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[ad_1] UK migrant flight to Rwanda grounded as European Court steps in [ad_2] Source link

[ad_1] India would emerge as a $5-trillion economy by FY27 and a $10-trillion one by FY34, chief economic adviser (CEA) V Anantha Nageswaran said on Tuesday. “We are now at $3.3 trillion, it is not such a difficult target to reach. Then if you simply assume 10% nominal GDP growth in dollar terms, then you get to $10 trillion by FY34 and another doubling with the same rate,” the CEA said at an event by the UNDP India. In 2019, before the pandemic hit the nation and the world, Prime Minister Narendra Modi had envisioned to make India a $5-trillion economy by FY25. With its strong fundamentals, the Indian economy is much better placed now than many others, Nageswaran added. Last week, the CEA had said India had displayed remarkable resilience in recovery after a Covid-induced slump in growth. Key indicators of the economy, he stressed, had crossed their pre-pandemic levels. The latest GDP data showed real growth in FY22 exceeded the pre-pandemic (FY20) level by 1.5%, private consumption by 1.4% and fixed investment by 3.8%. On a year-on-year basis, the economy grew 8.7% in FY22 from -6.6% in the previous year. Quick and decisive policy interventions by the government, duly supported with monetary measures by the central bank, have enabled the economy to stage a smart rebound, the CEA had said. [ad_2] Source link

[ad_1] The Federal Housing Finance Agency released voluminous plans last week developed by Fannie Mae and Freddie Mac to make the housing market more equitable, in part through changes to the appraisal process. Fannie Mae and Freddie Mac’s equitable housing finance plans further expand non-traditional property appraisals, which sometimes rely on property tax information, data collected by third parties, or algorithms to assess a property’s value. Both GSEs argue that these approaches advance equity. “Using automated tools to establish home values helps remove human bias, although it limits the collection and evaluation of a property’s current condition,” wrote Freddie Mac. Desktop appraisals and hybrid appraisals, where an independent third-party inspects the property, both “reduce costs to the borrower and reduce potential risk of bias by creating greater separation between the appraiser and borrower,” wrote Fannie Mae. Non-traditional appraisals to the rescue Freddie Mac research concluded in 2021 that appraisal gaps, which negatively impact Black and Latino borrowers and homeowners, exist on purchase appraisals. That was before a study spelled out the appraisal industry’s regulatory dysfunction, and before a federal task force promised to combat appraisal bias. A follow-up study Freddie Mac conducted in May found that “even after controlling for important factors that affect house values and appraisal practices, properties in Black and Latino tracts are more likely to receive appraisal values that fall below contract prices, and this likelihood increases as the Black or Latino concentration in the neighborhood increases.” The cure? According to Freddie Mac’s equitable housing finance plan, it could be the expansion of automated valuation models. Using its automated valuation models “leads to relatively lower racial gaps,” Freddie Mac said. Freddie Mac currently uses that technology to speed appraisals on some purchase transactions, but only those with loan to value ratios up to 80%, but that excludes most Black and Latino borrowers. Starting in 2023, Freddie Mac said it will look at expanding the use of its automated collateral evaluation for mortgages with loan to value ratios greater than 80% through a targeted lending program. But researchers at the Urban Institute recently found that automated valuation models, while they “represent the promise of greater efficiency and lower costs for the mortgage industry,” perform differently in majority-Black neighborhoods.  The researchers write that, “even with data improvement and artificial intelligence, we still find evidence that the percentage magnitude of AVM error is greater in majority-Black neighborhoods. This indicates that we cannot reject the role historic discrimination has played in the evaluation of home values.” A Freddie Mac spokesperson said that the GSE and its regulator conduct routine fair lending analyses to ensure the automated system fully complies with fair lending laws, including a review to ensure that no factor is a proxy for protected classes. “We are constantly refining our system, and we frequently bring in new technologies to improve our capabilities,” a Freddie Mac spokesperson said. Automated valuation would largely benefit lenders via more efficient originations and borrowers potentially through reduced costs and a shorter wait time from application to approval, Freddie Mac said. Freddie Mac would also benefit, “via an understanding of the valuation method and the ability to deploy it consistently throughout the organization,” a company spokesperson said. Asked about the implications of the Urban Institute findings, a Fannie Mae spokeswoman emphasized that its equity plan focuses on the expansion of desktop and hybrid appraisals, which was not the focus of that research. Fannie Mae also included efforts to “modernize” appraisals in its equity plans. The GSE will modify its selling guide to allow for desktop as an appraisal option, after its large-scale experiment with that option as a result of the COVID-19 pandemic. In March, Fannie Mae said it would start offering desktop appraisals for some loans. But its equity plan also looks to increase use of hybrid appraisals — those where the property inspection is done by an independent third party. “Both options reduce costs to the borrower and reduce potential risk of bias by creating greater separation between the appraiser and borrower,” the Fannie Mae plan read. Introducing a third party to the transaction to conduct the inspection in order to reduce costs and eliminate bias does not sit well with some industry stakeholders. Appraisers have, in the past, fretted over liability and data reliability. Other stakeholders wonder how cost reductions would impact them. Peter Christensen, principal at Christensen Law firm, which advises on legal and regulatory matters concerning valuation, believes that third-party data collection will both reduce costs and the potential for bias. Those performing property data collection do not command the hourly rates that certified appraisers do. Using a third party is “moving that labor to essentially the lowest common denominator,” Christensen said. As for its mitigating effect on bias, separating the analysis from the data collection can counter biases. A property data collector may well have unconscious biases unleashed by a photo of a Black family on the wall. But the data collector would not include his analysis or a photo of the family portrait in the report for the appraiser, said Christensen, who has written contracts for property data collectors. Still, there are some kinks to work out of third-party property data collection, which Christensen described as the “Wild West.” “Appraisers until this point don’t get very good fair housing training, but while it’s not perfect, far from, USPAP does make a reference to fair housing law,” said Christensen. “But for all the weaknesses amongst appraisers, who is training the average property data collector on this stuff? Fair housing, are you kidding me?” My data, my research Both of the GSEs have plans to conduct research to better understand bias. Neither indicate they will give outside researchers the ability to replicate that research, however. Fannie Mae said it would use its database of roughly 54 million appraisals to analyze undervaluation that could indicate bias. Fannie Mae said it would share those research results via an external industry memo, and then a research paper for industry stakeholders sometime

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[ad_1] The global outbreak of monkeypox is “clearly unusual and concerning”, WHO Director-General Tedros Adhanom Ghebreyesus said on Tuesday as he announced to convene an emergency committee next week to assess whether this outbreak represents a public health emergency of international concern. So far this year, over 1,600 confirmed and almost 1,500 suspected cases of monkeypox have been reported to the World Health Organisation (WHO) from 39 countries – including seven where monkeypox has been detected for years, and 32 newly-affected countries, Ghebreyesus told a media briefing. Further, so far this year, 72 deaths have been reported from previously-affected countries. No deaths have been reported so far from the newly-affected countries, although the WHO is seeking to verify news reports from Brazil over a monkeypox-related death. “The global outbreak of monkeypox is clearly unusual and concerning. It’s for that reason that I have decided to convene the Emergency Committee under the International Health Regulations next week to assess whether this outbreak represents a public health emergency of international concern,” he said. As per the WHO, while disease outbreaks and other acute public health risks are often unpredictable and require a range of responses, the International Health Regulations (2005) (IHR) provide an overarching legal framework that defines countries’ rights and obligations in handling public health events and emergencies that have the potential to cross borders. The IHR are an instrument of international law that is legally-binding on 196 countries, including the 194 WHO Member States. The WHO published interim guidance on the use of smallpox vaccines for monkeypox. Ghebreyesus said that the global health organisation does not recommend mass vaccination against monkeypox. “While smallpox vaccines are expected to provide some protection against monkeypox, there is limited clinical data, and limited supply,” he said, adding that any decision about whether to use vaccines should be made jointly by individuals who may be at risk and their healthcare provider, based on an assessment of risks and benefits, on a case-by-case basis. Ghebreyesus said that the WHO’s goal is to support countries to contain monkeypox transmission and stop the outbreak with tried-and-tested public health tools including surveillance, contact-tracing and isolation of infected patients. He stressed “it is also essential to increase awareness of risks and actions to reduce onward transmission for the most at-risk groups, including men who have sex with men and their close contacts”. “It’s also essential that vaccines are available equitably wherever needed. To that end, WHO is working closely with our Member States and partners to develop a mechanism for fair access to vaccines and treatments,” he said. The WHO is also working with partners and experts from around the world on changing the name of monkeypox virus, its clades and the disease it causes. [ad_2] Source link

[ad_1] The post Why Bother Saving Money? appeared first on Millennial Money. The year is 2022. Somehow, we have ended up in a dystopian nightmare, complete with a deadly pandemic, an ecological crisis, and fascist ideologies on the rise. And icing on the cake, it feels like we’re teetering on the brink of World War III. So why even bother saving money? That’s a question millions of people around the world have been asking themselves. A recent study showed that the average amount of U.S. personal savings accounts dropped 15% between 2021 and 2022. Let’s be honest here: Saving money is not always easy. It can feel like there are a number of different cards stacked against you, even in the best of times. But saving money is critical for your financial security. It can even help you achieve financial independence. Let’s dive into why you should bother saving money . . . as well as some ideas on how to get started. Reasons to Start Saving Putting money into a savings account on a regular basis can feel like a chore. Here are some reasons to keep your eyes on the prize. To Cover an Emergency You’re going about your life just fine. Not a care in the world. Then, suddenly, your car needs a new tire. Your basement floods. And your cat breaks a leg. As my grandmother says, when it rains, it pours. And disasters like these always seem to happen at the same time. Each unexpected expense piles up on top of the last unexpected expense. But if you have emergency savings, you don’t have to worry about how you’re going to pay for all these expensive repairs and/or pet surgeries. That’s because you have enough money stashed away to cover it all. Now, saving money for an emergency fund sometimes feels tricky, especially if you’re living paycheck to paycheck like all too many millennials. But trust me; it’s worth it. That’s especially the case because the alternative—putting emergency expenses on your credit card—will likely only put you deep(er) in debt. And thanks to pesky interest charges, that will cost you dearly in the long run. We’ve put together a guide to starting an emergency fund. It includes a handy calculator that can help you determine how much money you should save for your “rainy day.” To Afford a Down Payment on a Home A really good friend of mine wants to buy a house very badly. He’s sick of living in an apartment. He wants a yard to grow plants in and a workshop so he can putter around with his woodworking hobby. There’s a problem, though—he has zero savings. And in the currently hot seller’s market, if you can’t make the typical down payment—and then some to sugarcoat your offer—there’s no point in even going to an open house. Now, there are several programs that can help you get a mortgage without the traditional 20% down payment. But you—and your dream home—might not qualify for them. And even if you do, you still may need to pay private mortgage insurance (PMI), which adds to your cost. If you have at least 20% of a home’s list price saved, you’ll have a better chance of making a winning bid for the property you want. You’ll also save money on PMI and have a lower monthly mortgage payment, too. Learn More: Buying a House: A Guide for First-Time Homebuyers Things to Consider When Buying a House How to Save for a House To Make a Big Purchase Without Going Into Debt Homes aren’t the only expensive purchases out there. Say you want to go on vacation or buy a new car or put a deck on your house. A lot of people pay for these pricey purchases by slapping them on a credit card or taking out loans . . . and then forget to pay them off before hefty interest rates start adding up. I am not a fan of credit card debt at all—even for points or frequent flyer miles. Using a credit card is a slippery slope that can leave you in debt. It is always, always, always better to pay for something entirely upfront. And to do that, you need to have money saved for one of these big expenses. Luckily, there are a number of personal finance apps that make meeting a specific savings goal a piece of cake. Personal Capital is one of our favorites. To Make Money on Interest One of the biggest objections I hear to opening a savings account is that they pay practically nothing. That may have been the case a couple of years ago. But interest rates are heading back up. That’s because the Federal Reserve (the U.S. central bank) has committed to raising rates in an effort to curb inflation. The thinking is, if money costs more to borrow, people will spend less of it. That will drive down the demand for stuff, which in turn will lower inflation rates. At the same time, these higher borrowing costs are good news for savers. Banks will need to pay you more for parking your money in a savings account. Of course, the best bank accounts are the high-yield savings accounts you’ll find from online-only banks. These banks can afford to pay you higher percentages because they don’t need to cover the expense of operating brick-and-mortar branch offices. Some online banks—such as Axos—even offer an interest-paying checking account. It might also be worth checking to see if you qualify to join a credit union. Because these financial co-ops are nonprofits that don’t have to pay profits to shareholders, you can usually find higher interest rates here than you would with a traditional bank account. To Save for Education (Your Kids’ or Your Own) One of the best investments you can make is in higher education. Depending on the career, having a college degree can increase your earning prospects substantially. And if you have kids, you’re

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[ad_1] Denmark stocks lower at close of trade; OMX Copenhagen 20 down 1.90% [ad_2] Source link

[ad_1] Almost a year after allowing iPhone users to switch to Android without losing their chat history, WhatsApp is finally doing the same for Android users wanting to switch to an iPhone. Android users can, starting today, switch to iPhone and continue to use WhatsApp without losing their chat history. You’ll need an app— Move to iOS –to do this, though. Also, you’ll only be able to do this while setting up a new iPhone from scratch which is to say you’ll have to factory reset your existing one. “We’re adding to WhatsApp the ability to securely switch between phones and transfer your chat history, photos, videos, and voice messages between Android and iPhone while maintaining end-to-end encryption,” Meta founder and CEO Mark Zuckerberg said while announcing the rollout, adding that this was a “top requested feature”. For years, there was no “official” way for Android users switching to an iPhone to keep their chats intact on WhatsApp. A year ago, iPhone users couldn’t transfer their WhatsApp chats to Android, either. Select Samsung phones got the ability first, and it was confirmed—at that time by Will Cathcart— that it would come to iOS phones eventually.   HOW TO MOVE WHATSAPP DATA FROM ANDROID TO IPHONE WhatsApp has published a detailed blog outlining the steps you need to take to move your existing WhatsApp data from Android to iPhone. There are a few prerequisites, too. MINIMUM REQUIREMENTS Both your iPhone and Android phone need to be running a certain minimum OS version in order to get started. This is Android OS Lollipop, SDK 21 or above, or Android 5 or above in case of Android and iOS 15.5 or above on iPhone. You’ll need to, also, install the Move to iOS app on your Android phone. WhatsApp, also, has to be a certain version. This is version 2.22.10.70 or above on iOS and version 2.22.7.74 or above on Android. Naturally, you’ll need to use the same phone number as your old phone on your new device. Both devices must be connected to a power source, as well, and connected to the same Wi-Fi network (alternatively you can connect your Android device to your iPhone’s hotspot). STEPS TO FOLLOW 1. Open the Move to iOS app on your Android phone, follow the on-screen prompts. 2. A code will appear on your iPhone. When asked, enter the code on your Android phone. 3. Tap Continue and follow the on-screen prompts. 4. Select WhatsApp on Transfer Data screen. 5. Tap START on your Android phone, then wait for WhatsApp to prepare the data for export. Once the data is ready, you’ll be signed out from your Android phone. 6. Tap NEXT to return to the Move to iOS app. 7. Tap CONTINUE to transfer the data from your Android phone to your iPhone. 8. Wait for Move to iOS to confirm the transfer is complete. 9. Install the latest version of WhatsApp from the App Store. 10. Open WhatsApp and log in using the same phone number used on your old device. 11. Tap Start when asked and allow the process to complete. Once activation is complete, your chats will appear on your iPhone. WHAT CAN’T BE TRANSFERRED WhatsApp notes that call history and peer to peer payment messages can’t be transferred using this method. Also, transferred data doesn’t go to cloud storage until you create an iCloud backup. [ad_2] Source link

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