Sport Commission – ERA ARD http://era-ard.org/ Fri, 20 Aug 2021 09:08:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://era-ard.org/wp-content/uploads/2021/08/icon-13-150x150.png Sport Commission – ERA ARD http://era-ard.org/ 32 32 Intuit to Acquire Credit Karma https://era-ard.org/intuit-to-acquire-credit-karma/ https://era-ard.org/intuit-to-acquire-credit-karma/#respond Mon, 16 Aug 2021 08:19:24 +0000 https://era-ard.org/?p=82 MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Intuit (Nasdaq: INTU), proud maker of TurboTax, QuickBooks and Mint, today announced that it has agreed to acquire Credit Karma, the consumer technology platform with more than 100 million members in the U.S., Canada and U.K., for approximately $7.1 billion in cash and stock. By agreeing to acquire Credit Karma, a company […]]]>


MOUNTAIN VIEW, Calif.–()–Intuit (Nasdaq: INTU), proud maker of TurboTax, QuickBooks and Mint, today announced that it has agreed to acquire Credit Karma, the consumer technology platform with more than 100 million members in the U.S., Canada and U.K., for approximately $7.1 billion in cash and stock. By agreeing to acquire Credit Karma, a company with nearly $1 billion in unaudited revenue in calendar year 2019, up 20% from the previous year, Intuit accelerates its mission of powering prosperity around the world.

The combination brings together two technology leaders with a shared goal to help solve the personal finance problems that consumers face today, regardless of their financial situation — managing debt, maximizing savings, access to better credit cards and loans — with an aim to put more money in consumers’ pockets.

Our mission is to power prosperity around the world with a bold goal of doubling the household savings rate for customers on our platform,” said Sasan Goodarzi, CEO of Intuit. “We wake up every day trying to help consumers make ends meet. By joining forces with Credit Karma, we can create a personalized financial assistant that will help consumers find the right financial products, put more money in their pockets and provide insights and advice, enabling them to buy the home they’ve always dreamed about, pay for education and take the vacation they’ve always wanted.”

We started Credit Karma with a goal to build a trusted destination for all consumers, to make financial progress regardless of where they are in life,” said Kenneth Lin, Founder and CEO of Credit Karma. “We saw the opportunity to enrich people’s financial lives through transparency, simplicity and certainty.”

Many consumers struggle with not knowing or not fully understanding where they stand with their finances. Household debt in the United States hit $14.1 trillion including, among other sources, $9.6 trillion in mortgage debt, nearly $1 trillion in credit card debt and $1.5 trillion in student loan debt.1 In addition, 23 million people relied on at least one payday loan in 2018 to get faster access to cash.2 At the same time, we know consumers want to improve. In fact, 60% of consumers say they are trying to improve their credit score.3

Intuit and Credit Karma will tackle these problems by making it simple for consumers to make better decisions with their money through a consumer finance platform that works like a personalized financial assistant, helping consumers find the right financial products, put more money in their pockets and have access to actionable insights and advice. This platform will provide consumers with transparent access to their critical personal finance information – including their income, spending, and credit history – to help them better understand their complete financial picture and use it to their advantage, such as for obtaining better interest rates, all with security in mind. The result will be a complete financial profile that puts the power in consumers’ hands so they can take the steps necessary to improve their financial health and maximize their money.

The platform, leveraging artificial intelligence and connections to over 100 financial partners, will help consumers:

  • Find the right financial products by matching consumers with pre-approved offers on loans and credit cards with competitive interest rates that are right for them.
  • Put more money in their pockets by connecting them to higher yield savings accounts and, in the future, will provide faster access to their hard-earned cash.
  • Provide insights and advice to help consumers make better decisions about their money and improve their credit score.

Founded in 2007, Credit Karma has experienced remarkable success. Credit Karma presently has the largest engaged member base in consumer digital finance with more than 100 million members, with 37 million monthly active users of which 88% engage on mobile devices. The company has nearly tripled the growth of its member base over the past five years and created a marketplace comprised of more than 100 financial service providers.

There’s a lot of innovation and investment in FinTech, but we don’t see anyone, with our collective capabilities, pursuing a personalized financial assistant to help consumers take control of their financial lives,” Goodarzi said. “Together with Ken and the Credit Karma team, we’re going to bring together consumers and financial institutions in innovative ways that lower costs for all those involved and level the playing field for consumers regardless of their economic status. We believe we can transform the personal finance industry and power the economy.”

We could not have picked a better partner than Sasan and the Intuit team to accelerate our mission to champion financial progress for our members,” Lin added. “Together, the complementary strengths of our combined companies will help us to invest in innovation, build faster and deliver products our consumers expect and deserve.”

Transaction Details

The transaction is expected to be neutral to accretive to Intuit’s non-GAAP earnings per share in the first full fiscal year after the transaction closes. Intuit has agreed to pay total consideration of approximately $7.1 billion to acquire Credit Karma, subject to customary adjustments for transactions of this nature. The purchase price for Credit Karma will be payable in equal portions of cash and Intuit common stock, with the shares of Intuit common stock being valued at approximately $299.73 per share (which price was calculated based on the daily volume-weighted average sales price per share for Intuit common stock for the ten trading days ending on February 21, 2020). The per share price of these shares has been fixed as of the merger agreement signing date. The aggregate value of these shares will fluctuate based on changes in our share price between the signing date and the closing date.

The total consideration of $7.1 billion includes an estimated $1 billion of equity awards that will be expensed over up to three years. Following the close of the transaction Intuit will issue approximately $300 million of restricted stock units to Credit Karma employees, which will be expensed over four years.

Intuit expects the cash consideration to be financed through cash and its existing unsecured line of credit. The transaction is not expected to have an impact on Intuit’s existing dividend and share repurchase principles. The transaction is expected to close in the second half of calendar year 2020, subject to receipt of required regulatory approvals and satisfaction or waiver of other customary closing conditions.

Advisors

Qatalyst Partners is serving as Intuit’s financial advisor, with Latham & Watkins, LLP serving as legal advisor. Goldman Sachs & Co. LLC is serving as Credit Karma’s financial advisor, with Skadden, Arps, Slate, Meagher & Flom LLP and Wilson Sonsini Goodrich & Rosati serving as legal advisors.

Conference Call Details

Intuit and Credit Karma executives will discuss the details of this transaction during Intuit’s second quarter earnings conference call at 1:30 p.m. Pacific time on February 24. To listen to the call, dial 844-246-4601 in the United States or 703-639-1172 from international locations. No reservation or access code is needed. The conference call can also be heard live at http://investors.intuit.com/Events/default.aspx. Prepared remarks for the call will be available on Intuit’s website after the call ends and at www.smartmoneydecisions.com.

About Intuit

Intuit’s mission is to Power Prosperity Around the World. We are a global financial platform company with products including TurboTax, QuickBooks, Mint and Turbo, designed to empower consumers, self-employed and small businesses to improve their financial lives. Our platform and products help customers get more money with the least amount of work, while giving them complete confidence in their actions and decisions. Our innovative ecosystem of financial management solutions serves approximately 50 million customers worldwide. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social.

About Credit Karma

Founded in 2007 by Ken Lin, Credit Karma is a consumer technology company with more than 100 million members in the U.K., United States and Canada, including almost half of all U.S. millennials. While best known for pioneering free credit scores, the company’s members turn to Credit Karma for everything related to their financial goals, including identity monitoring, applying for credit cards, shopping for loans (car, home and personal), filing their taxes and now high-yield savings accounts through our bank partner, MVB, Inc., Member FDIC — all for free.

Learn more about how Credit Karma members are making financial progress on Facebook, Twitter, and YouTube.

Cautions About Forward-looking Statements

This communication contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements and information usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking.

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, without limitation, the following: failure to obtain required regulatory approvals in a timely manner or otherwise; failure to satisfy any closing conditions to the proposed acquisition of Credit Karma, Inc.; risks associated with tax liabilities or changes in U.S. federal tax laws or interpretations to which the proposed transaction with Credit Karma, Inc. or parties thereto are subject; failure to successfully integrate any new business; failure to realize anticipated benefits of any combined operations; unanticipated costs of acquiring or integrating Credit Karma, Inc.; potential impact of announcement or consummation of the proposed acquisition on relationships with third parties, including employees, customers, partners and competitors; inability to retain key personnel; changes in legislation or government regulations affecting the acquisition or the parties; and economic, social or political conditions that could adversely affect the acquisition or the parties. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2019 and in our other SEC filings. You can locate these reports through our website at http://investors.intuit.com. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We do not undertake any duty to update any forward-looking statement or other information in this communication, except to the extent required by law.

No Offer or Solicitation

This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.

Additional Information

Important Additional Information Will be Filed with the SEC

Intuit will file with the SEC a registration statement on Form S-4, which will include the prospectus of Intuit (the “prospectus”). INVESTORS AND SHAREHOLDERS ARE URGED TO CAREFULLY READ THE PROSPECTUS, AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC, IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT INTUIT, CREDIT KARMA, INC., THE PROPOSED TRANSACTIONS AND RELATED MATTERS. Investors and shareholders will be able to obtain free copies of the prospectus and other documents filed with the SEC by the parties through the website maintained by the SEC at www.sec.gov. In addition, investors and shareholders will be able to obtain free copies of the prospectus and other documents filed with the SEC on Intuit’s website at http://investors.intuit.com.

1 NY Fed 2019 https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2019Q2.pdf

2 Financial research company Moebs Services

3 Shopping around for a mortgage pays off, Q1 2019 Fannie Mae https://www.fanniemae.com/resources/file/research/housingsurvey/pdf/consumer-mortgage-shopping-infographic.pdf





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‘Thrown back in jail – it’s cruel’: why was actor Amy Locane imprisoned twice for the same crime? | Culture https://era-ard.org/thrown-back-in-jail-its-cruel-why-was-actor-amy-locane-imprisoned-twice-for-the-same-crime-culture/ https://era-ard.org/thrown-back-in-jail-its-cruel-why-was-actor-amy-locane-imprisoned-twice-for-the-same-crime-culture/#respond Mon, 16 Aug 2021 08:17:39 +0000 https://era-ard.org/?p=76 Amy Locane is struggling to make sense of it all. The actor and mother of two children knows she committed a crime with devastating consequences, so she accepted it when she pretty much lost everything as a result – doing her time in jail uncomplainingly. The one thing she can’t accept is that, after being […]]]>


Amy Locane is struggling to make sense of it all. The actor and mother of two children knows she committed a crime with devastating consequences, so she accepted it when she pretty much lost everything as a result – doing her time in jail uncomplainingly. The one thing she can’t accept is that, after being released and living in the community for five years as a model citizen, she is back in prison for the same crime. It is a situation that one legal expert described as “unheard of”.

In September 2020, Locane was re-sentenced to eight years in jail. “I’m not really sure what’s going on,” she tells me from the Edna Mahan correctional facility for women. “I walk around in a daze. It’s really messing with my mind. I never violated any rules. I never reoffended, and then to get thrown back in here … it’s cruel. I feel like I’m being made an example of.”

The night of 27 June 2010 will be etched into her mind for ever. Locane had just finished her run in a play at the local community theatre in Hopewell, New Jersey. Afterwards, there was a wrap party for the cast and crew. Locane had a few drinks and moved on to a barbecue at the home of friends, where she met up with her then-husband – and drank some more. She says she was expecting him to drive her home, but he left earlier, taking the children. She decided to drive home in her SUV. She knew she shouldn’t, but she told herself it was only a 15-minute drive.

At a red light, she crashed into the back of a Honda. The driver approached Locane for her insurance details. She observed Locane’s slurred speech and glassy eyes, and tried to remove her car keys from the ignition, telling her that she was drunk and the police were on their way. Instead, Locane sped off, and the Honda driver followed. Locane was driving at 53mph in a 35mph zone when she smashed into the car of Fred Seeman as he was turning left into his home. His 60-year-old wife, Helene, an art historian with two children, was killed almost instantly. Fred Seeman, a real-estate lawyer who runs his own firm, was seriously injured. Locane ended up in a drainage ditch, but was not badly hurt. She was almost three times over the drink-drive limit.

Marcia Zucker holds up a photo of her daughter, Helene Seeman, during the first sentencing in 2013. Photograph: Patti Sapone/AP

Locane was not a household name, but, having worked as an actor, she was famous enough for her disgrace to become headline news. She had featured in the first series of Melrose Place, and co-starred in the cult film Cry-Baby, a rock’n’roll romcom directed by John Waters, which was an unqualified success when it was released in 1990. Locane, 18 at the time, was cast opposite Johnny Depp – he played the leader of the rebellious Drapes, she played a member of the prissy Squares, and their characters fell in love. For Depp, it was his first leading role in a movie; for Locane it was to be her only one. She was in more films, but the roles got smaller as her star waned.

In the mid-00s, she quit Los Angeles and returned to the New Jersey of her childhood. She gave up the movies for marriage and motherhood. Her first daughter, Paige, was born in 2007; her second, Avery, in 2009.

The fatal accident happened 17 months after the birth of Avery. The case did not come to court for two years. At the trial, police testified that Locane was “giggling” at the scene, and when they took a blood test she asked: “Am I pregnant or am I just drunk?” She said she had drunk four glasses of wine, and beer.

In November 2012, she was convicted of second-degree vehicular homicide and assault by automobile. The minimum sentence was five years, but Locane was given three thanks to mitigating factors – she had a clean criminal record, and it was thought that her children’s welfare would suffer if she was jailed for longer. (One of her children has a serious health condition.) Locane’s defence also said that Fred Seeman had crossed her lane when she had right of way.

Locane’s arrest photograph in 2010.
Locane’s arrest photograph in 2010. Photograph: Somerset County Jail

The Seeman family were horrified by the leniency of the sentence. Helene Zucker Seeman was a much-admired curator, author and adjunct professor at New York University’s school of continuing education. Fred Seeman shouted at Locane that “having a sick child doesn’t give you a pass to kill my wife!” and told the judge it was a “travesty” before storming out of court in tears. The state said it reserved the right to increase the sentence. But Locane was released on parole in June 2015.


Shortly after being released in 2015, Locane walked into the Hopewell Presbyterian church. She had been brought up a Catholic, and rediscovered her faith while incarcerated. “I knew there was an actress who had had the drunk-driving accident, but I didn’t know her name,” Barbara Pauley says. Pauley, a church member and licensed therapist, mentored local women who needed support. She and Locane became close friends. “She was open about her story. There was no secret about it; it had been all over the newspapers. Amy and I met up every week for about two years.”

Pauley says Locane had to start all over again. Soon after her release, her husband filed for divorce and gained custody of Paige and Avery. Locane, Pauley says, was left with nothing – no home, no car, because she had lost her licence, no job, no money. She was also ostracised by some of her old friends. “She felt judged. Some people thought she got off easy because she was an actress.”

Pauley thought it was remarkable the way Locane made a new life for herself. She describes the area where Locane was living in Hopewell, a borough of Mercer county in the state of New Jersey. “There is no public transport. Nothing. And there is no way to get around if you don’t drive. And, of course, because of her accident she did not have a driver’s licence. But somehow she made it work.”

Pauley describes how Locane walked everywhere – to her Alcoholics Anonymous meetings, to see the kids, to apply for jobs. She returned to college to do basic English and business courses with the hope of going on to university. She was committed to stopping others repeating her mistakes too she visited schools to talk to students about the dangers of drinking and driving. She became a substance abuse recovery coach and talked to recovering female opioid addicts and women recently released from jail. She also volunteered in her children’s school, despite their initial reluctance to have somebody with such a serious conviction supporting the pupils, and she got herself two paid jobs, one in an antiques shop.

“Humans have an inherent resilience,” Pauley says. “Amy’s resilience – to think she was coming back to a family and husband only to find out that wasn’t true, to have no financial resources, and to have two daughters who, quite frankly, were fairly traumatised by the situation, and to be solely focused on rebuilding the relationships with her children – was phenomenal.”

Did Locane struggle with what she had done? “Yes. There were daily reminders of what had happened and what it had cost – to the Seeman family and to her. She was living in a two-bedroom apartment, it was not a home with her husband and her children. When your life has changed so drastically, waking up every day in the apartment she lived in was a reminder of how she got there.”

Pauley is still grappling with the logic of why her friend is now back in jail. As well as ruling that she had been wrongly sentenced, the judge said she showed no remorse. “How can you tell when someone has shown no remorse?” Pauley asks. “Do you walk in their shoes, do you live their life, have you talked to her? That to me is shocking. I think there was a huge amount of remorse, and we saw it in how she tried to use her story to prevent further tragedies.”


James Wronko, Amy’s new partner, is an attorney, and ended up defending her when she could not afford to pay for one during the appeals procedure. A year after her release, the appeals court ruled that her sentence was too lenient, and referred the case back to the original judge. The judge did not agree, and gave her the same sentence again.

In February 2019, a new judge re-sentenced Locane to five years, but she remained free on bail pending a further appeal. In July 2020, the appeals court ruled that the second judge had also sentenced her incorrectly and rejected Wronko’s argument that re-sentencing her violated double jeopardy protections, which state that people cannot be tried twice for the same crime. At her fourth and final sentencing, a third judge was brought in from another county.

In court, Fred Seeman said Locane had never accepted responsibility for his wife’s death, and asked the final judge, Angela Borkowski, to “send a message” with her sentence. Borkowski gave Locane eight years for second-degree vehicular homicide and 18 months for fourth-degree assault by auto to be served concurrently (in practice, this would be five extra years because she had already served three). Under New Jersey state law she is required to serve six years before she becomes eligible for parole. Having already served three years, Locane will be eligible for parole in another three years.

With Brendan Fraser in the 1994 film Airheads.
With Brendan Fraser in the 1994 film Airheads. Photograph: Moviestore/Rex/Shutterstock

“The judge ignored everything Amy had done in the past five years,” Wronko says. “She ignored [the fact] that this was going to be a second separation of mother and children. The judge basically sentenced her as if it were 10 years ago.”

Wronko says the pandemic has made the whole thing more painful. “The first time Amy was in jail she was in a job sewing uniforms for male prisoners, she supported fellow inmates on a peer-to-peer programme and she also worked on the puppy programme training dogs for law enforcement. All this gave her a purpose. Now there are no jobs, no education classes, no programmes. There has recently been an outbreak of Covid, and two of her bunkmates have just tested positive.”

When invited to comment about Locane being returned to jail, Fred Seeman said: “The judge’s September 2020 decision on sentencing provides a well-reasoned repudiation of the defendant’s arguments. At the hearing, our family spoke in open court. We have nothing further to add to that.”

The attorney and legal commentator John Furlong believes the case is unprecedented. “I have practised criminal law for nearly 45 years, and I have never seen an outcome or circumstance quite like Amy Locane’s,” he says. “When I was a young lawyer, we punished the guilty. We did not torture them. Times have changed. Amy Locane’s resentencing undermines public confidence in our entire criminal justice system. Lawyers and citizens alike lose confidence in the finality of judgment.” Lawyers such as Furlong fear this case could set a precedent. The justice system is founded on the principle that people sent to jail serve their time and are then rehabilitated and free to rebuild their life. Furlong believes that when a sentence is extended willy-nilly, and after time has been served, the very concept of justice is undermined. “If courts can extend sentences after they have been served, our system will break down.”


“Every night I go to sleep and think: ‘God, please don’t let Amy get Covid,’” says Locane’s mother, Helen Locane. Her voice is just like Amy’s, and she laughs like her, too. You sound so youthful, I say. “For an old woman, is that what you’re saying? Hahaha!”

Despite Helen’s brightness, it’s clear she is in shock. “It’s so unfair. She paid her debt to society. I feel so bad for my granddaughters. Their birthdays are next week – they’re going to be 12 and 14.”

They have only been able to visit her once since she was jailed again. “The youngest one asked me: ‘Can I touch her hand?’ I said: ‘No, you can’t,’ and she just looked at me. It’s heartbreaking, just heartbreaking.”

I ask what Amy was like as a little girl and the bounce returns to her voice. “She was very bubbly. Her father and I separated when she was 18 months old. She was so energetic, so full of pep, I’d be exhausted by her. ”

Was she a talented kid? “Yes. One day she said to me: ‘Mom, I think I’m going to be in a talent show.’ And I said: ‘Well, what are you going to do?’ And she said: ‘I’m going to sing, and I need a piano player.’” Helen giggles. “Well, my ex’s cousin was a piano player … she was 10.” How did she do in the talent show? “She won it. I thought the voice I was hearing was a recording, but it was her. Then she won another talent show and another. I was told: ‘You really should get her an agent.’ And I thought: well, this could be a way for her to get some money to put away for college.” So she got an agent and went to her first audition and got a commercial.” At the age of 17, she was cast in her first film, Lost Angel, made by the Chariots of Fire director, Hugh Hudson. Helen, who worked as a legal secretary, says they were forever heading off for auditions. “I would work my lunch hour, leave work early, go pick her up, and we’d go on the train, be in there for five minutes. It was exhausting, but I felt an obligation to do it for her.”

Was she ambitious? “Absolutely. It’s funny, now she says she didn’t like it. I don’t understand it. I let it go in one ear and out the other because I know you can’t make a child do those things – you can’t make a child win a contest.”

Locane with Johnny Depp in Cry-Baby.
Locane with Johnny Depp in Cry-Baby. Photograph: Henny Garfunkel/Imagine/Universal/ Kobal/REX/Shutterstock

In Cry-Baby, Locane’s character, Allison, starts out as a goody-goody. Was Amy like that? “Absolutely. Absolutely!” Did she also have a rebellious streak? “As far as I was concerned she was just that good girl. That was a crazy film. Oh my God, when they were doing all that french kissing … I was sitting there with the director, John Waters, and Johnny Depp looked at me, and asked: ‘Was that all right?’ Just after all the french kissing. I was like: ‘Oh, my God. Why did he say that to me?’”


Waters, known affectionately to his fans as the king of camp, baron of bad taste and pope of trash, is at home in Baltimore when we speak. I ask him what Locane was like when he made Cry-Baby. “She was the most innocent 17-year-old girl. I felt bad for her because she couldn’t hang out with us. She was a senior in high school, thrown in with us, and her mom was here. She said to her co-star Patty Hearst: ‘You’re the only normal one here’ – she didn’t even know that Patty had been kidnapped [by members of a radical group with whom she was later convicted of committing crimes]. The first day of rehearsal she had to kiss Johnny Depp, and she fainted, which was lovely.” He pauses. “Well, I would have fainted, too, if I’d kissed him.”

Waters has taught in prisons, and he says Locane’s initial sentencing, and the way she emerged from it, could have been a model for prison as a rehabilitative system. “Amy left her babies and went to prison. She served her time and did it well. She came out, started again and tried to make herself a better person. She has been sober ever since, and has spread the word about being sober to anybody she can.”

What did he think when he heard she had been re-sentenced? “I was in complete shock. I have never heard such a thing as this, where you do your time, then another judge says you didn’t have enough. To me, that is a cruel punishment.” The judge said she showed no remorse, I say. “Well, I’ve talked to her. I know how remorseful she is. Let’s be honest, if any actress shows remorse, they will claim she is an actress.”

John Waters … ‘She came out, started again and tried to make herself a better person.’
John Waters … ‘She came out, started again and tried to make herself a better person.’ Photograph: Daniele Venturelli/WireImage

Waters says he regards what happens as a tragedy for both families. “It was a terrible accident. Almost everybody thinks what they have handed her now is unfair. I never thought I would ever be campaigning to free Amy Locane. She is the most unlikely of any of the stars I’ve worked with to go to jail.”


Two years after Cry-Baby, Locane was cast as the waitress Sandy Louise Harling in Melrose Place, a spin-off from the teen drama Beverly Hills 90210. Helen says she had a bad feeling about it from the start. “Back then, TV was like dumbing down. If you did TV and then you did film, that was a good thing, but if you did film, and then you did TV … that was like a no-no. Amy wanted to continue working, so she did Melrose Place. Her agent wasn’t too crazy about it, but it wasn’t our decision, it was Amy’s. And now the funny thing is that this is the thing she is remembered for.”

In a 2017 Entertainment Weekly article, her Melrose Place co-star Doug Savant said: “She was a sweet young girl, but she overestimated her position in the business.” When I speak to Locane today, she says looking back Savant’s assessment is fair and her reputation took a battering both because she was written out of the show and because of how she behaved on it. “Unfortunately, I was a product of being a child actor. I had always been set aside from my peers. I had no social skills and didn’t behave appropriately on Melrose Place.” She says she did not mix with other actors because she was so shy, and appeared aloof and diva-ish. She calls it a “debacle”, and says things got much tougher for her when she was fired. “I never did a TV show after that.”

Locane went back to the movies, and had a decent run in the early 1990s. In Blue Sky, the story of a nuclear testing cover-up, she played the daughter of Tommy Lee Jones and Jessica Lange (who won a best actress Oscar for her performance). In School Ties, a sports drama about antisemitism in an elite Massachusetts prep school, Locane was cast as the on-off girlfriend of Brendan Fraser.

But good parts in quality films became rare. By the time she quit she tended to be cast in cameos at best – one of her final films, in 2002, was a blink-and-you-miss-it role in the sadomasochism drama Secretary. She had become sick of the movie industry and disappointed with her career. In 2006, she left Los Angeles and returned to New Jersey. She soon settled down to marriage and motherhood. Acting was now a hobby.

Did Helen sense Locane was in trouble around the time of the accident? “No. She seemed happy, she had two beautiful little girls.” I tell her that I had a sense her life was spiralling out of control; that she was unhappy, and drinking heavily. Helen disagrees. “She wanted a different life, she came home, she met her husband, she had two beautiful little girls, and she was busy with them. That’s the way I see it. They were a very happy family.”

Locane in a PR shot for Melrose Place.
Locane in a PR shot for Melrose Place. Photograph: Moviestore/Rex/Shutterstock

Then came the accident, prison and divorce. Helen talks about how Locane re-built her relationship with her daughters, and says she is proud of her. “It was hard, and she was patient.” Did they feel their mother had let them down the first time she was in jail? “Absolutely. The older one has abandonment issues. When she went to see her mom, she just sat there and tears were coming down her face.” And now Helen herself is getting tearful. She apologises. “I’m fine, I’m just a little bit upset.”


Back at the Edna Mahan correctional facility for women, Locane says it was tough when the girls visited her, and asked why she had been returned to jail. “They kept saying you learned your lesson, we don’t understand, and I just keep telling them to hang in there. We had to keep 6ft apart; we weren’t able to hug or touch. I can’t tell you how horrible it is being incarcerated during Covid.” How did the girls react to not being able to touch her? “Frankly, one of the girls doesn’t want to come here because she doesn’t want to see me like this.”

If the state had wanted to extend her sentence, why wait this long, she asks. “If they’d added more time when I was already in here, it would have saved the brutality of being taken away from the girls again.”

Locane says the decision to send her back makes no sense from any perspective – economic, rehabilitative, or wellbeing. “The state spends millions on rehabilitation programmes, and I am rehabilitated. Then they throw me back in here.”

She says it feels as if she’s been punished for rebuilding her life; that people would only believe her remorse if she was permanently in sackcloth and ashes. “What kind of service are you giving to the world, yourself or your children if you’re just going to stay in a rut? If people are going to read into this that I have no remorse it’s incredibly cynical.”

The most cynical thing, she says, is when Borkowski questioned her motive for talking to students about the dangers of drink-driving. “She said I only did it for the press. Going to a high school to tell students that you killed somebody, how can that be good press?”

What did she say to the students? “I would tell them rather than avoiding painful situations or things that are making you sad, deal with them because if you don’t you will have to find other ways to numb your feelings, and it will catch up with you – and that could lead to tragedies. I obviously tell them not to drink and drive and not to repeat my mistake – look at me as the person who made the mistake, and this is what you open up yourself and innocent people to. All this devastation can be avoided.”

I ask what specific problems she was having in her life that led to her drinking. She says she doesn’t want to talk about that at the moment. “Believe me, that is a story, but for another time …”

For now, Locane is trying to remain positive. “I wake up every morning at 5am and read positive affirmations, I work out and try to meditate,” she says. “No one’s up here at that hour, so I have a certain amount of peace. I go outside and breathe in the fresh air, and walk around.” She doesn’t mention that the area she is allowed to walk in is tiny and fenced in with barbed wire. “Where we are is a beautiful countryside, so I try to soak it all in. And I try to keep my mind occupied. I bought a deck of cards, so I’m playing rummy 5,000 with some girls I’ve met in here.”

Has she had support from old friends in the film industry? “Yes,” she says enthusiastically. “I got a lot of support from John Waters particularly. The whole Cry-Baby cast is a very tight-knit little family, we are very supportive of one another. I have heard from Ricki [Lake], Traci [Lords] and Patty [Hearst].”

On her Twitter profile, she describes herself as an ex-actress. I ask whether she hopes to return to acting one day when she gets out of jail. “I don’t know,” she says. “I have to focus on the task at hand. It’s intense right now.”

Back in New Jersey, James Wronko says he is preparing to take Locane’s case to the United States federal court. Pauley has started a GoFundMe page to help finance this – at the time of going to press it has only raised $2,795 (£2,000) of its target of $20,000. As for Locane’s mother, Helen, she has also gone on the campaign trail, asking people to sign a petition to have her daughter released. “To put a petition online is just not me,” she says. “But I have to do everything I can to bring her home.”



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Intuit finalise l’acquisition de Credit Karma https://era-ard.org/intuit-finalise-lacquisition-de-credit-karma/ https://era-ard.org/intuit-finalise-lacquisition-de-credit-karma/#respond Mon, 16 Aug 2021 08:16:26 +0000 https://era-ard.org/?p=67 VUE SUR LA MONTAGNE, Californie–(FIL COMMERCIAL)–Intuit (Nasdaq : INTU), fier fabricant de TurboTax, QuickBooks et Mint, a annoncé aujourd’hui avoir finalisé l’acquisition de Credit Karma, Inc., la plateforme technologique grand public avec plus de 110 millions de membres aux États-Unis, au Canada et Royaume-Uni La société combinée crée une nouvelle plateforme de crédit à la […]]]>


VUE SUR LA MONTAGNE, Californie–()–Intuit (Nasdaq : INTU), fier fabricant de TurboTax, QuickBooks et Mint, a annoncé aujourd’hui avoir finalisé l’acquisition de Credit Karma, Inc., la plateforme technologique grand public avec plus de 110 millions de membres aux États-Unis, au Canada et Royaume-Uni La société combinée crée une nouvelle plateforme de crédit à la consommation qui permettra aux consommateurs de prendre facilement de meilleures décisions avec leur argent et de prendre le contrôle de leur vie financière.

Cette combinaison de marques de confiance soutiendra les clients à une époque où les défis d’une pandémie mondiale ont rendu leurs besoins financiers personnels encore plus critiques. Actuellement, 62 % des consommateurs vivent de chèque de paie à chèque de paie, 75 % des Américains s’inquiètent de leur capacité à payer des factures et des prêts, et 33 % des Américains ont perdu des revenus pendant la pandémie tandis que la dette des ménages aux États-Unis a atteint 14 300 milliards de dollars. . Ces défis ajoutent encore plus d’urgence à l’objectif commun d’Intuit et de Credit Karma de fournir un assistant financier personnel pour aider les consommateurs à améliorer leur vie en trouvant des produits financiers pour augmenter leur épargne, rembourser leurs dettes et accéder à leur argent plus rapidement.

Nous sommes ravis de commencer notre voyage ensemble pour créer un assistant financier mobile et personnel pour les consommateurs afin de les aider à résoudre leurs problèmes financiers les plus urgents », a déclaré Sasan Goodarzi, PDG d’Intuit. “Ensemble, nous aiderons les consommateurs à réussir financièrement en toute confiance en les aidant à trouver les bons produits financiers, à mettre plus d’argent dans leurs poches et à fournir une expertise et des conseils financiers. Je souhaite personnellement la bienvenue à Ken et à l’équipe de Credit Karma dans la famille Intuit. Chez Intuit, nous sommes leurs fans depuis un certain temps et sommes prêts à commencer notre voyage ensemble. »

Nous avons fondé Credit Karma dans le but d’aider les consommateurs à faire des progrès financiers en leur donnant les ressources et les informations dont ils ont besoin pour prendre le contrôle de leur santé financière », a déclaré Kenneth Lin, fondateur et PDG de Credit Karma. “En Intuit, nous avons trouvé un partenaire qui non seulement partage cette mission et nos valeurs, mais qui possède la technologie et les antécédents pour nous aider à accélérer nos progrès afin que nous puissions faire encore plus pour les membres actuels et nouveaux. Cela signifie la possibilité de livrer notre feuille de route de produits actuelle en quelques mois, au lieu de ce qui aurait pu prendre des années. Nous sommes ravis de démarrer et de transformer notre vision en réalité. »

Grâce aux capacités de la société combinée et à l’accélération de l’innovation, les consommateurs, y compris les 57 millions de clients d’Intuit et les 110 millions de membres de Credit Karma, bénéficieront rapidement d’avantages révolutionnaires. Les consommateurs trouveront les bons produits financiers, y compris des offres inégalées sur les cartes de crédit, les prêts et les assurances. La plate-forme leur permettra également de maximiser leur remboursement d’impôt et de les connecter à des comptes d’épargne et des comptes chèques à haut rendement, leur offrant un accès plus rapide à leur argent. Les consommateurs auront également accès à une expertise et à des conseils financiers, à des informations exploitables, à des outils et à des experts en direct pour les aider à mieux comprendre leur situation financière complète, à prendre de meilleures décisions financières et à créer de la richesse.

détails de la transaction

Intuit a conclu son acquisition de Credit Karma pour une contrepartie totale d’environ 3,4 milliards de dollars en espèces et 13,3 millions d’actions d’Intuit et d’attributions d’actions d’une valeur de 4,7 milliards de dollars. La contrepartie totale comprend environ 300 millions de dollars en espèces acquises. Intuit accordera également environ 300 millions de dollars d’unités d’actions restreintes aux employés de Credit Karma peu de temps après la clôture de la transaction. De plus amples détails sur la transaction peuvent être trouvés dans le formulaire 8-K de la société déposé auprès de la SEC aujourd’hui.

Qatalyst Partners a agi en tant que conseiller financier d’Intuit et Latham & Watkins, LLP en tant que conseiller juridique d’Intuit. Goldman Sachs & Co. LLC a été le conseiller financier de Credit Karma, tandis que Skadden, Arps, Slate, Meagher & Flom LLP et Wilson Sonsini Goodrich & Rosati ont fourni des conseils juridiques à Credit Karma.

Informations sur la conférence téléphonique de mise à jour des directives

Les dirigeants d’Intuit organiseront une conférence téléphonique pour discuter des directives mises à jour pour inclure Credit Karma pour le deuxième trimestre et l’exercice complet de l’exercice 2021 à 13 h 30, heure du Pacifique, le 7 décembre. Pour participer à l’appel, composez le 866-417-5279 dans le États-Unis ou 409-937-8904 à partir d’emplacements internationaux. Aucune réservation ou code d’accès n’est nécessaire. La conférence téléphonique peut également être entendue en direct sur http://investors.intuit.com/Events/default.aspx. Les remarques préparées pour l’appel seront disponibles sur le site Web d’Intuit après la fin de l’appel.

Informations de relecture

Une rediffusion de cette conférence téléphonique sera disponible pendant une semaine en appelant le 855-859-2056 ou le 404-537-3406 depuis des emplacements internationaux. Le code d’accès pour cet appel est le 1335808. La webdiffusion audio restera disponible sur le site Web d’Intuit pendant une semaine après la conférence téléphonique.

À propos d’Intuit

La mission d’Intuit est d’alimenter la prospérité dans le monde entier. Nous sommes une société de plate-forme financière mondiale axée sur la mission avec des produits comprenant ImpôtRapide, QuickBooks, et menthe, conçu pour permettre aux consommateurs, aux travailleurs indépendants et aux petites entreprises d’améliorer leur vie financière. Notre plate-forme et nos produits aident les clients à obtenir plus d’argent avec le moins de travail possible, tout en leur donnant une confiance totale dans leurs actions et leurs décisions. Notre écosystème innovant de solutions de gestion financière sert plus de 50 millions de clients dans le monde. Veuillez nous rendre visite pour les dernières nouvelles et des informations détaillées à propos d’Intuit et ses marques et retrouvez-nous sur social.

À propos de Crédit Karma

Fondée en 2007 par Kenneth Lin, Credit Karma est une entreprise de technologie grand public comptant plus de 110 millions de membres aux États-Unis, au Royaume-Uni et au Canada, dont plus de la moitié de tous les millennials américains. Bien qu’ils soient surtout connus pour être les pionniers des cotes de crédit gratuites, les membres de l’entreprise se tournent vers Credit Karma pour tout ce qui concerne leurs objectifs financiers, y compris la surveillance de l’identité, les demandes de cartes de crédit, les achats de prêts (voiture, habitation et personnels), les assurances, l’épargne à haut rendement. comptes et maintenant des comptes courants via notre partenaire bancaire, MVB Bank, Inc., membre FDIC – le tout gratuitement. Découvrez comment les membres de Credit Karma font des progrès financiers sur Instagram, Facebook et Twitter.

Mises en garde concernant les déclarations prospectives

Cette communication contient des déclarations prospectives au sens des lois sur les valeurs mobilières applicables, y compris les attentes concernant nos produits actuels et futurs et leur impact sur l’entreprise combinée ; les attentes concernant le calendrier et la disponibilité de nos offres et de celles de Credit Karma ; les attentes concernant l’impact de nos décisions stratégiques sur les activités d’Intuit ; et les attentes concernant l’impact de l’acquisition de Credit Karma. Les déclarations et informations prospectives se rapportent généralement à des événements futurs et à des revenus, bénéfices, flux de trésorerie ou à d’autres aspects de nos opérations ou de nos résultats d’exploitation anticipés. Les déclarations prospectives sont souvent identifiées par les mots « croire », « s’attendre à », « anticiper », « planifier », « avoir l’intention de », « prévoir », « devrait », « devrait », « pourrait », « pourrait », « volonté », « estimer », « perspective » et des expressions similaires, y compris leur négatif. L’absence de ces mots, cependant, ne signifie pas que les déclarations ne sont pas prospectives.

Étant donné que ces déclarations prospectives impliquent des risques et des incertitudes, il existe des facteurs importants qui pourraient faire en sorte que nos résultats réels diffèrent sensiblement des attentes exprimées dans les déclarations prospectives. Ces risques et incertitudes peuvent être amplifiés par la pandémie de COVID-19, qui a provoqué une instabilité et une incertitude économiques mondiales importantes. Compte tenu de ces risques et incertitudes, les personnes lisant cette communication sont averties de ne pas se fier indûment à ces déclarations prospectives. Les facteurs qui pourraient entraîner une différence importante entre les résultats réels comprennent, sans s’y limiter, les suivants : notre capacité à rivaliser avec succès ; notre participation à la Free File Alliance ; un éventuel empiètement du gouvernement sur nos activités fiscales ; notre capacité d’adaptation aux changements technologiques; notre capacité à prédire le comportement des consommateurs ; notre dépendance à l’égard de la propriété intellectuelle de tiers ; notre capacité à protéger nos droits de propriété intellectuelle ; toute atteinte à notre réputation ; les risques associés aux activités d’acquisition et de cession ; l’émission d’actions ou l’endettement pour financer une acquisition ; nos incidents de cybersécurité (y compris ceux affectant les tiers sur lesquels nous comptons) ; les préoccupations des clients concernant les incidents de confidentialité et de cybersécurité ; activités frauduleuses de tiers utilisant nos offres ; notre incapacité à traiter efficacement les transactions ; interruption ou défaillance de notre technologie de l’information ; notre capacité à maintenir des relations commerciales critiques avec des tiers ; notre capacité à attirer et retenir les talents ; tout défaut de qualité ou de précision de nos produits (y compris les conseils donnés par des experts sur notre plateforme) ; tout retard dans les lancements de produits ; difficultés de traitement ou de dépôt des déclarations fiscales des clients ; les risques associés aux opérations internationales ; les modifications apportées aux politiques publiques, aux lois ou aux réglementations affectant nos activités ; les litiges dans lesquels nous sommes impliqués ; la nature saisonnière de notre activité fiscale ; les modifications des taux d’imposition et la législation sur la réforme fiscale ; changements économiques mondiaux; l’exposition au crédit, à la contrepartie ou à d’autres risques lors de l’apport de capitaux aux entreprises ; l’amortissement des immobilisations incorporelles acquises et les charges de dépréciation ; notre capacité à rembourser ou à respecter les termes de notre dette en cours ; notre capacité à racheter des actions ou à distribuer des dividendes ; volatilité du cours de nos actions ; notre capacité à commercialiser avec succès nos offres les risques associés aux obligations fiscales ou aux modifications des lois fiscales fédérales américaines ou des interprétations auxquelles la transaction avec Credit Karma ou des parties à celle-ci est soumise ; l’échec d’intégrer avec succès toute nouvelle entreprise ; l’incapacité à réaliser les avantages escomptés de toute opération combinée ; les coûts imprévus de l’intégration de Credit Karma ; le risque que les conditions imposées dans le cadre de l’approbation réglementaire de l’activité combinée, y compris la cession de l’activité Credit Karma Tax, nous affectent négativement et/ou les avantages attendus de l’activité combinée ; l’impact potentiel de la réalisation de l’acquisition proposée sur les relations avec les tiers, y compris les employés, les clients, les partenaires et les concurrents ; incapacité à retenir le personnel clé; les changements dans la législation ou les réglementations gouvernementales affectant l’acquisition ou les parties ; les conditions économiques et/ou politiques qui pourraient affecter négativement l’acquisition ou les parties ; l’impact de la pandémie de COVID-19 ; et les risques associés aux hypothèses formulées par les parties en relation avec les estimations comptables critiques des parties et les procédures judiciaires.

Plus de détails sur ces risques et d’autres susceptibles d’avoir une incidence sur nos activités sont inclus dans notre formulaire 10-K pour l’exercice 2020 et dans nos autres documents déposés auprès de la SEC. Vous pouvez localiser ces rapports sur notre site Web à l’adresse http://investors.intuit.com. Les déclarations prospectives représentent le jugement de la direction d’Intuit à la date de cette présentation. Nous n’assumons aucune obligation de mettre à jour les déclarations prospectives ou autres informations contenues dans cette présentation.



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The North American Income Trust – Well-positioned as rotation gathers pace https://era-ard.org/the-north-american-income-trust-well-positioned-as-rotation-gathers-pace/ https://era-ard.org/the-north-american-income-trust-well-positioned-as-rotation-gathers-pace/#respond Mon, 16 Aug 2021 08:14:31 +0000 https://era-ard.org/?p=61 Well-positioned as rotation gathers pace North American Income Trust (NAIT) stands apart amongst the AIC North America sector funds in combining an income focus with at least 90% of its assets invested in the US. NAIT’s manager, Fran Radano, notes that this should work in its favour, as there is arguably a good chance that […]]]>


Well-positioned as rotation gathers pace

North American Income Trust (NAIT) stands apart amongst the AIC North America sector funds in combining an income focus with at least 90% of its assets invested in the US. NAIT’s manager, Fran Radano, notes that this should work in its favour, as there is arguably a good chance that the rotation back into sectors providing value, like financials, will continue over the rest of 2021.

Fran says a strong rebound in dividend growth is likely, with most portfolio holdings appearing likely to meet or exceed pre-pandemic EPS over 2021. We note that corporate earnings in the US over the fourth quarter of 2020 were much better than many expected.

Above-average income and long-term growth

NAIT’s objective is to invest for above-average dividend income and long-term capital growth, mainly from a concentrated portfolio of dividend paying S&P 500 US equities.

Fund profile

NAIT’s objective is to provide investors with above-average dividend income and long-term capital growth through active management of a portfolio consisting predominantly of S&P 500 US equities. NAIT may also invest in Canadian stocks and US mid-and small-cap companies as a way of accessing diversified sources of income. Up to 20% of NAIT’s gross assets may be invested in fixed-income investments, which may include non-investment-grade debt.

The company maintains a diversified portfolio of investments, typically comprising around 40 equity holdings and around eight to 10 fixed interest investments (which tend to be much smaller positions) but without restricting the company from holding a more or less concentrated portfolio from time to time.

NAIT uses the Russell 1000 Value index as its reference index but we have used the MSCI USA Value and S&P 500 indices as comparators for the purposes of this report.

The board has appointed Aberdeen Standard Fund Managers Limited to act as NAIT’s AIFM. The portfolio is managed on a day-to-day basis by Aberdeen Asset Management Inc, and the lead manager is Fran Radano. The equities team is based in Philadelphia and Boston. Fran is a senior investment manager within the US-based team, which is led by Ralph Bassett, who is also a named co-manager of NAIT.

NAIT’s history goes back to 1902, but the trust has only been in its current form since 2012. Fran has been working on the trust since then and took over as
lead manager in 2015.

Value appears to have passed its trough

NAIT’s manager believes the US economy is likely to grow in the low-to-mid-single-digit range over 2021, with wildcards in the form of government policy changes and the management of the Coronavirus, as the US attempts to speed-up the rollout of vaccines.

There is a possibility that pent-up consumer spending will provide a strong lift to the economy as we move deeper into the year. The fact that the credit performance of US corporates appears to have held up far more robustly than most anticipated has allowed the banking sector, which was already in much better shape going into the pandemic than it was going into the global financial crisis, to release billions of dollars’ worth of loan reserves since the turn of the year.

The increase in long-dated US treasury yields (see Figure 2) may reflect a shift in focus to the potentially inflationary impact of stimulus spending, in particular. As well as directly benefitting NAIT’s banking sector holdings (financials were 19% of the portfolio, as at 31 January 2021), this may have been reflective of greater confidence in the trajectory of a post-pandemic recovery. Vaccine announcements, which began in earnest during November 2020, were an important early catalyst for rotation back into several of the value-focused sectors that NAIT allocates to. However, the renaissance of value investing has a long way to go just to get back to the relative position at the start of 2020, as Figure 1 illustrates, while also laying bare just how significantly value has underperformed over the past decade.

Corporate earnings much better than expected

The pandemic did trigger dividend cuts in the US, but not to the same extent as in the UK, where the impact on distributions was more pronounced. Fran says that only two of NAIT’s holdings reduced their dividend payments over the pandemic. Whilst many companies did suspend share buybacks, which form a significant part of capital distributions in the US, many of the portfolio companies, as well as those on the watch list, maintained the same level of dividend from 2019. Fran believes a strong uptick in dividend growth could be on the cards over 2021, as pre-pandemic earnings are potentially met or exceeded. Over January 2021, a number of NAIT’s holdings, including Comcast, CMS Energy, and Blackstone Group, raised their dividends. Blackstone Group, which pays a variable dividend, ended 2020 by very nearly matching the 2019 figure of $1.92 per share.

Fran says that the recent news-flow on corporate earnings has been encouraging, with fourth-quarter 2020 earnings performing much better than expected. The manager sees many companies potentially returning to the level of the 2019 earnings. Figure 4 illustrates the historical contribution of dividends to total returns on the S&P 500.

Investment process

Buy and sell ideas are presented to the team and each analyst’s goal is to build consensus around their investment theses. Individual portfolio managers have responsibility for the content of their portfolios, but all investment decisions are peer-reviewed and any stance that differs from the consensus view must be justified. An ESG analyst is embedded within the team and ESG factors are incorporated into the research process.

NAIT’s portfolio comprises 39 equity positions, as at 31 January 2021, drawn largely but not exclusively from the constituents of the S&P 500 Index. It also has seven fixed income positions, which help to increase the diversification of NAIT’s portfolio as well as providing a useful source of income. Since 2015 the bond weighting has been below 5%, as higher prices and lower yields have made them less compelling. The bond portfolio now accounts for less than 1% of the fund.

The dividend overlay is NAIT’s only positive factor bet. The portfolio holds some quality bias and there are some negative factor overlays, such as momentum. The negative momentum overlay can be explained by the need to trim positions when prices go up on occasion, as yields decrease.

Over recent years, the revenue split of the portfolio has been around 80% from equities and close to 20% (with the balance attributable to fixed income positions) from the income derived from writing options contracts (discussed in the following section) as a by-product of the manager’s buying and selling decisions. Over 2021, Fran expects the equity/option income split to return to 80:20, from 75:25 over 2020. The higher proportion of option income last year was the result of much greater volatility in financial markets, which tends to positively correlate with the level of option income generated.

The fixed income portion of the fund is managed by the Boston office. As at December 2020, the average credit rating on the bond portfolio was BB-, with an average yield to maturity of 4.0% and an average duration of 3.4 years.

The equities are selected on a ‘best ideas’ basis. Candidates for the portfolio must satisfy both quality and valuation criteria. Aspects of quality include the strength of a company’s business model, where it compares with its competitors, and the quality and experience of its management. Meeting management and visiting companies is a core part of the investment process, and the manager will not invest in a stock if the team has not met with management. The manager believes that the emphasis on quality should help NAIT avoid ‘value traps’. He looks for stocks that are on an improving trend in terms of revenues and profits but does not invest in ‘recovery’ situations. The portfolio is usually close to fully invested, but the manager has the option to increase the exposure to cash (or other liquid securities) if he believes it is warranted.

The approach is a long-term one and portfolio constituents have historically changed relatively rarely (portfolio turnover was higher in 2020 due to the pandemic and some of the opportunities it brought), but the manager top-slices and tops up positions in response to short-term valuation shifts.

Whilst there is no outright prohibition on buying stocks for NAIT’s portfolio that do not pay a dividend, the manager has never done so. NAIT’s portfolio follows a bell curve distribution, with a concentration of stocks yielding between 2% and 4%. Predictability of income is a key consideration when selecting stocks, but the overall emphasis is on choosing stocks that look attractive on a total return basis, not just on yield alone. Their ability to generate dividend growth is an important factor.

Position sizes are determined by conviction, and the manager places no emphasis on the weightings of stocks within the benchmark when building the portfolio. New positions typically enter the portfolio with a 1%–1.5% weighting. Fran chooses to operate with a soft cap on position sizes of 5% and tends to trim positions when they exceed this level. Furthermore, he seeks to limit the number of positions that exceed the 5% level to a small number.

A range of metrics is used to analyse the portfolio to ensure that, wherever practical, there is no excessive bias towards or against any sector, geography or theme. Given the lack of income available, the portfolio has a natural underweight exposure to the technology sector (and, in recent years, this has weighed on the fund’s performance relative to the US market as a whole). At the same time, the portfolio does not have much exposure to some sectors that might typically be seen as the preserve of income fund managers such as telecoms and utilities.
This is because the manager is looking for stocks with decent earnings and dividend growth potential.

Option writing augments income

The portfolio’s income is augmented by option writing activity. Writing puts to buy and calls to sell positions is a useful way of deriving income from an investment decision that would have been made anyway. Specifically, options are only utilised once a buy or sell decision have been reached. If the manager believes the option market provides the best risk-reward in executing this decision, then put or call options may be sold. The options mix has been equally spread between puts and calls over recent years.

The greatest opportunity to earn income comes from the stocks with the highest implied volatility. At any time, NAIT may have between zero and nine open positions; there is no requirement to write options if the manager believes it would not be a profitable activity. Option writing is a tool to buy and sell positions where extra income can be generated while being able to buy something a little cheaper or sell something a bit higher than current prices. Fran stresses that he does not write options with the primary goal to generate income per se. He does not write in-the-money options as a means to convert capital into income. We note that at the end of January 2021, there were two open option positions.

Investment restrictions

Certain restrictions have been imposed on the manager, as part of the investment policy:

  • No single investment will exceed 10% of gross assets at the time of investment.
  • The portfolio will have at least 35 holdings.
  • Exposure to derivative instruments is limited to 20% of net assets at the time of the relevant acquisition, trade or borrowing.
  • NAIT will not acquire unlisted or unquoted securities (it is permitted to hold securities that are about to be listed or traded on a stock exchange, but Fran says that in reality, he has no intention of utilising this permission). NAIT is also permitted to continue to hold securities that cease to be listed or quoted, if appropriate. However, once again, Fran says that is not something he envisages the trust doing.

There are no restrictions relating to the size of the companies that NAIT can hold (as measured by market capitalisation) and no limits to sector or country exposures. Although permitted to do so, NAIT does not generally hedge its exposure to foreign currency.

Asset allocation

As at 31 January 2021, NAIT’s portfolio consisted of 39 equity and 7 fixed-income investments, with an active share of 87.8%. The North American mandate means the manager can allocate to Canada too – this represents 8.1% of the portfolio (the US is 89.8%, with the balance held in cash). These figures are all in line with when we last published. Compared to when we last published in June 2020, using figures for the month-ending April 2020, the US allocation has increased.

Comparing the most recent sectoral makeup with the position as at 30 April 2020, the main differences are the change in exposures to real estate (up 4.2%), utilities (up 4.1%) and communication services (up 3.2%). Healthcare and financials are down by 2.7% and 2.3%, respectively. The increase in utilities exposure was mainly on account of the addition of CMS Energy (discussed in the next section). Greater allocation to communication services was largely brought about by the additions of Cogent Communications and Comcast, and in real estate, Fran added Digital Realty Trust to the portfolio.

At 4.4%, NAIT’s allocation to technology is lower than the 10% Russell 1000 Value Index benchmark weighting. Fran is of the view that there is a lack of suitable quality companies in the universe to justify a higher allocation to technology.

Top 10 holdings

Many of the stocks in the list of the top 10 holdings have been discussed in earlier notes (see page 21 for a list of these).

The biotech company, AbbVie (profiled in our most recent update note), remains NAIT’s largest holding. The shares were yielding around 7% at the time of the initial investment and appeared to benefit from positive sentiment towards healthcare and biotech companies through most of 2020. AbbVie was acquisitive over 2020 too, most notably buying Allergan, a company probably best known for making Botox, for $63bn.

Though the overall allocation to financials is down, banks carry a greater presence in the top 10 this time around, with JPMorgan Chase & Co. (JPMorgan) joining Citigroup in the top 10. Banks have been at the forefront of the ‘economic reopening trade’ that kicked into gear following the vaccine developments of November 2020. This seemed to be pave the way for a rotation back into several sectors that had previously been considered to be particularly vulnerable to a potential systemic collapse in spending and credit performance across households and industry. It appears that much better loan performance to date is paving the way for several large banking institutions across the US, with commercial and retail lending exposure, to release billions of dollars’ worth of loan reserves. As at 9 March 2021, shares in Citigroup and JPMorgan are up by 14.1% and 18.3% over the year-to-date.

Other new entrants to the top 10 since our most recent note are CMS Energy and Medtronic. CMS Energy’s main focus is utility operations in Michigan. The position was initiated in November 2020 with the manager identifying a valuation-based opportunity for a fundamentally sound utility company.

Medical devices-focused Medtronic’s is well established in an attractive industry. It operates in four segments: cardiac and vascular, minimally invasive technologies, restorative therapies, and diabetes.

Stocks that have slipped out of the top 10 are Lockheed Martin, PNC Financial Services, and Chevron. The latter two were sold outright while with respect to defence-focused Lockheed Martin, Fran has regularly added to and trimmed the position. Most recently, it has been halved. At close to 2%, Lockheed Martin is still an important part of the portfolio, with Fran noting that it is currently trading at 12.9x current earnings, with its balance sheet in robust health. Looking forward to defence spending under President Biden, Fran believes that the next budget is likely to be flat for defence.

The manager used some of the proceeds from the trimming of the Lockheed Martin position to initiate a position in L3Harris Technologies, another major defence contractor. Fran notes that compared to Lockheed Martin, L3Harris Technologies offers a little bit more growth room.

In total, 12 stocks were sold outright over the period from 30 April 2020 to 31 January 2021. Exiting 12 stocks represented significantly more portfolio turnover than NAIT typically carries out. This was due to the pandemic, which also presented an opportunity to introduce quality companies like JPMorgan, Home Depot, and Procter & Gamble to the portfolio, following the spring sell-off. Fran notes that these were examples of companies that typically trade relatively expensively, which reduced their appeal as a result of the lower yield that accompanied their
pre-pandemic valuations.

In addition to PNC Financial Services and Chevron, Dow Inc, International Paper, Maxim Integrated Products Inc, Meredith,  Molson Coors Beverage Company, Nucor Corp, Schlumberger, Tiffany & Co, Umpqua Corp, and United Parcel Service were sold.

12 additions to the portfolio since our last note

In addition to JPMorgan Chase & Co, CMS Energy, L3Harris Technologies, FMC Corp, Honeywell, and Digital Realty Trust, Fran added the following companies to the portfolio over the nine months since 30 April 2020 (the portfolio figures used in our most recent update note): Air Products & Chemicals Inc, Cogent Communications, ConocoPhillips, Phillips 66, and Procter & Gamble Co.

NAIT introduced the chemical manufacturing company, FMC Corp, to the portfolio over January 2021. The company offers solutions to the agricultural producers with a product portfolio in crop protection, plant health, and pest and field management FMC Corp is established internationally, including a strong presence in Asia, where nearly 40% of its workforce is based.

Reflecting on the addition of Honeywell, Fran notes that while it has exposure to aerospace, as one of its four key operating segments, it was encouraging to see that the company did not mind sacrificing some earnings impact, last year, for long-term strategic investing. The company’s shares have rebounded well past the pre-pandemic lows over recent months.

Performance

Over the five-year period shown in Figure 14 below, NAIT outperformed the MSCI USA Value Index from March 2016 to February 2019. Over its financial year to January 2020, NAIT’s underperformance of its benchmark was mainly the result of stock selection in the materials, communication services and consumer discretionary sectors. This was discussed in our more recent update note (see the previous publications section).

The S&P 500 Index’s strength over the last five years (illustrated in Figure 15) reflects the strength of growth stocks, which has worked against income-focused strategies such as NAIT’s, with core sectors such as financials having been out of favour with investors for several years.

However, for the first time in a while, value may have some momentum behind it, with both NAIT’s NAV and the MSCI USA Value Index having outperformed the S&P 500 Index over the past six months.

Peer group

NAIT sits within the AIC North America sector, which is used as its peer group. We caution, however, that it is not an ideal comparison, on the basis that out of the six funds, only BlackRock North American Income (BRNA) arguably follows a similar strategy to NAIT. Baillie Gifford US Growth (USA), JPMorgan American, and Gabelli Value Plus+ are growth-focused and Middlefield Canadian Income allocates predominantly to Canada. The presence of the growth-focused funds (USA in particular) within the peer group classification skewed NAIT’s relative performance over 2020, as illustrated by Figure 16.

BRNA has been outperforming NAIT on a total return basis over the past year. A significantly higher allocation to technology (11.9% compared to NAIT’s 4.4%, as at 31 January 2021) has worked in BRNA’s favour. It can be argued that a strategy such as NAIT’s may be better assessed over longer-term horizons, as this provides an opportunity for the portfolio holdings to compound and for perceived mispricing to correct, which may not be captured during shorter periods.

NAIT’s shares currently carry a lower yield than BRNA’s, though its ongoing charges are lower and the difference between the two funds’ premium/(discount) is significantly wider than in our previous note.

We also note that BRNA’s mandate allows it to invest outside of North America – as at 31 January 2021, the US accounted for 73.7% of its portfolio while Europe contributed 19.5%. Were the pace of recovery to be brisker in the US compared to many of the Western European countries that BRNA invests in, ultimately leading to quicker returns to and increases in capital distributions by companies, this may work in NAIT’s favour, particularly if the trend that has seen the market rotate back into sectors such as financials is sustained.

Dividend – consistent growth supported by revenue reserve build-up

NAIT pays dividends quarterly, with the first interim dividend paid out in August. The second, third and fourth interim distributions are paid in October, February, and June. Between the year-ending periods to 31 January 2015 and 31 January 2020, NAIT grew its total dividend from 6p to 9.5p – equivalent to a compound annual growth rate of 9.6%.

Although not a formal aspect of NAIT’s dividend policy, the total annual dividend has increased every year since NAIT adopted its income mandate in 2012. As illustrated in Figure 17 below, the quarterly dividend rate paid for the first quarter has tended to be been maintained for the second interim in October. The third interim, paid in February, tends to see a modest increase. This is followed by a larger ‘balloon payment’ for the fourth quarter in June.

As Figure 17 illustrates, NAIT has a track record of growing its annual dividend and this has been supported by the build-out of its revenue reserves, with dividends having been consistently covered by earnings. As at 31 January 2020, NAIT had revenue reserves totalling £11.9m, equivalent to 8.3p (after payment of the third and fourth interim dividends), covering close to 90% of the dividend.

Given the expected growth in the portfolio’s income over the year to 31 January 2021, dividend coverage could increase to nearly 100% of trailing 12-month payments.

Premium/(discount)

Over the year to the end of February 2021, NAIT’s share price has moved within a range of a 15.2% discount to a premium of 1.6% and has traded at an average discount of 9.4%.

As at 8 March 2021, NAIT’s shares were trading at a 14.5% discount to NAV. Having initially narrowed from November 2020 to the end of the year, in the aftermath of the vaccine-led bounce in value-focused sectors, NAIT’s discount has widened since the turn of the year back towards the pre-November 2020 level, with increases in the NAV not matched by the share price. This is arguably at odds with the direction financial markets have taken, when the rally in banking shares, signalling from the bond market (see page 3), and rotation back into many of the value sectors NAIT focuses on is factored in. Corporate earnings over the fourth quarter of 2020 were much better than expected.

NAIT is authorised to repurchase up to 14.99% and issue up to 10% of its issued share capital, which gives the board a mechanism with which it can influence the premium/discount. This authority was renewed at the most recently-held AGM in June 2020. The board uses this discount control mechanism as a tool to reduce volatility in the premium or discount to underlying NAV, whilst also making a small positive contribution to the NAV. With 2021 having brought greater visibility, as vaccination programmes continue apace NAIT has resumed share repurchases as a means to control its discount.

Fees and costs

NAIT’s management fee is calculated at 0.75% of net assets up to £350m, 0.6% between £350m and £500m and 0.5% over £500m. For accounting purposes, the management fees are charged 70% against the capital account and 30% against the income account, as is the interest cost associated with NAIT’s gearing (see below).

Secretarial and administration services provided by Aberdeen Standard Fund Managers Limited are provided for an index-linked annual payment that amounted to £115k in FY 2020 (2019: £112k). NAIT also makes a contribution to the marketing cost for the trust that amounted to £208k in FY 2020 (2019: £211k).

NAIT has appointed Computershare Investor Services Plc as its registrar and BNP Paribas Securities Services as its depositary. The fees for these services in FY 2020 were £53k and £51k respectively (2019: £60k and £50k).

NAIT’s ongoing charges ratio for the interim period to 30 July 2020 was 0.94% (FY 2020: 0.91%).

Capital structure and life

NAIT has a simple capital structure with one class of ordinary share in issue. As at 9 March 2021, NAIT had 142,568,082 ordinary shares in issue with no shares held in treasury. A five-for-one share split was agreed in June 2019 – for details on this, please refer to our last annual overview note by clicking here.

It was announced in November 2020 that NAIT’s board had accepted an offer to issue a $25m 10-year senior unsecured loan note at an annualised interest rate of 2.70% and a $25m 15-year senior unsecured loan note at an annualised interest rate of 2.96%. The blended rate for the first 10 years of the loan notes would be 2.83%. The proceeds of the loan note would be used to repay and cancel in full the $75m revolving credit facility (RCF), which at the time of the announcement was $40m drawn.

Major shareholders

Financial calendar

NAIT’s financial year-end is 31 January. Its annual results are usually published in April (interims in September) and its AGMs are usually held in June of each year. As discussed on page 13, NAIT pays quarterly dividends in August, October, February and June.

Three-yearly continuation votes

NAIT does not have a fixed life, but every three years, shareholders are offered the chance to vote on the continuation of the company. The next vote will be held at the forthcoming AGM, which is due to held in June 2021. The last such vote was at the AGM in 2018 and was carried with 99.98% of votes being cast for continuation.

Management

The investment team has 18 members (nine in Philadelphia and nine in Boston). Ralph Bassett, head of North American equities, joined the manager in 2006 from Navigant Consulting. He graduated with a BS in Finance from Villanova University. Ralph is a CFA® charterholder.

Fran joined the manager in 2007 following the acquisition of Nationwide Financial Services. Previously, he worked at Salomon Smith Barney and SEI Investments. He graduated with a BA in Economics from Dickinson College and an MBA in Finance from Villanova University. Fran is also a CFA® charterholder.

Board

The board consists of five non-executive directors, all of whom are considered to be independent of the manager and do not sit together on other boards. All directors stand for re-election annually. With the exception of the chairman, the board has been completely refreshed since 2015, as illustrated in Figure 20. Chair James Ferguson has a significant personal investment in the trust, which should give shareholders comfort of his alignment with their interests.

At the company’s AGM on 4 June 2019, shareholders approved an increase in the aggregate limit placed on the directors’ fees from £150k to £175k. This limit was applied to the most recent accounting year to 31 January 2020.

James Ferguson (chair)

James was a former chairman and director of Stewart Ivory and a former deputy chairman of the AIC. He is the chairman of The Scottish Oriental Smaller Companies Investment Trust, Value and Income Trust and Northern 3 VCT and a director of The Independent Investment Trust.

Karyn Lamont (chair of the audit committee)

Karyn is a chartered accountant. She was previously an audit partner at PwC, specialising in the UK financial services sector. Karyn has provided audit and other services to a range of clients, including several investment trusts, a broad range of management companies and outsourced service providers. Her specialist knowledge includes financial reporting, audit and controls, risk management, regulatory compliance and governance. She is the audit committee chairman of The Scottish Investment Trust, Scottish Building Society, iomart Group and
Scottish American Investment Company.

Dame Susan Rice (senior independent director)

Susan is a chartered banker with extensive experience as a non-executive director, as well as in financial services, retail, utilities, leadership and sustainability. Her previous roles include managing director of Lloyds Banking Group Scotland, chairman and chief executive of Lloyds TSB Scotland, President of the Scottish Council of Development and Industry and a member of the Scottish First Minister’s Council of Economic Advisors.  She has also held a range of non-executive directorships, including at the Bank of England and SSE.
She is currently chairman of the Banking Standards Board, The Scottish Fiscal Commission, Scottish Water and Business Stream and senior independent director of J Sainsbury. Originally from the United States, her early career was at Yale and Colgate universities and then at NatWest Bancorp.

Charles Park (director)

Charles has over 25 years of investment management experience. He is a co-founder of Findlay Park Investment Management, a US boutique asset management company that was established in 1997. He was deputy chief investment officer with joint responsibility for managing
Findlay Park American Fund until his retirement from the firm in 2016. Before co-founding Findlay Park, Charles was an investment manager at Hill Samuel Asset Management and an analyst at Framlington Investment Management. He is a non-executive director of Polar Capital Technology Trust, Evenlode Investment Management, Findlay Park Investment Management and Spring Park Investments and a member of Salters’ Management Company Limited.

Susannah Nicklin (director)

Susannah Nicklin is an investment and financial services professional with over 20 years of international experience in executive roles at Goldman Sachs and Alliance Bernstein in the US, Australia and the UK. She has also worked in the social impact private equity sector with Bridges Ventures, the Global Impact Investing Network and Impact Ventures UK. She is the chairman of Schroder BSC Social Impact Trust, senior independent director of Pantheon International and a non-executive director of Amati AIM VCT, Baronsmead Venture Trust and Ecofin Global Utilities and Infrastructure Trust. She is a CFA® charterholder.

Previous publications

QuotedData has published four notes on NAIT. You can read these by clicking the links in the table below or by visiting our website.

Reasons to be cheerfulInitiation26 October 2018

Time to grow?Update22 May 2019

Macro driven market is creating opportunitiesAnnual overview28 November 2019

Purest access to US equity incomeUpdate12 June 2020

The legal bit

Marten & Co (which is authorised and regulated by the Financial Conduct Authority) was paid to produce this note on The North American Income Trust.

This note is for information purposes only and is not intended to encourage the reader to deal in the security or securities mentioned within it.

Marten & Co is not authorised to give advice to retail clients. The research does not have regard to the specific investment objectives financial situation and needs of any specific person who may receive it.

The analysts who prepared this note are not constrained from dealing ahead of it but, in practice, and in accordance with our internal code of good conduct, will refrain from doing so for the period from which they first obtained the information necessary to prepare the note until one month after the note’s publication. Nevertheless, they may have an interest in any of the securities mentioned within this note.

This note has been compiled from publicly available information. This note is not directed at any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of this note is prohibited.

Accuracy of Content: Whilst Marten & Co uses reasonable efforts to obtain information from sources which we believe to be reliable and to ensure that the information in this note is up to date and accurate, we make no representation or warranty that the information contained in this note is accurate, reliable or complete. The information contained in this note is provided by Marten & Co for personal use and information purposes generally. You are solely liable for any use you may make of this information. The information is inherently subject to change without notice and may become outdated. You, therefore, should verify any information obtained from this note before you use it.

No Advice: Nothing contained in this note constitutes or should be construed to constitute investment, legal, tax or other advice.

No Representation or Warranty: No representation, warranty or guarantee of any kind, express or implied is given by Marten & Co in respect of any information contained on this note.

Exclusion of Liability: To the fullest extent allowed by law, Marten & Co shall not be liable for any direct or indirect losses, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note. In no circumstance shall Marten & Co and its employees have any liability for consequential or special damages.

Governing Law and Jurisdiction: These terms and conditions and all matters connected with them, are governed by the laws of England and Wales and shall be subject to the exclusive jurisdiction of the English courts. If you access this note from outside the UK, you are responsible for ensuring compliance with any local laws relating to access.

No information contained in this note shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.

Investment Performance Information: Please remember that past performance is not necessarily a guide to the future and that the value of shares and the income from them can go down as well as up. Exchange rates may also cause the value of underlying overseas investments to go down as well as up. Marten & Co may write on companies that use gearing in a number of forms that can increase volatility and, in some cases, to a complete loss of an investment.

210311 NAIT annual overview IN



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How to Find the Best Debt Consolidation Loans https://era-ard.org/debt-consolidation-loans-instant-decision-how-to-do-a-debt-consolidation-loan/ https://era-ard.org/debt-consolidation-loans-instant-decision-how-to-do-a-debt-consolidation-loan/#respond Thu, 12 Aug 2021 05:17:35 +0000 https://era-ard.org/how-to-find-the-best-debt-consolidation-loans/ It’s easy to accumulate a number of balances over the years, whether it be a new credit card, a personal loan, or a line credit. These are usually unsecured debts that have high interest rates and differing repayment terms. If you are looking for ways to reduce your debt, debt consolidation loans may be an option. These […]]]>

It’s easy to accumulate a number of balances over the years, whether it be a new credit card, a personal loan, or a line credit. These are usually unsecured debts that have high interest rates and differing repayment terms.

If you are looking for ways to reduce your debt, debt consolidation loans may be an option. These loans are not suitable for all, but they can lower your interest rates, make it simpler to pay off your balances, and sometimes lower your monthly payments.

Try https://dedebt.com for free to learn how to get the best loan consolidation for your financial situation.

What is a consolidation loan for debt?

A debt consolidation loan, an unsecured personal loan, allows you to consolidate multiple debts (including credit card balances or loans) into one balance. A debt consolidation loan can be used to pay off four credit cards, and then you can start paying the loan.

You may also be able to get a loan balance and your account number from a lender.

The best credit score will get the lowest interest rate on debt consolidation loans. This is true for almost all credit-based products. You can expect APRs starting at 5.99% and reaching 35.99%.

Credible allows you to compare rates from multiple lenders simultaneously.

How does debt consolidation loans work?

You must complete an application and meet all requirements to obtain a consolidation loan for debt. You will need to borrow. After you have submitted your application and been approved, you will be notified of the terms and fixed interest rate. The lender will give you a schedule detailing your loan terms, along with a monthly payment amount that is based on the term.

Sometimes, the new payment will be lower than what you have already paid for your debts. A lower monthly payment can increase your cash flow but it may also mean that you will pay more interest over the term of the loan and that you will need to take longer to repay the debt. After you have agreed to the loan terms, the fund closing documents will be signed and disbursed.

There may be additional costs such as origination fees or prepayment penalties depending on which lender you choose. These fees can impact the cost of your loan. Make sure you do your math so that you are still saving money.

Where can I find a debt consolidation loan?

There are many lenders that offer debt consolidation loans, including banks, credit unions, and credit card issuers. The best one depends on your financial situation and credit history.

A debt consolidation loan may be an option from your bank or credit union. It may be easier to get your loan approved and funded if you already have a relationship with the bank or credit union. You don’t have to pay more just for convenience.

A credit card issuer can also offer a consolidation loan for debt consolidation. With an easy online application, trusted partner lenders such as Avant, Best Egg, and Discover can offer debt consolidation loans up to $ 35,000. Rates can be as low as 5.99% depending on which lender you choose and what your FICO score is. Rates for people with good credit are generally lower than rates for those with poor credit.

Are you interested in consolidating your debts? Credible makes it easier to find the best debt consolidation loans.

How can I get a debt consolidation loan?

If you meet all the requirements, getting a consolidation loan for debt is quite simple.

  1. Comparison shop.To find the best terms and rates, shop around. Credible is a great place for you to start. It allows you to view multiple lenders and see details about their loan products.
  2. Pre-qualifiedPrequalification with multiple lenders is possible, especially if you use Credible. With a simple credit check and no obligation, prequalification lets you compare rates and determine your chances of approval.
  3. Apply.After you have selected a lender and been shortlisted, it is time to submit your application. Personal information such as your name, address, birth date, income, social security number and email will be required. The lender will typically conduct a credit check during that time and you will receive a final decision.
  4. To close.It’s now time to apply for your loan. The closing documents will be sent by your lender. They will include information about the loan amount, interest rate and repayment terms as well as any applicable fees. Your funds will be sent to your creditors or to you once your loan documents have been signed. Although funding times can vary, you might be able to get your funds within one business day, or even the same day in some cases.

What are the savings I can make with a debt consolidation loan?

Consolidating your debts with loans can help you save money, and often lower your overall interest rate. Your individual situation will determine how much you save.

Let’s take, for example, $ 10,000 of credit card debt with a 25% APR. It will take approximately four years to pay off your balance if you make only $ 309 per monthly. This will leave you with $ 16,808 in interest and $ 6,808 for the cost of the minimum payment.

You can lower your APR to 5.9% with a debt consolidation loan and reduce your monthly payments to $ 193. While it will take you a while to repay the debt, your monthly payments will be $ 193.

Credit card Consolidating Debt Loans
The amount of the loan $ 10,000 $ 10,000
Interest rate APR 25% 5.9% APR
Minimum monthly payment $ 309 $ 193
Repayment period 55 Months 60 Months
Total interest paid $ 6,808 $ 1,572

What factors should I consider when taking out a debt consolidation loan?

Each debt consolidation loan is unique. You will need to compare all factors to ensure that you choose the right loan.

  • APR and interest rate:How much you end up paying for the loan is determined by your interest rate and APR (annual percentage rate). You will pay less if the rate is lower. Consolidate debt by choosing a loan with a lower effective interest rate.
  • Closing costs and feesLenders may charge setup fees, administrative fees and other closing costs. These fees will be added onto your total loan fees. These costs may be added to the final amount borrowed. This will ensure sufficient funds to pay your debts.
  • The term of the loanThe term of your loan will affect the length of the repayment and the amount of your monthly payment. To find the right length for you, balance your debt repayment goals with your monthly budget.

Alternatives to debt consolidation loan

If you are looking to consolidate your debt quicker or pay less interest, here are some options.

Balance transfer credit card with 0% APR

A 0% balance transfer credit card is the first choice. You can transfer your debt to one account using a balance transfer credit cards, and you will get an interest-free period. You must pay the balance off before the introductory period ends. Otherwise, your debt will begin to accrue interest at the regular rate.

Home equity

Another option is to borrow against the equity of your home via a home equity loan. This is a great option for those with good credit and fair credit. You can use your equity from your home with a home equity loan. Be aware of potential pitfalls in using a home equity loan for debt repayment. This will convert your unsecured debts, such as medical bills and credit card balances, into home equity loans that are secured by your home. You could lose your property if you default on the loan.

Consolidating debt with loans can be an important part of any debt management program. These unsecured personal loans are worth looking into if you have multiple debts and pay higher interest rates.

Use Discover Credible to compare rates for debt consolidation loans and choose the one that best suits your needs.

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What is finance? Definition & Financial Services https://era-ard.org/what-is-finance-definition-financial-services/ https://era-ard.org/what-is-finance-definition-financial-services/#respond Thu, 11 Mar 2021 08:11:22 +0000 https://era-ard.org/what-is-finance-definition-financial-services/ Finance is a general term that describes the activities related to the bank, leverage or debt, credit, capital markets, money and investments. Fundamentally, finance represents money management and the process of obtaining the necessary funds. Finance also encompasses the monitoring, creation and study of the money, banking, credit, investments, assets and liabilities that make up […]]]>


Finance is a general term that describes the activities related to the bank, leverage or debt, credit, capital markets, money and investments. Fundamentally, finance represents money management and the process of obtaining the necessary funds. Finance also encompasses the monitoring, creation and study of the money, banking, credit, investments, assets and liabilities that make up financial systems.

Many of the basic concepts of finance come from microeconomic and macroeconomic theories. One of the most fundamental theories is the the time value of money, which basically states that a dollar today is worth more than a dollar in the future.

Key points to remember

  • Finance encompasses banking, leverage or debt, credit, capital markets, money, investments, and the creation and monitoring of financial systems.
  • Basic financial concepts are based on microeconomic and macroeconomic theories.
  • The field of finance has three main sub-categories: personal finance, corporate finance, and public (government) finance.
  • Financial services are the processes by which consumers and businesses acquire financial goods. The financial services sector is one of the main engines of a country’s economy.

Types of funding

Since individuals, businesses, and government entities all need funding to operate, the finance field has three main subcategories: personal finance, corporate finance, and public (government) finance.

Personal finance

Financial planning involves analyzing the current financial situation of individuals formulate strategies for future needs within financial constraints. Personal finance is specific to an individual’s situation and activity. Therefore, financial strategies largely depend on the income, living conditions, goals and desires of the person.

Individuals should save for retirement, for example, which requires saving or investing enough money over their working life to fund their long-term plans. This type of financial management decision is a matter of personal finance.

Personal finance includes the purchase of financial products such as credit cards, insurance, mortgages, and various types of investments. Banking services are also considered a component of personal finance, as individuals use checking and savings accounts as well as online or mobile payment services such as PayPal and Venmo.

business Finance

business Finance refers to the financial activities related to running a company, usually with a division or department set up to oversee those financial activities.

An example of corporate finance: A large company may have to decide whether it wants to raise additional funds through a bind problem or Stock offer. Investment banks can advise the company on these considerations and help it market the securities.

Startups can receive Capital city angel investors or venture capitalists in exchange for a percentage of ownership. If a company is successful and decides to go public, it will issue shares on the stock exchange through a initial public offering (IPO) to raise funds.

In other cases, a business may try to budget its capital and decide which projects to fund and which to put on hold in order to grow the business. All of these types of decisions are business finance.

public finance

Public finances include the policies of taxation, spending, budgeting, and debt issuance that affect the way a government pays for the services it provides to the public.

The federal government helps prevent market failures by overseeing resource allocation, income distribution, and economic stability. Regular funding is provided mainly by Taxation. Borrowing from banks, insurance companies and other countries also helps finance public spending.

In addition to managing money in day-to-day operations, a government agency also has social and fiscal responsibilities. A government is expected ensure adequate social programs for its taxpaying citizens and maintain a stable economy so that people can save and their money is safe.

Financial services

Financial services are the processes by which consumers and businesses acquire financial goods. A simple example is the financial service offered by a payment system provider when it accepts and transfers funds between payers and payees. This includes accounts paid by checks, credit and debit cards, and electronic funds transfers.

Financial services are not the same as financial goods. Financial assets are products such as mortgages, stocks, bonds and insurance policies; financial services are tasks — for example, the investment advice and management that a financial advisor provides to a client.

the financial services industry is one of the most important segments of the economy. It is the engine of a country’s economy, ensuring the free movement of capital and liquidity on the market. It is made up of a variety of financial companies including banks, investment firms, finance companies, insurance companies, lenders, accounting departments and real estate brokers.

When that sector and a country’s economy are strong, consumer confidence and purchasing power increase. When the financial services industry fails, it can pull down the economy and lead to a recession.

What are financial activities?

Financial activities are the initiatives and transactions that businesses, governments and individuals undertake in pursuit of their economic goals. These are activities that involve the entry or exit of money. Examples include buying and selling products (or assets), issuing stocks, initiating loans, and maintaining accounts.

When a company sells stocks and makes debt repayments, these are two financial activities. Likewise, individuals and governments are involved in financial activities, such as obtaining loans and collecting taxes, which contribute to specific monetary goals.



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Business News | Stock market and stock market news https://era-ard.org/business-news-stock-market-and-stock-market-news/ https://era-ard.org/business-news-stock-market-and-stock-market-news/#respond Thu, 11 Mar 2021 08:11:22 +0000 https://era-ard.org/business-news-stock-market-and-stock-market-news/ Search for quotes, news, net asset values ​​of mutual funds Devyani International INE872J01023, DEVYANI, 543330 Exxaro tiles INE0GFE01018, EXXARO, 543327 Windlas Biotech INE0H5O01029, WINDLAS, 543329 Krsnaa Diagnostic INE08LI01020, KRSNAA, 543328 Vodafone idea INE669E01016, IDEA, 532822 Search for quotes, news, net asset values ​​of mutual funds Devyani International INE872J01023, DEVYANI, 543330 Exxaro tiles INE0GFE01018, EXXARO, 543327 […]]]>























The QSR business model has enormous potential in the country with a growing workforce as well as changing consumer tastes and preferences, says Gaurav Garg of CapitalVia Global Research.


Devyani International jumped 57% when it started, what should investors do now?




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