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Yahoo
2 hours ago
- Business
- Yahoo
Home insurance protects against climate change. But report finds millions are missing out.
In the housing market, homeowners insurance has become the embodiment of the effects of climate change. Over the past several years, more frequent and more expensive severe weather events have strained insurance companies, even as skyrocketing premiums punish homeowners' wallets. Now, new research proves what many observers have assumed but rarely quantified: Insurance does shield homeowners from financial trouble in the wake of weather disasters, but existing guidelines for coverage are nowhere near adequate for the scale and scope of potential perils. Even more concerning, insurance costs may soon become too much for homeowners to afford. More: Homeownership used to mean stable housing costs. That's a thing of the past. The research comes from a report called "Climate, the Sixth 'C' of Credit," released May 19 by First Street, a climate risk financial modeling organization. 'I really wanted to prove that insurance is working, where homeowners have insurance,' Jeremy Porter, head of climate implications for First Street, said in an interview with USA TODAY. To do that, First Street looked at dozens of severe weather events since 2000. In incidences of wildfire and severe wind, few homeowners faced distress. Floods are a different story, however. Homeowners' insurance does not cover flood damage, so any property that's considered at risk of flood needs to carry flood insurance. But FEMA, the federal agency tasked with assessing what parts of the country are at risk, drastically underestimates the number of properties that should be covered, Porter said. First Street reckons there are 17.7 million properties that should be covered by mandatory flood insurance – more than double the 7.9 million that lie in FEMA's 'Special Flood Hazard Areas.' The discrepancy, Porter said, is because FEMA does not account for severe precipitation in its models. The states with the most of these additional properties are Texas, Pennsylvania, California, New York and Ohio. While First Street's analysis found a vast majority of counties across the country has a greater number of properties in a flood risk area than what has been defined by FEMA, the most striking findings are the places where the gap between the assessments is the biggest. For example, Letcher County in Kentucky has about 11.4% of its properties in FEMA's special flood hazard area. First Street puts that figure at 60.6%. That difference of nearly 50 percentage points is the widest margin of any county, according to a USA TODAY analysis of the report's data. Kentucky contains six of the top 10 counties with the biggest gaps between the assessments. Some in Virginia and West Virginia complete the ranking. In two-thirds of the floods First Street examined, uninsured homeowners were found to have experienced so much financial distress that damage from extreme weather eventually led to foreclosures. A foreclosure is the most extreme outcome of housing market distress, but it's also the easiest to track, Porter said. That means that all the various steps along the way – from mortgage delinquencies to defaults to cures – may also be occurring in storm-damaged areas, without being recorded. First Street uses Hurricane Sandy, which battered New York City in 2012, as an example of this phenomenon. There were nearly 400 more foreclosures in the area hit hardest by Sandy, the report shows. The areas hardest hit by Sandy had suffered during the subprime crisis – when some homeowners were charged exorbitant mortgage interest rates – and subsequent recession, and home prices had not yet started to rise again. That's another important component of the foreclosures First Street tracked: areas where home prices are rising tend to avoid falling into distress. But it's important to note that where foreclosures are seen, undamaged properties are at risk just as much as damaged ones are. That's partially because a bad storm will impact a community overall, Porter said – services like transportation will go down, people will be unable to get to work, businesses will stay closed. Insurance costs will also likely rise, and the value of even undamaged homes may increase more slowly. 'It's almost like insurance not only protects the property, but it protects the community in a lot of ways,' Porter told USA TODAY. For all the benefits that insurance can provide, the key challenge is that it's expensive – and getting more so. From 2000 to 2013 or so, homeowners' insurance made up about 3% to 4% of the average monthly mortgage bill for Americans, First Street data show. But premiums have skyrocketed since that time, and now account for over 10% of mortgage payments.'There's an indirect effect of additional cost of homeownership that people didn't expect to have when they first took out their mortgage, which is being indirectly driven up because of the increasing severity and frequency of climate risk,' Porter said. First Street's analysis of homeowner costs found that every 1% increase in an insurance premium is associated with a 1% increase in likelihood of foreclosures. As the researchers write, 'the only thing proven to prevent foreclosure is getting so expensive that it is causing foreclosures.' First Street isn't focused on policy implications in the research report, Porter said, but given the political climate in Washington and the threats to many of the agencies that help Americans rebuild in the aftermath of disasters, it's hard not to draw conclusions. 'Any reduction in resources is only going to exacerbate the problems that we're seeing today,' he said. This article originally appeared on USA TODAY: Home insurance protects against climate change. But millions miss out.
Yahoo
2 hours ago
- Business
- Yahoo
Meriwest Credit Union Shines in Silicon Valley Business Journal's Table of Experts
SILICON VALLEY, Calif., May 30, 2025 (GLOBE NEWSWIRE) -- Meriwest Credit Union, a leading financial institution serving the Greater San Francisco Bay Area and Pima County, Arizona, was recently featured in the Silicon Valley Business Journal's Table of Experts discussion. The conversation, moderated by Tom Zahiralis, SVBJ Market President and Publisher, highlighted Meriwest's 'People Helping People' philosophy and its ability to innovate while maintaining a lean, community-focused organization. Meriwest's leadership team, including President and CEO Lisa Pesta, Executive Vice President and Chief Operating Officer Chad Maze, Vice President and Chief Treasury Officer Jihong Huang, Vice President of Business Services Charles Giuliano, and Vice President of Digital Strategy and Engagement Gene Fichtenholz, shared insights on fostering a strong workplace culture, supporting small businesses, and addressing economic challenges. Their diverse backgrounds and expertise underscored Meriwest's commitment to personalized financial services and community empowerment. Key Highlights from the Discussion: Award-Winning Workplace Culture: Lisa Pesta emphasized Meriwest's six consecutive years as a 'Best Place to Work' by the Silicon Valley Business Journal, driven by transparent communication, employee recognition programs like 'Night of the Stars,' and a focus on diversity, equity, and inclusion (DEI). 'We prioritize clear communication and an inclusive environment to drive innovation,' Pesta noted. Small Business Support: Charles Giuliano highlighted Meriwest's tailored products, such as SBA loans and an AI-assisted micro-loan platform, which support Silicon Valley's vibrant small business community. A notable success story involved Meriwest stepping in to provide a critical SBA 504 loan for a local food manufacturer when another bank withdrew support. Digital Innovation and AI: Gene Fichtenholz discussed Meriwest's seven-year journey integrating AI to enhance efficiency without compromising jobs. 'AI helps our team summarize information and build tools tailored for credit unions,' he said, citing predictive analytics for personalized member experiences. Economic Resilience: Jihong Huang outlined Meriwest's preparedness for potential recessions, with a strong capital ratio, stress-tested balance sheet, and diversified loan portfolio. Chad Maze added that products like the MyLine line of credit eliminate overdraft fees, offering members affordable solutions during financial strain. Community Impact: Meriwest's commitment to closing the wealth gap was a focal point, with Lisa Pesta and Chad Maze detailing financial literacy workshops reaching over 8,600 residents in 2024 and the newly formed Meriwest Community Foundation. These initiatives empower first-time homebuyers, small businesses, and underserved communities. 'At Meriwest, our mission is centered on empowering individuals to realize their financial aspirations,' said Lisa Pesta, President and CEO. 'Our involvement in the Table of Experts discussion underscores our commitment to innovation, community engagement, and cultivating an inclusive environment for both our members and employees.' About Meriwest Credit Union Founded in San Jose, California in 1961, Meriwest Credit Union, ($2.1B in assets) is one of Silicon Valley's most established financial institutions. Dedicated to delivering advice-based, personal, convenient, and innovative financial services to over 80,000 families and businesses throughout the San Francisco Bay Area and Pima County, Arizona, Meriwest offers a wide array of personal banking, business services, and wealth advisory services. Meriwest has been voted one of the 'Best Credit Unions in Silicon Valley' in the Mercury News' Annual 'Readers' Choice Awards' and a 'Best Place to Work' by the Silicon Valley Business Journal 2020 through 2025. More information can be found at Media Contact: Jeffrey ZaneMeriwest Credit UnionPublic Relations408-612-1484jzane@ A photo accompanying this announcement is available at al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
Yahoo
3 hours ago
- Business
- Yahoo
Core Assets Announces Effective Date of Share Consolidation and Name Change
VANCOUVER, BC / / May 30, 2025 / Core Assets Corp. ("Core Assets" or the "Company") (CSE:CC)(FSE:5RJ)( is pleased to announce that further to its news release dated May 27, 2025, the Company will proceed with the consolidation of its issued and outstanding common shares (the "Shares") on the basis of one (1) new Share for every ten (10) old Shares (the "Consolidation") and change of its name from "Core Assets Corp." to "Core Silver Corp." (the "Name Change"). The Consolidation and Name Change will become effective on the Canadian Securities Exchange at the opening of market on June 4, 2025. The Company's symbol "CC" will remain the same. The new CUSIP and ISIN of the Company will be 21873Y105 and CA21873Y1051, respectively. Currently, a total of 127,105,689 Shares are issued and outstanding. Accordingly, upon the Consolidation becoming effective, a total of 12,710,565 Shares will be issued and outstanding. No fractional Shares will be issued as a result of the Consolidation. Odyssey Trust Company ("Odyssey") will mail out a Letter of Transmittal to the shareholders of record on June 4, 2025 providing instructions on exchanging pre-Consolidation share certificates for post-Consolidation share certificates. Shareholders are encouraged to send their share certificates, together with their Letter of Transmittal, to Odyssey in accordance with the instructions in the Letter of Transmittal. About Core Assets Corp. Core Assets Corp. is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in British Columbia, Canada. The Company currently holds 100% ownership in the Blue Property, which covers a land area of 114,074 hectares (~1,140 km²). The Property lies within the Atlin Mining District, a well-known gold mining camp located in the unceded territory of the Taku River Tlingit First Nation and the Carcross/Tagish First Nation. The Blue Property hosts a major structural feature known as The Llewellyn Fault Zone ("LFZ"). This structure is approximately 140km in length and runs from the Tally-Ho Shear Zone in the Yukon, south through the Blue Property to the Alaskan Panhandle Juneau Ice Sheet in the United States. Core Assets believes that the south Atlin Lake area and the LFZ has been neglected since the last major exploration campaigns in the 1980's. The LFZ plays an important role in mineralization of near surface metal occurrences across the Blue Property. The past 50 years have seen substantial advancements in the understanding of porphyry, skarn, and carbonate replacement type deposits both globally and in BC's Golden Triangle. The Company has leveraged this information at the Blue Property to tailor an already proven exploration model and believes this could facilitate a major discovery. Core Assets is excited to become one of the Atlin Mining District's premier explorers where its team believes there are substantial opportunities for new discoveries and development in the area. On Behalf of the Board of DirectorsCORE ASSETS CORP."Nicholas Rodway" President & CEOTel: 604.681.1568 Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. FORWARD LOOKING STATEMENTS This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements in this news release include statements with respect to the Consolidation and Name Change and the anticipated effective date for each, respectively. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. SOURCE: Core Assets Corp. View the original press release on ACCESS Newswire Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
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Business Standard
4 hours ago
- Business
- Business Standard
Foreign technical partners to have 1st right of refusal on oil finds: Puri
Foreign oil and gas companies entering into technical partnerships with Indian counterparts will be given the right of first refusal (ROFR) in the event of crude oil or gas discoveries, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Friday. Puri cited state-owned ONGC's recent partnership with BP for the Mumbai High offshore field and Oil India Limited's (OIL's) agreement with Brazil's Petrobras in the Andaman Sea basin. He said such provisions are already in place in these cases. The ROFR is a contractual arrangement that typically allows the holder to enter a business transaction with the grantor before the asset can be offered to any third party. In the context of oil and gas, this right may give a foreign joint venture partner or lessee to match any offer received by the owner of hydrocarbon blocks, such as ONGC or OIL, from a third party, before the asset can be sold or transferred. Officials did not clarify what exact terms have been offered to BP and Petrobras. Puri said foreign entities need to commit large amounts of money for exploration, which sometimes they are not willing to do. 'It's better that they come in as technical partners, for which they will be paid, and when you strike energy, they'll have the right of first refusal,' Puri said at the CII Annual Business Summit here. In February, ONGC signed a contract to enhance production from Mumbai High. Part of the 116,000 sq km Mumbai Offshore Basin in the Arabian Sea, BP Exploration (Alpha) Ltd, a London-incorporated, wholly-owned subsidiary of BP Plc, was appointed as a Technical Services Provider (TSP). At the time, ONGC had said: 'The TSP has indicated a substantial increase in the oil and oil equivalent gas production (up to 60 per cent) from the baseline production levels (reputed third-party vetted production estimates with natural decline) over a 10-year contract period," ONGC had said back then. Similarly, in February, OIL signed a Memorandum of Understanding with Petrobras to leverage the Brazilian major's deepwater drilling expertise in the deep and ultra-deep offshore regions, including the Andaman basin. The collaboration also covers the Mahanadi and other sedimentary basins. One big find The government's 2016 shift from a production-sharing regime to a revenue-sharing agreement for foreign entities was necessitated by the disagreements and litigation experienced in the previous regime, Puri said. 'A revenue-sharing agreement is easier, and a lot of these (foreign companies) are not willing to commit upfront,' he said. Referring to oil-rich Guyana, Puri said there could be many 'Guyanas' waiting to be discovered in the Andaman Sea. 'One big find in the Andaman sea will change everything. It will be a huge transformation in India's economic strength,' Puri said. The average expenditure for digging a well onshore is $4 million, while it is exponentially higher at about $100 million offshore. Guyana dug 47 offshore wells before they struck oil, Puri said. He revealed ONGC has dug the highest number of wells in 37 years in FY25.
The Hindu
5 hours ago
- Business
- The Hindu
BoB signs MoU with T.N. Govt. for salary accounts
Bank of Baroda (BoB) said it has entered into a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to offer a customised salary account package for employees of the State Government, including employees of the Police, Forest, Fire & Rescue Departments. The newly-introduced salary-account package comes with comprehensive insurance coverage at zero cost to the employees, making it one of the 'most attractive offerings in the banking sector.' T. N. Suresh, General Manager & Zonal Head - Chennai Zone, Bank of Baroda said, 'This collaboration will extend financial and insurance benefits to the employees of the State government, thereby supporting their financial aspirations and well-being.' 'This package has been thoughtfully designed to provide extensive insurance cover to employees along with various other benefits like concessional interest rates with waiver in processing charges on Retail loans,' he said. Bank of Baroda's customised Salary Account for Tamil Nadu State Government employees comes with complimentary insurance benefits like Personal Accident Insurance with maximum coverage of ₹1.55 crore, Term Life Insurance coverage of ₹15 lakh, Permanent Total Disability Cover of up to ₹1 crore & Hospicash Facility of Rs. 2,000 per day for daily hospitalisation.
