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Wisetack closes on $45M to bring ‘buy now, pay later’ to in-person services – TechCrunch

Buy now, pay later, growing worldwide – with different companies expanding in and to different parts of the world, such as Africa, Latin America and Asia.

Here in the US, Affirm and Klarna are big players, and Square recently announced plans to acquire Afterpay, which has its eye on growth here too.

The traditional Buy Now, Pay Later (BNPL) offers consumers the option of paying in installments at the point of sale, either online or, increasingly, in person. But also in Germany, the option of payment in installments goes beyond e-commerce and retail.

Wisetack is a startup that brings buy now and pay later to personal services. And it just raised $ 45 million in a Series B funding round led by Insight Partners.

Existing backers Greylock Partners and Bain Capital Ventures also contributed to the funding, raising a total of $ 64 million since its inception in 2018. The final round comes just six and a half months after Wisetack announced it had raised $ 19 million in the Seed and Series A rounds, both of which were led by Greylock.

In short, the San Francisco-based startup helps private companies offer finance to consumers. Wisetack isn’t the first company to do this, but the difference, according to co-founder and CEO Bobby Tzekin, is that it actually embeds funding options in software platforms that companies have already developed and are using in their operations.

The focus is on service-oriented companies such as HVAC contractors or installers. For example, if your air conditioner breaks down and costs thousands to replace, you have the option to pay for it in installments if the contractor has Wistack’s API embedded in their website.

So far, Wisetack has grown rapidly by partnering with vertical SaaS companies like Housecall Pro and Jobber. These companies provide consumer finance to their respective customer bases, which include tens of thousands of home service professionals.

Wisetack clearly seems to fill a void. In 2021, it has so far increased its sales and credit volume “ten times” compared to 2020. And it works with thousands of traders, according to Tzekin.

The manager quit his job in 2018 to start Wisetack because he felt there was “clearly a massive need” and teamed up with Liz O’Donnell and Mykola Klymenko (who was the co-founder and CTO of VaroMoney, the holding company of Varo Bank).

With its new capital, Wisetack plans to expand into other service-based industries such as auto repair, elective medical, dental, veterinary and legal services. It also plans to double its 40-strong team over the next year.

The chance is huge for Tzekin.

Most service companies are SMEs, which in the past have been more difficult to serve than large e-commerce companies. According to this, the Americans spend more than 400 billion US dollars annually on renovations and repairs of residential buildings Harvard report. And the US auto repair and maintenance market is expected to reach $ 250 billion by 2026, up from $ 201 billion in 2020.

And while the average BNPL online transaction is a few hundred dollars, purchases from service-based businesses averaged $ 4,000-5,000, according to Tzekin.

The CEO believes that buying now and paying later can be more attractive than paying for such purchases with a credit card for several reasons. On the one hand, consumers have the option of paying in installments between three and 60 months.

“This often means that it is cheaper to buy the better device because the cost can be spread over time,” he said.

Plus, at the time of purchase it will be clear how much you will pay over time, while if you are paying with a credit card, the amount can vary depending on the interest rate and how long it takes to return the money, Tzekin added.

The company makes money by charging traders a processing fee and charging consumers interest – which can range from 0% to 29%, “depending on how good their credit is,” said Tzekin.

“But credit cards charge compound interest while we charge simple interest,” he added.

Rebecca Liu-Doyle, director of Insight Partners, describes Wisetack as “an outstanding product in the industry”.

“Wisetack has a differentiated platform for embedded BNPL specifically designed for use cases that are both more complex and less well served than e-commerce, ”she wrote via email.

Note: The article’s heading was updated after it was published to reflect the exact amount of funding

source https://seedfinance.net/2021/09/09/wisetack-closes-on-45m-to-bring-buy-now-pay-later-to-in-person-services-techcrunch/

Senate Approves Chris Inglis as National Cyber Director

Business Continuity Management / Disaster Recovery, Cybercrime, Fraud Management & Cybercrime

In the meantime, Jen Easterly’s nomination as CISA director has been suspended

Scott Ferguson (Ferguson_Writes) • June 18, 2021

Chris Inglis testifies at his confirmation hearing earlier this month

The US Senate unanimously named John “Chris” Inglis national cyber director on Thursday.

See also: An IT Security Master Class: Roger Grimes Teaches You Phishing Defense

Inglis’ confirmation comes at a time when the Biden administration is addressing multiple cybersecurity issues, including a number of ransomware attacks targeting the country’s infrastructure, as well as the ongoing impact of the SolarWinds supply chain attack leading to follow-up attacks 100 companies and nine federal agencies.

President Joe Biden addressed attacks on critical infrastructure and other cybersecurity issues during his summit with Russian President Vladimir Putin in Geneva on Wednesday (see: Analysis: The Cyber Impact of Biden / Putin Summit Meeting).

Highest priority

During his confirmation hearing earlier this month, Inglis said one of his top priorities will be defining the role of the national cyber director’s position in the White House and ensuring that there is coordination between different agencies responsible for cybersecurity , including the U.S. Agency for Cybersecurity and Infrastructure Security and the National Security Council.

Inglis also told lawmakers that part of its job would be to ensure federal agencies improve their cybersecurity, which includes strengthening networks and infrastructure and ensuring that security is built into the applications provided by the departments.

“We need to ensure that our technology is designed and deployed with security in mind, and that the supply chains that support it are free from security risks, that our people are cyber literate and that the roles, responsibilities and accountabilities are good enough . “-Defined, and that we eliminate the cracks and seams as well as the cyber defense that give opponents the opportunity to find and exploit weak points,” said Inglis.

As national cyber director, Inglis will oversee the defense of the federal networks and infrastructure as well as the cyber budgets of various authorities. However, the position will not involve offensive cyber activities that will remain with the National Security Council and the US Cyber Command.

As part of the Biden administration’s budget proposal for 2022, the White House is calling on Congress to approve $ 15 million in support of the National Cyber Director’s Office in the White House (see: Biden Budget Seeks Billions In U.S. Cyber Security invest).

Cyber director

With his approved nomination, Inglis will now restore the role of cyber director within the White House that was created by the Obama administration and then eliminated by former President Donald Trump in 2018.

After the Trump administration eliminated the role of director, lawmakers of both parties struggled to restore the position with greater authority and bring the office under congressional oversight. Congress overcame Trump’s veto in January to pass the National Defense Authorization Act 2021, which contained numerous cybersecurity provisions, including reinstating the role of national cyber director in the White House (see: Defense Funding Measure Includes 77 Cybersecurity Provisions).

Years of experience

Inglis brings extensive experience in cybersecurity and government agencies to his new role.

As a retired Air Force Brigadier General, Inglis has more than 40 years of experience in the federal government, including 28 years with the United States National Security Agency, where he served as senior civilian leader and deputy director under both Bush and Obama -Government was in action before resigning in 2014. Most recently he was Managing Director of the Paladin Capital Group.

Senator Angus King, I-Maine, who introduced Inglis during his confirmation hearing earlier this month, praised his appointment on Twitter Thursday. The two served together on the Cyberspace Solarium Commission, which helped create the position of national cyber director.

“Chris is a smart and talented leader with both the experience and the willingness to lead a government-wide effort to strengthen our cybersecurity. Having worked by his side at @CyberSolarium for years, I truly believe he is the best Person for the job, “wrote King on Twitter.

Rep. Jim Langevin, DR.I., who served on the commission, stated that the restoration of the cyber director’s position was long overdue.

After 11 long years, I’m thrilled that the US finally has a Senate-approved National Cyber Director in the White House.

Congratulations, Chris! You will certainly have your hands full, but no one is better suited to the job than you.

America is taking root for you! https://t.co/wMoDfJNC4h

– Jim Langevin (@JimLangevin) June 17, 2021

CISA Director approval held up

While Inglis’ nomination went through the Senate, Biden’s nominee for CISA director Jen Easterly is being held up over a dispute over the security of the US southern border.

On Thursday, Senator Rick Scott, R-Fla., Suspended Easterly’s appointment and demanded that Biden visit the US-Mexico border first to address immigration concerns, according to The Hill. Scott has also threatened to stop other Homeland Security candidates.

It is unclear when the Senate will take Easterly’s nomination again for approval.

source https://seedfinance.net/2021/09/09/senate-approves-chris-inglis-as-national-cyber-director/

How To Apply For FEMA Aid For The Dixie Fire – Forbes Advisor

Editor’s Note: Forbes Advisor may earn a commission on sales made through affiliate links on this page, but this does not affect the opinions or ratings of our editors.

57 days have passed since the Dixie Fire broke out in Northern California. It continues to burn with an intense anger that spans 900,000 acres, making it the second largest wildfire in California history with no end in sight.

Unfavorable weather conditions such as intense heat and no rain make fighting the flames difficult. The fire has resulted in evacuation orders and warnings, with worrying signs that more could come if it continues at its current pace.

By September 7, only 59% of the fire had been contained and it had already destroyed nearly 1,300 buildings, with another 6,000 remaining at risk.

Some families may have been displaced or their homes may have suffered damage due to the fire. Federal aid has been available for those affected who qualify since the end of August. How to apply.

Federal Aid to Californians Affected by Dixie Wildfire

On August 24, President Joe Biden approved the California Declaration of Disaster. The permit unlocked a variety of federal funds that are available to support qualified individuals affected by the California wildfires.

Federal funding is available to individuals in Lassen, Nevada, Placer, and Plumas counties. People living in these districts must apply directly online at Disasterassitance.gov or by calling 800-621-FEMA.

According to FEMA, individuals with homeowners insurance should apply to their insurance company first before applying for federal aid. FEMA can only provide assistance in the event of uninsured damage.

Once applied, FEMA will determine your eligibility for a variety of grants, including the following, which are detailed in a White House press release:

Temporary accommodation

Funding is available for temporary housing for those who cannot live in their home due to the current fires or if their home has been destroyed. This assistance can include rental assistance or hotel reimbursement – however, you must apply through FEMA to receive the funds.

Home repairs

People whose homes were damaged by the fire could be eligible for repairs. This aid is used to rebuild or perform basic repairs on a house so that it is safe, hygienic and functional – which means the funds cover the essentials of repairs. An inspection may be required so prepare for this step after applying.

For more information, please visit this website on the FEMA Individual and Household Program.

Cheap loans for uninsured property damage

Small Business Administration (SBA) loans are available for repairs or replacement costs that are not fully covered by insurance. These loans are available to businesses (up to $ 2 million) and homeowners (up to $ 200,000 to repair or replace their primary residence, or up to $ 40,000 to replace personal property such as clothing, furniture, cars, and more Devices) are available.

The repayment terms of these property damage loans can be up to 30 years with no prepayment penalties or fees. Interest rates will not exceed 4% for applicants who cannot obtain credit elsewhere. Collateral will be requested from the SBA in order to obtain the loan if possible.

Remember, these loans cannot be used on second homes or vacation homes. However, qualified rentals may be eligible for assistance under the SBA Physical Disaster Loan Program.

Find out more about the SBA’s home and private property loans on this website.

Climate change means more forest fires

Forest fires are a naturally occurring phenomenon to help maintain balance in the earth’s ecosystem, but they are becoming more common as climate change makes the planet warmer. That means disasters like the current Dixie forest fire can continue to threaten the wellbeing and livelihoods of residents in arid, drought-stricken areas.

The Biden government has an ambitious climate agenda that aims to mitigate the effects of climate change in the country and move it towards a more sustainable future. These efforts include slowing fossil fuel development, increasing reliance on renewable energy, and suspending new leases for oil and gas wells.

And while the plans are ambitious, some say Biden has done little so far to realize his ambitions. According to the New York Times, climate activists currently fear “that robust climate measures could be removed from the second infrastructure bill, which would likely leave them on the floor for the foreseeable future as Republicans could win majorities in Congress in 2022”. Halftime. “

source https://seedfinance.net/2021/09/09/how-to-apply-for-fema-aid-for-the-dixie-fire-forbes-advisor/

U.S. Debt Default Could Come in October, Yellen Warns

WASHINGTON – The United States could default on its debt sometime in October if Congress fails to take action to raise or suspend the debt ceiling, Treasury Secretary Janet L. Yellen warned Wednesday.

The “extraordinary measures” that the Treasury Department has been taking since August 1 to temporarily fund the government will be exhausted next month, Ms. Yellen said in a letter to lawmakers. She added that the exact timing was unclear, but the time to avert an economic disaster was short.

“Once all available measures and cash are fully exhausted, the United States of America could fail to meet its obligations for the first time in our history,” wrote Ms. Yellen.

To delay a default, the Treasury last month suspended investments in the civil service pension and disability fund, the health insurance fund for retirees in the postal service, and the government paper investment fund of the savings plan for the federal pension system.

The distribution of pandemic aid payments this year and the uncertainty about incoming tax payments this month have made it harder than usual to predict when the funds will be depleted. Ms. Yellen said that a default would do “irreparable damage” to the US economy and global financial markets, and that even the proximity of a default could be harmful.

“We have learned from previous dead ends on the debt ceiling that waiting until the last minute to suspend or raise the debt ceiling seriously damages business and consumer confidence, increases short-term borrowing costs for taxpayers, and adversely affects the creditworthiness of the United States can affect. “,” she wrote.

Democratic leaders have been insisting for months that Republicans join them in raising the debt ceiling, saying the government has hit its final debt limit because of the Trump administration’s spending and tax cuts, California spokeswoman Nancy Pelosi said on Wednesday Card labeled “Trump Loan”. “

But Kentucky Senator Mitch McConnell, the Republican leader, has been just as insistent that he will prevent Senate Republicans from helping the Democrats on this issue. Democrats could try to tie the increase to measures such as an emergency spending bill to pay for relief efforts and post-Hurricane rebuilding, forest fires, and summer heat waves – brave Louisiana and western senators voting no.

The showdown has once again put the parties in a chicken game, with a debt default and possible economic crisis as a result.

Ms. Pelosi insisted at her weekly press conference on Wednesday that the Democrats would not include a legal increase in the government’s borrowing power in a draft budget drafted this month. This bill could be passed without a Republican vote in the Senate under complicated budget rules.

Instead, Democratic leaders will challenge Senate Republicans to pass a bill that will raise the debt ceiling.

“We Democrats supported raising the debt ceiling” during the Trump administration, she said, “because it was the responsibility to do so.” She added, “I would like Republicans to act in a similarly responsible manner.”

The Democrats have several options to consider. The government will run out of resources at the end of the month, so raising the debt ceiling could be tied to a stopgap deal – meaning a Republican filibuster would jeopardize not only the full faith and creditworthiness of the government, but the government as well could close.

The Democrats could also add it to a major infrastructure bill that the Senate passed with bipartisan support and is slated for a House vote by Sept. 27.

source https://seedfinance.net/2021/09/09/u-s-debt-default-could-come-in-october-yellen-warns/

Queensland’s Glitter Girl makes $350k with makeup idea

Business picked up so quickly that her parents had to quit their main jobs to follow the lead of their 9-year-old daughter.

A 9-year-old girl’s decision to dress in bright colors for school has resulted in her family raking in the cash and making $ 350,000 a year.

In 2016, Sophia Rizzo, then nine years old, had a “little idea” to bring glitter pots to her school in Burleigh Heads on Queensland’s Gold Coast.

Although she “got in trouble” from her teachers, the elementary school student knew there was something behind it because “I showed it to my friends and they all loved it,” she told news.com.au.

Sophia charged her classmates $ 2 for the craft glitter she had ordered online.

“She had a little notebook with orders. She came home from school and said, ‘This girl wants this color, this girl wants this color,’ ”recalls her mother Megan, 47.

“She was so persistent, she had a whole unicorn notebook full of ideas, it blew us a bit.

“We thought we’d just make a mini website and put it on Instagram, that’s the end, that’ll make them happy.”

That was far from the end; Business soon picked up, which resulted in both of Sophia’s parents quitting their jobs so they could work full-time in the business – aptly called Glitter Girl.

Now at the age of 13 and sophomore year high school, Sophia’s idea has surpassed $ 350,000 in sales in the past 12 months.

Sophia’s mother, Mrs. Rizzo, ran her own business as a photographer while her father, Adam, 50, worked in the real estate industry, although none of them had ever run an online business before.

They spent $ 2,000 on eight pounds of glitter to get started.

Ms. Rizzo took a few professional snaps and then launched a website in August 2017.

Then they waited for the first order. An order did come – but there was something remarkable about it.

“The first order came from Tasmania and we’re from the Gold Coast,” Ms. Rizzo said, adding that she saw the potential of Glitter Girl because “we realized that this wasn’t an inner circle, a warm circle that was coming from a cold ”. Circle.”

In the first week, they received around three orders a day. That soon increased to 20 orders.

Sophia would pour the glitter into the pots and the mother-daughter duo would bring the unicorn wrap home to keep working into the night.

“We didn’t have time for our normal jobs, we called friends for help,” said the girl’s mother.

They used Ms. Rizzo’s photo studio as a warehouse and by 2018 the mother informed her customers that she could no longer work for them.

“I had to be a glitter mom all day,” she said with a laugh. “I support my little girl’s idea 100 percent.”

Sophia’s dad also ended his real estate career to do IT, inventory management, and bills for Glitter Girl.

Since then, they have experimented with glitter to avoid the “itchy skin” and use environmentally friendly products that are “diversified,” with some purchased from Melbourne and others from countries outside Australia including Vanuatu.

A fear of breast cancer in 2019 led Ms. Rizzo to hire five permanent employees and grow the business by setting up a warehouse.

In 2020, according to Ms. Rizzo, business was “in full swing” and orders increased fivefold.

“What we did in a month before the Covid pandemic, we did in a week during Covid,” she said.

They are available in 90 stores across the country, including regional areas, in every state except the Northern Territory.

Sophia was key to the company’s continued success.

“Don’t ignore your children’s ideas, they know what your target market wants,” said Ms. Rizzo.

“I see it all the time. These kids have great ideas and parents just say “that’s cute”. You have to listen to them. They know the trends, they know the colors.

“I buy the paint and Sophia said ‘Nobody will buy this’. She was right.

“When the employees come on board, they quickly notice that they are making the decisions, the colors, the names.”

Even though Sophia is now 13 years old, she believes she is still very much in tune with her target audience.

“There are still a lot of people my age who buy it. Pretty much everyone, random people will buy it, people their mother’s age, younger people, everyone, ”she said.

Sophia is now in 8th grade and added: “A bunch of people kept coming up to me and asking, ‘Are you a glitter girl?'”

She was asked to give a presentation for her business studies.

Do you have a similar story? Continue the conversation [email protected]

source https://seedfinance.net/2021/09/09/queenslands-glitter-girl-makes-350k-with-makeup-idea/

Stocks struggle amid Delta variant, economy concerns

Shares fell on Wednesday, extending their losing streak to a third day as rising COVID-19 infections temporarily unsettled investors and mixed up growth expectations.

The Dow Jones Industrial Average and S&P 500 Index recorded their third consecutive day of losses, and the technology-driven Nasdaq fell for the first time since last week. The market has left disappointing news for the most part, but August jobs data, which fell well below market expectations last week, dampened hopes for the fourth quarter.

On Wednesday, two releases underscored how investors are trying to calibrate a historically hot job market against growth that is clearly losing momentum due to the resurgence of COVID-19 infections, led by the Delta variant.

The US economy “shifted slightly downward” in August as concerns increased over how the renewed spike in coronavirus cases would affect economic recovery, the Federal Reserve said in its latest Beige Book on Wednesday. Separately, however, Labor Department data showed that vacancies hit another streak record, with workers quitting their jobs en masse and nearly 11 million vacancies.

That data contrasted sharply with August payrolls, which showed the economy created a relatively meager 235,000 new jobs, and fueled speculation that the Federal Reserve’s Open Markets Committee (FOMC) might change its schedule for reducing its stimulating bond purchases, which Investor confidence was supported.

This also prompted analysts to lower expectations for the economy for the remainder of the year. Goldman Sachs lowered its fourth quarter growth forecast, pointing to a “harder road” for consumer spending amid rising COVID-19 infections.

Wall Street doesn’t seem unduly concerned, at least for now, as stocks are still within sight of recent highs.

“We believe that the fundamental drivers of strong earnings, an accommodating Fed and still healthy risk appetite will really hold the market for the remainder of the year,” said Yung-Yu Ma, chief investment strategist at BMO Harris, told Yahoo Finance Live on Wednesday.

The story goes on

While the ongoing COVID-19 pandemic fueled by the Delta variant played a prominent role in the lack of jobs, particularly softness in the leisure, hospitality and bar / restaurant sectors, some analysts have also pointed out that labor shortages are hindering job creation. A lack of available labor has led companies to raise wages, adjust working hours and even lose some business.

–

4:04 p.m. ET: Stocks plummet, Dow, S&P trading lower for third day in a row as economic worries linger

Here were the key moves in the markets as of 4:04 p.m. ET:

S & P-500 (^ GSPC): -5.96 (-0.13%) to 4,514.07

Dow (^ DJI): -68.93 (-0.20%) to 35,031.07

Nasdaq (^ IXIC): -87.69 (-0.57%) to 15,286.64

Raw (CL = F): + $ 0.99 (+1.45%) to $ 69.34 per barrel

Gold (GC = F): $ -7.00 (-0.39%) to $ 1,791.50 per ounce

10-year treasury (^ TNX): -3.6 bps to generate 1.3340%

–

2:55 p.m. ET: The Fed’s Beige Book finds the economy shut down last month

The US economy “shifted slightly downward” in August as concerns increased over how the renewed spike in coronavirus cases would affect economic recovery, the Federal Reserve said in its latest Beige Book compendium on Wednesday with anecdotal reports on the economy with.

Stocks have been heavy all day but are away from the session lows as the final hour of trading looms.

–

1:15 p.m. ET: “If Bonds Could Talk”

The auction on the 10-year government bond went well, with yields below the level issued and offers to cover (2.59) comfortably above the 12-month average (2.42).

While it’s too early to say so, there could be some “flight to quality” element behind the demand in the last auction, especially given the mounting fears of the Delta variant and the still rising prices. Market veteran Peter Boockvar imagines what treasuries would say if they had a voice:

Bottom line, if bonds could talk. Is this aggressive demand due to buyers seeing a stagflationary environment and becoming more concerned about the deer stake? Is the demand high because it is assumed that the Fed taper will start soon and it always pays off to then flatten the curve? Are the buyers in the “inflation is temporary” camp even though the 10-year inflation breakevens are only a few basis points from their high since early June? Is it the delta variant? If bonds could speak. Either way, the 10-year return is just under 1.34% from 1.35% close to the results.

–

12:05 p.m. ET: Stocks plummet in directionless trading

Here the markets were traded around noon:

S & P-500 (^ GSPC): 4,501.17, -18.86 (-0.42%)

Dow (^ DJI): 34,969.76, -130.24 (-0.37%)

Nasdaq (^ IXIC): 15,228.57, -145.76 (-0.95%)

–

11:45 a.m. ET: Job market still JOLT-rated by sales

Muhlenberg, PA – August 26: A sign that reads “Now Hiring!” in the shop window of the PetSmart location on 5th Street Highway in Mühlenberg Twp. Thursday morning, Aug 26, 2021. (Photo by Ben Hasty / MediaNews Group / Reading Eagle via Getty Images)

Despite concerns about the Delta variant, job vacancies, measured by JOLTS, rose by an unbelievable 749,000 in July – and reached another all-time high with almost 11 million vacancies. Regardless of all COVID concerns, this is one of the hottest job markets in history – if not THE hottest.

JPMorgan Chase found the number of new hires fell from 6.83 million in June to 6.67 million:

The ratio of vacancies to new hires – a measure of the scarcity of the labor market and the ease with which companies can find workers – rose to 1.64, a historically high level of scarcity. At the same time, the layoff rate remained unchanged at 2.7% in July and was thus at a higher level than before the pandemic.

–

10:30 am ET: Bitcoin hard as traders contemplate a “flash crash”

A hairdresser works in the Sevilla Barber Shop, where Bitcoin is accepted as a method of payment, in Santa Tecla, El Salvador September 6, 2021. REUTERS / Jose Cabezas

The world’s leading digital currency has many fans and, since Tuesday, the support of a national government. However, this did little to contain the wildly volatile Bitcoin (BTC-USD) price swings like yesterday, when the unit plunged over 17% in one day before recovering.

According to Sultan Ahmed, an analyst at GlobalData, Tuesday’s “flash crash” and the rocky rollout in El Salvador are “two uncorrelated events. Many have the depreciation of Chivo with initial functional problems. connected [El Salvador’s Bitcoin wallet] in the early hours of beta testing, but we believe Bitcoin’s decline is instead due to excessive leverage trading in the cryptocurrency market. “

Bitcoin was last trading at around $ 46,283, down over 7% on the day. Ahmed said cryptocurrency is still up over 50% in the past 50 days after liquidating over $ 3 billion.

–

9:30 am ET: Shares fall on opening

Here the markets were traded at the opening bell

S & P-500 (^ GSPC): 4,515.55, -4.48 (-0.10%)

Dow (^ DJI): 35,137.11, +37.11 (+0.11%)

Nasdaq (^ IXIC): 15,314.88, -59.45 (-0.39%)

Raw (CL = F): $ 69.64 a barrel, + $ 1.29 (+1.89%)

Gold (GC = F): $ 1,798.70, +0.20 (+ 0.01%)

10-year treasury (^ TNX): -1.2 bps to generate 1.353%

–

7:35 a.m. ET Wednesday: Stock futures slightly lower

Here the markets were traded before the opening bell:

S&P 500 futures (ES = F): 4,518.50, -0.75 (-0.02%)

Dow futures (YM = F): 35,086.00 -5.00 (-0.01%)

Nasdaq Futures (NQ = F): 15,669.00, -5.75 (-0.04%)

–

6:15 p.m. ET Tuesday evening: Stock futures are weakening

Here the markets were traded in the after-hours session:

S&P 500 futures (ES = F): 4518, -1.25

Dow futures (YM = F): 35,082. -9.00

Nasdaq Futures (NQ = F): 15,673.00, -2.00

–

By Javier E. David, editor at Yahoo Finance. Follow him at @Teflongeek

–

source https://seedfinance.net/2021/09/09/stocks-struggle-amid-delta-variant-economy-concerns/

Stock Market Today: Dow Slips for a Third Straight Session

Stocks fell on the wrong foot on Wednesday and never fully rallied as investors continued to weigh in on signals from the Federal Reserve of a stimulus withdrawal and the state of the economy.

In an interview with the Financial Times, St. Louis Fed President James Bullard said that despite last Friday’s surprisingly disappointing job report in August, the central bank should not hesitate in its plans to reduce its bond purchases before the end of the year.

“There is a great demand for labor and there are more vacancies than unemployed people,” he told FT.

Later in the day, the Fed’s “Beige Book” – a regular report of anecdotal economic intelligence – confirmed that “economic growth slowed slightly to a moderate pace in early July through August.” But investors apparently shrugged as stocks by and large held their levels after the release.

Reject in Dow Inc. (DOW, -1.9%) and UnitedHealth Group (UNH, -1.4%) sent the Dow Jones industry average for its third straight decline – a modest 0.2% decline to 35,031. the S&P 500 (-0.1% to 4,514) and Nasdaq composite (-0.6% to 15,286) also ended up in the red.

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As investors bought, they bought security, with utilities (+ 1.8%) and consumer staples (+ 0.9%) leading the way on Wednesday.

More news on the stock exchange today:

The small cap Russell 2000 decreased by 1.1% to 2,249.

Operator of cryptocurrency exchanges Coin base (COIN, -3.2%) its shares fell after the company announced it received notification of possible enforcement actions from the Securities and Exchange Commission. “After months of efforts by Coinbase to be productive, the SEC gave us a Wells notice last Wednesday about our planned Coinbase Lend program,” wrote Chief Legal Officer Paul Grewal in a blog post on Tuesday evening. The Coinbase Lend program would allow users to contribute to a pool of loans revolving around the stablecoin USD Coin and receive a 4% interest rate in return.

US crude oil futures rose 1.4% to $ 69.30 a barrel as Gulf Coast production struggled to get back online after Hurricane Ida.

Gold futures slipped again 0.3% to $ 1,793.50 as the US dollar strengthened.

the CBOE volatility index (VIX) slipped 1.0% to 17.96.

Bitcoin retreated 0.5% to $ 46,453.95. (Bitcoin is traded 24 hours a day; the prices reported here are from 4:00 p.m. on every trading day.)

Raw materials do not feel the pinch

What else did the beige book tell us?

“The lack of market reaction today shows that many of these concerns are factored in,” said Chris Zaccarelli, chief investment officer of the Independent Advisor Alliance. “But a major market decline – which could come this fall due to either phasing out announcements or other potentially unexpected news – should provide an opportunity to retake positions in the travel, leisure and hospitality sectors as the recovery will most likely be delayed and not “Completely canceled.”

That coincides with our thoughts yesterday that road travel stocks and other recovery picks look rocky (but could be worth it in the end).

But one area of the market that still looks strong is commodity prices.

“Most districts have seen significant increases in the cost of metals and metal-based products, freight and transportation services, and building materials,” the Fed says – and that’s good news for commodity stocks and the wider commodities sector. Companies that trade steel, aluminum, copper, and other commodities can experience disgusting boom-and-bust cycles, but the current environment remains favorable for them.

Here we’re looking at seven commodity stocks that should have a lot more strength once the rebound is back on its feet.

source https://seedfinance.net/2021/09/09/stock-market-today-dow-slips-for-a-third-straight-session/

Asian Stocks Drop Amid Concern Over Growth Outlook: Markets Wrap

(Bloomberg) – Asian stocks fell early Thursday after US stocks plummeted as investors continued to worry about a slowdown in the recovery from the pandemic. Government bonds and the dollar held an advance.

Stocks fell in Japan, Australia and South Korea. US futures fell after the S&P 500 fell a third day and the Nasdaq 100 posted its sharpest drop in two weeks. A survey by the US Federal Reserve signaled a slowdown in economic growth due to the delta virus strain.

Chinese stock trading in the US collapsed on renewed concerns about Beijing’s regulatory action after officials like gambling companies like Tencent Holdings Ltd. and Netease Inc. to consider further supervision. Hong Kong stock futures used to be in the red.

Government bond yields remain lower due to strong demand at the monthly 10-year bond auction. Oil was stable above $ 69 a barrel while U.S. production slowly returned after Hurricane Ida.

A rally that set global stocks to records has cooled as investors expect further signs that the economic reopening can overcome the challenges of the Delta variant. Another concern is the prospect of a gradual reduction in monetary support, with a focus on the European Central Bank meeting later Thursday.

“The momentum definitely seems to be slowing in relation to the recovery,” said Fiona Cincotta, a senior financial analyst at City Index. “Before we heard that the Fed was tightening monetary policy, it unsettled the market. Now it is actually somewhat softer data and also increasing Covid cases. “

In recent Federal Reserve comments, Bank of New York President John Williams said it “might be appropriate” for the Federal Reserve to throttle its bond-buying program before the end of the year.

Elsewhere, the online gaming and e-commerce company Sea Ltd. fell. in postmarket retail after launching the largest secondary offering to date in 2021.

Bitcoin was trading at around $ 46,000. Coinbase Global Inc. collapsed after the Securities and Exchange Commission warned the company not to launch a product that could allow consumers to earn interest on their crypto holdings.

The story goes on

What to see this week:

US President Joe Biden could make his decision this week whether he should renominate Fed chief Jerome Powell for a second term. ECB President Christine Lagarde will hold a press conference on Thursday after the bank’s interest rate decision

You can find more market analysis on our MLIV blog.

Some of the key moves in the markets:

S&P 500 futures fell 0.1% at 9:12 a.m. in Tokyo. The S&P 500 fell 0.1% and the Nasdaq 100 futures fell 0.1%. The Nasdaq 100 lost 0.4% Japan’s Topix index lost 0.4% Australia’s S & P / ASX 200 index lost 0.6% South Korea’s Kospi lost 0.3% Hang Seng index futures previously fell 0.4%

Currencies

The Japanese yen remained little changed at 110.24 per dollar The offshore yuan stood at 6.4587 per dollar The Bloomberg Dollar Spot Index rose less than 0.1% The euro traded at $ 1.1816

bind

The 10-year Treasury yield was 1.33% Australia’s 10-year yield fell two basis points to 1.28%

raw materials

West Texas Intermediate Crude Oil was at $ 69.21 per barrel, gold was trading at $ 1,788.87 per ounce

More stories like this can be found on Bloomberg.com

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source https://seedfinance.net/2021/09/09/asian-stocks-drop-amid-concern-over-growth-outlook-markets-wrap/

Biden administration extends $1B of additional student loan debt forgiveness

The Department of Education has issued another round of student debt relief as part of the closed school layoff program. Check if you are eligible for loan relief and learn more about your alternative loan repayment programs. (iStock)

The Department of Education is waiving an additional $ 1.1 billion in federal student loan debt for borrowers who have attended the now-defunct ITT Technical Institute, according to a press release dated Aug. 26. Beginning in September, the department will automatically settle student loan debts for 115,000 eligible borrowers.

This is not the first time the Biden government has targeted ITT Tech. In June, the Department canceled approximately $ 500 million in debt for 18,000 borrowers who applied for a waiver under the Borrower Defense Program.

“For years, ITT hid its real financial condition from borrowers, causing many of them to take out personal loans on misleading and prohibitive terms that may have resulted in borrowers dropping out of school. Today’s move continues the ministry’s efforts to improve its to improve and leverage targeted credit relief. ” Authorities to provide meaningful assistance to student borrowers.

– Minister of Education Miguel Cardona

BIDEN ADMIN CANCEL AN ADDITIONAL $ 5.8 BILLION DEBT FOR SELECTED DISABLED DRESSES

Since President Joe Biden took office in January, his administration has canceled $ 9.5 billion in federal student loan debt for more than 563,000 borrowers, according to the Department of Education. When Biden was a presidential candidate, he initially campaigned for federal student loans worth up to $ 10,000 per borrower.

Read on to learn more about who is eligible for this latest student loan waiver measure, as well as alternative options like federal deferral programs and private student loan refinancing.

When you decide to refinance your loans, visit Credible to find the lowest interest rate without hurting your credit score.

BIDEN STARTS INQUIRIES TO FIX THE PSLF PROGRAM FOR FEDERAL LOAN BODIES

Who qualifies for this round of student loan issuance?

The Biden administration will automatically grant debt relief to 115,000 borrowers who attended the now-closed facility between November 1, 2013 and July 1, 2020, according to the Ministry of Education. Students who attended ITT Tech within 120 days of its 2016 closure received automatic layoffs as early as 2019.

The Ministry of Education will begin processing this new round of layoffs in September. To qualify, borrowers must not have enrolled in another institution within 3 years of their school closing. Those who enrolled elsewhere but haven’t completed their education may be eligible for student loan waiver but must apply on the Federal Student Aid (FSA) website.

Even if they meet the eligibility requirements, borrowers may still not get their student loans waived. The Higher Education Act allows the department to cancel federal debt under the Direct Loan Program, the Federal Family Education Loan (FFEL) Program, and the Perkins Loan Program. As a result, borrowers on private student loans may not receive debt relief under the closed school discharge program.

Borrowers with private student loans can consider alternative options such as refinancing. See the student loan refinance rates from real private lenders in the table below.

TWO STUDENT LOAN STAFF END FEDERAL CONTRACTS, LEAVE 10 MILLION. BORROWER

3 options to consider if you are not eligible for a closed school discharge

Pending student loan payments can limit your budget and deter you from reaching financial milestones like buying a home or starting a family.

The Biden administration has extended the hiatus in federal student loan payments, but this COVID-19 emergency response isn’t going to last forever – and it isn’t helping borrowers with private student loans. If you’re struggling to repay your college debt and you don’t qualify for the final round of federal edict, consider the following options:

Inquire about alternative student loan forgiveness programs. For example, you can apply for the Borrower Defense Program if you think your school has misled you or engaged in wrongdoing. You may be entitled to have some or all of your federal student loan debt waived.

Check if you qualify for federal student loan protection. The FSA offers income-oriented repayment plans (IDR) that limit your monthly payments to a certain percentage of your disposable income. You can also qualify for additional deferral for up to 36 months by postponing economic hardship or unemployment.

Refinance your student loans. Depending on the type of loan you have, refinancing can help you lower your monthly payments or pay off your debt faster. Student loan refinancing rates are still near historic lows, which gives borrowers an opportunity to save money on interest over time.

BIDEN ADMINISTRATION PROBLEMS “FINAL EXTENSION” OF PAYMENT BREAK FOR STUDENT LOANS

Student loan refinancing is not for everyone. For example, you may not want to refinance federal student loans as it will prevent you from being eligible for government protections like IDR plans and interest-free deferral. However, if you have a private student loan and are getting a lower interest rate than you are currently paying, refinancing can be a smart financial move.

If you need help deciding whether a refinance is right for you, reach out to a Credible credit professional to discuss your student loan repayment options.

98% OF PUBLIC SERVICE CREDIT PROGRAM APPLICATION REJECTED

Do you have a finance-related question but don’t know who to contact? Send an email to the credible money expert at [email protected] and your question could be answered by Credible in our Money Expert section.

source https://seedfinance.net/2021/09/08/biden-administration-extends-1b-of-additional-student-loan-debt-forgiveness/

Government Schools in Assam, India Get AI-Based Attendance Management System – OpenGov Asia

In a joint virtual workshop, Indian and German scientists discussed five selected topics of common interest relating to artificial intelligence (AI) and its implementation. The participants discussed AI for sustainability, healthcare, autonomous robotics, safe AI and mathematical fundamentals. The workshop was organized by the Indo-German Science and Technology Center (IGSTC), the Federal Ministry of Education and Research (BMBF) and the Indian Department of Science and Technology (DST).

The workshop, held earlier this week, was organized following the decision to strengthen and expand cooperation on AI during the intergovernmental consultations between two countries in November 2019, Indian Co-Chair of IGSTC and Head International Division of DST and the German co-chair spoke about strengthening university and industry partnerships and improving collaboration to help society, especially in the areas of AI, machine learning and robotics.

According to an official, Germany is concentrating on expanding its economy with AI. India is a strong partner on AI and the recommendation from the Scientific Advisory Board from the workshop could maximize the impact of the measures. Head-FFT DST stated that AI is a very active research topic worldwide and efforts should be made so that India and Germany can work together and strengthen cooperation. There are many issues to be resolved in this area, such as modernizing technology, developing skills and creating jobs. Science and industry need to be engaged in this area and products need to be coordinated, he said. The workshop was accompanied by two plenary lectures, followed by invited lectures and plenary sessions.

Last year Germany published a plan for AI with India as a partner. FAIR Forward – Artificial Intelligence for All, an initiative of German development cooperation, works with five partner countries – Ghana, Rwanda, South Africa, Uganda and India – to promote an open, integrative and sustainable approach to AI worldwide. One focus of the program is the creation of open language data sets in Indian languages.

Machine learning, AI, computer programming and deep learning have become the most popular online courses among Indians, according to a recent report by the online learning platform Coursera. Around 10.6 million Indians have registered on the platform so far and are only behind the USA. The results come at a time when online learning has replaced traditional classroom teaching.

Other popular courses are Javascript, Blockchain, Internet of Things, Web Development, and C Programming. These courses are also popular in other countries such as Germany, Russia, China, Australia and Saudi Arabia. India ranks 67th out of 104 nations for digital skills. It ranked ahead of Myanmar, Uzbekistan and Bhutan, but couldn’t compete with countries like Hong Kong, Singapore and Japan, suggesting a lack of digital and data literacy.

Digital skills have become important as technology powers most industries. The pandemic has also displaced millions of workers worldwide. India showed 38% proficiency in technology and data science, falling behind countries like the Republic of Korea, Nepal, Malaysia and Sri Lanka. It showed 13% proficiency in computer programming, 14% in mobile development and 25% in data analysis. The pace of skills transformation is slower than the pace of digital transformation in India and learners need to invest in soft and technical skills to prepare for the jobs of the future.

source https://seedfinance.net/2021/09/08/government-schools-in-assam-india-get-ai-based-attendance-management-system-opengov-asia/

New Energy Equity closes $50 Million Unitranche Revolver led by SVB

ANNAPOLIS, Md., September 8, 2021 / PRNewswire / – New Energy Equity, a developer and financier of community and commercial solar projects across the region The United States, announced today the closure of a. known $ 50 million Establishment, with $ 41 million Managed by Silicon Valley Bank and together with SVB Capital, two innovative financial partners in the field of renewable energies and technology. The Unitranche rotating system is used for the construction of municipal solar projects in New York State and other markets with an expected total installed capacity of more than 60 MW.

Community Solar is at the forefront of the energy transition, promoting access to safe, accessible and affordable renewable energy for a wide range of customers, including commercial, industrial, municipal, universities, schools, hospitals and private customers, without the need to install solar systems on their own Property.

Silicon Valley Bank is the only coordinating lead arranger, with SVB Capital acting as the lender. The financing supports the construction of communal solar systems within the framework of state-funded decentralized generation programs. The facility will fund a large portion of the construction and financing costs of the projects and will help New Energy Equity with its working capital needs while allowing flexibility in the assets to be financed, subject to the approval of the lender.

“New Energy Equity is excited to enter into this new partnership with Silicon Valley Bank and SVB Capital,” said Matthew Hankey, President, Co-Founder and CEO of New Energy Equity. “Your commitment to a functioning solar energy in the community will help us to bring the transformation to clean energy on better conditions in more communities and customers. We look forward to a long and successful cooperation.”

“SVB is proud to provide New Energy Equity with this funding,” said Bret Turner, Market manager and co-lead of the project finance team at Silicon Valley Bank. “We are committed to catalyzing solar innovation and reducing energy costs for households and communities to make renewable energy affordable for everyone.”

About New Energy Equity

Founded in 2013 and headquartered in Annapolis, Maryland, develops and finances New Energy Equity solar power plants and supplies clean power to commercial, industrial, municipal and utility customers under long-term contracts. New Energy Equity has successfully developed over 250 MW of solar projects since 2013. The company was named 7th Top Solar Developer and 8th Growing Energy Company in DC on Solar Power World’s “2021 Top Solar Contractors” list, Maryland, and Virginia by Inc. Magazine in 2020. To learn more, visit www.newenergyequity.com.

About the SVB Finance Group

For almost 40 years, the SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have been helping innovative companies and their investors to advance bold ideas quickly. SVB Financial Group’s businesses, including Silicon Valley Bank (SVB), serve technology, life science and healthcare, private equity and venture capital, and premium wine companies. The SVB project finance group works with project owners, sponsors and investors to finance large residential, commercial and industrial projects as well as major projects. Headquartered in Santa Clara, California, the SVB Finance Group operates in innovation centers around the world. To learn more, visit svb.com.

The SVB Finanzgruppe is the holding company for all business areas and groups © 2021 SVB Finanzgruppe. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the Chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California banking subsidiary of the SVB Financial Group.

Media contact:Keri Fischer 410-982-9394 [email protected]

SOURCE New Energy Equity

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