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Which US Gambling Stocks Look Good for 2022?

The gradual opening of key markets – including the United States and Canada – to legalized sports betting has been eagerly anticipated not just by those who want a more convenient and safe way to place wagers, but also by companies offering online betting services and their backers. 

Both institutional and retail investors are keeping a close eye on the stocks of those publicly traded companies most heavily involved in such emerging markets. Four of the biggest organisations with interests in the US market are Draftkings Inc., Caesars Entertainment Inc., Flutter Entertainment PLC (which owns the FanDuel brand) and MGM Resorts. Are any of them a good pick for growth in 2022?

DraftKings (NASDAQ: DKNG) was launched back in 2012 as a daily fantasy sports platform. Over the last 10 years it has enjoyed impressive growth in this sector, securing major funding and investment deals with the likes of Major League Baseball, Fox Sports (now The Walt Disney Company) and the Kraft Group. 

Given the demographic of its user base, it perhaps came as no surprise that DraftKings was quick off the mark in launching a sportsbook product (the first company to do so) following the 2018 US Supreme Court decision that overturned the Professional and Amateur Sports Protection Act (PASPA), paving the way for individual states to regulate and legalize sports betting. 

Since first dipping its toes in the water in New Jersey in 2018, DraftKings has been granted mobile operating licenses in an additional six states and has launched retail sports betting in several locations nationwide.

DraftKings stock has endured something of a difficult last 12 months. More than 70% of its value has been wiped since it peaked at $75.38 back in March 2021, with several major institutional investors taking short positions partly in response to concerns over the company’s allegedly unsustainable marketing spending. 

However, the outlook for 2022 looks more promising, with 2021 Q3 results revealing a 31% increase in monthly unique players and a 60% increase in year-on-year revenue. A recent poll of analysts put the stock’s 12-month median price target at $58 – more than one and a half times greater than the current price. 

Caesars Entertainment (NASDAQ: CZR), formerly Eldorado Resorts, has a storied history in the US gambling space, having opened its first casino in Reno, Nevada back in 1973. Caesars is one of a slew of major brands determined not to be left behind in the predicted gold rush unleashed by the legalization of sports betting nationwide. 

It has made some big moves in this market during the last 12 months, most notably its acquisition of historic sports betting brand William Hill for $3.7 billion in April 2021. It has since offloaded William Hill’s European businesses to 888 Holdings which indicates that the US market – where most William Hill assets will be rebranded as Caesars Sports book – is the group’s clear focus. 

Caesars stock nosedived by a whopping 23% in January 2022, however this may be a short-lived symptom of a market that is simply very volatile. As far as the medium to long-term future is concerned, many argue that Caesars Entertainment is well-placed for decent growth across its online sports betting business as well as its strong casino portfolio. 

Dublin-headquartered Flutter Entertainment (LSE: FLTR) is a success story from the other side of the pond. It was created following the 2016 merger of two genuine heavyweights of the UK and Irish sports betting industry, Betfair and Paddy Power.

While not a ‘US’ gambling stock, Flutter is included in this article as in May 2018, shortly after PASPA was overturned, it got well and truly stuck into the US sports betting market via its acquisition of FanDuel. Like its main competitor DraftKings, FanDuel has its origins in daily fantasy sports and has since expanded its offerings to include sports betting. It’s now the official daily sports and sports betting partner of the NHL. 

FanDuel has also looked to diversify its sports betting business to include retail locations. Plans were recently announced, for example, for FanDuel to open a “state-of-the-art sportsbook lounge” at the United Center in Chicago (home of the NBA’s Chicago Bulls and NHL’s Chicago Blackhawks). 

It will be interesting to see how successful FanDuel and others in the US market are in enabling users to link their online and retail play (successful models in the mature UK sports betting market include Ladbrokes’ The Grid, William Hill Plus, and Coral Connect). Such products could be crucial in deciding which gambling stocks perform the best over the medium to long term. Flutter has recently been showered with ‘buy’ ratings and healthy price targets from a range of banks, so it’s certainly one to watch in 2022.

MGM Resorts International (NYSE: MGM) is another of the big-name US companies that is heavily invested in the future of online sports betting across the United States. Formerly Grand Name Co., MGM Grand Inc., and MGM Mirage, the MGM brand is one of the most recognisable in US gambling and the MGM Grand Hotel is a Las Vegas Strip landmark.

BetMGM is MGM Resorts’ play at the US online sports betting market, which it created as part of a joint venture with GVC Holdings (now Entain – the owner of sports betting megabrands including bwin, Coral and Ladbrokes). BetMGM has signed a slew of high profile exclusive betting partnerships with major league sports teams and, at the time of writing, is open for betting in over a dozen states.

As one of the nine mobile sportsbooks to have been granted a license to operate in the key state of New York, BetMGM is hard to overlook in terms of growth potential. MGM Resorts has already bounced back from its slump as a result of the COVID-19 pandemic, and is reportedly looking to expand its property portfolio while continuing to push hard on the online market, so there’s potential for plenty of upside here in 2022. 

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Extensive Trend for Organic Lifestyle is Boosting the Demand for Organic Fertilizers Globally

By Suchita Gupta

With the continuous rise in global population, the demand for food is increasing rapidly. In order to meet the growing demand for crops, the agriculture industry mostly uses synthetic or chemical fertilizers for the rapid production of crop yields. 

However, people of the modern era are becoming conscious about the harmful effects caused by chemical fertilizers to both human beings & environment, which is why, they are shifting their preferences towards an organic lifestyle. Shifting from conventional farming to organic farming is undeniably a challenging task for farmers. This is because soils rarely contain sufficient nutrients for growth of crop yields potentially. Adding richness of nutrients to the soil organically needs higher labor costs, resulting in higher production costs. But, millennials are willing to pay more in order to have organic food products, which is sequentially paving way to the growth of the global organic fertilizers market. 

According to a report published by Allied Market Research, the global organic fertilizers market size is projected to reach $15.9 billion with a considerable CAGR from 2021 to 2030. The Asia-Pacific region is currently holding the highest market share, owing to the fact that the agriculture industry is huge in emerging countries like India & China. 

However, the outbreak of the COVID-19 pandemic led to impact the global organic fertilizers market negatively. Due to the implementation of global lockdown, the manufacturing hubs of organic fertilizers were temporarily closed, especially in the initial period. Even while the manufacturing facilities were back on track, the producers of organic fertilizers faced a lot of challenges such as unavailability of raw materials, lack of labor force, disruptions in the supply chain, and so on. Also, implementation of transport restrictions made it difficult to export organic fertilizers from India and China, thereby hampered the growth of the global organic fertilizers market to some extent. 

Nevertheless, several government investments and subsidies on organic fertilizers are increasing steadily, which in turn, is acting as a driving factor for the growth of the global organic fertilizers market. Also, due to the fact that organic fertilizers help in improving soil fertility, crop health, and productivity, the demand for organic fertilizers is increasing in more than one way. 

Moreover, in the past few decades, American consumers have gained interest in sustainability and organically produced crops. Surge in tourism has augmented the requirement for fresh fruits and vegetables that are grown locally in America. Fertilizers used for organic crop growing are manufactured from natural plant & animal materials, and mined rock materials. Ingredients such as dried blood, crushed shells, ground bone, pulverized fish, manure, guano, wood, and phosphate rock are used to manufacture organic fertilizers. Plant based fertilizers such as alfalfa meal or compost generally break down quicker than other organics.

In addition, organic fertilizers can be in the form of liquids, solids, or powders, each having specific use & benefits. With the usage of organic fertilizers, the ability of soil to hold onto water and nutrients increases significantly. Organic substances used in fertilizers increase the bacterial and fungal activity in the soil. They contain carbon, nitrogen, potassium, and phosphorus that helps microbes make nutrients available for crops in a naturally occurring biological process. Mineral based fertilizers can further help in raising or lowering the pH level when needed for healthy plant growth.

For instance, bat guano is a powdery organic fertilizer that is rich in nitrogen, phosphorus and trace elements.  It is protected by caves from leaching so that the nutrients remain conserved. Similarly, blood meal is a powdery organic fertilizer that is collected from cattle slaughterhouses. It is a great source of nitrogen. It should be used sparingly in order to not burn crop roots. Bone meal is another organic fertilize that is highly rich in calcium and phosphate. It is a by-product from other animal slaughterhouses. It is widely used for strong root systems and flowering. 

Furthermore, rock phosphate is a rock powder that contains calcium, phosphate, and trace elements. Greensand, likewise, is a powdery organic fertilizer that is rich in potassium, iron, and multiple micronutrients. Fish emulsion, on the other hand, is a partially decomposed blend that can be used sparingly in order to avoid roots burn, alike blood meal. Shell meal or shellfish fertilizer is formed from crushed shells & bones of shellfishes and crabs. It has calcium, phosphorus & most importantly, chitin that boost the growth of organism. This way, proper utilization of organic fertilizers can result to a bumper crop of vegetables or flowers.

With this drift on board, the advantages provided by organic fertilizers is giving rise to improved cultivation practices with a full sway. Here, it is worth mentioning that the global organic fertilizers market is expected to assemble huge prospects and exponential growth in the upcoming years. 

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About the Author

Author - Suchita

Suchita Gupta is an explorer, musician and content writer. While pursuing MBA, she found that nothing satisfies her more than writing on miscellaneous domains. She is a writer by day, and a reader by night. Besides, she can be found entertaining her audience on social media platforms. Find her on LinkedIn & Instagram.

The Outlook of the Legal Process Outsourcing Market, According to National Legal Staffing Support LLC

Global Market Insights recently published a new report that estimates the legal process outsourcing (LPO) market valuation will cross $30 billion by 2027. Our experts at National Legal Staffing Support LLC will highlight some key takeaways from this recent report in this guide.

The high demand for specialized legal services to ensure compliance with changing regulations will likely drive the industry’s growth. Keep reading to learn more about the outlook of the LPO market. 

Global Expansion into the LPO Market

Legal services are an expensive, sought-after commodity in developed countries such as the United States and the United Kingdom. However, companies are now considering outsourcing legal services to legal professionals with technical expertise in specific market fields in parts of the world like South Africa, the Philippines, and India. In theory, this allows companies to realize significant monetary benefits by expanding in-house legal teams, thereby reducing expenses. 

The Middle East and Africa are set for significant growth in the LPO market through 2027, with the number of law firms in the region rising and improved English literacy rates in countries like the UAE and Saudi Arabia. Their focus on digitalization technologies will support internet penetration, allowing for expansion in the LPO market.

The legal industry in South Africa is growing at a steady rate, with numerous companies choosing the region to take advantage of outsourcing. The similarities between the regulatory and legislative frameworks in the UK and South Africa make it a popular choice for legal process outsourcing.

However, outsourcing legal work to developing countries is not without its challenges. Law firms in the United States may pay a higher fee to contract with a reputable LPO company based in the U.S. but ultimately receive higher quality work.

Increased Demand for Contract Drafting

One of the key factors driving LPO market growth is the convenience and cost-effectiveness of contract drafting services compared to conventional methods. 

Contract drafting service providers employ a team of qualified professionals who are experienced in drafting commercial agreements and other legal documents. 

These professionals maintain a deep understanding of the contracts and ensure that they meet all legal requirements. In turn, this helps businesses avoid many risks and reduces their overall expenses for legal assistance. 

Moreover, the need for specialized staffing solutions has also seen a significant rise, with businesses looking to optimize their recruitment processes. This is where temp agencies come into play. For instance, many top-notch temp agencies in Chicago have started offering dedicated services to meet the LPO industry’s unique staffing requirements. These agencies not only offer flexible staffing solutions but also boast a pool of legal professionals who can quickly adapt to the varied needs of law firms and corporate legal departments.

“In addition, contract drafting services are more flexible than conventional methods as they help businesses design and deploy new products more rapidly and efficiently” – says Lewis Banks, one of senior managers at LegalDrop.com

Legal Process Outsourcing for Your Firm

As competition in the legal staffing segment heats up, your firm may be focusing on boosting efficiency and streamlining your operations. 

Contract drafting and management services can offer your company a wide array of benefits if maintaining your in-house contracts department becomes costly and time-consuming. Hiring outside agents can help your business stay competitive in an evolving economy.

About National Legal Staffing Support LLC

With more than ten years of hands-on experience in the legal industry and knowledge of the latest market trends, our experts at National Legal Staffing Support LLC are well-equipped to meet the needs of your fast-paced law office. 

Our company can provide quick client contact through experienced paralegals and essential legal services. National Legal Staffing Support focuses on providing responsive support for attorneys and is committed to providing legal process outsourcing that is accurate and compliant with all applicable laws.

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Why Is Branding Important In A Restaurant?

Customers can learn a lot about a restaurant’s character through its logo and other marketing materials. It separates the restaurant from its competitors and establishes a corporate identity. Buying a product or service is more probable if customers can identify with the brand’s personality and core principles.

A strong restaurant brand can be apparent in every part of the business, from the interior design to the marketing materials, which you can easily make through a restaurant logo maker. Creating an online menu for your restaurant can be a great way to start getting orders instantly. There are many tools available to help you do this. With these tools, you can easily create a menu that showcases your restaurant’s offerings and allows customers to place orders directly online. This can be a great way to increase your restaurant’s visibility and attract more customers.

The Representation

An eatery or restaurant’s name and emblem are only part of its brand; it also encompasses the complete dining experience. It all begins with a vision for the business, whether to serve delectable comfort food or provide an authentic ethnic dining experience. 

Brand promises are made public and communicated to customers through marketing and advertising to convey the underlying notion. The visual elements of a brand communicate the brand promise through the logo, colors, typefaces, and picture styles.

The Use of a Brand’s Identity

When it comes to a restaurant’s brand, several elements impact customers’ perceptions. Marketing and delivery of meals are just two of the many ways in which a successful restaurant brand can be seen. Website, menu, online food ordering system, take-out boxes, and business cards all match the brand’s appearance and copy style. If you don’t want to break to bank creating your restaurant website you can use a free restaurant website builder

To further strengthen the brand, use the same visual design for the interior decor and employee uniforms. For example, servers in formal clothes and vivid plating patterns may work at a “fine dining” restaurant.

Making Your Own Logo

Creating a company’s brand typically begins years before the doors ever open. The initial definition and design change over time as new cuisines, trends, and customers enter the market. It is possible to change a restaurant’s brand to emphasize its most popular dishes, such as menu items. 

There are always fresh ways to spread the brand’s spirit throughout an organization, and this process is a continual one.

The Advantage of Having Good Branding

The uniqueness and distinction of the restaurant are attributed to its well-established brand. To entice customers looking for a specific experience, a brand may increase brand recognition and set expectations for the dining experience. Customers will remember and recommend a restaurant based on its brand if the food is good.

What part does your restaurant’s brand play in its success?

Branding is critical since it leaves a lasting impression on customers and lets them know what to anticipate from your business. With this, you can clearly articulate what makes your business unique from the others. If you want to be taken seriously, your company’s brand should correctly reflect its values and mission.

There are a variety of strategies used to build a company’s reputation, such as choosing a branding agency, advertising, customer service, social responsibility, and graphic design. Combining all of these features results in a distinctive and arresting profile.

There would be less confusion and dissonance if you could adequately articulate branding. On the other hand, branding demands a mastery of business, marketing, and even relationship principles to fully appreciate. 

It would be impossible to shed light on the subject of branding with a definition that incorporates everything it means.

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5 Tips to Help You Reduce Your Warehouse Costs

When it comes to operating a warehouse, you may be aware that its expenses can be challenging to manage. The profit and your expenditure vary greatly depending on the season and state of the economy.

That being said, it’s still important to keep an eye out for ways to reduce your costs. The less you spend, the more you can ensure your stability throughout the year.

In this article, a leader in Warehousing Sydney, One Warehousing is going to take a look at five tips to help you reduce your warehouse costs.

Want to learn more? Then keep on reading!

Repair and upgrade equipment

Certainly, one of the best ways to cut warehouse costs is to repair and upgrade your equipment. Just take a look at dock leveler repair as an example. By ensuring that everything is working effectively, you reduce unexpected downtime that can lead to significant losses.

The same goes for all other types of equipment that you use, like pallet jacks, pallet racks, or electric forklifts. By maintaining things correctly, you’ll save money and decrease the risk of workplace accidents.  

Invest in better inventory management software

There are many reasons why utilizing inventory management software is vital when running a warehouse, including optimizing operations, tracking stock levels, and effectively managing resources with the support of efficient pallet wrapping machines. Not only does it improve productivity by making it easier to locate stock, but you can check your inventory in a matter of seconds, thus reducing the risk of human errors.

There are many great types of software out there to choose from, so make sure you assess your options carefully. It can make a big difference in your overall operations.

Opt for used containers over new

Packing and shipment containers can add up to be one of your most significant expenses. While it’s not something you can eliminate completely, there is a way to reduce its cost.

Instead of using brand new, opt for pallets, drums, bins, and baskets that have been previously used. Most of them are in excellent condition, and you won’t need to pay such a high price.

Cut down on utility bills

Cutting down your energy and water usage in your warehouse may seem impossible, but you can do it. With a few simple changes, you can save money and reduce your business’s carbon footprint.

For instance, you might switch to LED lighting, install low-flow faucets and section your warehouse by temperature if you store a variety of different products. There are so many solutions that will keep your wallet happy.

Improve employee retention 

Finally, many companies assume that in order to save money on labor-related costs, they need to automate as many aspects of their warehouse as possible. However, while this can help in some ways, it’s much better to focus on employee retention.

When you put it into perspective, it’s much easier and more affordable to retain experienced and qualified workers than to employ newbies. This is because warehouse training is extensive due to the large amounts of machinery and equipment.

Final words

And that’s it! These were five tips to help reduce your warehouse costs. So, while it may seem overwhelming, there are many things you can do to save money. Just remember to be patient, regularly assess your finances and aim for consistent improvement.

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Smartmatic’s Global Controversies: Follow the Money

By Dr. Dan Steinbock

Philippine authorities allege Smartmatic “is compromised.” In the past, the software contractor has been linked with murky controversies and mysterious fortunes. The debacle casts a dark shadow over the 2022 Philippine election.

According to the Philippine Cybercrime Investigation and Coordination Center (CICC), the system of Smartmatic, the contractor of the Commission on Election (Comelec), “is compromised” and not the server of the poll body. The tentative results of the CICC inquiry were disclosed on Friday in the Joint Congressional Oversights Committee, as reported by The Manila Times.

Since 2004, Smartmatic’s election technology has been used in Africa, Latin America, Europe, Asia, and the United States. These activities have gone hand in hand with vocal controversies, particularly in Venezuela, the US and Philippines.

Smartmatic’s PH debacles – from cyber ploys to Bautista

Some three years ago, Senator Vicente Sotto III called for probe on alleged manipulation of May 2016 poll results in the Philippines. The alleged irregularities surfaced with the contest for Vice President.

Days after the May 2016 elections, Ferdinand “Bongbong” Marcos Jr. alleged that Smartmatic had tampered with the votes which cost him being elected Vice President. Marcos attributed his narrow and controversial defeat to Liberal Party’s Leni Robredo to discrepancies and irregularities in Comelec’s servers and data. Currently, Bongbong and vice-presidential hopeful Sara Duterte dominate Philippine election surveys, with Robredo far behind.

The debacle about Comelec’s data was soon linked with Andres “Andy” Bautista, a constitutional legal expert, who was appointed Comelec’s chairman in 2015 by former President Benigno Aquino III. In 2010-15, Bautista had served as Aquino’s chair of the Presidential Commission on Good Government (PCGG), whose primary mandate had been to recover “ill-gotten wealth” accumulated by Bongbong Marcos’s father, Ferdinand Marcos.

Yet, PCGG itself has been implicated in several corruption scandals. One of these involves its chairman Bautista. The story goes back to 2017, when his estranged wife Patricia Paz Bautista released information on his unexplained wealth.

How to make P1 billion while “fighting corruption”

Following his wife’s disclosures, Bautista announced he would resign as Comelec chairman hoping to get out in time. But the House of Representatives voted to impeach him. Shunning the House and the Senate committee subpoena, Bautista “disappeared.” In early 2018, he surfaced in the US claiming he could not travel, due to ill health.

Documents presented by his wife to the National Bureau of Investigation (NBI) indicated that her husband had a boxful of bank books and documents for undeclared wealth worth P1billion, or $20 million.

In May 2021 the Court of Appeals affirmed the findings of the National Privacy Commission (NPC) that Bautista had violated Philippine data privacy Act in the April 2016 data breach; just a month before election. The breach placed the personal information of millions of Filipino voters at risk.

In 2016, when the Pandora Papers exposed an alleged shadow financial system for the world’s richest, it also featured Bautista and his Baumann Enterprises Ltd, registered in the British Virgin Islands in 2010. The same year when Aquino made him the chair of the PCGG to fight corruption. The offshore company was reincorporated in 2017, when Bautista got in hot water. It was not declared in his official Statement of Liabilities, Assets and Net Worth (SALN).

When Bautista was officially investigating Marcos’s wealth, he was unofficially accumulating his own ill-gotten wealth.

But if the Smartmatic Philippine story is Kafkaesque, its own story is even more so.

Smartmatic’s odd origins

Over two decades ago, three engineers, led by Antonio Mugica, began to develop a new election technology in Venezuela. After the controversial 2000 US election, they saw an opportunity. With funds from private investors, they incorporated in Delaware in 2000. One of the investors was Jorge Massa Dustou, Venezuela’s richest man married with the sister of Gustavo Cisneros, a billionaire and Dustou’s former boss. Reportedly, Cisneros bankrolled the failed 2002 Venezuelan coup d’état attempt against Hugo Chávez.

When Mugica’s company got funds from the Chavez government, the US began to investigate Smartmatic’s links to the Venezuelan government. And so, the software contractor moved quickly its HQ to London in 2012. Two years later, in a murky reorganization, CEO Mugica and British Lord Mark Malloch-Brown launched SGO Corp. Ltd. The holding company’s key asset was Smartmatic.

Malloch Brown’s Philippine ties stem from the mid-1980s when the former Economist journalist became the lead international partner at the Sawyer-Miller Group, Presidential hopeful Corazon Aquino’s PR agency. After a poll controversy, Aquino won, but tightly and Malloch Brown formed a close relationship with the thankful family dynasty. Cooperation was re-ignited ahead of the 2010 election, when Benigno S. Aquino III became the first Philippine President whose votes were counted by Smartmatic, despite persistent allegations about systemic vulnerabilities.

In July 2015, Malloch Brown returned to the Philippines. Subsequently Comelec’s Bautista awarded Smartmatic contracts at a total of P2.6-billion in the 2016 election.

But Smartmatic was a small stepping stone for Malloch Brown’s big ambitions.

Soros and his protégé

It is the interplay of public agendas and private gains that seems to be the common denominator of Malloch Brown’s activities with billionaire speculator George Soros, starting with the Brit’s Refugees International which focused on commodity-rich poor countries in which the West and Soros had “strategic interests” in the ‘90s.

Malloch Brown also joined the Soros advisors, ahead of the devastating conflict when the billionaire financed agencies cooperating with US authorities, such as Philip Goldberg – later US Ambassador to Philippines until his departure and alleged regime change plan in fall 2016, as The Manila Times reported at the time.

During the ’90s, Malloch Brown rented his apartment from Soros while working on UN assignments in New York. From the World Bank, he moved on to serve as the head of the UN Development Program and Kofi Annan’s deputy. Soros expanded his projects with Malloch Brown and UN, particularly in Eastern Europe where his Open Society Institute shaped the West’s post-Cold War agendas.

In 2002, Malloch Brown suggested that the UN and Soros’ Open Society work together to fund humanitarian functions, despite associated moral hazards. In exchange, Soros’ Quantum Fund in 2007 appointed Malloch Brown as VP, and vice chair of the Open Society. Yet, the Brit had no prior investment experience. Afterwards, he became chairman of the US-based FTI Consulting, one of the largest financial consulting firms, whose restructuring business made fortunes from the 2008 Great Recession.

When Malloch Brown stepped down as chair of SGO in December 2020, he was made the president of Soros’s Open Society Foundations. As Smartmatic’s chair, he was succeeded by Peter Vance Neffenger, a US Coast Guard Admiral and President Obama’s head of transportation security and a member of Biden’s transition team.

Trained in Harvard and US Naval War College, Neffenger was seen as the right man to protect elections worldwide (and to sell Smartmatic to skeptical Americans).

Smartmatic’s origins are overshadowed by the election software contractor’s odd associations and long trail of controversies, moral hazards, conflicts of interests and unexplainable fortunes in the name of “good governance.”

Perhaps sometimes those who speak loudest for “public interest, freedom and democracy” are but façades for private interests and oligarchies derailing the very democracy they purport to serve.

Electronic election software has great demand and multifaceted vulnerabilities.

This article was originally published in The Manila Times on 31 January 2022. It can be accessed here: https://www.manilatimes.net/2022/01/31/opinion/columns/smartmatics-global-controversies-follow-the-money/1831212

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About the Author

Dr. Dan Steinbock

Dr. Dan Steinbock is an internationally recognized strategist of the multipolar world and the founder of Difference Group. He has served at India, China and America Institute (US), Shanghai Institutes for International Studies (China) and the EU Center (Singapore). For more, see https://www.differencegroup.net/

How to Obtain an Encumbrance Certificate?

What Exactly is an Encumbrance?

If a property has been mortgaged, it is considered to have an encumbrance. In a real estate deal, the buyer must ensure that the property is free of encumbrances. If he purchases such a home, he will be responsible for the outstanding loan payments. A third party, including a mortgage lender, might contest the ownership of a property with an encumbrance.

Online EC

An Encumbrance Certificate (EC) identifies any encumbrances on the property being sold. If it occurs, an online EC for the transacted property is granted. A Non-Encumbrance Certificate is issued if it has no encumbrances.

Who Issues an Online EC?

An Online EC is issued by the SRO in whose jurisdiction the transacted property is located.

What is the duration of time that an EC is valid for?

Online EC usually lasts between thirteen and thirty years.

What are the differences between Forms 15 and 16?

If a property contains encumbrances, a Form 15 EC will be issued. The SRO issues the EC on Form 16 if the property is free of encumbrances at the time of issuance. The certificate will subsequently be known as a ‘Non-Encumbrance Certificate.’

When do you need an EC for Home Loan Online?

  • It is critical to provide proof to the buyer that the property you are selling to him is free of encumbrances when you are selling it. While conducting due diligence or a title search on your property, the property buyer checks your EC.
  • While taking out a mortgage.
  • While submitting an application for a property change.

Procedure for Obtaining Online EC

  1. Fill out Form 22 at the SRO’s office. On the Delhi Revenue Department’s website, you can schedule an appointment with the SRO.
  2. Submit your application, along with Form 22 and any other required documents, as well as the appropriate costs.
  3. Save the SMS notifying you that your application is being reviewed.
  4. Return to the SRO after 15 to 20 days to get your Online EC.

Charges

The fees you must pay are determined by the location of your property, its size, and the number of years it is being pursued.

What does the EC keep Track of?

The name of the property owner, the description of the property, the form of transfer to the current owner and the specifics of the encumbrance are all displayed on an EC on Form 15. A non-Encumbrance Certificate on Form 16 certifies that your property is free of liens at the time it is issued.

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Racial Inequalities and the COVID-19 Pandemic

By Graziella Bertocchi and Arcangelo Dimico

Since the outbreak of the COVID-19 pandemic, evidence has been accumulating about its disproportionate impact on racial and ethnic minorities, for a variety of health outcomes including infection, hospitalization, death, and vaccination rates. To address and quantify the extent to which minorities are disproportionally affected by COVID-19 is essential to understanding how to implement appropriate prioritization strategies for future vaccination campaigns.

As soon as COVID-19 hit the world, concerns about a disproportionate impact of the pandemic on racial and ethnic minorities were brought to center stage. In the US, on March 4, 2020 The Atlantic[1] was the first to launch a cry for attention to the disproportionate impact of COVID-19 on African Americans. Early accounts by the media estimated that Black Americans were dying at a rate 2 to 3 times higher than their population share. In the UK, the racial issue jumped to public attention when the first eleven doctors who died from COVID-19 were all reported to belong to Black, Asian, and minority ethnic (BAME) communities.[2]

The urgency of the racial issue was widely acknowledged also by the medical literature.[3] While the higher risk of COVID-19 death among minorities tends to correlate with pre-existing health conditions, possibly because of genetic and biological factors, from the very start the consensus was that race differentials are also associated with socioeconomic disadvantages reflecting living and working conditions. Not only does a large share of minorities live in poor neighborhoods characterized by high unemployment, low housing quality, and unhealthy living conditions, but they are also not as able to adhere to social distancing restrictions, whether because of working as essential workers or because of living in more crowded dwellings.

Early evidence

Initially, however, the racial and ethnic demographics of the people who were affected were not released or even collected, so that an assessment of the unequal racial and ethnic impact of the pandemic turned out to be very hard to reach. Early evidence on disparities in COVID-19 fatalities was collected on the basis of an extraordinarily detailed daily dataset covering Cook County, Illinois (US), the county that includes the City of Chicago.[4] The data is provided by the medical examiner and includes race among a wide array of other individual characteristics such as age, gender, pre-existing conditions, and even the home address of the deceased. We produced an initial assessment over the first window of three months of the course of the epidemic, starting on March 16 when the first death was recorded in Cook County, and ending on June 15 which marked the peak of the first wave. This data documents two facts. First, Black Americans in Cook County did die from COVID-19 at a rate higher than their population share and, second, they were hit earlier than other groups.

This is the detail: In those three months, the medical examiner reported 4,325 COVID-19 deaths, of which 35% of Black Americans against a Black population share of 27%. Thus, Black Americans have been dying at a rate 1.3 times higher than their population share. While these figures do confirm they overrepresentation in terms of fatalities, they also paint a somewhat more moderate picture, compared to the ones reported by media earlier on. This seeming inconsistency is explained by the different timing of the epidemic onset: Not only were Black Americans disproportionally affected by COVID-19, but they also started to succumb to it earlier than other groups, which explains the consequent decline in their share of cumulative fatalities as the epidemic followed its course. Thus, what the epidemiological curve reveals is an extraordinary degree of racial segregation, with different groups displaying distinct patterns in the extent and even in the timing of their exposure to the epidemic.

To search for the roots of the higher vulnerability to COVID-19, we dig into its potential determinants by exploiting information on the home address of the deceased, to show that the redlining policies dating from the 1930s still exert an effect, with a sharper increase in mortality, driven by Black and Latino minorities, in historically low-graded neighborhoods. Thus, residential segregation induces a higher degree of vulnerability to the epidemic which, far from being determined by genetic and biological factors, is caused by socioeconomic status and household composition. It is through these two channels that the legacy of historical discriminatory policies manifests itself.

A broader picture

Subsequent studies extended and confirmed these early findings. For the US and up to the end of 2020, estimates of excess deaths (that is, deaths in excess of those to be expected in the years prior to the pandemic) show that the mortality burden was borne by racial and ethnic minorities, who not only have died at greater rates, but also did so at younger ages.[5] Overall, without taking the younger age of minorities into account, Black and Hispanic populations suffered the highest rates of excess death: Black Americans saw a 25 percent increase in mortality relative to trend, Hispanic Americans a 39 percent increase. These disparities widen further when excess mortality rates are age-adjusted: This implies that those who died on average had many more years of life left to live, compared to other groups in the population.

A systematic review[6] of world-wide evidence collects information on the association between racial, ethnic and socioeconomic status and a broader variety of health outcomes, beside death from COVID-19 and excess death. The evidence documents that racial and ethnic minority groups also had higher risks of infection and hospitalization. Low level of education, poverty, poor housing conditions, low household income, and living in overcrowded households were cited as risk factors.

The vaccination phase

The latest and still developing wave of evidence has focused on racial and ethnic inequities in vaccination rollout, raising questions on how prioritization strategies should or should have been implemented. In the US, after having secured shots for health care workers and nursing homes residents, a debate arose on how to approach the next, large-scale immunization effort. Despite the acknowledgement of the above-documented disproportionate impact of the pandemic on racial and ethnic minorities, adoption of race and ethnicity among prioritization criteria was ruled out based on legal and ethical considerations, since the higher risk borne by minorities is not biological or genetic but rather driven by socioeconomic factors. Eventually, the CDC settled on a racially neutral approach and released guidelines placing first in line, immediately after the over-75, frontline essential workers, in the hope that this strategy would still be effective in mitigating health inequities, since minorities are overrepresented among essential workers.

In practice, few US states followed CDC guidelines closely, and a variety of schemes were adopted. Eligibility criteria for frontline workers have in fact been the most diverse, likely reflecting local political pressure. Preliminary evaluations showed that lower income was a predictor of a lower chance of having been vaccinated among equally prioritized groups, and that the vaccination rate for Black people was lagging behind, a fact that could be partially justified by their lower representation among the elderly but remained at odds with their higher representation among essential workers. A December 2021 report[7] concludes that, while over the course of the immunization campaign Black and Hispanic people have been less likely than their White counterparts to receive a vaccine, these disparities have narrowed over time, particularly for Hispanic people. These improvements likely reflect a combination of factors, including efforts to increase information among disadvantaged groups and to reduce the indirect cost of vaccination, where the latter is explained by difficulties in taking time off from work and in reaching vaccination spots. Still, inequity is still present, with 58 percent of White people having received at least one vaccine dose, against 51 percent of Black people. The persistence of vaccine hesitancy among Black Americans has been linked to the lingering mistrust in medicine due to the infamous Tuskegee experiments, where for decades Black men were infected with syphilis and deliberately denied effective care.

Implications for policy

The position of ethnic and racial minorities is a critical issue that policymakers must address. While its relevance from a socioeconomic perspective was already well understood, the novel implications for global health took center stage as a result of the COVID-19 outbreak. It bears ramifications not only for how to handle public health systems but also for how to regulate future migration flows and preserve public trust in health authorities.

The first conclusion for policymakers is that there is a need for internationally-coordinated data collection to account for racial and ethnic factors. To address and quantify the extent to which minorities are disproportionally affected by COVID-19 is essential to understanding the effect of the pandemic on public health and its socioeconomic implications. In addition to health outcomes, data should include individual-level information – at the finest possible level of disaggregation – on characteristics such as age, sex, residence, and comorbidities, as well as socioeconomic information reflecting an individual’s income, work status, and educational attainment. Other relevant dimensions such as co-residence patterns, dependence on public transport, access to health, and participation in the activities of local communities, should also be documented. Crucially, given the relevance of the spatial dimension for the diffusion of the pandemic, individual data should be collected at the finest available disaggregation, such as the region, county, or municipality.

The second conclusion, also in light of the latest developments and in particular the spread of Omicron, is that – even after the ongoing effort to administer booster shots and to vaccinate children is completed – vaccination campaigns represent an enduring challenge for the years to come. Appropriate prioritization strategies need to be implemented for the time when the emergency will be over. The facts tell us that a disadvantaged socioeconomic status, which is highly correlated with race and ethnicity, represents an obstacle to obtain a vaccine. Furthermore, targeting essential workers proved ineffective, thus providing no support for the hypothesis that minorities can get vaccinated quickly in virtue of the fact that they are often employed as such. Not only should socioeconomically vulnerable groups be ranked highly in future prioritization strategies, but campaigns should be conducted in such a way to actually reach them. Vaccination drives should be organized at workplaces, in poor and crowded neighborhoods, and at other frequent points of contact such as places of worship and motor vehicle bureaus. Policies aimed at fostering trust in medicine should include employing race-concordant medical practitioners within Hispanic and Black communities and using the media to spread information and facilitate the endorsement of public health measures. Prioritization strategies for the future should take these evidence-based considerations into account.

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About the Authors

Graziella Bertocchi

Graziella Bertocchi is Professor of Economics at the University of Modena and Reggio Emilia and President of the Einaudi Institute for Economics and Finance. She earned a PhD from the University of Pennsylvania and has taught at Brown University and several other institutions. Her research focuses on the economics of culture, gender, race, education, growth, and institutions.

Arcangelo Dimico

Arcangelo Dimico is Senior Lecturer at Queen’s University Belfast and Director of the Centre for Health Research at the Management School (CHaRMS). He earned a PhD from the University of Nottingham and his research focuses on modern development economics, with broad applications to labor, political economy, education, gender and family.

References

The Push for, and Rewards of, Greater Board Diversity in the Financial Services Sector

By Emma Bartlett

Businesses today operate within a highly competitive and fast-moving global marketplace.  For all of the benefits that this brings, it also presents significant challenges – challenges which have only been compounded by the pandemic-induced turmoil of recent years.  In this landscape, a strongly performing board is more critical than ever to the success of a business, and diversity at board level is increasingly recognised as a key driver of that performance.

The financial services sector is no exception.  At a regulatory level, in early 2022 the UK’s Financial Conduct Authority (“FCA”) is expected to announce whether it will implement proposed rule changes that would require certain financial services companies to disclose annually, on a comply or explain basis, whether their boards meet specified diversity targets.  In its consultation on the proposed changes, the FCA explained that it was considering targets of 40% of a given board being women, at least one senior board position being held by a woman, and at least one member of the board being from a non-White ethnic minority.

The UK is far from alone in this regard.  For example, in August 2021 the US Securities and Exchange Commission approved new listing rules proposed by NASDAQ, which require certain listed companies to publicly disclose board diversity statistics,  to have a minimum number of “diverse” directors, or explain why they do not.  In Hong Kong, SEHK published a consultation paper in April 2021, which contained proposals that would implement various expectations and requirements concerning board diversity.  The Financial Services Agency in Japan published a consultation on diversity in Senior Management in April 2021, Singapore has established the Council for Board Diversity to increase female representation on boards, and Australia already sets diversity targets for companies listed on the Australian Securities Exchange.

With the foregoing in mind, the push for greater board diversity in the financial services sector raises the question – why try?  Setting to one side the obvious – and important – moral case for greater board diversity, there is a growing body of research to suggest that there are practical and tangible benefits on offer to businesses that are able to achieve a higher degree of diversity at board level.

Before proceeding, it is also important to note that diversity is an incredibly broad concept.  Much attention in recent years has, for good reason, been paid to increasing the representation of women on company boards.  However, achieving greater board diversity in the financial services sector also means, for example, increasing the representation of people of minority ethnicities, from less-privileged socioeconomic backgrounds or with neurodiverse characteristics.

Where gender diversity is concerned, perhaps the strongest correlation in the research is between more gender-diverse boards and more positive corporate governance and firm conduct outcomes – from reduced misconduct to fewer financial reporting mistakes.  Similarly, there is some evidence to suggest that more gender-diverse boards achieve better risk management and, especially where a “critical mass” of women is achieved, better performance outcomes.  For both gender and ethnic diversity at board level, there is also a growing body of evidence to suggest that this may be a factor in businesses achieving greater innovation.

Speaking in more general terms, where boards are able to draw on a broader range of expertise, backgrounds, and skillsets, there will in a number of respects be a deeper pool of knowledge to draw from when making difficult and critical decisions at board level.

The effects of diversity at board level may also trickle-down to the wider workforce.  Starting at the management level, increased board diversity, including cognitive and socioeconomic diversity, may enhance mentoring and oversight of management.  This might especially be the case where management is supervised by directors with whom they do not have prior relationships.  The benefits of more effectively mentored and monitored management will in turn filter down through the organisation.

Similarly, the fostering of diversity and inclusivity at the very top of a business can trickle down in a way that improves diversity and inclusivity throughout the organisation.  Although inclusivity is not a well-measured concept, there is some evidence to support there being positive practical benefits for businesses that achieve inclusivity.  For example, employees with greater feelings of inclusion tend to work for businesses that outperform the S&P500.  Further, one study found that as the number of employees answering “prefer not to respond” in surveys about their sexual orientation and disability status increased there was a corresponding drop in employees’ faith in management, sense of safety in the work environment, and in signs of teamwork – all of which are drivers of company performance and innovation.

Looking beyond the organisation, one of the best possible ways for a business to demonstrate its commitment to diversity, to current and potential investors, customers, and employees alike, is to embed diversity at the highest level of its corporate structure.  In a global marketplace where Environmental, Social, and Governance factors are increasingly at the forefront of minds, not least of all the minds of investors, there is clear scope for rewards to be reaped when it comes to publicly demonstrating a commitment to diversity at board level, and likewise opportunities to be missed for businesses that cannot.

The research in this area is, by no means, conclusive.  However, one benefit of the push by regulators around the world for greater transparency around board composition and diversity within the financial sector is likely to be a stronger body of evidence for researchers to engage with.

It is also important to note that achieving greater diversity at board level is only the first step to realising the potential benefits that diversity has to offer.  Without pairing a diverse board with a healthy board culture that encourages a diverse range of opinions to be voiced, any practical benefits of diversity may ultimately be muted.  In a recent survey of 700 directors, nearly half of respondents said that they found it difficult to voice a dissenting view in the boardroom.  Plainly, this is a real challenge for businesses to address for a variety of reasons, not least of all with respect to harnessing the potential benefits that diversity has to offer.  Companies should work to ensure that their board-members, whatever their backgrounds or characteristics, are encouraged and enabled to voice diverse perspectives and that those perspectives are embedded in the board’s decision-making process.

Notwithstanding the potential benefits of board diversity, it should be noted that much of the improvement in board-diversity in the UK, when looking at the FTSE 350 companies, has principally stemmed not from pursuit of these benefits but from external pressure.  Not least of all, public scrutiny of boards that failed to meet the voluntary target of one third of women on boards lobbied for by the Hampton-Alexander review was a crucial driver of change.  In the same vein, this target and the publicity around it has enabled shareholders and investors to push diversity higher-up board agendas, and these groups have themselves had a major influence on diversity.  Lastly, executive board recruiters have been instrumental in expanding the selection of available board candidates beyond the same, typically non-diverse, talent pool.

If as expected the FCA’s proposed rule changes, as discussed above, are implemented in the near future, we may expect that affected businesses will again want to avoid being publicly singled-out for failing to meet the new targets.

Lastly, it is worth addressing in brief the question of achieving diversity in the context of smaller companies.  With fewer seats at the table, and potentially a smaller pool from which to draw board members, diversity can be more difficult to achieve.  The FCA, and similar bodies around the world, have recognised this, for example by noting that more time may be needed to recruit diverse board members where small companies are concerned.  Difficulties notwithstanding, the potential benefits of board diversity for small companies in the financial services sector are there to be realised if they are able to meet the challenge.

Although there is much more work to be done, both in terms of the research into the impact of diversity at board level in the financial services sector and in terms of achieving that diversity in practice, the direction of travel (not least of all at a regulatory or public level) seems clear.  In the coming years, we may well find ourselves asking more often not simply what the benefits are to a business that is able to achieve greater board diversity, but what the costs are to one that is not.

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About the Author

Emma BartlettEmma Bartlett is a Partner specialising in employment and partnership law at leading employment firm CM Murray.

Emma advises on a varied cross-section of employment law matters, including unlawful discrimination, whistleblowing, equal pay, unfair dismissal, breach of contract, restrictive covenants, protecting confidential information, boardroom and partner disputes and claims under TUPE. She has particular expertise in dispute resolution and litigation, notably discrimination, bonus, whistleblowing and trade union issues. She is a specialist in contentious discrimination matters and handling high-value contentious claims for employers and senior individuals.

Financing Options For Small Businesses: A Beginner’s Guide

When building a business from scratch, you may find no options other than using your own money or finding investors. Unfortunately, everyday business owners rarely have enough cash in the bank to cover startup costs and expenses.

Even if someone you know has enough money to fund a fledgling company in their savings account, they’re probably not going to take a risk on someone else’s idea.  Luckily, businesses can always turn to an outside source for funding. Here’s your guide to financing options that will help your business put its best foot forward.

Business loans and business lines of credit

If you can meet the requirements, a business line of credit is a great way to cover costs as they arise. With this type of credit, you only borrow what you need and repay balances as quickly as possible so that your interest charges remain relatively low.

For those looking for capital without the credit score to qualify for a loan, bank lines of credit are also available. Service providers like AdvancePoint can help simplify small business financing decisions ​by identifying the best loan or line of credit for your company, ensuring you receive approval quickly. 

Peer-to-peer lending

In the past few years, peer-to-peer lending has risen in popularity and quickly became a viable option for many small business owners. Sites like Lending Club and Prosper connect borrowers with lenders, making it easy to secure the cash you need. This method of financing works best for prospective borrowers who have been in business for at least two years and carry no significant risk factors such as heavy debt or bankruptcy.

Crowdfunding

Funding your new company has never been easier with sites such as Kickstarter or IndieGoGo. Using social media to spread the word about your new venture can help drum up interest from potential investors all across the nation.

In addition, crowdfunding allows you to keep equity in your company while gaining quick access to capital. Make sure you do your homework, though; while anyone can be an investor, it’s essential to make sure any contributor is still somebody who shares the same goals and values as you.

Small business grants

Small businesses grants are an opportunity for small businesses to acquire funding without paying it back. These grants often come with specific guidelines that must be followed for you to be eligible, but they can be a fantastic opportunity for qualified applicants.

Search engines might connect you with any number of government grants, some of which may not apply to your business niche. Be sure to narrow your search results accordingly to save time. 

Conclusion

Whatever type of business you are running, there is a way for you to obtain the funding it needs to succeed. These are only some of the options available to you; be sure to research to discover what else might be out there. Also, be aware that not all financing options are created equally, and different methods can come with their advantages or disadvantages.

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