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[ad_1] Tata Projects, the infrastructure and construction arm of the Tata Group, recently bagged the contract to build the ambitious Noida International Airport (NIA) project. Spread over 1300 acres, the Rs 9,000-crore greenfield project is being developed under public-private partnership between the Uttar Pradesh government and Zurich Airport. Phase 1 of the project is expected to be commissioned by September 2024. Once completed, NIA would be the country’s largest airport, both in terms of passengers and air cargo traffic and is said to transform the supply chain landscape of the region. Christoph Schnellmann, chief executive officer, Yamuna International Airport, the entity set up to manage and run Noida Airport, spoke to Deepa Jainani on the project. Excerpts: You have awarded the EPC (engineering, procurement and construction) contract to Tata Projects. Where do things stand now and what is timeline for the project? Award of the EPC contract is an important project milestone after securing financial closure last year and receiving access to the land. With this, we now move into the next phase of the project and over the next few months, we’ll see thousands of men and machines transform the landscape around Jewar. The project implementation needs to be closely managed over the next three years. As far as construction activities go, there are two key elements that we would focus on: to build the organisation to increase the workforce and be ready to operate Noida airport and to secure key partnerships that we will require to operate the airport. Partnerships are required with airport hotel operators, ground handlers, plane service providers. The partner needs to develop over 80 acres of space for cargo, air cargo and logistics infrastructure at the airport. What are your plans for expansion? We will deliver an airport and infrastructure for 12 million passengers in phase 1 by 2024. That’s a single runway and an airport terminal that will cater to up to 12 million passengers per annum and of course all the ancillary facilities that are required in terms of parking positions, taxi, utilities etc. Further expansion will be triggered in a modular fashion. We’ve designed our airport terminal to expand from 12 million to 30 million passenger capacity. We can basically build a mirror copy of the existing terminal, attached directly to it, which will expand the overall capacity in the terminal to 30 million passengers and we will trigger that whenever we see 80% of this 12 million capacity being used. So the moment we start having 9.6 million to ten million passengers, we will trigger the next expansion phase. And with that, we’ll see the expansion of the parking positions on the apron. We’ll also see expansion of road capacity on the site, in line with that growth. Covid has dealt a huge blow on the aviation industry. Do you see flyers coming back in time once Jewar is ready? I think traffic is back to 2019 levels. So, the demand is there. The demand for additional infrastructure for airports is there as well. The penetration of air traffic in India is still much smaller than in comparable markets, countries with large domestic markets with big distances to cover. Overall, in the NCR, we expect the number of travellers to triple from roughly 70 million in 2019 to over 200 million in the next 40 years. The NIA is scouting for a partner to create its warehousing and logistics facilities. Tell us more about this. We have floated an RFP and are in contact with a number of partners. There’s a great deal of interest in developing the air cargo and logistics infrastructure at NIA. It is just a reflection of the strong growth that we’ve seen in the air cargo space throughout the past two decades and certainly through the past few years during the times of the pandemic. We look forward to seeing the economic development in and around Noida, Greater Noida and we see the investments in manufacturing facilities and other businesses coming to the region. We also see the strong agricultural heartland in Uttar Pradesh and we are well-positioned to service this large and growing market in terms of logistics, warehousing and of course air cargo. By when should we expect these partnerships crystallise? So, the next two partnerships that we plan to conclude will be to develop and operate an airport hotel directly adjacent to the terminal and a partner to design, build and operate with us these air cargo facilities. We expect to conclude this year. What is the potential for the air cargo landscape in the region? How huge is this going to be? It’s very big. The market in north India is over a million metric tonne annually and we expect over the next 30 years that this may quadruple, necessitating additional airport infrastructure as well as warehousing, distribution and storage infrastructure. We see a real opportunity here to become the cargo gateway to northern India. How are you also trying to incentivize the airlines to fly out of Noida Airport? We’ve been in talks with airlines since even before we submitted our bid for the project back in 2019, because it’s very important for us to understand what the airlines require, what sort of growth plans they have etc. We’ve been very deliberate about designing the airport infrastructure in a way that that meets the likely traffic needs and allows a quick turn-around times for the airlines and quick transfer times for the passengers. What is the status of the MRO facility that is to come up in the area? We’ve allocated almost 60 acres of land for MRO facilities and there’s a lot of interest from airlines, from component manufacturers, from engine manufacturers and the like. We’re engaged in discussions with a number of partners. How soon do you think this is going to crystallize? We hope to announce first partnerships later this year. There’s a lot of focus on sustainability at the NIA… Stainability is something that’s been

[ad_1] The post 27 Best Gig Apps for 2022 appeared first on Millennial Money. Here’s my prediction: The 2020s will go down as the golden age of side hustles. Looking at the numbers, one in three Americans already has a side hustle, and one-third of that group only started hustling recently. As for the rest of us? More than 60 percent of people plan to start a side hustle soon. This is no accident. People are quickly catching on to the fact that side jobs are a secret to financial success. And at the same time, it’s also getting a lot easier to find gig work. If you’re looking to land some side hustles in 2022, you’ve come to the right place. Keep reading to learn more about some of the top gig apps for 2022. From rideshare services to caretaking to teaching English and everything in between, there’s a mobile app out there that can help you make money doing something you love in the gig economy. Uber Driver Lyft Driver Turo HyreCar Getaround Doordash Driver Grubhub for Drivers Instacart Shopper Shipt Amazon Flex  Postmates Uber Eats Decluttr eBay Tasker by TaskRabbit Bellhop – Pros Dolly Helpers Fiverr Upwork for Freelancers Indeed Job Search Care.com Caregiver Rover Wag! Pet Caregiver VIPKid Teach Swagbucks Survey Junkie  Gigwalk What Is the Gig Economy? The gig economy refers to a flexible work model where people work for several different companies or clients, often at their own leisure. It’s fundamentally different from the traditional approach to work, which involves full-time 40-hour weeks and binding agreements.  Gig economy workers typically work as independent contractors, taking jobs on a per-assignment or per-project basis. Best Gig Economy Apps for 2022 Note: My list of top gig apps is organized into the following categories in case you’d like to skip ahead to a particular section: Best ridesharing apps Best car sharing apps Best delivery apps Best apps for selling stuff Best apps for handy work Best apps for freelancers Best apps for caregivers (pets and people) Best Ridesharing Apps 1. Uber Driver Average pay: $18/hr. Uber is the world’s leading rideshare service with an estimated three to four million drivers around the globe. Uber drivers are considered independent contractors, so they don’t get the same benefits as traditional employees (e.g., a 401k program or paid time off). The company does offer repair discounts, affordable phone plans, free music, and healthcare assistance through Uber’s partnership with Stride Health. Most importantly, you can use your own car and choose your own schedule. Don’t have your own wheels but still want to pick up fares? You can also rent a car and drive for Uber. If you’ve wanted to try your hand behind the wheel of a rideshare service, Uber is an obvious starting point. Sign up to drive for Uber. 2. Lyft Driver Average pay: $23/hr. Lyft is very similar to Uber but has a reputation for being more driver-friendly. The main downside is that it’s less popular than Uber, so you may get fewer ride requests depending on where you live. Lyft provides drivers with free or discounted 24/7 Allstate roadside assistance and discounts on auto services through Openbay. The company also has a tiered rewards structure that pays bonuses for achieving certain driving goals. Sign up to drive for Lyft. Winner: Lyft Drivers The verdict: I recommend Lyft for drivers because of the positive reviews I’m hearing from drivers. An extra $5/hr on average bodes well for your potential earnings. Best Car Sharing Apps   3. Turo Average pay: About $10,516 annually for one car. Turo is the world’s largest car sharing marketplace that lets you rent your wheels out to other people. It’s kind of like Airbnb but for cars. For example, someone may rent your car to make a quick Costco run or head out to the mountains to go skiing. Through this lens, Turo can be a great source of passive income. It’s flexible, scalable, and you can set your prices. It also comes with built-in insurance so you don’t have to worry if a renter gets into an accident. As a Turo host, you’ll also receive discounts for things like auto maintenance, insurance, and more. List your car on Turo. 4. HyreCar Average pay: $30 to $45 daily, $200 to $300 weekly, and $800 to $1,110 per month HyreCar is a car sharing app that allows owners to rent their rides to Uber and Lyft drivers. As with Turo, the car owner retains full control over pricing and availability. HyreCar also comes with insurance. A selling point of HyreCar is that you’ll be renting to professional drivers who need to drive your car safely to make money. However, personally speaking, I’d feel a little uneasy about letting unknown rideshare drivers and their passengers cruise around in my ride all day. But that’s your call, and it also depends on how attached you are to your car. 5. Getaround Average pay: Take home 60 percent of the car rental rate. Getaround is a popular car-sharing app that operates in the U.S. and countries in Europe. Similar to Turo, you can list your car in an open marketplace according to your schedule. Guests can then rent your car for an agreed-upon time. By far the coolest feature is Getaround Connect, a device you can install that lets guests unlock your car using the Getaround app. Winner: Getaround Getaround’s Connect feature makes this gig economy app a true passive income stream because you won’t have to deal with anyone in person. All you have to do is leave your car for the guest to access and pick it up when they’re done. While your car is in use, you’re earning money without doing any other work. It doesn’t get much better than that. Best Delivery Apps  6. Doordash Driver Average pay: $20/hr. DoorDash is the clear market leader for delivery apps, with a 56 percent market share. DoorDash delivery drivers—known as Dashers—make money by picking up

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[ad_1] U.S. faces 'unacceptable levels of inflation,' Yellen tells senators [ad_2] Source link

[ad_1] Apple must change the connector on iPhones sold in Europe by 2024 after EU countries and lawmakers agreed on Tuesday to a single charging port for mobile phones, tablets and cameras in a world first. The political intervention, which the European Commission said would make life easier for consumers and save them money, came after companies failed to reach a common solution. Brussels has been pushing for a single mobile charging port for more than a decade, prompted by complaints from iPhone and Android users about having to switch to different chargers for their devices. iPhones are charged from a Lightning cable, while Android-based devices use USB-C connectors.The company, which did not immediately respond to a request for comment, had earlier warned that the proposal would hurt innovation and create a mountain of electronics waste. Despite that, its shares were up 0.9% in morning trade in New York.The move could become a sales driver for Apple in 2024, analysts said, encouraging more Europeans to buy the latest gadgets instead of ones without USB-C.It could persuade consumers to upgrade to a new phone sooner, said CFRA Research analyst Angelo Zino. “Existing consumers can still use the Lightning cable, but maybe there would be less purchases of older products on third-party platforms,” he said.Apple is already working on an iPhone with a USB-C charging port that could debut next year, Bloomberg reported last month. When Apple releases new iPhones, the older generation phones are usually discounted, leading to millions of customers opting for the cheaper variants.If the EU prohibits the sale of older models, it risks upsetting many consumers and the government would be forcing consumers to shell out more, said Jitesh Ubrani, research manager at research firm IDC. Half the chargers sold with mobile phones in 2018 had a USB micro-B connector while 29% had a USB-C connector and 21% a Lightning connector, a 2019 Commission study showed. “By autumn 2024, USB Type-C will become the common charging port for all mobile phones, tablets and cameras in the EU,” the European Parliament said in a statement. EU industry chief Thierry Breton said the deal would save about 250 million euros ($267 million) for consumers.“It will also allow new technologies, such as wireless charging, to emerge and to mature without letting innovation become a source of market fragmentation and consumer inconvenience,” he said. Laptops will have to comply with the legislation within 40 months of it coming into force. The EU executive will have the power in future to harmonise wireless charging systems. That the deal also covers e-readers, earbuds and other technologies means it will also have an impact on Samsung , Huawei and other device makers, analysts said.“We are proud that laptops, e-readers, earbuds, keyboards, computer mice and portable navigation devices are also included,” said lawmaker Alex Agius Saliba, who steered the debate at the European Parliament. [ad_2] Source link

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[ad_1] World Bank slashes global growth forecast to 2.9%, warns of 'stagflation' risk [ad_2] Source link

[ad_1] U.S. stock indexes were set for a lower open on Tuesday, after Target Corp’s quarterly margin forecast cut raised worries about slowing demand in an inflationary environment and dragged down retail shares. Shares of Target slid 7.6% in premarket trading as the big-box retailer said it would have to offer deeper discounts and cut back on stocking higher-margin discretionary items. Shares of rival Walmart Inc fell 3%, while others including Nordstrom Inc, Macy’s Inc, Dollar General, Costco and Best Buy Co Inc, dropped between 1.5% and 3.5%.“When you get inflation elevated and demand cooling off, you do get margin pressure. This was already the case in first-quarter numbers and now we get more indications that it’s continued pressure, not just a one-off quarter thing,” said Andrea Cicione, head of strategy at TS Lombard. “It’s not doom and gloom, but we think that the downside risk to growth is growing. This is still a market where you want to fade the rallies as opposed to buying the dip.” Megacap growth stocks also retreated, pressured by U.S. Treasury yields, which hovered near 3-1/2-week highs hit in previous session ahead of inflation data on Friday. Tesla Inc and Amazon.com fell 2.6% each. A hot reading on the consumer price index could bolster expectations that the Fed will continue to aggressively hike rates in the second half of the year, at a time when labor market is buoyant and consumers spending remain resilient. Money markets are expecting 50-basis points rate increases next week, followed by July and possibly in September.Global shares also fell as a surprise 50-basis-point rate increase in Australia raised concern over policy tightening, while oil prices hovered just below $120 a barrel. At 8:20 a.m. ET, Dow e-minis were down 239 points, or 0.73%, S&P 500 e-minis were down 36 points, or 0.87%, and Nasdaq 100 e-minis were down 146 points, or 1.16%. Apple Inc dipped 1.5% after EU countries and lawmakers agreed to a single mobile charging port for mobile phones, tablets and cameras in a world first.Block Inc and Affirm Holdings Inc shed 2.9% and 3.9%, respectively, after Apple launched buy now, pay later service, called Apple Pay Later. Kohl’s Corp jumped 11% as the department store chain entered exclusive talks with retail store operator Franchise Group Inc over a potential sale that would value it at nearly $8 billion. The CBOE volatility index, Wall Street’s fear gauge, rose for a third straight day and was last up at 26.08 points. [ad_2] Source link

[ad_1] Fannie Mae is unveiling its sixth Connecticut Avenue Series (CAS) credit-risk transfer deal of 2022, a $754.4 million note offering backed by a reference pool of single-family mortgages valued at $25 billion. The offering is slated to close June 10, according to a presale review by the Kroll Bond Rating Agency (KBRA). The latest transaction, CAS 2022-R06, involves a reference pool of 83,420 single-family mortgage loans.  The states with the largest concentrations of mortgages in the reference loan pool for the credit-risk transfer (CRT) offering are California, 18.4%; Florida, 7.1%; Texas, 6.6%; Washington, 4.7%; and New York, 4.1%, according to KBRA. The leading originators for the loans in the offering and the percentage of loans originated in the reference pool are Rocket Mortgage, 10%; United Wholesale Mortgage, 8.8%; Pennymac, 5.7%; and Wells Fargo, 4.3%. This latest credit-risk transfer deal comes on the heels of new capital rules recently taking effect for the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. One part of the change impacting CRT deals reversed rules adopted by the Federal Housing Finance Administration (FHFA) during the Trump administration. The Trump-era regulations made capital treatment for CRT deals unattractive, which contributed to Fannie’s decision to pause its CRT offerings for a year and a half. In comments made at a recent Mortgage Bankers Association (MBA) convention in New York, Sandra Thompson, the newly confirmed director of the FHFA, made clear that CRT deals will be deemed a critically important part of the GSEs strategy under her oversight.  “I wanted to make sure that we got our capital treatment for CRT right, so we issued, or we re-proposed … aspects of the [overall] capital rule,” Thompson said at the MBA event. “We made a change, and now the capital rule for the enterprises has favorable treatment of CRT, which we think is the right way to go because Fannie Mae and Freddie Mac are the largest owners of credit risk.” Thompson added that CRT will continue to be effective credit-risk management tool “that will exist outside of conservatorship” for Fannie and Freddie as well. FHFA oversees Fannie Mae and Freddie Mac, which have been in conservatorship since 2008 in the wake of the global financial crisis of that era. The two GSEs, or agencies, buy loans from lenders, pool them and issue mortgage-backed securities that are sold to investors and guaranteed for a fee by Fannie and Freddie. The recently finalized capital-rule change for CRT deals — which Thompson referred to during her MBA talk — cuts in half the risk-weighting formula for CRT deals, from 10% to 5% for retained CRT exposure. The rule became effective 60 days after it was published in the Federal Register in mid-March. That modification of the capital-retention risk weight for CRT exposure, along with other adjustments to the capital-reserve requirements, “would make CRT transactions somewhat more economic” and “expand the risk-reducing and competitive benefits of CRT transactions,” Ed DeMarco, president of the Housing Policy Council, an industry group, wrote in a letter late last year to FHFA’s general counsel in support of the then-proposed change to the CRT risk-weighting measure. “CRT transactions lessen the systemic risk posed by the enterprises (GSEs) by reducing the concentration of that risk on the enterprises’ balance sheets and the volatility inherent in the credit performance of the enterprises’ guarantee business,” DeMarco wrote in the letter.  The agencies’ major credit-risk transfer programs include Freddie Mac’s Structured Agency Credit Risk, or STACR, note offerings; and its Agency Credit Insurance Structure, or ACIS, transactions. Fannie Mae has similar CRT programs, which include its Connecticut Avenue Series, or CAS, note offerings; and its Credit Insurance Risk Transfer, or CIRT, transactions. “When they do a credit-risk transfer transaction, it’s taking risk from that huge bucket [the reference loan pool] and selling off most of the credit-risk pieces,” Roelof Slump, managing director of U.S. RMBS at Fitch Ratings, explained in a prior interview. Through the STACR and CAS note offerings, private investors participate with Fannie and Freddie in sharing a portion of the mortgage credit risk in the reference loan pools retained by the GSEs. Investors receive principal and interest payments on the CRT notes they purchase, but if credit losses exceed a predefined threshold per the security issued, then investors are responsible for absorbing the losses exceeding that mark. Through the CIRT and ACIS transaction, a portion of the credit risk on mortgages backed by Fannie and Freddie is shifted to insurers in the private sector. The agencies pay monthly premiums in exchange for insurance coverage on a portion of the designated reference loan pools. Year to date through early June of this year, based on an analysis of information released by Fannie Mae, the agency has transferred some $10.8 billion in risk (referred to “as risk in force”) from reference loan pools valued at $362 billion via five CIRT insurance deals and six CAS securities offerings — which includes the latest CAS offering.  That compares to all of 2021, when Fannie transferred $5.4 billion in risk from reference loan pools valued in total at $206 billion via 2 CIRT insurance deals and 3 CAS securities offerings. Fannie paused its CRT program in March 2020, in part over concerns about the draconian capital rules for agency CRT deals adopted during the Trump era. Fannie Mae did not resume its CRT offerings until October 2021, after the new capital rules were initially proposed last year, as noted by Thompson at the MBA convention. Freddie resumed its CRT issuance in July 2020. “In 2022, we look forward to bringing [to market] approximately $15 billion in our on-the-run CAS … transactions, subject to market conditions and other factors,” said Devang Doshi, senior vice president of single-family capital markets at Fannie Mae, in a statement about the CAS program. Doshi did not comment on the goals for the CIRT program. Since inception in 2013 to date, Fannie Mae has transferred risk from reference loan pools valued at nearly $2.8 trillion via its CRT program, with some $85 billion in risk coverage active, the agency’s data shows.  Fannie’s competitor, Freddie Mac, year to date through early June 2022 has transferred a

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