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South Korea cleared to buy six P-8As under $2.1b contract

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first_img View post tag: MPA The US State Department has approved the potential sale of six P-8A patrol aircraft to the Republic of Korea under an estimated $2.1 billion contract.South Korea’s decision to pick Boeing’s P-8A Poseidon as its new maritime patrol aircraft was made known in June this year. The P-8A would replace the fleet of P-3C Orion MPAs which entered service in the 1990s.In addition to the six aircraft, the $2.1b figure includes multifunctional information distribution system joint tactical radio systems for each aircraft and tactical operations centers (TOC).Also included are GPS/Inertial Navigations Systems (EGIs), AN/AAR-54 missile warning sensors, commercial engines, tactical open mission software (TOMS), electro-optical (EO) and infrared (IO) MX-20HD, the AN/AAQ-2(V)1 acoustic system, AN/APY-10 radar, ALQ-240 electronic support measures, AN/ALE-47 countermeasures dispensing system, in addition to support equipment and training and operations assistance.Should the deal be finalized, the Republic of Korea will become the seventh nation to operate the Boeing-built P-8A Poseidon, joining the US, Australia, the UK, Norway and India. New Zealand is the most recent P-8A customer, having announced a NZD2.346 billion contract for the acquisition of four aircraft in July this year.Boeing’s aircraft was selected over those proposed by Airbus and Saab who had also shown interest in the South Korean MPA contract.The P-8A is a derivative of a modified Boeing 737-800ERX airliner, featuring a high-bypass turbo fan jet engine with a fully connected, open architecture mission system. The armament of the Poseidon consists of five internal and six external stations for AGM-84H/K SLAM-ER, AGM-84 Harpoon, Mark 54 torpedo, and a High Altitude Anti-Submarine Warfare Weapon system among others.Development of the P-8A program was started in June 2004 when the US Navy selected the Boeing multimission maritime aircraft, 737 MMA, as the best successor to the P-3C Orion maritime patrol aircraft View post tag: ROK Navy View post tag: Poseidon P-8Acenter_img Photo: US Navy file photo of a P-8A Poseidon MPA Share this articlelast_img read more

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Why the SBA Paycheck Protection Program will change business lending forever

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first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Ian Lampl Ian Lampl is CEO & Co-Founder of LoanStreet Inc., an innovative online platform that helps financial institutions share, manage, and originate loans.Prior to launching LoanStreet, Ian served as Deputy … Web: https://www.loan-street.com Details Until this March, your typical small business owner could run their entire life from their smartphone.  The one exception: their business banking relationship. That experience had not changed since the advent of email and, in some cases, the fax machine. If that small business needed to apply for credit, update financials, or make a draw request, then fax, email, or physically showing up at a branch was the primary and most effective method. No other part of their life worked in this fashion. That all changed with the SBA’s Paycheck Protection Program.The COVID crisis and the urgent PPP opportunityThe combination of urgent needs and social distancing requirements made many of the antiquated procedures associated with business lending impractical, if not impossible. Business members needed those loans immediately, and credit unions needed a means of receiving online applications, performing online reviews, and issuing credit online, while working remotely at speed and scale. Many credit unions responded to this crisis by putting into place tools, technologies, and procedures that enabled them to meet this member need. Given the narrow scope of the PPP combined with the digital knowledge that already supported modern consumer banking experiences, for many credit unions this crisis-response entailed only a small investment in specialized PPP software.Once credit unions modernized their lending processes for PPP loans, their small business members could submit online applications, deliver supporting documentation, and information into online datarooms (with audit trails), all the while allowing various credit union staff members to review applications and fund loans — all of it performed online, remotely and efficiently at scale with information and timely updates being communicated to members. This SBA PPP experience was fundamentally different from all prior business lending experiences with their credit union even if natural and expected in the consumer world for these business members.No going back…Business members that have experienced this online solution are not going to understand why they need to return to antiquated ways of doing business banking once the crisis is behind us. Rightfully so, they will expect that if a credit union can execute in an all-online environment during a crisis, provide strong member communication, and have access to information in real-time, then surely a credit union can do the same during normal times.Credit unions that want to win business banking and grow will have no alternative but to provide small business borrowers with a modern digital experience for originating and servicing loans. The inefficiencies that were tolerated in large part due to inertia, as well as an excessively cautious approach to modernization, will no longer suffice. Simply put, the question of whether credit unions can deliver a modern digital commercial lending experience has been answered. Now, credit unions will need to rise to the occasion across all commercial and business banking. PPP cannot be and will not be a one-off experience. There is no going back.What this means for credit unions moving forward…Credit unions now enter the future having demonstrated that their organizations are ready to deliver a fully digital lending experience, knowing that small businesses will expect it. What’s still required is investing in enabling technologies that can support that process for a wider variety of commercial loans. Given the positive economics of small business lending, this technology decision will receive renewed attention. Gone will be the status quo bias and inertia that can frequently delay investments. Even capital constrained budgets can leverage SaaS-delivered solutions with volume-based pricing that integrate easily, and at low cost, with any technology stack. Once such new software is adopted, credit unions will immediately be able to efficiently deliver a modernized commercial lending experience to their small business members, gain greater market share and grow just as they successfully accomplished during the SBA’s Paycheck Protection Program.last_img read more

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Students for Justice in Palestine condemns conservative speaker event

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first_imgYoung Americans for Freedom, which is hosting Ben Shapiro, has spent approximately $1,000 creating a protest space for students during the event in Alumni Park. (Adriana Sanchez | Daily Trojan)Students for Justice in Palestine released a new statement on social media Wednesday condemning the upcoming event with conservative commentator Ben Shapiro organized by the Young Americans for Freedom.“We object to YAF’s endeavor to enshrine hatred as fact,” the statement read. “We object to USC’s callous disregard for marginalized students on campus. Above all, we object to this shameless attempt by YAF and its billionaire donors to push their dehumanizing political agenda.”The statement follows concerns from SJP regarding miscommunication with Trojan Events Services about designated locations where the group will be allowed to protest. Assistant Department of Public Safety Chief David Carlisle said the University is not planning to block off any parts of campus during the Shapiro event. DPS is encouraging students to protest in areas away from Bovard Auditorium to avoid violence. YAF has also spent an estimated $1,000 on creating a designated protest space, which will most likely be at Alumni Park, YAF chairman Maxwell Brandon said. There will be fencing at the space to separate those attending the event from those protesting to avoid potential problems, he said. “They can protest all they want as long as they’re not getting violent,” Brandon said. “Unfortunately the school felt it was necessary based on past history at these events where people in our position have gotten violent.”SJP said they will still protest at Tommy Trojan during the event. In the statement, SJP added that by allowing Shapiro to speak on campus, the University is disregarding the well-being of its students. “As long as USC provides a platform for these ideas with students’ money, they enable violence, too,” the statement read. “Violence that we have a moral obligation to respond to, even if we do not experience it firsthand, and violence that we must protect ourselves from, when we do.”The statement was tagged with the hashtag #SoundTheAlarm, which was used in a similar statement shared by the Black Student Assembly and other cultural assemblies last Thursday. The initial statement erroneously said that the University was providing funds to YAF for extra security and that K-9s and undercover police officers from the Los Angeles Police Department would be present at the event. However, that is not the case, according to DPS officials; DPS will be joined by “a modest amount” of LAPD officers at the event, while the rest of the officers will be on standby.“It is our responsibility to assess the needs and provide sufficient resources to ensure the safety of members of our campus community and event participants,” DPS Chief John Thomas said in a statement to the Daily Trojan last weekend. “Our role is to make sure that all parties on campus may safely exercise their first amendment rights in accordance with university policy.”last_img read more

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