Tag Archives: BILLION

Modular Construction Market Rising at a CAGR of 6.1% to Reach USD 114.78 Billion by 2028; Merger and Acquisition by Algeco and Katerra to Create Exciting Sales Opportunities, foresees Fortune Business Insights™

Leading Global Players Covered in Modular Construction Market Research Report are Guerdon Modular Buildings, Laing O’Rourke, ATCO, Red Sea International Company, Bouygues Construction, VINCI Construction Grands Projets, Skanska AB, Algeco, KLEUSBERG GmbH & Co. KG, Katerra, Lendlease Corporation

/EIN News/ — Pune, India, July 12, 2021 (GLOBE NEWSWIRE) — The global modular construction market size is expected to gain momentum by reaching USD 114.78 billion by 2028 while exhibiting a CAGR of 6.1% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled, “Modular Construction Market, 2021-2028.” The report further observes that the market stood at USD 72.11 billion in 2020. Factors such as adoption of advanced lean manufacturing techniques and the growing infrastructure investment are expected to boost the adoption of the product globally. For instance, in March 2021, Finch Buildings, a Dutch sustainable building solutions provider, announced that it has raised over EURO 1 million with the help of Belgium-based AMAVI Capital to establish its presence globally. According to the European Union, 35% of the total waste generation in Europe is due to the construction sector. The company is a staunch believer of the fact that construction of wooden buildings is the solution going forward.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

Please visit: https://www.fortunebusinessinsights.com/industry-reports/modular-construction-market-101662

COVID-19 Impact – Market to Exhibit 5.2% Growth Rate in 2021; Supportive Government Initiatives to Boost Demand

The COVID-19 pandemic had led to halting of several large infrastructural projects across the globe. However, since the commencing of industrial operations and the fast-paced development of vaccines, the industries are regaining ground. Although slow, the market will reach the pre-pandemic level backed by the increasing government initiatives to promote infrastructure development. For instance, as per the City of Surrey’s Investment Plan for the Major Cities Stream, it is partnering Atira Women’s Resource Society to develop an advanced modular building apartment that will provide approximately 44 new affordable homes, at 9145 King George Boulevard. Such initiatives are expected to propel the growth rate of the market to 5.2% in 2021.

What does the Report Provide?

The global market for modular construction report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL and PORTER’s Five Point Analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.

Market Segmentation:

On the basis of type, this market is classified into permanent modular construction and relocatable modular construction. By application, the market is divided into commercial, healthcare, education & institutional, hospitality, and others. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Request a Sample Copy of Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/modular-construction-market-101662

Drivers/Restraints:

Increasing Focus on Adoption of Lean Manufacturing Techniques to Propel Market Growth

Modular development is an amalgamation of construction and manufacturing and is perceived to be known as lean production. This type of production enables considerable improvements in quality and productivity. Moreover, they aid in reducing waste and lowering of operating costs. Therefore, the growing adoption of lean manufacturing techniques is expected to bode well for the global modular construction market growth during the forecast period.

Growing Industrialization in Developing Countries to Boost the Market

There has been a surge in modular construction activities in several industries such as healthcare, education, hospitality, and others, which has resulted in the growth of this market. In Fort Lewis, Washington, for instance, Williams Scotsman, a modular building company, constructed a dental clinic with custom-made sub-specialty wards. Further, these constructions are cost-efficient and require less time for construction than traditional construction. This is also an important factor contributing for this market’s growth. Apart from these factors, the rising number of government initiatives related to infrastructure in metropolitan cities and rural areas has led to increasing demand for modular buildings, thus leading to the growth of this market.

Regional Insights:

Eco-Friendly Construction Projects to Fuel the Asia Pacific Market Growth

Asia Pacific is projected to grow speedily in the modular construction market share due to the rising number of environment-friendly construction projects of residential as well as commercial buildings, such as China’s Vertical Forest and Korea’s National Institute of Ecology. Further, the aim of green building solutions in this region is to boost the demand for modular constructions and encourage large construction companies to ramp up investments in cutting-edge building technologies. In 2020, the region’s market size was USD 22.38 billion.

The North America market is anticipated to expand rapidly on account of the escalating demand for green infrastructures in various industries such as healthcare, multi-family homes, and others. In Europe, the market is projected to grow at a decent pace due to the planned efforts of governments to reduce greenhouse gas emissions from the construction sector.

Speak To Our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/modular-construction-market-101662

Competitive Landscape:

Adoption of Latest Construction Techniques by Key Players to Increase Competition

Prominent companies in this market are focusing on adopting the latest methods of modular construction to augment innovation the construction sector. Further, the rising expenditure on research and development activities for the construction of green buildings by key players will help to expand their businesses and strengthen their market position.

Industry Development:

November 2019: Katerra secured a commercial construction project from the India-based Vaishnavi Group to build Vaishnavi Tech Square in Bengaluru. Under the terms of the contract, Katerra will construct ten floors for office spaces, along with multi-level parking and two additional basement floors.

List of Key Players Covered in the Modular Construction Market Report:

  • Guerdon Modular Buildings
  • Red Sea International Company
  • Bouygues Construction
  • VINCI Construction Grands Projects
  • Skanska AB
  • Algeco
  • Katerra
  • Lendlease Corporation

.

Quick Buy – Modular Construction Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101662

Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • PESTLE Analysis
    • Porter’s Five Force Analysis
    • Global Modular Construction Market Share Analysis and Matrix, 2020
  • Key Market Insights and Strategic Recommendations
  • Profiles of Key Players (Would be provided for 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Gross Margin
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Primary Interview Responses
  • Annexure / Appendix
  •  
    • Global Modular Construction Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (Value)
        • Permanent Modular Construction (PMC)
        • Relocatable Modular Construction (RMC)
      • By Application (Value)
        • Commercial
        • Healthcare
        • Education & Institutional
        • Hospitality
        • Others (Residential, Religious Buildings, etc.)
      • By Region (Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East & Africa
        • Latin America
    • North America Modular Construction Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Type (Value)
        • Permanent Modular Construction (PMC)
        • Relocatable Modular Construction (RMC)
      • By Application (Value)
        • Commercial
        • Healthcare
        • Education & Institutional
        • Hospitality
        • Others (Residential, Religious Buildings, etc.)

TOC Continued…!

Ask for Customization of this Report: https://www.fortunebusinessinsights.com/enquiry/customization/modular-construction-market-101662

Have a Look at Related Research Insights:

Construction Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Earthmoving Equipment, Material Handling Equipment & Cranes, Concrete Equipment, Road Building Equipment, Civil Engineering Equipment, Crushing and Screening Equipment and Other Equipment), By Application (Residential, Commercial & Industrial) and Regional Forecast, 2021-2028

Conveyor Systems Market Size, Share & Covid-19 Impact Analysis, By Type (Roller Conveyors, Flat Belt Conveyors, Wheel Conveyors, Vertical Conveyors & Others), By Location (In-floor Conveyors, On-floor Conveyors & Overhead), By Load (Unit Load & Bulk Load), By Application (Food & Beverages, Pharmaceuticals, Supply chain & Logistics, Manufacturing, Mining & Others) and Regional Forecast, 2020-2027

Industrial Gas Sensors Market Size, Share and Industry Analysis By Product Type (Oxygen, Carbon Dioxide, NOx, Others), By Technology (Electrochemical, Semiconductor, Infrared, Others), By End-User Industry (Healthcare, Building Automation & Domestic Appliances, Automotive, Others) And Regional Forecast 2019-2026

Baggage Handling System Market Size, Share & Industry Analysis, By Type (Destination coded vehicle (DCV), Conveyor), By Technology (Radio-Frequency Identification (RFID), Barcode), By Application (Airport, Railway, Marine), and Regional Forecast, 2020-2027

Excavators Market Size, Share and Industry Analysis By Type (Mini/Compact Excavator, Crawler Excavator, Wheeled Excavator, Other Excavator), By End-use Industry (Construction, Forestry & Agriculture, Mining, Others) And Regional Forecast 2019-2026

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

308, Supreme Headquarters,

Survey No. 36, Baner,

Pune-Bangalore Highway,

Pune – 411045, Maharashtra, India.

Phone:

US :+1 424 253 0390

UK : +44 2071 939123

APAC : +91 744 740 1245

Email: [email protected]

You can also contact us/follow us on:

Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd

Twitter: https://twitter.com/FBInsightPvtLtd?s=20

LinkedIn: https://www.linkedin.com/company/fortune-business-insights/

Read Press Release: https://www.fortunebusinessinsights.com/press-release/modular-construction-market-9363

Modular Construction Market Rising at a CAGR of 6.1% to Reach USD 114.78 Billion by 2028; Merger and Acquisition by Algeco and Katerra to Create Exciting Sales Opportunities, foresees Fortune Business Insights™

Primary Logo
Modular Construction Market Rising at a CAGR of 6.1% to Reach USD 114.78 Billion by 2028; Merger and Acquisition by Algeco and Katerra to Create Exciting Sales Opportunities, foresees Fortune Business Insights™

MacKenzie Scott donating portion of $2.7 billion gift to 2 Texas colleges and Project Row Houses

MacKenzie Scott donating portion of $2.7 billion gift to 2 Texas colleges and Project Row Houses
Six months after donating $ 50 million to Prairie View A&M, author and billionaire philanthropist MacKenzie Scott is giving another generous gift to more Texas schools.

On Tuesday, Scott, the ex-wife of Amazon founder Jeff Bezos announced that she has given $ 2.7 billion to 286 organizations. Scott is known for her impromptu multi-billion dollar donations to charities and racial equity issues.

In a post about her recent donations on Medium, she wrote that she made the gifts to enable the organizations to continue their work, and as a “signal of trust and encouragement” to them and others.

Now, Houston-area schools and organizations stand to benefit greatly.

Among them are Brazosport College in Lake Jackson and Project Row Houses, a non-profit artistic community in Houston’s Third Ward.

READ MORE: Project Row Houses: How art is transforming part of Third Ward

San Jacinto College in Pasadena will receive $ 30 million from Scott and her husband Dan Jewett, the largest private gift in the college’s history.

Because of her donation, the college said it will provide free tuition and fees for the entire class of 2021. That opportunity will be open to anyone who graduated this year and lives in their district.

“The San Jacinto College Board of Trustees, the San Jacinto College Foundation Board of Directors, as well as our employees and students, both current and future, are deeply grateful for this very generous gift,” said Chancellor Dr. Brenda Hellyer. “We weren’t expecting it, and it came at just the right time so we could put programs like 21Forward in place to help the students in east Harris County who made it through their senior year. These students were impacted by COVID, yet they persisted and graduated. We are honored to be able to use a portion of this gift to help students stay on their higher education pathway. We look forward to announcing plans for the remainder of the funding in the future. For now, we are stunned by this unbelievable gift and excited about the opportunities it provides for us to serve our community in new ways.”

In Scott’s blog post, she explained that she looked for “2- and 4-year institutions successfully educating students who come from communities that have been chronically underserved.”

ABC13 has reached out to Brazosport College and Project Row Houses to learn more about how Scott’s gift will be used.

This is the third round of announcements Scott has made regarding her philanthropy. In 2020, she donated about $ 6 billion to COVID relief, gender equity, historically Black colleges and universities and other schools.

You can view the full list of recipients on Medium.

The Associated Press contributed to this report.

Follow TJ Parker on Facebook, Twitter and Instagram.

Copyright © 2021 KTRK-TV. All Rights Reserved.

Author: T.J. Parker

This post originally appeared on ABC13 RSS Feed

As 8 billion passwords leak online here are three things you must do right now

As 8 billion passwords leak online here are three things you must do right now

Last week it was revealed that a staggering amount of passwords have been exposed in a massive data leak. A text file, that was uploaded to the web, contained a total of 8.3 billion passwords with experts warning that this could be one of the biggest breaches in modern history. The attack was discovered by the team at CyberNews who say that due to the scale of the leak this issue is almost certain to affect a very large number of people. The data dump has been dubbed ‘RockYou2021’ by the hackers which appears to be in reference to the infamous RockYou data breach that occurred in 2009 where more than 32 million user passwords were leaked.

Speaking about the latest threat, CyberNews said: “By combining 8.4 billion unique password variations with other breach compilations that include usernames and email addresses, threat actors can use the RockYou2021 collection to mount password dictionary and password spraying attacks against untold numbers of online accounts.”

It’s clearly serious and, if you are worried about this threat, here are three things you must do today.

CHECK YOUR PASSWORDS

It’s a really good idea to see if your password has been leaked in any recent attacks. CyberNews and other sites, such as have i been pwned, offer a simple way of checking your details to see if they may be in the hands of hackers.

Google’s Chrome browser and Apple’s Safari can also help with both of these browsers showing if you have weak passwords.

On Safari, head to Preferences > Passwords. Here you will see a list of your accounts and passwords with a warning sign placed besides any that have been used multiple times.

If you use Chrome, head to Preferences > Passwords and tap the Check Passwords button. You’ll then see any accounts with weak security.

USE A PASSWORD MANAGER AND TWO FACTOR AUTHENTICATION

If possible, always use two-factor authentication to double up on security for your account. Some applications offer this and software is available to ensure that all applications can use it.

Two-factor authentication basically means you’ll get a text with a code before being allowed to log in to accounts.

If you’re always forgetting your codes then there is a range of software that can help.

A number of popular password managers, including the excellent 1Password, leverage Have I Been Pwned’s unmatched database to alert users when one of their passwords or login credentials has been made available to hackers.

Speaking about the latest breach, Ray Walsh, Digital Privacy Expert at ProPrivacy, said: “Hackers compiled this massive cache of passwords from several previous data branches, and it is extremely concerning because of its sheer magnitude.

“With so many passwords sitting in the database in plain text consumers need to act quickly to ensure that their accounts are safe, because this database creates the potential for a sudden wave of cyberattacks.

“Setting up new passwords for multiple accounts doesn’t need to be a headache if you use a reliable password manager that does the hard work for you.

“Anybody concerned that their password may be affected by this breach should ensure that they are using 2FA wherever possible to ensure that a password alone will not be enough to breach their account.

“As always, monitor your accounts closely and if you notice any unusual activity, be sure to act quickly to update your password and ensure that hackers are removed from those services.”

Author:
This post originally appeared on Daily Express :: Life and Style Feed
Read More

James Bond studio MGM bought for $8.45 billion: Top 20 films set to land on Amazon Prime

James Bond studio MGM bought for $8.45 billion: Top 20 films set to land on Amazon Prime
Following reports of recent talks, James Bond studio MGM has been purchased by Amazon in a deal worth $ 8.45 billion. The Hollywood studio is almost 100 years old with Amazon saying it will help “preserve MGMs’ heritage and catalogue of films” following the acquisition. Here are the Top 20 MGM movies that will likely be heading to Amazon Prime, in no particular order:
1. The James Bond franchise
2. The Silence of the Lambs
3. Tomb Raider
4. Raging Bull
5. The Pink Panther franchise
6. Rocky franchise
7. Creed franchise
8. Legally Blonde franchise
9. Rain Man
10. Stargate
11. Basic Instinct
12. RoboCop franchise
13. The Birdcage
14. Moonstruck
15. Twelve Angry Men
16. The Magnificent Seven
17. The Thomas Crown Affair
18. Doctor Zhivago
19. Poltergeist
20. Thelma and Louise

For a 30 day free trial of Amazon Prime to enjoy this epic selection, click here. 

MGM’s merger under Amazon means that the tech giant will own 50 per cent of the rights of the Bond franchise.

The other half is under Danjaq, which is co-owned by EON productions’ Barbara Broccoli and Michael G Wilson.

According to Bond news site MI6 HQ, the acquisition will not affect the theatrical release of No Time To Die.

Daniel Craig’s fifth and final Bond movie will be distributed internationally by Universal Pictures with a UK release date of September 30 in cinemas.

Of course, the question is whether post-Craig Amazon will want to create a shared Bond universe across film and TV.

This model has been working very well on Disney+ across that studio’s Marvel and Star Wars properties.

However, it remains to be seen if such a modern move would be viable for a more traditional franchise like Bond, which has far fewer characters than others.

While any such plans would have to be signed off with the Bond producers at EON productions.

Whatever the case, Barbara Broccoli has promised that the next reboot of Bond will be something pretty different to what we’ve seen before. 

The producer told Total Film last year: “It will have to be reimagined, in the way each actor has reimagined the role.

“That’s what is so exciting and fun about this franchise; the character evolves.

“Eventually, when we have to think about it, we’ll find the right person.”

Author:
This post originally appeared on Daily Express :: Entertainment Feed

Harris County and Houston left out of $1 billion in flood mitigation aid

Harris County and Houston left out of $1 billion in flood mitigation aid
HOUSTON, Texas (KTRK) — The city of Houston and Harris County won’t receive a single cent from $ 1 billion in federal funds that communities could apply for and use for flood mitigation projects related to Hurricane Harvey.The Texas General Land Office will make the formal announcement on Friday, but on Thursday it told 13 Investigates it has already met with Houston and Harris County to let them know they were not awarded any funds.

The GLO said that neither Harris County nor Houston’s applications scored high enough on a 2019 system used to score each application and determine how funds will be allocated.GLO said the formula tried to emphasize aid to low- to moderate-income communities and areas where the funds would help the most people. Both the city and the county said they felt the rules penalized dense, urban areas.

13 Investigates confirmed with the GLO and Harris County Commissioner Adrian Garcia that their applications were not selected.

The county applied for $ 900 million and Houston asked for a similar amount. Now, neither will receive anything. The Harris County Flood Control District also applied, but was not selected.

Baytown, Pasadena, Jacinto City and Galena Park received a cumulative amount of $ 90 million in flood mitigation funds.

“(Thursday) we’re told that the smallest cities, some of the smallest cities in Harris County will get a federal allocation, but not Harris County proper and not the city of Houston. Go figure,” Garcia said. “This is political, folks.”

Houston Mayor Sylvester Turner accused the GLO of turning its back on Harvey victims and said Houstonians should be outraged.

“The City of Houston and Harris county account for over 50% of the damages from Hurricane Harvey. It is because of the damages incurred by Houston and Harris County that HUD awarded $ 4.2 billion in mitigation infrastructure funding to Texas.

For the State GLO not to give one dime in the initial distribution to the City and a very small portion to Harris County shows a callous disregard to the people of Houston and Harris County. And it is unfathomable that the State GLO would redirect most of these dollars to areas that did not suffer much from Hurricane Harvey.

The residents and businesses in Kingwood, Clear Lake, West Houston, Fort Bend Meyerland, Sunnyside, the East End, Kashmere Gardens, Spring Branch, and Acres Home should be deeply concerned and outraged.

HUD should immediately halt the distribution of the $ 4.2 billion in flood mitigation funding pending its review.”

The largest chunk of funds – $ 190 million – will go to communities in Galveston County. The county itself didn’t receive anything.

The funds will not be used for individual home repairs, but instead be allocated for large-scale projects, such as upgrading bayou systems and building retention ponds.Harris County said it was not contacted about the technical errors and thus were not able to correct their application.

13 Investigates: GLO to control Harvey recovery after Houston ‘hindered’ aid

The relationship between the GLO and the city became contentious when the state announced it would take over Houston’s federally-funded Harvey housing program last year due to slow progress.

“The GLO can no longer allow the city to hinder the progress of recovery efforts for Houston residents,” GLO Commissioner George P. Bush said in a letter to Turner in April 2020.

Mayor Turner responded by calling the takeover “hostile” and the city filed a lawsuit to prevent the GLO from “illegally taking control of $ 1.27 billion in disaster relief funds” for Harvey storm victims.

In August 2020, a ruling by the Texas Supreme Court allowed the GLO to move forward with the takeover.The GLO says another $ 1.1 billion in projects for communities damaged by Harvey will be awarded at the end of the summer. No new applications will be accepted, but the GLO said it will consider changing its scoring formula. The formula has been in place since 2019 and HUD approval will be needed in order to change it.

The GLO was granted the funds by the U.S. Housing and Urban Development program to allocate to communities in need. Houston asked HUD for direct allocation, but the federal agency denied that request.

In 2019, Harris County voters approved $ 2.5 billion in bonds for flood recovery projects with the hope that at least $ 1 billion would come from HUD funding. Recently, they said they’re short more than $ 1 billion.

Separately from the Harvey funds awarded this week, Houston, Jacinto City and the Harris County Flood District will share $ 135 million to mitigate the 2016 flood.

Follow Ted Oberg on Facebook, Twitter and Instagram.

Copyright © 2021 KTRK-TV. All Rights Reserved.

Author: Ted Oberg

This post originally appeared on ABC13 RSS Feed

Banks Fight $4 Billion Debt Relief Plan for Black Farmers

Banks Fight $4 Billion Debt Relief Plan for Black Farmers

WASHINGTON — The Biden administration’s efforts to provide $ 4 billion in debt relief to minority farmers is encountering stiff resistance from banks, which are complaining that the government initiative to pay off the loans of borrowers who have faced decades of financial discrimination will cut into their profits and hurt investors.

The debt relief was approved as part of the $ 1.9 trillion stimulus package that Congress passed in March and was intended to make amends for the discrimination that Black and other nonwhite farmers have faced from lenders and the United States Department of Agriculture over the years. But no money has yet gone out the door.

Instead, the program has become mired in controversy and lawsuits. In April, white farmers who claim that they are victims of reverse discrimination sued the U.S.D.A. over the initiative.

Now, three of the biggest banking groups — the American Bankers Association, the Independent Community Bankers of America and National Rural Lenders Association — are waging their own fight and complaining about the cost of being repaid early.

Their argument stems from the way banks make money from loans and how they decide where to extend credit. When a bank lends money to a borrower, like a farmer, it considers several factors, including how much interest it will earn over the lifetime of the loan and whether the bank can sell the loan to other investors.

By allowing borrowers to repay their debts early, the lenders are being denied income they have long expected, they argue. The banks want the federal government to pay money beyond the outstanding loan amount so that banks and investors will not miss out on interest income that they were expecting or money that they would have made reselling the loans to other investors.

They also want other investors who bought the loans in the secondary market to get government money that would make up for whatever losses they might incur from the early payoff.

Bank lobbyists, in letters and virtual meetings, have been asking the Agriculture Department to make changes to the repayment program, a U.S.D.A. official said. They are pressing the U.S.D.A. to simply make the loan payments, rather than wipe out the debt all at once. And they are warning of other repercussions, including long-term damage to the U.S.D.A.’s minority lending program.

In a letter sent last month to Tom Vilsack, the agriculture secretary, the banks suggested that they might be more reluctant to extend credit if the loans were quickly repaid, leaving minority farmers worse off in the long run. The intimation was viewed as a threat by some organizations that represent Black farmers.

“If U.S.D.A. does not compensate lenders for such disruptions or avoid sudden loan payoffs, the likely result will be less access to credit for those seeking U.S.D.A. guaranteed loans in the future, including U.S.D.A. farmers/ranchers,” they wrote to Mr. Vilsack in April.

The U.S.D.A. has shown no inclination to reverse course. An agency official said that obliging the banks would put an undue burden on taxpayers and that the law did not allow the agency to pay interest costs or reimburse secondary market investors. The agency hopes to be able to begin the debt relief process in the coming weeks, according to the official, who requested anonymity because they were not authorized to comment on the program.

The relief legislation that Congress passed in March provided “sums as may be necessary” from the Treasury Department to help minority farmers and ranchers pay off loans granted or guaranteed by the Agriculture Department. Most of the loans are made directly to farmers, but about 12 percent, or 3,078, are made through lenders and guaranteed by the U.S.D.A.

The Congressional Budget Office estimated that the loan forgiveness provision would cost $ 4 billion over a decade.

While America’s banks have flourished in the last century, the number of Black-owned farms has declined sharply since 1920, to less than 40,000 today from about a million. Their demise is the result of industry consolidation as well as onerous loan terms and high foreclosure rates.

Black farmers have been frustrated by the delays and say they are angry that banks are demanding additional money, slowing down the debt relief process.

“Look at the two groups: You have the Black men and women who have gone through racism and discrimination and have lost their land and their livelihood,” said Bill Bridgeforth, a farmer in Alabama who is on the board of the National Black Growers Council. “And then you have the American Bankers Association, which represents the wealthiest folks in the land, and they’re whining about the money they could potentially lose.”

John Boyd Jr., president of the National Black Farmers Association, a nonprofit, said he found it upsetting that the banks said little about years of discriminatory lending practices and instead complained about losing profits.

“They’ve never signed on to a letter or supported us to end discrimination, but they were quick to send a letter to the secretary telling him how troublesome it’s going to be for the banks,” Mr. Boyd said. “They need to think about the trouble they’ve caused not working with Black farmers and the foreclosure process and how troublesome that was for us.”

Mr. Boyd urged Mr. Vilsack not to let the debt relief stall.

“It’s planting season and Black farmers and farmers of color really could use this relief,” Mr. Boyd said.

Cornelius Blanding, executive director of the Federation of Southern Cooperatives/Land Assistance Fund, said that the letter from the banks appeared to be a veiled threat.

“They are prioritizing profits over people,” Mr. Blanding said, expressing concern that the backlash from banks and white farmers could delay the debt relief. “Debt has been a burden on the back of many farmers and especially farmers of color. Them holding this up really prolongs justice.”

Although the government is paying 120 percent of the outstanding loan amounts to cover additional taxes and fees, banks say that unless they get more, they will be on the losing end of the bailout.

The banking industry groups could not offer an estimate of how much additional money they would need to be satisfied. The Agriculture Department said it would cost tens of millions of dollars to meet the banks’ demands.

In the letter to Mr. Vilsack, the bank lobbyists pointed to one large community bank, which they said had a $ 200 million portfolio of loans to socially disadvantaged farmers that would lose millions of dollars of net income per year if the loans were quickly paid off. They warned that such a move would “undoubtedly reduce the bank’s ability to retain employees.”

The American Bankers Association defended the request, arguing that lenders have been a lifeline to minority farmers. It said that the matter primarily affects the group’s smaller members that have large portfolios of loans from socially disadvantaged borrowers. Representatives for Goldman Sachs, JPMorgan Chase and Citigroup said that the debt relief program had not been on their radar and that they had not been lobbying against it.

“We recognize the need for U.S.D.A. to carry out this act of Congress, and we support the goal of providing financial relief to socially disadvantaged farmers and ranchers,” said Sarah Grano, a spokeswoman for the American Bankers Association. “We believe it would be helpful if the U.S.D.A. implemented this one-time action without causing undue financial harm to the very lenders who have been supporting farmers with much-needed credit.”

Danny Creel, the executive director of the National Rural Lenders Association, said he had no comment. An official from the Independent Community Bankers of America said that the group was not currently considering litigation and that it anticipated that the federal government would find a way to accommodate its requests.

Lawmakers who helped craft the relief legislation have expressed little sympathy for the banks and are pressing the agriculture department to get the money out the door.

Senator Cory Booker, a New Jersey Democrat, said: “U.S.D.A. should now take this first step toward addressing the agency’s history of discrimination by quickly implementing the law that Congress passed and moving forward without delay to pay off in full all direct and guaranteed loans of Black farmers and other socially disadvantaged farmers.”

The banks are not the only ones who have been fighting the debt relief initiative. A group of white farmers in Wisconsin, Minnesota, South Dakota and Ohio are suing the Agriculture Department, arguing that offering debt relief on the basis of skin color is discriminatory. America First Legal, a group led by the former Trump administration official Stephen Miller, filed a lawsuit making a similar argument in U.S. District Court for the Northern District of Texas this month.

Mr. Vilsack said at a White House press briefing this month that his department would not be deterred by pushback against its plans to help minority farmers.

“I think I have to take you back 20, 30 years, when we know for a fact that socially disadvantaged producers were discriminated against by the United States Department of Agriculture,” Mr. Vilsack said. “So, the American Rescue Plan’s effort is to begin addressing the cumulative effect of that discrimination in terms of socially disadvantaged producers.”

Author: Alan Rappeport
This post originally appeared on NYT > U.S. News

Cryptocurrencies lose nearly $280 BILLION in value after bitcoin drops below $40,000

Cryptocurrencies lose nearly $280 BILLION in value after bitcoin drops below $40,000

Bitcoin fell sharply to below $ 39,000 on Wednesday, its lowest level since February, as news of further restrictions on cryptocurrency transactions in China sparked another major selloff.

The world’s number one digital asset bounced back to just above $ 40,000 as of 8am GMT, but was still trading 11% lower compared to the previous day.

The plunge reportedly comes after Chinese authorities banned financial institutions and payment firms from providing services connected to cryptocurrency transactions.
Also on rt.com Elon Musk crushes bitcoin again with just one word
The restrictive measures, coupled with a warning to investors against speculative crypto trading, reportedly exacerbated the selling triggered by Elon Musk’s reversal on Tesla accepting bitcoin as payment. The announcement followed several tweets raising uncertainty over whether the electric automaker had sold its $ 1.5 billion holdings in the cryptocurrency.

Other cryptocurrencies also saw a massive drop in value with ether dropping nearly 15% to below $ 3,000. Dogecoin, a meme-based cryptocurrency that has been pushed by Musk’s tweets, declined by more than 16% to below $ 0.42, according to data tracked by Coindesk.

The latest selloff has wiped around $ 279.65 billion off the entire value of the cryptocurrency market in the past 24 hours.

For more stories on economy & finance visit RT’s business section

Author: RT
This post originally appeared on RT Business News

Senate Democrat proposes $52 billion for U.S. chips production, R&D

Senate Democrat proposes $  52 billion for U.S. chips production, R&D© Reuters. U.S. Senate Majority Leader Chuck Schumer (D-NY), with Senator Gary Peters (D-MI) and Senator Bob Menendez (D-NJ), speaks to reporters during the weekly news conference following the Democratic caucus policy luncheon on Capitol Hill in Washington, U.S. Ma

By David Shepardson

WASHINGTON (Reuters) – U.S. Senate Democratic Leader Chuck Schumer unveiled revised bipartisan legislation late Tuesday to approve $ 52 billion to significantly boost U.S. semiconductor chip production and research over five years.

The emergency funding proposal will be included in a more than 1,400-page revised bill the Senate is taking up this week, as first reported by Reuters on Friday, to spend $ 120 billion on basic U.S. and advanced technology research to compete with China.

Schumer said the bill includes a “historic $ 52 billion investment to make sure the United States stays on the cutting edge of chip production.”

The proposal includes $ 49.5 billion in emergency supplemental appropriations to fund the chip provisions that were included in this year’s National Defense Authorization Act, but which require a separate process to garner funding.

President Joe Biden has also called for $ 50 billion to boost semiconductor production and research.

Supporters of funding note the U.S. had a 37% share of semiconductors and microelectronics production in 1990; today just 12% of semiconductors are manufactured in the United States.

“There is an urgent need for our economic and national security to provide funding to swiftly implement these critical programs. The Chinese Communist Party is aggressively investing over $ 150 billion in semiconductor manufacturing so they can control this key technology,” a summary released Tuesday said.

The measure would “support the rapid implementation of the semiconductor provisions” in the defense bill.

As reported by Reuters on Friday, the bill includes $ 39 billion in production and R&D incentives and $ 10.5 billion to implement programs including the National Semiconductor Technology Center, National Advanced Packaging (NYSE:) Manufacturing Program and other R&D programs.

The chips shortage has harmed U.S. auto production and hindered other industries that rely on chips.

Last month, Ford Motor (NYSE:) warned the chip shortage might slash second-quarter production by half, costing it about $ 2.5 billion and about 1.1 million units of lost production in 2021, while General Motors (NYSE:) has extended production halts at several North American factories because of the shortage.

The bill also includes $ 1.5 billion in emergency funding to help boost Western-based alternatives to Chinese equipment providers Huawei Technologies and ZTE Corp (HK:), aiming to accelerate development of an open-architecture model (known as OpenRAN) backed by U.S. carriers.

Another provision prohibits the Chinese-owned social media app TikTok from being downloaded to government devices “to better safeguard the privacy and security of Americans.”

X: Therefore doesn`t .

Author: Reuters
This post originally appeared on Stock Market News

Biden pitches $174 billion EV plan in Michigan, takes truck for a spin

2/2 Biden pitches $  174 billion EV plan in Michigan, takes truck for a spin© Reuters. FILE PHOTO: The charging socket is seen on Ford Motor Co’s all-new electric Mustang Mach-E vehicle during a photo shoot at a studio in Warren, Michigan, U.S. October 29, 2019. REUTERS/Rebecca Cook 2/2

By Nandita Bose and David Shepardson

DEARBORN, Mich./WASHINGTON (Reuters) -President Joe Biden made the case on Tuesday for his $ 174 billion electric-vehicle proposal, urging automakers not to build zero-emission vehicles abroad for U.S. consumers – and even got to take a new zero-emission truck out for a drive.

“We need automakers and other companies to keep investing here in America and not take the benefits of our public investments and expand electric vehicles and battery manufacturing abroad,” Biden said on a visit to a Ford Motor (NYSE:) Co electric-vehicle plant in Dearborn, Michigan, to see the EV version of its best-selling F-150 pickup truck.

The United Auto Workers (UAW) has criticized General Motors Co (NYSE:) for announcing a $ 1 billion investment in Mexico to build EVs and Ford for opting to build some EVs in Mexico rather than Ohio.

GM noted it had recently announced nearly 9,000 new U.S. jobs and $ 9 billion in U.S. EV and battery facilities. Ford Executive Chairman Bill Ford said at the event that Biden “understands that building things in this country matters” and added the company employs more UAW workers than its Detroit rivals.

The UAW also wants GM to recognize the union at joint-venture battery facilities. Ford is considering similar ventures. “We need you to deepen your partnership with the UAW,” Biden added.

UAW President Rory Gamble urged Biden to make sure investment encourages strong labor standards, good union jobs and U.S.-built vehicles.

Biden argues the United States is falling behind China, which is selling more EVs.

“We’re going to set a new pace for electric vehicles,” the Democratic president said, vowing to reverse what he called the Trump administration’s “short-sighted” rollback of vehicle emissions standards.

Biden went to a Ford test track to briefly drive the EV truck still camouflaged ahead of its official reveal on Wednesday. U.S. presidents are typically not allowed to drive by security officials.

“This sucker’s quick,” Biden told reporters, adding it could go from 0-60 miles an hour in just 4.4 seconds. “It feels great.”

REBATES, TAX CREDITS

Biden ruled out consumer incentives for high-priced electric luxury models, according to a White House fact sheet, as he argues for dramatic government spending to prod Americans to buy electric vehicles.

His electric-vehicle plan, first announced on March 31, cheered investors who bought shares in several electric-vehicle startups that have struggled. Shares in electric truck maker Lordstown Motors Corp rose more than 20% and shares in Nikola Corp were up more than 6% in late trading.

Biden is pushing for electric vehicles in the auto industry’s heartland, and trying to win over auto workers worried that more electric cars and trucks will mean fewer jobs.

The White House wants to encourage new battery production facilities, which are key to ramping up U.S. electric vehicle manufacturing.

Biden’s plan “proposes cost-sharing grants to support new high capacity battery facilities in the United States” and backs grants to fund the retooling of shuttered factories “to build advanced vehicles and parts.”

The centerpiece of Biden’s EV plan is $ 100 billion in consumer rebates. Biden backs a further $ 10 billion in new tax credits for zero-emission medium- and heavy-duty work vehicles.

Biden faces resistance from many congressional Republicans on his EV focus. Republicans are poised to release a counterproposal to Biden’s infrastructure plan and Republicans will meet with Biden’s commerce and transportation chiefs later on Capitol Hill.

The president wants $ 15 billion to build 500,000 EV charging stations by 2030 – including in apartment buildings and public parking – and $ 45 billion to electrify a significant number of school and transit buses. He also wants to fund shifting the federal fleet to more EVs, including for the Postal Service to begin using EV delivery trucks.

Author: Reuters
This post originally appeared on Stock Market News