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Bryan Bentz tapped to fill vacancy on Stonington Board of Finance

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Bryan Bentz tapped to fill vacancy on Stonington Board of Finance

STONINGTON — A longtime former member of the Board of Finance and chairman of the Stonington Republican City Committee is stepping out of retirement and returning to the board to fill a time period left out of the blue vacant following the demise of a well-respected social gathering member.

The Board of Finance final week introduced that Bryan Bentz, who was a member of the Republican social gathering and Board of Finance for the higher a part of 20 years earlier than stepping away from politics for private causes in 2019, will serve the rest of the time period for the late David Motherway Jr.

Motherway, 54, and a pal had been killed in mid-August when a ship they had been piloting crashed off the coast of Latimer Level.

In a press launch, Board of Finance Chairman Timothy O’Brien stated Bentz data of the board and its course of can be particularly helpful in a yr the place finance members will face challenges balancing quite a lot of altering revenues.

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“The city is going through difficult instances with a revaluation occurring in addition to federal funds for packages ceasing, and thus we wished to seat somebody who already knew the workings of the board,” O’Brien stated. “Bryan is effectively revered locally in addition to revered by the members on the board who served with him.”

The appointment marked the primary time through which the Board of Finance immediately named a substitute to fill a emptiness. Underneath the present constitution guidelines in Stonington, a political social gathering might current suggestions however city committees not serve any official function within the candidate choice course of

Previous to the change in constitution coverage, together with throughout a earlier emptiness in 2017, whichever social gathering had earned election to the seat was answerable for presenting a candidate to fill the emptiness.

O’Brien stated in a press launch that to assist guarantee a easy transition and to keep away from partisan considerations, the board selected to pick out the longtime Republican to fill Motherway’s seat for the rest of the time period, which can expire in November 2023.

Bentz, 62, stated Monday that he’s already working to evaluate latest paperwork and any supplies related to the American Rescue Plan Act and city funds, an effort to rise up to hurry earlier than the upcoming price range course of. A neighbor of Motherway’s dad and mom, Bentz stated a change in circumstances just lately gave him an opportunity to grow to be extra lively once more and Motherway’s demise motivated him to step ahead.

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“I had been just lately trying to get entangled once more and this can be a good first step,” stated Bentz, who famous the time period is just for one yr. “It isn’t an enormous dedication, and it offers me a chance to do one thing that’s acquainted and the place I consider I can have a constructive influence.

A 1977 graduate of Stonington Excessive College who earned a bachelor’s diploma from the Massachusetts Institute of Expertise, Bentz and his spouse Mary Ann returned to city to boost a household and he turned lively in politics within the late Nineties. He’s the proprietor of Bentz Engineering the place he works as a guide on Synthetic Intelligence-related analysis initiatives.

For almost 20 years, he held seats with each the Board of Finance and Republican City Committee together with serving as chairman of each till retiring from political life in 2019 for private causes. When Bentz stepped down, it left a emptiness that performed a task in permitting Motherway to hitch the board as a first-time candidate that very same yr.

Bentz has additionally volunteered across the neighborhood in quite a lot of different roles together with as a member of the Quiambaug Hearth Division.

With the remaining time period, Bentz stated he’s ready to roll up his sleeves and work with the general public to supply a considerate, conservative spending plan that takes into consideration the quite a few elements that include a revaluation. He stated the board can be tasked with not solely offering stability, however guiding the general public by a course of that may usually be complicated because it impacts each property values and the neighborhood’s mill charge.

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“As officers, we must be very cautious proper now to not overspend, to share what it’s we’re working with and stay clear, and to assist the general public perceive every step of the method,” Bentz stated.

O’Brien stated that regardless of the appointment, members of the board are nonetheless mourning Motherway’s loss like many others on the town. O’Brien stated that in Motherway’s service on the board, he confirmed a dedication to creating Stonington an amazing place to be.

“(Motherway) and his household are integral to the material of this neighborhood,” O’Brien stated.

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Gen-Z outpaces millennials in setting 5-Year financial plans amid economic challenges

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Gen-Z outpaces millennials in setting 5-Year financial plans amid economic challenges

Gen-Z adults are more likely than Millennials to have a five-year financial plan, according to a new survey by First Direct. The survey, conducted by OnePoll in October among 4,000 participants, found that 59% of Gen-Z savers—those born after 1996—have set financial goals for the next five years, compared to just 40% of Millennials (born between 1981 and 1996).

Compared to Millennials, Gen-Z individuals are more likely to have a five-year financial plan

Despite a challenging economic environment, including rising living costs and wage stagnation, both generations remain committed to achieving their financial aspirations. Around 73% of Gen-Z respondents and 76% of Millennials said they are determined to reach their financial goals, though many have had to delay milestones like home ownership or career progression.

Also read: Andhra achieves 10.44% growth in GSDP in 2023-24, shows economic survey report

For Millennials, the most common financial goals include achieving a better work-life balance (34%), saving for retirement (29%), and increasing income (29%). However, half (50%) of Millennials reported that the cost-of-living crisis has delayed their financial plans, with economic uncertainty and stagnant wages cited as major factors.

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Carl Watchorn, head of banking at First Direct, commented, “Younger people have very high aspirations when it comes to achieving their financial goals. Despite facing challenges like higher living costs and the aftermath of the pandemic, they remain incredibly resilient and committed to improving their standard of living.”

Also read: Micro-mance to future-proofing: Dating trends 2025 for Genz and millennials

Tips for Financial Resilience

-First Direct also shared several tips for boosting financial resilience, including:

-Speak to your bank about available tools and support.

-Set specific goals, such as saving for a trip, and adjust spending to meet those targets within a set timeframe.

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-Use budgeting apps to track spending and compare it with your goals.

Also read: Rural women entrepreneurs: Overcoming economic & social adversities

-Build a financial buffer by setting aside a regular amount each month, with some financial products offering good returns for consistent savings.

As both Gen-Z and Millennials navigate economic pressures, their focus on long-term financial planning highlights a generation committed to securing a stable future.

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Hyundai Capital Services Marks Another Major Milestone, Launches Hyundai Finance in Australia

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Hyundai Capital Services Marks Another Major Milestone, Launches Hyundai Finance in Australia

SEOUL, South Korea, Nov. 25, 2024 /PRNewswire/ — Hyundai Capital Services (“Hyundai Capital” or the “Company”), the financial subsidiary of the Hyundai Motor Group, announced today launch of its finance options for Hyundai Motor Company in Australia. This launch marks another significant milestone for the Company, with Australia being the 12th overseas financial subsidiary of Hyundai Capital.

Hyundai Capital Australia Pty Ltd (“HCAU”) aims to offer products tailored to the passenger vehicles of Hyundai dealerships and Genesis showrooms in Australia. HCAU has started servicing and providing exclusive financial solutions for Genesis in October. This launch of Hyundai Finance, together with Genesis Finance, marks the beginning of HCAU’s drive of auto financing business in Australia.

Leveraging the global credit ratings of Hyundai Motor Company, HCAU designed competitive rate loan products for its customers and introduced flexible and personalised financial services tailored to each vehicle.

For example, the Guaranteed Future Value* (“GFV”) is HCAU’s premier offering for the Australian market. The GFV loan guarantees a minimum resale value of the vehicle, which enables to lower monthly payments compared with traditional financing, making Hyundai vehicles more accessible with flexible end of term options. When the loan matures, customers can choose to:

  1. Trade-in: the vehicle’s value is used towards repaying the loan. If the trade-in value is higher than the GFV, the positive equity can be used towards a new vehicle.
  2. Keep: pay the GFV amount to own the vehicle outright.
  3. Return: return the car with no further payments, provided it meets the agreed upon fair wear and tear and kilometres driven conditions.

HCAU seeks to lead the auto financing market in Australia with its seamless and convenient digital financing services. With the global IT system developed and implemented by Hyundai Capital, HCAU offers a streamlined, digital finance application process. HCAU has improved the efficiency of its underwriting process through online document submission and system auto-approval functionality. Furthermore, HCAU introduced an AI chatbot service that operates 24/7, enhancing customer convenience to the next level.

“We are proud to introduce our full offering of auto financing products and services to our Australian customers who are already using or looking to purchase a Hyundai or Genesis vehicle at their respective dealerships,” said Hyung-Jin David Chung, CEO of Hyundai Capital. “With our strong partnership with Hyundai Motor Group, Hyundai Capital Australia will offer highly differentiated products and services to meet all of our customers’ needs.”

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He added, “Hyundai Capital will continue to expand its business reach in key strategic markets to promote Hyundai Motor Group’s global sales growth.”

* GFV is for approved applicants only and is subject to fair wear and tear and kilometres driven conditions. Applicable terms, conditions, fees, charges and lending criteria apply.

SOURCE Hyundai Capital

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Fed’s preferred inflation gauge highlights holiday-shortened trading week: What to know this week

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Fed’s preferred inflation gauge highlights holiday-shortened trading week: What to know this week

Stocks drifted higher leading into the shortened trading week that includes the Thanksgiving holiday.

The Dow Jones Industrial Average (^DJI) gained nearly 2% for the week while the S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) added over 1.5%.

In the week ahead, a fresh reading on the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, will highlight the economic calendar. Updates on third quarter economic growth and housing activity are also on the schedule.

In corporate news, quarterly results from Zoom (ZM), Dell (DELL), Best Buy (BBY), CrowdStrike (CRWD), and Macy’s (M) are likely to catch investor attention.

Markets will be closed on Thursday for Thanksgiving, and Friday’s trading session will end early at 1 p.m. ET.

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Recent sticky inflation readings have raised questions about whether the Fed will cut interest rates in December and how much the central bank will lower rates over the next year.

Earlier this month, the “core” Consumer Price Index (CPI), which strips out the more volatile costs of food and gas, showed prices increased 3.3% in October for the third consecutive month. Meanwhile, the “core” Producer Price Index (PPI) revealed prices increased by 3.1% in October, up from 2.8% the month prior and above economist expectations for a 3% increase.

On Wednesday, Federal Reserve governor Michelle Bowman expressed concern that the Fed’s progress toward 2% inflation has “stalled” and the central bank should proceed “cautiously” when lowering interest rates.

“We have seen considerable progress in lowering inflation since early 2023, but progress seems to have stalled in recent months,” Bowman said in a speech at the Forum Club of the Palm Beaches.

Read more: Jobs, inflation, and the Fed: How they’re all related

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Economists expect more signs of that stalling in Wednesday’s Personal Consumption Expenditures (PCE) release. Economists expect annual “core” PCE — which excludes the volatile categories of food and energy — to have clocked in at 2.8% in October, up from the 2.7% seen in September. Over the prior month, economists project “core” PCE at 0.3%, unchanged from September.

Bank of America Securities US economist Stephen Juneau wrote in a research note that a print in line with expectations will “certainly lead Fed participants to reassess their inflation and policy outlook.”

“That said,” he added, “we still expect the Fed to cut rates by 25bp in December, but the risk appears to be tilting towards a shallower cutting cycle given resilient activity and stubborn inflation.”

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