Financial Affairs – Fall Of 55 Fri, 28 May 2021 18:59:10 +0000 en-US hourly 1 Financial Affairs – Fall Of 55 32 32 Chinese authorities call for cooperation to end container shortage Wed, 07 Apr 2021 23:16:32 +0000

Shanghai remains the world’s busiest container port with 53.5 million TEUs in 2020 (file photo)

Posted on Feb 10, 2021 5:35 PM by

The maritime executive

With reports of growing congestion and a shortage of containers spreading to major Chinese ports, Chinese authorities are calling for close cooperation to maintain trade and slow the rise in container tariffs. They recently called on ports and shipping associations to work with international carriers to resolve the container shortage.

Speaking at a meeting hosted by the Ministry of Transport, Chinese officials said the China Ports and Ports Association (CPHA) and the Chinese Shipowners Association (CSA) must work together to reduce the shortage of containers, which is essential for foreign trade. The ministry acknowledged that the rebound in trade that began in mid-2020 was contributing to the container shortage. However, they also cited the slow return of containers from North America to Asia as a contributing factor to the current shortage in China as well as on other trade routes.

Shortages have become more acute at major Chinese ports as manufacturers and ports scramble to transport goods ahead of the Lunar New Year celebration, according to reports in the Journal of Commerce. Ports such as Shanghai, which is the world’s busiest container port, report a growing backlog. Last October, Shanghai set a new record of 4.2 million TEUs displaced in one month, and for the whole of 2020, the port handled 43.5 million TEUs, a slight increase from compared to 2019.

Citing the backlogs and shortages occurring in China, Container News reports that Chinese officials have said improvements in container capacity and supply, as well as cooperation with overseas ports and agencies are necessary. They quoted officials who said: “Various line operators have optimized the allocation of vessels to their service routes, and we will continue to facilitate outbound trade by ensuring that transportation runs smoothly. However, due to congestion in overseas ports, poor collection and distribution systems, and difficulties in returning empty containers, the disparity between shipping capacity and container supply is always obvious.

Inefficiencies were cited as a factor contributing to the increase in container shipping rates in 2020. Officials said more cooperation is needed to address these challenges.

According to the Journal of Commerce, major Chinese exports all plan to remain open during the Golden Week holidays, and despite some workers leaving to return home for the holidays, the ports hope to use this time to reduce the backlog. . However, many Chinese manufacturers also plan to work during the holidays this year, which means that the flow of export goods to ports will continue as well.

In 2020, China said it was taking action to increase the supply of containers. They said China was working with related parties to bring more containers to the market, speed up container turnaround and help container manufacturers increase productivity. State media noted that the China Container Industry Association is urging shipping container manufacturers to increase production of standard boxes. They reported that China has been producing 300,000 TEUs per month since September to help alleviate the shortage and that Chinese container manufacturers have extended their normal working hours to 11 hours per day.

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‘Garth and Trisha Live: A Holiday Concert:’ Preview, How To Watch, Live Stream Wed, 07 Apr 2021 23:16:17 +0000

Musical power couple Garth Brooks and Trisha Yearwood are about to perform a holiday concert live straight from their homes, and you don’t even need a ticket. His “Garth and Trisha live! A holiday concert event”Tonight at 8:30 p.m. ET on CBS.

LIVESTREAM via fuboTV or by by clicking here on CBS All Accesseven if you don’t have a cable.

Brooks and Yearwood will perform live on demand from their home recording studio, Studio G, singing the songs of the season. They will also be telling stories throughout the special.

“Our viewers loved reaching out directly to Garth and Trisha to ask for their favorite hits when the pandemic first hit. It brought fun and glee right into their living room as they crowded with their families, ”said Jack Sussman, executive vice president, Specials, Music & Live Events / Alternative & Reality for CBS. “Now, nine long months later, who’s better positioned to bring in some holiday magic, performing some of the greatest holiday songs of all time as Garth Brooks and Trisha Yearwood.”

The concert will be filmed without a live studio audience. The special will involve a minimal crew practicing social distancing and will be filmed with numerous safety measures in place.


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The century-old home built by the founder of Colonial Park is a centerpiece of historic craftsmanship: Cool Spaces Wed, 07 Apr 2021 23:16:08 +0000

Located on a wooded side street in the heart of Colonial Park, is a magnificent 3,500 square foot federal style limestone home.

Built in 1926, by Elmer Ehler, the founder and developer of Colonial Park, the house presents the craftsmanship expected of the time. The owners since Ehler have taken care of the property with love.

The high ceilings, the hardwood floors, the exposed stone walls and the stone fireplaces, the woodwork, the inserts and the original bathrooms bear witness to the care taken in the design of the house.

The remodeled kitchen includes granite counters, an island, stainless steel appliances and a breakfast nook with built-in lights and a granite bar that overlooks the wooded courtyard.

The house is spacious, with a large living room, a family room with a connected office lit by a window with a view of the front yard, a private office across the spacious hall, three bedrooms on the second floor and the option of a living room. ‘a fourth bedroom in the space of the third floor.

Outside, the property contains two plots for a total of 1.13 acres. The front has a detached garage for two cars, while off the back yard garden there is a detached garage for one car.

Located at 4232 Elmerton Avenue, the house is listed at $ 399,999 by agent Cuong Dang, with RE / MAX 1st benefit.

Want more cool spaces? See all of our stories showcasing Pennsylvania’s finest homes, businesses, and museums by Click here. Do you know any cool spaces? Submit your ideas to

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What FIs don’t get from underbanked consumers Wed, 07 Apr 2021 23:15:53 +0000

In official figures, there are 33 million unbanked and underbanked consumers in the United States.

Of those 33 million, a relatively small number – about 7 million or just over 5 percent of the U.S. population – are entirely unbanked, without both a checking account or a savings account. The largest share, the underbanked, make up the remaining 26 million and are defined as consumers who have access to basic bank accounts but are generally unable to use other banking services, such as loans and credit cards.

And it’s the under-banked, i2c CEO Amir Wain told Karen Webster, who are very poorly understood and poorly counted in the United States. That’s because, despite popular associations in most of our minds, our understanding of underbanked customers shouldn’t be limited to low-income, low-credit consumers who just aren’t. qualify for more advanced banking services. This very limited conception of underbanked consumers misses both the scale of the problem, the number of people suffering from it and the scale of the opportunity to solve it.

“One way to think about this is, if you don’t feel like a VIP in your bank, you’re underbanked,” Wain said. “The questions consumers need to ask themselves are: Does my bank really treat me like an important customer? Do they meet my financial needs? Do they treat me like a good customer? “

If the answer is no, Wain told Webster, it’s likely that even people with six-figure incomes still feel under-served at some big banks. This makes the opportunity far beyond prepaid cards as bank account agents – a “much bigger opportunity”.

There are a large number of middle market consumers looking for more profitable banking service without compromising their expectation of high quality service, he said. Building something better for these consumers is the next big opportunity. banking market share.

“We will see an increasing number of companies providing these more profitable but high quality financial services to the American public,” said Wain.

The newly leveled playing field

Until recently, having a large branch network was a mega differentiator for big banks, Wain said. One of the main reasons you could choose a Bank of America or a Chase was the assurance that you could find a branch a few miles from almost anywhere.

“COVID has ended the differentiation of the branch network,” Wain said. “The bank’s customers have learned that they do things more efficiently without having to take the time to visit a branch.”

And since most consumers have been freed from this need, Wain said, financial services innovators like BrightFi – with whom i2c partners to offer low-cost offers rich in features, mobile financial services – are also being freed up to create solutions without the costs and headaches of branch office infrastructure or the integration of multiple legacy systems that make it expensive for banks to offer bank accounts. traditional sight deposit (DDA) to consumers.

And what the numbers have shown time and time again at i2c is that when brands start to think ”digital first, “Everything becomes much more efficient. Wain said the parameters support this belief. Digital capabilities reduce customer service minutes, reduce internal charge disputes, and narrow the gap between ATM usage and point-of-sale (POS) spending.

“We have clear evidence that if you have these digital services, you can cut costs and make it a viable and profitable business,” he said.

Go beyond binary

A move to mobile, Wain said, is not a switch that can be flipped followed by a hasty victory declaration. It is not enough to simply provide a mobile interface with a flashy user experience (UX). Delivering a feature-rich, user-centric and relevant mobile experience is what matters. Basic features such as fingerprint login, easy navigation, and support for a multitude of functions form the baseline. While they can be a differentiator in your mobile banking app, you should consider adding other services that consumers want like the ability to build credit, budgeting tools, fraud monitoring, the definition of personalized alerts, the filing of transaction disputes, etc.

Wain said he sees the mobile interface as an interface that needs to go beyond the simple point of transaction and more towards a complete banking solution. Point solutions require a multitude of technological solutions, from middleware to software integration to global compliance.

“The goal is to have a solution capable of solving a multitude of problems, which is fully integrated and which allows the consumer to choose the services he wants or allows him to create different packages,” he said. .

Wain said he believes giving banking customers a choice of mobile services, powered by a digitally-driven mindset, will deliver a better banking experience for the mass of consumers – far more than the 33 million consumers. that most analysts cite and who are truly underbanked today. .



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Construction funding secured for cold storage development in Brighton Wed, 07 Apr 2021 23:15:38 +0000

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CBRE has secured a $ 35.4 million loan to finance the basic construction of a 247,000 square foot Class A cold storage development in Brighton. The development of industrial refrigeration is partly tailor-made and partly speculative. Based in Illinois Karis Cold developed the facility and pre-leased 167,300 square feet. The facility is located at 189 Bromley Business Parkway.

“This is a premium asset as currently leased, but we know that not all users can commit to occupying years before completion,” said Jake Finley, Managing Director and founder of Karis Cold. “We want the excess space to provide the Denver cold storage market that is customizable and available in much less time than a custom build. We plan to build similar cold stores in this market and other strategically selected markets in the United States. “

The remaining 79,700 square feet available for lease include 58,000 square feet of customizable freezer / cooler space with 40 foot headroom and 17,000 square foot cold hold with 32 foot headroom.

According to a CBRE report, the cold storage industry is expected to benefit from growing consumer demand for food products and a subsequent increase in demand for industrial storage services. This will generate demand for premium organic, improved and all-natural food varieties, spurring the growth of cold storage operators who offer specialized storage and handling capabilities.

Cliff Joyner with the Debt and Structured Finance team of CBRE Capital Markets in Nashville, arranged construction finance on behalf of Karis Cold.

Rendered courtesy of CBRE

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IOC says coronavirus vaccines will not be a ‘silver bullet’ for hosting Tokyo Olympics Wed, 07 Apr 2021 23:15:38 +0000

LAUSANNE, Switzerland – In uncertainty over planning for the Tokyo Olympics, IOC President Thomas Bach said on Wednesday that advances in vaccines and rapid tests for COVID-19 would not be the complete solution for organize the reprogrammed games.

“They will not be the silver bullet, but they can greatly facilitate the organization of the games,” Bach said at a press conference after a meeting of the board of directors of the International Olympic Committee.

While the Japanese public has been skeptical of July 23-August. Eight matches ahead, Olympic Minister Seiko Hashimoto said this week: “I think we have to organize them no matter what.”

Bach declined to speculate on Wednesday that the Tokyo Olympics will be held without fans at the venues, as it has become the global reality of sport in 2020.

“We don’t know what the world will be like tomorrow,” Bach said. “So how can you expect us to know what the world will be like 320 days from today?”

He asked the athletes to accept any requests made to them while traveling and staying in Japan next year.

“No one can just look at themselves and say ‘I don’t want this’ or ‘I don’t think it’s fair’. You have to show solidarity there to fight the virus, ”Bach said. “If you need quarantine to ensure a safe environment for all game participants, then you need to go into quarantine.”

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Roadside ammunition contractor arrested with cease and desist order – St George News Wed, 07 Apr 2021 23:15:38 +0000

Local entrepreneur Brendan Dalley shows off his wares: FMJ 9mm ammunition in St. George, Utah on March 22, 2021 | Photo by David Dudley, St. George News

ST. GEORGE – Local entrepreneur Brendan Dalley had what he said was the perfect setup: He and a friend had their own brand of ammunition made, and they sold it in a truck by the side of the road.

Dalley told St. George News they are doing pretty well.

“We were selling between 2,000 and 5,000 cartridges a day,” he said. “Until the city sends a cease and desist letter.”

Dalley said he and a friend came up with the idea a few years ago. They wanted to start their own business, but they didn’t know what type. So they thought about two things.

“We both love golf,” said Dalley, “and we both love guns.”

With that, they decided to build custom putters – and craft hunting gear, including ammo.

Brendan Dalley in St. George, Utah on March 22, 2021 | Photo by David Dudley, St. George News

“That was before the ammunition shortage,” said Dalley. “Since then, our business has grown steadily.”

The current ammunition shortage was sparked by the national gun conversation, said Dalley, which only became more urgent following two mass shootings in the past week.

“There is an irony,” he says. “Every time Democrats start talking about gun laws, gun sales go up. When gun sales increase, it follows that ammunition sales also increase. “

According to FBI reports, which tracks arms sales to National instant criminal background check system, nearly 40 million firearms were sold in the United States in 2020. In January 2021 alone, more than 4 million firearms were sold, the highest monthly sales since 1998.

“Because of that, a lot of the ammunition shelves were empty,” said Dalley. “It gave the effect of toilet paper. People don’t see ammo on the shelves, so they buy it wherever they can get it. “

Dalley said it wasn’t just the people who joined the militias who were sweeping ammunition off the shelves and in their baskets.

“These are the ones of us who still believe in – and appreciate – the Second Amendment,” he said. “We just want to protect ourselves from criminals and, if we need to, from the government.”

While they started sell their ammunition online, Dalley had another inspiration.

“We saw a guy selling pine nuts one day,” said Dalley. “We thought, ‘We should set ourselves up to sell our ammunition like this guy.’ We took our position wherever we could install it and sell directly to the community. “

This is how the Pew Pew Pine Nuts brand and strategy was born, Dalley said. Although he is currently Vice President of Business Development and Loan Officer at Envision Home Loans, he is also an entrepreneur and professor who taught behavioral communication at Dixie State for 10 years.

So he had a little fun with the marketing copy. The 9mm FMJ (full metal jacket) ammunition box that he showed to St. George News advertises that the bullets inside are “organic” and “farm-to-bedroom” fresh.

The X-Truder, a hollow point hybrid bullet in St. George, Utah, March 22, 2021 | Photo by David Dudley, St. George News

“Not all ammunition is created equal,” he said. “These are great for target practice, while our other brand, the X-Truder, is home defense ammunition. It’s a hybrid hollow point, which means the bullet will make a cavity in the wound but then stop, so you don’t get an innocent bystander hit.

When Dalley got his license from the town of St. George, he was excited to connect with people in the gun community. He settled on a dirt court at the intersection of Mall Drive and Dino Crossing. And, says Dalley, they’ve done pretty well.

“The community was there almost immediately, because there is trust between people who love guns,” he said. “There is instant camaraderie. And if they know you have ammo, they’ll come back.

However, it wasn’t long before Dalley got into trouble. First, it was about the business owners in the area, said Dalley.

“I’ve received feedback from the community that these business owners are upset,” said Dalley. “They were insulting us, but I don’t understand why.”

Dalley said that when a first-time gun buyer looks for a new weapon, that person also expects to purchase ammunition.

“Because some stores in town were running out of ammunition, they couldn’t sell their guns,” Dalley said. “But if these future gun owners could get us ammunition, then they could go to the store to buy their gun. I actually help businesses in the region. “

Next, Dalley said he received a call from a police officer who learned of growing complaints against his roadside ammunition sales business.

“He said I should know about the complaints,” said Dalley, “and then we talked about guns for a few minutes. He said I was not in trouble.

But about three weeks later, the City of St. George’s cease and desist letter arrived in the mail.

“The letter said I had violated an order,” said Dalley. “I thought, ‘Okay, great. But why wasn’t I told this when I applied for my business license? “

When St. George News contacted the city of St. George, David Cordero, the city’s director of communications and marketing, said Dalley’s license was still valid and in good standing.

“The license allows you to do business online, sell to wholesale retailers and trade shows,” Cordero told St. George News. “The cease and desist letter concerned his street sale, which is not allowed. “

Dalley said St. George was not friendly to small business. He also feels he has been unfairly targeted because of complaints from business owners. Still, he tries to stay positive and keep moving forward.

“I just want to find a way to be compliant,” he said. “If I can’t sell here, I’ll check Washington City and Hurricane. It’s really about building community and creating prosperity. “

Copyright St. George News, LLC, 2021, all rights reserved.

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Restarting Savannah with the green light Wed, 07 Apr 2021 23:15:38 +0000

PERTH ( – The board of directors of ASX-listed Panoramic Resources has approved the A $ 41 million restart of the Savannah nickel project in Western Australia.

The company told shareholders on Tuesday that the decision to restart operations in Savannah, which had been placed under surveillance and maintenance in April of last year, followed a 12-month process of reviewing and implementing operational strategies to improve and reduce project risks.

The restarted operation is expected to provide 9,072 t / y of nickel, 4,683 t / y of copper and 676 t / y of cobalt in concentrate form over a 12-year life, at an average overall cost of $ 6.36 A / lb of credits payable for nickel, net copper and cobalt byproducts.

“We learned many lessons before the temporary suspension of operations in Savannah in April 2020, amid the onset of the Covid-19 pandemic. Since then, we have recapitalized the business and undertaken a series of planning and site initiatives to put the operation in a much more solid position for restart, ”said Panoramic MD and CEO Victor Rajasooriar.

“This optimization process, combined with the improved outlook for high quality nickel, copper and cobalt products from Savannah, has allowed the board of directors to approve the restart with a focus on first shipment from Wyndham Port. by the end of 2021. “

Perenti Global’s underground hard rock mining subsidiary, listed on ASX, Barminco, has received a letter of intent from Panoramic regarding development and production work on the Savannah project.

The new contract is expected to be worth some A $ 280 million over four years, with Barminco providing all development and production work for the underground mine, with mobilization expected in July this year.

Primero Group, a listed subsidiary of NRW Holdings, has also received a letter of intent for operation and maintenance work on the Savannah project, which is expected to be worth some A $ 35 million.

“By hiring a contractor for underground mining and processing in Savannah, we significantly reduce the human resource risk in a tight labor market, which turned out to be one of the main challenges faced in Savannah in 2018. and 2019, ”said Rajasooriar.

Barminco and Primero are leading entrepreneurs in their respective fields and have a reputation for providing safe and productive services. With their combined significant expertise, we anticipate that this new operating model will capitalize on the high quality nature of the Savannah resource to generate significant value for our shareholders.

“The decision to restart is expected to create 320 positions which will be largely filled by staff from contracted service providers, with Panoramic maintaining a relatively small direct workforce of around 40 people. Strict Covid-19 protocols will continue to be in place for our Kimberley staff. as required by government guidelines. “

Ore processing at Savannah is scheduled to begin in November of this year, with the first concentrate shipments scheduled for December.

Meanwhile, Panoramic told shareholders on Tuesday that to fund restart activities, the company has entered into a new five-year nickel and copper concentrate sales agreement with the Trafigura Group, starting in February 2023, s’ aligning with the expiration of the existing direct debit agreement with Jinchuan. .

Trafigura has also agreed to provide a $ 45 million secured loan financing facility which, combined with the revenue forecast, is expected to fully cover the costs of the restart. Panoramic has a current cash balance of approximately A $ 27 million and no debt.

The financing includes a five-year, $ 30 million prepayment loan facility (PLF) and a $ 15 million revolving credit facility (RCF).

The PLF has a term of five years from the withdrawal with interest repayments only required during the first 12 months. Debt repayments begin in year two and are designed to align with the project’s cash flow.

The FCR has a term of 18 months and has the option of being repayable through a final repayment of $ 15 million at the end of the term of the facility. Both facilities use the three-month Libor as the base interest rate plus a favorable interest margin.

“The new drawdown agreement and loan financing facilities with Trafigura are an essential part of the restart. The financing plan avoids any dilutive fundraising by providing what we believe to be sufficient working capital to support a smooth ramp-up, ”said Rajasooriar.

“The offtake agreement with Trafigura follows a competitive bidding process and has terms that are overall more attractive than our current contract which is due to expire in February 2023. Savannah production is now engaged until February 2028, or about half of the current 12. -year of my life.

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Saudi Central Bank presents COVID-19 strategy to IMF Wed, 07 Apr 2021 23:15:38 +0000

BERN: The International Monetary Fund (IMF) has released its updated growth forecast for the next five years in time for the spring meetings of the World Bank and IMF, which take place this week. Things look better than expected than six months ago, or even in January, when the IMF provided its last update.

The global economy is expected to grow 6%, up from 5.5% projected in January, with China and the United States taking the lion’s share. The Middle East and Central Asia show growth rates of 3.7 and 3.8 for 2021 and 2022.

These numbers are important because they tell us that after the biggest slowdown in economic activity since the Great Depression, there is light at the end of the tunnel. However, this mainly applies to countries, which have the means to vaccinate their populations against the coronavirus disease (COVID-19).

When it comes to the GCC, Saudi Arabia and the United Arab Emirates are the shining lights – both having implemented successful vaccination programs for their populations. The Kingdom is expected to grow 2.9% in 2021 and 4% in 2022.

In an interview with Jahad Azour, director of the Central Asia and Middle East department of the IMF, Fahad Almubarak, governor of the Saudi Central Bank, explained how Saudi Arabia had reached the positive outlook by implementing the necessary measures during the pandemic.

The governor pointed out that several Saudi government programs have cushioned the blow to the economy from the pandemic by supporting small and medium-sized enterprises (SMEs) with $ 74 billion in deferred loan payments and extension guarantees. loans, as well as cash injections worth $ 13 billion to these companies.

“Where are the maximum risks in our economic sector? We have found that SMEs are the most affected. Therefore, we have launched several programs, ”Almubarak said in an interview with the IMF. “One of them is that we have asked banks to defer payments owed by SMEs. (One) additional program secures funding. The central bank, along with other government entities, we would help the SMEs by guaranteeing their loans so that they can support the temporary situation. “

Sound macroprudential management and appropriate support from the SME sectors will enable the Kingdom to emerge relatively unscathed from the annus horribilis 2020 induced by the pandemic.

In this context, we must pay tribute to OPEC +, which effectively managed the oil supply and demand picture. A stable and predictable outlook for oil prices, achieved through forward-looking and prudent OPEC + supply management, remains the silver bullet for how the global investor community views GCC economies. . Overall, the macroeconomic outlook for the global economy as forecast by the IMF looks better than just three months ago.

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Replaces bill banning corporate campaign contributions Wed, 07 Apr 2021 23:15:38 +0000

The city’s supervisory board on Tuesday voted to support California’s Assembly Bill 20, which would expand local law limiting corporate contributions to political campaigns statewide.

Introduced by Assembly Members Alex Lee and Ash Kalra in December, the law would make California the 23rd state to prohibit business entities from directly contributing to political campaigns.

“In a city like San Francisco, the voters have given us such a clear mandate that they don’t want corporate control of city hall, they don’t want corporations directly funding our local elections,” said Tuesday. San Francisco supervisor Dean Preston. “This is not the case in Sacramento, where it is much more controversial to push the idea that we should limit the ability of companies to directly influence and distort our democracy and control candidates.”

Preston, who introduced a board-approved resolution supporting the legislation, said corporate funding may make it harder for first-time candidates to get a fair chance in elections, and that it is difficult for progressive candidates in California who refuse corporate contributions to run.

“While there may be occasional wins, it’s a systemic problem where massive corporate spending directly into these races can really silence progressive voices, voices that take those promises not to take the money.” , did he declare.

Jackie Fielder, former candidate for the State Senate and chief executive of Daybreak, a progressive political action committee, said Californians deserved to be represented without undue corporate influence and referred to the $ 244 million that Rideshare and delivery services spent last year to pass Proposition 22, which allows companies like Uber, Lyft and Doordash to define their workers as independent contractors.

“Make no mistake, business is just going to continue to have a stranglehold on the election if we don’t control it,” Fielder said.

According to California Fair Political Practices Commission, businesses, corporations and corporations belong to the “person” category for authorized sources of contribution. Contributions of up to $ 4,700 are allowed to Senate and Assembly candidates; $ 7,800 to the Lieutenant Governor, Secretary of State, Attorney General, Treasurer, Comptroller, Superintendent of Public Education, Commissioner of Insurance and the Council of Equalization Candidates, and $ 31,000 to those who run for governor.

Lee said AB 20 – which does not prevent companies from contributing indirectly through political action committees – is “not a panacea.”

“This is not a silver bullet that will solve all the problems where business has too much influence in our democracy now, but it is important that we cut off as much as possible the sources and channels of influence under our control to make sure our system better reflects people, ”said Lee.

Kalra, who called the bill a first step in the right direction with leeway to do more, suggested a public funding plan for the upcoming elections.

“Let’s start reducing and cutting this corporate influence in our democracy, in our state, in our political system,” Kalra said.

Supervisors Hillary Ronen and Matt Haney also backed the bill at a press conference on Tuesday.

“We got corporate money from the election in San Francisco,” Ronen said. “It’s time to make sure it spreads statewide.”

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