Mind Over Money: Should Young Investors Directly Invest in Stocks? – The Economic Times

“Whether one invests directly or through mutual funds, patience and discipline are the two virtues of successful stock investing,” says Rahul Jain, President & Head, Personal Wealth, Edelweiss Wealth Management.
Mind Over Money: Just like a wildlife photographer investors need to be focused & patient, says Aditya Agarwal
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G7 countries back price cap on Russian oil – Financial Times

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Fidelity Bank set to acquire 100% equity in Union Bank UK Plc – Nairametrics

CEO of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe
Fidelity Bank Plc has entered into a binding agreement to acquire 100% equity stake in Union Bank UK Plc.
According to a disclosure signed by Ezinwa Unuigboje, the Company Secretary on the proposed acquisition of 100% equity stake in Union Bank UK Plc by Fidelity Bank Plc, the transaction is subject to the approval of the Prudential Regulatory Authority of the United Kingdom.
Fidelity Bank said the development is in line with its expansion drive beyond the Nigerian market to enable it to deliver to its growing client.
Notifying the general public, Fidelity Bank Plc stated that it has entered into a binding agreement for the acquisition of 100% equity stake in Union Bank UK Plc for which the central bank has issued a letter of no objection.
It noted, “Union Bank UK commences operations from the heart of the city of London in 1983 to provide competitive banking services including personal banking, trades finance, treasury management and structured trade and community finance which offers to individual and corporate clients.”
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Commenting on the agreement, Mrs Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer, Fidelity Bank said, “This transaction aligns with our strategic plan of expanding our services touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients. The diverse bouquet and business model of union Bank UK offer a compelling synergy and we hope to build on the existing capacity to create a scalable and more sustaining service franchise that will support the wider ecosystem of our trade businesses and diaspora banking services.
The transaction is subject to the approval of the Prudential Regulatory Authority of the United Kingdom.
Can an account holder with Fidelity Bank in Nigeria make a seamless transaction in the UK through Fidelity Bank Uk, drawing his funds from the branch in Nigeria?
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PharmEasy delays IPO, targets Ebitda breakeven by next year – Economic Times

The Mumbai-based firm is also stitching up a private financing round through a rights issue where company founders are expected to invest personal capital, people in the know of the matter said.
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Insurance regulators considering cap on Citizens policies | WUSF Public Media – WUSF News

With homeowners struggling to find coverage, insurance regulators are looking at the possibility of lifting a $700,000 cap on policies sold by the state-backed Citizens Property Insurance Corp.
Citizens is barred by law from providing what is known as a “replacement cost” coverage of more than $700,000 for homes, except in Miami-Dade and Monroe counties, where the limit is $1 million.
But as Florida’s property-insurance market has crumbled and home values have soared, many homeowners have been dropped by private insurers and cannot qualify for Citizens coverage because of the $700,000 cap.
Susanne Murphy, a deputy commissioner at the Florida Office of Insurance Regulation, said during a Citizens committee meeting Wednesday that regulators are analyzing whether they could increase the $700,000 cap in at least some counties.
State law would allow such a move if regulators determine that “there is not a reasonable degree of competition” in the counties. Such a finding is what allowed the $1 million coverage limit in Miami-Dade and Monroe counties.
“Whether there’s enough data to support that finding is what we’re trying to determine,” Murphy told members of the Citizens Market Accountability Advisory Committee. “The last time we did this (with Miami-Dade and Monroe), it was pretty clear … and I think that the data that we’ve looked at thus far is not as clear as it was years ago.”
Committee member Lee Gorodetsky, a South Florida insurance agent, said “clients can’t even squeeze into Citizens insurance, even though they want to or need to.” That has resulted, for example, in homeowners having to turn to what is known as surplus-lines coverage, which is largely unregulated and can include more conditions on policies.
Murphy, a member of the Citizens committee, said it will probably take another month before regulators decide on whether to lift the cap.
The discussion about the cap is more fallout from the troubled private insurance market, as carriers have shed policies and sought large rate increases to try to curb financial losses. Since February, five insurers have been deemed insolvent and placed into receivership.
Citizens, which was created as an insurer of last resort, has been flooded with policies during the past two years. As of Friday, it had about 1.02 million policies. By comparison, it had 499,056 policies on Aug. 31, 2020, and 687,079 policies on Aug. 31, 2021, according to data posted on its website.
The coverage cap also is tangled in longstanding efforts by state leaders to have homes insured in the private market, rather than by Citizens. Those efforts, in part, stem from concerns about financial risks if the state is hit by a major hurricane or multiple hurricanes.
Citizens policies had a $2 million coverage cap until lawmakers in 2013 passed a measure to gradually reduce it, with the $700,000 limit in place since 2017. Murphy said increasing the $1 million cap in Miami-Dade and Monroe counties — and potentially other counties — would require the Legislature to change state law.
Home values vary in different parts of the state, and most do not exceed $700,000. But the cap issue has drawn particular attention in high-value areas such as Broward and Palm Beach counties.
As an example, the metropolitan statistical area that includes Miami, Fort Lauderdale and West Palm Beach had a median sales price for existing single-family homes of $595,000 in July, according to the industry group Florida Realtors. In the area that includes Naples, Immokalee and Marco Island, the median sales price was $748,270.


More Midwest banks see opportunity to finance solar, energy efficiency projects – Energy News Network

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Smaller, regional banks and credit unions are increasingly looking to help homeowners finance solar installations in a sign of growing recognition of the opportunities in clean energy finance. 
In the Midwest, Iowa-based Decorah Bank & Trust is among the latest to begin marketing loans for solar and other clean energy projects. The community bank recently relaunched a digital subsidiary called Greenpenny to serve residential and commercial customers in Iowa, Illinois, Missouri, Minnesota and Wisconsin.
It joins longtime Twin Cities clean energy lender the Center for Energy and Environment and a handful of credit unions and other community banks offering products in a space traditionally dominated by larger, national firms.
Clean energy advocates are hopeful the availability of local lenders will increase options for borrowers and provide a greater comfort level for those who might be less inclined to trust online lenders or large national banks.
Jeremy Kalin, a partner with Avisen Legal who helped the Minnesota Credit Union Network create its CU Green solar loan program, said typical residential borrowers are sensitive to “long-term value and trust” when looking for lenders. A personal connection to a bank or credit “makes a difference.”
The process often starts with referrals from solar installers. St. Paul-based All Energy Solar offers Greenpenny and Center for Energy and Environment loans to customers, as well as national lenders. “Historically, we find the national players pushing the envelope here very consistently with innovations and competing with each other to offer a diverse array of financing options that will help each customer to get the most value out of their project,” said Ryan Buege, All Energy Solar’s vice president of sales and marketing. Still, he said, if more banks developed clean energy loans, more consumers would likely become more comfortable installing systems.
Jessica Reis, vice president of communications and marketing for Greenpenny, said the bank creates a transparent loan process with no hidden fees or upfront charges, a contrast with some national lenders who use such fees to lower interest rates. The bank calls every customer who applies and communication continues via phone or email.
Greenpenny relaunched last year after struggling with an earlier rollout during the pandemic. Now the Iowa credit union has been adding staff to manage a growing portfolio. Decorah Bank & Trust CEO and President Ben Grimstad said his father, Larry, had started lending to organizations doing renewable energy projects decades ago because of his environmental interest.
Decorah, home to Luther College, has a strong ecological ethos that allowed the bank to gain experience financing more than 100 local projects, most of them solar. Grimstad wanted to expand the bank beyond Decorah and decided to create a digital offering to leverage the bank’s experience with clean energy.
“We are about a year and a half into it and it’s gone pretty well,” he said.
Greenpenny provides solar loans and a green mortgage product for efficiency, geothermal, battery storage and other carbon-reducing projects. The digital bank serves residential customers as well as small- to medium-sized commercial and industrial projects, but not utility-scale wind or solar farms.
The loans are secured by the value of the equipment, from panels to storage devices. Greenpenny President Jason MacDuff said the bank tries to set up loans that match the amount clients save monthly on their utility bills from a new solar or HVAC system. The loans require no money down.
“These borrowers, by definition, are all homeowners that tend to skew pretty sophisticated and because they’re making a pretty big investment in their home, they tend to have the means to be able to do that,” MacDuff said.
A unique short-term solar loan Greenpenny offers matches the tax credit a customer receives. The customer pays a small interest payment and then pays off the loan when the federal government disperses the 26% tax credit. A second loan covers the remaining 74% of the project’s cost.
The average residential loan size is $40,000, with commercial projects from hundreds of thousands to millions of dollars. He noted that the bank may soon finance as many as seven community solar projects in Minnesota. But plenty of deals fall through because of low reimbursements for energy by utilities or other issues.
When he joined the company in 2021, he was surprised to find so few banks offering clean energy loans. “For us to accomplish the renewable energy transition this country needs, we need more banks to be in the game helping finance these projects,” MacDuff said.
In Minnesota, the largest local option remains the Center for Energy and Environment, which has established partnerships with several cities and neighborhoods and last year financed $22.7 million in projects. Of those, 145 loans totaling $3.5 million were for residential solar, up from 89 loans in 2019. Lending services director Jim Hasnik said the organization had been lending for years for efficiency improvements before it developed a solar loan in 2014.
The loans vary in term and loan-to-value size, with interest rates increasing as the length of loans climbs. Project sizes have grown, and business has been brisk this year as the popularity of solar has grown. The center requires installers to have a builder’s contractor license following a recent string of solar company bankruptcies in the state.
Solar loans remain a niche product. The Minnesota Credit Union Network’s CU Green program launched with two credit unions — Affinity Plus Federal Credit Union and Hiway Credit Union — and has seen no others join the effort. Mara Humphrey, chief advocacy and engagement officer for the network, said some credit unions have begun discussing whether to add solar loans to their portfolios, but she believes many still lack understanding of clean energy projects and will have to see demand grow before creating products for customers.
Affinity Plus had a rocky start before dropping a requirement that homeowners first hire someone to conduct a home appraisal. Members can now apply digitally for loans and receive the money the same day.
Chief Retail Officer Corey Rupp said the new solar loan program did more volume in six months than the home equity-based one did in four years. 
“I think homeowners are a little more comfortable with it,” Rupp said. The credit union is now studying loans for electric vehicles, commercial efficiency, and solar projects.
Correction: The $22.7 million CEE lent was for about 1,200 loans.
Frank is an independent journalist and consultant based in St. Paul and a longtime contributor to Midwest Energy News. His articles have appeared in more than 50 publications, including Minnesota Monthly, Wired, the Los Angeles Times, the Minneapolis Star Tribune, Minnesota Technology, Finance & Commerce and others. Frank has also been a Humphrey policy fellow at the University of Minnesota, a Fulbright journalism teacher in Pakistan and Albania, and a program director of the World Press Institute at Macalester College. Frank covers the state of Minnesota.

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by Frank Jossi, Energy News Network
August 11, 2022
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Access to financial services sign of development in Nigeria – experts – Businessday

Experts in the Nigerian financial technology (Fintech) ecosystem have described the current growth in adoption resulting in higher access to financial services as a sign of development in Nigeria.
They stated this during the virtual couch session at the recently concluded Lagos Startup Week, hosted via Twitter Spaces by Benjamin Dada, the Nigerian Country Manager for Stitch, Dayo Ademola, managing director, Branch Nigeria joined other stakeholders in the fintech industry to discuss the theme, “What next for Fintechs in Africa?”
Ademola stated that access to financial services has been a sign of positive growth in underdeveloped nations while discussing the significance of financial services in the society.
Celestine Omim, CEO of Klump, on his part stated that the rise of fintech has been encouraged by the expansion of cellphone usage and the Central Bank of Nigeria’s cashless policy.
Olusola Amusan, Co-founder Vesti, added that the lack of access to financial institutions faced by many of the Nigerian population provided the opportunity for fintech growth.
Read also: SEC says Master Plan, fintech roadmap, commodities trading top agenda at CMC meeting
Nubi Kay, startup program lead at Paystack, stated that fintech is the backbone of e-commerce, affirming that 60-70 percent of funding for tech startups goes to the fintech space, which has formed the bulk of high-value startups and unicorns in Nigeria.
Speaking on the rise of the fintech space, Ademola posited that its growth can be attributed to huge gaps that need to be filled like the provision of credit and the ability to deliver small quick loans without the burden associated with the traditional banking system. This gap, she said, is why Branch International exists in a country like Nigeria.
Yet, this opportunity has also seen its share of challenges. Underwriting and scoring are the main problems with lending in the Nigerian system, whether it be small retail loans or larger individual and commercial loans. Basically, how do lenders determine who is worthy and what models can identify customers that don’t default in payment.
Ademola explained how Branch has solved this problem. “At branch, we have built a really good model that is getting better daily at scoring people. As we don’t have an accessible nationwide credit score that can inform your lending decision, we have to depend on alternative data points.
“We have spent a lot of time fine-tuning the model, so we can make small loans available to people because it is nearly impossible to get a loan anywhere else. We are also good at predicting when people will pay us back,” stated Ademola.
According to her, since inception, Branch International has issued over six million loans to Nigerians while offering investment opportunities at their fingertips. The digital finance app offers services such as small loans of up to ₦500,000 ($1200) and long and short-term investment opportunities with one of the highest ROIs in Nigeria.
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Business Day, established in 2001, is a daily business newspaper based in Lagos. It is the only Nigerian newspaper with a bureau in Accra, Ghana. It has both daily and Sunday titles. It circulates in Nigeria and Ghana
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Senate panel moves to probe N1.7tr service wide votes – Guardian Nigeria

National Assembly. Photo/facebook/TopeBrown/NigerianSenate
Senate Committee on Public Accounts has resolved to probe utilisation of over N1.7 trillion service wide votes (SWVs) in the 2017-2021 budgets disbursed to government agencies 
SWV, which is also known as Consolidated Revenue Fund charge is more or less the country’s contingency fund in the yearly budget. 
The term refers to huge sum of money kept for unforeseen expenditures by government. The recurrent expenditure part of the fund is what is actually referred to as SWV, while the capital part is called capital supplementation. The SWV is domiciled in the Federal Ministry of Finance.
During a meeting of the committee, the chairman, Senator Matthew Urhogbide, said beneficiary agencies must explain how they utilised the fund.
He directed the acting Accountant General of the Federation, Okolieaboh Sylva, who appeared before panel, to submit details of the disbursements as quickly as possible.
Urhogbide said: “The other one that concerns you is the disbursement of service wide votes from 2017 to 2021. You have not submitted the 2021 disbursement, let us have that of 2022 as quickly as possible. The reason is because we have 797 agencies to deal with. We have decided to put them on hold until we get your report for 2021, so that we don’t start writing fresh letters on 2021 again.”
Addressing reporters, chairman explained that the panel wants to know who applied and authorised the disbursements with supporting documents.
He submitted that for the first time, the Senate is investigating the votes. Urhoghide had complained about the SWV, noting that they (his committee) were yet to find out how the disbursements for recurrent and capital expenditures were utilised.
According to the lawmaker, his committee has made several attempts in the past years to ensure that heads of Ministries, Departments and Agencies (MDAs) account for the allocations to no avail.
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Is Fluor Corporation's (NYSE:FLR) Stock Price Struggling As A Result Of Its Mixed Financials? – Simply Wall St

Fluor (NYSE:FLR) has had a rough three months with its share price down 5.1%. We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Stock prices are usually driven by a company’s financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. In this article, we decided to focus on Fluor's ROE.
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. Put another way, it reveals the company's success at turning shareholder investments into profits.
Check out our latest analysis for Fluor
The formula for return on equity is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Fluor is:
7.5% = US$127m ÷ US$1.7b (Based on the trailing twelve months to June 2022).
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.07 in profit.
So far, we've learned that ROE is a measure of a company's profitability. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
When you first look at it, Fluor's ROE doesn't look that attractive. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 10% either. For this reason, Fluor's five year net income decline of 19% is not surprising given its lower ROE. However, there could also be other factors causing the earnings to decline. For example, it is possible that the business has allocated capital poorly or that the company has a very high payout ratio.
However, when we compared Fluor's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 13% in the same period. This is quite worrisome.
Earnings growth is an important metric to consider when valuing a stock. It’s important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. What is FLR worth today? The intrinsic value infographic in our free research report helps visualize whether FLR is currently mispriced by the market.
Fluor doesn't pay any dividend, meaning that potentially all of its profits are being reinvested in the business, which doesn't explain why the company's earnings have shrunk if it is retaining all of its profits. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
Overall, we have mixed feelings about Fluor. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Fluor Corporation provides engineering, procurement, and construction (EPC); fabrication and modularization; operation and maintenance; asset integrity; and project management services worldwide.
The Snowflake is a visual investment summary with the score of each axis being calculated by 6 checks in 5 areas.
Read more about these checks in the individual report sections or in our analysis model.
Adequate balance sheet with acceptable track record.
Simply Wall St's Editorial Team provides unbiased, factual reporting on global stocks using in-depth fundamental analysis.
Find out more about our editorial guidelines and team.
Fluor Corporation provides engineering, procurement, and construction (EPC); fabrication and modularization; operation and maintenance; asset integrity; and project management services worldwide.
The Snowflake is a visual investment summary with the score of each axis being calculated by 6 checks in 5 areas.
Read more about these checks in the individual report sections or in our analysis model.
Adequate balance sheet with acceptable track record.
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SAP hires Airbus executive as new finance chief | Financial News – London South East

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Tuesday evening’s Investor Webinar: Hear the latest from Chile Lithium explorer/developer CleanTech Lithium. In Columbia Orosur Mining are hoping to strike gold negotiating the Phase 2 JV worth $20M. Tekcapital have just launched Lucyd Eyewear on Nasdaq. And it’s an Anglo American gold-copper Ecuador earn in for Luminex. Register here.     
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PARIS, Aug 31 (Reuters) – Airbus finance chief Dominik Asam will leave the company to take on the same role for German software group SAP from March 2023, the companies said on Wednesday.
Asam, 53, joined Airbus in 2019 after having worked at German chip maker Infineon as finance chief since 2011.
“I hope to stay in close touch with Airbus after transitioning to my new role at SAP to further deepen what is already a strong relationship between the two companies,” Asam was quoted as saying in an Airbus statement.
Airbus said it was working on a replacement.
German business software maker SAP had said in March that its finance chief Luka Mucic, who has been with the company for more than 25 years, would leave at the end of March 2023.
“Dominik Asam is a well-rounded and experienced leader in global finance and technology, and with that the right person to continue powering SAP’s successful cloud transformation,” SAP supervisory board chair Hasso Plattner said in a statement.
In July, SAP trimmed its 2022 outlook to between 7.6 billion and 7.9 billion euros ($7.90 billion), from a range of 7.8 billion to 8.25 billion euros in July, citing charges related to the war in Ukraine.
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Stock market news live updates: Stocks extend Fed sell-off into fourth day – Yahoo Finance

U.S. stocks tumbled in a turbulent session Wednesday as fears of combative Federal Reserve policy to rein in inflation continued to weigh on sentiment.
[Click here to read what’s moving markets on Thursday, September 1]
The S&P 500 sank 0.8%, while the Dow Jones Industrial Average tumbled 280 points, or about 0.9%. The tech-heavy Nasdaq Composite fell 0.6%. A volatile run for stocks in recent weeks has erased much of the summer’s relief rally, with the S&P 500 officially wiping out half of its bounce since mid-June.
Shares of Bed Bath & Beyond (BBBY) tanked 21% on Wednesday after the home-goods retailer revealed in an anticipated strategic update that it would lay off staff and shutter approximately 150 stores as part of a turnaround effort for its struggling business. The company also said it secured more than $500 million of new financing.
The announcement came shortly after Bed Bath & Beyond reported in a regulatory filing that it may offer, issue and sell shares of its common stock from time to time and use any proceeds from potential stock sales to repay short-term debt, among other purposes.
Elsewhere in markets, social media giant Snap (SNAP) was in the spotlight after confirming reports the company will lay off 20% of its workforce of more than 6,400 employees and discontinue or reduce investment in certain projects as part of a broader restructuring effort. Shares rose nearly 9% on Wednesday.
“The scale of these changes vary from team to team, depending upon the level of prioritization and investment needed to execute against our strategic priorities,” CEO Evan Spiegel said in a statement. “The extent of this reduction should substantially reduce the risk of ever having to do this again, while balancing our desire to invest in our long term future and reaccelerate our revenue growth.”
Chewy (CHWY) shares plunged nearly 8% after the pet retailer reported second-quarter sales that missed Wall Street estimates and trimmed its full-year guidance, citing the impact of inflationary pressures on purchases of pet items.
Shares of Hong Kong-listed electric-vehicle maker BYD (BYDDY) fell roughly 4% after Warren Buffett’s Berkshire Hathaway trimmed its stake in the Chinese company. The move came one month after reports Berkshire was set to exit its entire holding in the electric carmaker sent the stock tumbling.
According to a filing Tuesday, the investor slashed its position in BYD’s Hong Kong-listed shares to 19.92% from 20.04% on Aug. 24 – about 1.33 million securities at an average HK$277.10 ($35.30) apiece, valued at about $47 million.
In energy markets, West Texas Intermediate crude oil plummeted 2.9% to $89.02 per barrel, while Brent crude oil futures slid about 2.9% to $96.53 per barrel.
Tumbling oil prices come “as traders assess the darkening clouds over the global economy and the expectation of weaker demand,” Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown said in a Wednesday morning note.
On the economic data front, ADP reported under new methodology on Wednesday that private payrolls rose by 132,000 in August, a hefty miss from the 300,000 gain economists surveyed by Bloomberg had anticipated. ADP resumed its private payrolls report after a temporary pause in June and July to revamp how data for the release is aggregated.
ADP’s monthly private jobs report comes two days before the Labor Department releases its official employment data. The government’s jobs report due out at 8:30 a.m. ET Friday morning is expected to show nonfarm payrolls rose by 300,000 in August, according to data from Bloomberg.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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