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[ad_1] Vodafone Idea managing director and CEO Ravinder Takkar said on Wednesday the government had indicated to the telecom company, it would neither participate in the management nor nominate board members. Takkar added the existing promoters are committed to the company. The articles of association, Takkar said, have been amended to give voting rights to shareholders with a stake of over 13%. This would enable the promoters to participate in decision-making even if their stake fell to under 21%, as in the case of Aditya Birla Group whose stake will go down to 17.8%. Speaking to reporters, Takkar said, “In all of our interactions with the government, leading up to the package itself and even after the announcement of the package, it has been very clearly stated by the government that they do not want to run the company, they do not have the desire to take over operations of the company… the government has been very clear, they want us to run the company and that’s what we intent to do going forward.” VIL has explained to the department of telecommunications (DoT) the calculations for the conversion of equity. Once DoT approves this, the shares will be issued to the government with the exercise expected to be completed in the coming months. After the conversion, government will become the single-largest shareholder in the company with a stake of 35.8%. “There is no condition in the letter that DoT has written to us, in the option that we have chosen to convert this interest into equity which allows for a board seat for the government of India. So in that regard, I just want to emphasise again that the government has shown no intention to nominate a board member and we don’t expect any board members so again the board of the company will continue operations as they have been doing in the past,” Takkar said. He further said that fund-raising plans would continue as investors’ concerns have been addressed by the government. Both sets of promoters, Takkar said, committed to the business and involved in decision-making. “They are participating in all the decision-making and I can commit they will continue to do that. They have accepted a significant dilution to support the balance sheet of the company which shows strong commitment that they want the company to stay healthy,” he added. On why Vodafone Idea availed the option of conversion, Takkar said, the company has significant amount of debt and a stretched balance sheet and this option to convert that debt into equity was considered positive for the company, considering the fact that most of the debt is to the government. Loss-making and financially-constrained Vodafone Idea, which is the country’s third-largest telecom operator has total AGR dues of Rs 58,254 crore, of which it has paid Rs 7,854 crore. As is known, Bharti Airtel has opted for the four-year moratorium on payment of AGR and spectrum dues but not for conversion of interest into equity by the government. Reliance Jio has opted for neither of the provisions, which were part of the September 15, 2021, package offered by the government to the telecom operators. Annual instalments before the government’s relief package for Vodafone Idea amounted to Rs 15,000 crore for spectrum and Rs 9,000 crore for AGR, which came to a total of Rs 96,000 crore for four years. With this amount now deferred, and interest on deferral converted to equity, total interest comes to Rs 19,500-20,000 crore, assuming an 8-9% interest rate and the present value of this comes to Rs 16,000 crore. [ad_2] Source link

[ad_1] Early in 2021, when I was talking about how people should worry about home prices overheating, I had a glimmer of hope that maybe toward the end of 2021 we would be spared another seasonal collapse of inventory. Inventory always falls in the fall and winter, but I hoped it wouldn’t be a repeat of 2020. Unfortunately, that didn’t happen and recent data shows that we are at fresh new all-time lows in housing inventory, with mortgage rates and the unemployment rate both under 4% currently. Houston, we have a problem. I have always been mindful that the years 2020-2024 have the potential for unhealthy home-price growth, but now that we are entering year three of this unique five-year period, it’s time to see when mother economics will give us clues about when this madness with meager inventory will end. We are in the middle of January 2022 and spring selling season isn’t too far away. I don’t believe any of us want 2023 to start off with new fresh all-time lows in inventory. Mortgage demand needs to slow down A big theme of my work here at HousingWire has been to show you that since 2014 purchase application data has been rising just as total inventory has been slowly moving lower. Demand is growing and stable, excluding the COVID-19 pause. Unfortunately, we need to see weakness in demand for inventory to rise and get into a range that I am 100% rooting for, between 1.52- 1.93 million. This level, while historically still low, will mean the days on market will go higher, and this will give people choices. Here are two charts from the National Association of Realtors that will show that homes simply come off the market too fast to give housing a breather. This data comes from the recent existing home sales report which has been outperforming lately. The best way to track whether mortgage demand is slowing down is to look at the MBA mortgage purchase application data from the second week of January to the first week of May. Typically, this data line falls in volume past May, so February to April are the real key months to focus on. For some perspective, you really only want to look at the year-over-year data with this data line and also realize that we are still dealing with COVID-19 comps until mid-February: after that, we should be fine on a year-over-year basis. For example, today, purchase application data is down 17% year over year and has been showing negative year-over-year trends since the middle of 2021. However, once you make COVID-19 adjustments, the demand was stable in 2021 and picked up toward the end of the year. My 2022 existing home sales range is lower than what we are currently trending at: I am looking for a sale range between 5.74 million and 6.16 million. If housing is really getting softer, you will see year-over-year declines of 15%-30% in this data line. We had this happen only two times in the past eight years excluding the recent data that need COVID-19 adjustments. In 2014, purchase application data on-trend was down 20% year over year because rates had spiked up higher in the second half of 2013. We saw softness in housing toward the second half of 2013 as well. Total inventory levels rose in 2014 and adjusting to population, that was the lowest level in MBA purchase application data ever. Still, with that slowdown in demand, monthly supply never broke above six months. However, the rate of price growth cooled down and days on market grew. Higher rates created balance in the marketplace in 2013-2014 and also in 2018-2019. While I do believe the rate of growth of home prices are cooling, it’s still well above my comfort zone for the years 2020-2024. I don’t want it to seem like I am rooting against housing, I just would like to see more balance in the marketplace. There is a reason I was warning about home price growth with inventory and mortgage rates low amid stable demand. In 2020, for about six weeks purchase application data took a dive as Americans were pausing due to the first experience of COVID-19. Back then people took their homes off the market so the inventory data didn’t move too much higher outside a brief increase as people realized the world wasn’t ending. We had purchase application data down over 30% year over year, which took sales down as buying paused. However, sales shot right back up higher, quickly. So, for 2022, you want to keep an eye on the year-over-year data, especially past mid-February toward April. If you see year-over-year declines in the data, then the days on market should grow. I am not talking about 5% – 8% year-over-year declines, I am talking more like 15%-30% year-over-year declines after COVID-19 adjustments are made. When it really matters, this data line will show you double-digit percentage moves both positive and negative. If you’re looking for balance like I am, this is where you want to look. This data line looks out 30-90 days as well, so you get the picture: the critical time for this data line is coming up in 2022. Don’t spend too much time on mortgage credit getting looser or tighter One area that you don’t need to focus too much on is mortgage credit availability. I know many housing bears had hoped that credit getting tighter in 2020 and 2021 would crash the housing market. However, credit is very liberal today, as it always has been. However, since we’ve had no exotic loan debt structure post-2010, credit looking tight on paper just doesn’t have the same impact as it did from 2005-2009. At that time sales were declining from a high level and credit was getting very tight from the standards that facilitated the demand from 2002-2005. From the chart below, it looks like credit got very tight from the start of COVID-19 and not

[ad_1] Mortgage payment calculator For a majority of Canadians, buying a home will be the single biggest purchase they ever make, and getting a mortgage is an essential part of this process. But how do you ensure you get a mortgage that you can actually afford over the long term? That’s where a mortgage payment calculator comes in. You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote I’m buying a homeI’m renewing/refinancing You will be leaving MoneySense. Just close the tab to return. Why use a mortgage payment calculator? Just how much a home mortgage will end up costing you over the long haul can be hard to fully grasp, especially when you factor in interest. A mortgage payment calculator is an indispensable tool that will help you understand what your payments will be over time and gives you a more accurate sense of what you can afford.  By using a mortgage calculator to estimate your payments, you’ll have a more realistic picture of the options available to you and you’ll be better placed to assess mortgage products. In short, a mortgage payment calculator can help you see how a mortgage fits within your current financial plans, as well as how it may affect your future goals. How are mortgage payments calculated? By plugging a few key numbers into a mortgage payment calculator, you’ll get a reliable estimate of your monthly payment amount. Here are the most important variables that determine your mortgage payments: Mortgage amount: The total amount of money you’ll need to borrow to cover the cost of the home. You can calculate your total mortgage amount by deducting your down payment from the asking price of the home. If your down payment represents less than 20% of the purchase price, you will have to add the cost of mortgage default insurance. Our calculator does this for you—simply enter the purchase price of the home and the down payment you have.  Amortization period: The number of years it will take you to repay the mortgage in full. Borrowers with less than a 20% down payment have a maximum amortization of 25 years. Those with more than 20% have access to 30-year mortgages.  Interest rate: The rate of interest you’ll pay on any outstanding mortgage balance. Your rate will depend on your mortgage provider and the terms of your mortgage, such as whether you decide to go with a fixed or a variable rate, as well as your credit history and employment status. Payment frequency: The interval at which you make your mortgage payments. While our calculator shows you what the monthly, bi-weekly and accelerated bi-weekly payments would be, borrowers sometimes also have the choice of semi-monthly, weekly or accelerated weekly payment options. The frequency of your payments will influence the size of each payment and how many payments you make per year.  To calculate your mortgage payments, enter these details into the mortgage payment calculator.  (Note the calculator will automatically display the best rates available in your region, but you can also enter your own rate.) The calculator then shows monthly payments across four different scenarios, based on the information you provided. You can alter the size of your down payment, as well as the desired payment frequency, amortization period, interest rate and purchase location to see how your regular mortgage payment will be affected by such changes. How to lower your mortgage payments If you’re not comfortable with the mortgage payment estimates you’re getting, keep in mind there are ways you can lower them. For example, you can look for a house with a lower purchase price or make a larger down payment (both will reduce the size of your mortgage). You can opt for a longer amortization, although that will cost you more in interest over time. You can also shop around for a lower mortgage rate or work with a mortgage broker who has access to many lenders.  You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote I’m buying a homeI’m renewing/refinancing You will be leaving MoneySense. Just close the tab to return. Other MoneySense mortgage calculators Mortgage affordability calculator Mortgage down payment calculator Land transfer tax calculator Mortgage penalty calculator Mortgage refinance calculator CMHC mortgage insurance calculator Mortgage renewal calculator The post MoneySense Toolkit: The mortgage payment calculator appeared first on MoneySense. [ad_2] Source link

[ad_1] My word for 2021 was Show Up. (Okay, that’s two words, but who’s counting?) This simple phrase impacted so much of my year and served as a guide for how I lived my day-to-day. Any time I found out a friend was struggling or discouraged or just feeling overwhelmed or tired, I tried to stop and pray, “God, how would You have me show up for her?” That sometimes looked like sending a text or checking in regularly or just stopping to pray or sending dinner or a card. But it often looked like reaching out of my comfort zone and offering intentional proximity — like showing up at her house (even if I didn’t know her that well) to give her a hug or watch her kids so she could take nap. Here’s the beautiful thing I discovered: taking those steps beyond loving people well at a distance (where it’s still pretty safe and comfortable) to leaning in and showing up right in the middle of the mess is awkward and uncomfortable at first, but some of the deepest community has been forged in those vulnerable spaces this year. I often didn’t have the right words to say. Many times, I questioned as I was driving to someone’s house, “What am I doing? This is crazy! What if I show up and it’s just really weird.” But then I’d remind myself that this wasn’t about me; this was about me showing Jesus’ love even if I felt inadequate and awkward. And every single time, I would leave knowing that it wasn’t about saying the perfect words or even doing a lot to make a difference, it was just communicating to a long-time friend or newer acquaintance: I am WITH you. You are not alone. You matter. I see you. I think that in our often-detached virtual world, it’s easy to play it safe in relationships. To hold people at arm’s length. But playing it safe never builds strong community or deep relationships. Let’s be people who pursue intentional proximity. Who show up for others — even when it feels uncomfortable. And who keep showing up over and over again. We were made for community! In this week’s episode, Jesse and I discuss more in-depth what Intentional Proximity is and how it has affected our lives this past year. We also talk about a Christmas gift, our trip to Kansas, reading goals for 2022, and more! Listen below! In This Episode [00:34] – Welcome to another episode of The Crystal Paine Show. Starting the year off with colds. [02:09] – Finally finding our groove while traveling to Kansas. [06:00] – How cold is cold weather to us? [08:36] – Jesse shares what is saving his life. [10:10]  – The lotion that is saving my life. [13:11] – My book update and my new monthly reading goals. [14:35] – The last book I finished in 2021. [15:55] – We share a running inside joke about our marriage. [17:05] – What is Intentional Proximity? [20:00] – Don’t just say, “Let me know if we can help!” [22:15] – Yes, it was awkward, at times. But it was worth it. [25:35] – It was a great reminder that it wasn’t about me but about showing Jesus’ love. [28:11] – What would intentional proximity look like for you? Links & Resources Books Pray Confidently and Consistently: Finally Let Go of the Things Holding You Back from Your Most Important Conversation by Valerie Woerner GoalsMy Goals for 2022 My Reading Goals for January Special Mentions Food Saver Magnesium Lotion Shop Other Links Love-Centered Parenting 10 Days to Be a Happier Mom Sign up for the Hot Deals Email List MoneySavingMom.com My Instagram account (I’d love for you to follow me there! I usually hop on at least a few times per day and share behind-the-scenes photos and videos, my grocery store hauls, funny stories, or just anything I’m pondering or would like your advice or feedback on!) Have feedback on the show or suggestions for future episodes or topics? Send me an email: crystal @ moneysavingmom.com [ad_2] Source link

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[ad_1] The Indian space sector needs to be developed to provide business opportunities for private players and changes are required in the Indian space programme by keeping in mind the needs of future generations, S Somanath, who was appointed as ISRO chairman, said on Wednesday. Somanath, who is presently the Director of Vikram Sarabhai Space Centre (VSSC), was appointed as Secretary of the Department of Space and the Chairman of the Space Commission which makes him the head of the Indian Space Research Organisation (ISRO). Speaking to reporters here about his views about the future direction of the space programme/sector of the country, he said that just like private players have entered this field the world over, similar changes are required in India too and that is the “main agenda”. He said presently the Indian space programme is confined to ISRO, but the government now wants new people to come into this sector. “It can be private players or big industries. We need to develop our space sector as a business opportunity for them and as a part of our economy. This is the target and it is a big responsibility,” he said. For this the space budget should increase from the present Rs 15,000-16,000 crore, which is just a small percentage of the country’s economy, to more than Rs 20,000-50,000 crore, he said. “But the increase in the space budget cannot be by government funding or support alone. Just like the changes which happened in the telecom and air travel sectors, the same should happen here too. With that there can be more job opportunities and an increase in research and development,” Somanath said. However, this would not mean privatisation of ISRO, like BSNL and Air India are being privatised, he clarified. He said BSNL and Air India were service oriented, while ISRO was also core technology oriented and therefore, it cannot be privatised as it researches and develops technology. Somanath also said that he does not believe that the Indian space programme or ISRO should move forward as it exists now, without any changes. He said that changes are required keeping in view the future and the needs of the coming generations. “We need to align ourselves accordingly, We need to create new legacies,” he added. As news of his appointment spread, Kerala Chief Minister Pinarayi Vijayan extended his congratulations to Somanath. The CM in a Facebook post said it was a proud moment for Kerala since a Malayalee has been elevated to the head of ISRO and wished Somanath all the best. Somanath’s new appointment is for a combined tenure of three years from the date of joining of the post, inclusive of an extension in tenure beyond the age of superannuation in public interest, a Personnel Ministry order said. He will succeed K Sivan, who completes his extended tenure on January 14. [ad_2] Source link

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[ad_1] COVID-19 picks up pace in Americas as Omicron spreads, health agency says [ad_2] Source link