Latest news with #VAC
Crypto Insight
3 days ago
- Business
- Crypto Insight
Binance ties to Kenyan crypto board raise monopoly concerns: Report
Some crypto startups have raised concerns about Kenya's proposed Virtual Asset Service Providers (VASP) Bill, warning that it could grant disproportionate influence to a Binance-linked lobby group and jeopardize fair competition in the country's digital asset sector. According to disclosures seen by The Kenyan Wall Street, a private think tank called the Virtual Asset Chamber of Commerce (VAC) will be included on the regulatory board established under the draft law. Some crypto stakeholders in Kenya claim that VAC has run Binance-sponsored regulatory talks, lacks independence and acts as a proxy for the exchange. 'All regulation convos by VAC that happened recently have been sponsored by Binance. Then VAC, a private consulting entity, with a non-compete with Binance 'magically' gets a regulatory seat? How is this fair? How is this constitutional?' one stakeholder told The Kenyan Wall Street. Binance reportedly pays VAC The report claimed that Binance pays the VAC $6,000 per country each month for policy advocacy, citing a confidential agreement. This raises fears that the lobby group could skew Kenya's crypto rules to benefit Binance and sideline local players. Critics also reportedly noted similarities with the VAC's reported attempts to insert itself into Rwanda's regulatory process. 'If an entity of poor international reputation or one with clear conflict of interest becomes our crypto regulator, Kenya shall never leave FATF [Financial Action Task Force] and EU greylists,' warned another stakeholder. In a comment to The Kenyan Wall Street, VAC's director Basil Ogolla defended VAC's role, pointing out its two-year campaign of consultations with the International Monetary Fund (IMF), Central Bank of Kenya (CBK), and Parliament. 'The National Assembly's decision to include VAC as a nominator in the regulatory board reflects the trust and confidence built through this track record of meaningful engagement,' Ogolla reportedly said. Notably, the new regulatory body in Kenya will also include representatives from the National Treasury, the Central Bank of Kenya (CBK), and the Capital Markets Authority (CMA), along with a lawyer and an accountant. Cointelegraph reached out to Binance for comment but had not received a response by publication. Binance deepens ties with governments globally In May, Binance signed a memorandum of understanding (MOU) with Kyrgyzstan's National Agency for Investments to introduce crypto payment infrastructure and blockchain education in the country. In an interview on April 17, CEO Richard Teng revealed that Binance is actively advising several governments on building strategic Bitcoin reserves and crafting crypto policies. 'We have actually received quite a number of approaches by a few governments and sovereign wealth funds on the establishment of their own crypto reserves,' Teng said. Earlier, on April 7, former CEO Changpeng Zhao was named an adviser to Pakistan's newly launched Crypto Council, which will oversee the country's blockchain and digital asset initiatives. Source:
Cision Canada
19-06-2025
- General
- Cision Canada
Public Service Announcement - Veterans Affairs Canada Staff available to provide in-person services in Whitehorse Français
WHITEHORSE, YT, June 19, 2025 /CNW/ - Veterans Affairs Canada (VAC) employees will be coming to Whitehorse, YT, and will be available from June 23 to 24, 2025. If you are a Veteran or RCMP member, a family member or a Canadian Ranger and would like to meet with VAC staff to learn about programs and services available to you, please call 1-866-522-2122, to make an appointment. SOURCE Veterans Affairs Canada - Ottawa
CBC
18-06-2025
- Business
- CBC
Veterans board grants or improves benefits in 9 of 10 cases reviewed
Current and past members of the board that oversees reviews and appeals of veterans benefits in Canada say a recent doubling in the rate of favourable decisions may be the result of managerial interference and a lax application of standards. Nearly nine in 10 decisions by the Veterans Review and Appeal Board (VRAB) in the last year have awarded or increased benefits for a condition linked to military service, following a trend seen over the last decade. Benefits can be worth more than $450,000 in some cases. The quasi-judicial body operates at arm's-length of Veterans Affairs Canada (VAC) and reviews its decisions. Laurie Blakeman, a VRAB member who retired in February, said managerial tactics that sometimes alluded to the minister's office left her and some colleagues feeling less independent. "Was there pressure to do something different based on what the minister had supposedly said? Yes, of course. That's exactly what was going on," Blakeman said. Other sources who spoke with Radio-Canada pointed to a heavy and increasing workload for board members, templates that make it easier to write approvals than denials, and comments both direct and indirect from leadership as factors that encourage favourable decisions. Another former board member said the nearly 90 per cent approval rate raises questions about stewardship of taxpayer funds. "There's only two conclusions that you can make: The first one is that VAC is making a tremendous amount of mistakes in its decision-making, or that the board is granting a disproportionate number of favourable decisions," said the former board member who CBC is not identifying due to their concerns about future employment. "I would call into question whether those decisions are correct, and if we're awarding benefits when no benefits should be paid," they said. A current member of the board told Radio-Canada VRAB's chair and vice-chair have repeated the point that the board exists to render favourable decisions for veterans. "Managers presented the burden of proof as an obstacle between veterans and their benefits when … it's a way of ensuring fairness," said the board member, who's concerned some appellants have been awarded "extras" as a result of going to the board. CBC is not naming the current board member due to their fear of reprisal. 'Give or give more' In February 2018, Veterans Affairs Canada changed its guidelines so recipients of partial entitlements would receive the next-highest level of compensation below a full award. Following their appointment in July 2018, chair Christopher McNeil and vice-chair Jacques Bouchard told members they wanted the board to use that guideline in board decisions. Blakeman and other former board members also said they recall McNeil and Bouchard referring to conversations with the minister. The new guideline gave board members no leeway to assess lesser connections between military service and claimed injuries, limiting the discretion of members, Blakeman said. "It was basically give or give more," she said. "There was pressure to grant and very little explanation about why you wouldn't grant." It was around that time that the rate of favourable decisions begin to increase. A spokesperson for VAC said the guideline change was meant to speed up decision-making and reduce the number of appeals seeking more compensation. However, the policy has been cited in applications to the VRAB and to justify larger payouts. Several favourable decisions published on the Canadian Legal Information Institute website note: "It is not necessary to engage in an esoteric legal discussion on whether such a change constitutes an error or law or if it constitutes new evidence." Valerie Moore, who retired from the board a year ago, disagreed with using the new VAC policy to justify reopening cases, and wrote dissents to that effect. Moore said other board members also argued that the "new policy is not evidence," and therefore not grounds for appeal. Blakeman said she's concerned that those decisions may be on shaky legal ground, given there was no regulatory change from the minister's office, nor any legislative change. "There was nothing legal that underpinned those changes. Nothing," Blakeman said. 'Surrender of independence' Former board member Terry Prowse filed a complaint with the Public Sector Integrity Commissioner in September 2019, alleging McNeil and Bouchard "undermine the independence and impartiality of Members of the Board on an ongoing basis." Prowse, a 35-year veteran of the Canadian Armed Forces, said in October 2018 that McNeil and Bouchard presented arguments in favour of using the Veterans Affairs guideline in board decisions. "Both stated, and have on several occasions since, that they met the Minister and/or Deputy Minister and this was the approach he preferred we take," the complaint said. According to Prowse, board members who didn't support that position wouldn't sit on the same panel. "The surrender of independence and judgment that I have seen is unacceptable," Prowse wrote. The public sector integrity commissioner declined to investigate, saying "the actions complained of would not amount to wrongdoing within the meaning of the Act," and that the chair was acting "within his broad powers" under the law. Prowse declined Radio-Canada's request for an interview. Beyond 'benefit of the doubt' Moore, a lawyer by training, was also concerned that during her five years on the board she saw several applications where medical opinions didn't meet the standard of the Federal Court. Medical opinions are supposed to be provided by qualified professionals, name the condition and link it to particular activities of military service, Moore said. Section 39 of the Veterans Review and Appeal Board Act guides members to draw the most favourable conclusions for the applicant from the evidence and circumstances in cases of uncertainty, often referred to as the "benefit of the doubt" clause. "Even applying [the] benefit of the doubt and every reasonable inference, if the evidence fell short from my perspective, then I felt duty-bound that I could not agree to grant the benefit because I was there to do a proper job," Moore said. "Medical conditions are proven to be connected to service by medical evidence, not by speculation, somebody's surmise or hunch." Veterans Affairs Canada provides free legal representation from the Bureau of Pensions Advocates to help with applications and gathering medical evidence. In a November 2023 decision, a veteran with Type 2 diabetes argued the condition was caused by post-traumatic stress disorder (PTSD). Moore dissented, explaining that linking the two "was not based on medical evidence and was purely speculative." VAC's assessment, the decision and her dissent all accept that PTSD could permanently aggravate the condition "to a minimal degree." VAC had granted the lowest level of partial entitlement. The board's decision in favour cited the new Veterans Affairs policy and increased the entitlement. "When you get a lot of cases where that's happening … that's where you know you're kind of swimming against the tide," Moore said. Tom Jarmyn, McNeil's predecessor as chair of VRAB, said the new partial entitlement guidelines shouldn't be used to reopen cases, nor should they be entered as evidence. "There's no reference in the statute to the adjudicative environment. The obligation is to apply the statute to the facts and the decision," Jarmyn said. Jarmyn said he never received direction from the minister, and if he had that would have been "wrong." Jarmyn himself receives a benefit for an injury related to his 18 years of military service, and said he understands the importance of flexibility in the face of long waits to see specialists, for example. "The benefit of the doubt clause … isn't an invitation to ignore the law," he said. However, he added the increase in favourable decisions by the board does raise questions. "I'm not aware of anything that has changed which would justify that statistical occurrence." Board defends decisions In a statement on behalf of the board and its leadership, the VRAB said "significant changes in VAC policy that benefit Veterans" are addressed under the board's authority to reconsider cases, "and the resulting decisions speak for themselves." The board said its favourability rate includes roughly one-third of cases where an "already-entitled condition" was eligible for an increased assessment. "These decisions are based on medical evidence presented to the Board," it said. The VRAB said it has a robust quality assurance program to ensure decisions are consistent with its legislated mandate, prior decisions and Federal Court jurisprudence. "The Board speaks through its decisions and does not comment on individual cases." The minister at the time of the guideline change, Seamus O'Regan, did not respond to Radio-Canada's requests. The office of current Veterans Affairs Minister Jill McKnight declined a request for an interview, deferring to the department's written response. Veterans Affairs Canada noted VRAB operates separately from the department, and said it respects the board's decisions "as they are binding and for the betterment of veterans' wellbeing." The statement also noted VAC "may also [choose] to adjust benefit criteria or policies that are referenced in VRAB decisions to improve guidance for decision-makers for future claims." The Royal Canadian Legion described the increase in favourable decisions as "good news for our Veterans. They deserve to receive what they are entitled to receive." "In my experience, I have not seen cases of partial entitlement being applied without acceptable evidence," said Carolyn Hughes, the Legion's director of veterans services, in a statement. Hughes said it's important to reopen files so there aren't two classes of veterans based on when they applied, and that the system must "based on sufficient evidence, err on the side of the veteran" to ensure timely benefits and treatment.
Yahoo
12-06-2025
- Business
- Yahoo
VAC Q1 Earnings Call: Management Focuses on Modernization and Cost Efficiency Amid Flat Sales
Vacation ownership company Marriott Vacations (NYSE:VAC) fell short of the market's revenue expectations in Q1 CY2025, with sales flat year on year at $1.2 billion. Its non-GAAP profit of $1.66 per share was 15.8% above analysts' consensus estimates. Is now the time to buy VAC? Find out in our full research report (it's free). Revenue: $1.2 billion vs analyst estimates of $1.21 billion (flat year on year, 0.9% miss) Adjusted EPS: $1.66 vs analyst estimates of $1.43 (15.8% beat) Adjusted EBITDA: $192 million vs analyst estimates of $174.9 million (16% margin, 9.8% beat) Management raised its full-year Adjusted EPS guidance to $6.75 at the midpoint, a 1.5% increase EBITDA guidance for the full year is $765 million at the midpoint, above analyst estimates of $742.7 million Operating Margin: 10.8%, in line with the same quarter last year Guests: 1.54 million, down 28,000 year on year Market Capitalization: $2.34 billion Marriott Vacations' first quarter results were shaped by a focus on cost management and ongoing modernization initiatives, as discussed by CEO John Geller. The company saw a rise in first-time buyer sales, which Geller attributed to targeted promotional strategies and leveraging data analytics to improve tour quality. However, owner arrivals and corresponding tours declined, with Geller noting, 'owners had fewer plus points coming into the year, resulting in fewer owner tours.' While tour flow and package sales remained healthy, management was cautious about ongoing macroeconomic volatility, emphasizing the use of operational levers to support margins. Adjusted EBITDA growth was driven by higher development profit and strict control over corporate expenses, while rental profit declined due to higher costs. CFO Jason Marino highlighted improved delinquency rates and a deliberate adjustment in inventory mix to help lower product costs, underscoring efforts to maintain profitability despite revenue pressures. Looking forward, Marriott Vacations' updated guidance is underpinned by anticipated benefits from its modernization program and cost-saving measures. Management expects further growth in first-time buyer sales and improvements in owner arrivals as the year progresses, supported by new digital initiatives and expanded package offerings. Geller stated, 'We are making good progress on our comprehensive digital strategy, focusing on increasing product utilization and expanding e-commerce options.' The company plans to accelerate the rollout of AI-driven tools and direct booking capabilities, while cost reductions from IT updates and inventory optimization are expected to contribute to margin stability. Marino added that the company will continue to prioritize organic growth and overhead reduction, anticipating incremental savings from automation and procurement initiatives. However, management acknowledged that maintaining tour growth and improving VPG (volume per guest) will be key to achieving the higher end of their full-year targets. Management pointed to first-time buyer growth and ongoing cost controls as the main drivers of first quarter performance, while emphasizing digital initiatives and inventory optimization to address revenue challenges and support future profitability. First-time buyer momentum: The company achieved a 6% increase in first-time buyer sales, which management views as critical for long-term system health, even though these sales generally yield lower volume per guest (VPG) compared to existing owners. Tour flow and owner arrivals: Although overall tour flow grew modestly, owner arrivals and related tours fell due to a decline in owners' available plus points, reducing opportunities for owner-driven sales. Management expects improvement in owner arrivals later in the year. Digital strategy and automation: Marriott Vacations advanced its digital transformation, expanding AI-powered phone agents in resort operations and increasing online bookings for points reservations. Nearly 70% of points reservations are now made online, reflecting a substantial shift toward digital engagement. Inventory mix optimization: The company adjusted its inventory mix by repurchasing lower-cost inventory and reallocating sales among different brands and products, a move designed to reduce product costs and improve development margins. Management described this as 'modulating' inventory to capitalize on available cost advantages. Recurring revenue streams: Approximately 40% of adjusted EBITDA contribution comes from high-margin, recurring revenue sources such as annual maintenance fees and financing income, helping stabilize profitability even in periods of flat or declining contract sales. Looking ahead, management sees modernization efforts, digital initiatives, and product cost controls as primary levers for sustaining growth and protecting margins. Modernization and cost efficiencies: The ongoing modernization program is expected to deliver $75 million to $100 million in annual run-rate cost savings over the next two years, with savings primarily from IT upgrades, automation, and organizational streamlining. Management believes these actions will support margin stability even if revenue growth is modest. Tour growth and VPG improvement: Management expects future performance to hinge on the ability to increase qualified tour flow, especially from first-time buyers, and to raise VPG through targeted promotions and enhanced value propositions. As Geller noted, improving the mix and quality of tours will be crucial to reaching higher-end sales targets. Inventory and asset optimization: The company plans to pursue further product cost reductions through ongoing inventory mix adjustments and noncore asset sales, including properties acquired in previous acquisitions. These actions are intended to support free cash flow and provide capital flexibility for future investments. In the coming quarters, the StockStory team will track (1) the effectiveness of digital and AI-driven initiatives in improving tour flow and guest engagement, (2) the pace of cost savings and margin stabilization from modernization efforts, and (3) progress on inventory and asset optimization, including noncore asset sales. Execution on these fronts will be critical to supporting the company's updated earnings guidance and long-term growth strategy. Marriott Vacations currently trades at a forward P/E ratio of 10×. In the wake of earnings, is it a buy or sell? The answer lies in our full research report (it's free). Donald Trump's victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs. While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today. Sign in to access your portfolio
Yahoo
29-05-2025
- General
- Yahoo
Disabled Poplar Grove veteran seeks help after losing his only means of transportation
POPLAR GROVE, Ill. (WTVO) — Walter Fuchs lost his wheelchair-accessible van in a crash last week and now looks to the public for help raising money for a new one. The Vietnam veteran said he and his wife are both disabled from the waist down. He's worked as an escort driver almost every day for the past three years, up until May 23rd. Fuchs explained the van was destroyed in a 3-car-crash. 'My daughter picked it up from the repair shop,' Fuchs explained. 'She got less than five minutes away, and a driver going the opposite direction, rear-ended another car… and hit my van and totaled it.' Fuchs said he feels hopeless after losing his means of transportation and providing for himself. 'I don't know what it's like to not work, and I'm afraid I will lose everything I own because I can't work,' Fuchs said. Elizabeth Carville, the Superintendent of the Veterans Assistance Commission (VAC) of Boone County, wants to extend a helping hand after hearing about the tragic story. 'We get several rides that are requested for veterans that might need transportation to an appointment or compensation exam, and we're able to provide that at no cost for the veterans,' Carville said. 'They're entitled to those benefits. They just have to have the right person to help guide them through it.' Fuchs said he found a suitable van with a price tag of over $30,000, including transfer fees, located in Minnesota. Fuchs is now turning to the public for assistance in raising money for a new van. 'I'm out of my livelihood and everything,' Fuchs said. 'This is the only way we have to get to doctors to get to the store. I'm beside myself. I'm pretty much computer illiterate. Any help anybody can give me, I would really appreciate.' Anyone interested in donating to veterans in Boone County can reach the VAC at (815) 544-6464 or visit its . Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
