Iowa sees farm bankruptcies almost double in 2019

first_imgAMES — A Farm Bureau report says Iowa saw 27 farms file for bankruptcy during 2019. That’s up from just 14 farm bankruptcies the previous year.Chad Hart, an agricultural economist at Iowa State University, says there may be more bankruptcy filings in coming years as the federal government ends trade mitigation payments that supplement farm income.  Hart says, “Given that, we might see a step back here in farm incomes and that should lead to, again, continued pressure where we could see this bankruptcy trend continue to rise slowly higher.”Hart says the overall numbers are relatively small, but it shows there’s mounting financial trouble from dairy states like Wisconsin to grain states like Iowa.  “It shows that it’s not just centered on one sector like dairy,” Hart says, “that this is spread more broadly across production agriculture.”Iowa and six neighboring states each marked decade-high numbers of farm bankruptcies in 2019. Hart says farm income has actually been on the rise, buoyed by 28-billion dollars in federal payments to make up for trade disruptions. He says those payments are not expected to continue, but the financial pressure on Midwestern farmers likely will.last_img read more

Demerara Bank records $2B profit

first_img…deposit base, loans show increaseDays after he celebrated his 90th birthday, Demerara Bank Limited Chairman Dr Yesu Persaud can also celebrate his bank’s strong performance for last year, when it recorded a net profit of $2 billion.According to a statement from the bank, for the year ended September 30, 2018, it recorded a gross profit before taxes of $3.1 billion and a net profit of $2 billion.The bank noted that the gross profit is an increase of 31 per cent over the previous year’s profit, while net profit showed an increase of 28 per cent over the said period.The bank’s deposit base rose to $58.2 billion, as compared to $57 billion in 2017; while loans and advances grew from $25.46 billion to $26.8 billion.  Managing net non-performing advances remain a challenge throughout the banking sector in Guyana, the bank stated.However, despite these challenges, Demerara Bank, in the year 2018, recorded a reduction in net non-performing advances from $783 million to $672 million. The fiscal year was such an excellent year for the Bank that its Board of Directors declared a favourable payment of dividends to the shareholders — with a final dividend payment of 100 per cent, while the interim dividend paid of 35 per cent is overall the highest ever paid.The Bank gave credit to its founder and Chairman, Dr Yesu Persaud, in noting that it has been able to double its assets every six years while maintaining its profit. The Bank noted that it has been able to maintain a sizable lending portfolio, with only a small percentage of non-performing loans.According to Demerara Bank, it has not only designed business strategies aimed at strong financial performance, but it is also one of the Ambassadors for Guyana’s Green Initiative, contributing by operating most of its branches on solar energy to reduce its carbon footprint.Dr Persaud recently celebrated his 90th birthday, and the Bank made mention that its remarkable performance is a great gift to him, since he has been the visionary behind establishment of this truly indigenous commercial bank.He was challenged by many financial experts that an indigenous bank would never be successful without cooperation from foreign entities.The Bank also gave a commitment to maintaining its efforts to transform for long-term success. It noted that its officials are optimistic that the investments they are making would result in growth over the long term.“They mentioned the Bank is steadfast (in wishing) to living up to its mission; that is, to excel in providing innovative and superior banking services through well trained, dedicated and courteous staff, in the interest of their customers and shareholders; and to fulfill their social responsibilities through meaningful involvement in community development,” the bank said.last_img read more

ORANGE HALL GUTTED IN MYSTERY BLAZE

first_imgThe Orange Hall in Newtowncunningham.Gardai have launched an investigation after the Orange Hall in Newtowncunningham was destroyed by fire early this morning.The hall was recently renovated and was used as late as last Friday night to host a local birthday party.The alarm was raised just after 7am when flames were spotted coming from the building. Sections of the fire service and the Gardai rushed to the scene.However, extensive damage has been caused to the hall’s roof while countless artifacts inside were also destroyed.The Orange Hall in Newtowncunningham after is was badly damaged by fire this morning. Pic by Denis Hutton.A full investigation into what started the fire has been launched by Gardai.The hall was the scene of an arson attack back in 2010 when the doors and outside of the building was scorched. However it is suspected that an electrical fault could be the reason for the latest blaze.Local county councillor Paul Canning said there was nothing to suggest the fire was started intentionally.“Arson has not been mentioned but obviously we won’t know what caused the fire until the forensic examination is completed.“It is such a shame to see such a historic building destroyed like this.“The local community spent a lot of time renovating this building recently and that makes it even worse,” he said. ORANGE HALL GUTTED IN MYSTERY BLAZE was last modified: September 14th, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Clr Paul CanningdonegalfireGardaiNewtowncunninghamOrange Halllast_img read more