NoneEducation loans have been growing at a notable pace in recent years and a further boost is expected with the newly launched ‘Pradhan Mantri Vidyalaxmi scheme’. Given the RBI report that education loan growth touched 17.6 per cent year-on-year (yoy) for the fortnight ending September 20, Bibekananda Panda, Senior Economist, State Bank of India (SBI), points out that it has outpaced the overall credit growth of 13 per cent and personal credit growth of 13.4 per cent. The PM Vidyalaxmi scheme is designed to offer collateral-free, guarantor-free education loans through a simple, transparent, student-friendly and fully digital application process, backed by a credit guarantee from the government. Panda expects such a loan structure to incentivise banks to expand their coverage. By reaching financial support to nearly 22 lakh meritorious students annually, the scheme will directly benefit those who gain admission to the nation’s top 860 higher educational institutions, he says. In addition to the government’s credit guarantee, the scheme includes an interest subvention of 3 per cent on loans up to ₹10 lakh for students with annual family income of up to ₹8 lakh and full interest subvention for students with annual family income of up to ₹4.5 lakh. Mislabelled agri loans face culling Why peer-to-peer lending has RBI on edge Gold loans: Test by fire “The new initiative aims to brighten the future of meritorious students from lower income strata. This approach is expected to encourage banks to expand in this segment and contribute to building human capital for a Viksit Bharat,” the SBI economist says. The push from non-banking financial companies (NBFCs) is also driving the growth in education loans. For NBFCs, education loans, especially for overseas study, will remain one of the fastest-growing segments, given the rising demand for higher education, according to analysts. “After robust growth of over 80 per cent and 70 per cent in fiscals 2023 and 2024 respectively, NBFCs’ education loan assets under management (AUM) rose to about ₹43,000 crore as on March 31, 2024. Their AUM is expected to grow at a healthy clip of 40-45 per cent to cross ₹60,000 crore this fiscal,” says Ajit Velonie, Senior Director, CRISIL Ratings. In terms of asset quality, the metrics are expected to remain stable despite country-specific concerns. The number of Indian students studying abroad is estimated to have doubled in the past five years to around 13.4 lakh. Only a tenth is funded by NBFCs, and even after including education loans from banks, the financed quantum is not much higher, according to Velonie. “What that indicates is that a large portion of overseas education is being funded through alternative means — informal financing, self-funding or perhaps other forms of loans. That shows that education loan companies have significant headroom for growth. Rising ticket sizes — due to ascending tuition fees, inflation and living expenses — are also tailwinds,” he adds. Demand for education loans is driven by a range of factors. The growing interest in pursuing higher studies in the US or Europe, especially for science, technology, engineering and mathematics (STEM) courses, is generating big-ticket loans of ₹30-74 lakh, and leading to a growth in the total portfolio outstanding. Apart from loans with collateral, which is the norm at public sector banks, students have access to collateral-free education loans from private sector banks and NBFCs based on their academic record, parents’ financial standing and credit bureau score. HDFC Bank, for example, offers such collateral-free education loans up to ₹50 lakh. Amid the robust growth in the education loan segment, banks are also turning cautious owing to the recessionary trend in the US and Europe, and the attendent challenges in the job market in these geographies. “We are watching the situation and our insights show there have been concerns in the US and the UK regarding internships and jobs over the last two quarters. There is a need to keep vigil over non-performing assets (NPAs). We also expect some dip in demand for overseas education loans if the current downward trend in the global economy continues,” says an Executive Director of a public sector bank. RBI data also flags worries over potential NPAs. According to its Financial Stability Report (June 2024), NPAs in education loans stood at 3.6 per cent, which is on the higher side in comparison with other personal credit segments such as auto loans and housing loans at 1.3 per cent and 1.1 per cent respectively. Comments
Jimmy Carter, the 39th US president, has died at 100 ATLANTA (AP) — Former U.S. President Jimmy Carter has died. He was 100 years old and had spent more than a year in hospice care. The Georgia peanut farmer served one turbulent term in the White House before building a reputation as a global humanitarian and champion of democracy. He defeated President Gerald Ford in 1976 promising to restore trust in government but lost to Ronald Reagan four years later amid soaring inflation, gas station lines and the Iran hostage crisis. He and his wife, Rosalynn Carter, then formed The Carter Center, and he earned a Nobel Peace Prize while making himself the most active and internationally engaged of former presidents. The Carter Center said the former president died Sunday afternoon in Plains, Georgia. Jimmy Carter: Many evolutions for a centenarian ‘citizen of the world’ PLAINS, Ga. (AP) — The 39th and longest-lived U.S. president, James Earl Carter Jr., died Sunday at the age of 100. His life ended where it began, in Plains, Georgia. He left and returned to the tiny town many times as he climbed to the nation’s highest office and lost it after four tumultuous years. Carter spent the next 40 years setting new standards for what a former president can do. Carter wrote nearly a decade ago that he found all the phases of his life challenging but also successful and enjoyable. The Democrat's principled but pragmatic approach defied American political labels, especially the idea that one-term presidents are failures. The Latest: Former President Jimmy Carter is Dead at age 100 Former President Jimmy Carter has died at the age of 100. The 39th president of the United States was a Georgia peanut farmer who sought to restore trust in government when he assumed the presidency in 1977 and then built a reputation for tireless work as a humanitarian. He earned a Nobel Peace Prize in 2002. He died Sunday, more than a year after entering hospice care, at his home in Plains, Georgia. Carter was sworn in as president on Jan. 20, 1977, after defeating President Gerald R. Ford in the 1976 general election. He left office on Jan. 20, 1981, following his 1980 general election loss to Ronald Reagan. Jimmy Carter: A brief bio Former U.S. President Jimmy Carter has died at his home in Plains, Georgia. His death comes more than a year after the former president entered hospice care. He was 100 years old. Jetliner skids off runway and bursts into flames while landing in South Korea, killing 179 SEOUL, South Korea (AP) — A jetliner skidded off a runway, slammed into a concrete fence and burst into flames in South Korea after its landing gear apparently failed to deploy. Officials said all but two of the 181 people on board were killed Sunday in one of the country’s worst aviation disasters. The 737-800 operated by Jeju Air plane arrived from Bangkok and crashed while attempting to land in the town of Muan, about 290 kilometers (180 miles) south of Seoul. Footage of the crash aired by South Korean television channels showed the plane skidding across the airstrip at high speed, evidently with its landing gear still closed. Tornadoes in Texas and Mississippi kill 2 and injure 6 as severe weather system moves east HOUSTON (AP) — A strong storm system is threatening to whip up tornadoes in parts of the U.S. Southeast, a day after severe weather claimed at least two lives as twisters touched down in Texas and Mississippi. Strong storms moving eastward Sunday are expected to continue producing gusty, damaging winds, hail and tornadoes through Sunday. That is according to National Weather Service meteorologist Frank Pereira. So far, the line of severe weather has led to about 40 tornado reports from southeastern Texas to Alabama, Pereira said, but those reports remain unconfirmed until surveys of damage are completed. Israeli hospital says Netanyahu has undergone successful prostate surgery TEL AVIV, Israel (AP) — An Israeli hospital says Prime Minister Benjamin Netanyahu has undergone successful prostate surgery. Jerusalem’s Hadassah Medical Center said his prostate was removed late Sunday and that he was recovering. Netanyahu’s office had said Justice Minister Yariv Levin, a close ally, would serve as acting prime minister during the procedure. Doctors ordered the operation after detecting an infection last week. Netanyahu is expected to remain hospitalized for several days. With so much at stake, Netanyahu’s health in wartime is a concern for both Israelis and the wider world. Syria's de facto leader says it could take up to 4 years to hold elections BEIRUT (AP) — Syria’s de facto leader has said it could take up to four years to hold elections in Syria, and that he plans on dissolving his Islamist group that led the country’s insurgency at an anticipated national dialogue summit for the country. Ahmad al-Sharaa, who leads Hayat Tahrir al-Sham, the group leading the new authority in Syria, made the remarks in an interview Sunday. That's according to the Saudi television network Al-Arabiyya. It comes almost a month after a lightning insurgency led by HTS overthrew President Bashar Assad’s decades-long rule, ending the country’s uprising-turned civil war that started back in 2011. A fourth infant dies of the winter cold in Gaza as families share blankets in seaside tents DEIR AL-BALAH, Gaza Strip (AP) — A fourth infant has died of hypothermia in Gaza, where hundreds of thousands of Palestinians displaced by nearly 15 months of war are huddled in tents along the rainy, windswept coast as winter arrives. The baby's father says the 20-day-old child was found with his head as “cold as ice” Sunday morning in their tent. The baby’s twin brother was moved to the intensive care unit of Al-Aqsa Martyrs Hospital. Their father says the twins were born one month premature and spent just a day in hospital, which like other Gaza health centers has been overwhelmed and only partially functions. Musk causes uproar for backing Germany's far-right party ahead of key elections BERLIN (AP) — Tech entrepreneur Elon Musk has caused uproar after backing Germany’s far-right party in a major newspaper ahead of key parliamentary elections in the Western European country, leading to the resignation of the paper’s opinion editor in protest. Germany is to vote in an early election on Feb. 23 after Chancellor Olaf Scholz’s three-party governing coalition collapsed last month in a dispute over how to revitalize the country’s stagnant economy. Musk’s guest opinion piece for Welt am Sonntag, published in German over the weekend, was the second time this month he supported the Alternative for Germany, or AfD.Jimmy Carter, the 39th US president, has died at 100
How Rosalynn Carter shaped Jimmy Carter's presidency, volunteerism
A Cumberland County landowner is offering a free, 50-to-100 year land lease for someone who wants to farm his property. The roughly seven acres are located in Harpswell, where property is pricey and there is little to no arable land that’s available. It even sports the state’s oldest Baldwin apple tree. But there are some catches. An adjacent 3,370-square-foot farmhouse and barn don’t come with it. There are also no power or water hookups on the property at this time. Still, owner Mike Maher hopes someone will take him up on his offer and said he’s had five or six serious inquiries since the Maine Farmland Trust posted the offer on its Facebook page on Saturday. “I don’t want to make money from this,” Maher said. “I just want to find a way to make sure this farm is viable for the next generation.” It’s an unusual opportunity, given that it can be increasingly expensive for newer farmers to obtain their own land in Maine, particularly in regions such as the midcoast where there is also stiff demand for new housing development. More up-and-coming farmers have been opting to rent their land in recent years, though typically that isn’t free either. Maher is a Cumberland County native who recently sold most of his San Francisco-based boutique clothing company to a private equity firm. He bought the entire 34-acre, waterfront farm at 1353 Harpswell Neck Rd. in 2021 for $1.5 million. Maher’s property is near the water, and its land is now assessed at $1.36 million, according to local tax records. Currently, Maher lives in Colorado and summers at the Harpswell farmhouse. This winter he’s renting it out via Airbnb. “I’ll always keep the farmhouse,” he said. “I know it’s a weird situation.” Originally, after purchasing the farm, Maher sought to use the arable land to set up a combination organic farming and business school. But when that plan fell apart, he landed on just offering a free lease to someone who’d like to farm the land. Ideally, Maher said, he’d like to see an organic farm with a mix of vegetables, animals and orchards. “I’m a big believer in small, organic farms,” he said. According to the Maine Farmland Trust listing, the land could also be used for cannabis production. Maher thinks the parcel would work well as either auxiliary land for an established farm or space for a brand new one, although any future tenant will need to pay to have a well drilled on the property as well as having it wired for electricity. Maher said he doesn’t think those caveats will be a barrier for potential farmers. “It just proves commitment,” he said. It’s a rare opportunity, if a complicated one. As of Monday, there were no other pieces of arable land available for sale or lease in Harpswell, according to the Maine MLS website. The current median asking price for a home in Harpswell, according to Realtor.com, is nearly $1 million. On Monday, the Maine Farmland Trust has 32 other Maine farm properties listed for sale or lease on its website. A message to the Maine Farmland Trust was not immediately returned.
Northern Dynasty Minerals Ltd. ( TSE:NDM – Get Free Report ) (NYSE:NAK)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as C$0.82 and last traded at C$0.81, with a volume of 539606 shares trading hands. The stock had previously closed at C$0.73. Northern Dynasty Minerals Stock Up 12.3 % The stock has a market cap of C$440.93 million, a price-to-earnings ratio of -27.33 and a beta of 0.75. The business’s 50 day moving average is C$0.66 and its 200-day moving average is C$0.53. The company has a debt-to-equity ratio of 2.65, a quick ratio of 3.93 and a current ratio of 0.61. Insider Activity at Northern Dynasty Minerals In related news, Director Robert Allan Dickinson sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of C$0.59, for a total transaction of C$59,010.00. 1.86% of the stock is owned by corporate insiders. About Northern Dynasty Minerals Northern Dynasty Minerals Ltd. engages in the exploration of mineral properties in the United States. It holds a 100% interest in the Pebble Copper-Gold-Molybdenum-Silver-Rhenium project comprising 1,840 mineral claims that covers an area of approximately 274 square miles located in southwest Alaska, the United States. Further Reading Receive News & Ratings for Northern Dynasty Minerals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Dynasty Minerals and related companies with MarketBeat.com's FREE daily email newsletter .
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The American Legion Mourns Passing of President Carter
Jimmy Carter, the 39th US president, has died at 100BOSTON – The Timberwolves needed a get-right game after a bad loss Thursday in Toronto on a night that featured teammates sulking and squabbling on the court and a frank discussion after the game to has out their issues. Unfortunately, the Wolves faced the defending champion Celtics, who handed them a 107-105 loss at TD Garden, dropping the Wolves back to .500 at 8-8. The Wolves trailed as much as 19 in the second half before cutting Boston’s lead to two with two minutes to play. Anthony Edwards missed a three that would’ve given the Wolves their first lead since 27-24 before Jaylen Brown’s seventh three-pointer of the game gave the Celtics a 107-102 lead with 1:15 to play. Julius Randle hit one of two free throws and got a layup before the Wolves got a stop on a Brown missed three. They got the ball back with 7.1 seconds to play, but Naz Reid’s winning three-point attempt missed at the buzzer. Edwards had 28 points while Brown had 29 for Boston. How it happened Jaylen Brown began the game on first by hitting his first five threes of the afternoon. But Boston began the game 5-for-18 outside of Brown’s makes. That allowed the Wolves to survive his outburst and get back in the game behind 16 paint points. With Mike Conley out (left great toe sprain) Donte DiVincenzo started instead of Nickeil Alexander-Walker, who had started the previous two games Conley missed. The Wolves led 27-24 after one quarter but Boston got going to open the second. The Celtics built a 12-point lead while the Wolves bench struggled to score. Both Alexander-Walker and Naz Reid didn’t score a field goal, but behind 14 from Julius Randle, the Wolves trailed just 55-52 at the half after closing on a 9-0 run. The Celtics blitzed the Wolves coming out of the half with a 22-6 run that grew their lead to as much as 19 before Edwards led an 8-0 Minnesota run to close the quarter down 11. Tatum finished with 11 in the quarter for Boston. The Wovles hung around in the opening minutes of the fourth and cut Boston’s lead, but they could never get it back Dillingham get his shot Rookie Rob Dillingham saw his most playing time of the season Sunday and scored a career high 14 points in 16 minutes. Player of the game Brown set the tone for Boston on both ends and scored a game-high 29 points thanks to his early three-point barrage. Stat of the game 3-for-16 Combined shooting for Alexander-Walker and Reid off the bench.