Latest news with #COVID-related
Mint
2 days ago
- Business
- Mint
North Korea opens grand seaside resort inaugurated by Kim Jong Un; but, not everyone is welcome
North Korea has opened a grand seaside resort called Wonsan-Kalma. State media described it as a 'national treasure-level tourism city'. Kim Jong Un inaugurated it himself. The resort includes waterparks and high-rise hotels. It can host nearly 20,000 guests, CNN reported. It is located on North Korea's eastern coast and is connected by a newly-opened train station and international airport. The location hints at North Korea's plans to attract foreign visitors, especially Russians. Only Russian officials attended the opening, showing North Korea's stronger ties with Moscow and growing isolation from the West. While the country faces severe hunger and hardship, this lavish project is being promoted as proof of Kim's care for his people, according to CNN. Kim Jong Un has said North Korea will expand tourism zones soon and build big tourist and cultural sites across the country. Kim visited the Wonsan-Kalma resort at least seven times. The Supremo guided the work himself and aiming for top global standards. In December 2024, after nearly five years of COVID-related border closure, North Korea reopened the northern city of Samjiyon for tourists. Tour companies in China confirmed the news. The 2020 shutdown led to major food shortages due to halted imports and global sanctions. Travel firms expect other cities like Pyongyang to reopen soon as restrictions ease. Still, foreign tourist visits to North Korea remain strictly controlled. Past Russian tourists had to follow many rules, including limited photography and attending organised performances. Experts believe the resort may soon welcome Russian visitors. It will support Kim's image of focusing on tourism while continuing his defence policies, according to CNN. The new Wonsan-Kalma resort is expected to serve elite officials from Pyongyang, not the general public. Experts say the project shows Kim Jong Un's aim to boost the economy through tourism. In the 1990s, North Korea opened Mount Kumgang for South Korean visitors, seen as a rare step toward peace. Around two million tourists visited, bringing in money. But, the tours stopped after a South Korean visitor had been shot in 2008 for entering a restricted area. In 2022, many buildings in the region were demolished after Kim had called them outdated. 'The initial target for this resort is going to be the privileged domestic elite of Pyongyang, such as party officials and other high-ranking figures,' CNN quoted professor Lim Eul-chul as saying. 'The ceremony of the Wonsan-Kalma resort reflects Kim Jong Un's vision of 'socialist civilisation' and is part of his strategic effort to seek economic breakthroughs through the tourism industry,' Lim added.
Canada News.Net
3 days ago
- Business
- Canada News.Net
Margins of banks to moderate in FY25 and FY26, to rebound in FY27: Report
New Delhi [India], June 25 (ANI): Declining interest rates are not favourable for banks' net interest margins in the short term. According to a report by PhillipCapital, the net interest margins (NIM) of banks are going to moderate in FY25 and FY26, before rebounding in report added that a 100 basis point cut in the repo rate and substantial liquidity in the system are conducive to deposit growth at cost-competitive Reserve Bank of India (RBI) has reduced the repo rate by 100 basis points since February report highlights that Banks such as ICICI Bank, DCB Bank, AU SFB, and Axis Bank are expected to experience minimal impact on NIM compression, while others like HDFC Bank and SBI may see a moderate impact. Conversely, IIB and Bandhan Bank are projected to face the highest impact because of shifts in their loan bank asset quality continues its upward trajectory, with stressed assets steadily declining across both private and public sector banks. As of FY25, credit costs are below the long-term average, reflecting improved underwriting standards and effective asset resolution. While major stress events like the corporate NPA cycle and COVID-related surges in unsecured NPAs are largely in the past, some signs of stress persist in low-ticket unsecured loans. Early-stage microfinance stress has moderated, and credit card delinquencies appear to be peaking, suggesting a potential easing of credit costs ahead. Home loan asset quality remains stable, with Public Sector Banks (PSBs) increasing their market share in new vehicle loan stress remains contained, with stable metrics despite some early bucket increases in the PhillipCapital report also reveals that, credit demand is pegged at 1.1 times of the nominal GDP growth, with the sector's credit growth anticipated to be in the 11-12 per cent range for FY26. A notable pickup in unsecured retail loans is expected in the second half of FY26, driven by easing stress and improved borrower savings. Private banks, which previously lost market share in various retail segments, are likely to regain ground as credit risk subsides. (ANI)
San Francisco Chronicle
4 days ago
- San Francisco Chronicle
S.F. grand jury indicts man in mash-up of scams: Romance, secret identities, COVID fraud and crypto
Amid an epidemic of online scams from ransomware to pig butchering, some swindlers have been blending strategies in eye-popping ways meant to confound their prey and the government. Take the case of Patrick Omeife. The resident of Ghana, allegedly known to at least one lovestruck mark as 'Peter Calderon,' was indicted in absentia this week by federal prosecutors in San Francisco. Court documents detail a single episode that appeared to have been part of a larger enterprise. In September 2020, investigators said, Omeife impersonated a Northern California optometrist while obtaining nearly $34,000 from the Provider Relief Fund, or PRF, the $178 billion federal program designed to cover COVID-related expenses. He couldn't route the payment to the optometrist, so he diverted it to the New York state home of victim No. 2. This person accepted the check because she was in a romantic relationship with Omeife — or rather the alter ego 'Peter Calderon,' prosecutors said. More specifically, her online sweetheart confided that he was a secret government agent who needed to be paid in covert fashion — in this case a pandemic relief check deposited in her bank account. Omeife insisted on an additional safeguard, his indictment states, instructing the woman to convert the funds into bitcoin — the cryptocurrency that has been used in a myriad of modern scams — and then transfer the coins to an account he controlled. The alleged fraud was complete. One victim was apparently unaware and the other perhaps heartbroken. The government, meanwhile, would not understand what had happened for months, as cheaters stole hundreds of millions of dollars in COVID-related aid. In July 2022, the indictment states, the government began investigating Omeife after the Health Resources and Services Administration, which administered PRF, identified a group of suspicious applications. They used 'generic email domain names, near-identical supporting documents across applications, identical dollar amounts for listed incomes, and repeating bank account numbers.' Federal agents later assessed the damage from these applications: at least $1.6 million in bogus payments. They said the crypto account that received the money meant for the optometrist was owned by Omeife, who had registered it using his Ghana-issued driver's license. Omeife, who according to investigators has the bitcoin symbol tattooed on his chest, was indicted Monday on a charge of felony money laundering. He faces up to 20 years in prison if convicted, but his whereabouts are unknown. A warrant has been issued for his arrest.
India Gazette
5 days ago
- Business
- India Gazette
Margins of banks to moderate in FY25 and FY26, to rebound in FY27: Report
ANI 25 Jun 2025, 13:41 GMT+10 New Delhi [India], June 25 (ANI): Declining interest rates are not favourable for banks' net interest margins in the short term. According to a report by PhillipCapital, the net interest margins (NIM) of banks are going to moderate in FY25 and FY26, before rebounding in report added that a 100 basis point cut in the repo rate and substantial liquidity in the system are conducive to deposit growth at cost-competitive Reserve Bank of India (RBI) has reduced the repo rate by 100 basis points since February report highlights that Banks such as ICICI Bank, DCB Bank, AU SFB, and Axis Bank are expected to experience minimal impact on NIM compression, while others like HDFC Bank and SBI may see a moderate impact. Conversely, IIB and Bandhan Bank are projected to face the highest impact because of shifts in their loan bank asset quality continues its upward trajectory, with stressed assets steadily declining across both private and public sector banks. As of FY25, credit costs are below the long-term average, reflecting improved underwriting standards and effective asset resolution. While major stress events like the corporate NPA cycle and COVID-related surges in unsecured NPAs are largely in the past, some signs of stress persist in low-ticket unsecured loans. Early-stage microfinance stress has moderated, and credit card delinquencies appear to be peaking, suggesting a potential easing of credit costs ahead. Home loan asset quality remains stable, with Public Sector Banks (PSBs) increasing their market share in new vehicle loan stress remains contained, with stable metrics despite some early bucket increases in the PhillipCapital report also reveals that, credit demand is pegged at 1.1 times of the nominal GDP growth, with the sector's credit growth anticipated to be in the 11-12 per cent range for FY26. A notable pickup in unsecured retail loans is expected in the second half of FY26, driven by easing stress and improved borrower savings. Private banks, which previously lost market share in various retail segments, are likely to regain ground as credit risk subsides. (ANI)
Yahoo
7 days ago
- Business
- Yahoo
SFBS Q1 Deep Dive: Loan and Deposit Growth Offset Margin Pressures Amid Credit Transition
Regional banking company ServisFirst Bancshares (NYSE:SFBS) fell short of the market's revenue expectations in Q1 CY2025, but sales rose 18.3% year on year to $131.8 million. Its non-GAAP profit of $1.16 per share was 2% below analysts' consensus estimates. Is now the time to buy SFBS? Find out in our full research report (it's free). Revenue: $131.8 million vs analyst estimates of $134.1 million (18.3% year-on-year growth, 1.7% miss) Adjusted EPS: $1.16 vs analyst expectations of $1.18 (2% miss) Adjusted Operating Income: $79.09 million vs analyst estimates of $86.91 million (60% margin, 9% miss) Market Capitalization: $3.98 billion ServisFirst Bancshares began 2025 with revenue and non-GAAP earnings that came in just below Wall Street's expectations, while still achieving notable year-over-year growth. Management pointed to robust loan and deposit expansion as a primary driver, especially in municipal and correspondent accounts, and highlighted that loan growth was broad-based across geographies and business types. CEO Tom Broughton called out a 'solid start to the year,' emphasizing the company's success in growing both new and core market relationships. The quarter also saw higher charge-offs and a moderate increase in nonperforming assets, with most of the uptick traced to a small number of medical-related relationships, which management noted were not speculative real estate loans. Looking ahead, ServisFirst's outlook hinges on maintaining momentum in loan growth, normalizing deposit trends as municipal funds recede, and managing net interest margin as cash balances decline. Management expects some deposit runoff in the coming quarters, which should help reduce funding costs and support margin improvement. CFO David Sparacio stated, 'We expect those cash balances to come down over the next few months,' indicating a likely positive effect on net interest margin. The company also anticipates continued opportunities for loan repricing and portfolio growth, while remaining cautious about economic uncertainties and potential headwinds from credit quality normalization. Management attributed the quarter's performance to above-average loan and deposit growth, a focus on expense discipline, and careful credit management, while also noting the impact of higher cash balances on margins. Loan portfolio expansion: The company saw annualized loan growth of 9% in the first quarter, with a diverse mix across new and existing markets. Management described the pipeline as 'up 10% from January,' and characterized growth as granular rather than dependent on large single deals. Deposit growth dynamics: Strong deposit inflows were concentrated in municipal and correspondent accounts, partially aided by lingering COVID-related government funds. Management noted this trend is atypical for the first quarter and expects some runoff later in the year. Margin dilution from liquidity: Elevated cash balances at the Federal Reserve, which increased by approximately $959 million, diluted net interest margin by six basis points. Management anticipates these balances will decline and help margins recover over time. Stable operating expenses: Noninterest expense was down compared to the prior quarter and flat year-over-year, reflecting ongoing cost control. The efficiency ratio remained below 35%, despite a one-time operational loss and seasonal payroll fluctuations. Credit quality normalization: Charge-offs rose to pre-pandemic levels, and nonperforming assets increased, mostly linked to two specific medical-related borrowers. The company took aggressive action on impaired loans, aiming to position the credit portfolio for improved performance in future quarters. Management expects continued loan growth, normalization of deposit mix, and disciplined expense management to shape results this year, while monitoring credit quality and external economic conditions. Deposit runoff and margin improvement: As municipal and correspondent deposits decline, management believes funding costs will decrease and net interest margins will improve, supported by a gradual reduction in excess cash balances held at the Federal Reserve. Loan repricing and growth: The company anticipates over $1.9 billion in assets will reprice within the next twelve months, creating opportunities to enhance yield. Management remains focused on organic growth in both core and newer markets, despite recognizing the potential for some loan payoffs to temper overall growth rates. Credit and economic uncertainties: While management is optimistic about continued business expansion, they remain cautious about external risks, including economic slowdowns and potential normalization of credit performance. The recent uptick in charge-offs and nonperforming assets will be monitored closely. In upcoming quarters, the StockStory team will be tracking (1) the pace at which municipal and correspondent deposits run off and the resulting impact on funding costs and margin, (2) progress on repricing and growing the loan portfolio in both existing and new markets, and (3) trends in credit quality as the company manages through higher charge-offs and nonperforming assets. The hiring of new producers and any expansion into additional markets will also be important milestones. ServisFirst Bancshares currently trades at $74.88, down from $77.62 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it's free). 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