US regulators said Silicon Valley Bank depositors would be fully repaid as they acted to shore up the banking system after the lender’s implosion, unveiling emergency funding measures and closing down a second financial institution.
The Federal Reserve announced a new lending facility on Sunday aimed at providing extra funding to eligible institutions to ensure that “banks have the ability to meet the needs of all their depositors”. The US central bank said it was “prepared to address any liquidity pressures that may arise”.
The Fed facility is part of a broader effort by regulators, including Treasury secretary Janet Yellen, Fed chair Jay Powell and Federal Deposit Insurance Corporation chair Martin Gruenberg, to avoid spillovers across the financial system and reassure customers that their money is safe following the second- largest bank failure in US history.
The measures come after a frenzied weekend marked by a chaotic search for a potential buyer for SVB and regulators’ closure of New York-based Signature Bank.
The so-called Bank Term Funding Program will offer loans of up to one year to lenders that pledge collateral including US Treasuries and other “qualifying assets”, which will be valued at par.
The program will eliminate an institution’s “need to quickly sell those securities in times of stress” and would be enough to cover all uninsured US deposits, the Fed said. The facility is backstopped by the Treasury, which put up $25bn. The discount window, where banks can access funding at a slight penalty, remained “open and available”, the central bank added.
The regulators said all depositors of SVB would have access to their money on Monday, as would those of Signature, which was closed by the New York Department of Financial Services before being placed under FDIC control and marketed for sale.
Officials on Sunday said no losses stemming from the resolution of either SVB or Signature’s deposits would be borne by the taxpayer. Any shortfall would be funded by a levy on the rest of the banking system. They added that shareholders and certain unsecured debtholders would not be protected.
A number of venture capitalists said Signature was the most exposed lender after SVB because it also had a concentrated customer base, significant exposure to cryptocurrencies and technology companies, and a high proportion of uninsured deposits.
Of Signature’s $89bn in deposits, 90 per cent were not insured by the FDIC at the end of last year, according to a regulatory filing. Roughly a fifth of its total deposits were related to digital assets as of December 31.
Securities and Exchange Commission chair Gary Gensler vowed on Sunday to “investigate and bring enforcement actions” in the event of violations of the federal securities law.
A senior US Treasury official told reporters on Sunday that Yellen had consulted with US president Joe Biden before signing off on the plan to invoke a “systemic risk exception”, allowing all depositors of SVB and Signature to gain access to their money on Monday. In terms of SVB, there had not been enough time for a buyer to emerge and complete a successful auction.
Biden said he was pleased that his economic team “reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe” while “taxpayer dollars are not put at risk”.
The senior Treasury official denied that the move represented a bailout because shareholders and bondholders of the two banks had been “wiped out”. The official said the “economy remains in good shape” and the financial system had a more solid “foundation” than in 2008.
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Anat Admati, a finance professor at Stanford University, said regulators over the past few years had allowed the banking system to become fragile again and had no choice but to bail out SVB.
“When it gets to this point and you are in a hostage situation, there is nothing else you can do,” Admati said. “But there is no other word for this other than to call it a bailout.”
The move underscored US regulators’ concerns about potential spillovers, which motivated the establishment of the Fed facility to help prevent bank runs. The senior Treasury official said they saw “similarities” in the situations at some of SVB and Signature’s peers and wanted to ensure depositors would not suddenly withdraw.
Neither SVB nor Signature — leading lenders for the start-up community and cryptocurrency industry — was likely to be acquired by a rival bank as all the potential buyers had so far walked away, said people with direct knowledge of the negotiations and who have been working with SVB and the government.
PNC, a large US bank, and Canada’s RBC were invited to buy SVB but decided against bidding, said people with direct knowledge of the matter.
America’s five largest banks, including JPMorgan and Bank of America, would also not be buyers, these people said.
For a transaction to make sense for any buyer, the US government would be required to cover part of their losses, said a person working with SVB.
Separately, New York-based investment bank Centerview Partners has been hired to sell SVB’s assets not related to customers’ deposits, including its investment bank and capital business, said people with direct knowledge of the matter.
Additional reporting by Joshua Franklin and Stephen Gandelin New York, Stefania Palma in Washington and George Hammond in San Francisco
People with physical disabilities hold limited positions as scholars, teachers, or leaders in physical education, recreation, and sports. Perhaps the reason is that the field is flooded with able-bodied people who think they know best. But do they? Michael Oliver, imminent writer, and scholar argued that people with physical disabilities should be the only ones in the field of disability studies because they have a bodily experience with disabilities. The following five-part article series shares the perspective of a scholar in the field of sports disability who has his own physical limitations. In each article, he discusses a different issue a person with a physical disability faces in the profession of physical education, recreation and sport.
Attitudes towards people with physical disabilities start with the university or school administrators and teachers. Many times, students with physical disabilities are seen as objects and not as humans. I know, I am one of them. I have been told numerous times: “Aubrey, I don’t know what to do with you.” Or the more hurtful statement: “I don’t have time; you have to figure it out for yourself,” all while I watched the professional display a smile toward me and turn to help the able-bodied students.
But it doesn’t have to be this way. I am not simply an object. I was a university teaching assistant while I was earning my Ph.D. I worked and taught alongside the faculty, learning how to teach from them. The best success occurred when the mentor created an environment that demanded respect for me. I was a team member and a part of assessment and teaching. I knew every student’s name and I talked to each of them. The students accepted me because the standard was nothing less than acceptance. One of the students said in his in-class review of the course “We had an awesome TA, Aubrey.” Regardless of my physical limitations, students respected me because I respected them.
After earning my Ph.D., I took this same attitude with me when I taught several classes at a different institution. I knew from the research that students with physical disabilities were not included in physical education. I wanted to see if I could integrate inclusion into all the courses I taught. At first, I received pushback from the students because it was a new concept for them, and they were nervous because they had no previous experience. However, throughout the semester they became more comfortable, and their attitudes shifted in a positive way toward including students with physical disabilities in their classes.
In both stories, able-bodied students were able to relate to me as a person with a physical disability. My experience negates the belief that I am not relatable to able-bodied students. In addition, the able-bodied students celebrated that they were being taught by a person with a physical disability and their attitudes towards people with physical disabilities improved. My teaching evaluations were excellent. Individuals with physical disabilities can be excellent teachers and coaches of physical education and recreation. Maybe Oliver was right….
Follow the 5-Part Series this Month
Leading as a Scholar with a Physical Limitation
Don’t Judge Me by My Gait
I Am Not an Object or Incompetent
The Power of Time (June 19th)
If You Cannot Do It – Can You Teach It? (June 23rd)
Just Talk to Me (June 29th)
This series was written by Aubrey Shaw, Ph.D. and edited by dr. Sharon Stoll (University of Idaho)
UBS ETRACS Linked to the Wells Fargo Business Development Company Index ETN (NYSEARCA:BDCS – Get Rating) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $15.23 and traded as high as $15.31. UBS ETRACS Linked to the Wells Fargo Business Development Company Index ETN shares last traded at $15.23, with a volume of 14,900 shares.
UBS ETRACS Linked to the Wells Fargo Business Development Company Index ETN Stock Up 0.1 %
The firm has a fifty day simple moving average of $15.23 and a 200-day simple moving average of $15.23.
Further Reading
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Reading were relegated from the Premier League in 2012-13 and have since been in the Championship
Reading has been deducted six points by the English Football League for breaching the terms of an agreed business plan for a previous profit and sustainability rule breach.
It marks the first decision handed down by the independent club financial reporting unit (CFRU).
The deduction leaves Reading 20th in the Championship, with 40 points, one above the relegation zone.
Manager Paul Ince said last week he thought the punishment was coming.
In addition, Reading has agreed a new budget with the CFRU, which will be finalized once the club’s full profit and sustainability review has been completed for the current season.
The club accepted they had not “sufficiently satisfied” elements of the planned budget.
“Despite radical changes implemented at first team level and right across the structure of the business to its very core – and a rigid adherence to a strict league-monitored wage structure and transfer embargo, the club accepts that it has not sufficiently satisfied certain elements of the planned budget,” their statement said.
“As a result, the independent club financial review panel has been unable to ratify that the club has met its forecast for compliance.”
The club’s transfer embargo, which has been in place since the summer of 2021, will “effectively end” this summer, they added.
Reading were also given a six-point deduction in 2021, for losing £57.8m between 2017 and 2021 – the EFL’s limit for that period was £39m. A further deduction was suspended until the end of this season, on the basis of targets in the EFL’s business plan being hit.
The Championship club said it had made “every reasonable effort” to build a squad without falling to further punishment.
“Every single professional contract proposed has been scrutinized and ratified by the EFL before it has been offered and we have operated under a mutually-agreed capped wage bill,” Reading added.
However, they accepted that despite “substantial progress” the situation was not going to be easily fixed.
Director of the CFRU, John Potterill-Tilney, said: “I would like to thank the club for its transparency and cooperation during this process and the club financial review panel for helping us deliver an agreed sanction in just over one month since submissions were provided .
“This decision and sanction, as confirmed by the club financial review panel in a short time frame, within the relevant season, will now give the club clarity to plan for the period ahead, on and off the pitch.
“The EFL’s regulations establish the CFRP as an independent panel with the responsibility of reviewing the financial performance of EFL clubs.”
Amidst rising energy costs, the world is turning to nuclear power for cheap, reliable, and clean electricity. The price of uranium has doubled to $54 in the last 5 years and started growing faster in spite of Covid and market conditions. Bank of America forecasted that the spot uranium price would hit $70 by the end of 2023. Investors looking to cash in on this foreseeable industry trend have been investing in up-and-coming uranium mining and exploration companies such as Kiplin Metals (TSXV: KIP | FWB: 17G1 | OTC: ALDVF) for their prime locations, findings, and leadership.
While gold prices continue to grow from anticipated inflation, the perfect storm of market conditions is causing uranium mining stocks to soar. Newly planned and constructed power plants, uranium supply shortages, the shift to green energy, breakthroughs in reactor technology, Russia, and inflation are all independently pushing up the value of Canadian mining stocks.
Media outlets like Yahoo Finance, Financial Times and CNN have recently reported on Kiplin’s strategic mining location next to Cluff Lake, a known vein of uranium that has historically produced more than 62,000,000 lbs of yellowcake uranium.
Our analysts continue to recommend Kiplin Metals as the uranium mining stock that has the greatest potential during this market upswing, all signs point to a 700% stock price rise as a result of its upcoming summer exploration program.
The Uranium-Powered Bull Market & The Rising Demand for Nuclear Power
The world is witnessing a 13% increase in nuclear plants worldwide, with over 60 reactors under construction as of 2023, as governments push for nuclear energy to power the world’s clean energy grid.
France hosted a pro-nuclear meeting to push for the EU to recognize nuclear power’s role in meeting climate goals for 2050. Additionally, Japan is extending the lifespan of nuclear power plants, and even oil-producing nations like the UAE have kickstarted reactor operations in recent years.
Numerous countries have also invested in new reactor technology, exemplified by the collaborative US$275 million funding from the US, Japan, the Republic of Korea, and the UAE. This investment is directed toward a Small Modular Reactor (SMR) project in Romania.
As more nuclear reactors continue to be built, the demand for uranium is projected to surge, leading to a twofold benefit for the market price. Early recognition of this trend can potentially result in substantial gains for investors.
After decades of stagnation, the U3O8 spot uranium price has more than doubled in the last 5 years, boasting a total gain of 137%, exceeding that of other asset classes. In 2023, the U3O8 spot uranium price rose from $47.34 per pound in January to $54.60 in May, an increase of 15.33%.
With the increasing demand for uranium coupled with a shift away from Russian suppliers, the U3O8 spot uranium price is expected to continue its upward trajectory, ultimately supporting the uranium mining industry.
Uranium Spot Price (USD/Lbs)
Source: Trading Economics – Uranium Spot Price
At present, the global demand for uranium stands at approximately 60,000 tonnes per year, as necessary to fuel the world’s 440 operational nuclear power reactors, according to the 29th edition of the Red Booka publication on uranium resources, production and demand by the IAEA and the Nuclear Energy Agency.
Additional research also points to uranium supply and demand scenarios turning bullish over the next two decades. The World Nuclear Association released The Nuclear Fuel Report: Global Scenarios for Demand and Supply Availability 2021–2040 in September last year.
The report estimated that nuclear reactors would require 112,400 metric tons of uranium (MTU) by 2040. In comparison, the global uranium demand for nuclear reactors in 2021 was estimated at 62,500 MTU.
WNA Upper Scenario for Uranium Demand, in MTU
Source: World Nuclear Assn. The Nuclear Fuel Report: Expanded Summary
As nuclear energy adoption looms on the horizon and the demand for uranium surges, the U3O8 uranium spot price points towards a bullish market outlook for uranium producers. In response to this industry trend, investors are flocking towards emerging uranium mining and exploration companies like Kiplin Metalsdrawn to their strategic locations, promising discoveries, strong leadership, and rewarding returns.
The Stock Primed for an 800% Bull Run
Kiplin Metals (TSXV: KIP | FWB: 17G1 | OTC: ALDVF) owns a diversified mining portfolio which includes uranium, copper and gold mines in Canada. Their Cluff Lake Road (CLR) Project in Saskatchewan’s prolific Athabasca Basin is 5 km east of the Cluff Lake Road (Hwy 955) leading to the famous Cluff Lake Mine, which historically produced more than 62,000,000 lbs of yellowcake uranium.
Source: Kiplin Metals Inc.
Kiplin, along with other mining enterprises in the region like Cameco (NYSE: CCJ) and F3 Uranium Corp (TSXV: FUU, formerly Fission 3.0 Corp), operate on top of proven reserves of the mineral. The most recent uranium find was made on F3’s property in November 2022, an event that caused a surge in the company’s stock by over 540% within a span of two months.
While the opportunity to massively profit from F3 may have passed, analyst projections indicate a more substantial surge for Kiplin Metals. Industry geologists anticipate a significant discovery in the company’s CLR property adjacent to F3’s find. Savvy investors have the potential to reap substantial returns with an anticipated 800% upswing as Kiplin Metals advances its summer exploration program.
Source: Kiplin Metals Inc.
Kiplin Metals’ leadership has expertly slashed liabilities post-COVID-19, steering the company toward debt-free waters and better positioning it to invest heavily in equipment to ramp up its exploration project. The company’s strategic location, surrounded by proven deposits, further strengthens its industry standing.
With the global uranium demand fueling its growth and a diversified mining portfolio, Kiplin Metals is poised for impressive expansion. This presents a prime opportunity for investors to capitalize on and generate substantial profits.
The Federal Government is constantly auditing healthcare entities. A recent Michigan settlement resulted in prison time and a hefty repayment for violations of the False Claims Act.
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If your compliance plan needs to be updated, now is the time.
You want to make sure that your practice is protected so that you are not faced with a similar situation as a vascular surgeon from Bay City, Michigan.
A vascular surgeon was sentenced to 80 months in prison for defrauding healthcare programs by submitting claims for the placement of vascular stents and thrombectomies that he did not perform. He was also ordered to pay $19.5 million in restitution and up to $43,419,000 to the government to resolve civil allegations.
If you want to avoid prison time and hefty fines and payments, you need to make sure that your compliance plan is up to date and functioning correctly.
Your compliance program should be working daily to help you detect any potential discrepancies or issues when it comes to your billing.
If you are not sure if your compliance plan is up to date, make sure to do something internal audit.
Look at a variety of records, payor mix, and providers when performing an audit of your billing.
It is also important to carefully review your policies and procedures to make sure that they reflect your actual practices.
Let your staff know that you take compliance seriously by regular training and investigating any of their concerns.
If you are not sure if your compliance program is running smoothly, enlist help.
We help our clients update their compliance plans and their policies and procedures, train their staff, audit records, and more.
If you need help, call us today.
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The post Are You Prepared for an Audit? appeared first on Rickard & Associates.
Enhanced Collagen Production: One of the primary benefits of red light face masks is their ability to stimulate collagen production. Collagen, a protein responsible for maintaining skin elasticity, tends to diminish with age, leading to the formation of fine lines and wrinkles. Red light therapy can penetrate deep into the skin, activating fibroblasts that produce collagen, thereby promoting a more youthful and plump complexion. Regular use of red light face masks can help reduce the appearance of wrinkles and fine lines, leaving you with smoother, firmer skin.
Reduced Inflammation and Acne: Red light therapy possesses anti-inflammatory properties that can effectively target skin conditions such as acne and rosacea. The red light penetrates the skin’s surface, calming inflammation and reducing redness associated with these conditions. Furthermore, red light therapy has been shown to inhibit the production of excess sebum, a primary contributor to acne. By balancing sebum levels, red light face masks can help prevent breakouts and promote clearer skin.
Improved Circulation and Cell Regeneration: The red light emitted by these face masks can stimulate blood circulation and enhance oxygen delivery to the skin cells. This increased circulation improves the transport of nutrients, promoting cell regeneration and overall skin health. With regular use, red light face masks can help minimize the appearance of scars, sun damage, and age spots, resulting in a more even-toned complexion.
Accelerated Wound Healing: Red light therapy has been used for its remarkable wound healing properties for many years. By promoting cellular activity and collagen synthesis, red light face masks can expedite the healing process of wounds, scars, and post-treatment recovery. Whether you’re dealing with surgical scars or minor skin abrasions, incorporating red light therapy into your skincare routine can aid in faster healing and minimize scarring.
Non-Invasive and Safe: Unlike invasive cosmetic procedures or harsh chemical treatments, red light face masks offer a non-invasive, gentle approach to skincare. They don’t require any downtime or recovery period, making them suitable for all skin types. Red light therapy is generally safe and well-tolerated, but it’s essential to follow the manufacturer’s guidelines and avoid prolonged exposure to the eyes.
OTHER RED LIGHT FACE MASK BENEFITS
Wrinkles and Fine Lines
Afternoon Jaws
Eczema
migraines
Acne
Scar Tissues
Wound healing
Relaxation
Razor Burns
Ingrown facial hair
The emergence of red light face masks has revolutionized the way we approach skincare, providing a non-invasive and effective solution for a wide range of skin concerns. From reducing the appearance of wrinkles and acne to promoting collagen production and enhancing overall skin health, these devices offer a multitude of benefits. Incorporating red light therapy into your skincare routine can help you achieve a radiant, youthful complexion and boost your confidence. However, it’s important to remember that individual results may vary, and it’s always best to consult a skincare professional or dermatologist before incorporating any new treatment into your regimen. Embrace the power of red light face masks and unlock the secret to glowing, rejuvenated skin.
WHERE TO GET RED LIGHT MASK
A few months ago, I emailed my friend Andy who owns Bon Charge that I wish he had a red light mask. I know he is always on the pursuit of health so I figured he would be interested in such a product.
Within months, he created the best red light mask and I use mine daily!
Andy is so generous, he is offering the LARGEST discount to my readers!
Use code MARIA to save 20%!!!! That’s the best deal out there for this product 🙂
CLICK HERE to get a red light mask! Hurry! They sell out often!
Proper diet undoubtedly promotes healthier aging and longevity. But what’s the right diet? A meta-analysis of diet studies proposes an answer. or more accurately, answers, based on diet-related biomarkers linked to disease and aging. Half of the studies were done in Europe, the rest from North America and Asia. The February, 2023, article was published in Nutrients. You can read the entire article online.
“….the main goal of this systematic review was to perceive the quantity and quality of different diets or aspects in nutrition, how they could modulate biomarkers and prevent aging-related diseases, in order to enlighten new intervention strategies. Biomarkers that are linked to aging-associated metabolism, inflammation processes, cognitive decline, and telomere attrition were scrutinized in order to understand how these mechanisms could actually influence healthy aging. Moreover, it could provide information to future health professionals.”
The researchers conclusions:
“In conclusion, this systematic review demonstrated the necessity for individuals to improve their diets, to reduce the emergence and development of several comorbidities and promote healthy aging. Diets rich in vegetables, fruits, nuts, cereals, fiber, fish, unsaturated fats, containing antioxidants, vitamins, potassium, omega-3—and reducing red meat and ultra-processed food intake—could prevent obesity, CVD [cardiovascular disease], and inflammation, and promote favorable glycemic, insulinemic, and lipidemic responses. Moreover, the Mediterranean diet and ketogenic diet, or a combination of these diets (MMKD), and increasing consumption of vegetables and green tea catechins, could improve one’s working memory and decrease destabilization of the brain network and the attention domain, preventing cognitive decline. Finally, the Mediterranean diet, supplemented with CoQ or virgin olive oil, or a low-fat diet, also rich in antioxidants, can help reduce the prevalence of atherothrombosis [arterial blood clots], hepatic steatosis, diabetes, and telomere attrition, as well as preventing oxidative and DNA damage. These diets can improve one’s quality of life and increase life expectancy. Moreover, a putative panel of molecular markers would follow the impact of diet/nutrition alterations during aging.”
The biomarkers tested included C-reactive protein, telomere length, HOMA-IR (insulin resistance), cholesterols, fibrinogen, platelet activating factor acetylhydrolase in HDLs, glucose, white blood cells, apolipoproteins, adiponectin, leptin, visceral adiposity index, etc.
Diets mentioned in the article include DASH, modified Alternative Healthy Eating Index, Southern European Atlantic (SEAD), Baltic Sea (a Nordic alternative to the Mediterranean diet), Mediterranean, and ketogenic Mediterranean.
This article is pretty dense reading. For science nerds only!
I was gratified to see several mentions of the ketogenic Mediterranean diet. It deserves more attention from the general public.
Steve Parker, M.D
PS: If you have my Advanced Mediterranean Diet (2nd edition), you already have the Ketogenic Mediterranean Diet. It’s there in addition to the traditional Mediterranean diet.
UBS ETRACS Linked to the Wells Fargo Business Development Company Index ETN (NYSEARCA:BDCS – Get Rating) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $15.23 and traded as high as $15.31. UBS ETRACS Linked to the Wells Fargo Business Development Company Index ETN shares last traded at $15.23, with a volume of 14,900 shares.
