Finance

Tsai urges public, private sectors to cooperate on finance talent – Focus Taiwan

Published

3 years ago

May 9, 2022

Tsai urges public, private sectors to cooperate on finance talent – Focus Taiwan

Taipei, Might 9 (CNA) President Tsai Ing-wen (蔡英文) inspired the federal government, the personal sector, and academia on Monday to work collectively to develop and internationalize Taiwan’s monetary sector by cultivating a neighborhood expertise pool.

Addressing a gap ceremony for Nationwide Chengchi College’s (NCCU) School of International Banking and Finance, Tsai mentioned that sound financial development had allowed Taiwan to get pleasure from good credit score scores and report sturdy international change reserves, creating basis for the nation to develop worldwide finance at a time when the monetary trade is turning into extra international.

In late April, S&P International Scores raised its long-term issuer credit score scores for Taiwan to AA+ from AA, saying that the outlook for the nation’s financial efficiency was favorable, primarily based on sturdy demand for its electronics exports.

On the finish of April, Taiwan’s foreign exchange reserves fell by US$3.71 billion from a month earlier to US$545.06 billion as a result of central financial institution’s intervention to stop the autumn within the Taiwan greenback worth, however the nation nonetheless ranked because the fourth-largest foreign exchange reserve holder on the earth, up one place from a month earlier.

Within the submit COVID-19 pandemic period, Tsai mentioned, Taiwan ought to domesticate a banking expertise pool to allow the native monetary trade to hurry up its efforts to achieve worldwide requirements with NCCU’s School of International Banking and Finance part of these efforts.

Tsai mentioned Taiwan would purpose to grow to be a capital hub for enterprises in Asia in addition to a middle for wealth administration for individuals with important property within the area.

Along with Tsai, high-ranking authorities officers corresponding to Finance Minister Su Jain-rong (蘇建榮); central financial institution governor Yang Chin-long (楊金龍); Kung Ming-hsin (龔明鑫), head of the Nationwide Growth Council; and Chiu Shu-chen (邱淑貞), vice chairwoman of the Monetary Supervisory Fee, additionally attended the NCCU ceremony, as did representatives from 27 monetary establishments.

Based on Tsai, the presence of those attendees on the ceremony demonstrated Taiwan’s collective effort to attempt to grow to be a regional monetary hub with the private and non-private sectors and lecturers keen to pour sources into the school.

The Presidential Workplace mentioned in a press release that the brand new NCCU school was the second worldwide finance division in Taiwan to be opened. In April, the president unveiled the inauguration of the College of Worldwide Finance at Nationwide Solar Yat-sen College.

The NCCU school, which can train bilingually, could have 4 educating pillars — worldwide asset administration; monetary improvements; Surroundings, Social and Governance; in addition to inclusive financing, and authorized compliance, which Tsai mentioned was anticipated to create a brand new larger schooling educating mannequin by integrating concept with observe.

Inclusive financing is geared toward selling the provision of banking providers to the broadest segments of society at reasonably priced phrases.

Finance

St. Augustine's says it will eliminate 50% university employees ahead of accreditation meeting

Published

3 hours ago

November 23, 2024

Press Room

St. Augustine's says it will eliminate 50% university employees ahead of accreditation meeting

RALEIGH, N.C. (WTVD) — Saint Augustine’s University (SAU) announced Saturday it will eliminate several positions, including non-faculty and vacant, this month ahead of its significant accreditation meeting.

Last December, the Southern Association of Colleges and Schools Commissioner on Colleges (SACSCOC) voted to remove SAU from membership due to its financial status. The university’s appeal was denied in February and then in July, the SACSCOC arbitration committee reversed the decision and reinstated SAU’s accreditation.

The SACSCOC board will vote on the next step for the university in December.

In a news release, SAU said to ensure compliance with the Southern Association of Colleges and Schools Commissioner on Colleges and keep its accreditation, the school has reduced its expenses by approximately $17 million in fiscal year 2024 compared to 2023. Reductions, totaling 50% of university employees, include 67 staff positions (41% reduction); 37 full-time faculty positions (67% reduction); 32 adjunct faculty positions (57% reduction); and stopping several under-enrolled programs.

SEE ALSO | St. Augustine’s alumni hosts celebration amid canceled on-campus homecoming

The university also said it will be actively settling outstanding balances with vendors and adjusting various contrasts.

SAU also reported completing four financial audits for fiscal years 2021, 2022, 2023, and 2024, and restoring employee payroll and health insurance benefits.

The HBCU university — remaining millions of dollars in debt — secured a $7 million loan from Gothiuc Ventures with a high-interest rate. To get the loan, St. Aug’s put up much of the university’s main campus and off-campus properties as collateral.

Gothic Ventures tells ABC11 that the interest rate offered was determined by the financial difficulties faced by the university, which included a recent audit, historical revenue losses, and outstanding debt.

SEE ALSO | Saint Augustine’s University’s high-rate $7 million loan puts HBCU in jeopardy, finance experts say

Many, including SAU alumni and finance experts, are concerned about this loan.

“We are concerned about the partnership between Gothic Ventures and Saint Augustine University because if for any reason Saint Augustine is unable to repay Gothic ventures, the land will be lost and the university as we know it will cease to be,” alum Bishop Clarence Laney said.

The lawsuit against the board of trustees by the SaveSAU Coalition was also recently dismissed.

EDITOR’S NOTE: The featured video is from a previous report.

Finance

Assess your financial risk before new policies affect the economy

Published

11 hours ago

November 23, 2024

Press Room

Assess your financial risk before new policies affect the economy

I’ve been thinking about financial risk lately.

Should I change my asset allocation in my retirement portfolio, considering Donald Trump’s successful bid for the White House? Stock market valuations have risen smartly in recent years, which real income growth, productivity improvements, technological innovation, low unemployment rates and healthy corporate profits have largely powered. Yet with the election of Trump, voters have approved a massive economic experiment.

The Trump administration comes into power with many policy goals, but four economic initiatives stand out: Enacting significant tax cuts; imposing broad-based and significant tariffs; sweeping raids, mass deportations and tighter immigration controls; and slashing federal government regulations. The extent that these plans turn into reality and how each policy will interact with the others is uncertain. The risks are obvious. The outcome isn’t.

Enter risk management, a critical concept in finance. Professionals often associate risk with volatility. The tight link makes sense, since owning assets with high volatility hikes the odds of losses if there is a pressing need to sell the asset to raise money.

However, for the typical individual and household, risk means the odds money decisions made today don’t pan out. Managing risk means lowering the negative financial impact on your desired standard of living from decisions gone wrong and when circumstances take an untoward turn.

“Anything that makes reaching or maintaining that more likely reduces your risk, and anything that makes this less likely increases your risk,” writes Bob French, the investment expert at Retirement Researcher. “Everything else is just details.”

The key risk management concept is a margin of safety, a bedrock personal finance idea broader than investment portfolios. It can include having an emergency savings fund, owning life insurance to protect your family and investing in your network of friends and colleagues to hedge against the risk of losing your job. The right mix depends on the particulars of your situation.

In my case, after studying my portfolio, running household money numbers and reviewing lifestyle goals, I’m comfortable with the asset allocation in my retirement portfolio. There is too much noise in the markets for comfort, and market timing is always tricky. The prudent approach with my individual situation is to stay the course.

Finance

Shannon Bernacchia Appointed Interim Finance Director for Regional Schools – Amherst Indy

Published

19 hours ago

November 23, 2024

Press Room

At a Zoom meeting on Friday, November 22, School Superintendent Dr. E. Xiomara Herman recommended to the Regional School Committee and Union 26 School Committee that Shannon Bernacchia be appointed interim Finance Director for the schools, replacing Doug Slaughter who had served in that position since 2019. Bernacchia has served as Assistant Finance Director under Slaughter. Her appointment was approved unanimously by both school committees.

In recommending Bernacchia for the interim director position, Herman cited her “impressive career, dedication, and accomplishments during this transitional period [to a new administration],” adding, “Since joining our district, she has demonstrated exceptional proficiency in managing complex financial operations, including preparing budgets, overseeing audits, and providing detailed financial reporting to the school committee.”

Bernacchia holds a Bachelors Degree in Business Management from Bay Path University and professional training in school fund accounting. She currently holds an emergency School Business Administrator license valid through 2025 and has completed all requirements for her initial license, except for the 300 hours of mentorship. She anticipates completing that requirement in January, 2025. Former Amherst Regional Public Schools and Town of Amherst Finance Director Sean Mangano is serving as her mentor.

Herman expressed confidence in Bernacchia’s ability to head the district’s financial operations.

In acknowledging her appointment, Bernacchia thanked the school committee members and said that she was excited to work with superintendent who is woman.