Daily Archives: January 24, 2022

After facing persistent budget deficits since the 2008 financial crisis, Haverford College is now operating under a balanced budget, which will promise sustainability and financial flexibility. Without having to focus on reducing the colleges deficit, Haverford will also be able to spend more time and resources on improving the college.

By effectively eliminating the historic annual deficits, the College is now better positioned to focus its financial resources to support the educational program and the community, said Mitchell Wein, Senior Vice President for Administration and Finance.

Haverford has been fighting to eliminate the colleges deficits since 2014, but the roots of the problem stretch back to the economic recession of 2008, which caused the colleges endowment to drop by almost $200 million from 2008 to 2009. Because withdrawals from the endowment make up approximately a quarter of the colleges annual operating budget, Haverford has been forced to slash expenses since 2009.

The college has taken a number of measures over the last decade to reduce costs, including salary freezes for faculty and staff since 2020, investing in energy conservation, and revising financial aid policies. While Haverford previously followed need-blind admissions and a no-loan policy, both were eliminated to help achieve financial equilibrium.

The college moved to need-aware admissions in 2016 to better predict financial aid expenditures and set a cap on the total aid budget. According to Haverfords Spring 2016 Budget Message, the majority of admissions decisions remain need-blind: in 2016, only around 5% were need-aware to keep the financial aid budget on target, although this figure has risen in recent years.

These measures have contributed to the attainment of a breakeven budget this fiscal year, yet they have received sizable criticism from students. Many believed that these actions, specifically the move to need-aware admissions, would reduce socio-economic diversity and disadvantage low-income applicants. [Need-aware] goes directly against what the college is about, and any Quaker values this institution theoretically aligns itself with, said student Andy Beck 17 in a 2016 article for The Clerk.

According to Wein, the budget process aimed to preserve the colleges values while striving towards financial equilibrium, focusing first on the academic program and the student experience, he said. The College initiated a number of strategies which would not have a negative impact on Haverford and our values. Much of it was done in areas other than those that affect the day-to-day student experience.

The budget was planned to reach a breakeven status in the 2019-20 fiscal year but was disrupted by the unexpected expenditures caused by the COVID-19 pandemic. The 2020-21 fiscal year also saw decreases in revenue, due to fewer students living on campus and participating in meal plans, as well as additional expenses from COVID-related safety measures. The college responded by reducing operating expenses and faculty and staff compensation in order to reach a balanced budget. Haverford attempted to decrease the impact of pandemic-related expenditures by eliminating the salary increases, cutting pay for senior staff, freezing hiring, and reducing retirement plan contributions, as stated in the FY 2020-21 Mid-Year Operating Budget Recap.

Given that the colleges endowment rose by 32.1% this year, Haverford has the ability to provide raises for faculty and staff once again. Even while operating under a balanced budget, the college has at least an additional $8 million to spend, assuming it chooses to keep the endowment draw rate constant.

Economics professor Giri Parameswaran stressed the importance of improving employee compensation. If we balance the budget by compensating employees below competitive levels, that will produce its own negative impact. Well find it difficult to attract and retain top quality workers as they are lured away by higher paying jobs, he said. This may lead to greater faculty and staff turnover, as well as increased job dissatisfaction among the current employees. All of these are costs that weigh on the institution, but dont appear in the bottom line, added Parameswaran.

As of now, the 202223 fiscal year budget planning is underway, with budget requests currently under review for the next academic year.

Originally posted here:
Haverford Reaches First Balanced Budget Since 2008 Financial Crisis - The Clerk

DUBLIN--(BUSINESS WIRE)--The "Food Service Industry - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Food Service Industry Market to Reach US$4.1 Trillion by the Year 2026

Amid the COVID-19 crisis, the global market for Food Service Industry estimated at US$3 Trillion in the year 2020, is projected to reach a revised size of US$4.1 Trillion by 2026, growing at a CAGR of 5.4% over the analysis period. Full Service, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$1.5 Trillion by the end of the analysis period.

Foodservice involves making, serving and selling of ready-to-consume foods and drinks or providing catering services to public or private end consumers either by in-house or external operators. As such, foodservice accounts for about 45%-50% of total spending on food in the US, while the percentage in lesser-developed markets can be in the range of 10%-15% or less of total spending on food.

The main contributors to growth in the industry include socio-economic conditions, such as high disposable income, busy and increased mobile life, rise in outsourcing of non-core activities by companies and market expansion into new areas such as transport and retail. Some other factors that can influence the market include tourism, immigration, food variety, access to food service places and technological advancements as in Internet through online ordering.

A major growth of food service industry is expected as food service operators are encouraged to invest more in eco-friendly and energy efficient equipment to meet the changing needs. Though the ongoing COVID-19 pandemic has affected operations in the overall food service industry including that of fast food facilities and QSRs, long term prospects remain positive, presenting considerable opportunities for the food service market.

After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fast Food segment is readjusted to a revised 6.5% CAGR for the next 7-year period. This segment currently accounts for a 28.1% share of the global Food Service Industry market. Full service restaurants (FSRs) are joining the takeaway bandwagon. An increasing number of FSRs are offering takeaway options.

Moreover, restaurants are developing new menus for takeaways rather than serving the dine-in menu in the takeaway segment. Quick Service Restaurants (QSRs), also known as fast food restaurants, are establishments that are involved in serving fast food and have minimal table services. The convenience and economical foods and time and cost savings are fueling growth in the QSRs market. The rapid growth of the online delivery and home delivery markets, driven by growing consumer desire for home delivery of foods, is also driving growth.

Limited Service Segment to Reach $864.6 Billion by 2026

In the global Limited Service segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$517.9 Billion in the year 2020 will reach a projected size of US$664.2 Billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$116.9 Billion by the year 2026, while Latin America will expand at a 4% CAGR through the analysis period.

The U.S. Market is Estimated at $800.1 Billion in 2021, While China is Forecast to Reach $776.9 Billion by 2026

The Food Service Industry market in the U.S. is estimated at US$800.1 Billion in the year 2021. The country currently accounts for a 25.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$776.9 Billion in the year 2026 trailing a CAGR of 7% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$825.7 Billion by the end of the analysis period.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS (Total 200 Featured)

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/ee5r0x

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Global Food Service Industry Market Report 2021: Amid the COVID-19 Crisis - The Market was Estimated at $3 Trillion in 2020 and is Expected to Reach a...

Join News24s Africa Desk, the Institute for Security Studies and the Hanns Seidel Foundation in a discussion with African analysts about major upcoming developments and events on the continent.

The Covid-19 pandemic has hit African economies hard.

However, the recently launched African Continental Free Trade Area offers an opportunity to boost intra-African trade, helping to overcome the recession and recover from the devastating economic impact of Covid-19.

A consistent rollout of vaccination programmes could curb the spread of the virus that causes Covid-19 but could also revive travel and tourism in Africa, provided there are no further international travel restrictions.

The upcoming European Union-African Union (AU) summit in February and the COP27 climate summit in Egypt are opportunities to call for more investment and job creation in Africa and to further align Africa's priorities with those of its international partners.

With this in mind, News24's Africa Desk, together with the Institute for Security Studies and the Hanns Seidel Foundation, is organising a discussion with African analysts about significant upcoming developments and events on the continent in 2022.

Will the African Union step up its efforts to develop an effective conflict prevention, conflict management, and peacekeeping strategy?

Given its own political and socio-economic challenges, what role can South Africa play to promote peace and economic development in the region?

What are the opportunities for international cooperation, and what needs to be done to improve Africa's development trajectory further?

To answer these and other questions, join us for a discussion onThursdayat12:00.

Join News24's Africa Desk journalist Lenin Ndebele; executive director for the Institute for Security Studies, Dr Fonteh Akum; executive director at the Institute for Justice and Reconciliation, Professor Cheryl Hendricks.

Liesl Louw-Vaudran, a senior researcher and project leader for Southern Africa at the Institute for Security Studies, will moderate the conversation.

To follow the live conversation, register here.

Did you know you can listen to articles? Subscribe to News24 for access to this exciting feature and more.

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WATCH | Africa in 2022: Prospects and challenges - we unpack these on Thursday at 12:00 - News24

There's probably no other topic garnering more attention right now than inflation. In categories ranging from used cars to housing and gas to food, soaring prices are everywhere. And these increases are hurting many consumers, particularly those at the lower end of the socioeconomic spectrum.

There's no doubt that the unexpected surge in consumer demand following the pandemic, at a time when supply chains were not functioning at full capacity, probably is the main culprit of the current situation. Investors are likely wondering what the best course of action is in order to benefit from this trend.

If you're worried about the threat of inflation, there's a worthwhile asset to allocate a small percentage of your portfolio to: Bitcoin(CRYPTO:BTC).

Image source: Getty Images.

It's worth taking a step back to understand why inflation exists. The constant devaluing of currency is a policy tool used to encourage consumers to spend. In a deflationary environment, on the other hand, consumers would just wait to buy goods and services because they expect prices to go down over time.

Deflation can lead to lower sales and profits for companies, which would cause employee layoffs, decreasing consumer spending, and ultimately a shrinking economy. Obviously, this scenario should be avoided, so a minimal amount of inflation is used to spur growth. In the U.S., the Federal Reserve targets an annual inflation rate of 2% over the long term, a figure monetary policy makers believe leads to a healthy economy.

In response to the coronavirus pandemic, the Fed pumped an unprecedented amount of money into the economy to quickly get the country out of a recession. Other major economies, including the European Union and Japan, reacted in a similar way. The result is the inflation that we're seeing right now.

What if there was an asset out there that allowed investors to essentially sell shortall the massive money printing happening across the globe? Luckily, there is.

Bitcoin is an excellent investment, especially since owning it means betting against the world's fiat currencies. This is because the amount of Bitcoin in circulation will decrease relative to every other currency out there. There will only ever be 21 million Bitcoin mined, and it's etched in the blockchain's code, so no one can tamper with it.

The M2 money supply, which is all money held in checking and savings accounts in the U.S., jumped significantly in the spring of 2020, and it has risen a lot since then. Based purely on this dynamic, where there will simply be a perpetually growing amount of dollars relative to the fixed supply of Bitcoin,the crypto's value should appreciate as time passes.

When you view Bitcoin in this light, it's easy to see why proponents of the world's most valuable cryptocurrency are so supportive of it. Institutions are also beginning to view Bitcoin as a legitimate store of value. There are Bitcoin exchange-traded funds on the market. And large corporations like Block(formerly Square), MicroStrategy, andTesla are allocating portions of their balance sheets to Bitcoin and away from cash. Iexpectthis trend to continue.

If an individual not only maintains but increases their purchasing power over time by owning a particular asset, that asset is a solid place to invest if inflation is high. How has Bitcoin performed in this regard? The world's most valuable cryptocurrency has skyrocketed 39,000% in value from May 2013 (the earliest data provided by Coin Market Cap) to Jan. 20, trouncing any other financial asset's performance during this period. Meanwhile, inflation, as measured by the consumer price index, has increased 23.3%over the past decade.

Clearly, there hasn't been a better investment to own in general, let alone if you're worried about inflation, than Bitcoin. Although the volatility is difficult for most people to stomach, I think it makes sense to allocate 1% of your portfolio to Bitcoin.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Where to Invest in 2022 If You're Worried About Inflation - Motley Fool

By Jerome-Mario Chijioke Utomi

Similar to history, which according to historians, is an unending dialogue between the present and the past through a continuous process of interaction between the historian and his facts to assist the anxious enquirer improving the present and future based on a clearer understanding of the mistakes and achievements of the past, the conversion on electricity power supply challenge in the country has like history, become neither unending nor abating.

Essentially, the first half of this recurring circle was captured recently in my piece titled FGs Assurance on Generation of 25,000MW Electricity, as it explains why Nigerians are no longer comfortable with assurances from the federal government, the present piece which qualifies as the beginning of something new was elicited as a response to a declaration by Garba Shehu, the presidential spokesperson.

Shehu, who spoke in an interview on a Channels Television programme, Sunrise Daily, among other things stated; that President Muhammadu Buhari has greatly improved electricity generation in the country, he concluded.

Lets face the fact; he spoke convincingly with actual authority that flows from the position that he occupies. However, the only difference here is that, unlike history, his run on fact, particularly his fervent belief that the outlook of the nations electricity remains good, in the face of the current epileptic power supply and unjustifiable high tariff regime in the country, has not in any way advanced our conversation on or assisted the nations quest to find a quick solution to its electricity/energy crisis.

Lets face the fact; it is true that the 2005 Power Reform Act (EPSR, ACT of 2005), which provided for the privatization of the power sector did not go far before President Olusegun Obasanjo administration left office in 2007. Yes, it is also true in parts that the present frustration in the sector was further fed by the reality that the current federal government as noted by Garba Shehu during the interview, inherited reckless privatization of the power sector done by the Goodluck Jonathan administration (the roadmap for power sector reform of 2010), Despite the validity of these claims, yet, Shehus analytics for reasons did not go without opposition.

First, enough evidence supports the fact that no administration in the country, not even the present Muhammadu Buhari led federal government can boast of clean hands when it comes to Nigerias electricity crisis.

Without going into analysis to establish how culpable each of these administrations appears in this case, one point, in my view, that mustnt be overlooked when discussing the power/electricity crisis in Nigeria is that the challenge has nothing to do with privatization. It is neither fuelled by the desire to fashion an authentic roadmap for restoring the health and vitality of the sector nor is it the function of the current effort to bring about a new tariff regime.

Rather, its simply and squarely a conceptual problem of what successive federal government has been doing which has never been in the best interest of the people, the nation and the sector.

Very fundamental of the challenge is the operation of the obsolete grid system, an arrangement where the power generated in the country is pooled/assembled or channelled to a control/switch centre before it is finally distributed to consumers across the nation.

Aside from qualifying as a clumsy arrangement and operated in an environment laced with outmoded transmission lines and facilities that cannot hold supplies over time, the practice itself, going by what industry watchers are saying, is not only out-fashioned, old-schooled but visibly runs contrary to the global vision/model which presently favours decentralization of energy generation and distribution.

In my view, energy/power centralization has never assisted the socio-economic development of any nation desirous of making headway industrially.

There exist yet another frustration, this time around fuelled by painful consciousness that instead of acting as energy sector regulator, successive administrations for yet to be identified reasons choose to function in the nations power sector as both captain and coach,- owning shares in Gencos, Discos and TCN.

This state of affairs occurred in spite of part breaking studies that suggest that the private sector is likely to better understand the location and nature of market failures/bottlenecks/barriers that inhabit the energy sector.

It was also argued elsewhere that the government capacity to design and execute an appropriate resolution of identified market failure/bottlenecks is the sector is often always laced with controversy.

From this unrelenting failures/failings on the part of policymakers to define the business of power generation and distribution in the country and lack of clear strategy for penetrating it profitably, or allow conventional market forces to determine electricity tariff regimes in ways that will lead to the realization of economic rights of the investors while expanding fundamental freedoms and choices of the individual consumers; and with government, unwillingness to follow swiftly, the changing needs of time, which of course are the sufficient ingredients of foresighted decision making and condition that every leader desirous of success must constantly fulfil, it obvious that the nations handlers have finally left the survival of the sector to chance.

As we know, anyone that fails to search for his potential leaves his survival to chance

Again, it is weak regulations and untidy oversight such as these, that largely promotes a situation where according to a commentator, an electricity consumer buys pole, cables, meter and contributes money to buy or replace the community transformer; and, as soon as that is done, they automatically become the Disco property and the electricity distribution companies will, without taking the meter reading, send outrageous estimated bills he/she never consumed.

That is not the only apprehension. There exists also some unforgivable abuse of trust within the sector.

The first that comes to mind is the recent report that the Senate Committee on Public Accounts has begun the investigation of N14.7 billion proceeds of privatization of the defunct Power Holding Company of Nigeria (PHCN) allegedly hidden in commercial banks by the Bureau of Public Enterprise (BPE).

The committee is acting on an audit query in the Auditor-General for the Federations Annual Report on Non-Compliance/Internal Control Weaknesses Issues in Ministries, Departments and Agencies of the Federal Government of Nigeria for the Year Ended 31st December 2019.

Before the dust raised by the above worrying/worrisome development could settle, another was up. This time around has to do with a new awareness of how TCN, DISCOs Inefficiencies Caused Electricity Generating Companies to about N120.25 billion to stranded power which averaged 2,448.50 megawatts every month in 2021.

According to industry data cited by Business Standards, an average of N13 billion was lost every month by generating companies. This is the total monetary value of the volume of electricity generated by generating companies but which unfortunately could not get to consumers either due to infrastructural problems or because they were rejected by distribution companies for fear of not being able to recover the money from consumers.

What the above development tells us is that it is a difficult venture to implement meaningful changes when institutions are the cause of the problems in the first place.

It also suggests that engineering prosperity without confronting the root cause of the problem and the politics that keeps them in place is unlikely to bear fruit as the institutional structure that creates market failure will also prevent the implementation of interventions.

To catalyse the process of serving the sector, we must recognize that what we need today, perhaps, is not a new theory, concept or framework, but people who can think strategically with a balanced perspective.

Utomi Jerome-Mario is the Programme Coordinator (Media and Public Policy), Social and Economic Justice Advocacy (SEJA), a Lagos-based Non-Governmental Organization (NGO). He could be reached via Jeromeutomi@yahoo.com/08032725374.

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