Finance
Money matters on Twitter too: Finance conversations up 185% as crypto and NFTs enter pop culture – Times of India
After analysing billions of tweets in India over a two-year interval, three key trends- Finance Goes Social’, ‘Fan-build Worlds’, and ‘Entrepreneurship Hits Peak Tradition’- are behind an underlying shift in client behaviour within the nation.
The ‘2022 Twitter Developments India’ report discovered three greatest tendencies rising to the highest of dialog: ‘Finance Goes Social’, ‘Fan-build Worlds’, and ‘Entrepreneurship Hits Peak Tradition’. The three tendencies have been noticed primarily based on evaluation of billions of tweets from January 1 2020-December 31 2021.
“The report captures the themes and pursuits which might be shaping client behaviour within the Indian market, and descriptions high tendencies for manufacturers to lean into to change into part of conversations which might be occurring proper now, and can proceed to develop,” mentioned Preetha Athrey, Director, World Enterprise Advertising, Twitter APAC.
Finance Goes Social: Communities of consultants and on a regular basis individuals are becoming a member of forces to share data, sparking a 185% enhance in monetary literacy discussions. Conversations about cash have developed, and ideas like decentralised finance, cruptocurrency and digital property have entered popular culture with NFT + Bollywood, Bollycoin, and Past Life rising as scorching subjects.
Fan-built Worlds: Within the second tred, Twitter noticed that followers now not simply comply with, they’re now calling the photographs. As fan golf equipment take cost of the dialog to create worlds they need to be part of, discussions round fandom have gone up by 47 per cent.
Entrepreneurship Hits Peak Tradition: India is now the third largest unicorn ecosystem on the planet, and fanatics are taking to Twitter to speak about all issues startups. There was a 22 per cent enhance in discussions round entrepreneurship. Founders are constructing private manufacturers, whereas widespread references like #SharkTankIndiaMemes and #PeakBengaluru add humour and enjoyable to the dialog, the report discovered.
“What’s inspiring is to see a 40 per cent enhance in ladies becoming a member of the dialog, with the discuss round feminine entrepreneurship going up by a whopping 269 per cent,” mentioned Twitter.
The meeting was only one-third of the way through, but the exasperation in the air was palpable.
“There’s a level of frustration that’s happening throughout the room, and I don’t mean just up here, I think it’s everybody,” said South Pasadena Councilmember Janet Braun, who serves as the City Council’s liaison to the city’s Finance Commission.
Braun’s comments at this week’s Finance Commission meeting came as tensions continue to mount over the proposed fiscal year ’24-’25 budget, which the South Pasadena City Council is set to adopt next Wednesday, July 31.
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Despite efforts to finalize the financial document, its adoption has already been delayed by about a month after city officials expressed concerns about discrepancies on June 27.
While the Finance Commission meetings are meant to solve these issues, recent events suggest the budget may face further delays, adding to uncertainties about the city’s financial outlook after it narrowly avoided a $3.7 million deficit.
“Based on an impasse between the Finance Commission and the Finance Director during its two commission meetings on July 16th and July 23rd, I am not sure if the Finance Director can close the gap,” Mayor Evelyn Zneimer said in an email on Thursday, July 25.
Zneimer expressed concerns about the “true numbers of the revenues and expenditures,” noting that the Finance Department has not reconciled the city’s monthly bank statements since February 2024.
“If the Council is not satisfied with the explanation from the Finance Director and the Finance Commission does not recommend adoption, then we might have to postpone the July 31st meeting to the next regular council meeting,” she said.
South Pasadena Finance Director John Downs announced his retirement in April but was brought back on a temporary basis to finalize the FY 24-25 budget, city officials said.
When reached by the phone on Thursday, July 25, Downs, citing a busy schedule, declined the interview at the time. However, during the Tuesday, July 23, Finance Commission meeting, Downs defended his approach. He also said the staff will present an updated budget document to the City Council next week.
“That will be presented to both of you at the time,” he told the commissioners. “Everyone here has received a copy of the punch list, so everybody has a list of the punch list, those things will be incorporated into the document.”
But the commissioners expressed concerns that they won’t have a copy of the budget report before next week’s meeting.
“My assumption was that these working sessions last week and this week would be included in a revised document. John was working under a different set of assumptions. I’m glad it finally came out,” Finance Commission Chair Peter Giulioni Jr. said.
According to the proposed FY 24-25 budget, as of July 1, 2024, the general fund balance is estimated to be $22 million. For FY 24-25, the city expects to receive $41.2 million in revenue and spend $39.9 million.
South Pasadena has faced a tumultuous year, beginning with budgetary missteps that included a projected $3.7 million deficit.
During a joint City Council and Finance Commission meeting on Feb. 21, a third-party consultant, NHA Advisors, LLC, estimated that the city’s expenses would outpace its general fund revenues over the next five years, with deficits ranging from $1.8 million this fiscal year to $3.9 million in FY 28-29.
In response to this dire forecast, Braun recommended forming an ad hoc committee “to address the immediate financial and operational situation.”
According to her, the city’s financial problems began even earlier with the City Council’s adoption of the FY 23-24 budget in June 2023, which included a $2 million deficit.
That budget was approved on the condition that the Finance Commission would work with staff to understand the negative fund balances and provide a five-year projection, she said. The City Council received this projection on Feb. 21, along with a mid-year budget report.
“Accompanying that report was the mid-year budget report, which projects not the $2 million deficit originally approved and on which the five-year projections were built, but maybe that is incorrect, I’ve learned,” Braun said. “But an actual deficit for the current year of $3.7 million. We have been delivered a financial nuclear bomb.”
She also criticized what she described as “the staff’s resistance to work with the Finance Commission over the past several months, despite the direction from the City Council last June.”
Following Braun’s alarming assessment, the ad hoc committee was formed. It consisted of Zneimer, Braun, Giulioni, and Finance Commission Vice Chair Sheila Rossi.
However, this committee was nearly dissolved after complaints from former Finance Commissioner Ed Elsner, who argued that the committee violated Brown Act because its discussion and formation were not listed on the Feb. 21 meeting agenda.
During a meeting on March 20, Councilmember Jon Primuth argued that the committee “had a very strong political agenda.” Councimember Michael A. Cacciotti described the committee as “a duplicative body” and “a waste of time, a waste of our resources”.
The City Council subsequently voted 3-2 against reauthorizing the committee, with Primuth, Cacciotti and Councilmember Jack Donovan voting against reauthorizing, Zneimer and Braun voting in favor.
But public concern over the deficit projections grew, prompting the City Council to reinstate the committee on May 1. The panel decided that the committee would be resurrected after July 1, by which time the FY 24-25 would’ve been adopted.
Nevertheless, that plan also fell short.
While the City Council had hoped to adopt the FY 24-25 budget before the current fiscal year ends on June 30. However, during a June 27 meeting, the panel, citing discrepancies in the numbers in the financial report, voted to go with the Finance Commission’s recommendation to delay the budget adoption.
Instead, the panel approved a resolution of continuing appropriations, authorizing the city to use appropriations for ongoing projects for 60 days or until the adoption of the budget, whichever comes first.
Using continuing appropriations could lead to administrative inefficiencies, restricted financial management and uncertainty for long-term planning, according to a staff report. However, the pros of this method are that it could help avoid government shutdown, maintains the status quo and provides more time for budget negotiations.
According to a staff report, the proposed FY 24-25 budget is balanced and shows a projected surplus. In addition, the previously projected $3.7 million deficit was mitigated by the discovery of unused funds.
But there are several problems with the proposed budget, Rossi said in a recent interview.
“I don’t really have a lot of trust in the numbers that are in the budget, because we still haven’t received the third quarter financials,” she said. “They gave us the third quarter summary, but it turns out that they haven’t finished their bank reconciliations for February. “
Rossi also expressed concerns that the revenue projections in the proposed budget are overstated by $700,000 to $900,000 based on the projections from two third party consultants the city hired.
Meanwhile, the city has hired LSL finance consultants to help with back-office accounting and reconcile the bank statements, the mayor said.
“Hopefully LSL could clarify the true numbers so that by August 21, we might be able to adopt the budget subject to any conditions that the Council might impose,” she said. “But then I have the other four Councilmembers to weigh in on the situation and I don’t know where they stand. So everything will depend on how the meeting will go on July 31.”
The city has also been dealing with a string of staff departures, which culminated in the stepping down of former City Manager Arminé Chaparyan on June 24. She received a lump-sum severance benefit in the amount of $307,500, $1,727.10 of unused management leave and a cash payment for all properly accrued and unused vacation time.
On Friday, July 26, the City Council approved a resolution appointing Donald Penman to serve as interim manager. Penman previously served as city manager for the cites of Arcadia, San Fernando and Baldwin Park.
He will start on Monday, July 29.
Rossi said “nothing is at stake” if the City Council doesn’t passes the budget next week.
But one thing was expected: A long night.
“The best we can do is to create a punch list and that we all need to bring our pajamas and cots on the evening of the 31st, that it’s going to be an extraordinarily long evening, if we are going to ask the City Council to either reject or accept each line item that we’re discussing right now,” Giulioni said.
Originally Published:
The finance chiefs of the Group of 20 economies agreed Friday to aim for the signing “as soon as possible” of a tax treaty that would target digital giants and multinationals, underscoring the need for a fairer and progressive taxation system with the super-rich also in mind.
Wrapping up two days of talks in Rio de Janeiro, the G20 economies also reiterated their commitment to ensuring stability in the foreign exchange market, on the view that excessive and disorderly fluctuations would negatively impact their financial systems at a time of a strong dollar.
Many countries are currently engaged in finalizing the text of a digital service tax treaty for fairer taxation. The objective is to require companies to pay a fair share of tax in countries where they do not have a physical presence but generate profits by offering services.
Japanese Finance Minister Shunichi Suzuki speaks at a press conference after a meeting of G20 finance ministers and central bank governors wrapped up in Rio de Janeiro on July 26, 2024. (Kyodo)
Brazil, chair of the G20 this year, has placed importance on addressing inequality and proposed taxing the super-rich as part of the efforts to make taxation fairer.
“It is important for all taxpayers, including ultra-high-net-worth individuals, to contribute their fair share in taxes,” the G20 said in its outcome document on international tax cooperation.
“Aggressive tax avoidance or tax evasion of ultra-high-net-worth individuals can undermine the fairness of tax systems, which comes along with a reduced effectiveness of progressive taxation,” it said.
The signing of the treaty has faced hurdles, with the most recent goal of June missed. Critics blame the likes of Apple Inc., Google LLC and other global tech giants for failing to shoulder their fair share of tax.
“We think highly of the joint document on international tax cooperation, the first of its kind for the G20,” Japanese Finance Minister Shunichi Suzuki told a press conference after the meeting.
The G20 took up a range of issues affecting the global economy, including the impact of Russia’s war in Ukraine and geopolitical risks.
The finance ministers and central bank governors took note of the increasing likelihood of a “soft landing” for the global economy, adding that upside and downside risks are balanced.
“Well-calibrated” monetary policy has helped ease inflation, and central banks will adjust their policies in a “data-dependent” manner, they said in a joint communique.
The ministerial talks coincided with a sharp rise of the yen against the dollar, with some market players betting the Bank of Japan will raise interest rates next week, a positive factor for the Japanese currency.
U.S. presidential candidate Donald Trump has recently singled out the yen and Chinese yuan in taking issue with the dollar’s strength. Market expectations that Trump, viewed as pro-business and pro-tax cuts, will return to the White House have sent share prices higher.
During the meeting, Japan expressed its “concern” about excessive volatility in the currency market, according to Masato Kanda, the country’s top currency diplomat.
Aggressive interest rate hikes in the United States have strengthened the dollar against other currencies, which in turn has raised concern among some emerging economies about the depreciation of their own currencies and capital flight.
Despite the release of the outcome documents, the G20, which also includes China and Russia, failed to bridge rifts over certain issues like Russia’s invasion of Ukraine and the conflict in the Middle East.
“Some members and other participants considered that these issues have an impact on the global economy and should be treated in the G20, while others do not believe that the G20 is a forum to discuss these issues,” Brazil said in its chair’s summary.
The gap between Western nations that have condemned Moscow’s invasion of Ukraine and imposed sanctions, and others like Russia and China has prevented the G20 from issuing consensus documents after meetings in recent years.
The G20 includes the Group of Seven — Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union — as well as Australia, India, Saudi Arabia, South Korea and South Africa among others.
Related coverage:
G7 finance chiefs say excessive forex moves bad for global economy
G20 finance chiefs fail to issue joint statement amid war in Ukraine
Vancouver, British Columbia–(Newsfile Corp. – July 26, 2024) – Barksdale Resources Corp. (TSXV: BRO) (“Barksdale” or the “Company“) is pleased to announce the closing of the second and final tranche (“Final Tranche“) of its previously announced non-brokered private placement offering (“Offering“) of units of the Company (“Units“) with the issuance of 14,674,683 Units for gross proceeds of $2,201,202.45. The first tranche (“First Tranche“) of the non-brokered private placement offering comprising 27,325,317 Units for gross proceeds of $4,098,798 closed on June 27, 2024 (see news release dated June 27, 2024). The Units sold in respect of the First Tranche and Final Tranche, together, total 42,000,000 for gross proceeds of $6,300,000.
Each Unit consists of one common share of Barksdale (a “Common Share“) and one Common Share purchase warrant (a “Warrant“), whereby each Warrant entitles the holder to acquire one Common Share at a price of $0.23 for a period of three years from the date of issuance.
Proceeds of the Offering will be used to finance exploration activities at the Company’s properties in Arizona as well as for working capital and general corporate purposes. Pursuant to the closing of the Offering, the Company paid an aggregate of (i) $199,516.60 in cash finder’s fees and issued an aggregate of 1,330,111 finder’s warrants to eligible finders in connection with the First Tranche, and (ii) $64,396.49 in cash finder’s fees and issued an aggregate of 429,309 finder’s warrants to eligible finders in connection with the Final Tranche. The finder’s fees in respect of the Offering, therefore, total $263,913.09 and 1,759,420 finder’s warrants. Each finder’s warrant entitles the holder to acquire one Common Share at a price of $0.23 until June 27, 2027 (First Tranche) or July 27, 2027 (Final Tranche).
All securities issued pursuant to the (i) First Tranche are subject to a statutory hold period expiring October 28, 2027, and (ii) Final Tranche are subject to a statutory hold period expiring November 27, 2027; each expiration date being the date that is four months and one day from the date of issuance. The Offering remains subject to TSX Venture Exchange final acceptance.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States.
Related Party Participation in the Offering
Certain insiders of the Company participated in the Offering. For details of insider participation in the First Tranche, please see news release dated June 27, 2024. In connection with the Final Tranche, Crescat Portfolio Management LLC, an insider of the Company as it has ownership of, or control or direction over, directly or indirectly, securities of Barksdale carrying more than 10% of the voting rights attached to all the Company’s outstanding voting securities, purchased 6,666,667 Units. In addition, Rick Trotman, Chief Executive Officer and Director of Barksdale, purchased 118,317 Units. The participation by insiders in the Offering constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities purchased by insiders, nor the consideration for the securities paid by such insiders, will exceed 25% of the Company’s market capitalization. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of either the First Tranche or the Final Tranche, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner. The Offering was unanimously approved by the Company’s board of directors.
Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver project in the Patagonia mining district of southern Arizona, which hosts several significant porphyry copper deposits as well as the adjoining world-class Hermosa carbonate-replacement lead-zinc-silver deposit which is under construction by a major mining company.
ON BEHALF OF BARKSDALE RESOURCES CORP
Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com
Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdaleresources.com
For more information please phone 778-558-7145, email info@barksdaleresources.com or visit www.BarksdaleResources.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or” should” occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to TSX Venture Exchange approval and the use of proceeds from the Offering are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Barksdale, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to obtain necessary approvals, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Barksdale does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
// NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES //
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218027
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