Borrowing – Mikey Dee Fri, 28 May 2021 19:26:42 +0000 en-US hourly 1 Borrowing – Mikey Dee 32 32 Biden revises small business loans to reach minority small businesses Wed, 07 Apr 2021 23:16:32 +0000

WASHINGTON (Nation Now– U.S. President Joe Biden on Monday announced changes to further target federal pandemic assistance on the nation’s smaller businesses and businesses owned by women and people of color.

Biden says a lot of these mom-and-pop businesses “were beefed up” by bigger companies seeking federal funds in the early days of the pandemic. He said the changes that take effect on Wednesday will provide long-awaited help to those small businesses he says are “crushed” by the economic downturn from the pandemic.

“American small businesses are hurting, hurting badly, and need help now,” Biden said.

As part of the pandemic-era paycheck protection program, the administration is establishing a two-week window, starting Wednesday, in which only companies with fewer than 20 employees – the overwhelming majority of small businesses – can apply for forgivable loans.

Biden’s team also spends $ 1 billion on sole proprietors, such as home contractors and beauticians, the majority of which are owned by women and people of color.

Further efforts will remove the ban on lending to a business that is at least 20% owned by someone arrested or convicted of a non-fraudulent crime in the previous year, as well as allow those who are late on their federal student loans to seek relief through the program. The administration also clarifies that non-citizen legal residents can apply for the program.

First launched in the early days of the coronavirus pandemic and renewed in December, the program aimed to help Americans stay employed during the economic recession. It allows small and medium-sized businesses that experience a loss of income to access federal loans, which are repayable if 60% of the loan is spent on payroll and the remainder on other eligible expenses.

The Biden effort aims to correct disparities in the way the program has been administered by the Trump administration.

Paycheck Protection Program data released on December 1 and analyzed by the Associated Press shows that many minority homeowners desperate for a relief loan did not receive one until the final weeks of the P3, while many other white business owners were able to get loans earlier in the program.

The program, which began on April 3 and ended on August 8 and made 5.2 million loans worth $ 525 billion, has helped many businesses stay afloat when government action to controlling the coronavirus have forced many businesses to shut down or operate at reduced capacity.

The latest PPP, which began Jan. 11 and ends at the end of March, has already disbursed $ 133.5 billion in loans – about half of the $ 284 billion allocated by Congress – with an average loan of less than $ 74,000 .

New program renewal not included in Biden’s $ 1.9 trillion ” American rescue planWhich he hopes Congress will adopt in the coming weeks.

Trademark and Copyright 2021 The Associated Press. All rights reserved.

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Companies supported by a tax relief program | New Wed, 07 Apr 2021 23:16:14 +0000

BOSTON – Businesses facing double-digit increases in unemployment insurance and federal disaster loan taxes are now breathing a sigh of relief.

$ 350 million pandemic relief program, signed by Gov. Charlie Baker last Thursday, rolls back unemployment insurance rate increases for businesses, rolls back state taxes on federal protection program grants paychecks and establishes an emergency paid vacation program for workers. Problems related to COVID-19.

A key provision of the bill cuts planned unemployment tax increases for the next two years.

A multibillion-dollar deficit in the state’s unemployment fund, created by a pandemic-fueled unemployment claim crash over the past year, is expected to push employer-paid rates up 60% in average from next year.

The plan Baker signed also authorizes the state to borrow up to $ 7 billion from the federal government to maintain unemployment benefits.

Businesses will pay a new excise tax on employee salaries – which legislative leaders say will average $ 57 to $ 66 per year per employee – to repay interest on federal loans. This tax would disappear next year.

Additionally, employers who accepted PPP loans that were later canceled by the federal government would not have to pay state income tax on the money. Only 1 in 5 of these loans were canceled in the 2020 tax year.

In a letter to lawmakers, Baker said the measure “takes a thoughtful and comprehensive approach to provide critical assistance to facilitate economic recovery for the people of Massachusetts.”

Business leaders praised the tax break and lowered unemployment insurance rates.

Chris Carlozzi, Massachusetts state director for the National Federation of Independent Businesses, said many businesses “breathe a sigh of relief” that they won’t be saddled with a big tax bill as they begin to pay off. recover.

“These are two crucial policies that will directly help struggling small businesses that have been ravaged by the pandemic and now hope to lead the state’s economic recovery,” he said.

The measure Baker signed also included relief for workers who were unemployed last year or this year, allowing them to exempt up to $ 10,200 from unemployment benefits they were collecting from state taxes if their household income is less than 200% of the federal poverty line.

Another provision creates a $ 75 million COVID-19 emergency sick leave program, which will grant full-time workers 40 hours of paid leave if they are infected and need to quarantine or care for a family member affected by the virus.

“The mandate responds well to needs – immunization, isolation and quarantine – that were not envisioned when the state’s paid family and medical leave program was designed,” Baker wrote to lawmakers.

However, Baker sent that part of the bill back to lawmakers with requested technical changes, including a proposed cap on benefits. He also proposed extending a tax credit of $ 40 per employee to companies that do not qualify for a federal paid vacation program.

Lawmakers can either accept Baker’s amendments to the bill or cancel them.

The Legislative Ways and Means Committee is reviewing Baker’s $ 46 billion preliminary budget, which includes additional relief for business and workers.

Massachusetts also expects to receive nearly $ 8 billion in federal funding for tests and vaccines, schools, businesses and local governments, as part of a pandemic relief program of 1, $ 9 trillion signed by President Joe Biden last month.

Christian M. Wade covers the Massachusetts Statehouse for newspapers and the North of Boston Media Group websites. Email him at

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Democrats, unions ignore plight of unbridled professors Wed, 07 Apr 2021 23:16:05 +0000

Democrats project the public image of standing up for the little guy, favoring unions and workers over management, promoting equality and fairness, and condemning discrimination and systemic racism. But good intentions can be deflected when the so-called good guys fuel inequity and discrimination.

While Democrats have touted colleges as engines of equality and upward mobility, they ignored the unequal two-tier work system of faculty, with the top tier being instructors leading to tenure, with job security for life, higher pay and full-time employment, while the lower non-tenure levels are contracted out, receive a greatly reduced salary (e.g., often 60 cents on the dollar) and a charge of often capped work (eg no more than 67% of full time), which can lead to poverty wages. As a non-tenured assistant instructor for 28 years, I earned a gross annual income of about $ 20,000 teaching roughly part-time in Kitsap County, where the median annual income is $ 82,000.

The treatment of unconfirmed professors would be unimportant if their role were unimportant, but they are integral in all respects. At Washington Community and Technical Colleges, they occupy nearly half of all classes, 45.3%, and in terms of enrollment, they are the majority – the 7,870 non-tenured part-time instructors are vastly outnumbered. the 3,597 instructors of the State.

It sounds decidedly Orwellian when Democrats proclaim their commitment to canceling student loans, free tuition, and other programs aimed at lifting people out of poverty while denying a living wage to the very people who provide them. means of carrying out these proclamations.

Democrats generally feel confident in aligning themselves with faculty unions, which for years have been pushing for full-time tenure-track faculty positions (for example, in Washington state, Bill 6405 Senate from last year was recycled this year into E2SSB 5194 and its identical House Companion House Bill 1318, all sponsored exclusively by Democrats). But when assistants outnumber full-time instructors, adding full-time positions does not solve the problem. In addition, these bills offer false hope to part-time instructors when they convert positions, not individuals, leaving the poor working conditions of auxiliaries intact.

If these bills replaced summary paraprofessionals with bona fide professionals, they could be considered improvements, but they cannot be characterized as such. No credible research results suggest the superiority of tenured instructors or that non-tenured instructors are only 60% as effective as their discounted rate of pay suggests.

At stake is the tenurism bias, the belief that tenure is a merit system, that incumbents are superior instructors and deserve job security and a pay bonus with its cruel corollary that non-tenured are inferior and less deserving. Tenurism is cognitive dissonance in the face of the abject inequity of teaching staff at two levels: Tenure-track and non-tenure-lead instructors meet the same degree requirements, award grades and credits that have the same value and have the same tuition charged. for their classes, but are certainly not treated as equals. Tenurism rationalizes this lack of equality, giving rise to arguments like: “Since incumbents are treated so much better, they must in fact be better.” Like racism, sexism, and ageism, Tenurism makes morality appear immoral and closes the mind to taking counter-positions, such as correcting unfair working conditions, into account.

If the squeaky wheel receives grease, then the uncleaned faculty may be doomed. Lacking job security, most auxiliaries are not about to complain about the unfairness of their poor working conditions. Despite decades of union representation, no transition from non-tenure to tenure track status exists in Washington colleges. The creation of more tenure-track positions will mean that many non-incumbents will lose their jobs. The unions seem eager for this to happen.

Instead of hiring new tenured instructors, a reasonable and more realistic option would be to establish a trial period for current non-tenured instructors (as opposed to their current lifelong probation), after which they could qualify for a trial period. ” job protection thanks to seniority. Although it is not a question of permanence, it would allow a certain security of employment and would not have an impact on the State budget. Those who cry out that state law should not interfere with collective bargaining must take into account that bargaining has failed to secure basic workplace provisions like equality pay and job security.

The true defender of workers is their union, which must honor, not ignore, its duty of fair representation and treat all those it represents fairly; it cannot read favorites. President Joe Biden has made statements against systemic racism, raising hopes that egalitarianism will triumph over elitism and that discrimination will be recognized and overturned even if it is mainstreamed as the norm.

When will Democrats and unions demand that colleges and universities provide their faculties with the same upward mobility and career opportunities that they offer their students?

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Mississippi prisons allow inmates to smoke, inundated with demands for cigarettes Wed, 07 Apr 2021 23:15:52 +0000

Officials at some Mississippi prisons say they are inundated with orders for tobacco products as the state prepares to re-allow inmates to smoke.

Correctional Commissioner Burl Cain ad in December, smoking would be legal in Mississippi prisons from February 1, a decade after the practice was banned.

Cain, who became commissioner last year, said the change would reduce the amount of smuggling smuggled into prisons.

“By selling the same cigarettes that are allowed to liberate people, we are breaking the contraband tobacco trade … by reducing contraband offenses by inmates and recovering for taxpayers some of the money needed to run prisons in the country. ‘State,’ he said in a statement.

Revenue from tobacco sales will be used to fund the Ministry of Corrections Reintegration Program, which teaches parole-eligible men and women the skills needed for jobs in the trade. Tobacco products must be sold at market price.

Some public health groups, including the American Cancer Society Cancer Action Network, oppose the change.

In a statement to WLBT-TV, officials of the organization said they were “disappointed” with the decision to legalize tobacco products by the Mississippi Department of Corrections. They called the ban a “lifesaving policy” and said detainees had the right to “breathe clean, smoke-free air”.

Cain said he was sympathetic to anti-smoking groups. However, he said he believed lifting the ban improved the quality of life for non-smokers.

“The state’s smoking ban was meant to protect others from secondhand smoke, but in prison it backfired by forcing inmates to buy and secretly smoke indoors,” Cain said. .

Cain said that under the new plan, prisoners have a designated area outside for smoking. Smoking cessation products will be available for those who want to quit.

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Eastern Union closes trio of loans for $ 74 million Wed, 07 Apr 2021 23:15:32 +0000

A team of two-person brokers with Eastern Union closed three transactions with a total value of $ 74.3 million. Two of the agreements took place in Alabama and the other in Florida.

Funding was secured by the company’s “chairman’s team” made up of company president Ira Zlotowitz and Michael Wyne, senior vice president of capital markets at Eastern Union.

The team provided a $ 25.6 million loan to acquire a 232-unit multi-family property in Huntsville, Alta. The loan had a fixed interest rate of 3.35% over a five-year period and only paid interest for the first 30 months. In addition to a very competitive three-month COVID reserve, Eastern Union was also able to process the loan within 45 days. The brokers competed with several banks, as well as Fannie Mae and Freddie Mac, for favorable terms.

Also in Huntsville, the Eastern Union team secured $ 22.7 million to recapitalize an existing bridge loan in support of a 485-unit multi-family complex under construction. Non-recourse financing, at a loan-to-cost ratio greater than 75/25, only covers interest for the entire two-year term, with no prepayment penalty. The transaction helped the developer attract the funds necessary to complete the project and stabilize the property, which is expected to be completed within six to twelve months. Boruch Mandel, vice president of equities, joined the “president’s team” on the two Huntsville deals.

Zlotowitz and Wyne also secured $ 26 million in bridge funding for a pair of senior care facilities in Florida. The first was a 133-bed facility in Naples, Florida, offering a combination of skilled nursing and assisted living services. The second senior care asset was a 146-bed center in Venice, Florida that offered assisted living, memory care, and skilled nursing services. The two transactions in Florida were secured in cooperation with Nachum Soroka and Jacob Schonland of Eastern Union’s Healthcare Group.

The three-year financing plan for the two Florida locations was guaranteed on a limited use basis at an 85% loan-to-value ratio. The repayment was only for the interest for the first 24 months. Interest has been set at a competitive floating rate.

“One of these loans was given to an existing lender in the Eastern Union, which was able to increase the loan size by millions of dollars and tighten interest rates by up to 50 basis points. less than their current lending platform allows, ”Wyne said.

“Likewise,” said Wyne, “the other two loans represented new lenders who came with a stronger and more comprehensive mix of terms than their competitors, out of a desire to make board closures with Eastern Union. . These two new parties closed exceptionally quickly, given the current financial environment.

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BUSINESS CLOSE: UK service sector rebounds; Shell takes 145million pounds in Texas storm Wed, 07 Apr 2021 23:15:32 +0000

CLOSING OF BUSINESS: FTSE 250 hits new record; rebound in the service sector; Shell Takes £ 145 Million in Texas Storm; Ryanair expects losses to drop

The FTSE 100 finished up 0.91% or 61.77 points at 6,885.32 this afternoon, while the FTSE 250 closed at a new record, up 166.09 points to 22,160, 57.

The UK’s services sector resumed growth at its fastest pace in seven months with a score of 56.3 in March, although early indications suggest that high inflation could occur, according to the purchasing managers index.

A number above 50 indicates growth and a number below means the sector has contracted.

Oil giant Shell said a storm that blanketed Texas in February, killing more than 100 people, cost it around £ 145million in adjusted profit and hit oil production by around 10,000-20 000 barrels per day.

Low-cost airline Ryanair predicts losses will be between € 800 million and € 850 million lower in the last fiscal year, as it revealed that only 27.5 million passengers boarded its planes during that time, up from 149 million the previous year.

Vacation group Saga reported a pre-tax loss of £ 61.2million and said its tourism and cruise business would not resume operations until later this year. It has reduced its workforce by 36% due to travel disruptions linked to a pandemic.

Oil giant Shell said a storm that blanketed Texas in February, killing more than 100 people, cost it around £ 145million in adjusted profit.


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Bill Hwang, boss of Archegos Capital Management, upsets after fund collapse Wed, 07 Apr 2021 23:15:32 +0000

‘One of the biggest wealth losses of all time’: Bill Hwang, boss of Archegos Capital Management, puts off after collapse

The man at the center of a hedge fund collapse broke his silence after suffering “one of the biggest losses of personal wealth in history.”

Bill Hwang, a multi-billion dollar financier who invested his fortune through his firm Archegos Capital Management, has collapsed after his fund hit rocks last week.

But in the first disclosure the company has made since causing a £ 20bn sale, a spokesperson for Archegos said Hwang, pictured, was going through a ‘rough patch’ and was still trying to ‘figure out the best way forward’.

Fund crisis: Bill Hwang, a multi-billion dollar financier who invested his fortune through his firm Archegos Capital Management, collapsed after his fund hit the ground last week

The comments came as experts tried to contain the losses suffered by Hwang.

Mike Novogratz, a former Goldman Sachs partner who has been investing for nearly three decades, said: ‘When the facts come out I believe Bill Hwang’s explosion will be the most dramatic loss of personal wealth in history. . ”

Bankers and analysts have estimated that the personal fortune of Hwang, a former hedge fund manager known as the “ tiger cub ” because he acquired his credentials from famed Julian Robertson’s Tiger Management, would have may have exceeded £ 7 billion before the collapse last week.

But because he borrowed so much to increase the size of his trades, the sale he caused was much greater.

Rival banks overtaken by Goldman

Goldman Sachs pissed off rival banks after leading the sale of Archegos, which left companies like Credit Suisse and Nomura with heavy losses.

Goldman’s prime broker branch lent heavily to Archegos. The same was true for Credit Suisse, Nomura, UBS, Morgan Stanley and Wells Fargo. When it became clear that some bets on Archegos were turning sour, the banks realized that they would need to sell some of the shares they held for Archegos to recover the money owed.

They held talks that continued late into Thursday on how to proceed in an orderly fashion. Sources said they were close to reaching a deal. But on Friday when markets opened, Goldman sold huge blocks of Hwang stock and prices fell.

The others rushed to follow suit.

Nomura said the incident could wipe out his profits for the past six months, and Credit Suisse estimated the blow to be between £ 2 billion and £ 3 billion.

A source close to one of the banks said: “There was definitely a bit of that ‘I’m fine, Jack’ mentality from Goldman.”

Archegos said: “These are difficult times for the Archegos Capital Management family office, our partners and our employees. All plans are being discussed as Mr. Hwang and the team determine the best way forward.

So-called family offices like Archegos, which manage the money of a very wealthy family, are exempt from making many of the disclosures that normal hedge funds and investment firms are required to make.

This means that the actual size of Hwang’s fortune, and how much has been eroded from it, is unclear.

Archegos fell in trouble last week, after a few stocks he placed big bets on – including US media titans Viacom, CBS and Discovery – fell in value.

Shareholders feared companies were losing ground to new rivals such as Netflix and Disney Plus.

But the situation got out of hand for Archegos. She had borrowed large sums of money from top-notch brokerage services in banks to increase her stake in companies such as Viacom.

This allowed her to purchase more exposure than she could otherwise afford.

But when these blue chip brokers saw Viacom’s stock plummet, they issued a margin call – essentially asking Hwang to give them more money as collateral, to protect them from any loss.

Hwang did not have the cash on hand, which meant he defaulted on his loans from major brokers. This gave them the right to sell the shares they held in his name, to get back the money he owed them.

This caused a sale of around £ 20bn, as blue chip brokers such as Goldman Sachs, Morgan Stanley, Wells Fargo and UBS quickly offloaded Hwang’s shares, causing their prices to fall further. while the market was flooded.

Credit Suisse and Japanese bank Nomura, which were slower to sell, suffered massive losses. JP Morgan analysts estimate losses at all banks due to the crisis could reach £ 7 billion.

Now, regulators around the world are questioning key brokers concerned to see if any of them acted inappropriately.

The UK Financial Conduct Authority and the US Securities and Exchange Commission have requested information from the banks.

While the debacle may be the most financially painful for Hwang, it is not the first scandal he has been involved in.

In 2012, he admitted to a lawsuit in the United States for insider trading and manipulation of Chinese bank shares. He blocked £ 32million in fines and agreed to be kicked out of the industry.

For years after, he was blacklisted by banks including Goldman Sachs who refused to work with him.

Goldman finally gives in, seduced by the lucrative activity represented by Hwang.


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Rosengarten consolidator, former S&W fund boss, buys Hampshire IFA Wed, 07 Apr 2021 23:15:32 +0000

A new London-based IFA consolidator, led by former S&W fund manager Ed Rosengarten (pictured), has bought his second consultancy firm.

MWA Financial, which is backed by a loan from alternative investment manager Triple Point, has acquired Prosperity Financial Advisors & Stockbrokers, its second acquisition as part of its plan to become a national IFA company.

In 2014, at the time, Prosperity had assets of around £ 50million, but saw itself as a consolidator of sorts, with big plans to grow and be recognized as a national brand.

MWA was formed by Campbell Banks in 2016, although it did not acquire its first Hertfordshire-based consulting firm, Eversley Wealth Management, until 2017.

Rosengarten, who had also been head of equities at M&G for 19 years, joined as executive chairman in January this year, having served as strategic advisor for the company since 2019.

Prior to joining MWA, he was Head of Funds at Smith & Williamson and, prior to that, Managing Director of M&G Equities.

Banks has over 25 years of experience developing advisory networks in Australia for companies such as ING, AXA Asia Pacific and AMP.

Prosperity’s purchase agreement brings MWA’s assets under advisory to £ 300million and the total number of advisers to 15. Prosperity will retain its own brand for the foreseeable future, while co-founders Mark Newman and Jasper of Zoeten will remain with the company until the transition is complete.

Buying from banks

MWA now plans to acquire a number of consulting firms over the next three to five years with funding from Triple Point, although the company is not disclosing the amount of funding it has received. Triple Point offers business loans ranging from £ 500,000 to £ 5 million, with interest rates ranging from 8-10% per annum.

Rosengarten said this funding model allows the company to be “very selective” in its acquisition approach.

“Other consolidators have some pressure to acquire private equity through their owners, but we don’t have that relationship with Triple Point,” he said.

However, banks have said the company aims to reach at least £ 1 billion in assets within three years.

‘The [acquired] the companies are not huge, but they are a very good starting point and we hope that over the next few years we will continue to build on this platform with a series of acquisitions, ”he said. declared. “We already have a few in the pipeline.

An acquisition is already pending FCA approval, which would bring its assets under influence to £ 450million by the middle of this year.

MPS internally

In terms of the investment proposal, Rosengarten said the acquired consulting firms are currently outsourcing the investment, but he intends to create an internal proposal for the group within the next year.

“Based on my experience, it is likely that we will pursue an internally managed portfolio solution for our clients and that we will pursue a directly authorized status. This is a journey that we will begin after this acquisition and work on over the next three to six months.

He claimed MWA would offer sellers something “ a little different from the competition ” by committing to provide independent advice, letting owners participate in the business and preserving the brand identity of the acquired businesses. .

“We don’t know if companies want to keep their own names. At the end of the day, we know that happy advisors make happy clients.

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Woodgate: Ex-teammate Begovic was ‘first class’ Wed, 07 Apr 2021 23:15:32 +0000

JONATHAN Woodgate praised “top class” Asmir Begovic insisting that the goalkeeper remains “exactly the same” as when the duo played together at Stoke City.

Begovic has been one of Cherries’ most notable performers this season, following his surprise return to the club.

The Bosnian plug fell out of favor under former boss Eddie Howe and found himself behind Aaron Ramsdale, Artur Boruc and Mark Travers in the pecking order in the summer of 2019.

Begovic, who joined Cherries from Chelsea for £ 10million in 2017, was loaned out to Azerbaijani club Qarabag, before later joining forces with AC Milan on a temporary deal.

Many expected the 33-year-old to leave Vitality Stadium for good last summer, but after both Ramsdale and Boruc departures, Begovic returned and dismissed the competition from Travers to become the premier keeper again. choice of Cherries.

He has played 42 of the club’s 45 league and cup games this season, retaining a 17th clean sheet in Monday’s 2-0 win at the Blackburn Rovers. Begovic also saved a late penalty from Adam Armstrong in the victory.

And Woodgate, who was a Begovic team-mate in the 2011-12 campaign, says the Bosnian hasn’t changed since their time in the Potteries, where they have lined up 10 times in the Premier League and Europa League.

“He was exactly the same as when I first met him,” Cherries Woodgate boss told The Daily Echo.

“Exactly the same – consistent, a great guy, humble and that’s what you want. Its performances show it.

“When he got here I always thought it was a good signing for Bournemouth. Okay, it didn’t go as planned. He had a few loans.

“He’s been to Milan and so on, but I think this year he’s been really good. What I have seen of him since being here, he has only been first class.

Begovic arrived at Cherries with a Premier League winner’s medal under his belt from his time at Chelsea.

He has also made 63 appearances for Bosnia and Herzegovina and until this season he had not been outside the top flight since loan spells at Ipswich, Yeovil, Cherries and Macclesfield over a decade ago. .

But Woodgate believes the goalkeeper applied himself brilliantly to the new challenge.

“It’s because he doesn’t have an ego and keeps working,” Woodgate said.

“He’s a real professional. He works hard with goalie coach Mossy (Neil Moss) and I’ll tell you what, he’s a great example for younger goalies of how to do it day in and day out.

“How to work and how to be at the highest level while keeping the enthusiasm of a 20-year-old goalkeeper.

“When you have senior professionals like Asmir it can be very beneficial to you like the young goalkeepers watching you and watching Asmir and what it takes to get to the top. He was very good.

“A humble guy and I love working with him.”

Discussing how vital Begovic’s experience will be for Cherries in the race, with just one month left of the regular season, Woodgate added, “It’s important.

“It has always been an important position for me as a goalkeeper.

“If you have a really strong one like Asmir, it can only benefit you. This builds the confidence of the last four.

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Nothing wrong with loan to V / Line boss, says former head of cleaning company Transclean Wed, 07 Apr 2021 23:15:32 +0000

“There was nothing in there,” she said on Monday, denying that she was trying to channel the money to Mr. Haritos.

Ms Tsakopoulos also said she saw Mr Haritos on a daily basis and believed that he and his lawyer were following the evidence she presented.

She said Mr. Haritos drove her to the hearings, waited for her at the place where she was testifying and would take her home, according to the investigation.

Commissioner Robert Redlich, QC, advised Ms. Tsakopoulos of the opportunity to discuss her testimony with Mr. Haritos.

“If you want to make it seem like you’re doing your best to just give honest, straightforward evidence, it’s not ideal for you to go through it all the time.”

Earlier today, Ms Tsakopoulos, who oversaw a multi-million dollar contract with V / Line for Transclean, claimed she was doing nothing wrong by loaning Mr Pinder hundreds of thousands of dollars for a deposit on his new home.

The Williamstown home of former V / Line CEO James

Ms Tsakopoulos claimed she arranged the transfer of $ 320,000 to Mr Pinder for a deposit on his $ 2.5 million house in Williamstown in 2019.

It came shortly after Transclean won a contract with V / Line worth up to $ 40 million in 2018.

Ms Tsakopoulos said she loaned Mr Pinder $ 200,000 of her own money and raised $ 120,000 from Transclean boss George Haritos and Alex Kyritsis, who is Mr Haritos’ brother-in-law and co-director of Transclean.

She claimed the money was a “personal loan” from the trio and not from Transclean. The money was transferred to Mr Pinder through various sources, including a sum of $ 100,000 which was channeled through Ms Tsakopoulos’ sister’s account.

Asked by Commissioner Redlich if she was “concerned about the legality or illegality” of the loan, Ms Tsakopoulos replied: “No, I didn’t think I did anything wrong.”

She also denied that Mr. Haritos told her to hide that the money for the deposit came from him or Transclean.

Ms Tsakopoulos, however, said she wrote a ‘false document’ around the time Mr Pinder was buying her house in Williamstown, in which she was posing as her sister and claiming that part of the money she was buying she had loaned to Mr. Pinder was actually his. the money she was returning.

Ms Tsakopoulos was also asked about a series of separate loans Transclean had made to her for apartments she planned to buy in 2016 and 2017.

Former Transclean employee Ms Tsakopoulos received $ 89,000 for a deposit on this Docklands apartment.

Former Transclean employee Ms Tsakopoulos received $ 89,000 for a deposit on this Docklands apartment.

IBAC learned that Ms Tsakopoulos had accepted $ 89,000 from Mr Haritos for a deposit on a Docklands apartment she was planning to purchase in mid-2016. But Ms Tsakopoulos said she didn’t know how she collected the money, or why Transclean was the source of the funds.

In 2017, Ms Tsakopoulos received a separate loan of $ 150,000 from Transclean via a subcontractor for the South Yarra apartment that she ultimately purchased. But she couldn’t remember how or why the money had been transferred to her account.

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