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[ad_1] Bob Lotich is a a fellow personal finance blogger (check him out at SeedTime.com), author and most importantly, a good friend. Over the years I’ve been able to witness firsthand how good his heart is as he’s always been willing to help a friend in need without expecting anything in return. I got a chance to sit down with him and learn more about his radical savings plan in his new book, Simple Money Rich Life. You can listen to the podcast interview below or read the transcription in this post. #ap88261-ww{padding-top:20px;position:relative;text-align:center;font-size:12px;font-family:Lato,Arial,sans-serif}#ap88261-ww #ap88261-ww-indicator{text-align:right}#ap88261-ww #ap88261-ww-indicator-wrapper{display:inline-flex;align-items:center;justify-content:flex-end}#ap88261-ww #ap88261-ww-indicator-wrapper:hover #ap88261-ww-text{display:block}#ap88261-ww #ap88261-ww-indicator-wrapper:hover #ap88261-ww-label{display:none}#ap88261-ww #ap88261-ww-text{margin:auto 3px auto auto}#ap88261-ww #ap88261-ww-label{margin-left:4px;margin-right:3px}#ap88261-ww #ap88261-ww-icon{margin:auto;padding:1px;display:inline-block;width:15px;height:15px;min-width:15px;min-height:15px;cursor:pointer}#ap88261-ww #ap88261-ww-icon img{vertical-align:middle;width:15px;height:15px;min-width:15px;min-height:15px}#ap88261-ww #ap88261-ww-text-bottom{margin:5px}#ap88261-ww #ap88261-ww-text{display:none}#ap88261-ww #ap88261-ww-icon img{text-indent:-9999px;color:transparent} Ads by Money. We may be compensated if you click this ad.Ad #ap88261-w-map{max-width:600px;padding:20px 0 10px;margin:0 auto;text-align:center;font-family:”Lato”, Arial, Roboto, sans-serif}#ap88261-w-map #ap88261-w-map-title{color:#212529;font-size:18px;font-weight:700;line-height:27px}#ap88261-w-map #ap88261-w-map-subtitle{color:#9b9b9b;font-size:16px;font-style:italic;line-height:24px}#ap88261-w-map #ap88261-w-disclosure{margin-top:10px;font-size:12px;color:#9b9b9b}#ap88261-w-map #ap88261-w-map-map{max-width:98%;width:100%;height:0;padding-bottom:65%;margin-bottom:20px;position:relative}#ap88261-w-map #ap88261-w-map-map svg{position:absolute;left:0;top:0}#ap88261-w-map #ap88261-w-map-map svg path{fill:#e3efff;stroke:#9b9b9b;pointer-events:all;transition:fill 0.6s ease-in, stroke 0.6s ease-in, stroke-width 0.6s ease-in}#ap88261-w-map #ap88261-w-map-map svg path:hover{stroke:#1261C9;stroke-width:2px;stroke-linejoin:round;fill:#1261C9;cursor:pointer}#ap88261-w-map #ap88261-w-map-map svg g rect{fill:#e3efff;stroke:#9b9b9b;pointer-events:all;transition:fill 0.6s ease-in, stroke 0.6s ease-in, stroke-width 0.6s ease-in}#ap88261-w-map #ap88261-w-map-map svg g text{fill:#000;text-anchor:middle;font:10px Arial;transition:fill 0.6s ease-in}#ap88261-w-map #ap88261-w-map-map svg g .ap00646-w-map-state{display:none}#ap88261-w-map #ap88261-w-map-map svg g .ap00646-w-map-state rect{stroke:#1261C9;stroke-width:2px;stroke-linejoin:round;fill:#1261C9}#ap88261-w-map #ap88261-w-map-map svg g .ap00646-w-map-state text{fill:#fff;font:19px Arial;font-weight:bold}#ap88261-w-map #ap88261-w-map-map svg g:hover{cursor:pointer}#ap88261-w-map #ap88261-w-map-map svg g:hover rect{stroke:#1261C9;stroke-width:2px;stroke-linejoin:round;fill:#1261C9}#ap88261-w-map #ap88261-w-map-map svg g:hover text{fill:#fff}#ap88261-w-map #ap88261-w-map-map svg g:hover .ap00646-w-map-state{display:initial}#ap88261-w-map #ap88261-w-map-btn{padding:9px 41px;display:inline-block;color:#fff;font-size:16px;line-height:1.25;text-decoration:none;background-color:#1261c9;border-radius:2px}#ap88261-w-map #ap88261-w-map-btn:hover{color:#fff;background-color:#508fc9} If you are a beginner stock trader or investor, choosing the right stockbroker is super important. Online Stockbrokers will guide you with their vast knowledge, so you can wisely invest your hard-earned dollars. Don't give it a second thought and click on your state today. HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas View Results Bob Lotich Interview – Full Transcript Jeff Many people are familiar with the fire movement, fire stands for Financially Independent, Retire Early. If you are a fire advocate, you are saving exorbitant amounts, usually you’ll hear 30% 40%, sometimes greater than 50% of your income. And many people on the outside of the fire movement don’t understand how they can save so much. But if you’re having trouble trying to understand how somebody can save half of their income, see if you can wrap your head around this, instead of saving half of your income. What about giving it away? Well, I’m going to introduce you to someone that isn’t giving away half of their income, almost, they’re giving away currently 44% That’s correct 44% of their income this year, and next year, it goes up to 45%. This person has given away over a million dollars by the time he turned the age of 40. If that doesn’t interest you, I don’t know what will. I’m excited to share the story of a good friend of mine, who has been on the podcast and on the YouTube channel. I’ve known this guy for a very long time. I continue to be amazed at how generous and how faithful he is. His name is Bob Lotich. We talked about this a little bit on this interview, but I think the last time I had Bob on was when he took a sabbatical. You hear people taking a sabbatical. I mean, maybe not a lot, but for him it wasn’t just a week sabbatical, a few weeks, a month, which he actually does every single year. No, actually I’m taking about a year sabbatical. He talks a bit about that in this interview. But that’s not what this is about. This is about something even bigger than that. It is radical giving. And the way that he goes about it, his approach and his continued faith and how he does it. It just amazes me. And I’m excited for him to come on the GFC podcast and share his story. Let’s find out what’s going on with Bob right now and how he is giving away 44% of his income and also why. Bob lotic yes, you’re a friend. You’re a financial blogger. You’re now an author. I guess you actually have already wrote a few books. But this is like a bigger deal teaser, the first published book, first published, self published, let’s throw it out there. See what happens type of stuff. So we’re here talking about this book, simple money rich life that you wrote, like, in a weekend, right? Bob Yes, one weekend, honestly. In like three hours I just kind of knocked it out. The One Year Sabbatical Jeff  Dude, you have lived a very interesting life. I mean, I’ve never met anybody that was so diligent about taking a sabbatical, like once a year. Like you’re the first person I ever even heard that. And I’m sure I’ve heard the word sabbatical. But the fact like, oh, wow, like you actually do this. And you do it every single year. And then you went to another level. And really quickly just shared that because I think people and we’ve talked about that, and so on over YouTube video, but it’s worth repeating. Bob   In 2017, I took a one year sabbatical, which the three you’re talking about, right? The one year, the big boy. So that was a crazy journey. Jeff   I just for people to understand. You have your own business, your business owner online business, you are working from home, predominantly. And God gave you a nudge that said, you need to take some time off. And if I recall, it wasn’t initially to take a year off correct? Bob   I was just taking a one month sabbatical like we do every year. And then kind of at the end of that, that previous year particularly burnt out just had a really difficult year and just burnt out. I think that’s what it was. And taking that one month off. And I know that anyone like listening that’s never taken a sabbatical, you think this is insane. But even after that one month, I felt like, I don’t really feel like this made any difference. This didn’t help, which I know like, just sounds so insane for somebody who’s like, I

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[ad_1] Twitter settles with U.S. government over privacy, security violations – court documents [ad_2] Source link

[ad_1] In its bid to give a leg-up to the debt market and address the liquidity problem following the credit crisis that successively hit the market since 2018, the Securities and Exchange Board of India (Sebi) has taken a four-pronged approach. The regulator is working with players to allow market-making which is necessary to bring in depth with a large number of participants, buyers and sellers of bonds. To this end, the first step is the Limited Purpose Clearing Corporation (LPCC), which is being set up with the combined effort of the mutual fund industry. The purpose of setting up this entity is to smoothen the redemption pressure and settle bond market transactions. The LPCC will begin with a corpus of Rs 150 crore and will shortly come into existence with mutual fund houses contributing towards the corpus. The contribution from fund houses has to be in proportion to the average assets under management of open-ended, debt-oriented mutual fund schemes managed by them. This would exclude overnight, gilt fund with 10-year constant duration, but include conservative hybrid scheme. The LPCC is the first building block in Sebi’s game plan. The second is to allow regular issuers to take up the responsibility of market-making. However, this measure would hinge on smooth functioning of the repo market so that short-term money can be borrowed. According to sources in the industry, once these two measures are in place and functional, a virtuous cycle could start. Events like the pandemic resulted in freezing of markets, leading finance minister Nirmala Sitharaman to announce a backstop facility in the Budget. In case there is a systemic crisis, the sovereign will step in. This will be done through a trust and the work is underway. The backstop facility will work through a cascade while taking loss. The first loss will be taken via fair pricing mechanism. Mutual fund houses can sell debt securities to this trust backed by the sovereign. The second loss will be taken by the equity contribution of the fund house and the third loss would be taken by the contributing schemes selling assets. The fourth loss would go to the sovereign. According to sources, this sovereign-backed trust is underway and the nitty-gritties are being locked. According to sources, this would be a significant step for the bond markets. [ad_2] Source link

[ad_1] One of the largest loan-servicing companies in the nation, Lakeview Loan Servicing LLC, is facing at least a dozen civil lawsuits, all seeking class-action status, in the wake of a major cyberattack that compromised the personal data of the mortgage borrowers the company serves.  That data breach, revealed by Lakeview in mid-March, targeted the personal information of some 2.5 million borrowers, including their Social Security numbers. The pending lawsuits, 11 of which have been consolidated into a single master case in federal court in Miami, seek unspecified monetary damages, including attorney’s fees and court costs. Other relief sought includes an order requiring Lakeview to protect, via encryption, all data collected in accordance with federal and state laws.  Although the class-action pleadings so far list no specific dollar amount as part of damages sought, the end result for Lakeview could be very expensive.  Past litigation filed against financial companies victimized by similar cybercrimes has resulted in settlements ranging from $120 million to $700 million — including penalties from regulators; class-action monetary settlements; and identity theft provisions and insurance for affected class members.  The pending litigation against Lakeview points out that the data breach took place from Oct. 27, 2021, to Dec. 7, 2021, but Lakeview did not figure out what data had been compromised until Jan. 7, 2022 — in the wake of retaining an investigation team to identify the data accessed. “Then LLS [Lakeview Loan Servicing] sat on the information for over a month — failing to disseminate data-breach consumer notifications until March 18, 2022,” a lawsuit filed by Andrew Guarino of Massachusetts alleges. Another lawsuit, filed by Texas resident Stephenie Stone, claims the data compromised includes “names, addresses, loan numbers, and Social Security numbers.” “[Lakeview] sent templates of the notice of data breach letter to state attorneys general,” Stone’s litigation alleges. “Specifically, [Lakeview] sent a template of the notice of data breach letter to the Maine Attorney General and identified that approximately 2,537,261 individuals … had their PII [personally identifiable information] accessed, exfiltrated [withdrawn surreptitiously], and/or compromised on the data breach. “The Texas Attorney General’s Office notes the data breach was published to its website on March 21, 2022, and affected 255,762 Texans.” Both Guarino’s and Stone’s cases have been consolidated in federal court in Florida, along with nine other class-action cases filed so far — with the South Carolina case still pending separately. The litigation claims Lakeview should have better protected its customers’ data, given the known threat from cybercriminals. “Over 62% of the 164 million sensitive records exposed in data breaches in 2019 were exposed in … 108 breaches in the banking/credit/financial sector,” the Guarino litigation states. “The 108 … financial sector data breaches reported in 2019 exposed 100,621,770 sensitive records, compared to 2018 in which only 1,778,658 sensitive records were exposed in financial-sector breaches.  “… Social Security numbers, for example, are among the worst kind of personal information to have stolen because they may be put to a variety of fraudulent uses and are difficult for an individual to change.” Another lawsuit that is now part of the consolidated case in Florida federal court, filed by California resident Jennifer Morrill, states that personally identifiable information is a high-value commodity in the criminal world, “as evidenced by prices they will pay through the dark web.” “Numerous sources cite dark web pricing for stolen identity credentials,” Merrill alleges in her litigation. “For example, personal information can be sold at a price ranging from $40 to $200, and bank details have a price range of $50 to $200.  “Experian reports that a stolen credit or debit card number can sell for $5 to $110 on the dark web. Criminals can also purchase access to entire company data breaches from $900 to $4,500.”  Attorneys for Lakeview did not respond to a request for comment. Lakeview pleadings so far have centered on procedural moves over adding attorneys and to consolidate the pending cases, and similar cases yet to be filed, into master case in U.S. District Court in Miami.  Lakeview, based in Coral Gables, Florida, is part of the Bayview Companies and a subsidiary of Bayview MSR Opportunity Master Fund LP. It also is an affiliate of Bayview Asset Management, a certified minority-owned and private equity firm with hedge fund holdings. As of May, Lakeview ranked nationally as the fifth largest servicer of agency-backed loans (Fannie Mae, Freddie Mac and Ginnie Mae). The company controls 4.6% of all agency loans being serviced — with a $374.8 billion portfolio based on the total unpaid-principal loan balance, according to a recent report from mortgage-data analytics firm Recursion. Overall, according to its website, Lakeview claims to be the fourth-largest mortgage loan servicer in the country, Past settlements in data-breach cases involving compromised personal and/or business information include Capital One, $190 million for members of the class, in addition to $80 million to settle claims by regulators; Morgan Stanley, $120 million, including civil penalties paid to regulators; and Equifax, $700 million to settle claims by consumers and regulators.   The dozen federal civil lawsuits filed in reaction to the Lakeview data breach to date, each of which make similar claims and seek similar damages, accuse Lakeview of negligence, breach of contract and fiduciary duty, unjust enrichment as well as violations of state consumer privacy and unfair business practices laws.  All but one case is already filed in U.S. District Court in Miami, with the outlier filed in U.S. District Court in South Carolina in Spartanburg. In that case, there is a pending motion filed by Lakeview to consolidate the case with the master case now pending in federal court in Miami or otherwise stay the case pending the outcome of the master case. Since the federal judge in Florida ordered the cases to be consolidated in U.S. District Court in Miami, an additional two lawsuits have been folded into the original nine cases, with the potential for future cases filed around the country to be consolidated with the master case as well. All the cases so far are seeking

[ad_1] If you could earn valuable rewards just for making your everyday purchases, why wouldn’t you? With a rewards credit card, you can. Of course, not all rewards programs or credit cards are created equal, so you’ll need to weigh the options and features to find the best card for you. We’ll walk you through everything you need to know about credit card rewards, whether you’re looking for your first card or upgrading from your current card. When you’re ready to start turning your everyday spending into valuable rewards, there are two main variables you’ll want to consider: the rewards program and the rewards card. Selecting a rewards program Rewards programs can vary—a lot. If you want to earn the most credit card rewards, you’ll need to choose a rewards program that suits your spending style. Let’s take a closer look. Points or cash back? Credit card loyalty programs generally let you earn either points or cash back as rewards, and each has its strengths. Cash is extremely flexible, but the earn rates for points tend to be more competitive, and points cards often come with more opportunities for bonuses. Flexible or fixed? Fixed rewards can only be redeemed through one program and usually with one retailer or partner retailer group. Many hotel and airline point programs are fixed. Flexible rewards, on the other hand, offer many more redemption opportunities across retailers or partner groups. For example, MBNA Rewards points—available with the MBNA Rewards Platinum Plus Mastercard—offer the best of both worlds, as they’re semi-flexible. They’re redeemable only through the MBNA Rewards site, but you have a huge range of options to choose from, including travel (airfare, hotels, rental cars and more), gift cards, merchandise and even cash back applied to your credit card statement. Ease of redemption Nobody wants hassles when redeeming for rewards, so the easier the process, the better. When you’re ready to use your MBNA Rewards points, you simply log into the site and shop. And there are no deadlines to keep track of, since MBNA Rewards points never expire. Selecting a rewards credit card Rewards credit cards come with many different features and perks. Most people think to compare annual fees and interest rates, but don’t overlook these considerations when selecting a card: Earn rate and spending categories Earn rate is one of the most important features of a rewards card. You’ll also want to earn rewards in the categories you regularly spend the most in. With the MBNA Rewards Platinum Plus Mastercard, for example, you earn 2 points per $1 spent on groceries, restaurants, digital media, memberships and household utilities purchases, and 1 point per $1 on everything else. That’s a return of 2% and 1%, respectively, when you redeem your points for a statement credit.  Promotions Credit cards often have attractive promotions and welcome offers. Common bonuses include annual fee waivers or accelerated points. The MBNA Rewards Platinum Plus Mastercard never carries an annual fee, and it has a welcome offer that doubles your point earnings for the first 90 days. That means you earn 4 points for every $1 spent on groceries, digital media, restaurants, memberships and household utility purchases, and 2 points per $1 on everything else. Plus, new members can earn 10,000 MBNA Rewards points when they spend $500 in the first 90 days and set up paperless e-statements. Extra perks Check out the extra perks a rewards card might offer—these bonuses can be really valuable. For example, with the MBNA Rewards Platinum Plus Mastercard. you’ll get an annual birthday bonus: 10% of the points you earned in the previous year (up to 10,000 points). This means you could celebrate your birthday every year with $100 towards travel—or you can redeem the points towards whatever else your heart desires from MBNA’s sizeable rewards catalogue. So, if you don’t get exactly what you want for your birthday from friends and family, this is a gift you really will use. Additional card features Consider any additional features a card offers. If you have a smartphone or tablet, you’ll likely be interested in the MBNA Rewards Platinum Plus Mastercard’s included mobile device insurance, which is good for up to $1,000 if your eligible device is lost, stolen or accidentally damaged. Other extras include purchase assurance, extended warranties, discounts at Avis and Budget Rent A Car, and access to the MBNA Payment Plan, which helps you manage your budget, even when making large purchases. There’s a lot to consider when choosing a rewards credit card, but the effort in researching the cards and earning potential is worth it. If you’re not using a rewards credit card, you’re missing out on valuable rewards. Earning points is as easy as doing your everyday shopping for groceries, household items, digital media and restaurant meals, and in return you’ll get a wide range of rewards including cash back, gift cards, merchandise, travel and even charitable donations. MBNA Rewards Platinum Plus Mastercard* The MBNA Rewards Platinum Mastercard has no annual fee—an unusual feature for a card with a robust rewards program. Annual fee: $0 Welcome offer: For the first 90 days, you can get up to 10,000 points (approx. $50 in cash back): 5,000 for registering for paperless e-statements, 5,000 for spending $500 in purchases with the card. Plus, earn 4 points for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases. Interest rate: 19.99% on purchases, 22.99% on balance transfers, 24.99% on cash advances Additional benefits: MBNA Payment Plan, mobile device insurance, purchase assurance, extended warranty benefits and savings at Avis and Budget Rent A Car Get more details about the MBNA Rewards Platinum Plus Mastercard* Go to Site Read more about credit cards: Canada’s best no-fee credit cards 2022 Finances stretched to the limit? Are you paying too much credit card interest? How to lower your credit card interest rate What does the * mean? If a link has an asterisk (*) at the end of it, that means it’s an affiliate

[ad_1] The post Inflation, Deflation, and Recession Explained  appeared first on Millennial Money. With all the talk of inflation lately—and we’ve all felt the higher prices at this point—it makes sense to take a look at the other players on the economic stage (deflation and recession). When we have inflation, deflation and recession can follow. How so? As we put out the fire of an overly eager economy, we’ll see a slowdown that fits the description of deflation. Putting the brakes on the economy isn’t normally a bad thing. But what can follow, if the cooling off isn’t done with caution, is a recession. Keep reading to learn all you need to know about inflation, deflation, and recession. Predictable Economic Cycles Economies follow cycles. They always have.  One day, the economy is grooving along with low interest rates, and perhaps stronger incomes—everything looks pretty rosie. That is, until… People begin to overspend, causing inventories to drop and consumer prices to escalate. When this happens, the buying power of our money goes sharply down. Those really high prices cause consumers to shy away from leisure spending such as travel and entertainment. Money stops flowing to those businesses and can take a toll on their balance sheets, which can lead to layoffs. Meanwhile, consumers may begin hoarding essentials, despite high prices, because they fear shortages and even higher prices. This creates a bigger strain on supply and pricing, leading the government to need to take action. The Federal Reserve Bank (the Fed/central bank) often raises interest rates to limit cash flow in the economy. This move also discourages people from making big purchases and produces a bit of anxiety which leads to more saving. With less demand and spending, supplies have a chance to play catch-up with the hopes that lower prices will follow. Logically, you’d think that falling prices would lead to another spending frenzy, but it’s just the opposite. Suddenly, consumers are excited about rock-bottom prices and eagerly hold onto their cash to see if they’ll drop lower. As consumer spending comes to a standstill, businesses amass high levels of inventory with no one to buy it. This can result in more layoffs and unemployment. There is now less cash circulating in the economy and the value of money goes up. Lower prices mean that purchasing power is stronger and cash is worth more. If left unchecked, this phase can cause a major economic slowdown; the Fed will then lower interest rates to replenish money flow and encourage big purchases with the availability of cheaper loans. That is an economic cycle in a very simplified nutshell.  Whatever cycle we’re currently experiencing eventually morphs into a different phase. None of it lasts forever. What Is Inflation? Let’s cover some inflation basics. For a more in-depth look at inflation, check out this article on the effects of inflation. The inflationary cycle: When demand for things seriously outpaces supply, it’s a recipe for inflation. Spend-happy consumers encourage companies to raise prices for profit. During inflation, your money buys less since prices are higher. You’ll notice that your paycheck won’t cover as many of your expenses. As demand for things increases, the prices for materials to make them may increase as well. With increased buying and shopping, many businesses must hire additional help. The extra hired help increases company expenses so they raise prices to compensate. Unemployment often goes down (at least for a while) during inflationary periods. Inflationary Psychology  Interestingly, the more I study inflation, the more I learn what a large role human psychology and consumer reactions play in economic upturns and downturns. The crazy thing about inflation is how people’s anxiety can make it worse. The psychological effect on high prices is real. Consider your own spending behavior when prices are rising. Are you more likely to “stock up” on things before prices go even higher? Or say you’ve been thinking about a big purchase like a car. If you see prices rising quickly, will you follow your original plan to buy a new car in six months, or buy right away to avoid paying more in half a year? I think you can guess the answers to these questions. Most consumers will run out and buy extras or make that big purchase right away so they won’t have to spend more later.  The unfortunate thing about this buying behavior during a time of inflation is that it drives prices even higher. If one million people in your city decide to rush out and buy extra toilet paper (and we all know where this is going), there will be no more toilet paper. Supply won’t be able to keep up, and the price will rise. People flood the market hoping to save a little money and soon there’s a shortage of inventory. In-demand products with too little supply can make a business or company very wealthy. It’s a no-brainer to charge more when people are buying like crazy. It’s economics 101. The more consumers rush to buy stuff, the shorter the supply, and the more the prices go up for those products. Extreme shortages equal high prices. Learn More: How to Protect Against Inflation on Your Financial Freedom Journey What Are the Effects of Inflation? Causes of Economic Inflation and What You Should Know Deflation vs. Inflation: What’s the Difference? What Is Deflation? The simple definition of deflation is falling prices over a period of time. This process often happens slowly when coming out of an inflationary period. It’s not simply the price of cars or a few services going down, it’s a measure of price deflation over an entire group of consumer goods and services. The consumer price index (CPI) helps us measure average price changes over certain periods of time for a fixed set of consumer goods people usually spend money on. When this index shows prices falling too quickly over a long period of time, a cycle of deflation is likely to occur. Lower prices sounds great,

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[ad_1] Ease of Doing Business for MSMEs: Business confidence among India’s small enterprises remained high with a majority of small and medium businesses expecting improvement in the second quarter of 2022 on most of the parameters including sales, capacity utilisation, and hiring, according to a survey by Assocham and Dun & Bradstreet. 77 per cent of the respondents surveyed expected an increase in their net profit in Q2 2022 while 78 per cent anticipated ‘normal’ access to credit while 5 per cent expected it to be easy and 17 per cent believed it to be difficult during the quarter. Importantly, the average capacity utilisation rate was anticipated to jump to 63 per cent from 57 per cent during Q1. The capacity utilisation rate is essentially the percentage of maximum economic output that can be achieved with installed capacity compared to the actual output.  77 per cent respondents said an increase in sales volume was expected during Q2 while 76 per cent anticipated a likely jump in workforce size as well. SMEs were also upbeat about domestic and export orders as 75 per cent and 86 per cent respondents expected an increase on respective fronts. “The high level of optimism on export orders could be a result of the Comprehensive Economic Partnership Agreement that India signed with the United Arab Emirates and the Economic Cooperation and Trade Agreement with Australia, as well as the prospects of similar agreements with the UK and Canada in 2022 and 2023,” the survey said. These agreements are likely to boost export of agricultural products, footwear, gem & jewellery, leather, and textiles.  Subscribe to Financial Express SME newsletter now: Your weekly dose of news, views, and updates from the world of micro, small, and medium enterprises  The index, which measured the level of optimism of SMEs on various business parameters, stood at 87 for Q2 2022. An index value above 50 signals an improvement or increase in the forthcoming quarter compared to the same quarter in the previous year, the survey said. However, the total number of respondents was not mentioned in the survey report. Among other key findings from the survey included 77 per cent respondents expected an increase in their new fixed capital investment, indicating optimism for future demand. 80 per cent SMEs also expected raw material prices to increase while 75 per cent expected to increase their selling prices. “This indicates that not all producers may be able to pass on higher raw material prices to consumers,” the survey noted.  In terms of the factors limiting production for SMEs were economic uncertainty for 59 per cent respondents, high domestic competition cited by 19 per cent respondents, and shortage of raw materials according to 16 per cent SMEs. “Energy prices have reached their highest level since 2008 as a result of the Russia-Ukraine crisis, while base metals prices have reached a record high. The combination of rising input costs and increasing freight expenses is a key source of concern for businesses,” the survey added. [ad_2] Source link