Friday, June 5, 2020

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FINANCE

Small Business Owners Receive More than $2.5 Billion in Relief from...

BRIDGEPORT, Conn., May 28, 2020 /PRNewswire/ -- People's United Bank, N.A. a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT) today announced that is has registered and obtained approval for more than 16,000 Paycheck Protection Program (PPP) loans through the U.S. Small Business Administration (SBA), delivering more than $2.5 billion to business customers. These loans supported the paychecks of more than 250,000 employees across the Northeast. "We knew the Paycheck Protection Program was going to be in high demand, and we brought together employees bank-wide, not just cross-functionally but across multiple lines of business, to establish the required infrastructure to allow us to begin accepting and processing PPP loans as quickly as possible," said Jack Barnes, CEO, People's United Bank. "As a result, we were among a small group of banks that were first to submit a significant number of customer applications to the SBA, giving our customers confidence in knowing that they would receive this critical funding. These loans serve as a lifeline for business owners, their employees and families, and we are proud to support them during this challenging time so we can all emerge from this pandemic stronger, and more united than ever." Ensuring that PPP loans reached small businesses was an important objective. Eighty percent of loans processed by People's United for both phases of funding were for small business loans under $150,000. In addition, among the top industries funded include social services & healthcare, retail, professional services and construction. "In addition to PPP loans, it is our goal to provide individualized assistance to customers, including consumer and business loan forbearance, access to state or municipal loan programs, and fee waivers, among other types of personalized relief," added Barnes. "It has taken a tremendous amount of work from virtually all areas of the bank, working around the clock to document and fund these loans. We thank our business customers for their patience during this process, and we are committed to being here for them through the recovery and beyond, financially strong and ready to support all of our customers' needs." Consistent with the Bank's legacy of supporting their communities, People's United Bank and its two charitable Foundations have also collectively allocated an anticipated target of more than $3 million in funding to our communities and non-profit partners in the face of COVID-19. About People's United BankPeople's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with more than $60 billion in assets. Founded in 1842, People's United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions. The company also provides specialized commercial services to customers nationwide. © 2020 People's United Bank, N.A. | Member FDIC | Equal Housing Lender icon Equal Housing Lender SOURCE People's United Bank Related Links http://www.peoples.com

TECHNOLOGY

Foresight to Enable Mass Screening for Detection of COVID-19 Pandemic Symptoms...

NESS ZIONA, Israel--(BUSINESS WIRE)--Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision, announced today that it has started developing a mass screening solution for the detection of COVID-19 symptoms based on visible-light and thermal cameras. In addition, the Company has submitted a patent application to the U.S. Patent and Trademark Office for a system and method for detection of people infected with the COVID-19 virus. Based on the Company’s extensive knowledge using FLIR thermal cameras, artificial intelligence (AI) and advanced algorithms, the system is designed to rapidly and accurately detect some of the main symptoms associated with the COVID-19 virus. Foresight’s expertise in automotive vision systems and advanced algorithms will be applied to detect symptoms of COVID-19 including cough and signs of fatigue, in addition to high body temperature, thus increasing the likelihood of accurate detection and potentially eliminating false positive results. These symptoms can be identified by using the Company’s intellectual property that combines both visible-light and thermal cameras. To date, more than six million people worldwide have been confirmed as coronavirus patients, with a global death toll of over 380,000 people and rising. Foresight recognizes the need for accurate touch-free mass screening, which will help detect potential coronavirus patients in order to allow quick isolation and eventually prevent the spread of this and similar viruses. Foresight’s solution is suitable for quick screening of large groups of people in high traffic areas such as airports, hospitals, sports stadiums, universities, shopping malls and residential complexes. “The COVID-19 pandemic has created new challenges for public safety, prioritizing the prevention of another pandemic outbreak as the world begins to resume normal activities. Our extensive experience with thermal imaging and AI can be invaluable when applied to a detection solution for early symptoms of the coronavirus. Several prospective customers have already expressed interest in evaluating our unique technology”, said Haim Siboni, CEO of Foresight. “Foresight will continue to work with its multinational collaborators towards the development of automotive vision systems enabling obstacle detection in harsh weather and lighting conditions.” About Foresight Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), founded in 2015, is a technology company engaged in the design, development and commercialization of sensors systems for the automotive industry. Through the Company’s wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of sight” vision systems and “beyond-line-of-sight” cellular-based applications. Foresight’s vision sensor is a four-camera system based on 3D video analysis, advanced algorithms for image processing, and sensor fusion. Eye-Net Mobile’s cellular-based application is a V2X (vehicle-to-everything) accident prevention solution based on real-time spatial analysis of clients’ movement. The Company’s systems are designed to improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. Foresight is targeting the semi-autonomous and autonomous vehicle markets and predicts that its systems will revolutionize automotive safety by providing an automotive-grade, cost effective platform and advanced technology. For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.foresightauto.com, follow @ForesightAuto on Twitter, or join Foresight Automotive on LinkedIn. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses creating a solution to detect early symptoms of the coronavirus, that prospective customers have already expressed interest in evaluating the technology, and that Foresight will continue to work with its multinational collaborators towards the development of automotive vision systems enabling obstacle detection in harsh weather and lighting conditions. Because such statements deal with future events and are based on Foresight’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Foresight could differ materially from those described in or implied by the statements in this press release. In addition, Foresight cannot assure that any patent will issue as a result of a pending patent application or, if issued, whether it will issue in a form that will be advantageous to Foresight. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Foresight's annual report on Form 20-F filed with the Securities and Exchange Commission ("SEC") on March 31, 2020, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Foresight is not responsible for the contents of third-party websites.

INSIGHTS

BANKING

PEOPLE

Rosaura Duran's New Book Calvarios De Doña Isa, Is A Gripping...

Rosaura Duran said this about her book: "Calvarios de Doña Isa—first flower cultivated with the best fertilizers without predicting the coming ordeal. As the legend of the French king Louis XIV says, disguised as fragility and weakness, vulnerable, adopting different personalities, Hortensia arrived at the life of Isa, manipulating her surroundings, causing a real ordeal. Isa is an agent of the zodiac sign Cancer, with its emotional highs and lows. With deep ideas of fraternity, integrity, and family union, she had to use her claws and shell like the crab, allowing her to survive. The important events of her life, from birth to her burial, were chronologically very well planned. Precisely on stormy Saturdays with intervals of time carried out his events." Published by Page Publishing, Rosaura Duran's new book Calvarios de Doña Isa will show the readers the extraordinary strength and resilience of women during times of toil that defines their character and purpose. Consumers who wish to be intrigued by moments of the author's life can purchase Calvarios de Doña Isa in any bookstore, or online at Apple iTunes, Amazon.com, Google Play, or Barnes and Noble. For additional information or inquiries, you can contact Page Publishing, through the following number: 866-315-2708. About Page Publishing: Page Publishing is a traditional full-service publishing house that handles all of the intricacies involved in publishing its authors' books, including distribution in the world's largest retail outlets and royalty generation. Page Publishing knows that authors need to be free to create, not bogged down with complicated business issues like eBook conversion, establishing wholesale accounts, insurance, shipping, taxes, and the like. Its roster of authors can leave behind these tedious, complex, and time-consuming issues and focus on their passion: writing and creating. Learn more at www.pagepublishing.com. Photo - https://mma.prnewswire.com/media/1176871/Rosaura_Duran.jpg SOURCE Page Publishing Related Links https://www.pagepublishing.com

OPINION

Sovereign Defaults: A Thought Exercise

I’ve been reading the day-by-day progress reports about Argentina’s debt renegotiations with bemusement. Breathless reporting of the details of the Argentine government’s offer to bondholders – and their non-attributed expressions of disappointment in response –tend to presuppose there is doubt in the outcome. I just don’t see it. For months I’ve been assuming that the negotiations will be a bust and ultimately Argentina will default. As I’ve stated previously, the main reasons are that Argentina knows it has little prospect of re-accessing international markets during this administration, even with a deal. I have some sympathy with the belief that it would be better to spend the interest payments on an economy that is in deep recession and has huge investment needs to address large social problems rather than pay money to financiers, whose view that lending their money to a nine-times-defaulting sovereign was a good bet. I also believe, and as I set out in February, that any – however unlikely – agreement would simply contain the seeds of the next default. Argentina’s economy is just too broken to become sustainable with any level of debt repayments that bondholders would accept – an issue that is horribly exacerbated by the administration’s economic policies. But is it time for some radical thinking beyond Argentina’s recurring woes? Is the whole system around international defaults flawed? Recovery value Expecting insolvent countries, who are looking to emerge from a crisis, to be able to agree on a recovery value with the bondholders, who are trying to scrape as much back from their failed investments, is illogical. Future bondholders’ interests are not aligned with current bondholders. The more that yesterday’s investors can recoup from the default, the less likely that future investors will see their investments endure to maturity – and therefore the more expensive the debt. It’s a self-fulfilling dynamic. Maybe international sovereign debt should be structured so that hard currency debt holders and governments – and even their populations – are all aligned  And why do bondholders get the right to any recovery value anyway? The obvious answer is to enable the defaulting country to re-access markets. But let’s apply an absolute meaning to buyer beware. Most of today’s bondholders weren’t the original buyers – they’ve bought somewhere along the decline – as bonds move into volatile, distressed territory to get some big, risky yields. Maybe international sovereign debt should be structured so that hard currency debt holders and governments – and even their populations – are all aligned. GDP warrants Those debt instruments exist: GDP warrants, in effect, so that investors have a stake on the upside. If all sovereign hard currency debt had to be GDP warrants, it would create alignment and these new sovereigns could benefit from intern wisdom – what works, what doesn’t. Following default, and when working on the structures for this new version of the defaulted country, one side would inform the other, with both incentivized to maximize GDP growth in the coming years. Ultimately, the sovereign would still be, well, sovereign, but it will get cheaper finance due to simple demand for the debt of the next iteration of the country, which in turn gives it an incentive to create sound constitution and economic policies – fiscal responsibility laws, sovereign wealth funds, etc. There would be no more bouts of Dutch disease locking populations into impoverishing cycles. It would encourage best practice and long-term thinking – education and healthcare policies could be set out in newly printed constitutions that remove the perennial tension between the common good and short-term political goals and financial constraints. After this global crisis, so many countries are going to emerge with unsustainable debts that, conversely, this could be an opportunity to look again at the problem of misalignment of interests during sovereign default. And perhaps there is even a way to bring old-debt holders into the new regime. Bondholders of defaulted debt could receive zero coupon 10-year warrants with principal repayment linked to GDP performance over the coming decade, and the secondary market would enable them to cash out earlier. I’ll leave the details to someone more technical, but it’s a thought.

The Spending Virus

March Primary Madness

POLITICS

Safety-first strategy helps Radiant Plumbing and Air Conditioning beat downward business...

"We took the threat of a pandemic seriously from the start and immediately made the well-being of our team members a priority," Brad Casebier said. "Working remotely and with the proper training and equipment, our technicians were able to continue delivering essential services that our customers needed. Homeowners recognized the effort our team members put into staying informed and complying with the most recent safety recommendations, and that gave them confidence that Radiant could still offer the area's top service and keep them and their families safe." Radiant Plumbing and Air Conditioning have taken a proactive approach to safety during the COVID-19 outbreak in order to continue providing reliable essential services to the Austin area. The company's reliance on cloud computing for dispatch, scheduling, service, sales, meetings and training allowed the company to implement a work-from-home program quickly and efficiently, and technicians are committed to following rigorous safety guidelines on service calls, including social distancing, wearing personal protective equipment and frequently sanitizing any surfaces they touch. During a period when record job losses were the top economic news, Radiant hired 24 new employees to meet growing customer demand. "This experience has demonstrated that your employees and community matter more than anything," Casebier said. "If you take care of them, the trust and relationships you build will put you in a position to succeed. We're definitely proud of our recent success here at Radiant, but what really matters to us is that we've been able to serve our customers and keep our team members working during a very difficult time." For more information about Radiant, please visit https://radiantplumbing.com/. About Radiant Plumbing and Air ConditioningRadiant Plumbing and Air Conditioning is an award-winning plumbing and HVAC specialist, offering premier home service to the greater Austin area. Radiant strives to be a model for local businesses by providing outstanding customer experiences and some of the best jobs in Austin. Radiant also believes in giving back to the community through contributions to charitable organizations involved in water safety and distribution. For more information visit https://radiantplumbing.com or call 512-263-9988. MEDIA CONTACT: Heather Ripley Ripley PR 865-977-1973[email protected] SOURCE Radiant Plumbing & Air Conditioning

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