yokohama banks – Tune Yokohama Thu, 12 May 2022 01:43:19 +0000 en-US hourly 1 yokohama banks – Tune Yokohama 32 32 Financing in Yokohama Thu, 14 Apr 2022 02:34:40 +0000 Included are instances of large project financing. Explains international development banks’ activity in and other aid-funded projects where US bidders are ConsolidationNow welcome.

While some major US corporations have good contacts with Japanese “city banks,” most medium and small US corporations have difficulty obtaining trade finance services for importing and distributing. In Japan, real estate is still preferred as collateral for credit appraisal. Also, unlike in the US, where creditworthiness is the primary determinant in lending choices, a company’s capacity to borrow may be impacted by personal contacts and rapport with bank officials. Some smaller enterprises report having to get funding from overseas sources. Companies having operations in Japan have found that forming joint ventures with Japanese partners has helped them get better treatment from Japanese banks.

In addition to traditional loan offerings, several U.S. banks operating in Japan concentrate on greater value-added areas of business. As part of the credit evaluation process, Japanese banks look at the financial state of both the borrower and its parent business. To avoid defaulting on payments, the parent firm is typically asked to guarantee the obligation (a “Letter of Awareness” may be substituted for a guarantee loan).

Export Insurance and Financing

To stimulate imports and foreign investment in Japan, the government offers tax breaks, loan guarantees, and low-cost loans to Japanese and international investors for import infrastructure via the Development Bank of Japan (DBJ). The Ministry of Economy, Trade and Industry (METI) and the Japan External Trade Organization (JETRO) have formed import divisions to promote imports.

For example, the Japan Bank for International Cooperation (JBIC) offers low-interest loans to stimulate imports and investment in Japan.

In order to address Japan’s external imbalances, the Japan Bank for International Cooperation (JBIC) assists Japanese enterprises in their trade and investment operations. 

The JBIC’s manufactured goods import credit program supports the import of manufactured products from developed nations to Japan. Importers, wholesalers, and retailers registered in Japan may apply for four-year guaranteed or secured loans with up to 70% loan-to-value and credit lines at favorable interest rates. There are also delayed payment loans available to international exporters, as well as foreign manufacturers and intermediate financial institutions investing in manufacturing facilities and equipment for the Japanese market.

The DBJ gives loans to encourage imports into Japan. These loans are accessible to Japanese enterprises with at least 33% foreign capital or non-Japanese corporations with registered branches in Japan for 40-50% of project expenditures. The GOJ now owns 100% of the DBJ but wants to lower its holdings by 50% during the next decade.

Japan Finance Corporation for Small Businesses extended initiatives to help import sales. The initiatives seek to help small retailers, wholesalers, and importers invest in Japan to boost imports.

The Japanese government offers no export insurance to Americans.

Other Loans

Japan has been a member of MIGA since 1988. Prefectures and municipalities also grant unique depreciation of corporate assets, tax deferrals for replacement of specified assets, and exemption from special land-owning taxes charged by municipalities. Most prefectures also provide loan programs to assist businesses get started.

Prime Minister Abe’s so-called “third arrow” seeks to increase funding for start-ups and small and medium-sized businesses. For example, start-ups under three years old may now claim a $10 million tax break. It was further revised in 2015 to allow crowd fundraising, allowing smaller businesses to obtain funds more readily, even online.

The size of Japan’s venture capital specialty funds is believed to be half that of the US. Traditionally, leading Japanese VC companies functioned more like banks. Due to the Financial Services Agency’s strict rules for firms wanting to go public, even the greatest companies may take up to a decade to be listed on the OTC market. The Hercules, JASDAQ, and NEO systems were integrated in October 2010.

Types of Projects Funded

A Partnership for Quality Infrastructure: Investment in Asia’s Future This $110 billion institution combines resources from Japan’s ODA and the Asian Development Bank (ADB). Other national infrastructure projects in rising Asian regions beyond Japan are also targeted by this financing.

JBIC also offers loan guarantees to private financial institutions, short-term loans to developing countries’ governments (bridge loans), and equity involvement in Japanese corporations’ abroad ventures. Its international finance activities target projects in poor nations that local financial institutions are unable to fund. JBIC’s loans are distinct from OEC’s activities, which help the economic growth of poor nations.

RDI Assistance

The Japan Regional Development Corporation (JRDC) and the Regional Economy Vitalization Corporation of Japan (REVIC) both assist specific sorts of regional initiatives inside Japan.

Loans for overseas investment and projects

These loans are usually made to Japanese companies for foreign investment and projects. Foreign governments may also make capital investments or loans to overseas joint ventures incorporating Japanese money.

Unsecured Loans

Extraordinary projects and economic reform initiatives in poor nations now include international governments and financial institutions (including multilateral development banks). These loans are not related to the purchase of Japanese products and services, but rather to the particular goals for each loan. JBIC manages these loans.

Girardi Co-Attys Says ‘Evil’ Plan Cost Them Millions Fri, 07 May 2021 04:38:41 +0000
By Ryan Boysen and Brandon Lowrey (February 18, 2021, 4:47 PM EST) – In early December, California personal injury attorney Philip R. Sheldon received a call from his former business partner Thomas V. Girardi, the legendary plaintiffs lawyer whose world was falling apart as accusations he stole client funds hung over him.

Lawyer Thomas Girardi speaks at a news conference in 2014. In addition to facing client claims, Girardi has been repeatedly accused of failing to pay fellow lawyers and legal service providers at the over the years. (Robyn Beck/AFP via Getty Images)

Girardi, who had promised to pay Sheldon the nearly $1 million he owed him in co-counsel fees since 2016, didn’t seem quite there.

“Did I send…

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Debt in Chilean pesos will be euroclearable from February 1 Fri, 07 May 2021 04:38:40 +0000

LONDON, Jan 23 (Reuters) – Chilean peso-denominated bonds will become eligible for processing by post-trade services provider Euroclear from February 1, improving foreign investors’ access to local markets, a statement said on Monday. .

“For the first time, government bonds of the Republic of Chile, denominated and payable in pesos, were simultaneously made available to national and international investors, in accordance with the financial integration program promoted by the Chilean government”, reads the statement from Euroclear and Chile’s Ministry of Finance. ministry, said.

Belgium-based Euroclear specializes in domestic and cross-border securities settlement and custody for bonds, equities and derivatives, making trading easier for international investors.

Access to an international settlement system typically brings more foreign capital into a market, often reducing bond yields, as was the case in Russia, where ruble debt became “euroclearable” in 2013.

Chilean Finance Minister Rodrigo Valdes said in the statement that the move would bring in more investment, reduce borrowing costs and make local bond markets more liquid.

The Euroclear group settled the equivalent of 675 trillion euros ($725 trillion) in securities transactions in 2015, the statement added.

$1 = 0.9309 euros Report by Sujata Rao; edited by John Stonestreet

Ninth Circuit Meets California Low Carbon Fuel Standard Fri, 07 May 2021 04:38:40 +0000

The Ninth Circuit Court of Appeals recently upheld – for the second time – California’s low carbon fuel standard (“LCFS”) against constitutional challenges brought by industry groups. The case, Rocky Mountain Farmers Union v. Corey (9th Cir. 2019) (No. 17-16881) (“Rocky Mountain II”), examined the groups’ claims that the 3 historic versions of the LCFS violate the Commerce Clause and the “federal structure of the Constitution” by regulating extraterritorially. The court held that although the plaintiff’s claims had changed in form since the court first upheld the LCFS, “the settlements and claims now have the same basic structure as they did then.” The court used this similarity to guide its analysis and uphold the dismissal from the district court.

the Rocky Mountain II The ruling is a strong affirmation of the ability of states as policy laboratories to address the risks associated with greenhouse gas emissions without violating the Commerce Clause by regulating commerce in other states. “California did not enact the LCFS because it believes the state knows best how to protect Iowa farms, Maine fisheries or Michigan lakes. California’s interest in the life cycle of the fuels used by its consumers stems from a concern about the effects of the production and use of these fuels on air quality, snowpack, and coastlines. from California. “California should be encouraged to continue and expand its efforts to find a viable solution to reduce carbon emissions or slow their increase,” the Ninth Circuit said. It remains to be seen if other states will follow by establishing clean fuel programs.

In the first case, tried in 2014 and known as Rocky Mountain Ia bench The Ninth Circuit Board held that the 2011 LCFS does not ostensibly discriminate against interstate commerce in ethanol or crude oil, does not regulate extraterritorially, and does not discriminate in purpose or effect. crude oil. On remand, the district court dismissed plaintiffs’ revised claims against the 2015 version of the LCFS as well as their claims against the 2011 and 2012 versions, leading to the appeal that resulted in Rocky Mountain II.

Federalism 101: Ninth Circuit Edition

After quickly determining that plaintiffs’ claims against the now repealed 2011 and 2012 LCFS are moot, the court considered plaintiffs’ commerce clause claims against the 2015 LCFS. It disposed of each using a fundamental constitutional concept: federalism.

The court recognized that states cannot extraterritorially regulate or discriminate against interstate commerce. But the court warned it was reluctant to subject states to undue scrutiny under the Commerce Clause for fear it would “frustrate the theory and usefulness of our federalism” by restricting states’ ability to ” play their role as experimental laboratories”. In this spirit, the Court reiterated its decision in Rocky Mountain I allowing California to regulate “local damage” and structure its internal markets to discourage the production of harmful products for sale in California. In other words, states can regulate on-site damage caused by products sold on-site. This is, according to the court, a “classic exercise of police power”. The court found that the value of this experimentation is reinforced by the fact that Oregon followed suit by adopting its Oregon Clean Fuels program, which was modeled after California’s LCFS.

The Oregon program is the subject of parallel litigation, A m. Fuel and petrochemical manufacturers. v. O’Keefe (9th Cir. 2018) (No. 15-35834). Unsurprisingly, in September 2018, the Ninth Circuit upheld Oregon’s program, rejecting a claim that it regulates and attempts to control behavior occurring in other states. In Rocky Mountain IIthe Ninth Circuit noted that O’Keefe is “not materially distinguishable” and relies on O’Keefe to reject plaintiffs’ new argument that the LCFS violates the “federal structure” of the constitution, which was not before the court in Rocky Mountain I. In doing so, the court said “the plaintiffs have not identified the constitutional provisions or doctrine outside of the Commerce Clause which they claim govern their structural federalism claims, if any.”

State litigation

The LCFS is also being challenged in California state courts. In POET, LLC v. Cal. Air Res. comic. (2017) 10 Cal.App.5th 764 (“POET II”), a biofuel maker challenged the LCFS, but the top court dismissed all claims in the case as moot in light of prior related litigation. On appeal, the Fifth Appellate District ruled in favor of plaintiffs and found that the California Air Resources Board (“CARB”) failed to comply with California Environmental Quality Act in passing the LCFS. The case is now back in the trial court for a debate on CARB’s recent expansion of the LCFS program.

Stay tuned for more

The industry group plaintiffs in O’Keefe have already sought certiorari from the US Supreme Court, but the Supreme Court has yet to act. the Rocky Mountain II the plaintiffs have signaled a similar willingness to seek U.S. Supreme Court review. It would appear that both cases are not ripe for the Supreme Court to decide, as both were largely decided by Rocky Mountain I, which the Court declined to hear in 2014 despite the court’s long dissenting decision, seen by many as an invitation to grant cert. However, Commerce Clause case law in the Supreme Court has varied considerably over the years, and with the arrival of Justices Gorsuch and Kavanaugh, the composition of the Court has changed significantly since 2014. The Court has also shown a willingness in recent years to intervene in climate disputes. In short, this litigation may not be over yet. There may even be as many after-effects of rocky mountain like those of Rocky the film.

Copyright © 2022, Sheppard Mullin Richter & Hampton LLP.National Law Review, Volume IX, Number 28

Lord Advocate found ‘no criminal conduct’ in malicious prosecution over Rangers fraud case Fri, 07 May 2021 04:38:38 +0000 SCOTLAND’s highest-ranking barrister says ‘no criminal conduct’ has come to light in investigations into the malicious prosecution of former Rangers directors who believe there was an ‘abuse of power’ in the justice system.

But Lord Advocate James Wolffe said he would give “due consideration” to allegations of criminal activity arising from the civil action which has been settled.

The Lord Advocate’s position has been clarified by Gerry Moynihan QC as former Rangers administrator David Whitehouse seeks a sanction for using documents uncovered in his landmark damages case for a possible criminal prosecution of individuals within of the Crown Office and the Scottish Police.

He and Paul Clark, former joint administrators of Rangers, have agreed to a settlement believed to be around £24million after a deal in their malicious pursuit of the Lord Advocate and the Chief Constable was reached “in a manner extrajudicial”.

Insolvency adjuster Mr Whitehouse and Mr Clark was taken into custody and faced criminal charges along with others over allegations of fraud following the man’s purchase of Craig Whyte sold Rangers to Sir David Murray for £1 in May 2011 and his subsequent sale before a judge dismissed the charges.

READ MORE: ‘Crown Office must deal with scandal’: Ex-Rangers administrator sues for malicious prosecution

Mr Moynihan told Lord Tire in the Court of Session today: ‘I have been instructed to clarify the position of the Lord Advocate, from the point of view of fairness to the witnesses, against whom these allegations are made.

“What I have been asked to clarify is that the inquiries undertaken for the purposes of these actions which were under the direction of the Lord Advocate, and carried out by a team led by me have so far revealed no conduct criminal.”

But he said the Lord Advocate would have ‘in principle no objection to Mr Whitehouse making allegations of criminal or disciplinary misconduct as he sees fit’.

The Lord Advocate has advised that in the event of any allegations, whether criminal or disciplinary, he will employ independent external lead counsel, who has not previously been involved in the matters to be involved “and that is for building trust” in fairness and integrity.

David Whitehouse (left) and Paul Clark (right)

He apologized for making the statement which he said only arose because Roddy Dunlop QC, for Mr Whitehouse, had repeated comments about the matter that had been made in the media.

“It is important that a balance is struck,” he said.

Mr Dunlop had previously mentioned to Lord Tire the ‘numerous commentators’ on the case in the press and legal articles saying it was ‘unimaginable in modern Scotland that we could have a prosecution both without probable cause and malicious and yet that is exactly what we have here.”

He added: “Mr Whitehouse wants to know why this happened.”

He said Mr Whitehouse was asking for the release of relevant documents for any further investigation.

READ MORE: Scotland’s top justice officer admits malicious prosecution in Rangers fraud case

The pair initially sued Police Scotland and the Lord Advocate for a total of £14million in damages, alleging they were wrongfully detained, arrested and prosecuted during police inquiries in 2014 and 2015.

The seven charges against them, alleging conspiracy to defraud and attempting to pervert the course of justice, were later either withdrawn by the Crown or deemed irrelevant by the High Court.

Lawyers for the Lord Advocate admitted that prosecutors had acted unlawfully for a long time in prosecuting the two men.

They admitted that the human rights of Mr Whitehouse and Mr Clark – who have been cleared of any wrongdoing – were breached at times during the investigation.

The Court of Session heard that the businessmen’s legal teams had received documents showing senior Crown Office solicitors talking about the ‘need to corner the Duff & Phelps people’.

Details of the scandal began to emerge four years ago when the Herald revealed that London law firm Holman Fenwick Willan, who acted for Duff and Phelps, had been awarded £500,000 in costs after police and the prosecutors were found guilty by the High Court in London. “abused state powers” by carrying out an illegal raid and seizing privileged documents in connection with the failed Rangers fraud case.

Mr Whitehouse told the Herald on Sunday that the money was not enough and he was determined that “something good” would come out of his ordeal by pursuing change within Scotland’s justice system.

“Compensation could serve my interests. But it does not serve the interests of the justice system in Scotland,” he said over the weekend.

Mr Dunlop told Lord Tire he rejected criticism that he had raised what had been reported in the media.

He said he was recording the admission that Mr Whitehouse had been pursued maliciously and without probable cause.

“I made no allegation of criminality against anyone,” he said. “Mr. Whitehouse wants to know if there was something.

“It would be completely empty of me to ignore the established track record in which Mr. Whitehouse was maliciously prosecuted without probable cause.

“I’m sorry but I don’t apologize for saying that.”

The police investigation was launched against the backdrop of the controversial nature of Mr Whyte’s nine months in charge of Mr Whyte after he took power in 2011.


He agreed to take on Rangers’ financial obligations, which included a bank debt of £18m, a potential ‘big tax case’ bill of £72m, a ‘small tax case’ liability of £2.8m, £1.7m for stadium repairs, £5m for players and £5m for working capital.

But he controversially helped fund his takeover by arranging an up-front loan from London-based investment firm Ticketus against rights over three to four years of future club season ticket sales in the aim to raise £24m and repay bank debt as part of a share purchase deal with Sir David Murray.

Mr Whyte ended up being the last man standing in the fraud conspiracy case and was acquitted of taking over the club by fraud at the end of a seven-week trial four years ago.

Mr Whitehouse also believes there should be a ‘full and transparent’ public inquiry into the case.

The outcome of Mr Whitehouse and Mr Clark’s legal action to clear their names means the Lord Advocate no longer has absolute immunity from being sued in the civil courts for malicious prosecution. It marks a momentous change in an area of ​​law that has remained largely untouched for nearly sixty years.

The case continues.

Silent night for Bethlehem as coronavirus keeps pilgrims away Fri, 07 May 2021 04:38:37 +0000

GAZA CITY: The Palestinian authorities will continue to follow “usual protocol” during their Christmas celebrations, despite the growing number of people infected with the coronavirus in the Palestinian territories.

But the celebrations will not take place in their normal form – attended by pilgrims from around the world and Palestinian Christians. Instead, they will be limited to a small number of officials and clerics.

Anton Salman is the mayor of Bethlehem, where the biggest Christmas celebrations take place.

He said this year would be different as the city would not witness regular festivities, despite the decision to continue religious rituals.

“We cannot cancel all celebrations, but the usual protocol will continue to be followed, but public participation will be limited while respecting safety and prevention measures,” Salman told Arab News.

Normally there are many celebrations, starting with the lighting of Christmas trees and continuing until religious rites take place in the Church of the Nativity on Christmas Eve in addition to other activities including the most important is the holding of Christmas carols on the Place de la Manger by local people and groups. These performances are canceled this year.

Earlier this month, Bethlehem lit the Christmas tree to mark the start of the Christmas holidays, with Palestinian Prime Minister Muhammad Shtayyeh joining via video call.

The tree was lit without public participation or revelers in the square, in compliance with the health measures followed to combat COVID-19. Attendance was limited to social networks and the presence of a few people and members of the municipality.

“Together we have defeated international plans to annex our lands and legalize settlements, and we will defeat colonization and occupation, and we have delivered a message of political toughness in the face of the pandemic of colonial occupation, and seizing our money, and a message of national steadfastness in the face of the disease pandemic,” Shtayyeh said at the ceremony. “The Palestinian lived through the pain of the past, with courage and defiance, living the present and hoping a better future surrounded by patience and resistance towards the state, towards a free Palestine fully united with its people.”

This Christmas, Bethlehem is empty of the foreign tourists who flocked to it and other Palestinian towns throughout the year.

“Last year, this square marked Christmas with a solemn celebration, with a distinguished presence and with official, popular and international participation and today, as we celebrate Christmas, we look for it with hope and optimism,” said Salman added. “So we used modern technology and the virtual world to celebrate the lighting of the Christmas tree, hoping that hope and optimism would continue to float around Palestine and the world.”

The mayor said there was a commitment to safety standards to keep everyone safe and the city chose a different slogan from previous years.

“We wish the light of life to all at our level as Palestinians, and to the world, to get rid of the pandemic.”

Other Palestinian cities, Ramallah and Jerusalem, witnessed the lighting of Christmas trees in December in the presence of a limited number of officials and clerics.

The Palestinian territories have registered more than 120,000 coronavirus cases since March, with the first cases recorded in Bethlehem, while the number of infections has recently increased in West Bank cities.

The Palestinian government has imposed strict measures over the past two weeks in West Bank cities to limit the spread of the coronavirus, including the complete closure of some cities, the separation of governorates and the partial closure of official institutions.

iQ Group Global Survey Fri, 07 May 2021 04:38:37 +0000

But the boast of iQ Group, whose companies are listed on the ASX and NSX and valued at nearly $200 million, is now coming under increasing scrutiny.

A survey of The Australian Financial Review discovered that the organization repeatedly presented investors with upcoming events that have yet to materialize, talked about investments with dazzling dollar figures, and offered some people strong incentives to recruit investors. The staff, meanwhile, expressed concern about the proposals to investors.

The company declined requests to interview or to answer questions, instead sending legal warnings. “The iQ Group Global group of companies believes that the group companies comply with applicable corporate law and regulation and relevant listing rules,” a spokeswoman said.

iQ Group is the brainchild of George Syrmalis, a 56-year-old white-haired man with a background in nuclear medicine and a penchant for yachting. He’s earned more than $10 million – mostly in cash – from outfitting so far. His current base salary, according to accounts, is $1.9 million; the equivalent of $120 billion from the chief executive of pharmaceutical giant GlaxoSmithKline in 2019 was around $2.4 million.

“I feel like we have an important mission to accomplish,” Syrmalis says in a promotional video. In it, he wanders through the dark streets of Sydney to the empty hall below the iQ desk – impressing the notion of an entrepreneur working all the time. “I think that’s what keeps me going. It keeps a lot of other people here going as well.”

iQ Group has tweeted their support for this endurance racing car from Bathurst.

The operation started in 2010. It now includes a contracted sales team, an investment arm, a fundraising arm and two great inventions: one a saliva test for diabetics and the second a means to create better drugs against cancer.

These are traditional-sounding parts of a biotech operation that feature some non-traditional practices. iQ Group sponsored Bathurst racing cars and a vessel participating in the Sydney-Hobart Ocean Racewhile the staff spoke of events held on a yacht which they believe belongs to a subsidiary of the group, because the Financial analysis revealed.

The four publicly traded entities, iQ Group Global and iQx on the smaller NSX exchange and Farmaforce and iQ3Corp on the larger ASX, are losing money in the meantime. Only Farmaforce has generated substantial revenue outside the group, and investors have tapped into funding. This comes in part via the equity market and corporate notes – IOUs offering impressive returns.

The group’s latest offering, Ethical Bioscience Investments, advertises a satisfied middle-aged couple strolling along a beach. Below are lucrative projections: 9% interest yields and repayment in 12 months.

This contrasts with the fact that biotechnology is generally a long-term, high-risk investment. The fine print warns that there is no guarantee for investors’ money, but the advertisement also offers a guarantee. Investments are “approved by trusted experts”, and the fund is part of a group converging “bioscience with investment banking and commercialization to accelerate innovation”.

What is not clear in the marketing material is that the predictions of entities in this same group have not always come true.

Delays in registrations

Take NSX-listed iQ Group Global, which in 2012 advocated plans for an ASX listing. This was canceled as part of the “global expansion strategy”, but another ASX listing was announced in 2016. Then in 2018 it intended to “list” on the US Nasdaq.

Those listings – attractive due to greater trading potential in larger stock markets – have yet to materialize, with some delays blamed on factors including “structuring and regulatory considerations”. Some iQ listings on much smaller exchanges have taken place.

The biosensor sector has also been floated for a Nasdaq listing, offering a chance for backers to cash in, with early reports aiming for a float by the first half of 2017. Investors are still waiting.

Documents filed with the Securities and Exchange Commission show those ambitions remain, including an attractive slideshow on the device.

One image shows a pale finger being painfully pricked to test blood sugar levels – it’s old-fashioned technology. The following photo shows a healthy woman licking iQ Group’s planned sensor, which has yet to receive regulatory approval. The sensor is also targeting another booming market: the detection of COVID-19.

Promotion of iQ Group’s biosensor invention.

Delays in listings have raised concerns among investors and former staff who spoke to the Financial analysis. Another area of ​​concern for former employees, detailing an environment in which CCTV cameras are strung across offices, was that fundraisers should not speak with those doing research.

This could possibly be to avoid the risk of disclosure of privileged information. But it has fueled fears that mis-selling could occur because those involved in fundraising might not face the reality of the projects presented to investors. Former employees say they came in with good intentions but eventually left due to disclosure issues.

Some are also skeptical of the remarkable dollar figures sold to investors. An example was a corporate note from the company iQ Group (under its former name iQnovate) last year.

The offering memorandum, adorned with images of biological cells, proposed to pay investors an annual return of 15% over two years. “Aggressive growth plans” were among the highlights.

The twinkle was the size of the business. The company boasted “over $4.5 billion [$6 billion] of assets under management, including two very innovative technological platforms”, citing the biosensor and cancer inventions.

It conjures up images of iQ Group being a major player in Australia. Compare that to Brandon Capital Partnersa leading life science funder, which in 2019 said it had over $700 million in “funds under management”, making it “Australasia’s largest venture capital firm based on managed capital.

This is potentially a problem of definition. iQ Group declined to answer questions, but a source with knowledge of the company said the $4.5 billion “asset” figure may include estimates of potential product markets – a figure that is difficult to quantify and based on on heavy caveats.

Accounts of iQ Group entities make reconciliation difficult. The only two inventions cited in that $4.5 billion figure, cancer projects and biosensors, have yet to sell products in the markets. But the biosensor project, for example, was only valued at $119 million, according to the 2020 accounts of the iQx Group’s investment management vehicle.

iQ Group, in a general response, suggested that accounting rules meant that “group financial statements generally do not recognize valuations of intangible assets”.

These projects raise hopes for investors. Those who funded the outfit include ordinary people from the Australian Greek community or Church, with whom some iQ figures have ties, sources say. The Greek Orthodox Archdiocese of Australia said it was “not interested in investing in or promoting biotechnology”.

There were substantial rewards for some foreigners who referred investors. iQ3Corp, the company’s fundraising arm, could offer a 5% commission of the total amount invested by an investor. Industry sources had differing opinions on the size of this commission, but an unrelated fund supporting start-ups paid a 0.5% referral fee.

Not that a dollar figure is iQ Group’s sole focus. This also includes finishes. “You have patients who need what you are developing,” Syrmalis says in the promotional video. “You have an obligation to hand it over to them.”

| Retail and Consumer Products Law Observer Fri, 07 May 2021 04:38:36 +0000

On November 11, 2021, sportswear brand lululemon athletica canada inc. (“lululemon”) sent a cease and desist letter to interactive fitness platform Peloton Interactive, Inc. (“Peloton”), alleging that five of Peloton’s products, including four bras and one pair of leggings, infringed six of lululemon’s design patents and that Peloton’s One Luxe Tight infringed the commercial fit of lululemon’s Align pants.

Rather than spin its wheels, on November 24, 2021, Peloton responded with a action for declaratory judgment against lululemon in the Southern District of New York, seeking (1) a determination that Peloton has not infringed lululemon’s design patents, (2) the invalidity of those patents, and (3) a declaration that lululemon does not has no commercial dress rights in the pants lineup and/or that Peloton has not violated this dress code. Specifically, Peloton argues that there are clear and obvious differences between its products and lululemon’s design patents, that the presence of the brands’ trademarks on the products eliminates confusion, and that the design patents are anticipated and /or obvious based on the state of the art. For example, Peloton points out that the back of its Peloton-branded strappy bra is cut straight and features a mesh layer, while design patents describe a low-cut back and no mesh layer, among other differences. Peloton also argues that the claimed Align trade dress lacks the distinctiveness required to be protectable, and even if it does, Pelton’s One Luxe Tight is unlikely to confuse the marketplace.
Continue reading Peloton and lululemon have yet to settle things, file cross-lawsuits

COVID tax relief could open door to student loan forgiveness Fri, 07 May 2021 04:38:36 +0000

(NerdWallet) – The tax reduction on the cancellation of university debts in the COVID-19 Relief The package signed last week by President Joe Biden removed a potential obstacle to canceling student loan debt: taxes.

The disposition will not count any canceled debt from December 31, 2020 through January 1, 2026 as income. Under one of the existing rebate programs (income-based rebate), the amount remitted is reported to the IRS as income and taxed according to the borrower’s income. current tax bracket.

Any debt forgiveness would not benefit borrowers if it resulted in an unaffordable tax bill, says Douglas Webber, an associate professor of economics at Temple University.

“I see this as one more step towards eliminating what would not only be a big potential downside, but a big public relations problem,” Webber says.

The tax measure was adapted from the Sense-Directed Student Loan Tax Relief Act. Bob Menendez, DN.J., and Elizabeth Warren, D-Mass. On March 6, Warren tweeted, “This paves the way for President Biden to #CancelStudentDebt without burdening student borrowers with thousands of dollars in windfall taxes.

Experts say the tax relief measure could do just that.

“Given the context and all the talk of loan forgiveness, I think it’s likely to be a nod from Congress to open that door,” says Megan Coval, vice-president. Chair of Policy and Federal Relations at the National Association of Student Financial Aid Administrators.

Artem Gulish, senior policy strategist at the Georgetown University Center on Education and the Workforce, said the relief program was just the start for student borrowers.

“This is the first thing the Biden administration pushes through; there is still potential for forgiveness,” Gulish says.

However, there is still no legislation or executive order that answers the big questions of “if”, “how much” or “when” forgiveness might occur.

What your bill could look like without tax relief

Imagine there is no tax relief included in the stimulus package. Optimistically, let’s also look into a crystal ball and say you have $10,000 in canceled student loan debt this year. Your income is $68,000 (the approximate median in the United States), which means you fall into the 22% tax bracket. Next year, when you pay taxes on 2021 income, the canceled debt will be taxed at 22% and you will owe $2,200 on it.

Without tax relief, the pardon could also have pushed you into a higher tax bracket. Suppose you earned $85,525 – the top of the 22% tax bracket – and received a $10,000 rebate, pushing you into the next bracket. Since it’s a progressive tax system, you’ll end up paying 22% on your income, but 24% on that amount that spilled over into the top tax bracket ($2,400 in this example).

There are additional sacrifices at the lower end of the income spectrum, says Erica Blom, senior research associate at the Urban Institute, a nonprofit research organization. Moving to a different tax bracket could result in the loss of credits, such as the earned income tax credit or a child tax credit.

“It could have been as bad or worse than asking someone to cough up $1,000 more in taxes,” Blom says.

Where is the student loan forgiveness

Democratic lawmakers, a group of 17 state attorneys general and consumer rights advocates have all called Biden cancels up to $50,000 in federal student loans by decree.

The president said he supports a $10,000 block rebate for federal student loan borrowers through congressional action. In a town hall on CNN on Feb. 16, he said he didn’t support a $50,000 pardon.

Biden and his team debated whether he had the authority to ask the Department of Education to cancel the debt through executive action. Proponents argue that a president has this power under the Higher Education Act. However, the Ministry of Education issued a legal memo in January saying its secretary had no power to grant the pardon.

The 42.9 million federal borrowers who collectively owe the federal government $1.57 trillion will receive a general forgiveness. $10,000 forgiveness would wipe out debt entirely for 15 million student borrowers, NerdWallet says analysis of federal student loan data.

Neither forgiveness proposal would likely benefit borrowers with private student loans or those with federal family education loan debt, who have been excluded from previous relief programs. However, tax relief for debt forgiveness could benefit private borrowers whose debts are settled through bankruptcy.

Meanwhile, federal student loan borrowers remain in an interest-free payment pause that began March 13, 2020 and extends through the end of September.

Existing discount plans and taxes

Although debt cancellation programs exist, success rates and tax implications vary. The utility loan forgiveness offers tax-free debt cancellation for borrowers who are approved (only 2.2% of applicants have been so far, according to federal data). Loan amounts canceled as part of borrower defense until repayment – ​​used if you have been defrauded by your school – are not taxed. And the disability rebate is also not considered taxable income.

Forgiveness is normally imposed for people enrolled in an income-driven repayment plan, which sets payments at a portion of your income and cancels the debt after 20 or 25 years. So far, only 32 borrowers have received a rebate under these repayment programs, according to March 2021 data obtained by the National Consumer Law Center.

But most borrowers currently enrolled in an income-driven repayment plan won’t be eligible to take advantage of the discount until 2035 at the earliest — well after Jan. 1, 2026, when the foreclosure provision expires. tax in the new relief program.

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Anna Helhoski writes for NerdWallet. Email: Twitter: @AnnaHelhoski.

The article COVID tax relief could open door to student loan relief originally appeared on NerdWallet.

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What Makes Billie Holiday’s Music So Powerful Today | Arts & Culture Fri, 07 May 2021 04:38:35 +0000

Jazz singer Billie Holiday wears a large white flower in her hair for a concert in New York.
© Bradley Smith/CORBIS

Justin Townes Earle, known for being the son of alt-country legend Steve but a major singer-songwriter in his own right, is a tall, lanky figure with a dry sense of humor and a sense of outrage yet. drier. He appealed to the latter when he presented “white gardeniasa new song inspired by Billie Holiday and her iconic headwear, at a Maryland nightclub in February.

“When you think of Billie Holiday,” he drawls behind his acoustic guitar, “most people think of her as a junkie rather than a girl who grew up on the Baltimore waterfront to become the one of the greatest jazz singers in the world. People using drugs? It happens every day. Becoming a great singer? It doesn’t happen that much.

Earle’s song is sung from a man’s point of view – a lover? a boss? a musician? a friend ? – who searches for Holiday all over New York, wondering if she has returned to Baltimore. He seems inconsolably sad, as if the woman had slipped away forever, leaving only the memory of a “white dress, white shoes, white gardenia.”

Holiday would have turned 100 this year (her birthday is April 7) and she surely deserves to be remembered for something more than the white flower in her hair and the needle marks on her arm. If she was, as Earle claims, one of the greatest jazz singers, what made her so great? What should we remember from his musical genius?

Unlike, say, Bessie Smith or Ella Fitzgerald, Holiday didn’t have an overpowering vocal instrument. What she had was an irresistible concept: she would command attention not forcefully but reluctantly.

She sang in quiet silence, landing at the end of the beat, as if reluctant to reveal too much. Even when she was singing a happy song, she seemed halfway into a dream world that she wasn’t sure she should share. This made her audience wonder: what is she hiding? Will she completely lose touch with the rhythm? She never did, but the suspense never ended. She allowed the vowels to swell with purring suggestions until the audience wondered if her words could burst like balloons. Within that bruised purr were notes of pain, vertigo, anger, infatuation, stoicism and defiance, seductive enough to invite speculation but mysterious enough to keep the listener guessing.

It was a brilliant and innovative strategy, made possible only by the new microphone technology of the 1930s. Holiday didn’t have to sing a song to reach the balcony of a vaudeville theater; the microphone could amplify his whispers to every corner of the room. Because she sang slightly in the background in a confidential hum, she hinted that she had secrets too painful to share. And it made listeners lean even closer to hear.

Just listen to the original 1941 version of his biggest hit, “God Bless the Child.” Inspired by a fight with his mother over money and co-written with Arthur Herzog, the song deepens the phrase “God bless the child who has his own” by contrasting the generosity of the first half of the phrase with the selfishness of the second.

Confronted with the conundrum that people are more likely to help you when you don’t need them than when you do, Holiday responds with resentment, resignation, and bewilderment. Floating over the markers set by Roy Eldridge’s trumpet and Eddie Heywood’s piano, her languorous voice slips and slips until she reaches the title line and holds the last word “clean” in a half-lament strangled, as if owning property was always a goal just beyond her reach.

This minimalist approach was a historic shift in American culture that influenced not only jazz singing, but jazz instruments, pop singing, theater and more. Frank Sinatra, for his part, has always been candid about the huge debt he owes Holiday. So why isn’t she known as a major innovator like Charlie Parker and John Coltrane?

“Jazz is very male-centric,” Cassandra Wilson told me in 1993. “Men just don’t recognize what women bring to music. Despite all the praise Billie Holiday gets as a vocal stylist , she is rarely recognized as a musical genius. She was the first to prove that one could produce soft sounds while having a powerful emotional impact. She underestimated jazz long before Miles put a mute in her cor; she was the real “birth of cool”.

Cassandra Wilson

Singer Cassandra Wilson released a tribute album to Billie Holiday

Marc Seliger

Wilson has long been influenced by Holiday’s music, and to mark the centenary of her role model’s birth, Wilson released “Coming Forth by Day”, an album of 11 songs recorded by Holiday plus “Last Song”, her own song of Wilson on Holiday and Lester Young. The instrumental sound of this recording is very different from the Holiday sessions. Rather than working with traditional jazz players, Wilson appealed to figures from the modern rock world. Notable luminaries include producer Nick Launay, guitarist Nick Zinner of Yeah, Yeah, Yeahs, and guitarists Kevin Breit and T-Bone Burnett.

It reflects Wilson’s confidence that she can transform today’s pop sensibility into springy jazz, just as Holiday did with the pop music of her day. When Wilson revises “Don’t Explain,” Holiday’s advice to a lying, unfaithful lover, she does so not with the dampening strings and massive horns of the 1945 original, but with the punchy mallets, slide guitar blues and the strange black-rock of Cave’s recordings. This attracts the contemporary listener. But once she has our ears, Wilson adopts Holiday’s strategy of downplaying her warning to the wayward lover so much that it’s not an invitation to talk but the last word. And when Wilson takes the jazz step by dropping the established melody in a hidden harmonic cellar on the title line, she hints at the pain deep beneath the peace offering.

With the seemingly constant stream of news of unarmed young black men shot dead by police, Holiday’s anti-lynching song, “Strange Fruit,” suddenly seems relevant again. Wilson plants the song firmly in the 21st century by having his guitarists sample their own playing, add synthesized sci-fi effects, then use those phrases as repeating loops as if they were rumors. that were buzzing on the internet. In this contemporary context, she follows Holiday’s example by creating this oxymoron: the quiet protest song. You’d expect the 1939 Holiday and the 2015 Wilsons to shout the words out in troubled outrage, but instead they grudgingly mutter the words in a combination of stunned horror and grief that’s more compelling than any shouted slogan.

The other big Holiday tribute album this spring is “Yesterday I Had the Blues: The Music of Billie Holiday” by newcomer Jose James. James distills acoustic jazz and small big band arrangements from the originals to the all-star trio of pianist Jason Moran, bassist John Patitucci and drummer Eric Harland. Emphasizing the blues side of his palette, James demonstrates how Holiday’s understated delivery can work just as well with a baritone as with a mezzo – and Moran is brighter than ever. James’ version of “Strange Fruit” is arranged as a line work vocal.

To mark Holiday’s 100th anniversary, Columbia Records released “The Centennial Collection” on the Legacy imprint. This well-chosen sample of 20 well-known songs from his Columbia years is a good intro to a record, but once you get hooked on his singing, you’ll probably want more.

The 10-CD set “Lady Day: The Complete Billie Holiday on Columbia 1933-1944” captures her in her best voice and at her most upbeat. The three-CD set, “The Complete Commodore & Decca Masters,” from the overlapping years of 1939-1950, finds her at her gnarliest, hinting at dark currents just below the languid surface. The two-CD set, “Lady in Autumn: The Best of the Verve Years,” skims the cream of her wildly inconsistent final years, 1946-1959, when her voice was frayed but her demons were at their most dramatic.

Holiday never came close to reaching her 100th birthday; she was just 44 on May 31, 1959, when she died of liver failure, suffering the final indignity of being arrested for narcotics as she lay in her last hospital bed. But we shouldn’t remember her to know how she died, but how she lived and how she definitely changed American culture in a decisive way. She taught us all that sometimes quieter is stronger than strong.

Thumbnail preview of 'Coming Forth By Day' video

go out the day

Thumbnail preview of 'The Centennial Collection' video

The Centenary Collection