Latest forecast raises estimate of recoverable U.S. natural gas reserves by 20%

first_img FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):The U.S.’s recoverable natural gas resource base is 20% greater than what an evaluation just two years ago showed, the Potential Gas Committee reported Sept. 11.The nation has about 3,374 trillion cubic feet (Tcf) of technically recoverable gas as of year-end 2018, according to the committee. The 557 Tcf jump from two years prior marked the largest increase between the group’s biennial evaluations in its history and was driven primarily by new onshore drilling and production results, along with technology gains allowing for better understanding of the basins, the committee said.“More well drilling and continuous improvements in completion and simulation technologies led to better delineation and characterization of U.S. gas resources, especially in shale and tight reserves,” according to Alexei Milkov of the Colorado School of Mines and director of the Potential Gas Agency, which works closely with the Potential Gas Committee. The committee comprises volunteer geoscientists and engineers.The 3,374 Tcf total represented a mean value computed by statistical aggregation of the minimum, most likely and maximum value distributions.Among reservoir types, shale gas dominated, representing 62% of all U.S. gas resources.When the assessment of technically recoverable resources was combined with the U.S. Energy Information Administration’s latest estimate of proved reserves, the evaluation put the future U.S. supply of gas at 3,838 Tcf, up 22% from two years earlier, also breaking prior records.More ($): Technically recoverable U.S. gas reserves 20% higher than 2 years prior Latest forecast raises estimate of recoverable U.S. natural gas reserves by 20%last_img read more

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3 must-have training courses for your collections staff

first_imgCompliance is a major point of contention for many lenders—particularly when it comes to their collection operations. Many of the laws that were enacted decades ago to protect consumers have components that are almost irrelevant to the collections industry. For example, the Telephone Consumer Protection Act (TCPA) was initially enacted to protect consumers from excessive telemarketing calls. However, the standards of this law are also applied to debt collection, which frankly, was never the intent of the law. While the laws that govern collection operations will most likely continue to evolve with changing technology and consumer behavior, it’s important for lenders to implement regular and relevant training courses for their collection staff. The cost of non-compliance—even when due to ignorance of the law—is high. For example, collection operations that are found in violation of TCPA rules could face fines of $500 to $1,500 per violation! So, as you can see, it’s critical that your collections staff is thoroughly trained to compliantly do their jobs. Here are the three must-have training courses that you should ensure your staff is up-to-speed on: Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)Signed into law on July 21, 2010, the Dodd-Frank Act created more focused regulatory scrutiny over the financial services industry.  One of the major intentions of the Act was to prevent unfair business practices or other predatory behaviors by lenders which caused confusion or otherwise deceived consumers. The result of this was UDAAP. UDAAP prohibits firms offering financial services from engaging in unfair, deceptive, or abusive acts or practices. However, the challenge for collection firms is that those terms are vague, undefined, and unclear. Likewise, they are essentially determined by the consumer.Collection operations don’t necessarily know, with certainty, what actions violate UDAAP, making compliance that much more problematic. According to the CFPB, an unfair act or practice:Causes or is likely to cause substantial injury to consumers;The injury is not reasonably avoidable by consumers; andThe injury is not outweighed by countervailing benefits to consumers or to competitionWhile complying with UDAAP may not be a perfect science, the important thing to remember is that you should have a well-documented manual that includes what you expect from your staff when they are interacting with debtors, and what behavior is unacceptable. Your staff should be trained on the policies and procedures included in your manual, and have easy access to the document. Fair Debt Collections Practices Act (FDCPA)Enacted in 1978 to eliminate abusive, deceptive, and unfair debt collection practices, particularly from third-party debt collection agencies, the FDCPA restricts the time and frequency of collection calls, and provides guidelines for acceptable, and not acceptable, behaviors by debt collectors. However, since the CFPB has become a major player in the regulatory landscape, the former list of specific “don’ts” that previously encompassed FDCPA directives, has become more of an ambiguous model, much like UDAAP.Proper training should cover the guidelines under which debt collectors may conduct business, define rights of consumers involved with debt collectors, and prescribe penalties and remedies for violations of the Act. The Telephone Consumer Protection Act (TCPA)The original intent of the TCPA was to protect consumers from excessive telemarketing calls; however, the FCC and CFPB swept debt collection under the same umbrella as telemarketing calls, causing major contention for lenders and collection agencies. In 2012, after much push back from collection operations, the FCC addressed their concerns by providing guidance on what constitutes consent for calls made to wireless lines, as well as other elements of the act.To prevent or reduce TCPA violations, your staff should be thoroughly trained on all aspects of the law, and continuously monitored to catch and correct violations.Remaining compliant takes diligence, awareness, and monetary and time resources. However, investing in compliance is critical to avoid potential scrutiny from regulators and/or violations. The ins and outs of the aforementioned collections laws can be complex and overwhelming, so we created our latest ebook, Compliance in the Collections Industry, as a guide to gain a better understanding of the three Acts discussed in this article as they relate to collections operations, and achieve and maintain compliance. Download your free copy today! 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Chris Cote Chris Cote has been with SWBC since 2011 and has more than 12 years of experience in the financial services industry. As the Compliance Officer for the SWBC Financial Institution … Web: https://www.swbc.com Detailslast_img read more

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Airline industry in dire need of stimulus package to withstand crisis

first_img“Airlines need stimulus to get fresh working capital to resume operation after two months of halted operation, and also to help them pay their restructured debts,” INACA chairman Denon Prawiraatmadja told The Jakarta Post on Tuesday.Garuda grappled with US$3.25 billion in short-term liabilities, including $498.9 million in sukuk (Islamic bonds) due to be paid on June 3 this year, according to its 2019 financial report.However, with decimated passenger numbers and grounded fleets, other airlines are grappling with debts and obligations to fleet lessors. Publicly listed no-frills airline AirAsia Indonesia, for example, recorded Rp 2.1 trillion (US$140.6 million) in short-term liabilities as of Sept. 30 last year, including Rp 42.7 billion due within a year, according to its financial report.Currently, airlines are still burdened with costs such as parking fees for their grounded aircraft, maintenance costs, pilot license fees, and many other costs, Denon added. The country’s airlines are in dire need of financial stimulus to withstand the COVID-19-induced crisis, amid a sharp revenue decline and looming deadlines for short-term liabilities, the Indonesian National Air Carrier Association (INACA) has said.The comments came as flag carrier Garuda Indonesia was in discussion to receive a state capital injection of Rp 8.5 trillion as a derivative of the latest issuance of Government Regulation No. 23/2020 on the national economic recovery program.With the current situation, the INACA has called on the government to provide financial stimulus for the ailing airlines in the form of credit relaxation and soft loans. –Mardika Parama and Adrian Wail Akhlas contributed to this storyTopics :center_img While airlines have taken measures such as renegotiating costs with lessors and third parties, cutting operational costs, as well as furloughing employees, financial relief is still deemed essential for recovery, according to the INACA.“If in May the stimulus is still not available, the impact will be disastrous, it will be more difficult to pick up the market,” he said, adding that the airlines also needed capital support during market pickup post-pandemic.Data from the INACA show that passenger traffic dropped 8.23 percent year-on-year (yoy) between January and March to 25.5 million people, and the figures for April and May are expected to show an even further decline, as the government has banned people taking part in the Idul Fitri mudik (exodus).The International Air Transport Association (IATA) previously identified Indonesia as one of the priority countries at risk as the industry worsens during the pandemic.Conrad Clifford, the IATA’s regional vice president for Asia Pacific, said airlines in the region were facing a liquidity crisis and called for governments to provide direct financial support, loans, loan guarantees and tax relief, among other things.“We have seen the first airline casualty in the region. There will be more casualties if governments do not step in urgently to ensure airlines have sufficient cash flow to tide them over this period,” Conrad said in an April 24 statement.Clifford was referring to Virgin Australia, which collapsed into voluntary administration in April.The IATA estimated a 49 percent passenger drop and an $8.2 billion drop in revenue impact in Indonesia this year, compared to last year.Garuda rescue planFlag carrier Garuda Indonesia may be the first to receive a rescue package from the government.However, the state injection plan is pending the approval of a Cabinet meeting, according to Febrio Kacaribu, the head of the Finance Ministry’s fiscal policy agency.Garuda president director Irfan Setiaputra confirmed that the decision was still being discussed and was not yet finalized.“[The points that we are discussing] include Garuda’s liabilities and what Garuda needs. These are just plans, we have not yet reached a deal,” said Irfan on Tuesday. Garuda is slated to conduct a negotiation with its sukuk holders next week, as part of its strategy to buffer the financial hit.Other airlines are still strugglingAirAsia Indonesia, meanwhile, is still taking measures to stay afloat during the pandemic, including by renegotiating aircraft leasing payments and other obligations with the airline’s partners to reduce the burden, as well as cutting employee salaries.The COVID-19 pandemic is “significantly affecting the company’s finances”, according to the company’s April 21 statement.“In principle, we renegotiate the payment terms and cost elements as much as we can,” said president director Veranita Yosephine Sinaga at the latest press conference on May 4.AirAsia still had to pay sizeable aircraft leasing costs, Veranita added. It has also called for the government to provide them with taxation relief.The country’s biggest airline Lion Air Group spokesperson Danang Mandala on Wednesday refused to provide any comment regarding the company’s financial condition.Aviation observer Gerry Soejatman said it would be fair to give credit facility and tax relief to airline industry players in general, instead of just one player.last_img read more

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