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Commercial foreclosures jumped 117% year-to-date in March, data from ATTOM shows. AdvertisementThe commercial real estate market is still struggling, made all the more clear by the rapid upswing in property foreclosures. Foreclosure activity jumped by 117% year-over-year in March, real estate data provider ATTOM reported on Wednesday. While high, commercial foreclosures are still under a 2014 peak of 889. AdvertisementEarlier this month, Fitch Ratings warned of a rising global contagion risk from commercial real-estate losses.
Persons: , moratoriums, it's, delinquencies, Jamie Woodwell Organizations: Service, Mortgage Bankers Association, Real, Fitch
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementRussia's economy appears resilient after two years of war with Ukraine, but a rising number of companies in the country are in trouble. The number of companies in Russia that have gone bankrupt has soared in the first two months of 2024, Russian business daily Kommersant reported on Thursday. In January, 571 companies in Russia declared bankruptcy — a rise of 57% from 364 a year ago, Kommersant reported, citing data from the federal register for bankruptcy. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Service, Kommersant, Business Locations: Russia, Ukraine
The general population also experienced excess mortality during this time, but the risk started higher for renters and rose exponentially for those threatened with eviction. From January 2020 through August 2021, the risk of death for renters facing eviction was 2.6 times greater than it was in the general population, the study found. During the baseline period of 2010 to 2016, the mortality rate was 1.4 times higher for renters facing eviction than it was for the general population. Another study from December explored the risk between rising rent costs and mortality risk. Eviction filings were down 45% during the first two years of the pandemic, according to the new study.
Persons: , Nick Graetz, it’s, It’s, Jack Tsai, ” Graetz, Katie Derrick, Jesse Tree, Derrick, Tsai, moratoriums –, Jesse, , Dr, Sanjay Gupta, Steven Furr, we’re, Furr, what’s, ” Tsai Organizations: CNN, Census, UTHealth Houston School of Public Health, US Department of Veterans Affairs ’, Homelessness, , CNN Health, American Academy of Family Physicians, Locations: Princeton, United States, Boise , Idaho, Jesse Tree, Idaho, Alabama
For the 10% of households making under 30% of the county's median income, median living expenses are about three times what they earn. AdvertisementCompared to the control group that didn't receive payments, participants had significantly better employment outcomes. While the percentage of employed control group families stayed the same at 74%, the participants’ employment rate jumped from 75% to 87%. When looking only at employed participants, median income rose from $1,573 to $1,900 per month. When factoring in other sources of income, such as Social Security or child support, the control group’s income rose 40% while the participants’ income rose 84%.
Organizations: Service, Arlington Community Foundation, Arlington County Department of Human Services, Business, Economic Research Institute, Security Locations: Washington, Arlington , Virginia, Texas, South Dakota, Arlington, American, Arlington County
Read previewA guaranteed basic income program in Arlington, Virginia that gave low-income residents $500 a month with no strings attached allowed them to find their footing, seek out education, and improve their job security, a final report found. Recipients said reducing their weekend and overtime hours helped them pursue education and certifications that could lead to higher-paying jobs. Arlington is not the first city to experiment with a guaranteed basic income program. Some lawmakers in Texas, however, oppose basic income programs. One state senator asked the state attorney general to declare a similar program in the Houston area unconstitutional.
Persons: , Uber Organizations: Service, Arlington Community Foundation, Arlington County Department of Human Services, Business, Arlington Community Fund Locations: Arlington , Virginia, Arlington, Washington, DC, Virginia, Baltimore, Boston, Austin, Denver , Minneapolis, Texas, Houston
Local restrictions in Michigan derailed more than two dozen utility-scale renewable energy projects as of last May, according to a study by the Sabin Center for Climate Change Law at Columbia University. Nationwide, and at least 228 restrictions in 35 states have been imposed to stop green energy projects. The shift has sparked a political backlash that may escalate as more states seek to simplify getting green energy projects approved and built. But many local officials say giving states the power to site large-scale energy projects clashes with cherished U.S. political principles. In Kansas, Osage County’s moratorium on commercial solar and wind projects came in 2022 after multiple hearings.
Persons: Clara Ostrander, Ostrander, , Dan Scripps, Gretchen Whitmer, Biden, Jay Bailey, can’t, Elise Caplan, Scripps, suburbanites, Josh Svaty, Svaty, ” ___ Hanna Organizations: Leasing, Sabin, Climate, Columbia University . Nationwide, Public Service Commission, Scripps, Michigan, Democratic Gov, . Michigan, Republican, American Council, Renewable Energy, Columbia University, Local, Kansas Statehouse Locations: LANSING, Mich, Montcalm County, Monroe County, Michigan, Connecticut, New York , Oregon, Minnesota, Rhode Island, In Kansas, Osage, Flint Hills, Kansas, Monroe, ” Michigan, Illinois, California , Connecticut , New York, Maryland , Massachusetts, Minnesota , New Jersey, New Mexico, Florida, South Dakota, , Topeka , Kansas
The lower house, the State Duma, on Wednesday passed the second and third readings of a bill that revokes Russia's ratification of the Comprehensive Nuclear Test Ban Treaty. What is happening in the world today is the exclusive fault of the United States," parliament speaker Vyacheslav Volodin said. Defence Minister Sergei Shoigu visited Russia's testing ground in the remote northern archipelago of Novaya Zemlya in August. CNN published satellite images last month showing Russia, the United States and China have all built new facilities at their nuclear test sites in recent years. The Soviet Union last tested in 1990 and the United States in 1992.
Persons: Vladimir Putin, Putin, Vyacheslav Volodin, Volodin, Sergei Shoigu, Melissa Parke, Mark Trevelyan, Nick Macfie Organizations: States Arms, West, State Duma, Comprehensive, Washington, Defence, CNN, Stockholm International Peace Research Institute, International, Nuclear, Soviet Union, Thomson Locations: Russia, Moscow, United States, Russian, Ukraine, China, India, Pakistan, Korea, Washington, Novaya Zemlya, Stockholm, USA, Soviet Russia
Jeffrey Gundlach says long-duration Treasurys will make a good short-term trade in a recession. Gundlach also sees agency mortgage securities and commercial mortgage bonds as attractive. "We like long-term treasury bonds for the short-term trade going into a recession. "There has been about a 50% drawdown in the long bond, which means there is now potential for the long bond to go up in price." In calling a recession on the horizon, he also touted agency mortgage-backed securities and commercial mortgage bonds as attractive investments.
Persons: Jeffrey Gundlach, Gundlach, Organizations: Service, DoubleLine Capital, AAA
DETROIT – The United Auto Workers union will expand strikes against General Motors and Ford Motor to two U.S. assembly plants at noon ET, UAW President Shawn Fain said Friday. Fain said Chrysler-parent Stellantis was spared from additional strikes because of recent progress in negotiations with that company. "To restore the balance of power, we have to restore the strike," Fain said Friday, citing several other UAW strikes aside from the Detroit automakers. The UAW originally initiated work stoppages on Sept. 15 at three assembly plants — one each for the Detroit automakers. At that time, the UAW spared Ford from expanded strikes, citing progress in those negotiations.
Persons: Shawn Fain, Fain, Stellantis, Gerald Johnson, GM's Organizations: DETROIT, United Auto Workers, General Motors, Ford Motor, UAW, Chicago Assembly, Ford Explorer, Lincoln Aviator, Buick Enclave, Chevrolet, Chrysler, Detroit, GM, Ford, Detroit automakers Locations: Illinois, Lansing Delta, Michigan
Student-loan repayments will restart on October 1 following a three and a half year hiatus. After more than three and a half years of moratoriums on student loans, repayments are set to resume on October 1. The average student loan borrower has more than $37,000 in federal student-loan debt, according to Bankrate. Manny Garcia, a senior population scientist at Zillow, told Insider that student-loan repayments will likely jeopardize buyers' ability to afford home purchases this year. "Before the pandemic, borrowers were already choosing between meeting their own basic needs and making their student-loan payments.
Persons: , it's, Manny Garcia, Garcia, Pulsenomics, Zillow, Will Lemke, Stephanie Hall Organizations: Service, Center for American Progress, Wall Street Journal, Inside Mortgage Finance
NEW YORK (AP) — Sister Helen Prejean remembered when she first spoke with Jake Heggie about adapting her book “Dead Man Walking.”“I don’t know boo-scat about opera,” she told him. It’s established in a lot of these abolitionist countries that there is no death penalty — the government, we don’t kill people for their crimes. The Met and Carnegie Hall plan to present excerpts at Sing Sing on Sept. 28 with DiDonato, Sister Helen as the narrator and inmates as the chorus. There have been 1,575 executions in the U.S. since the Supreme Court allowed the death penalty to be reinstated in 1976, according to the Death Penalty Information Center. Twenty-four states have death penalty laws, 23 do not and three have governor-imposed moratoriums, the center said.
Persons: Helen Prejean, Jake Heggie, , , you’re, Tony, Olivier, Ivo van Hove, Joyce DiDonato, Helen, ” Heggie, it’s, It’s, ” Prejean, Saint Joseph of Medaille, Prejean, Jason Epstein, Knopf Doubleday, Tim Robbins, Susan Sarandon, Heggie, Frederica von Stade, Lotfi Mansouri, Terrence McNally, Mansouri, ” McNally, ” “ Sondheim, Stephen Sondheim's, Robbins, McNally, Joe Mantello, Susan Graham, von, ” Joshua Kosman, ” DiDonato, DiDonato, “ I’ve, ” Von Hove, Graham, de, I’ve Organizations: Metropolitan Opera, Knopf, UCLA, UCLA's Center, Art, Cal, San Francisco Opera, Opera House, von Stade, San Francisco Chronicle, New York City Opera, Houston, City Opera, Sing, Illinois Youth Center, Carnegie Hall Locations: New Orleans, New York, New, Madrid, Francisco’s, Ossining , New York, Chicago, U.S
REUTERS/Go Nakamura/File photo Acquire Licensing RightsWASHINGTON, Sept 13 (Reuters) - A federal moratorium on commercial spaceflight safety regulations should be extended to support more innovation in the space sector, U.S. The fast-growing sector since 2004 has been shielded from federal safety regulations by what is widely called a "learning period." "Now is not the time to impose new regulations on commercial space," Cruz said, speaking on the sidelines of an industry conference in Washington. The moratorium, established by the Commercial Space Launch Amendments Act of 2004, was most recently extended in 2015. The law requires private space companies that send humans into space to have passengers sign "informed consent" documents acknowledging the absence of federal safety regulations.
Persons: Ted Cruz, Artemis, Go Nakamura, Cruz, Doug Ligor, Ligor, Kelvin Coleman, it'll, Elon, Jeff Bezos, Joey Roulette, Chris Reese, Leslie Adler, Daniel Wallis Organizations: NASA, REUTERS, Rights, Federal Aviation Administration, RAND Corporation, RAND, FAA, Spaceflight, Senate, SpaceX, Origin, Shepard, Virgin Galactic, Thomson Locations: Houston , Texas, U.S, Washington, American, Texas, Van Horn
A view of a damaged house after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 31, 2023. REUTERS/Marco Bello Acquire Licensing RightsAug 31 (Reuters) - Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market. "This certainly will not help with ongoing challenges to Florida's insurance market, but it could have been a lot worse," said Steve Bowen, chief science officer at reinsurer broker Gallagher Re. The top 10 U.S. homeowners insurers such as State Farm and Allstate Corp (ALL.N) average only about 4.1% of their premiums in Florida, Moody's said. Reuters GraphicsThe exit of insurers from Florida comes amid a broader pullback from the market, including from reinsurers, according to an Aug. 24 Fitch report.
Persons: Hurricane Idalia, Marco Bello, Ian, Idalia, Moody's, Steve Bowen, Gallagher, Fitch, Noor Zainab Hussain, Manya, Matt Tracy, Shinjini Ganguli, Megan Davies, Matthew Lewis Organizations: REUTERS, Property Insurance, Hurricane, Reuters, Citizens, UBS, Insurance Information Institute, Gallagher Re, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Bankers, Farm, Allstate Corp, Insurance, Institute, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Florida's, Coast, Tampa Bay, Jacksonville, Idalia, USA, Lexington, reinsurers, South Carolina, Bengaluru, Washington
After Hurricane Michael struck Florida in 2018, home sales rose significantly, allowing disaster investors to reap the rewards. This venture has the potential to be even more rewarding given the increasing frequency of natural disasters in the US. But federal disaster relief is painfully slow to respond and often doesn't cover most of the costs. And while moratoriums on damaged land sales aren't a long-term, legally tenable solution, there are ways state officials might be able to deter disaster investors. As the threat of natural disasters increases, so will disaster profiteers.
Persons: Josh Green, Ian, Hurricane Michael, Hurricane, Joe Raedle, Hurricane Maria, Congress —, Hurricane Sandy, it's, Anthony DiMauro Organizations: Nashville Metro Council, FEMA, Hurricane, Centers for Environmental, Federal Reserve's Survey, Consumer Finances, Emergency Managment Agency, Small Business Administration, Urban Institute, Office, Congress, of Housing, Urban, Bloomberg, Newsweek, L.A Locations: Hawaii, Maui, Hawaii's, Tennessee, Nashville, Florida, Wilsey, New Orleans, California, Puerto Rico, Lahaina, New York
The former prime minister then left on a police truck, headed to the Supreme Court. The Thaksin-backed Pheu Thai party, which came second in the May election, will nominate its choice for the country’s next leader Tuesday: real estate mogul Srettha Thavisin. Former Thai Prime Minister Thaksin Shinawatra while flanked by his son Panthongtae Shinawatra and daughter Paetongtarn Shinawatra at Don Mueang airport in Bangkok, Thailand on August 22. Pheu Thai Party leader Cholnan Srikaew said in a statement Monday that the coalition would not include Move Forward Party, which won the most votes in the election. In 2006, Thaksin was ousted and, facing a potential prison sentence over corruption charges, went into self-imposed exile.
Persons: Thaksin Shinawatra, Thaksin, Thaksin’s, Yingluck Shinawatra, Paetongtarn, Srettha Thavisin, Palang Pracharath, Prayut Chan, Yingluck, Panthongtae Shinawatra, Paetongtarn Shinawatra, Athit, Thais, Cholnan Srikaew, , , Thitinan Pongsudhirak, Prayut, , “ We’ve, ” Thitinan Organizations: CNN, Manchester City Football Club, UN, Mueang International, Supreme, Thaksin, United Thai Nation Party, Thai, Thai Party, Party, National Institute of Development Administration, Reuters, Facebook, Institute of Security, Studies, Chulalongkorn University, Forward Party Locations: Thailand, New York, Singapore, Bangkok’s, Thai, Don Mueang, Bangkok
“There is a pretty foundational bias against renters in American sociological and political life,” said Jamila Michener, a professor of government and public policy at Cornell. But the number of renters has grown steadily over the past decade to about 44 million households nationwide, while punishing housing costs have migrated from coastal enclaves to metropolitan areas around the nation. More salient to politicians, perhaps, is that renters are increasingly well-off — households that make more than $75,000 have accounted for a large majority of the growth in renters over the past decade, according to the Harvard Joint Center for Housing Studies. At the same time, the struggle to find something affordable has escalated from lower-income tenants to middle-income families that in past generations would very likely have owned their homes. In other words, renter households are now composed of families much more likely to vote.
Persons: , Jamila Michener, Organizations: Cornell, Harvard Joint Center for Housing Studies
New York CNN —Farmers Insurance will stop offering its policies in Florida, including home, auto and umbrella policies, in a change that will force thousands of people to change their insurance provider. Farmers serves 100,000 customers in Florida but said there will be no impact to customers who use Farmers’ owned subsidiaries like Foremost Signature and Bristol West. “Such policies will continue to be available to serve the insurance needs of Floridians,” Farmers Insurance spokesperson Trevor Chapman said in a statement. Florida requires affected policyholders to receive a 120-day notice that their policies aren’t being renewed. Earlier this week, Farmers limited new homeowners insurance policies in California because of high costs and wildfire risks.
Persons: Trevor Chapman, don’t, aren’t, ” Mark Friedlander, ” Friedlander, hasn’t, , Friedlander, It’s, Hurricane Ian, Harvey Organizations: New, New York CNN — Farmers Insurance, Farmers, Bristol West, ” Farmers Insurance, , Insurance Information Institute, CNN, Insurance, Institute, Atlantic, National Oceanic, Atmospheric Administration, NOAA, Farm, Allstate Locations: New York, Florida, California
Despite the growing concern of heat-related illnesses and climate change, people have far fewer protections from power shutoffs during the summer than they do in the winter. The Low Income Home Energy Assistance Program, known as LIHEAP, has about $6 billion in funds for fiscal 2023, which runs through September. The association is calling on Congress to provide an additional $3 billion for cooling assistance this summer, which would help about 6 million households. And it is asking utilities to voluntarily suspend shutoffs this summer for those behind on their bills. Florida Power & Light, for instance, has a longstanding policy that it won’t disconnect customers if it’s 95 degrees or higher.
Persons: David Konisky, , Konisky, Mark Wolfe, That’s, Wolfe, it’s, Bianca Soriano, Soriano Organizations: New, New York CNN, National Weather Service, Center for Energy, National Energy Assistance, Association, Energy, Indiana University, Centers for Disease Control, Income, Energy Assistance, Lawmakers, US Energy Information Administration, Louisiana —, Florida, Customers Locations: New York, United States, Washington, DC, Delaware, Nevada, Colorado , Missouri, New Jersey, Texas, Louisiana, Florida
Why cities want to ban new drive-thrus
  + stars: | 2023-06-24 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +8 min
Magnets of traffic and congestion, drive-thrus discourage walking, public transit use and visits to neighboring businesses. A host of cities and regions want the sprawl to stop: Atlanta lawmakers will vote this summer on whether to ban new drive-thrus in the popular Beltline area. Minneapolis; Fair Haven, New Jersey; Creve Coeur, Missouri; Orchard Park, New York, and other cities have banned new drive-thrus in recent years. Experts say pedestrian safety can be improved by tightly managing access along arterial roads and locating drive-thrus away from them. Cities push backAtlanta City Councilman Jason Dozier proposed a bill this year to block new drive-thrus around the Atlanta Beltline, a pedestrian trail along a 22-mile railroad corridor.
Persons: Creve, , David Dixon, Jack, Wendy’s, Sweetgreen, Taco Bell, Leonard Ortiz, Eric Dumbaugh, David Paul Morris, Dixon, Stantec, Jason Dozier, Dozier’s, , ” Dozier, Marilyn Nieves, iStockphoto, Levi Thatcher, Charlotte, Keba Samuel Organizations: New, New York CNN, Starbucks, Smithsonian, Companies, MediaNews, Orange, Register, Florida Atlantic University, , CNN, Bloomberg, Atlanta City, Atlanta, Atlanta Beltline, Sugar House, Sugar, Transportation, Charlotte Planning, Charlotte City Locations: New York, Atlanta, Minneapolis, Fair Haven , New Jersey, Creve Coeur , Missouri, Orchard, , New York, Southern California, Long, Pittsburgh, Mesa , Arizona, , , California, Santa Ana , California, driveways, Atlanta’s, Salt Lake City, Charlotte, WCNC
The target crusts contain copper, zinc and cobalt, as well as some rare-earth elements, according to the Norwegian Petroleum Directorate. A seabed nodule obtained during a Norwegian Petroleum Directorate expedition to the Mohns Ridge in the Norwegian Sea in 2020. Currently, deep-sea mining in international waters isn’t yet legal, but it is expected to become so this year. “To forge ahead and unleash deep-sea mining in the Arctic would be criminal. Companies including Maersk and Lockheed Martin have also been divesting their deep-sea mining investments.
Persons: , Terje Aasland, Aasland, Nag, Louisa Casson, Lockheed Martin, Yusuf Khan Organizations: Sustainable Business, Clarion, Minerals, Norwegian Petroleum Directorate, Norway’s, Petroleum, Energy, NPD, International, Companies, Mining, Greenpeace International, Maersk, Lockheed Locations: Norwegian, Europe, Zone, Mexico, Hawaii, Norway, Jamaica, France, Germany, Clarion, yusuf.khan
The target crusts contain copper, zinc and cobalt, as well as some rare-earth elements, according to the Norwegian Petroleum Directorate. A seabed nodule obtained during a Norwegian Petroleum Directorate expedition to the Mohns Ridge in the Norwegian Sea in 2020. Currently, deep-sea mining in international waters isn’t yet legal, but it is expected to become so this year. “To forge ahead and unleash deep-sea mining in the Arctic would be criminal. Companies including Maersk and Lockheed Martin have also been divesting their deep-sea mining investments.
Persons: , Terje Aasland, Aasland, Nag, Louisa Casson, Lockheed Martin, Yusuf Khan Organizations: Sustainable Business, Clarion, Minerals, Norwegian Petroleum Directorate, Norway’s, Petroleum, Energy, NPD, International, Companies, Mining, Greenpeace International, Maersk, Lockheed Locations: Norwegian, Europe, Zone, Mexico, Hawaii, Norway, Jamaica, France, Germany, Clarion, yusuf.khan
Eviction filings are more than 50% higher than the pre-pandemic average in some cities. After a lull during the pandemic, eviction filings by landlords have come roaring back, driven by rising rents and a long-running shortage of affordable housing. There was also $46.5 billion in federal Emergency Rental Assistance that helped tenants pay rent and funded other tenant protections. Forty of the state's 62 counties had higher eviction filings in 2022 than before the pandemic, including two where eviction filings more than doubled compared to 2019. But as protections went away, housing prices skyrocketed in Austin, Dallas and elsewhere, leading to a record 270,000 eviction filings statewide in 2022.
Persons: , Dana Williams, Williams, De'mai Williams, it's, haven't, Daniel Grubbs, Donovan, Ayanna Pressley, Maria Jackson, Jackson, It's, Russell Weaver, Oscar Brewer, Ben Martin, Rio Yamat Organizations: Service, Princeton, Houston, Nashville, Phoenix, Income, Coalition, Rental Assistance, Democratic U.S . Rep, Ayanna Pressley of Massachusetts, Cornell University, Housing, Democrat, Income Housing Coalition, New, Philadelphia — Locations: Atlanta, New York, Las Vegas, Minneapolis, St, Paul, Rhode, Ayanna Pressley of, Rochester . In Texas, Austin, Dallas, Texas, New York City, Philadelphia, arears
There are colonies in virtually every neighborhood with suitable nooks and crannies — in Bushwick, in Washington Heights, in Ozone Park. There may be as many as half a million feral cats padding around New York City, but no one knows for sure. “No one knows, and the city doesn’t care to know,” said Will Zweigart, the founder of Flatbush Cats, the nonprofit group that Ms. Gabriel and scores of others volunteer with. “Because if they knew, they would be accountable to do something about it.”There are a number of reasons for the explosion in feral cat colonies. Some people, fearing that their unwanted cats would be euthanized if they were taken to a shelter, simply let them out on the streets and hoped for the best.
Persons: , Will Zweigart, Gabriel Organizations: Flatbush Cats, Yorkers Locations: Flatbush, Bushwick, Washington Heights, Ozone, New York City
A new capital city for a place with such disparities and diversity presents both a challenge and a chance for reinvention. Moving the Seat of Power From Java to Borneo Detail area Malaysia Nusantara Borneo Java Sea Indonesia Jakarta Java Indian Ocean Detail area Malaysia Nusantara Borneo Java Sea Indonesia Jakarta Java Indian Ocean Indonesia’s new capital, Nusantara, will be about 800 miles from the current capital, Jakarta. It cannot be overnight, it’s not like Aladdin comes with his genie,” said Bambang Susantono, the head of the Nusantara Capital City Authority. We have to prove that this will be a self-propelling city.” — Bambang Susantono, head of the Nusantara Capital City AuthorityCritics of I.K.N. Indonesia’s capital city faces sinking land and rising seas.
The sole breadwinner of a family of five is about 8 million baht ($236,000) in debt and has no cash savings. In February, it said that household debt levels should be brought down from 86.9% of GDP at the end of 2022 to below 80% to help reduce financial risks. Political parties' extravagant election promises could increase the macro-economic risks posed by debt, analysts say. "There was no warning," said Achin Chunglog, president of a nationwide group of volunteers that helps people struggling with debt. In the rural hinterland, 90% of farm households have outstanding loans, according to a March study that described a "vicious cycle of debt".
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