• What's in a name? Banks count cost of loans in NMC collapse

    As the crisis engulfing his business empire deepened, Bavaguthu Raghuram Shetty met with Bank of Baroda officials in mid-March to discuss the $250 million he and his firms owed. The loans were granted on the strength of Shetty's reputation as a billionaire and his businesses, in particular, NMC Health, the Middle East-focused hospital group he made his fortune from, according to court filings. Shetty, an Abu Dhabi-based Indian entrepreneur, was feted as the Gulf's ultimate immigrant success story and NMC Health, the United Arab Emirates' largest private hospital group, borrowed without having to provide collateral from dozens of banks either headquartered or with bases in the region.


  • AP: After lobbying, Catholic Church won $1.4B in virus aid

    The U.S. Roman Catholic Church used a special and unprecedented exemption from federal rules to amass at least $1.4 billion in taxpayer-backed coronavirus aid, with many millions going to dioceses that have paid huge settlements or sought bankruptcy protection because of clergy sexual abuse cover-ups. The church’s haul may have reached -- or even exceeded -- $3.5 billion, making a global religious institution with more than a billion followers among the biggest winners in the U.S. government’s pandemic relief efforts, an Associated Press analysis of federal data released this week found. Houses of worship and faith-based organizations that promote religious beliefs aren’t usually eligible for money from the U.S. Small Business Administration.


  • AP: After lobbying, Catholic Church won $1.4B in virus aid

    The U.S. Roman Catholic Church used a special and unprecedented exemption from federal rules to amass at least $1.4 billion in taxpayer-backed coronavirus aid, with many millions going to dioceses that have paid huge settlements or sought bankruptcy protection because of clergy sexual abuse cover-ups. The church’s haul may have reached -- or even exceeded -- $3.5 billion, making a global religious institution with more than a billion followers among the biggest winners in the U.S. government’s pandemic relief efforts, an Associated Press analysis of federal data released this week found. Houses of worship and faith-based organizations that promote religious beliefs aren’t usually eligible for money from the U.S. Small Business Administration.


  • California set to become first state to file lawsuit against Trump administration's new international student visa policy

    California Attorney General Xavier Becerra announced the state's 86th lawsuit against the Trump administration during a virtual news conference.


  • What's in a name? Banks count cost of loans in NMC collapse

    As the crisis engulfing his business empire deepened, Bavaguthu Raghuram Shetty met with Bank of Baroda officials in mid-March to discuss the $250 million he and his firms owed. The loans were granted on the strength of Shetty's reputation as a billionaire and his businesses, in particular, NMC Health, the Middle East-focused hospital group he made his fortune from, according to court filings. Shetty, an Abu Dhabi-based Indian entrepreneur, was feted as the Gulf's ultimate immigrant success story and NMC Health, the United Arab Emirates' largest private hospital group, borrowed without having to provide collateral from dozens of banks either headquartered or with bases in the region.


  • China State Funds Start Selling in Warning Sign for Stock Rally

    (Bloomberg) -- China acted to cool the speculative frenzy in its $9.5 trillion stock market, snapping a euphoric eight-day surge that had fueled worries of a new equity bubble in the making.Signs of Beijing’s unease over the rally’s speed emerged late Thursday, when a pair of government-owned funds announced plans to trim holdings of stocks that soared this week. On Friday the state-run China Economic Times warned about the dangers of a “crazy” bull market, while Caixin reported that regulators had asked mutual fund companies to cap the size of new products.Traders said the moves amounted to a warning from Chinese officialdom that the country’s world-beating equity boom has gone too far, too fast. While cheerleading from state-run media helped ignite gains at the end of last month, authorities appear keen to engineer a steady bull market rather than a repeat of the bubble that ended in a $5 trillion crash five years ago.“The signal could not be clearer -- stocks have just become too hot for the regulators’ liking,” said Niu Chunbao, a fund manager at Shanghai Wanji Asset Management Co. “A slight dip or so may put their minds more at ease at this point.”The SSE 50 Index of Shanghai’s largest stocks fell as much as 2.4% Friday. The gauge had closed Thursday within 2 percentage points of its intraday peak in 2015.China’s National Council for Social Security Fund -- the country’s national pension fund -- said it intends to sell a stake of as much as 2% in People’s Insurance Company (Group) of China Ltd. The fund, which oversees about 2.2 trillion yuan ($314 billion) in assets, said the sale was part of its “regular divesting activities.”The National Integrated Circuit Industry Investment Fund Co. -- a far smaller state-backed semiconductor fund aimed at fostering China’s homegrown chipmakers -- announced plans to offload shares in three firms. Textile maker Wuxi Taiji Industry Co., Shenzhen Goodix Technology Co., and Beijing BDStar Navigation Co. fell at least 2.5%.The role of state-backed funds in China’s market landscape became apparent during the 2015 stock rout, when firms like China Securities Finance Corp. and Central Huijin Investment Ltd. worked to counter big equity losses.Chinese stocks had added about $1 trillion in value this week -- far outpacing gains in every other market worldwide. Signs of euphoria among the nation’s investing masses are popping up everywhere: turnover has soared, margin debt has risen at the fastest pace since 2015 and online trading platforms have struggled to keep up.The securities regulator had already taken some steps to limit speculative behavior, publishing a list of 258 illegal margin financing platforms on Wednesday. It also warned investors to stay away from the unauthorized platforms.Foreign investors turned net sellers of Chinese shares for the first time this month on Friday, dumping a net 3.9 billion yuan as of 2 p.m. local time. They had pumped a net 63 billion yuan across the border via exchange links in July.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


  • U.S. Army chief of staff signs "strategic vision" pact with Thailand

    U.S. Army Chief of Staff General James McConville met with Thailand's prime minister and its army chief on Friday, in the first high-level visit by a foreign delegation to Thailand since the COVID-19 pandemic disrupted international travel. McConville met with Prime Minister Prayuth Chan-ocha and also Thai army chief Apirat Kongsompong and signed a Strategic Vision Statement, a U.S. Embassy statement said, as Washington looks to reassure allies about its commitment to the region. The United States has sought to counter China's influence in Southeast Asia, most recently by sending two aircraft carriers to the South China Sea while the Chinese military conducted drills near islands that are also claimed by Vietnam.


  • New Nordic Life Science Venture Fund, Eir Ventures, Launched to Leverage the Untapped Potential of Health Care Innovation

    Eir Ventures, a Nordic Life Science Venture Fund, today announced a first close of its new fund of EUR76 million. With a strong base in the Nordic region and a team of experienced life science investors, Eir Ventures will invest in innovative companies with products and technologies addressing significant unmet medical need and a potential to improve the life of patients. The fund is launched with support from a strong investor syndicate comprising Saminvest, the European Investment Fund (EIF), Vækstfonden, Novo Holdings, as well as additional private investors.


  • SuperCom Receives Expected Nasdaq Letter on Late Filing

    SuperCom (NASDAQ: SPCB), a global provider of secure solutions for the e-Government, Public Safety, HealthCare, and Finance sectors, received a letter from Nasdaq notifying that the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1) as the Company has not yet filed its Form 20-F for the year ended December 31, 2019 (the "Annual Report") with the U.S. Securities and Exchange Commission.


  • Do Institutions Own OFX Group Limited (ASX:OFX) Shares?

    Every investor in OFX Group Limited (ASX:OFX) should be aware of the most powerful shareholder groups. Large companies...


(ARA) - Being protective goes hand-in-hand with being a parent. From hand sanitizer gel to bike helmets to high-tech car seats, moms and dads will go to the ends of the earth to keep their little ones safe, sound and happy. But eventually, the scrapes and bruises no longer need a healing kiss, the training wheels come off the bike and the day comes when they're driving to school - not just high school, but college. You might be surprised, but there are actions you can take now that will protect them then - and even beyond.

It's not uncommon for new parents to consider adding life insurance coverage to the other policies that they carry, like car and health insurance. It can be a difficult thing to think about, but it's an added protection that will ensure that kids and the surviving spouse will be taken care of in the event that one parent dies. However, there are other ways in which a life insurance policy can make a difference for your child.

It might not be something that immediately comes to mind, but taking out a life insurance policy for your children could have lasting benefits for their financial future. However, doing so when they are still young could not only add up to cost savings over the long term, but better protection of their assets as they themselves get to an age at which they'll consider a family of their own.

In practical terms, giving your children the gift of a life insurance policy protects them from medical underwriting and high costs. You'll be establishing the coverage early enough that costs will be lower, particularly in the initial stage, and it can help to keep them manageable further down the road, depending on the plan.

Over the years, a life insurance policy can become an important part of your children's financial protection. And once they're at the right age to have the discussion about how to be financially responsible, it can be a helpful example, among other lessons like establishing good credit and smart spending habits.

Some insurance plans will allow your child to make changes as their life progresses, giving them the chance to increase coverage as they go through life's milestone events, like getting married, taking out a mortgage to buy a house and having children of their own. Premiums will naturally increase with added coverage, but the added costs associated with medical underwriting will be eliminated.

Looking out for your kids is an instinct that will never fade. As they grow, you'll help guide them on the right path in life, but at some point, they'll be off on their own. Giving them long-term protection when they're young will ensure that you're helping to watch out for them, long after they've left the nest.Life insurance for kids: Long term benefits come from early investment
Category: Business