Latest news with #Reconstruction
Business Journals
23 minutes ago
- Business
- Business Journals
Andrew Young School of Policy Studies guides young leaders toward good works for the world
At the Andrew Young School of Policy Studies, a truth goes marching on — an unshakeable belief that good economics, good governance and good social policy make a better world. 'When I was mayor of Atlanta, I saw what the public and private sector could do when they teamed up,' said Andrew Young, the school's namesake. 'Atlanta today is the result of that partnership, and that same principle is just as true in the poor countries of the world.' The good-hearted values of Young, a man still energetically engaged with the Andrew Young School at age 93, uphold the college. 'Our school embodies Andrew Young's spirit of public service and dedication to social and economic progress,' said Dean Thomas J. Vicino. 'His commitment to opportunity and inclusion shapes our mission and values.' Young earned fame and worldwide respect as a trusted young lieutenant to the Rev. Martin Luther King Jr. during the Civil Rights Movement. Young became the first Black representative elected to Congress from Georgia (1972-1977) since Reconstruction. President Jimmy Carter then appointed him as the United States' first-ever Black U.S. ambassador to the United Nations. Later, as Atlanta mayor (1982-1990), Young blended public and private interests in ways that attracted 1,000-plus corporations to the city and helped win the 1996 Olympic Games. His able and pragmatic leadership demonstrated how an effective application of economics, governance and social policy can drive prosperity and well-being. That model is the Andrew Young School's beating heart. A Global Beacon Today's college stands as a beacon to young leaders of the future. The school boasts more than $28 million annually in active sponsored grants, and faculty and students write more than 250 scholarly papers, chapters and books every year. The school's work impacts more than 70 countries. The AYSPS comprises five academic units: the Department of Criminal Justice and Criminology, the Department of Economics, the Department of Public Management and Policy, the School of Social Work and the Urban Studies Institute. Students and faculty fill various additional policy-critical research centers, cluster and labs engaged with dozens of government, industry and nonprofit collaborators and partners. In April 2025, U.S. News & World Report ranked AYSPS No. 16 (of 285 schools) among the nation's Best Graduate Schools in Public Affairs. The school ranked in the top five in the 2023-24 survey for Urban Policy and for Public Financing and Budget, and it ranked in the top 10 in Local Government Management and Nonprofit Management. About one-fifth of AYSPS graduate students come from developing countries. Some 59 percent of all students are women, and nearly one-half are African Americans. Many students come to Atlanta expressly to study in a place shaped by Young's practices and ideals and to learn ways to develop those in their own communities. 'Every time we graduate a young person from a developing country and send them back home,' Young said, 'I feel like we have leveled the playing field a little more.' Young's Founding Role Almost 30 years ago, Young helped bring the founding dean of AYSPS to Atlanta. The same year as the Centennial Olympic Games, 1996, then-dean of GSU's business college, Michael Mescon, asked Young to contact Roy Bahl at Syracuse University. Bahl had an international reputation as a thought leader on fiscal matters for governments in developing and transitioning economies internationally — a perfect pairing to Young's life work. Young persuaded Bahl to come south. The new arrival was named dean when GSU merged the departments of Economics, Public Administration and Urban Studies with a couple of research centers into a new college. Bahl didn't forget a favor. 'Here we are, a school of policy,' Bahl said in 2013. 'We're about government, we're about international, we're about not-for-profit, we're about linking the public and private sectors. 'And here you get a guy who's a former ambassador, has been a businessman, was a U.S. representative, has a global view of the world. What better name could there possibly be (for the school) … and what better role model?' In 1999, Andrew Young entrusted his name to the new school of policy. A Field of Dreams Avani Raval, AYSPS' college administrative officer, still marvels that Young persuaded Bahl to come to GSU, catalyzing creation of the college. 'Andrew Young gave us that 'Field of Dreams' moment,' Raval says. 'You know – build it, and they will come.' They still come. And they're more welcome than ever. 'Our doors are open to hardworking students who want to be the leaders of tomorrow,' Young said. 'There is nothing elitist or conventional about us. We love overachievers, and we love students who have the improvement of policy as a goal.' 'We are proud,' Dean Vicino added, 'to carry forward Andrew Young's vision by advancing knowledge, fostering innovation and empowering future leaders to build a more just and equitable world.' Georgia State, an enterprising public research university in Atlanta, is a national leader in graduating students from diverse backgrounds. The university provides its accomplished faculty and 52,000 students with unsurpassed connections to the opportunities available in one of the 21st century's great global cities.
Euronews
2 days ago
- Business
- Euronews
EU Commission reacts to Poland's alleged misuse of recovery funds
On Friday, the news website reported that a map appeared on the National Recovery Plan (NRP) website, showing companies that had received subsidies from the European Union. What began as a simple publication online quickly sparked a dispute online, particularly on X, as users began to point out examples of alleged misallocations of EU funds. Politicians and the media subsequently commented on the matter, calling for answers. The expenditures of companies that received EU grants allegedly included company yachts, solariums, furniture, and coffee machines. Poland qualified for almost €60 billion in funding from the EU's Reconstruction and Resilience Fund. Such allocations were aimed at rebuilding member states' economies after the COVID-19 pandemic. In order to receive the funding, each EU country had to submit a National Recovery Plan (NERP) detailing how the funds would be spent to support post-pandemic economies. Under the former Law and Justice (PiS) government, Poland's access to funding was blocked by the EU due to a rule-of-law dispute between the bloc and its member state. Unblocking reconstruction funds was a key election promise made by Donald Tusk and his Civic Platform party ahead of the 2023 parliamentary elections. Some €280 million was earmarked for the hospitality sector, which suffered heavy losses due to successive pandemic-related lockdowns. A dedicated website presented requests from businesses in the sector, but this service has since become unavailable. Nevertheless, media reports have emerged detailing how some of the money was spent, including on yachts, saunas, solariums, and furniture. The issue of KPO aid to the hotel and catering industry was addressed by Prime Minister Donald Tusk during a speech given on Friday. "I will not accept any waste of KPO funds" - said the Prime Minister. Polish president's reaction Numerous politicians, from both the left and the right, quickly reacted to accusations of misallocation of funds, a number of politicians. Among them was the recently-inaugurated president of Poland, Karol Nawrocki. "I am often asked by journalists where we should get the money for [my proposed programs]. Today is a very important day [regarding this matter]. We have found out how the NRP funds have been distributed in Poland. I do not want funds on behalf of 10.5 million Poles spent on saunas, solariums and coffee machines. I want funding for Polish families," Nawrocki said during a speech on Friday. The Regional Public Prosecutor's Office in Warsaw has begun preliminary investigations into media reports of irregularities in the awarding of grants from the NRP. The President of the Polish Agency for Enterprise Development, Katarzyna Duber-Stachurska, was dismissed after doubts emerged about how EU funds were spent. European Commission intervention European Commission spokesman Maciej Berestecki stressed in an interview with Polish radio station RMF FM that "Poland is obliged to take clarifying action" on the awarding of KPO grants". Poland will now have to submit a payment request in November so that the European Commission can assess the projects' compliance with the NRP criteria. According to the Commission's press service, "It is the duty of Member States to take all appropriate measures to protect the financial interests of the Union." The Commission has the possibility to intervene if the Polish authorities do not react appropriately, above all in situations of fraud. "If we see that this does not work, the European Public Prosecutor's Office and OLAF [the Commission's anti-fraud office] will step in," they explained.
Yahoo
5 days ago
- Politics
- Yahoo
Democrat Michael Thurmond announces plan to run for Georgia governor
The Brief Former Georgia lawmaker Michael Thurmond has announced his bid to succeed Brian Kemp as Georgia's next governor. Thurmond pitched himself as someone who could bridge racial and political divides to become the first Democrat to win the state's top office in 28 years. The former DeKalb County CEO joins a Democratic field that already includes state Sen. Jason Esteves, former Atlanta Mayor Keisha Lance Bottoms, state Rep. Derrick Jackson, and Atlanta pastor Olu Brown. ATLANTA - Former DeKalb County CEO Michael Thurmond has announced that he will run to be Georgia's next governor in 2026. Thurmond announced his 2026 bid for the state's highest office Wednesday, saying he's "going to fight for the people of Georgia every day," but also pitching himself as someone who can bridge racial and political divides to become the first Democrat to win the state's top office in 28 years. What they're saying In his announcement on Wednesday morning, Thurmond said he was running for governor "to fight for working families, protect and expand access to healthcare, and build an education system that creates multiple pathways to success." "I bring a record of service and accomplishment," he said. "I, throughout my career, never shied away from taking on tough jobs." Some Democrats are also calling for a generational turnover in leadership, but after more than four decades in politics, Thurmond said he believes a track record of success will be more important. "The number one concern of the Democrats I talked to is that they want a candidate who can win," he said. What we know Thurmond is one of only three Black people to win election to statewide office in Georgia, serving three terms as labor commissioner after first winning election in 2010. He was also the first Black state legislator from his hometown of Athens since Reconstruction when elected in 1986. Like all the other currently declared Democratic candidates, Thurmond is now seeking to become Georgia's first Black governor. Thurmond most recently served two terms as the elected CEO of DeKalb County, an Atlanta suburb that had $150 million in the bank when he left office. Before that, he was credited with stabilizing the DeKalb County school system as interim superintendent, after its accreditation agency threatened to strip its seal of approval, citing financial mismanagement, school board dysfunction and nepotism. Thurmond also oversaw welfare reform as director of Georgia's Division of Family and Children Services in the mid-1990s, after he gave up his state House seat to make an unsuccessful run for Congress in 1992. Under his leadership as CEO, DeKalb County established a $140 million rainy day fund and a 10-year capitol improvement program to invest in and maintain the county's water and wastewater infrastructure, while making major improvements to the water billing system. The county created a master transit plan, and passed two Special Local Option Sales Tax initiatives for transportation, public safety, parks and rec and other capitol projects. Dig deeper The 72-year-old Thurmond joins a Democratic field that already includes state Sen. Jason Esteves, former Atlanta Mayor Keisha Lance Bottoms, state Rep. Derrick Jackson, and Atlanta pastor Olu Brown in the Democratic primary. On the Republican side, Lt. Gov. Burt Jones and Attorney General Chris Carr are seeking their party's nomination in an attempt to succeed Gov. Brian Kemp, who can't run again after two terms. RELATED: 2026 Georgia election races to watch | List of candidates The Source Information for this article came from previous FOX 5 reporting and Michael Thurmond's interview with the Associated Press. Solve the daily Crossword
Economic Times
6 days ago
- Business
- Economic Times
Indian Bank to pare stake in ASREC below 30% by March 2026
Indian Bank aims to divest part of its ASREC stake to meet regulatory limits on holding in non-core businesses by end-FY26. Indian Bank plans to reduce its 38.26% stake in ASREC (India) Ltd to below 30% by FY26, in compliance with regulatory norms limiting bank exposure in non-subsidiaries. The stake is valued at ₹37.5 crore. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads State-owned Indian Bank plans to partly divest stake in asset reconstruction company ASREC (India) Ltd and has started scouting for a buyer, managing director Binod Kumar told state-owned bank holds 38.26% in ASREC. It is looking to bring down the stake to 30% by the end of this fiscal, Kumar said, even as it has received an extension of the deadline to pare stake below 30% by a year to March total value of the holding is Rs 37.5 banking law bars a bank from holding more than 30% share in any non-subsidiary company, to prevent over-concentration of risk outside its core activity, that is lending. Bank of India and Union Bank of India hold 26% each in ASREC while Life Insurance Corporation of India holds 9.18%.ASREC like any other asset reconstruction company buys non performing assets from banks and financial institutions at mutually agreed prices for resolution of the bad was incorporated in October 2004 to carry out activities under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002."The ARC will remain an attractive business even as the bad loan ratios are trending lower," Kumar said, indicating the size of non-performing assets of the banking sector as a average gross NPA for the sector stood at 2.3% of the gross advances of Rs 181.3 lakh crore at the end of June. This translates into Rs 4.2 lakh crore of NPAs even as the average ratio came down from 2.8% over the Indian Bank, the gross NPA ratio fell to 3.01% at the end of June quarter from 3.77% a year back. Its net NPA fell to 0.18% from 0.39%. Slippage ratio came down to 0.94% from 1.5% over the same period.
Mint
04-08-2025
- Business
- Mint
What the listing plans of India's oldest bad bank say about the asset reconstruction industry
India's oldest asset reconstruction company (ARC) wants to go public. Asset Reconstruction Co. (India) Ltd (ARCIL) filed its draft prospectus on 1 August, with four of its shareholders—Avenue India Resurgence Pte. Ltd, State Bank of India, Lathe Investment Pte Ltd, and The Federal Bank Ltd—looking to sell up to 105.46 million shares. If approved, it will become India's first listed ARC. Mint takes a look at the draft red herring prospectus (DRHP) to assess the state of India's ARCs—once touted as lenders' key weapon for recovering bad loans. What do ARCs do? ARCs are specialized institutions that help lenders recover their stressed assets. Lenders sell stressed loans to ARCs at a discount for either cash or a mix of cash and security receipts. Cash is preferred as security receipts are redeemable after the ARC has recovered the loan. However, the going has not been easy for India's asset turnaround vehicles. The industry's size—measured by the amount of outstanding security receipts —stood at ₹1.34 trillion at the end of 2024-25, declining from ₹1.39 trillion in 2023-24 as well as 2022-23, according to data from the Association of ARCs in India. Rating agency Crisil estimated in July that assets under management of private ARCs are expected to decline 4-6% to ₹1.05 trillion in 2025-26. Since when have ARCs been around? In 1998, a committee headed by former Reserve Bank of India (RBI) governor Maidavolu Narasimham recommended the setting up of ARCs. Following this, the Union Budget of 1998-99 nudged banks with a high level of bad loans to set up ARCs. Parliament passed the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act in 2002 to give these new entities legal backing. How has ARCIL's performed? Formed in February 2002, ARCIL is the oldest Indian ARC, with Assets Care and Reconstruction Enterprise Ltd (ACRE) being the other asset turnaround company founded in June of the same year. With outstanding security receipts or assets under management (AUM) worth ₹15,230 crore, ARCIL was the second-largest ARC in the country after Edelweiss Asset Reconstruction Co. Ltd (Edelweiss ARC), which had an asset base of ₹31,590 crore and a market share of 21.3% as on 31 March 2024. However, the tables turned in 2024-25 as Edelweiss ARC's AUM shrank to ₹14,710 crore and ARCIL's grew to ₹16,850 crore, making it the largest in business. However, its revenue from operations at ₹478 crore is still roughly one-third of Edelweiss ARC's ₹1,395 crore. What are some of the challenges being faced by the industry? The establishment of a state-owned ARC in 2021 has been the hardest to deal with for the industry. According to the ARCIL's DRHP, the emergence of National Asset Reconstruction Co. Ltd (NARCL) can lead to increased competition in the sector, potentially affecting the ability of private players to acquire stressed assets at favourable prices. The draft added that the security receipts issued by this ARC are backed by the Government of India, which may make it a preferred choice for banks and financial institutions over other ARCs. However, NARCL is not a primary competitor since it only deals in stressed assets of ₹500 crore and above, whereas the private ones have no such restrictions. That apart, the lack of corporate bad loans has also been detrimental to the industry. For ARCIL, corporate bad loans accounted for 75.5% of its total AUM in the last fiscal. In comparison, corporate bad loans accounted for 93% of Edelweiss ARC's AUM as on 31 March 2024 (latest data), showed the draft prospectus. The RBI has also been tightening regulations on ARCs. In 2024, it mandated higher minimum net owned funds of ARCs to ₹300 crore from ₹100 crore earlier. However, the banking regulator offered a glide path and said ARCs could first get to ₹200 crore by the end of March 2024 and to ₹300 crore by March 2026. Net owned funds are similar to net worth and are defined as the difference between what a company owns and owes. That apart, according to a Crisil report in July, draft guidelines published by the central bank in April on securitization of stressed assets will offer lenders an alternative to the existing ARC mechanism. How are ARCs coping with fewer large corporate bad loans? ARCs have turned to retail non-performing assets as corporate bad loans are fewer than they used to be. ARCIL said in its draft papers that it is focused on increasing the proportion of retail loans in its portfolio. The share of retail loans has been rising as well, with such individual loans forming 16.3% of the AUM as on 31 March, up from 12.8% in end-March 2024 and 9.6% in end-March 2023. The DRHP, citing data from credit bureau Experian and CRISIL Intelligence, showed that stressed assets in the retail segment stood at ₹6.9 trillion as of 31 March 2025, as against ₹6.5 trillion a year ago, and ₹ ₹5.3 trillion as of March 2023.
