Ocado share price: 19.3bn reasons why I’m cautious

first_img I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Jonathan Smith | Monday, 9th November, 2020 | More on: OCDO Our 6 ‘Best Buys Now’ Shares Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. The Motley Fool’s readers are quick thinkers so you’ll likely have figured out that the figure in my title relates to £19.3bn. That’s the approximate current market capitalisation of Ocado (LSE:OCDO). But why is this a reason for concern? After all, I’ve been bullish on the stock since the beginning of the year.During the first lockdown back in Q2, I wrote about how I thought the Ocado share price could perform very well in the pandemic. The firm has a large distribution network and an established online presence. This e-supermarket was suited perfectly to consumers who couldn’t (or didn’t want to) leave home for food shopping. That was seen in the half-year results, with retail revenue up 27%. This growth was on top of existing growth from the previous period.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Is the Ocado share price fairly priced?The snowballing impact of an increase in demand from the lockdown saw the Ocado share price surge. At a time when most FTSE 100 stocks were falling, the price rose quickly. At a current price of just under 2,600p, it has virtually doubled this year. The market cap figure has risen in line with this, as it’s calculated by multiplying the share price by the number of shares in the market. Investors often use the market cap figure as a measure of the overall value of the business.This brings me to the reason I’m starting to think the Ocado share price is looking overvalued after the incredible surge this year. As mentioned, the market cap stands at £19.3bn. By comparison, the Tesco market cap is £21.3bn. J Sainsbury is £4.47bn, with WM Morrison at £3.95bn. Now take a look at the market share of UK grocers from Statista up to May 2020. It has Tesco firmly in front, with 27% of the total market share. Sainsbury’s and Morrisons have 15% and 10% respectively. What about Ocado? It has a share of just 1.6%. Hopefully you can now see the reason I’m concerned. Should an online supermarket that holds just 1.6% of the market really have a value close to the firm that has 27%?It’s a growth stockSome of you in your head right now are thinking “but it’s a growth stock“. It’s true, Ocado is seen as a high-growth stock, with a large technology focus. From this, you can look past current market share levels and price the stock as a multiple of future potential earnings or size. This has become a much more accepted investment strategy in recent years (just take a look at Tesla).Despite this, I think Ocado at its core is still just an online supermarket. Therefore I struggle to justify the argument that the Ocado share price should be allowed to trade at such a high level for a continued period of time. In my opinion, the share price was a great buy throughout most of the year, but right now I’d stay away and wait for a correction lower. Image source: Getty Images Ocado share price: 19.3bn reasons why I’m cautious jonathansmith1 has no position in any of the shares mentioned. The Motley Fool UK owns shares of and has recommended Tesla. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.center_img I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Simply click below to discover how you can take advantage of this. “This Stock Could Be Like Buying Amazon in 1997” Enter Your Email Address See all posts by Jonathan Smithlast_img read more

England unchanged for Italy match

first_imgNOT FOR FEATURED LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Italy: Andrea Masi; Giovanbattista Venditti, Tommaso Benvenuti, Gonzalo Canale, Luke McLean; Kristopher Burton, Edoardo Gori; Andrea Lo Cicero, Leonardo Ghiraldini, Martin Castrogiovanni, Quintin Geldenhuys, Marco Bortolami, Alessandro Zanni, Robert Barbieri, Sergio Parisse (capt).Replacements: Tommaso D’Apice, Lorenzo Cittadini, Antonio Pavanello, Mauro Bergamasco, Fabio Semenzato, Tobias Botes, Luca Morisi.England: Ben Foden; Chris Ashton, Brad Barritt, Owen Farrell, David Strettle; Charlie Hodgson, Ben Youngs; Alex Corbisiero, Dylan Hartley, Dan Cole , Mouritz Botha, Tom Palmer, Tom Croft, Chris Robshaw (capt), Phil Dowson.Replacements: Rob Webber, Matt Stevens, Geoff Parling, Ben Morgan, Lee Dickson, Jordan Turner-Hall, Mike Brown. “We have decided to leave the starting team the same to allow them more time to gel together and we are expecting our bench to come on and make an impact as they did last week. Italy will be a very difficult challenge with nearly 700 caps in their starting line-up and it promises to be an outstanding occasion at the sold-out Stadio Olimpico.”Leading man: Italy’s Sergio ParisseITALY v ENGLAND, STADIO OLIMPICO, SATURDAY 11 FEBRUARY, KICK-OFF 4pm Same again: England celebrate with the Calcutta Cup – and the same 22 will play Italy on SaturdaySTUART LANCASTER has named an unchanged England team to take on Italy in Rome in the Six Nations on Saturday afternoon.England secured a narrow 13-6 win over Scotland last weekend to lift the Calcutta Cup and coach Lancaster wants to give the team more time to “gel together” so has picked the same 22 to face an experienced Azzurri side, which lost 30-12 to France in the opening round.Fighting fit: Scrum-half Lee DicksonReplacement scrum-half Lee Dickson was the only injury worry, but he has recovered far quicker than expected from his hand problem to take his place on the bench.“We have had a good week in spite of the weather and reflected on the game, reviewed and learnt from it, and will look to improve the quality of our performance this week,” said Lancaster.last_img read more

World Cup watch: France can thrive with English style

first_imgForward power: France may well have found a style that works, based on the efforts of their pack Thumbs up: Louis Picamoles is back to his finest form at No 8But the France squad are now in an unusual position – they are fit, fresh and invigorated. The first-choice pack is also vastly experienced with an average of 30, one year more than the England ‘Dad’s Army’ pack that won the 2003 World Cup.It’s taken Saint-Andre four years to work out his best pack, although he hasn’t been helped in the last 12 months by a combination of illness (Picamoles), suspension (Pape) and injury (Dusautoir and Ben Arous) . But suddenly PSA’s plans are coming together, and this most Anglophone of French coaches is increasingly confident he can win a World Cup on English soil playing in the old English style. LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS All smiles: Philippe Saint-Andre has seen his side play powerfullyPSA has assembled a pack to do a similar job. Nicolas Mas is his Jeff Probyn, a grizzled tight-head happiest with his head in the scrum. Eddy Ben Arous will play the role of Jason Leonard, a young loose-head still learning his craft but possessed of strength, energy and aggression. Guilhem Guirado has much in common with Brian Moore: not the biggest hooker but mobile, precise and a leader of men.Pascal Pape and Yoann Maestri are every bit as bruising as Wade Dooley and Paul Ackford, big, hard men who enjoy combat and perform their second-row duties with grim efficiency.PSA’s likely first-choice back-row will be Louis Picamoles at No8 with Damien Chouly and Thierry Dusautoir on the flanks. Not the most creative but then neither was England’s 1991 loose forward trio of Mike Teague, Mick Skinner and Peter Winterbottom. They were more destructive than constructive, using their muscle to out-ruck and out-maul the opposition, and tackle them into the ground with a bone-shuddering intensity.Over the years France have illuminated the World Cup with moments of exquisite panache – their 1987 semi-final defeat of Australia, coming back to beat New Zealand in the 1999 World Cup and stunning the All Blacks again eight years later. But despite their bouts of brilliance the Webb Ellis Cup has remained out of reach. PSA is carrying on the work of Bernard Laporte, the first France coach to understand that the old French way was incompatible with professional rugby. Sides were fitter, defences tighter and the days of playing by thrilling instinct were over. Laporte began the transformation following France’s ignominious defeat to England in the 2003 World Cup semi-final. For many seasons he was criticised and told France would never beat England at their own game, and over the last decade England have had the best of the encounters. But England have been steadily moving away from their traditional game, a transition facilitated by the expansive style of the Aviva Premiership. The Top 14 in contrast is still set-piece dominated; the season is also longer and matches more physically draining with players given little time to recover for Test matches – hence why France’s results have suffered in recent seasons. Scotland will present an awkward challenge to France on Saturday evening. Awkward because only a dominant victory will do for the French public, who are still on a high after Les Bleus‘ battering of England last month. They want more of the same, and they’ll expect it against a Scottish side who last won in Paris in 1999.They’ll expect to see a similarly bullying display in the scrum, more pilfering of opposition ball at the line-out and Freddie Michalak will be expected to kick his goals and orchestrate his backline. If France do despatch the Scots with the same clinical confidence they showed against England then they’ll head into the World Cup on a high, and that should worry their rivals.The draw has been favourable to the French. They kick-off their campaign at Twickenham on September 19 against Italy, who, judging by their sorry display against Scotland on Saturday, won’t present much of a problem to Philippe Saint-Andre’s side. Then it’s Romania and Canada, tough opponents but unlikely to mount a serious challenge to France. Their final group game is against Ireland on Sunday October 11.Struggling: Italy were easily beaten by Scotland last weekendFrance haven’t beaten Ireland during Saint-Andre’s reign but if they are unbeaten when they meet in six weeks, the French will be favourites to progress to a likely quarter-final against Argentina.There was little flamboyance in France’s two performances against England last month (they scored two tries to England’s five) but if Saint-Andre learned one thing during his 69-cap Test career, it was that flamboyance doesn’t win titles. Yes, it wins you admiration – too many people have asked him about his try against England in 1991 or his part in the ‘Try from the End of the World’ against New Zealand three years later – but you can’t display flamboyance on the mantelpiece.PSA’s Test career ran from 1990 to 1997, an era of unprecedented English dominance in northern hemisphere rugby. Will Carling’s side won three Grand Slam titles and reached a World Cup final, while France were busy running the ball from inside their own 22. PSA played against England six times in the Five Nations and won just once. He also played in the 1991 World Cup quarter-final, a match of chilling ferocity, in which England’s victory was built on the indomitability of their pack. England reached the final that year playing rugby that could hardly be called captivating, despite the presence of Jeremy Guscott and Rory Underwood, two of the most creative threequarters of their generation. Instead England bludgeoned their way to the final, scoring just two tries in the quarter-, semi- and final.last_img read more

Lloyds TSB Foundation launches new guidelines

first_imgLloyds TSB Foundation launches new guidelines Howard Lake | 9 February 2007 | News  13 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis The Foundation says “it is very important that charities speak to the grant-making team before they apply as staff will give ./guidance on submitting an application in relation to how much money it would be realistic to request and the most appropriate aspect of funding requirements to submit”.The Community Priority programme, worth £11.5 million for 2007, will aim at a local and regional level to fund underfunded charities with an income of £1 million or less who are working within those priority areas to achieve maximum impact. At an England and Wales-wide the Foundation is prioritising charities with an income of £5 million or less. Grants can be for one to three years and for core funding, new initiatives or to enable a charity to move to the next level of their development. There are different funding priorities for the Community Priority in different aeras of the country. Again, the Foundation strongly encourages would-be applicants to talk to Foundation staff before making an application.The new guidelines also contain an updated list of funding exclusions. The Lloyds TSB Foundation for England and Wales has launched a new set of guidelines featuring significant changes to its core programmes. The Foundation has reviewed the Community programme for consistency and to tighten its focus on supporting smaller underfunded charities that help disadvantaged people to play a fuller role in the community of their choice.The Community Open programme, worth £7.7 million for 2007, has been relaunched as the Community Open programme to reflect the Foundation’s core mission of supporting local charities that help disadvantaged people to play a fuller role in the community of their choice. At a local and regional level the Foundation is now focusing on supporting underfunded charities with an income of £1 million or less for core and project funding of one to three years. At an England and Wales-wide level the Foundation is prioritising charities with an income of £5 million or less. Advertisement AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more

Seven Christian charities partner on first Christian Legacy Week

first_img AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis2 About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Christian Legacy Week runs next week with the aim of inspiring Christians to leave a bequest to charity in their wills.The new campaign, which runs from 13 – 20 October, is run by Christian Legacy, a partnership between seven large Christian charities including Church Mission Society and Care for the Family.Christians and will makingResearch by Christian Legacy has found that Christians are much more likely to have made a will compared to Britons in general: the research, carried out by Christian Research and involving just under 2,000 responses, revealed that 80% of UK Christians have made a will, whereas under one third of Britons currently have a will.However, only half of these Christians have included or are considering leaving a gift to a Christian charity in their will.The partner charities are also aware that legacy giving does not have a high profile in many churches. Research by Christian Legacy in February this year found that Christians were far more likely to have heard teaching on tithing (60%) and regular giving (86%) than on legacy gifts, where less than a quarter of Christians had heard it mentioned by their church.Free advice on how to write a willThe inaugural Christian Legacy Week challenges Christians to consider what kind of legacy they are leaving behind for future generations. It aims to inspire more people to add a gift in their will to a Christian cause “to influence the world for the better after they die”.The campaign includes free advice on how to write a will and leave a gift to charity. A free information pack is available on request via their website and the partner charities will be contacting supporters and church networks to raise awareness over the week.Daniel Jones, from partner charity Stewardship, said: Advertisement Seven Christian charities partner on first Christian Legacy Week Tagged with: faith legacies Remember a Charitycenter_img  35 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis2 “As Christians, it is important to consider what kind of legacy we are leaving behind for others. Leaving a gift in your will is an incredibly powerful way of continuing to sow into God’s kingdom on Earth. Through your will you can continue to be part of the healing, transformation and hope that many Christian organisations bring to broken people and a broken world”.He acknowledged the good work of groups like Remember a Charity, a coalition of 140 charities that promote making a will and including a charitable bequest. He said that Christian Legacy aimed to complement this by challenging Christians in particular to consider how best they can help others in their will. Howard Lake | 10 October 2014 | Newslast_img read more

Washington state teachers vote to strike

first_imgAug. 25 — Teachers throughout southwest Washington state have overwhelming­ly approved potential strikes and work stop­pages if their demands for better pay and new contracts aren’t met before their scheduled return to work at the end of August.Beginning Aug. 17, a strike vote by teachers in Ridgefield won by 97.8 percent. Four days later, Washougal and Hockinson voted to strike, followed by a near-unanimous vote in Battle Ground. On Aug. 23, teachers in Evergreen school district, Clark County’s largest, approved a strike. Camas will hold a vote on Aug. 27, while teachers in Woodland have approved a new contract with a 23 percent raise.On Aug. 20, teachers in Vancouver, Wash., directly across the Columbia River from Portland (not to be confused with Vancouver, Canada), also approved a possible work stoppage. According to Vancouver’s newspaper, The Columbian, “The union and district are at odds over a few items other than teacher pay, such as class sizes, case loads and staffing in the special education program, and a guaranteed voice in the curriculum adoption process.” (Aug. 17)As of this writing, teachers have voted to authorize strikes in at least 10 of the state’s 294 school districts. The strike votes come in a year that has already seen large teacher strikes in several states protesting the chronic neglect of the public education system — from low pay to overcrowded, dilapidated schools contaminated with lead and lacking heat. According to the Aug. 17 Columbian, “The union and district are at odds over a few items other than teacher pay, such as class sizes, case loads and staffing in the special education program, and a guaranteed voice in the curriculum adoption process.”The Washington state Supreme Court in its 2012 McCleary decision found that the state was failing to provide basic education and ordered it to spend billions more dollars on schools. Four years later the court found the state still was not in compliance with its decision. Teachers remain frustrated with the same problems of stagnant pay and crumbling schools that led to the court decision in the first place.In a state frequently described as liberal or progressive, Washington’s education system and tax structure tilt decidedly against working people and in favor of the wealthiest few. With no state income tax and high, regressive sales taxes that disproportionately affect low-income people, Washington’s tax structure has been ranked as the least fair in the country. (time.com, Jan. 14, 2015)Billionaires profit, schools languishBillionaires like Bill Gates and Jeff Bezos, along with their companies Microsoft and Amazon, call the state home, as do corporate titans like Boeing and Starbucks. Seattle shimmers with new skyscrapers filled with luxury condos, posh hotels and vast corporate offices. But amidst the flashiness of its largest city and stunning volcanic vistas, Washington faces serious problems like inadequate public education, an opioid epidemic and a deep affordable-housing and homelessness crisis.Seattle attempted to ameliorate its housing crisis by taxing large companies like Amazon to pay for affordable housing. But once the large corporations came out strongly against it, the City Council quickly folded. Amazon constantly threatens to leave Seattle, even pitting cities against each other for a chance to win its second corporate headquarters — all as a way to bully the city and state into getting what it wants. Boeing also received special deals from the state to incentivize it to stay, after it threatened to move to a lower-wage, lower-regulation state.Resources exist to fix Washington’s schools and provide everyone with housing and health care — which are crucial to stop the opioid epidemic. But those resources aren’t allocated for the benefit of the public.A small capitalist class exercises control over the economy. What could be used to provide a decent education and home for all instead goes to stock buybacks that benefit investors or extravagant yachts for the super-rich.The state’s endless pleading with the likes of Amazon and Boeing to stay and invest in Washington clearly hasn’t benefited the children and teachers. These corporations will take every handout they can get until they decide to go somewhere more exploitable. Submitting to their control can never deliver a good standard of living for the working-class majority, since their very existence depends on the exploited class of workers.But the teachers have had enough, emboldened by a spate of strikes in other states that were able to win real gains — gains that cannot be achieved via endless negotiations and compromises with those in power.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Workers in Finland resist attack on health care system

first_imgThe author is vice chair of the Communist League (Finland). Workers World requested he write this article for U.S. readers because its central issue, the health care system, is an important issue in the United States.Helsinki – In Finland the right-wing government resigned in April this year, only a few weeks before the parliamentary elections, because it failed to push through a massive health care “reform.” Health care in Finland is still largely run by the public sector.Trade unions protest government austerity at Senate Square in Helsinki, Feb. 2, 2018. Communist League banner reads: ‘Health care hijack must be stopped.’The aim of the reform was to shift the operation of the health care system, amounting to tens of billions of euros, more and more to private companies so that they would profit from it. Many of these companies are owned by foreign investors, who often transfer their money to tax havens abroad.The government claimed this “reform” would save some 3 billion euros of taxpayers’ money, and at the same time would improve the health care system and make it more equal. Later, its spokespeople had to admit that instead of saving 3 billion, it would add approximately 3 billion euros to  taxpayers’ costs. [1 euro = $1.12 as of May 12]It’s obvious that it would cost more, since private companies must make their profit on top of the cost of actual health care The public sector can just produce the health service without need to gain any profit from it.Preventing this “reform” was, of course, good news for the working class here. Our party and its allies have strongly opposed this reform for many years. There have been many big demonstrations over the last four years against the right-wing government and its policies, organized by a wide coalition of anti-neoliberal forces in Finland. We in the Communist League have been active in reminding people how important it is to fight against the health care “reform.” We see it almost as “modern-day colonialism.” Instead of conquering new continents, the capitalists conquer new sectors in society to keep their profits going up.Recent history of Finnish health careOur party has stated that if there should be a reform of health care, it should adopt its principles from the long forgotten 1972 legislation, the National Health Care Bill: This includes availability of health care for all, and health care that is free of charge and offers first-class treatment and care in all parts of Finland. In 1972 the National Health Care Bill passed during the prime time of the welfare-state period in Finnish history. Some 15 years later there were new winds blowing in Finnish and international politics. Finland’s neighbor, the Soviet Union, was undergoing changes (Perestroika started in 1986) and Margaret Thatcher became the British prime minister, with her extremely hostile attitude toward the working class, trade unions and the welfare state.The late 1980s were regarded as the years of wild capitalism, casino capitalism. As expected, in Finland it ended with a crash into a wall, and it was followed by a great depression that left some 500,000 people unemployed (out of Finland’s total of 5.5 million inhabitants). At the time, hundreds of businesses collapsed, leaving many people penniless. Many committed suicide. It is fair to say that since then nothing has been the same in Finland.Since the great depression in the early 1990s, the political debate has basically circled around one question: How much must the government cut public spending and from where? It’s been full austerity since. The profits of big capital, however, have risen to a record-breaking level at the same time. Shareholders received some 14 billion euros in dividends last year, the all-time record amount. Each year this money ends up going either abroad or to Finland’s own capitalists — away from benefiting the overall economy and our public funding. No matter what happens, however, the right-wing rhetoric remains the same: We cannot afford the welfare state any more because “there is no money.”‘Reform’ would benefit the private health businessIn Finland and Sweden there is one peculiarity compared to many other countries: The municipalities have traditionally had much autonomy to run themselves without interference from the national government. According to many studies, the most cost-effective size of a municipality to supply public health services is around 20,000 to 50,000 inhabitants. In bigger cities like Helsinki it is much more expensive to produce health services. In spite of this, one of the aims of the neoliberal health care reform is to create very large new areas in which health services would be centered in the “capital city” of the area.Smaller municipalities especially would lose their independence and would suffer from the reform, because it would centralize the health services into the central cities and weaken the current health services in the provincial towns and villages. For this reason the reform would be undemocratic and unfair. Even without this massive reform, health care services have been centralized during the last couple of decades, which has weakened health care in certain areas.Some maternity hospitals, for instance, have been closed, with the pretext that in those hospitals “there have not been enough births per year.” In neoliberal thinking, these important hospitals have been “ineffective.” Now in some areas pregnant women are at risk of not receiving proper care in cases of premature birth or other problem births. It is also typical that women’s rights are first in line to be cut when neoliberals calculate budget cuts.  The working class here must be constantly alert to stop any attack on its successful health care system. The neoliberals have already managed to cause considerable damage to it, but this massive privatization operation would seriously jeopardize our public health care system The good news is that these right-wing parties lost the elections held on April 14. A coalition of social democratic and centrist parties — with the Left Alliance and the Greens — is likely to form the new government.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

South Pasadena to Consider Withdrawing from the San Gabriel Valley Council of Governments

first_img First Heatwave Expected Next Week Community News Subscribe Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Your email address will not be published. Required fields are marked * Make a comment Top of the News faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPasadena Public WorksPasadena Water and PowerPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Future membership in the San Gabriel Valley Council of Governments (SGVCOG) was in question this week as the South Pasadena City Council members considered withdrawal following the agency’s recent support of the 710 Freeway tunnel under the city.As presented in a city staff report, due to SGVCOG’s long history of supporting of closing the gap, the council has questioned maintaining membership in the organization. Cities are not required to be members of the COG.On Wednesday night, after press time, the City Council provided input to city staff on its membership and what direction it wants to go. The cities of South Pasadena and La Cañada Flintridge are considering creating their own Council of Governments, possibly also joining Burbank, Glendale and Pasadena in the effort.South Pasadena has been a member of SGCOG organization since 1994.The cities of South Pasadena, La Cañada Flintridge, Glendale, Burbank and Pasadena all oppose a freeway tunnel stretching 6.3 miles from just outside the Alhambra city limits to the 210/134 interchange in Pasadena. Just over four miles of it will run under South Pasadena and Pasadena.“The most disappointing, the most unprofessional and divisive action the COG continues to take is the desire for a tunnel underneath our city,” said South Pasadena City Manager Sergio Gonzalez, noting that historically the surface route and now the tunnel route are being supported by the regional planning authority.At its June 18 meeting, the COG voted 16-7 to submit official comments on the Environmental Impact Report SR-710 North Study Draft Report/Environmental Impact Statement (EIR/EIS) in support of the Freeway tunnel project. A letter of its recommendation was sent to the California Department of Transportation (Caltrans) and the Los Angeles County Metropolitan Transportation Agency (Metro).Caltrans/Metro are exploring options to ease traffic congestion through the region in a $40 million, 26,000-page environmental impact report in March which would include one of five alternatives:•No build option that would leave conditions the way the are now.•A traffic management system to upgrade and synchronize signals and improve local street intersections to more quickly move traffic that exits the dead freeway.•A rapid bus line featuring high frequency service with minimal stops and dedicated bus lane.Light rail to carry passengers between East Los Angeles and Pasadena.•A freeway that would extend the SR-710 under El Sereno, South Pasadena and Pasadena.Opponents of the freeway have pushed for more effective use of light rail, dedicated busways and bikeways to move along traffic.“Our City Council continues to be concerned,” said Gonzalez. “The good thing is we’re not alone in this fight.”The council was expected to vote on withdrawing from the COG during its regularly scheduled meeting on Wednesday night after press time.The freeway battle has been contentious between neighboring cities for nearly 60 years, much of it coming between South Pasadena and Alhambra, both expressing opposing views on how to effectively move traffic through the region.“This is something that can be very detrimental to our community if a tunnel is built under our city should their be sink holes, a fire in the tunnel,” said Gonzalez. “What does that do to the properties above it. What if the boring machine stalls inside the tunnel like it did in Seattle?” Gonzalez believes the COG should not have even taken a vote on the tunnel issue.“But that went of deaf ears and the majority of the members voted to submit a letter in support of the tunnel,” explained Gonzalez. “The question before the City Council is do we leave the Council of Governments? What options do we have?”Under consideration is pursuing an Arroyo Verdugo COG with the five cities including South Pasadena, Glendale, Burbank, Pasadena and La Canada Flintridge.“One of the things we want to explore is do we have more commonalities with those cities. The areas the new COG could address if we form it, can storm water, homelessness issues, transportation, housing and more,” explained Gonzalez. “All those issues can be addressed much more efficiently in a pool instead as individual cities. Staff will take direction from the City Council and go from there.”The 31 current participating cities all annually contribute between $5,000 to $20,000 to the COG.According to its website, the SGVCOG serves as a regional voice for its member agencies and works to improve the quality of life for the more than 2 million residents living in the San Gabriel Valley. The SGVCOG works on issues of importance to its member agencies, including transportation, housing, economic development, the environment, and water, and seeks to address these regionally. Community Newscenter_img 0 commentsShareShareTweetSharePin it HerbeautyStop Eating Read Meat (Before It’s Too Late)HerbeautyHerbeautyHerbeautyShort On Time? 10-Minute Workouts Are Just What You NeedHerbeautyHerbeautyHerbeauty8 Easy Exotic Meals Anyone Can MakeHerbeautyHerbeautyHerbeauty8 Celebrities People Don’t Love AnymoreHerbeautyHerbeautyHerbeauty’First Daughters’: From Cute Little Kids To Beautiful Young WomenHerbeautyHerbeautyHerbeautyThe Real Truth About The Pain Caused By MicrobladingHerbeautyHerbeauty Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Business News Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Name (required)  Mail (required) (not be published)  Website  Government South Pasadena to Consider Withdrawing from the San Gabriel Valley Council of Governments By Bill Glazier, South Pasadena Now Published on Tuesday, August 25, 2015 | 3:01 pm More Cool Stufflast_img read more

[Loan Moratorium And Interest Waiver] Banks Are Advised To Credit Difference Between Compound And Simple Interest To Borrowers: RBI Tells Supreme Court

first_imgTop Stories[Loan Moratorium And Interest Waiver] Banks Are Advised To Credit Difference Between Compound And Simple Interest To Borrowers: RBI Tells Supreme Court Sanya Talwar1 Nov 2020 7:26 AMShare This – xIn the ongoing issue pertaining to levy of accruing interest on interest and loan moratorium before Supreme Court, Reserve Bank of India (RBI) informed the Court that banks shall be guided by a Scheme for effectuating ex gratia payments to borrowers towards specified loan amounts.The Additional Affidavit states that the applicable scheme dated October 23 will be “Scheme for grant of ex…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginIn the ongoing issue pertaining to levy of accruing interest on interest and loan moratorium before Supreme Court, Reserve Bank of India (RBI) informed the Court that banks shall be guided by a Scheme for effectuating ex gratia payments to borrowers towards specified loan amounts.The Additional Affidavit states that the applicable scheme dated October 23 will be “Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts” which has been put in place in light of the “unprecedented” situation that the pandemic has brought in.”RBI/2020-21-61 DOR. No.BP.BC.26/21.04.048/2020-21 dated October 26, 2020 has advised all the Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks), All Primary (Urban) Co-operative Banks/ State Cooperative Banks/ District Central Co-operative Banks, All AllIndia Financial Institutions and All Non-Banking Financial Companies (including Housing Finance Companies) to be guided by the provisions of the Scheme and take necessary actions within the stipulated timeline therein” – RBI To SCThe scheme shall apply for a 6 month period (March 1 – August 31, 2020) and stipulated borrowers who have availed loans or credits will be eligible for benefits. These shall include borrowers in t he segments of loans who have accounts having sanctioned limits and outstanding amount of not exceeding Rs. 2 Crore as on February 29, 2020. The eligible loans include; MSME loans, Education loan, housing loans, consumer durable loans, credit card dues, automobile loans, personal loans to professional and consumption loans.”Any borrower whose aggregate of all facilities with lending institutions is more than Rs. 2 Crore will not be eligible for ex-gratia payment under this scheme,” says RBI.Further to this, the RBI has stated that the aforesaid eligibility shall be subject to the following further conditions and stipulations:i) Account should be standard as on February 29, 2020, i.e. loan should not be a NPA on the said date;ii) Lending Institutions should be either a banking company or a Public Sector Bank or a Co-operative bank or a Regional Rural bank or an All India Financial Institution, Non-Banking Financial Companies or a Housing Finance Company registered with RBI or a National Housing bank as the case may be. An NBFC & MFI should be member of an SRO recognised by the RBI;iii) The ex-gratia payment under this scheme shall be admissible irrespective of whether the borrower had fully availed or partially availed or not availed of the moratorium on repayment announced by the RBI earlier.Issues and concerns relating to claims submitted by lending institutions shall be handled through the designated cell at the State Bank of India in consultation with Government of India. In this light, each lending institution shall put in place a grievance redressal mechanism for the eligible borrowers for redressal of their grievances arising out of the present scheme within one week from the date of the issuance of these scheme guidelines.On October 25, the Central Government had filed an affidavit stating that the Ministry of Finance has approved the policy decision for granting various reliefs for Covid pandemic, including a policy decision whereby waiver of interest on interest would be effectuated for eligible borrowers of loans up to Rs. 2 Crore.The affidavit comes after Supreme Court had pulled up the Centre on October 14 for its delay in implementation of their decision for providing benefits to small borrowers who had taken loans of up to 2 Crores.It is submitted that the preparation of the Scheme in this behalf was under contemplation and it was also necessary to formalise the said policy by following certain mandatory procedure required by law,” the Centre has explained in its affidavit.A bench comprising Justices Ashok Bhushan, R Subhash Reddy and MR Shah told the Centre that even though it had welcomed its decision of relieving the smaller borrowers, there was no reason to delay the implementation of the said decision.”Their Diwali Is In Your Hands, Mr. Mehta,” the bench had told the Solicitor General.The law officer had then informed the bench that there was diversity in lending and different modalities are required to be followed. “Consultations are on between the required stakeholders,” he added.Click Here To Download Additional AffidavitSubscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. 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PSNI in Derry appeal for information regarding missing person

first_img Pinterest PSNI in Derry appeal for information regarding missing person By News Highland – July 3, 2018 Pinterest Nine til Noon Show – Listen back to Monday’s Programme Important message for people attending LUH’s INR clinic WhatsApp DL Debate – 24/05/21 Police in the Foyle area are growing increasingly concerned for the safety and welfare of missing person Mark Carroll.Mark is 31 years old, 5 foot 6 inches tall and slim build with short hair.Police say he left the Simon Community in Derry in the very early hours of Saturday last, June 30th wearing a grey sweatshirt, black 3/4 lengths, gloves and carrying a green rucksack with a blue sports bag attached.Anyone who has any information regarding Mark’s whereabouts is asked to come forward. RELATED ARTICLESMORE FROM AUTHOR Google+ Facebookcenter_img Arranmore progress and potential flagged as population grows Google+ Homepage BannerNews Facebook Twitter News, Sport and Obituaries on Monday May 24th Previous articleIrish Open Tee Times confirmed: Padraig Harrington on the Ballyliffin linksNext articleDonegal to highlight Croke Park fixture concerns to GAA officials News Highland WhatsApp Loganair’s new Derry – Liverpool air service takes off from CODA Twitterlast_img read more