Latest news with #Prospera
Cision Canada
09-07-2025
- Business
- Cision Canada
Prospera, Coast Capital and Sunshine Coast credit union members approve merger
Precedent-setting vote marks milestone in forming Canada's largest national purpose-driven credit union SURREY and GIBSONS, BC, July 9, 2025 /CNW/ - Prospera Credit Union ("Prospera"), Coast Capital Savings Federal Credit Union ("Coast Capital") and Sunshine Coast Credit Union ("Sunshine Coast") are excited to announce that members of all three credit unions have voted in favour of merging to form a combined federal credit union. The historic merger will create Canada's largest national purpose-driven credit union by bringing together two provincially regulated credit unions and one federally regulated credit union. To enable the merger with Coast Capital, members of Prospera and Sunshine Coast voted in favour of a two-step process: first, to continue under federal regulation for the sole purpose of amalgamation; and second, to proceed with the merger immediately afterwards. As Coast Capital is already federally regulated, its members were only required to vote on the merger. In all three cases, members voted strongly in favour, surpassing the two-thirds threshold needed to proceed to the next stage of regulatory approvals: Prospera: 75 per cent of votes in favour Coast Capital: 90 per cent of votes in favour Sunshine Coast: 81 per cent of votes in favour. Together, with more than $38.6 billion in assets under administration, 2,500 employees, 730,000 members and 70 branches across the Lower Mainland, Vancouver Island, the Lower Sunshine Coast and the Okanagan, the combined federal credit union will have increased scale and expects to advance investments in more competitive products and services, enhanced digital banking technology and tools, and initiatives that strengthen and uplift local communities. The combined federal credit union will offer a strong and compelling cooperative alternative to the big banks—giving Canadians more choice, more access and more value in how they bank, while setting the stage for future credit union partnerships. The three credit unions will now seek the regulatory approvals necessary to complete the merger. Approvals will be sought from the BC Financial Services Authority and Credit Union Deposit Insurance Corporation with respect to the federal continuances of Prospera and Sunshine Coast, as well as from the Competition Bureau and the federal Minister of Finance. Pending these approvals, it's expected that the combined federal credit union will be formed in 2026. For the time being, members can continue banking as they normally would. The merged credit union will continue to use the trusted and familiar Prospera, Coast Capital and Sunshine Coast brands to ensure a consistent experience for members. In appreciation of member and employee participation in the vote, and reflecting an ongoing commitment to local communities, each credit union will make a donation: Prospera to Special Olympics BC, Coast Capital to the Youth Futures Education Fund and Sunshine Coast Credit Union to the Sunshine Coast Foundation. "I am thrilled we're one step closer to becoming a combined federal credit union," said Gavin Toy, President and CEO, Prospera. "We're building on our strong foundation to deliver greater innovation, deeper impact and financial solutions that truly prioritize our members' best interests." "The successful vote to unite our three credit unions demonstrates strong member support for a national, purpose-led alternative in Canadian banking," said Calvin MacInnis, President and CEO, Coast Capital. "We're grateful for our members' trust and look forward to building a stronger future together." "This is a significant milestone in preserving and amplifying the unique value of cooperative banking," said Shelley McDade, CEO, Sunshine Coast. "Achieving the scale required to invest in our member and employee experience while at the same time honouring our 80+ year legacies is truly a win-win. Thank you to our members for your support and taking this historic and exciting next step with us." About Prospera Credit Union Local banking means investing in Local Good. Built on 80 years of service in local communities, Prospera Credit Union is a community-based, purpose-driven organization that offers a full range of financial products and services. Prospera is one of the largest credit unions in British Columbia, with approximately $9.3 billion in assets under administration and 115,000 members. With 24 branches, Prospera is proud to serve communities throughout the Lower Mainland, Fraser Valley and Okanagan. Prospera has consistently been designated a Great Place to Work, including as one of the "Best Workplaces in BC" and "Best Workplaces in Canada." It's our purpose to build the financial prosperity of our members, enabling thriving local enterprises, financially empowered people and vibrant, healthy communities. About Coast Capital At Coast Capital, we're not dreaming about a better future, we're building one. We're a member-owned financial cooperative with a more than 80-year legacy of unlocking financial opportunities that positively impact people and communities. We believe that every Canadian deserves a financial partner who actually cares how things turn out. Driven by our social purpose, we look at everything we do through the lens of how we can help our nearly 600,000 members, our employees, and communities. We're proud to be a Certified B Corporation™ and part of a global movement building a more inclusive, equitable and regenerative economic system. We're deeply committed to making our financial cooperative a great place to work as demonstrated by some of our accolades. Coast Capital is a platinum member of Canada's Best Managed Companies and one of Canada's Most Admired Corporate Cultures. About Sunshine Coast Credit Union For more than 80 years, Sunshine Coast Credit Union has enriched lives and community where our members live and work. With approximately $1.2 billion in assets under administration, we are a cooperative financial institution delivering personalized financial wellness to close to 17,000 members through three branches, a digital platform and full-service member service centre. Purpose-driven, investing in one another to build a healthy community is how we began, a legacy that continues today.
Indian Express
03-07-2025
- Business
- Indian Express
Indian-American investor books island near Singapore for crypto-led ‘college town'
Indian-American tech entrepreneur Balaji Srinivasan has booked a private island near Singapore to start his 90-day programme called 'Network School'. This experimental project will explore topics like cryptocurrency, longevity science, and new ways of running societies. Srinivasan describes the school as a 'technocapitalist college town'. Announcing the plan in a personal post, Srinivasan invited people to apply. However, he made it clear that the school is not for those who still believe in the traditional systems of government and institutions. 'The more respect you have for legacy institutions, and the more respect they have for you, the less suitable you'll be as an applicant,' Srinivasan wrote. The programme will begin in late September and is part of Srinivasan's bigger dream to build 'network states' — digital communities that eventually take shape in the real world and aim to be officially recognised by existing countries. Srinivasan defines a network state as an online community that grows into a physical place and seeks recognition from existing governments. He explained this idea in his 2022 book, which became popular in Silicon Valley, especially among supporters of crypto and libertarian ideals. He has received praise from well-known figures like Vitalik Buterin (co-founder of Ethereum) and Marc Andreessen (venture capitalist). Srinivasan previously worked as a General Partner at Andreessen Horowitz (a16z) and served as Chief Technology Officer (CTO) at Coinbase, a major crypto exchange. He is also on the board of Coin Center, a group that supports crypto privacy and policy reforms. The three-month programme will include talks on digital nomadism (working remotely while traveling), crypto-based governance, and anti-aging research. Meals will be specially designed by Bryan Johnson, a tech entrepreneur known for spending millions trying to reverse aging. Srinivasan says the school is for people who believe that: This is not the first time someone has tried to create a real-world version of a digital community. Last year, Vitalik Buterin launched a temporary network state called Zuzalu in Montenegro. It was attended by tech leaders, artists like Grimes, and thinkers such as Patri Friedman, who supports creating new societies at sea. Zuzalu included lectures, cold plunges, and biohacking activities. Another project, Prospera in Honduras, supported by Peter Thiel's funding, created a special economic zone with low taxes and crypto-friendly laws. Srinivasan is currently accepting applications for the school. (With inputs from TechCrunch)
Yahoo
05-06-2025
- Business
- Yahoo
Prospera Financial Services Named Finalist in 2025 WealthManagement.com Awards Program
Dallas-Based Boutique Wealth Management Firm Honored for Planning Your Way Program in Practice Management Category DALLAS, June 5, 2025 /PRNewswire/ -- Prospera Financial Services, Inc. ("Prospera"), a wealth management firm supporting a nationwide network of independent financial advisors, today announced it has been selected as a 2025 Industry Awards finalist in the Practice Management division for broker-dealers with fewer than 1,000 advisors. In its 11th year, the "Wealthies" is the first awards program of its kind to honor outstanding achievements by companies, organizations and individuals that support financial advisor success. Prospera's Planning Your Way program was named as a finalist in the Practice Management category. Planning Your Way, offers four flexible service models with different levels of support from paraplanners. Advisors can access a slate of services, including a simple data-gathering discovery session led by a paraplanner, plan creation, presentations or a comprehensive relationship between the advisors and paraplanner in support of the end client. Additionally, Planning Your Way offers free financial planning software consultation for advisors considering a change in their planning software. "Planning Your Way is a direct response to what our advisors told us they needed - more flexibility, more support and less friction in delivering high-quality planning," said Tarah Williams, President & COO at Prospera. "We're proud to be recognized for a solution that truly helps advisors focus on what matters most: their clients." The Industry Awards recognize firms that demonstrate outstanding achievement in support of financial advisor success. Finalists had to define their initiative goals, results and how this elevated their advisor's experience. Winners will be announced at a Sept. 4 gala in New York. Prospera is a seven-time Wealthies winner and was most recently honored in 2023 in the Service and Digital Marketing Campaign of the Year categories. About Prospera Financial ServicesFounded in 1982, Prospera Financial Services, Member FINRA, SIPC and a registered investment advisory, offers the flexibility and resources only found at some of the nation's largest broker-dealers. Headquartered in Dallas, Prospera was named Broker-Dealer of the Year by Investment Advisor Magazine in 2009, 2010, 2012, 2014, 2015, 2018 and 2019. Prospera is a 7-time winner and 12-time finalist for Industry Awards as well as a ThinkAdvisor Luminaries award winner in its inaugural year. The firm supports independent financial advisors nationwide. For more information about Prospera, visit About an Informa business, provides everything wealth professionals need to know to stay knowledgeable about the industry, build stronger relationships, improve their practice, and grow their business – all from one site. Learn more about the WealthManagement Industry Awards at Media ContactsDonald Cutler or Lorene YueHaven Tower Group LLC424 317 4864 or 424 317 4854dcutler@ or lyue@ View original content to download multimedia: SOURCE Prospera Financial Services Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hindustan Times
25-05-2025
- Business
- Hindustan Times
Reimagining DBT for education
Every year, as school terms begin across India, millions of mothers quietly become financiers of their children's futures. An alert from the bank confirms that the government has deposited a subsidy into their account—meant for books, uniforms, and tuition. In that moment, a welfare policy meets a parent's promise. The implementation of India's Direct Benefit Transfer (DBT) model in school education has taken a unique approach to welfare by shifting trust and choice to families - an act rooted in ensuring dignity. Yet this move towards efficiency and inclusion leaves a critical question unanswered: how do we ensure that this money meant for education is actually spent as intended? The scale of education-linked DBT programmes in India is significant. Several states allocated large amounts to such schemes including Uttar Pradesh ( ₹1,000 crore in 2024-25) and Gujarat ( ₹313 crore in 2025) among others. These programmes mirror international examples—Mexico's Prospera, Brazil's Bolsa Família, and Bangladesh's Female Secondary School Assistance Programme—where direct cash transfers have supported educational outcomes through both conditional and unconditional models. While these programmes seem powerful, their success relies not just on disbursal but also appropriate usage of funds and this is where the gap lies. In 1985, former Prime Minister Rajiv Gandhi had said that of every rupee spent by the government, only 15 paise reached the beneficiary. Now, DBT is streamlining subsidy delivery and improving transparency in the disbursal of funds in India saving ₹3.48 lakh crore up till March 2023. However, tracking and monitoring final spending still remains a blind spot. This is especially important when the total expenditure under such schemes across sectors now crosses crores annually ( ₹7.05 lakh crore in FY 24-25). Without expenditure visibility, we lose the opportunity to generate data-driven insights about the impact of government subsidies. This is especially true where support intended for school supplies or tuition may be redirected towards other pressing household needs. So, we are left asking: How do we translate financial transfers into educational outcomes? India has already begun solving similar challenges in other segments through tech-enabled systems. The e-RUPI digital voucher system, introduced by the National Payments Corporation of India (NPCI), offers such a blueprint. This is a pre-paid, purpose-specific digital instrument that does not require a bank account for the transfer of benefits and can only be redeemed for approved goods or services from designated service providers. A successful pilot in the fertiliser sector saw farmers receiving e-RUPI vouchers ( ₹100,000 for government schemes and ₹10,000 for private entities). This has facilitated real-time tracking of voucher redemption and reduced misuse by restricting the subsidy to its intended purpose. With a successful pilot in this sector, the question is: why can't we apply the same principle to educational subsidies? Now imagine mothers receiving vouchers as QR codes or SMS messages that could be redeemed for school supplies, tuition, transportation, nutrition supplements, or even health check-ups. A free hand to address the needs of their children will enable them to retain control and choice but within a framework that ensures the subsidy fulfills its purpose. This offers three major advantages: · Expenditure tracking: Governments can analyse how funds are used, enabling better planning. · Leakage prevention: Vouchers cannot be diverted for unrelated purchases. · Behavioural nudges: Tying funds to specific usage nudges families to invest in their child's education. While the concept of purpose-restricted DBT is promising, any shift in welfare architecture must be implemented with political and social sensitivity. Any abrupt overhaul of existing schemes risks triggering resistance or unintended fallout while a phased approach may offer a politically viable transition. For instance: ● Year 1: Introduce purpose-linked vouchers for 10–20% of the total DBT amount. ● Year 2: Expand this proportion to 30–40%, based on feedback from beneficiaries and system stability. ● Year 3 onward: Aim for a target composition of 80% vouchers and 20% cash, ensuring most of the support goes directly into education-related spending This phased approach accounts for the time mothers, vendors, and administrators may need to adjust while giving policymakers space to refine systems based on empirical evidence. India is uniquely placed to implement this reform. The administrations have already built core digital infrastructure—such as UPI, DigiLocker, and the JAM trinity (Jan Dhan accounts, Aadhaar, and mobile numbers)—that can be leveraged to roll out the e-vouchers at scale. With collaboration between National Payments Corporation of India (NPCI), state governments, and education departments, state-specific voucher ecosystems can be created without starting from scratch. Most importantly, e-RUPI (used to disburse fertilizer subsidies) does not require smartphones or internet access. It can work on basic phones using SMS, making it inclusive for rural and low-income households. However, a common concern with any technology-driven model is access. To address this, governments can earmark the first tranche of DBT funds to help eligible households acquire a basic mobile phone through direct provisioning or installment-based payments. This could ensure that no child is left behind due to lack of access to the very device that enables the benefit. A redesigned DBT framework that retains trust and empowerment while adding a layer of expenditure fidelity is both necessary and achievable as seen in the pilot programmes. For every ₹100 spent on DBT, we must ask: did this contribute to a child's book, bus pass, nutrition, tutoring, or health care? If we can't answer that question, we fail to connect public spending to public good. The era of DBT has rightfully shifted the conversation from welfare delivery to ensuring lives of dignity. The next leap must be from transfer to transformation. Because when that alert pings on a mother's phone, it should do more than confirm a deposit. It should signal a system that trusts her, supports her, and helps empower her child. This article is authored by Praveen Prakash, former principal secretary, School Education, Government of Andhra Pradesh.
Yahoo
21-05-2025
- Business
- Yahoo
Prospera Energy Announces Financing & Operations Update and Q1 2025 Financials
CALGARY, Alberta, May 21, 2025 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) ('Prospera', 'PEI' or the 'Corporation') Financing UpdateProspera Energy is pleased to announce it has secured commitments for $3 million, with a substantial portion coming from company insiders through the recently announced convertible debenture and existing financing instruments. The funding is specifically earmarked for the recently initiated capital program and will be released in multiple tranches. This financing reflects strong internal alignment and confidence in Prospera's strategic business plan. The capital injection accelerates the Corporation's operational plans and positions it for continued production growth momentum throughout the summer. The recently announced convertible debenture offering remains open, presenting a timely opportunity for investors to participate alongside insiders as Prospera advances its execution strategy. Operational Update Service rig activity has begun at Cuthbert, with capital allocated to five well workovers (including a high impact horizontal well remediation from the 2023 drilling program), multiple water injector cleanouts and continued infrastructure upgrades. At Luseland, a five-well reactivation program is planned with equipment ordered and preparations started to build five single well batteries ('SWB'). The polymer flood pilot site has been finalized following reservoir analysis, injection capability & compatibility assessments, and source water confirmation. Lab and core analysis is now in progress with leading polymer partners as Prospera advances toward execution. Prospera has completed its Q1 2025 reserves update, which reflect a $5 million increase in PDP reserves, now totaling $33 million —strengthening net asset value and capital-raising capacity. Live Webinar to Accompany Q1 2025 Financial ResultsStakeholders are encouraged to join Prospera Energy for a live investor webinar on May 22nd, 2025, at 10:00 AM MST, where management will review Q1 2025 financial results, key operational milestones, and the Company's strategic direction: Click here to register. Q1 2025 Financials In the first quarter of 2025, Prospera deployed $2.3 million of reactivation focused capital towards twenty-seven wells within its core, 100% owned Hearts Hill and Luseland properties. This program resulted in an additional production capability of 249 boe/d at an average capital efficiency of $9,317/boe. The full benefit of the Q1 capital program is expected to be realized in Q2 with all of the wells being online. Additionally, Prospera successfully advanced several strategic initiatives during the quarter, including: 1) Secured Additional Term Debt FundingObtained $3.3 million in additional advances pursuant to the term debt financing agreement executed in July 2024. This strategic funding enhances liquidity and supports the Corporation's ongoing development and optimization programs. 2) Acquisition of White Tundra PetroleumOn March 6, 2025, the Corporation entered into an agreement to acquire 100% of the issued and outstanding common shares of White Tundra Petroleum ('WTP'), whose assets are located near Loyalist and Hanna, related party transaction—due to the Corporation's Executive Chairman also serving as WTP's CEO and a shareholder—includes consideration of 18,000,000 Prospera common shares, contingent upon WTP achieving 85 boe/d for three consecutive days, and the assumption of $645,000 in debt. An additional 7,312,500 performance-based shares may be issued if production reaches 128 boe/d for seven consecutive days within six months of closing. The transaction, subject to TSXV approval, is expected to close on June 1, 2025. 3) Convertible Debt SettlementOn March 6, 2025, the Corporation reached a settlement agreement with the holders of $1,500,000 in convertible debt maturing on March 26, 2025. The agreement includes: Refinancing the principal into a 12-month, $1,500,000 promissory note bearing 12% interest, with $250,000 monthly repayments beginning six months post-issuance. Interest will be paid as a balloon payment at the end of the term. $200,000 of the total $559,375 accrued interest payable on the convertible debentures will be settled through the issuance of a 12-month convertible note bearing 12% interest, convertible into common shares of the Corporation at $0.05 per share. The Corporation retains the right to settle the convertible note in cash by providing thirty days notice, during which time the holder retains the right to convert. the remaining $359,375 of accrued interest payable will be settled through the issuance of 8,984,371 common shares of the Corporation at a deemed price of $0.04 per share, subject to TSXV acceptance. 4) Corporate Workforce OptimizationProspera completed a workforce optimization initiative that streamlined corporate decision-making and improved operational efficiency. This resulted in reductions in staffing, office, software, parking, and other G&A-related costs. Operational highlights for Q1 2025 are as follows: PEI realized average net sales of 660 boe/d in Q1 2025, an increase of 3% from Q1 2024 net sales of 640 boe/d; an increase of 6% from Q4 2024 net sales of 625 boe/d . Sales revenue was $4,598,472 ($77.33/boe) in Q1 2025 compared to $3,932,190 ($67.44/boe) in Q1 2024, representing a 17% increase. Operating costs per boe increased 54% in Q1 2025 at $59.46 per boe compared $38.69 per boe in Q1 2024. Costs were higher due to multiple unplanned electricity outages, one-time infrastructure and road upgrades, bringing field equipment to baseline operating conditions followed by enhanced maintenance programs, health and safety upgrades, and additional costs associated with extreme cold weather experienced during the quarter. PEI earned an operating netback of $627,266 ($10.55/boe) in Q1 2025 compared to $1,608,373 ($27.56/boe) in Q1 2024; $153,901 ($2.68/boe) in Q4 2024. About ProsperaProspera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company's core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF. Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera's working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting. It is important to note that BOEs (barrels of oil equivalent) may be misleading, particularly if used in isolation. The BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. For Further Information: Shawn Mehler, PR Email: investors@ Chris Ludtke, CFOEmail: cludtke@ Shubham Garg, Chairman of the BoardEmail: sgarg@ FORWARD-LOOKING STATEMENTSThis news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as 'will,' 'may,' 'should,' 'anticipate,' 'expects' and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law. Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
