vice president – Piazza Carlo Giuliani Thu, 03 Mar 2022 03:23:13 +0000 en-US hourly 1 vice president – Piazza Carlo Giuliani 32 32 Do companies take into account the increase in inflation in their prices? Wed, 02 Mar 2022 21:25:40 +0000

While inflation is low and stable, business leaders are right to pay little attention to headline inflation measures when making their own pricing decisions. In this article, we introduce a new set of quarterly questions in a business survey that help determine the extent to which businesses are paying more attention to measures of inflation as inflation rises. We find that, from July 2021 to January 2022, business leaders report not only paying more attention to measures of headline inflation, but also report incorporating these measures into their own pricing decisions.

“Price stability is that state in which expected changes in the general level of prices do not effectively alter the decisions of businesses or households.” —Alan Greenspan

Inflation expectations play a central role in inflation and monetary policy theories. In particular, the more responsive inflation expectations become to actual inflation figures, the more difficult it is for the monetary authority to stabilize inflation without causing a recession.1 Over the past few decades, business leaders would have been well-advised to ignore measures of headline inflation when making pricing decisions, given that these measures have been low and stable relative to other trends. other factors affecting business costs. However, the recent rise in inflation may have caused companies to consider inflation in their own pricing decisions.

We infer companies’ attention and responsiveness to current inflation figures from a regional survey of business expectations. To do so, we introduce a survey-based measure to investigate the relationship between measures of headline inflation and firms’ expectations of their own costs and prices. We conducted three waves of the quarterly survey: July 2021, October 2021 and January 2022.

Taken together, these waves suggest that CEOs and other business leaders are increasingly incorporating aggregate measures of inflation (such as the CPI or PCE) into their decision-making and price expectations. costs. Although measures of headline inflation are still not central to corporate pricing, the proportion of firms that report taking inflation into account when setting prices is steadily increasing.

Fifth District Investigations of Business Activity

The Federal Reserve Bank of Richmond has surveyed CEOs and other business leaders in the Federal Reserve’s Fifth District for nearly 30 years.2 The survey includes approximately 200 to 250 responses per month. The survey panel underweights the smallest businesses, and — due to the history of the survey as well as the general relevance of manufacturing to the Fifth District’s economy — manufacturing businesses make up about a third of the responses. , even though they represent a much smaller share of establishments both in the Fifth District and in the country.3

In addition to questions about variables such as demand, employment and prices, respondents are often asked a series of ad hoc questions. Here we focus on a set of questions posed during the waves mentioned above. These questions focused on the extent to which respondents pay attention to measures of headline inflation and the extent to which they take these measures into account when projecting costs and setting prices.

The importance of aggregate measures of inflation

The first question assesses how closely participants follow measures of headline inflation. We found that the share of companies tracking inflation increased significantly over the six months, as shown in Figure 1.

In July, 21% of respondents said they did not follow inflation measures at all. By January, that share had fallen to 11%. At the same time, the share of respondents who said they follow inflation measures very closely rose from 20% to nearly 30%.

So while it’s still true that many companies don’t track inflation very closely,4 the change in those numbers suggests businesses may be paying more attention after months of the highest headline inflation in decades.

Incorporate inflation measures into pricing

We then asked whether companies take measures of inflation into account in their own pricing decisions. When we asked how important inflation was when setting the prices they charge, we found that the share of companies that said “fairly” or “very” important increased from July to January, as shown in figure 2.

Just 26% of businesses in July and 27% of businesses in October said measures of headline inflation were “very important” when setting expectations for the prices they will charge. That number rose to 31% in January. And in January, just 16% of businesses said overall measures of inflation were “not at all important” in setting their prices, down from 26% in July.


This analysis uses a new approach in an old survey to assess the importance of measures of headline inflation for companies’ thinking about their own price growth. CEOs’ historical inattention to inflation and inflation targets has, somewhat paradoxically, created a favorable environment for monetary policy, where pricing was little affected by inflation outcomes. . This inattention to inflation was rational insofar as prices were stable, generating a virtuous feedback loop where stable inflation begets stable price decisions.

To the extent that inflation remains elevated, CEOs will naturally pay more attention to headline inflation measures, raising the stakes for the FOMC’s communication with pricemakers, perhaps even once the high inflation will have diminished. Our survey readings suggest that some of this could be happening in the past six months.

We thank Jason Kosakow for his assistance in the design and implementation of the survey.

Felipe Schwartzman is senior economist and Sonya Ravindranath Waddell is vice president and economist in the research department of the Federal Reserve Bank of Richmond.

To cite this Economic Note, please use the following format: Schwartzman, Felipe; and Ravindranath Waddell, Sonya. (March 2022) “Are companies taking into account the increase in inflation in their prices?” Federal Reserve Bank of Richmond Economic BriefNo. 22-08.

This article may be photocopied or reprinted in its entirety. Please cite the authors, source and the Federal Reserve Bank of Richmond and include the statement in italics below.

VThe opinions expressed in this article are those of the authors and not necessarily those of the Federal Reserve Bank of Richmond or the Federal Reserve System.

Who is Allison Gollus? Wed, 02 Feb 2022 17:25:00 +0000

CNN Executive Vice President Allison Gollust has worked with public figures during her career and worked her way up with the news platform.

She has made a name for herself within the company, working with the marketing team and performing other roles.


Allison Gollust is CNN’s Senior Vice President.

Who is Allison Gollus?

Allison Gollus was chosen by former New York Governor Andrew Cuomo in 2012 as communications director.

She was previously executive vice president of corporate communications at NBC Universal alongside Jeff Zucker who was the chief enforcer at the time.

Gollus spent most of his career at NBC and formed relationships with his colleagues.

She got a job with the company in 1996 and only a year later was promoted to senior publicist for Today in NBC’s Corporate Communications group.

Did Allison Gollus work for Andrew Cuomo?

When Gollus left NBC, it was to work with former Governor Andrew Cuomo.

In a statement in October 2012, Cuomo described Gollus as “a consummate professional who has a wealth of communications and management experience.

“Her extraordinary work ethic, intelligence and dedication will be essential in this position, and I look forward to working with her.”

How long has Allison Gollus worked for CNN?

Gollus’ position at Cuomo lasted a year before she was hired by former CNN president and former NBC colleague Jeff Zucker.

Gollust was named CNN’s senior vice president in March 2013, and Zucker said at the time, according to CNN, “As we place even greater emphasis over the coming year on reinventing our content and , along with our brand, this is a key step in ensuring our success.”

His comments were released through a press release and he added, “Allison fully understands how every aspect of communications works together to tell a story, whether it’s on the PR side or the strategic marketing side. Combining these two areas under one proven leader just makes sense. »

She still retains her position and in a statement issued on February 2, 2022, Gollus said, “…I am incredibly proud of my time at CNN and look forward to continuing the great work we do every day.”

Allison Gollust and ex-husband Billy Hunt


Allison Gollust and ex-husband Billy HuntCredit: Getty

Is Allison Gollus married?

Although very little is known about Allison Gollus’ private life, she was reportedly married to Billy Hunt, president of Tradeweb.

Tradeweb is an international financial services company and their website states that they have “a rich history of fintech innovation in the fixed income and derivatives markets, and a growing equity business, our clients consistently benefit from better price discovery, order execution and trade workflows.”

Despite the couple’s success, they are divorced, but the official date remains unknown.

Gollust and Hunt share two children together, Olivia and Ava.

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Greystone arranges $ 30 million construction loan for Manhattan Building Company’s 80-unit multi-family development in Jersey City, NJ Mon, 10 Jan 2022 15:31:00 +0000

NEW YORK, Jan. 10, 2022 (GLOBE NEWSWIRE) – Greystone, a leading national commercial real estate finance company, has announced that it has set up a $ 30 million construction loan for affiliates of The Manhattan Building Company (“MBC”). The construction loan was provided by White Oak Real Estate Capital, a subsidiary of White Oak Global Advisors (“WOGA” or “White Oak”), to finance the construction of a 6 story mixed-use residential development, ~ 150,000 GSF consisting of 80 market-priced rental apartments, 80 parking spaces and approximately 3,200 square feet of ground floor retail space located at 40 Center Street in Jersey City, NJ. Drew Fletcher, Matthew Hirsch and Bryan Grover of Greystone were the exclusive advisers in organizing the development finance.

MBC has been one of Jersey City’s most active and transformative developers over the past decades. The project is located within two miles of MBC’s former Class A residential developments, Soho Lofts and Cast Iron Lofts, and their upcoming 4-tower, +1 million square foot multiphase development, Hudson House. The 40 Center is located in the redevelopment area of ​​Bates Street, for which MBC has been appointed as a redevelopment master by the Jersey City Redevelopment Agency. MBC is committed to Jersey City and is a leading developer in the city with an understanding of the market dynamics that are driving continued growth in demand for high quality multi-family housing. The 40 Center will be the first in a series of phases in the region.

The 40 Center is designed to attract young professional tenants by offering a more affordable high quality product, designed with larger than average units in response to tenant demand for more space in today’s market. MBC will offer a full set of amenities including a fitness center with sauna, full parking and a rooftop lounge with seating, barbecues, fire pits and stunning views of Jersey City and Manhattan.

“MBC is one of the leading owners, developers and builders of apartments in Jersey City. We are delighted to have entered into our relationship with them as part of this transaction and are pleased to have brought MBC and White Oak together for excellent execution, ”said Mr. Fletcher, President, Greystone Capital Advisors.

“Greystone Capital Advisors has done a fantastic job advising us throughout this process, and we are very fortunate to have launched a relationship with White Oak,” said John Palumbo, vice president of real estate development at MBC.

“We are delighted to support MBC in this high quality project in the growing Jersey City multi-family market. Greystone was instrumental in completing the transaction and we are grateful for the thoroughness and thoughtfulness they demonstrated throughout the process, ”said Eric Tanjeloff, Managing Director of White Oak Real Estate Capital.

About Greystone
Greystone is a national private commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, having been ranked among the top lenders by FHA, Fannie Mae and Freddie Mac in these industries. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone. For more information, visit

About the Manhattan Building Company
Founded in 1994 as an integrated group of companies with a common goal, Manhattan Building Company has grown into a leading full-service commercial property development, construction and management company serving primarily Jersey City and Hoboken. Based in New Jersey, MBC ensures its success by emphasizing its experienced judgment and focusing on creating efficient, attractive and characterful multi-family units and lofts. MBC has been involved in over $ 1 billion in real estate development in Jersey City and Hoboken. Sanford Weiss, the director of MBC, has been active in Jersey City and Hoboken since 1978 with the primary focus of creating multi-family housing in this high-growth corridor serving Manhattan’s workforce. The company prides itself on its ability to identify, design, develop and build multi-family homes together with a superb team of professionals who create a contemporary luxury rental experience that meets the needs of today’s consumers and investors. institutional. For more information, visit

About white oak
White Oak Real Estate Capital, LLC (“WOREC”), a subsidiary of White Oak Global Advisors, LLC, is a commercial real estate lender specializing in developing bespoke financing solutions secured by bridging assets . WOREC offers loans across the entire capital structure, from senior extended senior loans to special situation bridging loans. The company is headquartered in New York.

White Oak Global Advisors, LLC (“WOGA”) is a leading alternative debt manager specializing in the creation and delivery of financing solutions to facilitate the growth, refinancing and recapitalization of small and medium-sized businesses. Together with its financing subsidiaries, WOGA offers more than twenty loan products in the market, including term, asset and equipment loans, to all sectors of the economy. Since its inception in 2007, WOGA and its affiliates have deployed more than $ 9 billion across its product lines, using a disciplined investment process that focuses on providing risk-adjusted investment returns to investors throughout by establishing long-term partnerships with our borrowers. For more information, visit

Karen marotta
Gray stone

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Biden: Increased Competition in Meat Industry Can Lower Food Costs | News Thu, 06 Jan 2022 15:21:00 +0000

WASHINGTON (AP) – President Joe Biden virtually met with independent farmers and ranchers this week to discuss initiatives to reduce food prices by increasing competition in the meat industry, as part of ‘a broader effort to show that his administration is trying to fight inflation.

“Capitalism without competition is not capitalism – it is exploitation,” Biden said.

Higher than expected inflation thwarted Biden’s agenda, hurt his public approval rating, became fodder for Republican attacks and prompted Sen. Joe Manchin, DW.Va., to quote higher prices as a reason to put aside taxes, social and economic programs. In November, consumer prices rose 6.8% over the previous 12 months, a 39-year high.

When it comes to food costs, Biden leans on a July executive order that ordered the Agriculture Department to more aggressively look into possible violations of the 1921 Packers and Stockyards Act. , designed to ensure fair competition and protect consumers. Meat prices are up 16% from a year ago, and beef prices are up 20.9%.

The president said the higher prices were the subject of frustration at his own kitchen table. His wife, Jill, was talking with her sister and a friend on Sunday about a pound of hamburger meat costing $ 5 a pound, down from less than $ 4 before the pandemic.

The administration targets meat processing plants, which can shape the prices paid to farmers and charged to consumers. The White House released a backgrounder indicating that the four largest companies control 85% of the beef market. In poultry, the four largest processing companies control 54% of the market. And for pork, the figure is 70% for the four largest companies.

Some industry groups oppose the monitoring planned by the food industry administration.

Neil Bradley, executive vice president and director of policy at the United States Chamber of Commerce, said the coronavirus and higher energy and labor costs are pushing up meat prices , not the business structure of the industry.

Bradley said the administration was practicing politics instead of economics, and “government intervention would likely limit supply further and push prices even higher.”

Mike Brown, president of the National Chicken Council, said, “It sounds like a solution looking for a problem.” He said the administration was using the food industry as a “scapegoat for the significant challenges facing our economy”.

Yet there are also groups representing farmers and ranchers who have applauded Biden’s decisions, saying the current system puts independent producers and consumers at a disadvantage.

“We need to understand why farmers and ranchers continue to receive low payments as families across America experience rising meat prices,” said Zippy Duvall, president of the American Farm Bureau Federation. “We are encouraged by the administration’s willingness to work with lawmakers on both sides of the aisle to improve price discovery in livestock markets.”

Biden described his intention to distribute $ 1 billion from the coronavirus relief program to help independent meat processors grow. He also pointed to money to train workers in the industry and improve conditions, as well as to issue new rules for meat packers and labeling requirements to be designated as a “product of the United States.” .

The Department of Justice and the Department of Agriculture would launch a joint effort to facilitate reporting anti-competitive actions to the government. The administration will also seek to improve transparency in the livestock market, with Biden saying: “A free market is not truly free without price transparency.”

The effort is part of a larger attempt to regain control of America’s economic narrative. Besides inflation, repeated waves of the coronavirus epidemic have cooled people’s views on the economy despite strong growth over the past year.

The 3 business models that will attract buyers to my high cost medical device Mon, 27 Dec 2021 06:04:41 +0000

By Eva Marchese and Lorenzo D’Angelo, ARC

The global medical devices market is expected to grow at a CAGR of 4.4% through 2025.1 But large medical devices with high initial purchase costs are struggling to grow. Customers are now scrutinizing prices as transparency in the procurement process increases and hospital consolidation weakens manufacturers’ negotiating positions. Faced with these challenges, manufacturers have offered financing options to allow customers to spread the cost over several years. However, it is becoming increasingly difficult for device manufacturers to justify overpricing. It is even more difficult to convince customers who already own a large medical device to switch and upgrade if there is no savings advantage in doing so.

The challenge of selling large innovative medical devices

In recent years, buyers have taken a more careful look at their annual budgets and device costs, largely leaving it to manufacturers to help buyers find sources of funding. Manufacturers of large devices must ensure that procedures using a new device are adequately reimbursed and provide a rationale to buyers why the intended use of a device is worth the initial investment. They can defend against premiums, but usually only if a device lowers the other costs borne by the purchaser per patient, per use. More importantly, buyers, including hospitals, are often motivated to acquire a new device if they anticipate a high expected rate of use. The speed at which a device will help its purchaser to recover the costs of the purchase and begin to generate profits will depend on the frequency of use and the level of reimbursement of the associated procedures. A high reimbursement rate will ensure that the procedures will help cover the costs of purchasing and maintaining the device in addition to the costs incurred in performing the procedures. As device makers strive to meet all the challenges of selling their bulky and expensive products, three innovative business models are emerging to capture the interest of buyers.

Innovative business models

Expansion to new indications

One approach that manufacturers can take to ease the budget pressure on buyers is to look for additional indications and multiple purposes for a device. In one example, by redesigning a surgical robot to have additional robotic arms with different levels of precision to suit different parts of the body, doctors could use the device in more types of surgeries.2 In another example, cancer radiation therapy machines have grown to be able to treat several types of cancer, such as cancer of the lung, liver, pancreas, and head and neck, to name a few. .3 By adopting a business strategy in which a device is positioned to expand into new indications and therefore be used more frequently, manufacturers can help make a device more attractive to budget-pressured buyers seeking to recoup purchasing costs. initials as quickly as possible. Manufacturers of expensive and often large devices will need to plan lifecycle strategies early in development to unlock the full potential of their products.

Alternative forms of financing

Providing alternative financing options for devices, such as leasing, is another widely used method of dealing with budget pressure from buyers. In one example, Siemens Healthineers developed custom leases with individual hospitals in the United States to offer flexible contractual terms based on factors such as contract length, monthly payments, depreciation, maintenance, l ‘maintenance and frequency of upgrading.4 In emerging markets such as China, where most hospitals have limited budgets to purchase expensive, potentially $ 1 million, devices, Siemens has cooperated with specialist distributors to open diagnostic imaging centers. The company also offers supplier financing solutions to potential distributors.5 Some distributors buy devices in advance, which allows Siemens to collect revenue immediately, and then provide flexible financing options to hospitals while signing deals for Siemens to continue to provide value-added services to hospitals through through spare parts and technological services. Some distributors even operate imaging centers inside hospitals and take full responsibility for profit and loss.6

Compared to one-off payments, financing and equipment leasing options will ensure a longer-term source of revenue for manufacturers. This approach also allows manufacturers to sell to buyers who cannot afford one-time payments, which could help those with innovative devices enter a market controlled by more established manufacturers. However, manufacturers must be prepared to take on the challenges of contract administration and help buyers justify contract renewals.

Innovative pricing

Many manufacturers are also implementing innovative pricing models to reduce pressure from the buyer side. Some have developed shared savings contracts with hospitals, where they provide low-cost devices in return for a percentage of the income from using the devices. For example, GE Healthcare has entered into an agreement with Temple University Health System (TUHS) to provide X-ray imaging equipment and services over a seven-year period. Under the agreement, GE is responsible for using new technologies to optimize TUHS ‘operating processes and is entitled to receive a portion of the shared savings if performance targets are With this structure, the seller and the buyer are aligned with objectives of lowering costs, improving patient care and increasing the overall quality of service.

Some manufacturers have also offered buyers risk-sharing managed equipment service contracts. With these agreements, hospitals pay an annual fee so that the service provider can handle all of the device needs, allowing hospitals to shift all equipment purchase concerns to the contracted service provider and the service provider. services to receive payment based on device performance improvements.

But manufacturers could face difficulties in reaching agreement with buyers on innovative pricing parameters and the resulting implications for payment, potentially increasing the costs of serving customers.

Recommendations for manufacturers

Figure 1: Benefits and risks of innovative business models

Source: ARC

Each business model has advantages and risks (see Figure 1) that device manufacturers will need to consider when developing research and development, commercialization, and market access strategies. In addition, these models could be combined. In a single example, an existing device may require the use of an added component in a new indication. This new component could be sold by combining a monthly fee and a usage supplement. The ability to combine these approaches adds complexity but can also open up access to additional funding budgets. For example, a payment tied to the use of the product is more likely to be funded by the reimbursement that a clinic receives, while a one-time payment is more likely to be funded by a capital expenditure fund, according to the specific country and region.

It is essential that manufacturers develop a go-to-market strategy early on, including a business model that reflects both the value of a device in the eyes of potential users and buyers considering alternatives in the market and the willingness of consumers. decision makers to buy to pay for each potential repayment route and agree on innovative pricing models. These considerations will vary from country to country and from hospital to hospital, depending on the procedures performed, in what volume and in what indications. Manufacturers will have to be able to adapt and offer different economic models depending on the market and the account or account archetype.

They will also need a comprehensive understanding of the clinical landscape, current purchasing models and reimbursement pathways, which should be informed by research and discussions with stakeholders, including physicians, hospital managers. and local and national payers to understand their needs, expectations and willingness. and the ability to pay for innovative, high-cost devices.

The references

    160565 / version: 1510864935 / sfs2017-equipmentfinancing-web.pdf

About the authors:

Eva Marchese ( is Vice President of Life Sciences Practice at CRA, based in London. She specializes in competitive strategy, pricing, market access and research in the pharmaceutical, biotechnology and life sciences sectors. Marchese has extensive consulting experience, with a focus on advising pharmaceutical, medical device and medical technology (medical technology) companies on global pricing and market access.

Lorenzo D’Angelo ( is a Director of Life Sciences Practice at CRA, based in Munich. D’Angelo is an experienced life science consultant who assists global pharmaceutical, medical device and medical technology (medtech) companies with their business strategy.

The views expressed herein are those of the authors and not those of Charles River Associates (CRA) or any of the organizations with which the authors are affiliated.

Interfor expands and expands its revolving credit facility Fri, 17 Dec 2021 23:21:42 +0000

Content of the article

BURNABY, British Columbia, December 17, 2021 (GLOBE NEWSWIRE) – INTERFOR COMPANY (“Interfor” or the “Company”) (TSX: IFP) today announced that it has entered into an early renewal and expansion of its revolving credit facility with a syndicate of major Canadian and US banks co-led by RBC Capital Markets, TD Securities and Wells Fargo.

The amount of the commitment under the facility has been increased by C $ 150 million to a total of C $ 500 million, and the term of the facility has been extended from March 2024 to December 2026. restrictive clauses and the pricing schedule remain unchanged. In addition, the renewal includes the increased ability to obtain additional long-term debt financing, which will improve the Company’s continued financial flexibility.

Content of the article

As of September 30, 2021, Interfor had C $ 836 million in available liquidity, including C $ 509 million in cash, and this availability will be increased by C $ 150 million on a pro forma basis under the new facility. This increase will provide the Company with sufficient financial capacity to complete its previously announced acquisition of EACOM Timber Corporation in early 2022 and provide additional flexibility to continue to pursue its strategic growth program.


This press release contains forward-looking information about the business prospects, objectives, plans, strategic priorities and other information of the Company which are not historical facts. A statement contains forward-looking information when the Company uses what it knows and expects today to make a statement about the future. Statements containing forward-looking information in this press release include, without limitation, statements regarding future growth, pro forma liquidity, borrowing capacity, expected completion of a transaction and other future events and circumstances. . Readers are cautioned that actual results may differ from the forward-looking information contained in this press release, and that such forward-looking information should not be relied on unduly. The risk factors which could cause actual results to differ materially from the forward-looking information contained in this press release are described in Interfor’s annual management report under the heading “Risks and Uncertainties”, which is available at www.interfor. com and under the Interfor profile. at Important factors and assumptions used in developing the forward-looking information in this press release include the volatility of the selling prices of lumber, logs and wood chips; the Company’s ability to compete globally; the availability and cost of log supply; natural or man-made disasters; exchange rate; changes in government regulations; the availability of the Company’s annual harvest opportunity (“AAC”); claims of indigenous peoples and treaty agreements with them; the Company’s ability to export its products; the softwood lumber trade dispute between Canada and the United States; stumpage fees payable to the Province of British Columbia (“BC”); the environmental impacts of the Company’s operations; work interruptions; information systems security; and the existence of a public health crisis (such as the current COVID-19 pandemic). Unless otherwise indicated, the forward-looking statements contained in this press release are based on the Company’s expectations as of the date of this press release. Interfor assumes no obligation to update such forward-looking information or statements, except as required by law.


Interfor is a growth-oriented forest products company with operations in Canada and the United States. The company has an annual production capacity of approximately 3.9 billion board feet and offers a diverse line of lumber products to customers around the world. For more information about Interfor, visit our website at

Investor contacts:

Rick Pozzebon, Senior Vice President and Chief Financial Officer
(604) 689-6804

Mike Mackay, Vice President of Corporate Development and Strategy
(604) 689-6846

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In order to strengthen banking rules, Democrats stop playing in Nice Fri, 10 Dec 2021 21:57:05 +0000

Democrats on the Federal Deposit Insurance Corporation (FDIC) board on Thursday approved a request for information and public comment on bank mergers. Hours later, the agency released a declaration on its website, insisting that “no such document has been approved”.

The mixed messages came from an internally divided agency where a Trump president grapples with a Democratic-majority board of directors. And it might just be a gambit in a new battle on the FDIC’s agenda.

The approved request was posted not to the FDIC but to the Consumer Financial Protection Bureau (CFPB) website. The new director of this agency, Rohit Chopra, is a critic of anti-competitive banking consolidation and has signaled his interest in strengthening the Bank Merger Act. Chopra noted on Twitter that he is particularly interested in public comments on how to “avoid creating banks that are too big to fail.”

More from Lee Harris

The FDIC is chaired by Trump-appointed Jelena McWilliams, whose term lasts until mid-2023. But the five-member board includes Chopra and Michael Hsu, the acting currency controller, both appointed by Democrats. Additionally, Martin Gruenberg, former FDIC chairman under President Obama, is a senior director of the agency. The post of Vice-President is vacant.

This means the Democrats have a 3-1 advantage on the board, with McWilliams, the president, as the only Republican. The FDIC argued that McWilliams nevertheless retains the power to set the agenda, controlling what goes to the board for a vote. But Democrats who asked for information on bank mergers relied on a power to get a scoring vote on an issue, without calling a meeting.

In its statement on Thursday, the FDIC disputed the approved request for information, writing: “There was no valid board vote.” The agency added that the request had not been published in the Federal Register.

The mixed messages came from an internally divided agency where a Trump president grapples with a Democratic-majority board of directors.

But Todd Phillips, an administrative law expert at the liberal think tank Center for American Progress, said the agency’s statutes allow the FDIC to distribute written commercial articles to board members. This applies unless a member says she would prefer to deal with the matter in a meeting, he said.

In the absence of that advice from McWilliams, Democrats say, she can’t stop the majority of the board from showing will.

Gruenberg, who signed the announcement approving the information request with Chopra, argued in a declaration that “it is clear under the law that the majority of the FDIC board has the power… to circulate and act on the basis of scoring votes, to implement the actions of the board. No individual member of the Council may exceed the authority of the majority.

If this strategy is successful, it will show Democrats have the power to lead the agency’s agenda even if they don’t hold the presidency, an American Banker strategy reported in January of this year.

Jeff Hauser, a researcher at the Center for Economic and Policy Research, told the Perspective that while the norm at the FDIC is to defer to the president, majority rule gives them the power to determine key agency actions.

“If only every person Biden nominated was as determined to use every piece of their rightful power to accomplish great things as Chopra, Gruenberg and Hsu,” he said.

If the majority unites on the priorities where they conflict with McWilliams, the power could be used to promote progressive priorities such as the introduction of new prudential regulations on deposit-taking institutions, the reassessment of the leverage ratio and the ‘integration of climate measures into capital risk assessments.

Gruenberg spoke about emerging risks to financial stability due to climate change, arguing that regulators should engage on environmental credit and liquidity risks on an issue where the United States is “behind.”

There are other strategies available to Democrats to bypass McWilliams. For example, the president oversees the work of the large staff who draft the bylaws, which can span documents of several hundred pages.

But the person technically in charge of this work is the FDIC chief of staff, said Phillips, who was previously an FDIC lawyer. It’s different from other agencies such as the Federal Reserve or the Security and Exchange Commission, he said, where presidents have the final say over staff duties.

If the majority is united where it clashes with McWilliams, the power could be used to lobby for progressive priorities.

The current FDIC chief of staff is Brandon Milhorn, a former Republican staff member on the Senate Homeland Security Committee. Milhorn was brought in under the Trump administration from Raytheon, the arms maker, where he was vice president of government relations.

“They just need to find a chief of staff who is loyal to them and not loyal to McWilliams,” Phillips said.

Anticipating resistance from McWilliams, some advocates argue the fight could escalate beyond the agency.

“If the president is willing to veto actions supported by the majority of the FDIC board, then I think we’re getting into a situation where President Biden has reason to fire her,” Amit said. Narang, a regulatory policy advocate at the progressive group Public Citizen. The FDIC chairman can only be sacked by the chairman for cause, but those vetoes could reach that level, Narang said.

While the possibility of Biden removing McWilliams is remote, it could have far-reaching implications. The President of the FDIC also sits on the Financial Stability Oversight Board (FSOC), which includes the regulators that oversee systemic risk.

In that role, McWilliams has already resisted early efforts to tighten financial regulation, for example, earlier this year, when she abstained from voting on an FSOC report acknowledging that climate change poses a risk to the economy. financial stability.

Even though the FSOC report was seen as a compromise with more cautious voices, by omitting the mention of the capital risk, McWilliams refused to say, arguing that the agency needed more time to consider the report’s findings.

Republicans testing unitary executive theory under Donald Trump, extending the president’s authority over regulators to unprecedented lengths. In 2017, Trump replaced a vacant CFPB director position with incumbent budget director Mick Mulvaney, who led the part-time consumer watchdog. Democrats have accused this at odds with the plain language of the law, which in the event of a vacancy attributes power to the deputy director. A complaint has been filed but finally abandoned.

The GOP is now outraged at Democrats for adopting similar tactics. “This illegitimate and unprecedented attempt to remove a bona fide, Senate-confirmed president would severely weaken the ability of independent regulators to operate without political interference,” said Senator Pat Toomey (PA), the committee’s top Republican. senatorial bank. in one declaration which distinguished Chopra and Gruenberg.

McWilliams is also distinguished by its defenders. Born in the city of Belgrade, in the former Yugoslavia, she traveled to the United States as part of a high school exchange program, The Wall Street Journal reported in a profile, before going to college in the United States and eventually joining the Federal Reserve.

This personal experience may not be relevant to McWilliams’ work, but it bears a striking resemblance to the story of Willow Omarova, the Cornell law professor who was chosen by Biden to lead the OCC, a another leading banking regulator. Born in the former Soviet Union, Omarova came to the United States from present-day Kazakhstan as part of an exchange program. She then worked in the Treasury Department and publish influential research on commodity trading by big banks.

Omarova earlier this week withdrew from the review after hearings where Republicans focused on Omarova’s ethnic identity and speculated that she might be a Marxist. Some have denied that prejudice played a role in this accusation.

“Being an immigrant, a woman and a minority, do you think that forms the basis of one of the questions that have been asked of you today? North Carolina Senator Thom Tillis asked Omarova during these hearings. He argued that his identity did not play a role in the assessment of his candidacy.

Tillis weighed in on the FDIC spat on Thursday night, condemn the movement of “Chopra and its facilitators”. He added: “What makes this takeover even more shameful is the way Chopra and her cronies try to intimidate and intimidate an immigrant.”

TDS announces CFO transition plans Thu, 09 Dec 2021 14:40:00 +0000

CHICAGO, December 9, 2021 / PRNewswire / – Telephone and Data Systems, Inc. (NYSE: TDS) today announced a series of planned financial leadership transitions that are expected to occur through May 2022. Peter L. Sereda, currently Executive Vice President and Chief Financial Officer of TDS plans to retire in May 2022 and will be replaced by Vicki L. Villacrez, currently Senior Vice President – Finance and Chief Financial Officer of TDS Telecom, a wholly owned subsidiary of TDS. The replacement of Ms. Villacrez as CFO of TDS Telecom will be Michelle M. Brukwicki, currently Vice President – Financial Analysis and Strategic Planning at TDS.

“TDS has an effective succession planning process in place, and this orderly transition to these important leadership positions is proof of this long-term effort,” said LeRoy T. Carlson, Jr., President and CEO of TDS. “Vicki Villacrez was instrumental in the successful transformation of TDS Telecom as it implemented its broadband strategy and significantly expanded the fiber deployment program. We look forward to his contributions to leading the finance teams at TDS. Michelle brukwicki brings exceptional experience in strategic planning, analysis and accounting to her new role as head of the financial organization at TDS Telecom, and I have no doubts that she will excel in her new role. “

“I sincerely thank Pierre Sereda for his most significant contributions to the TDS business over the past 23 years, as Treasurer and then Chief Financial Officer. His continued leadership on TDS capital structure, finances and accounting has enabled the company to properly finance our activities and growth plans for years to come. “

Villacrez was appointed Vice President – Finance and Chief Financial Officer of TDS Telecom in May 2012 and was promoted to Senior Vice President in 2017. She has been with the company for three decades, after joining parent company TDS, Inc. in 1989, as an internal auditor. Before taking up her current role, she held several management positions with increasing responsibilities in finance.

Villacrez works with many stakeholders including the TDS board, audit committee, investors, buy and sell analysts, news / industry journalists, and news agencies. rating.

Villacrez obtained a Bachelor of Science in Accounting from Graduate University of Iowa and a master’s degree in business administration from Edgewood College in Madison, Wisconsin. She is also a certified public accountant.

Michelle brukwicki became Vice President – Financial Analysis and Strategic Planning at TDS in 2017. She leads the enterprise-wide strategic planning, budgeting and forecasting process for TDS and its business units.

Brukwicki joined TDS in 2007. Prior to taking on her current role, she most recently served as Director of Accounting for TDS Telecom. Previously, she held increasingly responsible leadership positions within the organization in the areas of accounting and financial reporting, cash accounting and accounting policy.

CPA, Brukwicki obtained a bachelor’s degree in business administration and a master’s degree in business administration from the University of WisconsinMadison.

About TDS
Telephone and Data Systems, Inc. (TDS), a Fortune 1000® business, provides wireless; broadband, video and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, UScellular, TDS Telecom and OneNeck IT Solutions. Founded in 1969 and based in Chicago, TDS employed around 8,900 people in September 30, 2021.

For more information on TDS and its subsidiaries, visit:
TDS Telecom:
OneNeck IT solutions:

SOURCE telephone and data systems

Having a FirstBank Payroll Account Can Relieve Your Money Woes, Find Out How … Sun, 05 Dec 2021 17:05:54 +0000

When talking about banks in Nigeria, it is virtually impossible to avoid mentioning the banking giant that is the First Bank of Nigeria Limited, known as First Bank. It was the very first bank to be established in Nigeria. The bank is a force to be reckoned with across Nigeria and enjoys a solid reputation among the citizens and residents of the country.

History of the First Bank of Nigeria

The Bank was founded in 1894 by Sir Alfred Jones, a shipping magnate from Liverpool, England. The Bank had its first head office in Liverpool, but started its activities on a medium scale in Lagos, Nigeria, under the name Bank of British West Africa (BBWA).

In 1912, the Bank obtained its first competitor, the Bank of Nigeria (formerly Anglo-African Bank) which was created by the Royal Niger Company in 1899. In 1957, the Bank of British West Africa (BBWA) became the Bank of West Africa (BWA). In 1966, the Bank underwent another name change following its merger with Standard Bank of the United Kingdom, adopting the name Standard Bank of West Africa Limited. In 1969, the Bank was also incorporated locally as Standard Bank of Nigeria Limited, in accordance with the Companies Decree of 1968.

There were further changes in the name of the Bank in 1979 and 1991, the 1979 change seeing the name change to First Bank of Nigeria Limited and the 1991 change seeing the name change to First Bank of Nigeria Plc. In 2012, the Bank changed its name again to FirstBank of Nigeria Limited as part of a restructuring process which resulted in FBN Holdings Plc, after separating its business activities from the other companies of the FirstBank group, in accordance with the new regulations. established by the Central Bank of Nigeria (CBN).

In December 2012, First Bank made big leaps. It had 1.3 million shareholders worldwide, was listed on the Nigerian Stock Exchange (NSE) as one of the most capitalized companies, and also had an unlisted Global Deposit Receipt (GDR) program, which has all were transferred to the Bank’s holding company. , FBN Holdings in December 2012.

The growth and operation of First Bank

The Bank has built on its solid foundation and has consistently innovated in the local financial sector for over 120 years. FirstBank is currently present in the UK and France through its subsidiary FBN Bank Limited with branches in the popular cities of London and Paris; and in Beijing with its representative offices there. In October 2011, the Bank bought a new subsidiary, Banque Internationale de Crédit (BIC) which was one of the first banks in the Democratic Republic of Congo. In November 2013, the Bank continued to acquire ICB in countries such as Sierra Leone, Ghana, Guinea and The Gambia before acquiring ICB in Senegal in 2014.

These acquisitions represented major milestones in the Bank’s plan to develop its presence in sub-Saharan Africa, and all African subsidiaries now carry the FBN Bank brand.

As the operating environment continues to evolve globally, FirstBank follows these changes while continuing to meet the specific needs of its customers, investors, regulators, host communities, employees and other stakeholders. Through a balanced approach to plan execution, the Bank has strengthened its leadership in the financial sector by maintaining an appeal that crosses generations. This prompted the Bank to further strengthen its client base which spans different segments in terms of sectors, structure and size.

Through the use of an experience that spans over one hundred years of reliable service, FirstBank establishes relationships and partnerships with vital sectors of the country’s economy that have been strategic elements for growth, development and general well-being of the country. With the Bank’s vast asset base and extensive branch network coupled with constant reinvention, FirstBank is Nigeria’s strongest banking franchise, maintaining market leadership in all areas of the country’s financial services industry.

The Bank has over 750 shopping locations across Nigeria, all of which operate online and in real time, the Bank has one of the largest national sales networks in the country. As a market leader in the financial services industry, FirstBank has led international money transfer and electronic banking initiatives in the country, serving more than 14 million customer accounts.

The Bank’s strategy has focused on restructuring the company to take full advantage of the growth opportunities within the financial services industry, following the expansion of business lines in strategic business units, by putting continuously implementing a systematic international expansion plan and creating synergies within the FirstBank group.

In terms of international expansion, the Bank is focused on financial services markets in the sub-Saharan region of Africa.

Important milestones of First Bank

  • 1894 – Incorporated and based in Marina, Lagos as Bank of British West Africa (BBWA)
  • 1912 – The second branch in Nigeria was opened by King Jaja d’Opobo in Calabar, with a branch also opened in Zaria as the first branch in the northern part of the country
  • 1947 – BBWA granted the first long-term loan to the then colonial government
  • 1955 – Partnership with the government to extend rail lines
  • 1957 – Becomes the Bank of West Africa
  • 1966 – Becomes Standard Bank of West Africa Limited, following a merger with Standard Bank of the UK
  • 1969 – Became locally listed as Standard Bank of Nigeria Limited
  • 1971 – The bank’s first listing on the Nigerian Stock Exchange
  • 1979 – Becomes Nigeria’s First Bank Limited
  • 1991 – Becomes First Bank of Nigeria Plc
  • 1994 – Launch of the first university endowment program in Nigeria
  • 2012 – Becomes a subsidiary of FBN Holdings Plc.
  • 2013 – Completion of the acquisition of ICB’s assets in Guinea, Gambia, Sierra Leone and Ghana as part of an expansion program

FirstBank management

President – Tunde Hassan-Odukale

Tunde Hassan-Odukale is a graduate of the University of London and the City University of London. He joined the board of directors of First Bank of Nigeria Limited as a non-executive director in 2011, and is currently the Managing Director of Leadway Assurance Company Limited. His management experience spans over 22 years and includes asset management, finance, life insurance operations and IT.

Managing Director / CEO – Adesola Adeduntan

Dr. Adesola Kazeem Adeduntan has been Managing Director / CEO of First Bank of Nigeria Limited and its subsidiaries since January 1, 2016. Prior to that, he was Executive Director and CFO of the Bank since 2014 when he was appointed to the Board of Directors of the Bank. He was a director and pioneer CFO / Commercial Director of Africa Finance Corporation.

He was also Senior Vice President and Chief Financial Officer of Citibank Nigeria Limited, Director of Arthur Andersen Nigeria and Senior Director of the Financial Services Group of KPMG Professional Services.

Deputy Managing Director – Olugbenga Francis Shobo

Olugbenga Francis Shobo joined the Board of Directors of First Bank of Nigeria Limited in 2012. He was previously Executive Director overseeing retail / public sector banking activities at Lagos, West and South management prior to his appointment. as Deputy Director General of the Bank. He is the first person to be appointed Deputy Managing Director of FirstBank in the bank’s history spanning more than 120 years.

Executive Director, Public Sector Group – Abdullahi Ibrahim

Abdullahi Ibrahim was appointed Executive Director of First Bank in 2017. Prior to his appointment as Executive Director, he served as Managing Director of North Retail Bank from December 2012 until he was appointed Managing Director , technology and services. He was the first group leader, manufacturing group within the Bank’s institutional group.

Executive Director, Corporate Banking – Remi Oni

Remi Oni was appointed Executive Director, Corporate Banking in April 2016. Prior to his appointment, he was Executive Director, Corporate & Institutional Banking for Nigeria and West Africa at Standard Chartered Bank.

Tennessee Electric Vehicle Battery Surge Helps Chattanooga Benefit, Novonix CEO Says Sat, 20 Nov 2021 20:00:47 +0000

Chattanooga and Tennessee are poised to benefit from an expected increase in sales of electric vehicles, as companies here manufacture the cars and the batteries that power them.

“We want to build these cars here, with the batteries built here and the batteries having the materials processed here,” said Chris Burns, CEO of Novonix, which will mark a planned $ 160 million investment in a Chattanooga plant on Monday.

Burns’ facility on Riverfront Parkway is expected to manufacture up to 10,000 tonnes of synthetic graphite per year and employ nearly 300 workers. This product is used in ultra-long-lasting, high-performance anode material for lithium-ion batteries for electric vehicles and power grid storage.

U.S. Energy Secretary Jennifer Granholm is scheduled to appear in Chattanooga, representing President Joe Biden’s administration and his support for electric vehicles.

The $ 1.2 trillion federal infrastructure bill enacted by Biden on Monday provides $ 7.5 billion for electric vehicle charging stations nationwide and offers generous tax credits to buyers of battery-powered vehicles.

“We are extremely pleased that Secretary Granholm is taking the time to come to the event,” Burns said in a telephone interview. “It shows the importance of what we’re doing. We really want to bring large-scale production to the supply chain in North America.”

Burns said America has long relied almost entirely on China for key materials such as what Novonix produces in Chattanooga.

“Until recently, almost all battery cells were built in China,” said the CEO of the Nova Scotia-based company.

While the production of battery cells has seen phenomenal growth in North America recently, there is a need to bring material suppliers to this region, Burns said.

“This site that we are opening and expanding is one of the first large-scale sites to produce some of these materials at scale in North America,” he said of the former Alstom plant. of 400,000 square feet that Novonix is ​​in the process of modernizing.

Burns also cited Volkswagen’s assembly of the battery-powered ID.4 SUV, due to start in Chattanooga next year, as well as production of electric vehicles by other automakers such as Ford, General Motors and Nissan in the Tennessee. Additionally, battery makers like SK Innovation and LG are investing in Tennessee, Georgia, and Kentucky to serve automakers.

Johan de Nysschen, chief operating officer for the Volkswagen Group’s North American region, told Chattanooga this fall that sales of the ID.4, which is now assembled in Germany, are “a good start.”

“We are desperately short of supply,” said the region’s COO of the ID.4 which went on sale in the United States around March. “We look forward to production going into production in Chattanooga. The market is ready for accelerated adoption of electric vehicles.”

VW Chattanooga plans to add around 1,000 more employees over the next year to the 4,000 already working at the plant to hire a third crew and build the ID.4 with the Atlas SUVs it is currently building.

The ID.4 is “only our opening salvo” in the EV space in America, said de Nysschen.

Staff file photo / Novonix purchased a former Alstom manufacturing plant shown in this aerial photo. The company plans to employ nearly 300 people in its expansion in Chattanooga.

“The ID.4 is the first of many electric vehicle entries for the brand and the VW Group,” he said, noting that the German automaker is committing $ 41 billion worldwide to battery-powered vehicles.

In terms of hiring, Burns said Novonix expects “a small wave next year” and then gradually ramp up its workforce as production ramps up.

Currently, the company has approximately 50 people in Chattanooga. In 2017, Novonix opened a small store in Lookout Valley.

Burns cited previous statements from the company to consider opening another facility with 1,000 employees.

“We are in the process of evaluating,” he said. “Tennessee continues to sound like an incredibly attractive place to grow, but we are looking at several different jurisdictions.”

Chattanooga and the County of Hamilton have already approved property tax relief for Novonix of up to 50% over 10 years, although the company would pay all county school taxes. Meanwhile, the state of Tennessee has agreed to provide an accelerated grant of $ 3 million for the Novonix project.

Earlier this year, the US Department of Energy awarded Novonix $ 7.1 million for technology development.

“We are so far behind China in so many ways, it is paramount that the government recognizes that it has to play a role,” Burns said.

Also this year, energy giant Phillips 66 agreed to acquire a 16% stake in Novonix for $ 150 million.

Charles Wood, vice president of economic development for the Chattanooga Area Chamber of Commerce, said Novonix was “a great addition”.

“This is about manufacturing in an industry that has a long growth curve ahead of it,” he said.

Chattanooga businessman Jimmy White and local hotel developer Hiren Desai bought the former 121-acre Alstom property where Novonix is ​​operating for $ 30 million in 2018.

White said his Urban Story Ventures group is expecting a company like Novonix. White said the mixed-use redevelopment of Alstom’s entire property could bring $ 2-3 billion in investment, add more than $ 11 million in tax revenue per year for Chattanooga and the Hamilton County and create more than 5,000 jobs.

The use of former Alstom property for manufacturing dates back over a century as a manufacturing site for pressure vessels, tanks, fire tubes and water tube boilers. In 2007, Alstom announced plans for a new $ 300 million Chattanooga plant and built the turbine manufacturing plant.

But in 2015, GE bought out Alstom’s electrical business in France and later announced it was shutting down the turbine manufacturing plant and two adjacent facilities, cutting nearly 235 jobs in Chattanooga.

Under Alstom, the installation was known as “Big Blue” due to its distinctive coloring. The new developer renames the resort as The Bend, named after its location on a bend in the Tennessee River.

Contact Mike Pare at or 423-757-6318. Follow him on Twitter @MikePareTFP.