Tag Archives: Investors

Astoria Food Hub raises $ 700,000 for the Sears building | Local News | Instant News

It only took about two weeks for the partners behind the Astoria Food Center to raise the $ 700,000 needed to complete a second-hand Sears Hometown Store purchase.

The partners, who hit a fundraising milestone on Sunday, plan to renovate a former equipment store on Marine Drive into a retail, processing, storage and distribution hub for local food producers. They hope to open in the fall.

The partners behind the Astoria Food Hub plan to close the former Sears Hometown Store on Marine Drive in the coming weeks after raising $ 700,000 for building purchases.

The food center raises money through Steward, a commercial lender that raises money to cover borrowing costs from public investors who get back the principal and interest. Jared Gardner, owner of the Nehalem River Farm and a central partner in the project, said $ 700,000 would be paired with about $ 120,000 invested by the partners.

“That takes us through the down payment, and all permits, of historic reviews,” said Gardner. “We have some engineering costs. This gets us all the documents fully turned over to the city, so we can queue up for the next stage, which is the construction costs. “

Warren Neth, who markets Gardner’s farm and food center, said 164 people joined loans with minimum investments of $ 100 to over $ 20,000 by multiple contributors. Most of the support comes from people with money in savings who want to earn a higher interest rate than the goals they support, he said.

“It is a small level investor who bears the burden of investing, borrowing,” said Neth.

Gardner said partners hope to close the building in the coming weeks and take a break before releasing conceptual images of the food center and starting a second round of fundraising to build retail stores, cold storage and commercial kitchens.

The food center has attracted interest in part from the need for more local cold storage space.

North Coast Food Web runs a weekly market for local producers whose demand has soared during the coronavirus pandemic. Jessika Tantisook, executive director of food web, said the group is considering expanding to the Sears building because of synergies and the need for more cold storage.

Jeff Graham, executive chef at Fort George Brewery, buys beef and pork from Gardner. Graham wanted a local space to make and store items like charcuteries.

Gardner rented a cooler space in Portland, where he had to travel whenever Fort George or another client needed more of his product. The upcoming phase of the food center will include expanded cold storage in the basement of the building to meet demand. Gardner said the group wanted to start smaller and increase over time.

“It’s more responsible to build with precision than just swing it,” he said.

One of the partners in the food hub is Tre-Fin Day Boat Seafood from Ilwaco, Washington. The hyperlocal capture processor raised $ 260,000 via Steward for a new processing room. Gardner said he saw the power in the model, giving the community the ability to invest and see the financial benefits of projects.

“I personally want my customers to be invested in, and investors to become customers,” said Gardner. “Because that’s what keeps money circling in our community. If we’re going to pay interest to someone, I want to pay a community that supports what we do. “

People interested in supporting the Astoria Food Hub can register at astoriafoodhub.com to be part of a future fundraiser.


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24xFOREX. Be careful with this broker! | Instant News

We warn our readers about the 24xForex broker. What is the cheat mechanism like? What should you pay attention to?

Have you been scammed by cryptocurrency companies or forex brokers? Send us an email at [email protected]

Our readers are informed about the scams on the part of broker 24xFOREX. Initially, he deposited funds worth 200 euros. They are handled by a financial analyst from the company. The analyst makes decisions about his own orders, opening and closing positions at his own discretion. The reader is left only to observe the growing profits on the account. However, after a few days, the account balance started to decline. One analyst asked for additional donations to “save profits.” He also promised that open trade would be positive. The advisor manipulates the reader for more than 2 weeks. As a result, he deposited more than EUR 11,000, not wanting to lose his previously deposited funds. When the reader then checks the account balance on the platform, it turns out that without his knowledge all transactions were closed at a loss. Both the deposit and previous profits are forfeited. The aggrieved party tried to contact the company using all available email addresses regarding fraudulent refunds, but without reply. He reported the matter to the police and his bank.

What do we know about 24xforex broker?

The broker described works under the site www.24xforex.com. The website includes the following company addresses: PACO World System LT, The Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands and PACO SYSTEM LTD 3rd Floor, 120 Baker Street, London, England, W1U 6TU. Therefore, these activities are carried out by two companies: headquartered in Great Britain and in the Marshall Islands. A license from the governing body FCA is required to operate a UK brokerage. However, in the list of entities subject to the FCA, we will not find such companies. It is likely that brokerage activity is concentrated in the Marshall Islands, where they are not regulated.

A website dedicated to Forex brokers – ForexRev includes this brokerage in its alert list based on reports received by clients who have suffered losses. ForexRev points out that the verification of this broker shows that it is not licensed to provide investment services. It added that the aggrieved party informed that consultants contacted them several times a day from different numbers, urging them to trade on their platform. On the Internet, you can also find a lot of unpleasant comments about the non-payment of money to customers. 24xFOREX is also listed on foreign websites, which is referred to as a scam.


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The uncertainty annoys EV investors | Instant News

Apart from the electric vehicle (EV) policy for two and three-wheelers, the non-issuance of a Statutory Regulatory Order (SRO) for customs and sales tax has put potential investors in a dilemma.

According to the notification issued by the Federal Board of Revenue (FBR) on February 3, 2021, in order to amend SRO 572 (I) 2020, there will be no additional customs duties for the import of electric vehicles that are included in the Pakistan Customs Tariff (PCT). ) code 8703.8030 (electric car rickshaw), 8711.6040 (electric motorcycle), and 8711.6060 (three-wheel loader).

Although the Pakistani government has taken steps to promote electric vehicle technology in the country, the revenue council has waived additional customs duties on imports of electric two-and three-wheelers until June 30, 2025.

However, there was no mention of any two-and three-wheeler import duties, Sabir Shaikh, chairman of the Pakistan Electric Vehicle Manufacturers Association (PEVMA), said while speaking with The Express Tribune.

“We have several questions, namely what is the current import duty for the completely built units (CBU) two and three wheels? What are the withholding rates and income taxes on CBU imports? How much is the sales tax on imported CBU bicycles and rickshaws? “He has stated.

“If we import a motorbike with a fuel engine, we have to pay a 50% import duty,” said the Sheikh. “For example, if a bicycle costs Rs100,000, the importer will pay Rs50,000 for the purchase to the government due to customs duties.”

An additional 1% import duty is Rs500, but according to electric vehicle policy, the electric vehicle import duty will be charged half of the cost of a fuel-engined vehicle, the chairman said, adding, “For example, if the government charges 50% for fuel vehicles, then the government will charge 25% for imports of electric vehicles. “

The government has not issued an SRO for a 50% import duty, so anyone importing an electric motorbike has to pay the same duty, said Syekh. “The government should reduce this anomaly by issuing an SRO for this task; however, they have issued an SRO only for an additional customs duty of 1%, which is practically non-existent. “

It seems that the real situation is not being conveyed well to top officials, although Prime Minister Imran Khan and his team have been quite vocal in supporting electric vehicles, Shaikh said. “The notification released is disappointing to investors and the potential for a green revolution in the country.”

Published in The Express Tribune, February 7th, 2021.

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Investors need to show proof of profit for tax incentives | Instant News

KARACHI: Financial institutions are demanding certificates of evidence from investors showing they receive a return of less than Rs500,000 on debt in a year if they wish to take advantage of lower income tax rates, sources said on Friday.

The source said the financial institution asked debt beneficiaries to provide an annual certificate of profit of less than Rs500,000 to take advantage of the reduced rate of income tax on return on investment.

Financial institutions, including banks and other debt benefit payers obtain these certificates from their customers for tax incentives.

Under section 151 of the 2001 Income Tax Ordinance, the withholding rate of tax on return on debt is 10 percent if total profit does not exceed Rs500,000. However, if the profit exceeds the benchmark, the withholding tax rate is 15 percent. If the recipient is not on the list of active taxpayers, the tax rate turns out to be 30 percent.

Through the 2020 Finance Law, the amendment was made in part where a 10 percent tariff reduction would only be available if the beneficiary provided a certificate that his annual income under this head would not exceed the threshold.

To explain the amendment, FBR issued circular no. 07 of 2020 on 22 December 2020. FBR receives many inquiries regarding the application of lowered tariffs under article 151.

“It explains that the required certificate must be completed by the beneficiary of the debt to the profit payer so that the total profit on debt received / receivable during the tax year from all investments in the case does not exceed Rs500,000. The required certificates can be submitted on plain paper, ”said FBR.

Tax managers and tax experts agree that amendments to certifying by profit recipients will not exempt the withholder’s responsibility for reducing the actual amount of withholding tax.

Tax officials at the Karachi Large Taxpayers Office said the amendment required beneficiaries to estimate annual returns, which is impractical.

One official said if returns increase the threshold income in such a scenario the bank will cut the tax rate at a higher rate or the beneficiary will be held responsible for the declaration error.

Rehan Hassan, former president of the Karachi Tax Bar Association said certificates are not important but when income tax returns are filed for the 2021 tax year, such problems will arise.

Hassan said that a bank or financial institution will ultimately be responsible for the true and proper withholding of taxes under PART 151 of the 2001 Income Tax Act. “How can a person estimate his annual income? What will happen if the interest rate is changed? “


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Australian investors are eyeing higher stocks as the economy calms down again | Instant News

SYDNEY – The success of tackling COVID-19 has not been reflected in the Australian stock market, which lagged considerably behind other regional peers last year.

But as global investors seek safe, high-yielding assets to hold onto their wealth, analysts predict that Australia is poised for a rebound, with heavyweights such as finance, resources and industry set for strong gains on the global economic recovery and mining exports. to China. explosion.

“The Australian market is doing quite well, supported by a trifecta of strong factors – economic reopening, deployment of vaccines and fiscal stimulus, all of which will combine to reduce unemployment, increase consumer spending and pretty much get the economy back on its feet,” said Matt Sherwood, head of multi-asset investment strategy at fund manager Perpetual.

Australia has been relatively successful among developed countries in dealing with the pandemic, limiting its spread to around 28,800 infections and fewer than 1,000 deaths. This has allowed the island nation to reopen its domestic economy, in contrast to many of the world’s wealthy nations which have been forced back into lockdown.

The Australian dollar 1.9 trillion ($ 1.5 trillion) economy has recovered from its first recession in nearly 30 years as fiscal and monetary stimuli underpin job growth, consumer spending and construction activity.

Australia’s economic fortunes have also been supported by the swift recovery of its biggest trading partner, China, helping to lift iron ore exports – which drive Chinese steelmaking – to record highs.

In addition to government stimulus of more than AU $ 300 billion, the lowest interest rate at 0.1% and the central bank’s commitment to maintaining an easy money policy for a long time have also helped boost sentiment.

Australia’s benchmark S & P / ASX 200 stock index has risen since the second half of last year, including a 10% jump in November, the best month in nearly 30 years.

But that increase was barely enough to cover the 37% drop during the early weeks of the pandemic. The index finished 1% lower in 2020.

In comparison, the US S&P 500 and Japan’s Nikkei Stock Average are up 16% for the year, China’s CSI 300 is up 27% and the South Korean Kospi index is up 31%.

If Australia continues to handle the pandemic well – keeping infections under control, immunizing its population and opening up state borders – there are huge benefits in sight for equity investors, said Evan Lucas, chief strategy officer at InvestSMART advises.

“If that remains true, then there will be very strong growth in sectors such as tourism and aviation and barometer stocks such as Sydney Airport and Transurban, which depend on the number of people moving across the country,” he said, estimating the potential market gains from 10% by 2021.

Others also predict that returns will exceed an average of 7% in the past five years.

International tourism and education are unlikely to bounce back in a hurry, although investors are looking to the successful global rollout of a COVID-19 vaccine to help restart business and leisure travel.

Australia, with a small export-driven economy, has benefited greatly from strong global growth, which is expected to exceed 5% this year – the biggest annual increase in nearly 50 years.

Economic growth of that size makes it easier for companies to deliver 25% to 30% revenue growth, a boon for the stock market.

“We are likely to see a sustained shift in performance from investments benefiting from the pandemic and lockdowns, to investments benefiting from the recovery – resources, industry, tourism and financial stocks,” Shane Oliver, chief investment strategist at wealth manager AMP Capital, said in a statement. note.

He expects Australian stocks to post a 12% return in 2021.

But economic success may come at a price, as the country’s currency has touched a three-year high, hurting exporters’ incomes. Money managers say a rising currency is a big headwind for stock investors.

Profits on ASX since mid-2020 have been driven largely by healthcare companies such as ResMed and Healius as well as consumer finance players such as Afterpay and Zip who have benefited from the online retail boom.

Sectors such as finance, materials, industry and real estate – which make up about two-thirds of the index and were hit hardest by the lockdown – have yet to recover.

Many of these stocks, such as Telstra, Qantas and the four major Australian banks, also offer the highest dividends and are well-liked by foreign investors and retirees looking for a steady income.

Over the past five years, dividend yields on the ASX have averaged around 4.5%, and despite being under pressure in recent months, ASX still offers the highest yield among the 24 developed market companies of the MSCI index, at 3.5%.

It assumes significance for money managers when bond yields erode the bottom of the barrel.

The main cloud hanging over the ASX outlook are ongoing trade tensions between Australia and China’s main trading partner, with some analysts warning that misjudgment on either side could risk slowing down Australia’s long-term growth rates.

So far, agricultural exports have taken the brunt of China’s wrath, but it only makes up 0.02% of Australia’s annual production. In contrast, iron ore exports, which account for 7.5% of gross domestic product, have increased.

“A lot of the exports discussed are in the agricultural sector and are not listed, therefore the pain is more visible [in] economic terms rather than through a market perspective, “said Lucas of InvestSMART.

“The stock market is actually benefiting from iron ore. Prices are well above expectations that Chinese demand for the product will not diminish any time soon.”


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