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[ad_1] By Purva Jain As a net importer of crude oil and natural gas, India risks global fuel-price shocks impacting its energy and subsidy bills. The latest shock, the Russia-Ukraine war, is likely to hit domestic consumers in March and April across power, fertiliser, commercial and residential sectors. Crude oil reached an eight-year high of US$111 per barrel on March 2, 2022, as traders grew jittery. Natural gas prices, already reeling under record-high spot prices due to increased demand in tandem with the global recovery in 2021, are expected to see further increases. Energy has been, as of now, left out of the sanctions issued by the US and the EU, especially since Russia supplies about 30% of the EU’s gas demand and 7% of the US’ total crude oil imports. However, the latest round of economic sanctions against Russia are providing cues to banks and companies across the world. BP is exiting its $14 billion stake in Rosneft (the actual hit could be as much as $25 billion after accounting for write-downs), Norway’s sovereign wealth fund is also planning to divest from its Russian assets, and Société Générale and Credit Suisse are halting financing of Russian commodities, to name a few. What does all this mean for Indian consumers? For one, it is unlikely that consumers will get a respite from high petrol, diesel, LPG, and other fuel prices in 2022. In fact, fuel prices across all sectors will increase. Take gas for example. India sources almost 50% of its liquefied natural gas (LNG) from the spot market, while the rest is sourced via medium and long-term contracts. As most long-term gas contracts are linked to Brent crude, this will lead to an increase in LNG prices for India (despite favourable terms re-negotiated between GAIL and RasGas). The high global prices will also impact domestic gas prices with an upward price revision from April 2022. Domestic gas prices in India are revised bi-annually (April and October) based on the global gas prices and supply at four international hubs. Increases in producer gas prices last year led to an increase in compressed natural gas (CNG) and piped natural gas (PNG) prices in states such as Maharashtra, Gujarat and Delhi. From February to December 2021, the PNG rates increased by Rs 10 per Standard Cubic Meter (SCM), or 32%, and CNG prices increased by Rs 16.6/kg, or 33.5%, in Maharashtra. For petrol and diesel, the last price revision took place in November 2021 when crude oil was around $75. The Indian crude oil basket reached $96.89 per barrel on February 25, 2022. Price revisions have likely been stopped due to the ongoing elections, but this respite will come to an end on March 10. The government did not decrease excise duties immediately in June last year, which could have helped to absorb some shock this time around but only for the very short term. All this does not bode well for inflation as estimates suggest that a $10 increase in crude oil results in 20 bps increase in retail inflation. Brent crude was priced around $91 at the start of the Russia-Ukraine war and has surged past US$100 since then. Similarly, estimates suggest that a dollar increase in domestic natural gas prices leads to a Rs 4.5/kg increase in CNG prices. The government can contain the price shocks in the short term with excise duty cuts until the April gas revision takes place, but it is impossible to escape the impact in the medium to long term. Spot market gas prices are now expected to swing upward again after starting to ease following last October’s record high prices. This means that gas-based electricity is not likely to be despatched and will become too expensive for the commercial and industrial sectors. The government would also have to accommodate a much higher subsidy component for the fertiliser sector that is already set at Rs 1 lakh crore for FY23. India is now facing unaffordable oil and gas prices which could slow down economic activity, burden consumer savings and push the country back into a slowdown before it has recovered from the economic effects of the pandemic. India’s best bet to insulate itself from massive global fossil fuel price volatility and energy insecurity is to increase its renewable energy consumption. Globally, the EU and the US are bearing the brunt of oil and gas dependence on Russia, with commentators suggesting moving investment out of fossil fuels and towards renewable energy as a means of bolstering energy security. In India, the planned investments to expand the city gas distribution network and gas infrastructure could be diverted to increase renewable energy capacity and production. India should fuel its economic growth by substituting oil and gas demand with renewable energy alternatives such as solar, wind, biomass, biomethane, green hydrogen and more. The faster the 450GW renewable energy target is met the easier it will be for India to meet its energy requirements while alleviating energy security concerns. Analyst and guest contributor, Institute for Energy Economics and Financial Analysis (IEEFA) [ad_2] Source link

[ad_1] Over the past few years, digital transformation has increasingly changed the way property and real estate transactions occur. A vertical which has seen a strong digital push is mortgages, with consumers, lenders and other agents increasingly using online tools and services to apply for and process home sales. Nora Apsel, Morty co-founder and CEO One company leading this charge is Morty, an online mortgage marketplace that matches customers with the right loan product for them, using technology to automate and manage the entire experience. The company has found success since its founding, doubling its size over the past year and processing over a billion dollars in loans to date. Morty also recently raised a $25 million Series B from leading investors March Capital, Rethink Impact, Thrive Capital, Prudence and Lerer Hippeau. FinLedger spoke with Morty co-founder Nora Apsel, who rose from engineer to COO and now CEO, about the company’s journey, overarching goals and plans moving forward. Q: First off, can you just describe Morty and the services you offer? A: Morty is an online mortgage marketplace, so we leverage great product and technology to first match customers with the right loan product for them. Then, we automate and manage the entire experience all the way through to closing, so we’re a full service platform. We take customers from the very beginning, figure out what they can afford, to the very end of closing on their loan. Q: What would you say are the biggest challenges when it comes to bringing those two pieces together? Matching customers and partnering with lenders? A: Taking a step back, my background historically is as an engineer. Part of the reason why Morty was so very interesting to me when we founded it was because it really presented this opportunity of overlap. How can we leverage technology to really do better for the consumer and promote their needs, as opposed to the traditional mortgage approach which is very much from the banks or the lender’s perspective. Getting to what your actual question was, which is, ‘What’s the challenge in matching these two things?’ It’s really about the technology and the data flow. The reason why Morty is unique and is able to offer this access to customers in a way that traditional mortgage providers can’t is because we’re taking in all of this data from both consumers and from lenders. It’s our pricing engine that’s really identifying, ‘What is the best thing for this person right now?’ Everything changes every single day, so being able to take in all of those things and say today, what is the best thing to match customers in a really transparent user friendly type of way? Q: Over the past couple years, what have you seen as far as technology demand growth along those lines? Are people still getting their feet in? A: I think the progress over the past year has been quite measurable, but I still think we’re just at the beginning. If we were having this conversation five years ago, I would say the big challenge is getting people online. How do we figure out how to make sure customers know that they can get their mortgage online, and that it’s better, more transparent and secure? That pendulum has swung a little bit more with the pandemic, and people are becoming more comfortable with real estate transactions online. You saw all that happen in 2020, and now mortgages is feeling that as well. We believe that’s a trend that doesn’t go backwards, so we’ll just continue. Customers will continue to make that migration online and it’s really the last financial transaction to be moved online. Q: You said you have an engineering background. What have been the biggest challenges for you when it comes to learning about the mortgage industry? What has been the most eye opening thing that you’ve learned through the whole process? A: I was an engineer for over a decade and then even before that, I worked in nonprofits for a while, so my interests are really around where technology and large scale social or financial impact intersect. I think the thing that continues to surprise me, even though I’ve been in this industry for so long, is the blackbox nature of mortgage. Customers give some information and they get out a number, or a bunch of documents that they need, and there’s no understanding of why or how to change that. That’s the reason why you hear from customers that their mortgage was really confusing, the communication was bad and their cost was too high. It’s because everything is super blackbox and confusing, and I think even when we founded the company, I vastly underestimated the ‘blackbox-ness,’ if that is a word, of the industry. Q: What do you think needs to be done to improve that transparency? Is it just on the technology, or is it in advocacy? Where do you see the biggest potential to educate people? A: There are a couple of things, and one is definitely education. The content that customers want is that which puts the customer first, and gives and leads with transparency and information. The third is really building a broader ecosystem of real estate and fintech companies that are looking to help the customer, putting the customer first and making sure all of the those players in that ecosystem are connected in a really transparent way, so that the customer always knows what’s going on and what their options are. Q: Looking at the ecosystem and your previous point about data, have you seen data driving this ecosystem forward? What have you seen data bring to the table as far as things coming together? A: I think mortgage is a pretty big industry and I would break it into two parts around the consumer side, and then the servicing and secondary market side. I think it’s been pretty impressive to see some of the data providers and new tech startups

[ad_1] The post How To Make Money Without A Job appeared first on Millennial Money. Decades ago, you needed a traditional job to make money and be “successful”. But thanks to the rise of the internet and a culture shift set off by the pandemic, it is now easier than ever to make money without traditional employment. Today, more and more employees are making the switch from traditional employment to remote work, freelance consulting, or early retirement. Employees no longer want to be tied down and work with employers who aren’t willing to allow flexibility into their schedules. I’m one of those employees. I quit my job to pursue freelance writing and virtual assistant consulting. It’s a switch anyone can make, you just have to decide to make it. If you’re interested in transitioning to remote work or online job(s), you’re in the right place. Here are a few tips on how to make money without a job. What Are Some of the Top Ways to Make Money Without Traditional Employment?  When I think of this question, Uber, Lyft, and Instacart immediately pop into my head. These ride-sharing and delivery services are definitely ways to make money without traditional employment, but there are tons of other options as well.  In this article, I’ll explore some of the top ways to earn money without traditional employment. Best In-Person Odd Jobs These days, it’s possible—even easy—to work online, but that doesn’t mean in-person odd jobs have gone out of style.  Being in the “older millennial” crowd, I grew up doing odd jobs. These were extra tasks that your neighbors or other people would pay you fast cash for.  You can still make money through family friends, neighbors, and other local people, even as a teenager.  Mowing lawns Painting  Yard work Helping people move Cleaning jobs Retail flipping (buying things on sale and reselling)   Helping friends and family that own small businesses Pet sitting House sitting Babysitting Best Online Odd Jobs While there are always in-person jobs, the biggest resource for non-traditional employment is online.  Freelance writing and editing Affiliate marketing Online surveys Selling on Etsy, eBay, and Facebook Marketplace Starting an online business Freelance Writing and Editing As I mentioned earlier, I do a little bit of freelancing and virtual assisting to make extra money. You can set your own rates, and find freelance writing and editing jobs on websites like Fiverr and Upwork. Online Surveys You can also make money online through taking online surveys—only it’s not usually very lucrative. My personal favorite survey website is Swagbucks. Each survey can help you earn a gift card or cash. Keep in mind that you won’t always qualify for every survey and they can be time-consuming. Some other survey sites include Inbox Dollars, Survey Junkie, and the like.  Starting an Online Business Another great online option for non-traditional employment is creating an online business. This could include things like: Creating digital products  Selling physical products Writing a blog Starting a YouTube channel Developing a podcast As you can imagine, you can’t start a business overnight. It takes time and there is often a bit of upfront work required. This is especially true for creating a blog, YouTube channel, or podcast. In order to use Google AdSense on a blog, you often need to have a high number of page views per month. Creating digital products may be a bit quicker if you already have the digital products ready to go. Creating physical products can take longer, depending on what you’re making.  Supply chain, the time it takes to make it, the raw materials needed, and shipping the product all have to be taken into account. YouTubers are often pretty transparent about how much money they make online. They sometimes provide income reports, which can give you a sense of what to expect for income if you do become a Youtuber. What Skills Do You Need To Make Extra Income Online? Writing Skills Software Skills Growth mindset Soft Skills Networking Creativity  Writing Skills  If you’re interested in freelance writing, you’ll be happy to know that you can pretty much write about anything. There are many types of freelance writing subjects and styles. Copywriting is a lucrative kind of freelance writing where you write content for businesses, marketing, or advertising. If you’re more interested in editing, you can explore freelance editing and proofreading opportunities. Writing and communication skills are helpful for any type of work, traditional job or not. Software Skills The more software you can learn how to use, the more marketable you are as a remote worker.  Knowing how to use software can be very advantageous, and can allow you to raise your freelancing rates.  Salesforce, a customer relationship management software, hires for remote work. Getting a certification in Salesforce software is a high-income skill that many companies hiring contractors look for. Other free certifications in software can help land other freelance contracts. Microsoft Office and Google G-Suite are other software programs that can come in handy when looking for remote work. Almost every employer has required Microsoft Office skills since I started my career. Growth Mindset Having a growth mindset can also help you land contractor jobs or grow a higher income. Opportunities in technology are always changing with the next big thing.  Before you turn down a lower-paying opportunity, consider if you could learn anything from the project. I’ve received a lot of benefits from lower-paying jobs because I had the chance to learn about Search Engine Optimization (SEO), how to make my own personal blog more lucrative, and other skills I wouldn’t otherwise have learned about. Lower-paying work can potentially expand your skills, and help you work towards higher income opportunities. Don’t be afraid to get out of your comfort zone or try something new. Soft Skills Soft skills are important to have, even if you work online. Soft skills can include critical thinking, communication, teamwork, and more.  Freelancers may not have bosses, but they have clients. It will

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[ad_1] Tata Steel will double its current steel production capacity in India from 20 million tonne to 40 million tonne in the next 10 years, chairman N Chandrasekaran said on Thursday, while marking the Founder’s Day of Tata Steel on the 183rd birth anniversary of Jamsetji N Tata, in Jamshedpur. “The Tata Group is committed to Tata Steel in a big way and the current capacity in India of 20 million tonne is going to be doubled during this decade to 40 million tonne. And there will be expansions in Jamshedpur. Already, we are making investments in downstream businesses,” he said. Chandrasekaran said the “best of Tata Steel is yet to come”, as he highlighted that the company has had its best-ever performance in terms of output and financial performance this fiscal. Tata Steel reported a 139% year-on-year increase in its consolidated net profit to Rs 9,598 crore during the third quarter ended December 31, 2021. The company also reported a sharp 45% y-o-y surge in consolidated revenues from operations to Rs 60,783 crore. Tata Steel’s India operations reported a 4% y-o-y increase in crude steel production to 4.81 million tonne during the quarter. The company has also done well on its debt reduction, as it repaid Rs 17,376 crore of debt in the first nine months on the financial year, and net debt as at the end of December was Rs 62,869 crore. Appreciating the efforts of the employees during the last two years amidst the pandemic, he said, “Tata Steel has a very energetic, vibrant, and well-meaning workforce, which beautifully blends the growth, the strong financial performance, aspiration, but most importantly [does it with] purpose and does not shy away to put its hand up every time something needs to be done for society.” Chandrasekaran said it is his desire that every Tata Group company has a home in Jamshedpur. “Already, you have seen Tanishq, we have got Big Basket, 1MG, and there are many other companies. Tata Power is very active here, making solar power here, and I am hopeful that the city of Jamshedpur will not only become a national benchmark in terms of sustainability, in terms of ease of living and all the other facilities that we can create, but also all the other digital technologies we can bring in,” he said. [ad_2] Source link

[ad_1] Despite the global turmoil sparked by Russia’s recent invasion of Ukraine and the volatility in interest rates that has followed, the mortgage servicing rights (MSR) market remains on track to record one of its most dynamic runs in decades, according to multiple market experts. That’s because even as mortgage rates have fluctuated in recent days, they remain well above mortgage rates in prior months — really years — when the bulk of the MSRs were booked. That means prepayment speeds will continue to favor sellers and buyers alike.  In addition, MSR sales are a fast and sure way for sellers — originators and other holders of the assets — to raise cash to ride out the current volatile rate environment, as well as to address longer-term earnings pressures. In the year ahead, many lenders will need to adjust operations to cope with the still-anticipated long-term uptick in rates and the resulting move away from a refinancing-dominated market and toward a purchase market, MSR experts agree. The value of MSRs, which represent a small slice of the interest rate on a mortgage, tend to increase in a rising-rate environment because higher rates stifle prepayment speeds.  “For a while now [the concern] was inflation, inflation, inflation and now you throw in [Vladimir] Putin and a war, it creates a flight to quality, which pushes the ball back the other direction, and rates go back down,” said John Toohig, head of whole-loan trading at Raymond James. “So, there’s a lot of noise out there — talk about a whipsaw…. In my opinion, inflation is still the bigger issue, but for now you have these two conflicting forces.” The conflicting pressures whipsawing the market currently are disconcerting on many fronts, but they also should be kept in perspective with respect to the MSR market and the dynamics that make it tick.  “While the [rate] environment is scary, that’s the environment we find ourselves in now,” said Michael Carnes, managing director of the MSR valuation group at the New York-based Mortgage Industry Advisory Corp. (MIAC). “It’s kind of one of those things that if you don’t like it, wait five minutes, and it’ll change — like the weather. “In the case of mortgage servicing rights, you have to remember that a lot of these MSRS being transacted today were 100 basis points out of the money, and if they [fall to] 85 basis points out of the money [because of rate volatility], they are still out of the money and not at serious risk for repayment. … Also, you’re looking at multiple Fed rate hikes this year, and the general market consensus is that rates will continue to go higher.” Carnes added that 2022 is shaping up to be a record year for MSR bulk transactions at prices that “are very, very competitive” — with some deals commanding a price, calculated as a percentage of the MSR loan pool involved, that is up to five times the net servicing fee. He said MIAC is looking at eight to 10 potential MSR sales deals over the next couple months, “and that’s a lot of volume, considering we’re not the only ones transacting MSRs.”  In fact, this week alone, Carnes said MIAC expects to close two MSR deals with a combined value exceeding $6 billion. “One of them is a smaller $500 million government [Ginnie Mae MSR] deal, and the other is a $5.7 billion agency [Fannie Mae/Freddie Mac] deal,” he said. The Prestwick Mortgage Group, an Alexandra Virginia-based MSR advisory and brokerage firm, so far in March has put at least three MSR bulk packages on the market, according to bid documents. Two of those deals involve servicing rights on pools of Fannie Mae loans with a combined value of $610 million — a $242 million deal being brokered for an undisclosed Michigan bank and the other a $368 million offering by an undisclosed Pennsylvania bank.  The third MSR deal, also being offered by an undisclosed seller — an independent mortgage banker — involves both Fannie Mae and Freddie Mac mortgages with a combined value of $640 million. Tom Piercy, managing director of Denver-based Incenter Mortgage Advisors, said his firm completed a dozen transactions in January involving agency MSR loan pools with a combined value of $113.2 billion, which is close to what Incenter historically has sold in an entire year. As of late February, Incenter had put out to bid at least two an additional two MSR deals with a combined value of $24 billion and had another $40 billion worth of MSR deals in the pipeline.  Although the overall impact of the current volatile market conditions is not expected to derail the exuberant MSR market, it is having an impact around the edges, according to Piercy. “The war in Ukraine has created volatility across all global markets and specific sectors of each of those markets,” he said. “Here in the U.S., we have seen the Treasury market impacted as many investors, both domestic and foreign, have invested in the safety of U.S. Treasuries, which drives those rates down.   “As we’ve seen U.S. Treasury rates — and, more specifically, 10-year Treasuries —move down, so have MSR values, but not significantly. The reason is that we have not seen primary mortgage rates move [significantly] during this volatile period in Ukraine, so this props up optimism on forward-looking prepayment curves.” Piercy adds, however, that the instruments used to hedge MSR assets “are more volatile, hence the slight impact to price.” Freddie Mac reported on Thursday, March 3, that the 30-year fixed-rate mortgage averaged 3.76%, down from 3.89% a week prior. A year earlier, the average rate on a 30-year fixed-rate mortgage was 3.02%. “Geopolitical tensions caused U.S. Treasury yields to recede this week as investors moved to the safety of bonds, leading to a drop in mortgage rates,” said Freddie Mac’s chief economist, Sam Khater. “While inflationary pressures remain, the cascading impacts of the war in Ukraine have created market uncertainty.  “Consequently, rates are expected to stay low

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[ad_1] U.S. Initial Jobless Claims Fell Last Week by More Than Forecast [ad_2] Source link

[ad_1] By Dr Rajendra Prasad Sharma  Trade, import and export for MSMEs: Of late, it is fashionable for small firms to eye global market opportunities. Despite the high failure rate of MSMEs in the foreign terrains, they still contribute approximately half of India’s export volume and value, and the growth potential is enormous. Apart from the product idea, success abroad requires knowledge, skills, and the right mindset.   A good starting point is knowledge of the political, economic, social, and technological environment, the demand-supply gap for the chosen product, and competition in the foreign market. Also crucial is the knowledge about market access, that is, trade barriers, bilateral trade agreements, export regulations, standards and procedures, shipping costs, and incoterms. An MSME exporter accepting and shipping an importer’s order without a proper HS code can make the customs have difficulty classifying the shipment. They will face a commercial risk of delivery delay, demurrage, a higher duty, or a fine It risks the reputation of the exporter and the country.  Exporters require an attitude of curative marketing with a strong ethical commitment to serve foreign needs. Japan’s success in global markets with brands such as Sony, Toyota, Honda, Hitachi, and others, despite nuclear devastation just around our independence and a perennial shortage of natural resources, should inspire Indian exporters. Our reliance on the ‘jugaad’ approach and belief in the ‘chalega’ syndrome validates India’s low score on Hofstede’s Uncertainty Avoidance index. Successful entrepreneurs must meet the prerequisites of being successful professionals, that is, the knowledge, the skills, and the ethical code of conduct for doing business abroad. Every exporter must introspect on the reasons for failure and answer some pertinent, open-ended questions that have a success recipe to help avoid failures. In the words of English poet Rudyard Kipling:    “I always keep six serving men with me, and they taught me all that I know. Their names are what, why, who, when, where, and how.” Why internationalize Following the British-American author and speaker Simon Sinek’s advice, let us start with the why. Answering the motives, aspirations, and goals for internationalization can help address the associated risks of international business. The natural perception of growth potential in foreign markets creates new market opportunities. However, few exporters know the precise reason for internationalization. Some consider exports as an alternative to saturation in domestic markets. Others consider it a matter of prestige. Many MSMEs only like to benefit from the government export promotion schemes. Still, assessing the firm’s export readiness is crucial before international expansion. Although firms can diversify the risks in domestic and foreign markets due to differential cost and profit structures, internationalizing firms eventually benefit from acquiring new skills and technologies.   What products to export  A close look at India’s export basket indicates commodities and not brands. Only the brands command customer respect and price premium. Even small and developing countries have branded their products, for example, tea brands such as Dilmah from Sri Lanka and Kericho Gold from Kenya fetch a higher price than Indian black tea.  It would be worthwhile to process the raw materials and move up the value chain for higher unit value realization. Moreover, MSMEs must adapt their products to the buyer’s needs in those countries, that is, branding, packaging, labeling, and adherence to sanitary and phytosanitary standards of the chosen market’s requirements.  Following the rules of segmenting, targeting, and positioning, international marketers must create, communicate, and deliver a unique value to their buyers. Developing a lovemark (a marketing concept) with an emotional connection with customers will even be a step beyond branding. Many of our products and services hold the potential to be converted into lovemarks. Being a service-based economy, India must capitalize on the advantage of its services. Our IT-enabled services brands like Infosys, Tata Consultancy Services (TCS), and Wipro enjoy a high image and reputation globally.  Subscribe to Financial Express SME newsletter now: Your weekly dose of news, views, and updates from the world of micro, small, and medium enterprises  How to do market selection  There are as many countries as the number of bones in the human body. The MSME exporters that ignore the systematic international marketing research to Screen, Identity, and Select (SIS) the right markets, head for peril. Foreign markets entail country, cultural, currency, and commercial risks. The democracy index from the Economic Intelligence Unit and the corruption perception index released by Transparency International help assess the host country’s governance and the corruption, respectively. Understanding the trading blocs, the trade agreements, the ease of doing business ranking, and intellectual property rights (IPR) issues also save from pitfalls. The Business Environment Risk Intelligence (BERI) and International Country Risk Guide (ICRG) can screen the markets for country risk if any. The Hofstede cross-cultural country comparison, Erin Meyer’s cultural maps, and other tools like World Value Survey (WVS) and the Values and Lifestyles (VALS) surveys can help eliminate the cultural risk.   The national trade statistics from the Directorate General of Commercial Intelligence and Statistics (DGCIS) offers free principal commodity data. Euromonitor Passport provides rich information about the market potential and the dynamics in several product categories and geographies. Trade maps and other ITC tools such as market access maps, market potential maps, and procurement maps help assess the opportunity and identify the demand-supply gaps in the foreign markets. The country economic profiles from websites like statistictimes.com and theglobaleconomy.com prove handy for selecting the right countries by eliminating the riskier ones.  The trade bodies and the product-specific export promotion councils also help the MSME exporters with trade inquiries and market information.      How to plan for promotion and distribution  Communicating value requires creating awareness. If a great product goes abroad without promotion, it would be like winking at someone in the dark. In international markets, the choice of promo tools like tradeshows, events, press coverage, e-commerce, digital, and social media marketing platforms, requires adequate attention. Messages need cultural sensitivity and authenticity to resonate with the intended foreign audience. Global sales management and personal selling pose unique challenges in cross-cultural settings.   Indian MSME exporters primarily cater to the buying agents. In the process, they miss out

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