Sep 2021 09:47:15 +0000 https://scipion.org/things-you-need-to-know-about-same-day-loans/

In today’s world with rapidly changing demographics, people’s needs have increased a lot. We do not want to be left behind in the eyes of society and we want to have everything that the people who live around us, our friends, our relatives, our colleagues have. We also want to be one step ahead of them.

But unfortunately, sometimes we don’t have enough monetary resources to satisfy our needs and wants. Life has many ups and downs, these things can happen but luckily there are many banks, credit organizations, etc. nowadays. who provide us with money when we are broke in the form of a loan with a small interest.

Selecting a good credit organization is a little tricky, so we need to be careful in making this important decision. Payday Loan Requirements You must carefully read the terms and conditions of the organization and also discuss them with some experts if possible to avoid later problems.

There are many formalities involved in the loan application process. It takes a few days and a lot of documentation and guarantees. But the most important thing you need to know is that there are now credit organizations that provide you with loans within one day.

Information on same-day loans

Yes, you read that right, that’s what I said. These are the organizations that take care of you and are your point of contact in times of need. Life is full of unfortunate events and these things are a part of our life and when they unfortunately happen these same day loan organizations provide you with quick cash.

Honestly, the world’s social system mostly favors the rich. Middle-class people are stuck in a web where their income is as much as their expenses. So he never lets them go after their dreams. They can’t take a big chunk of their monthly earnings to buy something expensive like a house, car, etc. Hence these loans allow them to pursue their ambitions. They can buy a house, a car, etc. and continue to pay small installments within a fixed loan repayment period.

Some problems occur in our life like one day suddenly out of nowhere you had a heart attack and now you need surgery immediately and you can’t apply for your insurance at that time and you don’t have enough savings. This is the time when you need a same-day loan.

There are many such credit organizations Gday loans who provide you same day loans with an easy online application and approval process with minimum requirements. You can apply online from anywhere from your mobile or PC in minutes.

Unique features of same-day loans:

A simple online application process

No paperwork

Instant cash

99.99% chance of loan approval

Instant online support

Receive cash directly into your account within the same day

Easy and flexible refunds

Low interest rate

There was a time when people avoided trying to get loans due to excessive documentation, paperwork and slow approval process. But right now in today’s world, same-day lending organizations have reversed the trend and now more and more people are getting these loans and the number of people applying for them is increasing over time.

There are many people who prefer short term day loans rather than long term loans. What are you waiting for if you need same-day loans, don’t waste time, follow the link above and get a same-day loan within the next 24 hours.







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ORIX: Altoa will provide its accounting data credit model to Resona Bank https://scipion.org/orix-altoa-will-provide-its-accounting-data-credit-model-to-resona-bank/ Wed, 08 Sep 2021 04:09:03 +0000 https://scipion.org/orix-altoa-will-provide-its-accounting-data-credit-model-to-resona-bank/

TOKYO, Japan – September 8, 2021 – ORIX Corporation (“ORIX”) and Yayoi Co., Ltd. (“Yayoi”) today announced that they have agreed to provide the online loan credit model operated by Altoa, Inc. (” Altoa ‘) – a subsidiary set up jointly by the two companies – to Resona Bank, Limited. (“Resonance Bank”).

In January 2020, Resona Bank launched Speed ​​on !, a fully online business loan service. The combination of bank account information and other applicant data with Altoa’s credit model will enable Resona Bank to understand the creditworthiness of loan applicants and present suitable loan terms.

Since December 2017, Altoa has been offering an online loan service that uses an AI-powered credit model of accounting data. With the entire application process taking place online, the service will provide same-day loans as soon as possible; it therefore offers a convenience absent from loans that require feasibility assessments. Altoa has so far concluded a total of approximately 1,300 loan agreements.
Following the transfer of Altoa’s lending business to ORIX in April 2021* 1, Altoa has promoted a Lending as a Service (LaaS) activity, through which it provides credit models and evaluation systems to financial institutions. Altoa intends to further improve the accuracy of its credit models by increasing the number of financial institutions it collaborates with and accumulating greater volumes of credit data. Furthermore, by collaborating with accounting software companies other than Yayoi, Altoa aims to develop credit models compatible with the most varied forms of accounting data.

In the future, ORIX and Yayoi will continue to create new services for the small-scale business loan market.

* 1 For more information, please refer to the press release of April 8, 2021:
Announcement concerning the transfer of the ALTOA online loan service to ORIX

■ Information on Altoa’s LaaS business
Through its LaaS business, Altoa provides financial institutions with full or partial customer management and credit management systems required for online lending; this includes accounting data credit models and other valuation services. Using new credit models that combine feasibility-based loans with accounting data, financial institutions can leverage larger volumes of information to make more accurate credit assessments. The use of AI helps to provide fast, reliable and consistent assessments.

■ About Altoa, Inc.

Street address

21st floor, Akihabara UDX, 4-14-1 Soto-Kanda, Chiyoda-ku, Tokyo

Representative

Koichiro Okamoto (President and CEO)

Established

February 2017

Shareholders

Yayoi Co., Ltd., ORIX Corporation and others

Description of the activity

Development, provision and support of credit models and loan support services

Contact information:
Investor Relations and Sustainability Office
ORIX Corporation
Tel: + 81-3-3435-3121

About ORIX:
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group that provides innovative products and services to its clients by constantly pursuing new businesses.
Founded in 1964, since its inception in the leasing industry, ORIX has evolved into neighboring sectors and currently has expanded into lending, investing, life insurance, banking, wealth management, automotive, real estate, environmental and energy businesses. Since entering Hong Kong in 1971, ORIX has spread its business globally by establishing offices in 31 countries and regions around the world.
In the future, ORIX intends to use its strengths and skills, which generate new value, to establish an independent ORIX business model that continues to evolve perpetually. In this way, ORIX will engage in commercial activities that bring vitality to its companies and workforce, thus contributing to society. For more details, visit our website: https://www.orix.co.jp/grp/en/
(As of March 31, 2021)

Caution Concerning Forward-Looking Statements:
These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. These statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described in “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and in “(4) Factors risk “of 1. Summary of the consolidated financial results’ of the ‘Consolidated financial results 1st April 2020 – 31st March 2021.’

Disclaimer

ORIX Corporation posted this content on 08 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unpublished and unaltered, on 08 September 2021 02:11:05 UTC.

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Same-day loan announcements targeting Nova Scotia tenants raise concerns https://scipion.org/same-day-loan-announcements-targeting-nova-scotia-tenants-raise-concerns/ Thu, 26 Aug 2021 09:01:07 +0000 https://scipion.org/same-day-loan-announcements-targeting-nova-scotia-tenants-raise-concerns/

Ads for same-day loans aimed at people in need of rent money have appeared in Nova Scotia, and a credit counselor is concerned that a high-interest solution could initiate a cycle of payments that people cannot afford in the middle of. an already volatile housing situation.

In an online ad, easyfinancial Services offers Nova Scotia renters same-day loans of $ 500 to $ 15,000. He suggests taking care of emergency expenses with an “affordable loan”.

Interest on personal loans can start as low as 29.9 percent. John Eisner, president and CEO of Credit Counseling Services of Atlantic Canada, says this is worrying.

“I’m shocked by this,” he told CBC Radio’s Information Morning Wednesday.

John Eisner is president and CEO of Credit Counseling Services of Atlantic Canada. (Posted by John Eisner)

Eisner said interest rates can legally reach 60%, and that ads for loans like these only run when people are vulnerable.

These high rates are “exacerbating the problem,” Eisner said.

Halifax resident Manuel Moncayo-Adams saw the ad on Facebook for the first time this week.

“I mean an announcement like this is repulsive every time,” he said Wednesday.

Moncayo-Adams said he believes any advertising aimed at distressed renters is insensitive and predatory, particularly after seeing last week’s dismantling of a tent camp outside Halifax’s old central library.

In an email, a spokesperson for goeasy, the parent company of easyfinancial, helps “provide access to credit for non-prime Canadians.”

“Easyfinancial is not a payday lender – we are an alternative financial provider bridging the gap between banks and payday lenders,” said Bryan Tritt, vice president of communications, public relations and marketing at goeasy. .

Moncayo-Adams saw this announcement on Monday. He posted it on Twitter. (Posted by Manuel Moncayo-Adams)

Eisner said people should turn to nonprofit groups for help before choosing short-term, high-interest loans.

He said the problem starts with the housing situation making people more vulnerable to same-day loan companies, which can put them in the “revolving door” of more loans.

Eisner said the problem won’t go away anytime soon. “Regardless of what [payday loan companies] let’s say, they targeted vulnerable people. “

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]]> What to expect from Walmart’s earnings this week? https://scipion.org/what-to-expect-from-walmarts-earnings-this-week/ Mon, 16 Aug 2021 07:00:00 +0000 https://scipion.org/what-to-expect-from-walmarts-earnings-this-week/

As the earnings season for US companies is coming to an end, many retail companies have aligned their earnings this week including Walmart, which is the largest brick and mortar company in the world.

What do analysts expect from Walmart’s earnings and what are the stock’s predictions this year when the economy reopens?

Walmart will publish second quarter earnings

Walmart will release its fiscal second quarter 2022 earnings tomorrow before the US markets open. While the stock looked strong last year as several people spent stimulus checks at its stores, it only rose about 2% for the year and underperformed the markets in 2021.

Just earlier this year, as Walmart posted fiscal 2021 earnings, it warned that its revenue, as well as profits, would be lower this year than the previous fiscal year. The guide had scared the markets even as the company spoke of massive investments to increase its e-commerce capabilities to take on the mighty Amazon.

What to expect from Walmart’s second quarter earnings?

Analysts interviewed by TIKR expect Walmart to report revenue of $ 136 billion in the fiscal second quarter, down 0.7% year-on-year. The company’s top line is expected to decline over the next two quarters as well. This would be the first time in years that the brick and mortar retail giant would report a drop in revenue if analysts’ estimates prove true. In particular, the decline in revenues is due to the disposals of assets. After accounting for them, the company expects low single-digit growth in fiscal year 2022.

Walmart is expected to post adjusted EPS of $ 1.57 in the quarter, down 0.6% from last year’s corresponding quarter.

Key updates

Meanwhile, as the forefather of retail in the US, Walmart’s earnings would be closely followed by the retail spending environment in the country. Notably, we will also receive July retail sales data on Tuesday along with Walmart’s earnings. While consensus estimates call for a 0.2% drop from the previous month, Bank of America analysts predict retail sales fell 2.3% last month. Analysts point to a seasonally adjusted 1.3% decline in card spending over the month to support their argument. Analysts also point to a reduction in spending on services due to the increase in coronavirus cases. Additionally, they see Amazon’s Prime Day preponing in late June instead of July hurting retail sales in the month.

Stock market forecasts

Walmart received an average target price of $ 165 from analysts surveyed by CNN Business, which is a 10.4% premium over current prices. Its highest target price is $ 185, which represents a potential upside of 23.7%, while the lowest target price of $ 125 is 15.1% above current prices.

Of the 36 analysts covering the stock, 26 rate it as a buy or equivalent, while seven rate it as a hold. The remaining three rate Walmart stock as a sale.

Earlier this month, Wells Fargo updated Walmart stock from equal weight to overweight and set a target price of $ 165. He sees the stock reverse its recent underperformance in which it underperformed markets and some retail peers.

The action of analysts

Analysts led by Edward Kelly said they “see a potential inflection in this late name.” They added, “The WMT was not a COVID winner. It lost share of consumer goods to local grocery stores as consumers favored convenience, quality and selection over value. Even reduced hours of WMT didn’t help.

Stephens analyst Ben Bienvenu also maintained his overweight rating on Walmart stock and raised the $ 10 target price to $ 170. He sees strong performance in the company’s second quarter.

Walmart is spending more

While releasing its fourth fiscal year 2021 earnings, Walmart said it expects more investments and expenses in fiscal 2022 that will impact its earnings. It has forecast a $ 14 billion capex for the year and has provided capex guidance between 2.5-3% of sales in the future. Retail companies have invested heavily in increasing their e-commerce capabilities, which is putting a strain on short-term earnings.

Walmart CFO Brett Biggs justified the increased expense and said, “This expense will allow us to fully optimize our strategy and, in turn, accelerate the company’s profit and profit growth rates in the medium. and long term “. He added: “After years of transition, these investments should put us in a position for 4% plus sales growth and higher operating income growth rates than sales.”

Walmart Stock Valuation

The company also announced a wage increase for nearly a third of its U.S. workers, which would bring its average wage above $ 15 per hour even though its starting minimum wage remains at $ 11. Many U.S. companies have advocated for the minimum wage. of $ 15 per hour, and Amazon is among the companies that pay as little as $ 15 per hour in the United States.

Walmart stock is currently trading at a PE NTM multiple (over the next 12 months) of 25.04x, which is above the 23.3x average for the past three years. The valuation premium on the five- and ten-year multiples is even higher as the stock’s PE forward multiples are respectively 21.1x and 17.7x over time horizons.

Meanwhile, the valuation premium is also due to an increase in broader market valuations. Additionally, the markets appear to be giving the stock a premium for its e-commerce investments that will pay off in the long run. The company is playing aggressively to face the competition and the results would be visible in the long term.

You can buy Walmart stock through one of the best online stockbrokers. Alternatively, if you wish to trade derivatives, we have also reviewed a list of derivatives brokers you can consider.

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3 same-day loans that are not paycheck loans https://scipion.org/3-same-day-loans-that-are-not-paycheck-loans/ Sat, 07 Aug 2021 15:32:12 +0000 https://scipion.org/3-same-day-loans-that-are-not-paycheck-loans/

When you’re short on cash due to an unforeseen emergency or a bill that needs to be paid right away, a quick loan could blow your mind.

Unfortunately, people in this situation often take out risky and expensive personal loans. These loans are popular because many don’t require a credit check and you can get cash the same day. They also usually have extremely high interest rates – they can exceed 400% per year – and terms of just two weeks.

The combination of high interest rates and short terms makes it difficult to get out of payday loan debt. Borrowers get stuck in a cycle of paying interest only and taking out new loans every two weeks.

If you wonder how long it takes to get a loan without such predatory terms, the good news is that there are fast options with much lower interest rates. You don’t receive the money the same day, but the following lenders can finance loans within one business day of approval.

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1. Find out about the personal loan

Find out the personal loan is a low cost option for borrowers with credit to qualify. A FICO® score of 660 or higher is required to meet this lender’s minimum requirements.

Loan amounts start at $ 2,500 and go up to $ 35,000. This lender offers some of the longest personal loans – you can get a loan of 36 to 84 months.

The great thing about a Discover personal loan is its convenience. Its low interest rates are competitive with the best personal loans, and it doesn’t charge any prepayment fees or origination fees.

2. Upstart

Upstart has some of the most flexible credit score requirements of any lender. The minimum FICO® score to qualify for a personal loan with Upstart is 580. It also offers loans for consumers who do not yet have a credit score. If so, Upstart bases its decision on your education and occupation.

There can be high interest rates with Upstart, especially for borrowers with low credit scores or no credit history. Loans can also carry heavy origination fees.

This lender offers loans from $ 1,000 to $ 50,000 and you can choose a term of three or five years. There are no prepayment penalties, so if you don’t need a loan for a long time, you can pay it off early at no additional cost.

3. Next

Avant specializes in loans for borrowers with low credit scores. The minimum FICO® score to get approved for a personal loan with Avant is 580.

The loan amounts range from $ 2,000 to $ 35,000 and the terms are between 24 and 60 months. Avant does not charge a prepayment penalty.

The main drawback of Avant is its commissions. Interest rates are high and there can be an administration fee.

How to speed up the loan process

To complete the loan process as quickly as possible, have your paperwork ready and beware of errors in your application.

Most lenders require the following documentation when applying for a loan:

  • Identification: You may be asked to provide one or two forms of identification, such as a valid driver’s license, passport, social security card, or other type of government-issued ID.
  • Proof of income: Account statements, pay slips or tax returns
  • Proof of address: A mortgage agreement, a lease agreement, bills in your name or a voting card

As you fill out the application, double-check the information. Any mistake, such as an incorrect amount in your bank account, can lead to delays.

Payday loans can be fast, but there are other lenders that provide funds almost as quickly. With any of these three lenders, you could get approved for a loan the day you apply, then receive the funds the next business day. It is just a little longer to wait for a much better deal on a personal loan.

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5 things to consider if you need emergency cash now https://scipion.org/5-things-to-consider-if-you-need-emergency-cash-now/ Wed, 04 Aug 2021 23:14:25 +0000 https://scipion.org/5-things-to-consider-if-you-need-emergency-cash-now/

Entrepreneurs need to be prepared for any obstacles, including financial emergencies that need to be resolved in an extremely short time frame. Plus, while you should always have a reserve fund to draw from in an emergency, things don’t always go as planned or as planned.

As an entrepreneur and primary decision maker, you need to take calculated risks and be prepared to face the consequences when things take a turn for the worse. Additionally, there are factors beyond your control that could impact your overall savings and income streams, such as the COVID-19 pandemic. Lot of small and medium-sized enterprises have been forced into bankruptcy because they could not afford salaries without a clear line of income.

So when things go wrong, you need to know your options if you need to get your hands on cash, fast. Here are some things to consider:

# 1: Loan or bank credit

The first option that comes to your mind when you need cash that you don’t have is a bank loan. Depending on your financial situation and overall investors, you could get a nice sum that will keep you going for a while.

However, bank loans don’t happen overnight and you need a solid credit score to get the amount you need (or any amount for that matter). So, if you need cash now, a loan from a financial institution may not be the quickest way to get it.

# 2: Same-day loans

Yes, that’s exactly what it sounds like – you can get it fast same-day loans without too much trouble or paperwork. Apply (online or in person) and, if you are eligible, your application is approved and you have the money in your account.

The downside is that you can’t ask for large sums, but you will be able to solve most financial crises that don’t require a lot of money. However, it is best to only use this option if you have funds pending in the near future as the interest can be a bit high (which is natural considering the fast delivery).

# 3: Ask a friend or family

If you have this option on the table and you trust the person to be trustworthy and won’t chase you for payouts, it’s best to try it first. When you lend money from someone, you don’t have to worry about interest or having to go through a background check. Usually, if they can help you, they will and you can resolve your crisis while maintaining your peace of mind.

# 4: Find an investor

If your business is doing well or if your future prospects look good, you can solve this problem by finding a reputable investor. Many wealthy individuals and organizations are looking to support new entrepreneurs on the verge of becoming a global success, so all you need to do is convince them of your viability.

It may sound difficult, but a solid business plan and well-designed vision usually do the trick.

# 5: Find alternative sources of income

Sometimes it takes a crisis to see the big picture and discover a different path for your business. So, before you fall into despair, take a closer look at your business and assets. Is there anything else you could do, with current resources, that pays well?

Also, check if any of your assets can be monetized without going through too many obstacles. While it’s a painful decision, it may be the right one for your current situation.

Wrap

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Intel shares plummet after earnings release – time to buy? https://scipion.org/intel-shares-plummet-after-earnings-release-time-to-buy/ Fri, 23 Jul 2021 07:00:00 +0000 https://scipion.org/intel-shares-plummet-after-earnings-release-time-to-buy/

Intel stock traded sharply lower during the early US price action today as markets rejected its quarterly earnings and guidance. Should you buy the drop in Intel stock?

Intel’s second-quarter earnings were above analysts’ estimates for both the topline and bottomline. Its non-GAAP revenue increased 2% year-on-year to $ 18.5 billion, while analysts had expected the metric to hit $ 17.8 billion. Its adjusted EPS of $ 1.26 was also higher than the $ 1.06 analysts expected.

Intel’s second quarter earnings beat estimates

The global semiconductor industry is currently on the rise. Demand for chips has received a boost from strong economic growth and digital transformation. The growing production of electric and autonomous cars is also leading to increased demand for chips. Furthermore, supply has not maintained the pace that had led to a misalignment between supply and demand. Intel expects the chip shortage situation to extend into 2023.

Automotive industry

The auto industry is among the hardest hit by the chip shortage, and automakers have lost several days of production due to the chip shortage. Ford is among the hardest hit and previously said it expects to lose half of its second-quarter production due to chip shortages.

“There are more whitewater moments ahead of us that we have to navigate,” said CEO Jim Farley during Ford’s first-quarter earnings call. He added: “The shortage of semiconductors and the impact on manufacturing will get worse before they get better.”

The company expects the chip shortage to wipe out billions from its pre-tax profits in 2021. According to consultancy AlixPartners, the global auto industry would lose $ 60.6 billion in revenue in 2021 due to the chip shortage. In addition to the auto industry, goods, gaming and smartphone companies are also struggling with chip shortages.

Pat Gelsinger on earnings

“There has never been a more exciting time to be in the semiconductor industry. The digitization of everything continues to accelerate, creating vast growth opportunities for us and our customers in key and emerging business areas. With our reach and renewed focus on both innovation and execution, we are in a unique position to capitalize on this opportunity, which I believe is just the beginning of what will be a decade of sustained growth across the industry. ” Intel CEO Pat Gelsinger said.

He added, “Our second quarter results show that our momentum is growing, our execution is improving and customers continue to choose us for leadership products.”

Intel guide

Intel also revised up its 2021 revenue guide to $ 73.5 billion, which was $ 1 billion more than its previous guide. The company had increased driving by $ 500 million during the first quarter earnings call as well. Intel also raised its 2021 EPS forecast to $ 4.8 from $ 4.6. Meanwhile, the company said it expects non-GAAP gross margins at 55% in the third quarter, which is less than the 59.2% recorded in the second quarter.

Tepid gross margin guidance appears to have an impact on the stock today. Historically, the company’s margins have been 60%. However, chip makers are facing margin pressure as they ramp up investment. The margin pressure on chip makers was also evident when TSMC reported its earnings last week.

Mergers and acquisitions

Intel is said to buy GlobalFoundries, which is a major chip. During Intel’s earnings release, Gelsinger said, “At this point, we wouldn’t say M&A is critical, but we wouldn’t rule it out. He added: “Our view is that sector consolidation is very likely.”

Meanwhile, the PC market looks solid, which bodes well for companies like Intel. The company’s PC unit sales increased 33 percent in the second quarter compared to the corresponding quarter of 2020. “Even if people go back to work, they mostly go back to hybrid work,” Gelsinger said. He added: “We see continuing, this need for PC density, for [more] PC for family. “

Target price of Intel shares

Intel has an average price target of $ 59.96 according to TipRanks data. The target price is a 13% premium over current prices.

Of the 27 analysts covering Intel stock, nine rated the stock as a buy while 10 analysts have a hold-down rating on the stock. Eight analysts have a sell rating. Several analysts revised their target price on Intel after the second quarter earnings release.

Analysts have mixed views

Analysts don’t seem optimistic about Intel’s earnings. Bank of America, Jefferies, Evercore ISI, Truist and Wells Fargo lowered Intel’s target price after second-quarter earnings. The Barclays analyst Blayne Curtis lowered Intel’s target price from $ 58 to $ 50 and said he disagreed with “management’s optimistic outlook” when the “PC market is already correcting itself, process difficulties continue and the Foundry strategy it makes little sense to us. “

That said, the Intel stock looks like a good buy after dropping sharply from the peaks. Today’s decline could be an opportunity to buy and hold the stock over the long term.

You can buy Intel stock through one of the best online stock brokers. Alternatively, if you wish to trade derivatives, we have also reviewed a list of derivatives brokers that you can consider.

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Pelosi excludes Trump allies from January 6 investigation; GOP swears to boycott – The Denver Post https://scipion.org/pelosi-excludes-trump-allies-from-january-6-investigation-gop-swears-to-boycott-the-denver-post/ Wed, 21 Jul 2021 07:00:00 +0000 https://scipion.org/pelosi-excludes-trump-allies-from-january-6-investigation-gop-swears-to-boycott-the-denver-post/

By MARY CLARE JALONICK

WASHINGTON (AP) – House Speaker Nancy Pelosi on Wednesday rejected two Republicans called by House GOP leader Kevin McCarthy to join a committee investigating the January 6 Capitol Uprising, a decision the Republican denounced as “a glaring abuse of power”.

McCarthy said the GOP will not participate in the investigation if the Democrats do not accept the members it has nominated.

Pelosi cited the investigation’s “integrity” in refusing to accept the nominations of Indiana Representative Jim Banks, chosen by McCarthy to be the panel’s top Republican, or Ohio Representative Jim Jordan. The two men are outspoken allies of former President Donald Trump, whose supporters besieged the Capitol that day and halted President Joe Biden’s certification of victory. Both voted to overturn the election results in the hours following the siege.

Democrats have said the investigation will go ahead regardless of whether Republicans participate or not, as Pelosi has already named eight of the 13 members – including Republican Liz Cheney of Wyoming, a Trump critic – and this gives them a bipartisan quorum to proceed according to the committee’s regulations.

Pelosi said he spoke to McCarthy and told him he would reject the two names.

“Out of respect for the integrity of the investigation, with an insistence on the truth and with concern for the statements made and the actions taken by these members, I must reject the recommendations of the representatives of the banks and Jordan to the select committee,” Pelosi said. in a note. .

Pelosi has the authority to approve or reject members, according to the committee’s rules, although he acknowledged that his move was unusual. He said “the unprecedented nature of January 6 calls for this unprecedented decision.”

The move is emblematic of the stark political tensions in Congress that have only escalated since the insurgency and raises the possibility that the investigation – the only full investigation currently being conducted into the attack – will be conducted almost entirely by Democrats. The House voted in May to create an independent investigation that would be evenly split between parties, but Senate Republicans blocked that approach in a vote last month.

McCarthy said Pelosi’s move will damage the establishment of Congress.

“Unless President Pelosi reverses course and seats all five Republican candidates, the Republicans will not participate in their fictional trial and will instead continue our investigation into the facts,” McCarthy said.

It is unclear how McCarthy would conduct a separate investigation, as the minority does not have the power to set up committees. He said the panel had lost “all legitimacy” because Pelosi would not allow Republicans to name their own members.

Most of the GOP remained loyal to Trump despite the violent insurrection of his supporters that prompted many lawmakers to flee for their lives. McCarthy didn’t say for weeks whether Republicans would participate in the investigation, but sent the five names to Pelosi on Monday.

Pelosi accepted McCarthy’s other three choices: Illinois Rep Rodney Davis, North Dakota Rep Kelly Armstrong, and Texas Rep Troy Nehls. But McCarthy said all five or none would attend.

Like Jordan and Banks, Nehls voted to overturn Biden’s victory. Armstrong and Davis voted to certify the election.

Banks recently traveled with Trump to the US-Mexico border and visited him at his New Jersey golf course. In a statement after McCarthy cast him for the panel, he harshly criticized the Democrats who set it up.

“Make no mistake, Nancy Pelosi created this committee solely to vilify conservatives and justify the authoritarian agenda of the left,” Banks said.

Democrats Pelosi named to the committee earlier this month were angry about that statement, according to a senior Democrat aide familiar with private deliberations and who spoke on condition of anonymity to discuss it. They were also concerned about Banks’ two recent visits with Trump, the person said.

Jordan, the top Republican on the House Judiciary Committee, was one of Trump’s most vocal defenders during his two impeachments and last month likened the new investigation to “impeachment three.” Trump was indicted by the House and acquitted by the Senate both times.

After all, the back-and-forth has come, but two Republicans opposed the creation of the select committee in a House vote last month, with most of the Republican party arguing that the Democratic majority panel would conduct an investigation. partisan. Only Cheney and another frequent critic of Trump, Republican Adam Kinzinger of Illinois, voted in favor of the panel.

Cheney told reporters that he believes McCarthy, Jordan and Banks’ rhetoric is “shameful” and agrees with Pelosi’s decision to dismiss the two Republicans.

“On each occasion, the minority leader has tried to prevent the American people from understanding what had happened, to block this investigation,” McCarthy’s Cheney said.

The panel will hold its first hearing next week, with at least four base police officers who fought rioters that day testifying about their experiences. Dozens of police officers were injured as the violent mob overtook them and raided the Capitol.

Mississippi Rep. Bennie Thompson, the panel chairman, said the committee would perform its duties.

“It’s been more than 6 months since the attack, we owe it to our democracy to stay on course and not be distracted by side shows,” Thompson said in a statement. “This is exactly what we will do next Tuesday, when members of the bipartisan committee gather the testimonies of frontline heroes who have risked their lives to protect our democracy.”

Seven people died during and after the riots, including one woman shot by police as she tried to break into the chamber and three other Trump supporters who suffered medical emergencies.

Two police officers died of suicide in the following days and a third officer, Capitol Police Officer Brian Sicknick, collapsed and later died after engaging with the protesters. A coroner ruled that he died of natural causes.

___

Associated Press writer Kevin Freking in Washington contributed to this report.

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Climate-friendly cooling tech firm gets $ 50 million from Goldman Sachs https://scipion.org/climate-friendly-cooling-tech-firm-gets-50-million-from-goldman-sachs/ Wed, 21 Jul 2021 07:00:00 +0000 https://scipion.org/climate-friendly-cooling-tech-firm-gets-50-million-from-goldman-sachs/

B.and Jane Lanhee Lee

July 21 (Reuters)Chemicals used in air conditioning, freezers and refrigeration have long been damaging the environment by destroying the ozone layer and polluting water sources, but technology is starting to change the way we keep cool.

Phononic, a Durham North Carolina-based startup that uses a material called bismuth telluride to make so-called cooling chips, said Wednesday it raised $ 50 million from Goldman Sachs Asset Management. GSAMB.UL

As electricity passes through the chip, the current absorbs heat, leaving one side of the chip to cool and the other to heat up, said Tony Atti, co-founder and CEO of Phononic.

The chips can be as small as a fraction of a fingernail or as large as a fist depending on the amount of coolant needed and have been used to create compact freezers for transporting vaccines or for ice cream in grocery stores like Circle K, has said. . A more recent and rapidly growing use is to prevent overheating of lidars, laser sensors in autonomous cars, and optical transceivers for 5G data transmission, Atti said.

“The historic refrigerants that were used for vapor compression systems are both toxic and global warming factors,” Atti said. Although the impact of global warming had been reduced, the refrigerants still had problems with toxicity and flammability.

Atti said that while bismuth telluride powder itself is toxic, when it is made into a semiconductor wafer and made into a chip, it is “benign” and can be recycled or disposed of as it meets all chip safety and disposal standards. .

The cooling chips are produced at the Phononic plant in Durham and for mass production the company is working with Fabrinet, based in Thailand. FN.N. The vaccine and ice cream freezers are built in China by contract manufacturers and carry Phononic’s customer brands or in some cases are co-branded, he said.

The funding will be used to build high-volume production and to expand Phononic’s markets and product line.

Atti refused to share Phononic’s latest valuation, but said it was “north of half a billion dollars”. Previous investors include Temasek Holdings TEM.UL and private equity and venture capital firm Oak Investment Partners.

(Reported by Jane Lanhee Lee; edited by Richard Pullin)

((jane.lee@thomsonreuters.com; + 1-415-344-3912; Reuters messages: jane.lee.thomsonreuters@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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