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Nov 28 (Reuters) - Republican mega-donor Bernie Marcus said on Tuesday he would likely still give money to Donald Trump's 2024 presidential bid if the former president was convicted of a crime - but the billionaire does not plan to be one of his biggest financial backers. Marcus, a co-founder of home improvement retailer the Home Depot (HD.N), announced earlier this month that he was supporting Trump, the runaway frontrunner for the 2024 Republican nomination contest that kicks off on Jan. 15 in Iowa. Trump faces four criminal cases, including state and federal charges stemming from his efforts to overturn his 2020 election loss to Democrat Joe Biden. Trump, 77, denies any wrongdoing and has pleaded not guilty in all four cases. The unprecedented legal turmoil has prompted questions about what would happen to Trump's campaign if he was convicted or jailed. Asked in an interview with Reuters whether he would still support Trump if he were convicted, Marcus replied, "I think so. Because I think it's all trumped up." Marcus, 94, who supported Trump's White House runs in 2016 and 2020, said he had spoken to the former president recently. "I never discussed his legal fees or his legal problems," Marcus said, adding that Trump was "very happy" about his support. Marcus and his wife Billi Wilma Marcus were the seventh-largest individual Republican donors in the 2020 election cycle, giving nearly $25 million to Republican campaigns, according to OpenSecrets, a nonprofit group that tracks money in politics. Business magazine Forbes estimates Marcus' net worth at around $8.8 billion. Marcus would not be drawn into specifics of his donations this time around, saying only he would support Trump in the primary and in the general election against Biden in November 2024, should Trump be the nominee. However, Marcus cautioned he would not be a major financial supporter. "Of course, I'm going to support him to some extent, but I'm not one of his big givers, that's for sure," Marcus said. The billionaire said he also liked Republican presidential candidates Nikki Haley, a former U.N. ambassador and South Carolina governor, and Florida Governor Ron DeSantis, but did not think they could beat Trump in the nominating contest. Marcus said he thought Trump was a "fixer" who would be beneficial to the U.S. economy and strong on Middle East foreign policy. Reporting by Alexandra Ulmer, additional reporting by Andrew Goudsward; editing by Ross Colvin and Jonathan Oatis Our Standards: The Thomson Reuters Trust Principles.	Nonprofit, Charities, & Fundraising
Halloween is approaching and many households are already stocking up on candy for trick-or-treaters — or themselves. Now Instacart is using these purchases to help track Halloween trends. The grocery delivery service has collected data on the most popular Halloween candy in each state and also determined how different communities compare when it comes to being all-in on trick-or treating. Instacart launched a new tool that allows shoppers to enter their ZIP code to see their area's "Scare Score" — or how much Halloween spirit they have. To determine the score, Instacart looked at the candy, costume and decor purchases in each ZIP code. According to the company's calculations, the community of Lehi, Utah, has the most Halloween spirit. Second place went to Dallas, Texas, followed by Houston in third. Shoppers in these areas have purchased more Halloween paraphernalia than others on Instacart. But what candy were they buying? Instacart says every year, Reese's Peanut Butter Cups, peanut M&M's and regular M&M's end up in the top three of their most popular candy list. In the month leading up to last Halloween, they tracked the top sellers by total weight sold, and these were the Top 10: - Reese's Peanut Butter Cups - Peanut M&M's - Regular M&M's - Tootsie Pops - Twizzlers - Hershey's Milk Chocolate - Sour Patch Kids - Candy Corn - KitKat - Starburst "Comparing this list of the top 10 Halloween candies to last year reveals some exciting changes," said Instacart's Trends Expert Laurentia Romaniuk. "We've got three newcomers: Tootsie Pops, Sour Patch Kids, and Candy Corn — two classics and a candy with a modern sour twist, which tells us there's a delectable blend of nostalgia and contemporary flavors showing up in candy bowls," Tastes appear to vary in different states and regions. Instacart crunched the numbers on which candy purchases exceeded the national average in specific locations, and found that Utah favored peanut M&Ms, like most of the Western U.S., while Texas was above average in purchases of Ferrero Rocher Hazelnut Chocolates. California shoppers bought a lot of Red Vines, while Illinois, New York and several other states preferred Twizlers. Floridians went for DumDum lollypops, Georgia bought more Trolli Gummi Candy, and Washington, D.C. shoppers favored Snickers, which did not make it on the Top 10. Tootsie Pops popped in three states, while Tootsie Rolls are favored in Oklahoma. And shoppers in Hawaii bought a lot of Hi-Chews. When analyzing how much candy was purchased per customer, Utah wins again, followed by Montana, Alaska, Idaho and Wyoming. Customers in Hawaii, Washington, D.C., Maine, Florida and Alabama have bought the least amount of candy, according to Instacart. for more features.	Consumer & Retail
Warren Buffett’s Berkshire Got a Boost From High Interest Rates Warren Buffett’s Berkshire Hathaway is poised to show that persistently high interest rates have helped the conglomerate more than they hindered it. (Bloomberg) -- Warren Buffett’s Berkshire Hathaway is poised to show that persistently high interest rates have helped the conglomerate more than they hindered it. The Omaha, Nebraska-based firm owns operations spanning railroad and energy to candy and insurance, making it particularly susceptible to higher interest rates that can crimp demand. But it also holds a vast cash pile parked largely in short-term Treasury bills, a haul being burnished by elevated interest rates amid Federal Reserve efforts to contain inflation. “It’s clearly benefitting from higher short-term interest rates,” Jim Shanahan, an analyst with Edward Jones, said. “There are a handful of businesses that are hurting from higher interest rates as home sales and car sales slow down as interest rates move up, but this is way overwhelming the negative impact.” For the full year, Berkshire may reap interest and other investment income of $5.5 billion, dwarfing the $1.7 billion from 2022, according to Shanahan. That could help tip its cash pile into a new record — potentially topping the $149.2 billion high set in the third quarter of 2021 — and drive a more-than 30% bump in operating earnings to $9 billion, analysts predict. Berkshire’s earnings are always closely watched as a proxy for US economic health because of the expansive nature of his businesses — ranging from BNSF, Geico and Dairy Queen. Buffett warned in May that earnings at most of its operations could fall this year as an “incredible period” for the US economy draws to an end. Read More: Warren Buffett Predicts Earnings Decline at Berkshire Units “Results should be pretty good — but not great — because there’s a couple of headwinds,” said Meyer Shields, an analyst with KBW. One such headwind is confronting its equities portfolio, a $350 billion pool dominated by stock in Apple Inc. The tech giant’s shares dropped 12% in the third quarter, driving a likely 8% loss on the portfolio for the period, according to Bloomberg Intelligence analysts. Overall, the portfolio may see $27 billion in pretax unrealized investment losses for the quarter, the analysts estimated. Still, Berkshire often recommends that investors look past investment gains or losses, which are tied to accounting rules, saying that can be misleading to investors. What Bloomberg Intelligence Says: “Berkshire Hathaway’s 3Q earnings (excluding eliminations and other) can grow more than 30% from last year to at least $9 billion, we believe. Geico should remain under pressure, but insurance earnings will rise significantly vs. 3Q22, given higher interest rates and the impact of Hurricane Ian in the prior year. Reinsurance earnings may be strong, but it’s too early to declare victory on Berkshire’s Florida market bet.” Matthew Palazola, BI senior industry analyst, and Eric Bedell, BI associate analyst Cash Hoard A major question for Berkshire each quarter is its plans for deploying its cash stockpile. The blockbuster deals that galvanized the billionaire investor’s renown have been few and far between in recent years — although it did strike an $11.6 billion deal to buy Alleghany Corp. which closed in 2022. In July, Berkshire Hathaway Energy agreed to buy Dominion Energy Inc.’s stake in a Maryland liquefied natural gas export project for $3.3 billion. Even with those transactions, the company is still awash in cash. It ended the second quarter with a little over $147 billion, and analysts predict it could surpass $150 billion in the third quarter — marking the highest level in data going back to 2014. Pricey valuations may be keeping the company on the sidelines when it comes to larger deals. If valuations don’t fall in-line with the higher interest rates, “then the right thing to do is to do nothing,” said KBW’s Shields. Pilot Flying J In January, Berkshire struck another deal, paying $8.2 billion to boost its existing stake in Pilot Flying J — a truck-stop provider closely held by Cleveland Browns owner Jimmy Haslam and his family — to 80%. The transaction is currently subject of a legal dispute, providing a rare glimpse behind-the-scenes of Berkshire and one of its operating companies. The business accounted for 14% of Berkshire’s operating revenue for the first six months of year. In a complaint made public last week, the family said Berkshire violated terms of the acquisition by changing the accounting methods used to value part of the deal. “It is a little surprising that they couldn’t come to an out-of-court agreement and instead had to litigate it,” said Cathy Seifert, an analyst with CFRA Research. “That’s a little bit of a departure from the Berkshire historical model.” ©2023 Bloomberg L.P.	Interest Rates
With digital ID and CBDC, it would be easy to turn carbon footprint measurement into enforcement under a social credit system: perspective The World Economic Forum’s (WEF) carrot or stick approach to climate policies is virtually the same as it was for COVID. From COVID contact tracing and vaccine passports to carbon footprint tracking and measuring, the end goal is practically identical — to develop the technological foundation to track and trace every person and object on the planet in order to incentivize, coerce, or otherwise manipulate individual human behavior. Take the latest WEF Annual Meeting of the New Champions, aka “Summer Davos,” that took place in China last month as the latest example of unelected globalists trying to nudge people towards changing their behavior by tracking the carbon footprints of the products they use. Speaking during a session called “How to Stay Within Planetary Boundaries — Carrot or Stick?” Ma Jun, the director of the Chinese NGO Institute of Public and Environmental affairs, said that the Chinese people were aware of tangible things like air and water pollution that they could experience with their own senses, but were less aware of climate issues (i.e. their carbon footprints), which were less tangible, but that measuring carbon footprints could be the solution. “In China, people’s awareness on the ecological side and on the pollution control side is much higher than the climate side,” said Jun, adding, “On the climate side, it’s still not quite there. We’re still lagging behind, say, regions like Europe, which can have such a high level of public awareness, which can support very, very tough public policy on the climate side.” China had one of the toughest, most Orwellian responses to COVID while simultaneously rounding up its Uighur population for internment in “re-education camps,” but this man is saying that the Chinese Communist Party (CCP) can’t support tough policies on climate? At any rate, Jun went on to explain, “In China, the government have created this 30-60 commitment, but people haven’t really linked their daily lives with that, so how do we create those links? “It’s not like smog; it’s not as palpable as the water pollution and air pollution, so we need to create those [links].” To further his point, Jun held up a cup of water to explain how its carbon footprint could be tracked and traced from cradle to the gate and on to the grave. He said that with emerging technology, people could take a picture of a cup and find all kinds of information about its entire life cycle while also measuring its carbon footprint. WEF founder Klaus Schwab predicted this in his 2017 book “The Fourth Industrial Revolution.” There, Schwab wrote, “Any package, pallet or container can now be equipped with a sensor, transmitter or radio frequency identification (RFID) tag that allows a company to track where it is as it moves through the supply chain—how it is performing, how it is being used, and so on.” “In the near future, similar monitoring systems will also be applied to the movement and tracking of people,” he added. Schwab’s words would turn prophetic during the pandemic. What started with digital contact tracing and surveillance in 2020 quickly morphed into vaccine passports, which paved the technological framework to push forward digital identity schemes by way of a trojan horse in early 2021 — all of which were championed by the WEF and its partners. Vaccine passports, according to the WEF, “serve as a form of digital identity” while a “digital identity determines what products, services and information we can access – or, conversely, what is closed off to us.” While Schwab mentioned RFID chips as a technology by which people and goods would be tracked and traced, Jun said that carbon footprint tracking could be done with smartphones, AI, big data, and Internet of Things (IoT) devices. “We need to create a searchable, user-friendly catalogue and link that with new tools, like take a picture to understand the embedded carbon, so next time it’s not just about in general what kind of carbon footprint of this cup, but very, very specific — this specific brand, even the specific batch of this,” said Jun at this year’s Summer Davos. “If we link that with AI technology, and then big data, and particularly Internet of Things, there are ways for us to come up with instant measurement and reporting of the carbon footprint. “I hope that through this we can help people to really make different choices,” he added. But when the carrot fails to work, the stick will come down heavy. Spare the rod, spoil the child — only this time the child is you and me, and the rod is a social credit system linked to your digital ID and Central Bank Digital Currency (CBDC) that can be programmed and turned off with a virtual switch. Presently, banks and ecommerce platforms like Alibaba are beginning to implement carbon footprint trackers as a means to simply measure carbon footprints, but a future where measurement turns into punishment may not be far off. Speaking at the WEF’s annual meeting in 2022, Alibaba president J. Michael Evans announced that the Chinese multinational e-commerce platform would soon be launching individual carbon footprint trackers in an attempt to change people’s shopping and travel behaviors. The individual carbon footprint tracker looks to operate similarly to the Chinese Communist Party’s social credit system by rewarding people who “do the right thing” while punishing those who “do the wrong thing” — carrot versus stick. “At a billion consumers, we’re developing, through technology, an ability for consumers to measure their own carbon footprint,” Evans told the unelected globalists at Davos 2022 during the “Strategic Outlook: Responsible Consumption” session. “What does that mean?” he went on to say. “That’s where they’re traveling, how they are traveling, what are they eating, what are they consuming on the platform. “So, individual carbon footprint tracker, stay tuned! We don’t have it operational yet, but this is something we’re working on.” An individual carbon footprint tracker doesn’t have to be part of a social credit system — it can be used by shoppers and travelers simply as a way to know how much they are consuming for their own purposes, but it’s a slippery slope towards being a social crediting tool. Measuring individual carbon footprint is one thing; however, if governments mandate the tracker as a matter of policy for punishing or rewarding behavior, then it becomes yet another tool for enforcing a system of social credit. And if programmable CBDCs and digital IDs become widely accepted, it would be very easy to turn carbon footprint measurement into carbon footprint enforcement. After all, what would be the purpose of setting up a system to track people’s carbon footprints if it wouldn’t be used to tax or otherwise punish those who do “the wrong thing?” In China, citizens are given a credit score based on their online and offline behavior. It’s a system that rewards “good” behavior like spending time with the elderly while punishing “bad” behavior like protesting the government or spending too much time playing videogames. When “trust” is broken in one area, restrictions are placed everywhere — meaning citizens who commit even minor infractions can be blacklisted from traveling, going to restaurants, renting a home, or even having insurance. This has happened to over 30 million citizens, according to Chinese State-run media. The ways in which this type of social credit enforcement can be carried out are truly dystopian under the current technocratic takeover of society known as the great reset, as it’s called in its present manifestation. Go over your carbon limit, and you may be fined at the least, or you may not be able to travel, buy meat, adjust your thermostat, or worse.	Banking & Finance
Popular Reddit App Apollo Would Need to Pay $20 Million Per Year Under New API Pricing Popular Reddit app Apollo might not be able to operate as is in the future due to planned API pricing that Reddit is implementing. Apollo developer Christian Selig was today told that Reddit plans to charge $12,000 for 50 million API requests. Last month, Apollo made seven billion requests, which would mean Selig would need to pay $1.7 million per month or $20 million per year to Reddit to keep the app running. Just got off a call with Reddit about the API and new pricing. Bad news unless I come up with 20 million dollars (not joking). Appreciate boosts.https://t.co/FliuNCinpZ — Christian Selig (@ChristianSelig) May 31, 2023 The average Apollo user uses 344 requests per day, which would be priced at $2.50 per month, more than double the current subscription cost, or a sum that Selig is not able to afford. Right now, Apollo Pro is a one-time $4.99 fee that unlocks additional features, and Apollo Ultra is an even more premium tier that costs $12.99 per year. Selig says that he is "deeply disappointed" in Reddit's planned pricing, as the company promised that it would not "operate like Twitter" and charge developers an unreasonable fee. Twitter, for comparison, charges $42,000 for 50 million tweets. While Reddit is charging less at $12,000 for 50 million requests, it is still too high of a cost for an independent developer. According to Selig, he pays image storage site and social network Imgur $166 per month for 50 million API calls, and that is closer to what he expected Reddit to charge. Selig says that while Reddit has been "communicative and civil" over half a dozen phone calls, the pricing is not "anything based in reality or remotely reasonable." Reddit has claimed that the pricing is not flexible, and this is the price that developers will be charged. Apollo is the most popular third-party Reddit app, primarily because of the work that Selig has put into it. He regularly adds new features and updates, and interfaces with users to get feedback on new functionality. Reddit maintains its own app, but it does not have the same feature options as Apollo. Charging developers an exorbitant price could force third-party apps to cease to exist, pushing users to the official app that Reddit has more control over. News that Reddit would begin charging for API access came in April following Twitter's decision to eliminate third-party apps. Reddit use is free for bots and researchers who take advantage of the site for academic purposes, but apps like Apollo will need to pay in the future. When speaking to The New York Times in April, Reddit CEO Steve Huffman said "It's a good time for us to tighten things up," adding that he felt it was "fair." Apollo users are understandably upset about the change, with numerous complaints on Reddit and other social networks like Twitter. It is not clear what will happen with Apollo when Reddit begins charging for API access. At the very least, Selig will need to significantly increase subscription prices, and the app will likely no longer be able to support free users.	Consumer & Retail
Protean eGov Technologies IPO - Investment Rationale, Issue Details, Financials, Strengths, Risks: Anand Rathi The Rs 490.3 crore IPO will open on Nov 6 and the issue closes on Nov 8. The issue is entirely an OFS by existing investors. BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. Anand Rathi's IPO Report Protean eGov Technologies Ltd.'s initial public offering will open on November 6, and the issue closes on Nov 8. The Rs 490.3 crore issue is entirely an offer for sale by existing investors. Protean eGov Technologies is pioneer and market leader in universal, citizen centric and population scale e-governance solutions has fixed a price band in the range of Rs 752 to Rs 792 per equity share. The minimum bid lot is 18. Strengths Pioneer and market leader in universal, citizen centric and population scale e-governance solutions. Secure, scalable, and advanced technology infrastructure. Large physical infrastructure with pan-India network and scale resulting in inclusion. Diversified, granular and annuity-based service offerings. Track record of healthy financial performance Strategies Diversify their offerings with a focus on new sectors. Building capability around data analytics, digital verification, and due diligence. Expanding into newer geographies. Adoption of disruptive technologies and investment in open-source solutions, protocol, and networks. Valuation The company is pioneer and market leader in universal, citizen centric and population scale e-governance solutions. At the upper price band company is valued at price/earning ratio of 29.9 of its FY23 earnings with a market cap of Rs 32,034 million post issue of equity shares. We believe that issue is fairly priced and recommend 'Subscribe – Long Term' rating to the IPO. Key Risk: The company is substantially dependent on projects awarded by government entities and agencies and their relationship with Government of India entities exposes them to risks inherent in doing business with the company, which may adversely affect their business, results of operations and financial condition. Protean eGov Technologies may not be able to provide business solutions that meet their clients’ requirements, which could lead to clients discontinuing their work with them, which in turn could harm their business. The company relies on telecommunications and information technology systems, networks, and third-party infrastructure to operate their business and any interruption or breakdown in such systems, networks or infrastructure of the third parties they rely on, or their technical systems could impair their ability to effectively deliver the products and services. Their business will suffer if they fail to anticipate and develop new services and enhance existing services to keep pace with rapid changes in technology and in the industries on which they focus. If the company’s pricing structures do not accurately anticipate the cost, complexity, and duration of their work, then their contracts could be unprofitable. Their client contracts can typically be terminated without cause, which could negatively impact their revenues and profitability. The company may become liable to their clients and lose clients if they have defects or disruptions in their service or if they provide poor service. Click on the attachment to read the full IPO report: DISCLAIMER This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime. Users have no license to copy, modify, or distribute the content without permission of the Original Owner.	Stocks Trading & Speculation
I am 57 and have $1.1 million in my 401(k) and $50,000 in a high-yield savings account. I earn $300,000 per year and put $30,000 in my 401(k) each year plus a match on the first 6%. I have a $220,000 mortgage on a home valued at $550,000. I would like to retire at 62 with no debt. My wife and I will collect $3,500 each month in Social Security and if I withdraw $5,000 per month from my 401(k), I’ll have a projected positive cash flow of $1,800 each month. My monthly budget includes $1,000 for property taxes and insurance on my home and $1,000 for health insurance until we qualify for Medicare at 65. Is this a good plan? What could I do to make it better besides delaying retirement? -Shaun It sounds like you’ve worked out your retirement budget and believe that if you follow the plan outlined above you’ll be able to cover all of your expenses and have an extra $1,800 left over at the end of each month. If that’s the case, this plan sounds pretty reasonable on the surface. However, let’s dive a bit deeper into your plan and what you should be thinking about. (And if you have similar questions about your retirement outlook, consider working with a financial advisor.) Sustaining Your Withdrawal Rate A big issue will be whether or not you can reasonably sustain a $5,000 monthly withdrawal from your 401(k). That will depend heavily on your balance at age 62. I'm not sure about your risk tolerance or how you invest your money so I estimated what your 401(k) balance might be worth by the time you turn 62 using a range of possible returns. You can use your own estimate based on your investment plan. Ignoring the $50,000 in your savings account, let’s assume you have between $1,570,000, and $1,950,000 in your 401(k) by the time you retire. Don't read too much into these numbers, they are just rough estimates that provide us with a range. A monthly withdrawal of $5,000 from a $1,570,000 portfolio equates to a 3.8% annual withdrawal rate. You'll need to decide for yourself based on how much risk you want to take if that works for you, but it's certainly a reasonable number. And if you have $1,950,000 at retirement, withdrawing $5,000 each month means your annual withdrawal rate would barely be 3%, which is even better. (And if you need help calculating your own safe withdrawal rate, consider matching with a financial advisor.) Scrutinizing Your Cash Flow It also depends on what you mean by positive cash flow. If you were my client I'd be very interested to hear more about your budget with an eye toward whether or not you made adjustments for taxes and recreational spending. Also, you'll want to make sure you account for any lifestyle changes you might experience since retirement doesn't simply mean you no longer go to work. After all, you'll be doing something with your time. I may be taking a leap, but it sounds like you've worked debt payoff into your budget before retirement. Because of that, I didn't think we needed to discuss withdrawing from retirement savings to account for debt payments. Of course, if my assumption is wrong then that will be a big consideration as well. (A financial advisor can help you assess your income needs in retirement.) Next Steps To improve your plan even more, I'd suggest that you think about planning for unexpected expenses and healthcare, including long-term care. That could involve purchasing a long-term care insurance policy, self-insuring or even involving other family members. There are many ways to plan for these types of expenses. The point is that long-term care and unexpected retirement expenses are too large of a risk to ignore. Tips for Finding a Financial Advisor If you don't have a financial advisor yet, finding one doesn't have to be hard. SmartAsset's free tool matches you with up to three vetted financial advisors who serve your area, and you can have free introductory calls with your advisor matches to decide which one you feel is right for you. If you're ready to find an advisor who can help you achieve your financial goals, get started now. Consider a few advisors before settling on one. It's important to make sure you find someone you trust to manage your money. As you consider your options, these are the questions you should ask an advisor to ensure you make the right choice. Brandon Renfro, CFP®, is a SmartAsset financial planning columnist and answers reader questions on personal finance and tax topics. Got a question you'd like answered? Email AskAnAdvisor@smartasset.com and your question may be answered in a future column. Please note that Brandon is not a participant in the SmartAdvisor Match platform, and he has been compensated for this article. Photo credit: ©iStock.com/Drazen_, ©iStock.com/DragonImages	Personal Finance & Financial Education
Marks & Spencer (M&S) has reported much better-than-expected profits for the first half of the year, boosted by food and clothing sales. Profit before tax soared to Â£326m in the six months to 30 September - up 56% on the previous year. It has been focussing on revamping its shops, clothing lines and digital offer as part of a big turnaround plan. Despite the recent boost, its boss warned that the retail giant remains cautious about the year ahead. Its chief executive Stuart Machin said that high interest rates, price rises slowing, global conflict and erratic weather could hit trading. The boss acknowledged in the update on Wednesday that progress wouldn't be "straightforward" but he was hopeful for the company's growth to continue. Overall, sales across the company went up by 10.8% to Â£6.13bn for the period. Food sales were up nearly 15%, after stripping out the effect of new shops opening. It comes after M&S lowered the prices of hundreds of its food products as inflation - the rate at which prices rise - has squeezed many customers. Clothing also sales got a boost after "improved style and value perceptions" among shoppers, it said. In August, the retailer said that this set of results would reveal a "significant improvement" in its performance after a surge in its share price which saw it return to the FTSE 100 index after four years in the midst of its battle to regain its crown as the High Street's most important retailer. Looking ahead, boss Stuart Machin also said that it was now planning for a good Christmas with customers "responding positively" to its ranges. The executive said sales of party food and clothes were both up, with many of its customers telling the firm they are preparing for bigger family Christmas celebrations. "Customer food to order is up 25% on last year and in clothing, men's and women's partywear is significantly up. Spirits are high for Christmas," he said. But he said he was still conscious of household budgets being squeezed in the run-up to the key trading period, and promised that any falls in food costs would be passed on to customers "immediately". Richard Lim, boss of the Retail Economics consultancy, said challenges would remain for the business, particularly because of rising interest rates, which next year "will continue to squeeze middle and higher income households as well". While the company reported a profit boost overall, it did say that losses on its tie-up with online grocer Ocado have deepened. Ocado - which is a joint venture between M&S and the tech firm Ocado Group - cost the company Â£23.4m in profits in the first half of the year. It comes months after executives at M&S had told shareholders they were "not happy" with how the online retailer was performing. Mr Machin said on Wednesday he was still positive about its potential, although it would take "three years plus" to realise it.	Consumer & Retail
The waters have been very hot in the crypto industry this week. The U.S. Securities and Exchange Commission (SEC) has filed two separate lawsuits against two of the largest crypto exchanges in the world: Binance and Coinbase. “This is about both investors and issuers in the crypto space, to bring them into compliance,” SEC Chair Gary Gensler said in a live interview with CNBC on Tuesday morning. “We brought a number of actions. We stand ready to continue to work with the industry.” The industry is asking why these suits took so long to come to fruition, why some crypto assets are being labeled as securities and not others, and whether the SEC’s actions will impact domestic and global fintech innovation – all of which Gensler tried to address. Gensler didn’t hold back his feelings on the industry’s significance: “We don’t need more digital currency. We already have digital currency. It’s called the U.S. dollar, it’s called the Euro, it’s called the Yen. They’re all digital right now […] so what’s the real underlying value of these tokens?” The SEC chair also said the agency has had conversations with “dozens of crypto incumbents” and currently believes that the industry’s business model is “built on non-compliance with the U.S. securities laws” and many are “commingling various functions that in traditional finance we don’t allow.” What we’re doing at the SEC is pro-innovation, because without trust, the capital markets really don’t work. Gary Gensler, Chair, SEC Whether or not the lawsuits are fair, many people in the industry believe that they do highlight the need for clearer regulations in the sector. “The runway for coming in and registering was coming to an end, and it appears to have ended,” said Joshua Ashley Klayman, head of blockchain and digital assets at Linklaters LLP. The SEC actions appear to be signaling a move to “meaningfully and forcefully change existing crypto market structure,” he added. All in all, the lawsuits are a “pivotal event” for the crypto ecosystem and exchanges, according to Jack Vinijtrongjit, co-founder and CEO of web3 infrastructure firm AAG. In his view, there could be eventual benefits from the SEC’s actions. “The lawsuit could initially create uncertainty and volatility in the U.S. crypto economy,” Vinijtrongjit told TechCrunch+. “There might be short-term setbacks, but in the long run, it could lead to a more robust regulatory framework, which might be beneficial for the industry’s growth.”	Crypto Trading & Speculation
While the suit raised eyebrows across the industry, what stood out to TechCrunch+ was the agency’s direct stance on a handful of crypto assets being securities. That’s something crypto community members have argued against in the past. The total filing was 136 pages long and carried a lot of information. So we dove deep into the securities section of the document ourselves to get an understanding of what cryptocurrencies the SEC views as securities and what this could mean for the ecosystem. In the filing, the SEC alleges that Binance and BAM Trading violated federal securities laws by “illegally conducting unregistered offers and sales of securities to U.S. investors” through BNB, BUSD, its “BNB Vault” program and “Simple Earn” program, as well as BAM Trading’s staking-as-a-service program. Since its inception, BNB and BUSD has “been offered and sold as an investment contract and, therefore, as a security,” the filing stated. This stance of crypto assets and programs being offered as an “investment contract” is repeated throughout the filing for each crypto asset mentioned as the de facto argument for what qualifies as securities. Aside from Binance-related tokens, the crypto assets traded on Binance.com and Binance.US include assets that were “offered and sold as securities,” like Solana’s SOL, Cardano’s ADA, Polygon’s MATIC, Filecoin’s FIL, Cosmos’ ATOM, Sandbox’s SAND, Decentraland’s MANA, Algorand’s ALGO, Axie Infinity’s AXS and Coti’s COTI tokens. What made the agency highlight these cryptocurrencies, and not the hundreds of others tradable assets on the exchange, is unclear. Regardless, the SEC filing allocated 53 pages worth of context, diving into each of the 12 crypto assets mentioned above. As for its BNB Vault and Simple Earn programs, from October 2019 to October 2022, anywhere from 3,200 to 16,500 U.S. investors participated in its Simple Earn investment plan, and over 1,400 investors participated in the BNB Vault program, according to the filing. This highlights the fact that the SEC has, once again, taken the stance that most cryptocurrencies (aside from Bitcoin) are securities. Per the March CFTC’s filing against Binance, the regulator said certain digital assets, including bitcoin, ether, litecoin and “at least two fiat-backed stablecoins,” tether and the Binance USD, “as well as other virtual currencies as alleged herein, are ‘commodities.’” So the see-saw game of figuring out which crypto assets are securities or commodities stands. But cryptocurrencies are becoming increasingly defined as securities as the SEC continues to regulate by enforcement.	Crypto Trading & Speculation
EPFO Records Highest Net Member Addition Of 18.75 Lakh In July The data indicates that around 10.27 lakh new members have enrolled during July 2023 which is the highest since July 2022. Retirement fund body EPFO has recorded the highest net member addition of 18.75 lakh in July 2023, according to the payroll data released on Wednesday. The labour ministry in a statement said that the addition of 18.75 lakh during the month is the highest since the first publishing of EPFO payroll data from April 2018 covering the period of September 2017 onwards. A growing trend has continued for the last three months with an increase of around 85,932 net members over the previous month of June 2023. The data indicates that around 10.27 lakh new members have enrolled during July 2023 which is the highest since July 2022. The majority of new members joining EPFO are in the age group of 18-25 years constituting roughly 58.45% of total new members additions during the month. This shows an increasing trend in youth enrollment, who are mostly first-time job seekers joining the organized sector workforce of the country, it explained. The payroll data demonstrates that approximately 12.72 lakh members exited but rejoined EPFO, which is the highest in the last 12 months. These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus, extending their social security protection. Gender-wise analysis of payroll data shows that during July 2023 around 3.86 lakh net female members have been added to the payroll. Around 2.75 lakh female members have come under the ambit of social security coverage for the first time. State-wise analysis of payroll data denotes that net member addition is the highest in the five states of Maharashtra, Tamil Nadu, Karnataka, Gujarat and Haryana. These states constitute around 58.78% of net member addition, adding a total of 11.02 lakh members during the month. Of all the states, Maharashtra is leading by adding 20.45% of net members during the month. Month-on-month comparison of industry-wise data displays significant growth in the members working in establishments engaged in Trading-Commercial Establishments, Building & Construction Industry, Electrical, Mechanical and General Engineering Products. This was followed by Textiles, Financing Establishment, Hospitals etc. Of the total net membership, around 38.40% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.). The above payroll data is provisional since the data generation is a continuous exercise, as updating employee records is a continuous process. The previous data hence gets updated every month. From the month of April 2018, EPFO has been releasing payroll data covering the period from September 2017 onwards. In monthly payroll data, the count of members joining EPFO for the first time through an Aadhaar-validated Universal Account Number, existing members exiting from coverage of EPFO and those who exited but re-joining as members, is taken to arrive at the net monthly payroll.	Workforce / Labor
India's government gave nearly early household a bank account offering app-based digital money transfers, reports the Economist. But that's just the beginning: Take a walk on Mumbai's Juhu beach and little has changed in five years — except for the QR codes adorning every food stall. Go to São Paulo in Brazil, Beijing in China, or many other cities across the emerging world and you find something similar. "Most people only want to use UPI," says Govind, a seaside-snack vendor at Juhu, referring to India's fast-growing payments network. The Unified Payments Interface (UPI) is a platform that allows free and fast account-to-account transfers using fintech apps such as PhonePe or Google Pay. Unlike Alipay in China, it is open, so users are not locked into a single company and can take their financial history to competitors, notes Praveena Rai, the chief operating officer of the National Payments Corporation of India (NpCI), which manages the platform. And it is facilitated by QR codes or easy-to-remember virtual IDs. UPI is drawing attention from across the world. "Look at what India has accomplished with the UPI, Aadhaar and the payments stack," Sundar Pichai, Google's CEO, has marvelled. Overall, it processed over $1trn in transactions in 2022, equivalent to a third of India's GDP. It was bolstered by the government's surprise "demonetisation" of 2016, when multiple high-denomination banknotes were discontinued. UPI also benefited when covid left consumers scared of cash. It has grown from around 17% of 31bn digital transactions in 2019 to 52% of 88.4bn transactions by 2022. "India leads the world in real-time digital payments by clocking almost 40% of all such transactions," Narendra Modi, the prime minister, has boasted. The Indian model is inspiring others. Brazil's Pix, which facilitates bank-to-bank payments with a small fee, was launched in November 2020. It now accounts for some 30% of Brazil's electronic payments (credit and debit cards take up around 20% each). Such open instant-payment systems are an alternative both to the bank/card model in the rich world and to the closed fintech one in China... The hope is that UPI and similar systems might now let some poorer countries leapfrog the West... Mr Nilekani hopes UPI will eventually be used everywhere. "If I go to Lulu in Dubai or Harrods in London, I should be able to make a payment with UPI." That would surely create new competition for the bank/card behemoths in the West. UPI is drawing attention from across the world. "Look at what India has accomplished with the UPI, Aadhaar and the payments stack," Sundar Pichai, Google's CEO, has marvelled. Overall, it processed over $1trn in transactions in 2022, equivalent to a third of India's GDP. It was bolstered by the government's surprise "demonetisation" of 2016, when multiple high-denomination banknotes were discontinued. UPI also benefited when covid left consumers scared of cash. It has grown from around 17% of 31bn digital transactions in 2019 to 52% of 88.4bn transactions by 2022. "India leads the world in real-time digital payments by clocking almost 40% of all such transactions," Narendra Modi, the prime minister, has boasted. The Indian model is inspiring others. Brazil's Pix, which facilitates bank-to-bank payments with a small fee, was launched in November 2020. It now accounts for some 30% of Brazil's electronic payments (credit and debit cards take up around 20% each). Such open instant-payment systems are an alternative both to the bank/card model in the rich world and to the closed fintech one in China... The hope is that UPI and similar systems might now let some poorer countries leapfrog the West... Mr Nilekani hopes UPI will eventually be used everywhere. "If I go to Lulu in Dubai or Harrods in London, I should be able to make a payment with UPI." That would surely create new competition for the bank/card behemoths in the West.	Banking & Finance
Thermax Q2 Results: Net Profit Up 45%, Revenue Rises Revenue was 11% higher at Rs 2,302 crore in Q2 as compared with Rs 2,075 crore last year. Thermax Ltd. recorded an increase in profit and revenue in the second quarter of fiscal 2024. The company's consolidated profit after tax reported an increase of 45% at Rs 159 crore, as against Rs 109 over the same period last year. The growth was due to improved operational performance across segments, according to its exchange filing issued on Friday. Revenue was 11% higher at Rs 2,302 crore in Q2 as compared with Rs 2,075 crore last year. The order balance for the company as of Sept. 30, was at Rs 10,264 crore, an 8% rise from the corresponding quarter last year. The order book was 2% lower at Rs 1,973 crore, the filing said. Thermax Q2 FY24 (Consolidated, YoY) Revenue up 10.9% at Rs 2,302 crore vs Rs 2,075 crore. Ebitda up 45.4% at Rs 205 crore vs Rs 141 crore. Margin at 8.88% vs 6.78%. Reported profit up 45.3% at Rs 159 crore vs Rs 109 crore. Thermax will issue a corporate guarantee to Citi Bank Europe Plc. on behalf of its subsidiary, Danstoker A/S, to set up a non-fund based credit facility up to $6 million, in addition to the earlier facility, the statement said. It will also invest an addition of $2 million in share capital of subsidiary Thermax Engineering Singapore Pte. to invest in PT Thermax International, Indonesia, a wholly owned subsidiary of TESPL, it said. Thermax will also avail a loan up to Rs 400 crore from Thermax Babcock and Wilcox Energy Solutions, the filing said. Shares of Thermax closed 1.71% higher at Rs 2,948.15 apiece, as compared with a 0.44% rise in the benchmark BSE Sensex.	Banking & Finance
Chancellor Jeremy Hunt has said it will be "virtually impossible" to deliver tax cuts until the UK economy improves. A less gloomy economic outlook and the high cost of living had led to calls for measures to reduce taxes in the Autumn Statement in November. Speaking on LBC, Mr Hunt said the country's high levels of debt left him with some "very difficult decisions". The UK's debt currently stands at 98.8% of GDP, a level not seen since the early 1960s. With the Conservatives well behind Labour in the opinion polls, a debate is playing out about what, if anything, the party can do to win back ground before a general election, expected as soon as next May. A significant number of Conservative MPs argue that keeping taxes at historically high levels, particularly given the high cost of living, is a political mistake. They want ministers to cut tax - or at least set out a path to doing so. A slight fall in inflation - the rate prices are rising - last month also meant the Bank of England kept interest rates at 5.25% after two years of incremental rises, meaning the cost of national borrowing did not increase as some had expected. But speaking on the Tonight With Andrew Marr programme, Mr Hunt said that the cost of servicing the country's debt remained higher that it was when he delivered the Spring Budget in March, meaning there was no "extra headroom" for tax cuts. "It makes life extremely difficult," he said. "It makes tax cuts virtually impossible, and it means that I will have another set of frankly very difficult decisions. "All I would say is, if we do want those long-term debt costs to come down, then we need to really stick to this plan to get inflation down, get interest rates down. "I don't know when that's going to happen. But I don't think it's going to happen before the Autumn Statement on 22 November, alas." It is not surprising that tax cuts are not being considered right now - government insiders have been saying that for months. But the Treasury is preparing voters for another fiscal event where significant commitments are unlikely - as ministers continue to prioritise reducing inflation further. Figures released on Wednesday showed that inflation in August stood at 6.7%, lower than many had feared but still significantly higher than the target level of 2%. Tax cuts typically increase demand in the economy and could risk fuelling price rises back up towards levels seen earlier this year. Sign up for our morning newsletter and get BBC News in your inbox.	Inflation
ASK Automotive IPO Subscription: Day 2 Live Updates The IPO has been subscribed 0.60 times, or 60%, as of 11 a.m. on Wednesday. The initial public offering of ASK Automotive Ltd. opened for public subscription on Tuesday. The three-day issue, priced between Rs 268 and Rs 282 per share, will conclude on Nov. 9. The IPO was subscribed 38% on day 1. The Rs 834-crore initial share sale comprises entirely of an offer for sale of up to 2.95 crore (2,95,71,390) equity shares by promoters Kuldip Singh Rathee and Vijay Rathee. There is no fresh issue segment in the IPO. After the issue, the promoters' shareholding will reduce to about 85%. Since the issue of ASK Automotive is completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue. Business Gurugram-based ASK Automotive is a manufacturer of brake-shoe and advanced braking systems for two-wheelers in India, with a market share of approximately 50% in FY23, in terms of production volume for original equipment manufacturers and the branded independent aftermarket. On the financial front, the company reported a consolidated turnover of Rs 2,555 crore for FY23, an increase from Rs 2,013 crore in FY22. Its net profit rose to Rs 123 crore from Rs 83 crore. Subscription Status: Day 2 The IPO has been subscribed 0.60 times, or 60%, as of 11 a.m. on Wednesday. Institutional investors: 0.03 times or 3% Non-institutional investors: 0.73 times or 73% Retail investors: 0.86 times or 86%	Stocks Trading & Speculation
Last year, it took reporters digging into Alameda Research’s balance sheet to finally show that ex-FTX CEO Sam Bankman-Fried’s big crypto house of cards was built on a shaky bedrock of customer funds. But according to a new report, a few FTX employees were well aware that Bankman-Fried’s hedge fund Alameda had backdoor access to the crypto exchange’s funds months before the company’s multi-billion dollar collapse. Of course, their complaints were ignored. It’s news that could rattle Bankman-Fried even more than he already is as the once-crypto kingpin enters the second day of a federal fraud trial. Alongside federal campaign finance violations, Bankman-Fried is accused of using billions of dollars of stolen customer funds to prop up his massive crypto empire. According to unnamed sources speaking to The Wall Street Journal, employees at FTX discovered there was a backdoor Alameda had into FTX customer wallets several months before the news went public. They brought it to the attention of one member of FTX’s senior leadership, but the company reportedly ignored the problem. The employees were working for Ledger X, a smaller exchange under the FTX umbrella. They brought the issue up with LedgerX Chief Risk Officer Julie Schoening, who is quoted telling the staff “there are less rigid rules” governing crypto but followed up with “but yea we should clean up this sort of stuff.” Schoening then reportedly brought the issue up with her boss, who then brought it up to FTX director of engineering Nishad Singh. Singh has already pled guilty to federal fraud charges alongside others like Alameda head Caroline Elison and FTX co-founder Gary Wang. All those who pled guilty have agreed to testify against their former boss, but we’re only on the second day of the trial, so it’s unclear if this new timeline will be brought up. The U.S. Attorney’s office has said that all these former execs alongside FTX chief operating officer Constance Wang are on the witness list and may testify against their former boss. The New York U.S. Attorney’s Office declined to respond to Gizmodo’s request for comment. The backdoor, or the “special features” as prosecutors have referred to it, allowed the crypto trading firm Alameda to take money out of FTX. The code gave Alameda special permission to have a negative balance on the platform—something that no other account could do—up to $65 billion worth of crypto tokens. In the trial’s opening day, U.S. prosecutors hammered SBF in court. In opening arguments, assistant U.S. attorney for the Southern District of New York Thane Rehn said “He had wealth. He had power. He had influence. But all of that, all of that, was built on lies.” Prosecutors brought up Bankman-Fried’s ultra-lux lifestyle including his $30 million Bahamas apartment and all the property he bought for family and friends, which is now the subject of a separate lawsuit. Bankman-Fried, who often goes by SBF online, kept mum throughout the first day. His lawyers called the once-billionaire a humble “math nerd” who went to MIT. They tried to portray him as the good boy on campus who “didn’t drink or party.” SBF’s attorney Mark Cohen tried to imply that the FTX startup was hard to control as it grew fast from infancy, saying it was “like building a plane as you’re flying it.” That certainly is an interesting tactic for the defense, as Bankman-Fried is being accused of misleading and defrauding thousands of customers. The company would likely have had much less success if customers knew ahead of time SBF was building his plane in midair.	Crypto Trading & Speculation
(Reuters) - Phillips 66 said on Wednesday it "plans to continue a constructive dialogue" with Elliott Investment Management after the company asked the U.S. refiner to revamp its board to boost lagging performance. The activist investment firm has taken a $1 billion stake in Phillips 66, flagging that the company's stock, recently trading at about $118 per share, could hit $200 with improvements. It said management had laid out sensible performance targets but could use help achieving its full potential. "We agree with Elliott that successful execution of our strategic priorities will drive substantial stock price performance and believe that we have the right management team and Board in place to deliver long-term, sustainable value," the refiner said in a statement after the markets closed. As of market close, shares of Phillips 66 were up nearly 3.6%. (Reporting by Seher Dareen in Bengaluru; Editing by Maju Samuel and Sherry Jacob-Phillips)	Stocks Trading & Speculation
The US is facing a labor shortage — immigration is the solution For over 35 years, the American political system has been unable to make any significant change to U.S. immigration policy. In June 2023, a bipartisan coalition of representatives introduced the Dignity Act, a comprehensive immigration reform bill. This followed a poll showing that four out of five Americans support bipartisan cooperation on immigration that would address labor shortages and inflation. While U.S. politics may continue to prevent an immigration grand bargain, there are many commonsense reforms the government could take to fill gaps in our current workforce. American policymakers need to wake up to a new reality: The country is running out of workers, and immigration must be part of the solution. Facing food price inflation as high as 12 percent last year, Americans have begun to acutely feel the impact of labor shortages in the agricultural sector on their wallets. With an aging population and a labor force participation that has declined since the 1990s, it is clear that these shortages will only get worse over time — not only in agriculture, but also in many other sectors of the economy. Labor migration will become essential to sustaining long-term economic growth. In 2022, the U.S. had almost twice as many job openings as unemployed workers. These trends are unlikely to change any time soon. Between 2011 and 2021, the total number of job openings increased, at an average of 12 percent per year, while the total working-age population rose only by around 3 percent per year. The COVID pandemic seems to have only worsened these trends, pushing many older Americans out of the labor force. But there is a simple solution. If there is an insufficient number of native-born workers to fill existing jobs, immigration from abroad is the best way to ensure the U.S. economy continues to grow. Employers make the demand for legal avenues for labor mobility clear: The number of workers on the H-2A temporary agricultural worker program has tripled between 2013 and 2021. Demand for H-2B visas, the program’s equivalent for non-agricultural sectors, is soaring as well. These existing visa programs are targeted only at employers with seasonal needs. But many of the most critical long-term labor shortages will be in non-seasonal occupations. Immigrants already make up 38 percent of home health aides around the country. By 2060, a quarter of the U.S. population will be over 65, requiring an additional 75 percent of home health care workers. As the baby boomer generation reaches retirement age and life expectancy will increase, the U.S. will need to make it easier for foreign eldercare workers to come into the country. Construction poses a similar bottleneck. Estimates show the industry will need more than a half a million additional workers in 2023 after setting record-high shortages with an average of over 390,000 job openings per month in 2022. And following enactment of the CHIPS Act, the semiconductor industry has been stricken by shortages affecting a wide range of occupations. Opening new and improving existing labor mobility channels could also significantly reduce the burden of irregular migration. If legal avenues are blocked or poorly designed, more U.S. employers may be likely to consider hiring undocumented workers. Consider the evidence: As the allocation of H-2A visas for workers from Mexico increased over the past decade, irregular border crossings fell in tandem. Congress and the Department of Labor should specify more comprehensively a list of occupations with critical worker shortages and ensure that labor mobility pathways allow levels of migration sufficient to address the employers’ needs. Canada, for example, last year introduced changes to its shortage list that allow more workers in occupations such as long-term care aides, hospital attendants, and teachers. The U.S. should follow suit. Updating Schedule A could be a key change that would make hiring from abroad easier for employers. This list of occupations facing dire shortages exempts employers from certain costly and time-consuming steps of the process. However, this list has remained the same since 1991 despite the ongoing demographic and labor market changes. There are other actions the executive can take while Congress remains inactive. Adjusting the definition of “seasonality” could make a big difference by opening the current worker programs to employers in, for example, dairy and mushroom picking. These sectors are not eligible for the H-2A and H-2B programs as their work is year-round rather than seasonal. Similarly, allowing workers to change employers could help address some workers’ concerns. Raising the H-2B cap would help a number of employers, many of whom have been increasingly vocal about the need to modernize the current immigration system. If our politicians fail to act on immigration, we will all continue to face the consequences of a shrinking labor force. Other countries are moving ahead: Canada has already begun a special program, recruiting high-skilled workers with H-1B visas in the U.S. Now more than ever, America’s economic success relies on welcoming new immigrants, creating growth and prosperity through hard work and perseverance. Johannes Lang is a researcher at Schmidt Futures and a John F. Kennedy Scholar at the Harvard Kennedy School. Zuzana Cepla is a manager at Labor Mobility Partnerships, where she analyzes labor mobility programs. Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.	Workforce / Labor
Direct cremations, when the body is cremated without a service and the ashes are returned to the family, have risen in popularity in the last few years, partly because they are the cheapest option. Janet Jones, 70, of Attleborough, Norfolk, is considering whether to book one for herself and her husband, as she wants to make sure her two children can benefit from whatever money they have left. Janet worked for 30 years in a GP surgery and her husband Chris, who she has been married to for 50 years, worked for 33 years in a factory. "We've worked all our lives and we want our children to have that money to do something to remember us in their own way," she says. Janet would like her family to go on holiday instead and have a drink to celebrate their lives. But Janet's daughter, Bridie, isn't sure it's the right option. "Because of their age I thought they would go down a traditional route. There are so many people who love them who want to say goodbye properly," she says. "They are so selfless and they don't want us to be burdened with massive funeral costs. It's what they want and I have to respect that and accept it. I just need to get my head around it," she adds. Average funeral costs were Â£4,056 last year, compared to an average cost of Â£1,647 for direct cremations, which now account for 18% of all funerals, according to insurer SunLife. Donald Pearce, who was 72, died suddenly at his daughter's home on Christmas Day in 2019, and left very clear instructions in his will that he wanted a direct cremation and no funeral service. His daughter, Isobel, who lives in Kingswinford in the West Midlands, says it didn't come as a surprise because they had already discussed it and she was grateful to have such clear guidance from him. "It felt like the right decision," she says. "He lived a quiet life towards the end and he was mindful of money, he wanted it to all go to his children." The family didn't know when he would be cremated - the firm sent them a card afterwards saying the date it had taken place and where his ashes had been scattered. They weren't able to go and see his body, but Isobel says this didn't matter to them. They booked a room at a registry office and had a "very positive celebration of his life". Isobel and her sister both did a reading and played his favourite song - New Horizons by The Moody Blues. It cost Â£1,500 in total for the direct cremation, including a meal for everyone. "It was immediate family only, it felt more appropriate for the children than a funeral would have done. It was lovely, intimate and true to his wishes, but also met our need to say goodbye," she says. "It couldn't have been a more perfect send-off, and we've all agreed we want something similar when our time comes too." Cindy Eve, 68, from Ramsgate, Kent, has booked and paid for a direct cremation as she couldn't stand the thought of her daughter grieving for her in an empty church or crematorium. "Most of my family live in South Africa, where I'm from," she says. "My mother died when I was young and the funeral was very traumatic. I don't want my daughter to go through that." Her daughter CÃ©manthe is comfortable with the plan, she adds, and Cindy has told her wider family so they understand her wishes in advance. "Funerals are so expensive. I'd rather my daughter puts that money towards a house or a new car. I don't want a big fuss and it would be such a waste of money." Some online companies advertise direct cremations from just Â£995. For that price, the firm will collect the body from the hospital, for example, take it away for cremation and return the ashes. When Esther O'Brien, who lives in Devon, found out her terminally ill father David O'Brien had booked one, she begged him to cancel it. After being diagnosed with leukaemia, he decided he didn't want his family to have the burden of arranging a funeral. "I cried my eyes out. I couldn't bear the thought of him being taken off and receiving his ashes in the post two weeks later. "He hadn't looked into all the details, he just didn't want to cause any bother. When I told him that I'd really like him to have a funeral, he was extremely touched and felt valued and loved. "He pointed out to me that the extra cost was coming out of any money he was leaving, but that didn't matter to me." David cancelled the direct cremation and died a week later, aged 74, in April last year. The family were able to hold a regular funeral for him, which cost about Â£4,500. "He had married his partner of 26 years a few years earlier. At her funeral he wore his wedding outfit and when he died we were able to have the funeral home dress him in those clothes to go off in. That was really important for us," Esther adds. "The funeral isn't actually for the person who died, but for loved ones left behind as part of the process. It meant we could say goodbye properly." Funeral director Frances Alcock, who owns Opals Funerals in Hedgerley, Buckinghamshire, worries that more companies are starting up without much experience of funerals. "My biggest concern is the lack of support for the family members who are trying to grieve. It worries me that there might be unresolved grief with these direct cremations bought online," the former nurse says. "It's really important that people understand what direct cremations involve - you do not get a chance to say goodbye unless you sort out your own service. "I get phone calls because they are national firms looking to outsource parts of the business, like collecting the bodies from hospital, and they are often transported across the country." But she agrees that, done in the right way, direct cremations can work for some families. "I had two daughters choose a direct cremation with me for their mum, but they still said goodbye in their own way. They sat with the coffin and brought flowers and went for a family meal, and that was right for them. "If people can't afford a full funeral, I will suggest ways to make it cheaper like having a small funeral, not having pallbearers and different coffin options. "The family can lead the service if they like and take early slots at the crematorium. It just means they can still have a service that suits them, with personal touches like making sure they are dressed in special clothes," she adds. "The main thing is to discuss it as a family and work out what is best. It is so important to get it right, for the sake of the person who has died and for the family left behind."	Consumer & Retail
Alcohol duty has been frozen until 1 August 2024, the chancellor has announced. Delivering his Autumn Statement in the Commons, Jeremy Hunt said that meant there would be no increase in duty on beer, cider, wine or spirits. Citing cost-of-living pressures, he said he recognised that "for many people going to the pub has become more expensive". But tobacco duty is rising, by 2% above the Retail Prices Index inflation rate. Meanwhile, the duty on hand-rolling tobacco will rise by an additional 10%, to 12% above RPI inflation. The changes, which will take effect from 18:00 GMT, will raise Â£40m in 2023-24 and Â£85m in 2024-25, according to Treasury figures. Earlier this month, the King's Speech, which outlines the government's programme for the current session of Parliament, included plans for a Tobacco and Vapes Bill. The aim is to introduced a phased ban on smoking, and restrictions on the packaging and marketing of vapes. The idea, first proposed by Rishi Sunak at the Conservative Party conference in October, is to raise the age at which tobacco products can be bought by a year every year from 2027, so that no one currently aged under 15 can buy cigarettes or tobacco legally. The Treasury estimates the cost of the alcohol duty freeze at Â£310m. Mr Hunt said the government remained committed to its "Brexit Pubs Guarantee", saying that it meant that "duty on a pint is always lower than in the shops". Emma McClarkin, chief executive of the British Beer and Pub Association, welcomed the freeze along with an extension of business rates relief for pubs, saying the measures would be worth Â£350m to the sector. 'Huge relief' But she warned that increases to the National Living Wage would add costs of Â£240m to pubs "at a time when we are struggling to not pass on costs to the consumer". "The pub needs to remain affordable for all and we remain open to working with the government to ensure our pubs and brewers have the support they need to keep investing in people and places and providing much needed boost to local economies." Wine and Spirit Trade Association (WSTA) chief executive Miles Beale also welcomed the freeze in alcohol duty, saying it came as "a huge relief" to a sector that had "taken a battering" in recent years. He said a new duty regime, introduced by the government in August this year, had resulted in the largest rise in alcohol tax for almost 50 years, and the latest sales figures showed a "worrying decline". Wine and spirits had seen a near triple digit increase in inflation in the last three months, the WSTA added, pointing to a rise in supply chain costs and glass recycling fees. "We are pleased that the frustrations of consumers, who are fed up with never ending price rises, and of businesses struggling with the cost and complexities of the new system have been heeded," Mr Beale said. UK Spirits Alliance spokesman and distiller Stephen Russell said: "We raise a toast to the Chancellor for his decision to freeze duty and thank him for listening to thousands of distillers, landlords and bar owners up and down the UK. "He has raised the spirits of the sector, and his decision is a vote of confidence in this vibrant homegrown sector."	Consumer & Retail
Whirlpool To Sell 24% Stake In India Unit The proceeds from the transaction will be used to reduce debt levels, which will enhance balance-sheet flexibility. Whirlpool Corp. announced on Thursday that it would sell up to a 24% stake in Whirlpool of India Ltd. in 2024. The parent company will enter into one or more transactions to sell its ownership interest. Whirlpool will retain a majority interest in the Indian unit following completion of the stake sale, according to an exchange filing. The company currently maintains a 75% ownership interest in Whirlpool India through a wholly owned subsidiary. The proceeds from the transaction will be used to reduce debt levels, which will enhance balance-sheet flexibility. The proceeds expected to be used for debt repayment are incremental to the $500 million term loan repayment that it previously disclosed to pay in the fourth quarter of 2023, it said. India continues to be a significant marketplace for growth and is an integral part of its growth strategy, it said. "The company remains committed to expanding the business with new product launches and the recently acquired Elica India business." This announcement will not impact the previously issued full-year guidance, the company said. Shares of Whirlpool of India closed 1.64% higher at Rs 1,571.25 apiece on the NSE compared to a 0.18% advance in the benchmark Nifty 50.	India Business & Economics
In an exclusive interview, the Labour leader sets out a bold vision to create an extra 2 million appointments a year – with patients seen in NHS hospitals by NHS staff. Under his health plans, cash-strapped doctors and nurses will be offered generous overtime in a bid to restore the service to its former glory. And his rescue mission will be funded by clamping down on tax breaks for the super-rich. But while tax-avoiding non-doms will lose their loophole and private schools will have to pay VAT on school fees, Mr Starmer is not planning any rise in income tax, national insurance or VAT for ordinary workers. “We’re not planning tax rises,” he says. “We’re planning economic growth. I’m convinced that the way out of the failure over the last 13 years is not pulling the tax and spend levers, it’s pulling the growth lever. And that’s what we intend to do.” Mr Starmer believes the radical new health scheme will salvage the NHS after 13 years of Tory neglect. He says clearing the appointment backlog of almost eight million desperate patients is the right thing to do and is “absolutely necessary for our NHS”. Mr Starmer says: “I think everybody knows someone who’s on the NHS waiting list. And I’m certainly not immune from that. This is a period of high anxiety for individuals – huge personal discomfort in many cases. “And it’s also a major factor behind our failure on economic growth as there are too many people who aren’t at work because they haven’t had the operations that they need. Since the Prime Minister said he was going to get the numbers down, they’ve just gone up. So we need a plan to fix this.” Under Labour’s proposals, doctors and nurses would be paid extra to work out of hours. Overtime cash would be given to staff who carry out procedures like scans and operations at the evenings and weekends. It is estimated the extra hours would deliver an extra two million appointments a year, says Mr Starmer, “taking a chunk” out of the elective care waiting list – which now stands at a record 7.7 million. He promises that the new appointments would be held in NHS hospitals, with NHS staff. And his long-term aim is to train up thousands more medics to ease the pressure on the service. An estimated £1.5bn will be set aside for the backlog-clearing plan to cover staff overtime and the purchase of extra equipment. It will be raised from cancelling so-called non-dom tax status. Non-doms, or non-domiciled people, are UK residents whose permanent home is overseas – who can apply to legally avoid tax on any income they earn outside Britain. Mr Starmer says: “We will use the money from abolishing the non-dom status. That’s where the super-rich don’t pay their tax in this country. I think they should.” Rishi Sunak’s wife, Akshata Murty, has voluntarily agreed to pay UK tax on her overseas income but officially maintains her non-dom status. A 2022 study found scrapping non-dom status could net the Treasury £3.2bn in extra tax revenue each year. And researchers calculated that less than 0.3% of those affected would leave the country – or fewer than 100 people. Asked if Labour will match Conservative plans if they promise to cut taxes in their election manifesto, Mr Starmer replies: “I think it’s pretty important to see what they actually put on the table. At the moment we’ve got the highest tax since the Second World War. I don’t think we can believe a word that the Government says any more.” Labour’s health plan also pledges reforms to the “fractured” social care system – introducing sector-wide standards, career progression and pay agreements. “I’ve got a personal interest in this. My sister is a care worker, so I know this sector really well,” Mr Starmer says. “They are the essential building blocks of social care in the future. If we can make those steps, that is a huge leap forward.” The former Director of Public Prosecutions spoke on the eve of what is expected to be a buoyant conference in Liverpool. It comes as Labour continue to ride 20 points ahead in the polls and just days after picking up a runaway victory in the Rutherglen and Hamilton West by-election on Thursday with a 20-point swing away from the SNP. Mr Starmer says the landslide result is proof that people in Scotland see Labour as “the party of change”. “We are humble in victory but the results gives us a very strong foundation to win other constituencies in Scotland,” he says. “That matters to me not just because of the numbers needed for a Labour majority at the next general election but also because, if elected to serve, I want to be the Prime Minister for the whole of the UK. It is a turning point and vindicates our hard work and our strategic approach. The Labour Party is now the party of change.”	Workforce / Labor
The US government's credit rating has been downgraded following concerns over the state of the country's finances and its debt burden. From a report: Fitch, one of three major independent agencies that assess creditworthiness, cut the rating from the top level of AAA to a notch lower at AA+. Fitch said it had noted a "steady deterioration" in governance over the last 20 years. US Treasury Secretary Janet Yellen called the downgrade "arbitrary". It was based on "outdated data" from the period 2018 to 2020, she said. Investors use credit ratings as a benchmark for judging how risky it is to lend money to a government. The US is usually considered a highly secure investment because of the size and relative stability of the economy. However, this year saw another round of political brinkmanship over government borrowing. In June the government succeeded in lifting the debt ceiling to $31.4 trillion but only after a drawn-out political battle, which threatened to push the country into defaulting on its debts. When Congress returns from its summer recess, lawmakers will have to work to reach an agreement on next year's budget before the end of September to prevent a government shutdown. "The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance" relative to peers, said Fitch in a statement. "In Fitch's view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025," the rating agency said. Ms Yellen said she "strongly" disagreed with Fitch's decision. "Treasury securities remain the world's preeminent safe and liquid asset, and... the American economy is fundamentally strong," she said in a statement. However, this year saw another round of political brinkmanship over government borrowing. In June the government succeeded in lifting the debt ceiling to $31.4 trillion but only after a drawn-out political battle, which threatened to push the country into defaulting on its debts. When Congress returns from its summer recess, lawmakers will have to work to reach an agreement on next year's budget before the end of September to prevent a government shutdown. "The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance" relative to peers, said Fitch in a statement. "In Fitch's view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025," the rating agency said. Ms Yellen said she "strongly" disagreed with Fitch's decision. "Treasury securities remain the world's preeminent safe and liquid asset, and... the American economy is fundamentally strong," she said in a statement.	Interest Rates
Rishi Sunak has given a "straightforward" message for Vladimir Putin at the G7 summit: "We're not going away." Speaking to Sky News in Hiroshima, the prime minister had ready answers for his policy and position on Ukraine. Hours earlier, he had announced a ban on imports of Russian diamonds - and told me that he believes other G7 countries will follow suit this weekend. "Russia needs to know that we and other countries are steadfast in our resolve to support Ukraine, not just in the here and now with the resources it needs to protect itself, but for the long term as well," the PM said. Mr Sunak repeatedly refused to commit to reducing overall net migration below the 504,000 figure for the year to June 2022, saying: "What I can commit is that we want to bring those levels down." In 2019 the Conservative Party promised in its manifesto to bring overall net migration figures down from the then 226,000 in 2019. But during this parliament, net migration has continued to rise to record levels - and is set to go even higher still. Figures to be released next week are set to show numbers growing from 650,000 to just shy of one million, which will pile pressure on the prime minister. Of course, Mr Sunak is loathed to commit to a figure because he doesn't know if he can keep the pledge - his motto after all is to deliver on promises, and don't promise what you can't deliver. But it is also an admission that, having failed to hit the last manifesto target of driving net migration down to below 226,000, he can't even commit to driving it back past half a million, which will give Labour lots of political ammunition to fire at the prime minister going into a general election campaign. Mr Sunak kept rounding back to his plans to tackle illegal migration and stop small boat crossings in our interview - probably because he knows this is where key target voters will want to see progress from the PM - but he must know too that high levels of migration and breaking the 2019 manifesto pledge puts him in a tight spot with the public. The PM said this week of his election prospects that he's confident he can win the next general election, but you can't help but wonder if he's still reeling from the huge local election losses earlier this month that saw the Conservatives lose over 1,000 councillors. This after all is a man of great success - head boy at his public boarding school, a self-made millionaire and successful businessman who went into politics and became PM. But when I asked him how he feels when he loses, he looked a bit stumped and asked me what I meant. When I asked him again how he felt when he didn't win, he trotted out the same line he gave on the morning of the local elections - "it's always disappointing to lose hard-working councillors". In fact, the prime minister was quite robotic in our interview at times. Eight times in our nine-minute exchange, Mr Sunak referred to his "five priorities". He went on to list those priorities on four separate occasions in our conversation when I pressed him on local elections and the cost of living crisis. On the world stage, this is a leader who is delivering, be it the new bilateral Hiroshima agreement with Japan to deepen economic, security and technological ties between London and Tokyo, or the new set of sanctions against Russia. And Mr Sunak will be given a further boost on this front over the weekend as President Zelenskyy of Ukraine arrives in Japan to stand shoulder-to-shoulder with his allies against Russian aggression. But back home, it seems that his message to voters on his five-point plan to "halve inflation, growth the economy, reduce debt, cut waiting lists and stop the boats" seems to be falling on deaf ears, however many times he chooses to say it. No 10 is betting that if he manages to turn those promises into real action for voters, they may give the Conservatives another look. But after seven months in power, the polls aren't moving in his favour - and what's clear is that there isn't a Plan B.	Europe Business & Economics
Orient Cement Q2 Results Review - Capex To Drive Into New League: Yes Securities We remain positive on Orient Cement for being an efficient and low-cost producer BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. Yes Securities Report Orient Cement Ltd.'s result came largely in-line with our estimates. Volume/net sales realisation grew by 15% and 2% YoY resulted in revenue 17% YoY in Q2 FY24. Unexpected fall in raw material cost/tonne by 23% YoY led total cost/tonne to decline by 6% YoY during the quarter. As a result, healthy NSR with eased cost translates to Ebitda/tonne of Rs 607 against Rs 263 in Q2 FY23. Ebitda came in at Rs 865 million, registering a growth of 166% YoY, whereas profit after tax came to Rs 246 million against net loss of Rs 95 million in Q2 FY23. Now management prioritised the Chittapur expansion (three million tonnes per annum cement and and 2 mtpa clinker) to improve the production headroom as the unit has only one kiln running on 100% utilisation. Furthermore, the company plans to add 3 mtpa clinker and 1 mtpa grinding unit at Devapur to cater the 2 mtpa of GU in Madhya Pradesh by FY25E. Management guided +12% YoY volume growth to 6.5 million tonnes for FY24E and reiterates its policy to focus on better pricing over higher dispatches to improve the margins. We remain positive on Orient Cement for being an efficient and low-cost producer and believe it has a significant headroom to improve further through- Product-mix (higher blended sales), Augmenting Green Power Higher use of alternative fuel (TSR of 25% by 2030). Orient Cement to generate a operating cash flow of Rs 10 billion over FY24-26E which would partially fund its capex of Rs 25-30 billion over FY24-26E. Therefore, net debt is expected to rise going forward, limiting the earning visibility (net debt/Ebitda guidance of less than three times). Hence, we believe a strong pricing environment will be vital for Orient Cement to achieve better profitability and reduce its dependency on borrowings. At current market price stock trades at 11/nine times EV/Ebitda on FY25/26E. We rolled forward our estimates to FY26 and arrived at target price to Rs 216/share, valuing at 8.5 times EV/Ebitda on FY25E with 'Neutral' rating. Click on the attachment to read the full report: DISCLAIMER This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime. Users have no license to copy, modify, or distribute the content without permission of the Original Owner.	Stocks Trading & Speculation
At first glance Hugo and Huxley may look like thousands of other golden retrievers but these “pet influencers” make their owner, Ursula Aitchison, more than £100,000 a year in modelling, advertising and sponsorship deals.Hugo, nine next month, and Huxley, three, are part of a booming trend for pet models, with advertising agencies capitalising on the internet’s love of anything animal-related to promote everything from wellies to ferries.As well as products for humans, many “pet influencers” showcase designer dog attire and accessories including collars, jackets and harnesses from high fashion brands such as Moncler, Prada and Anya Hindmarch. These luxury items, which can easily run to hundreds of pounds, sit at the top end of a global pet clothing market valued at more than $5.7bn (£4.6bn) a year, according to the research firm SkyQuest.Ursula Aitchison takes Huxley and Hugo on a break from modelling. Photograph: Graeme Robertson/The GuardianAitchison says she fell into the career of “mother agent”, manager and casting director for her dogs accidentally, during a previous venture as a pet photographer. “I was working photographing people and their dogs, and I used him [Huxley] as a muse and practised with him,” she says. “Compared to the dogs I was photographing, he was really good at staying still and taking direction, so I put him forward to an agency.”Hugo immediately found work and has featured in adverts for a range of brands and products including Hunter wellies, New Look, Dyson vacuum cleaners, Tesco and P&O Ferries. To start, with Aitchison didn’t charge too much for her and Hugo’s time but now he is well known and a “super dog” in the pet influencer industry he can command £750 a day. Adverts put out to the more than 300,000 followers on their shared Instagram page – @HugoAndUrsula – cost £3,000 to £5,000.“It is my full-time job now, especially as I have Hugo and Huxley,” Aitchison, 34, from the Cotswolds, says. “I spend my days driving the boys to photoshoots, creating events and curating content for Instagram posts.”Aitchison estimates she makes at least £100,000 a year from her dogs’ modelling work. “Actually,” she adds. “It’s probably coming up to £150,000 if you include all the freebies and gifted stuff, including clothes and expensive hotel stays.”The model Gigi Hadid walks the runway with a dog in Milan. Photograph: Jacopo Raule/Getty ImagesA lot of Aitchison, Hugo and Huxley’s work is provided by their agency, Urban Paws, established in 2015 to cater for the growing demand for professional dog models. Layla Flaherty, the agency’s founder, chief executive and “pet detective”, says demand for pet models has increased every year and the agency has expanded from dogs to cats, rabbits, birds, horses, reptiles, tortoises, and even reindeer and spiders.“There’s an ever-increasing demand for animals in adverts, on TV and for promoting products on social media, which is seeing a huge boom in pet influencers,” Flaherty says. “This year we are expecting a jump in rabbit bookings as it is the Chinese year of the rabbit.”Ursula Aitchison with Huxley and Hugo. Photograph: Graeme Robertson/The GuardianDogs, however, are where the money is for Flaherty, particularly on Instagram and TikTok. “Pet Influencers use their socials to promote businesses or services and create content with product placement to drive people to buy the product or just create general brand awareness,” she says.Hugo and Huxley, who were among her first model signings, have “a life I could only dream of. They are constantly walking the red carpet at events, get gifted free food, clothing, everything really.”Flaherty’s advice for anyone considering turning their dog into a social media star is to “commit to it from the beginning”, “know your audience” and “stay on top of viral trends”.Social media celebrity Tardar Sauce, better known as Grumpy Cat. The popular feline died on 14 May 2019 aged seven. Photograph: Richard Vogel/APThat was how another of her models – Good Boy Ollie – became a social media star, she says. “His owner made videos of him balancing all sorts of everyday objects on his rear end and it really took off online.” The labrador now has 1.2m followers on Instagram and 5.8m on TikTok, making him one of the most popular pet influencers on the planet.As with many online trends, pet influencing started in the US, where the first breakout star was Grumpy Cat, real name Tardar Sauce, whose distinctive underbite inspired a 1,000 memes, not to mention a range of merchandise, books and even her own film. Even after her death in 2019, her Instagram account still has 2.6m followers, not far off that of today’s pet stars such as Tucker the “goofy golden retriever” who has 3.3m.Ollie’s owner Alex, 23, says she also accidentally fell into becoming a pet influencer manager. “I uploaded two videos on TikTok two years ago and it went viral overnight,” she says. “I didn’t expect them to be that popular.” One of the clips showed Ollie in a cute bow tie, and the other was him watching his favourite TV show, Phineas and Ferb.“He is my first dog, and I was only a teenager when I got him,” says Alex, who asked that her surname not be published because of concerns about Ollie’s security. “My own [social media] pages were getting spammed with dog content, so I thought why not create his own account.”Ollie has 1.2m followers on Instagram and 5.8m on TikTok.Alex says running Ollie’s accounts is her full-time job but declined to reveal how much money she makes.Asked why she chose the name Good Boy Ollie, she replies: “Well, it’s quite simple really: he’s called Ollie and he’s a very good boy.”	Consumer & Retail
LIC Clocks Tepid Growth As Private Insurers Continue To Gain Market Share Private life insurers exhibited growth at 19% YoY, contributing a total of Rs 6,010 crore to the industry's APE. Market share trends demonstrate that while October was a relatively muted month for Life Insurance Corp., they have largely been able to hold on to market share year-to-date. The Life Insurance Council, India, released the numbers for October 2023. On the back of this and using HSBCs note, we have broken down the numbers for perspective. The industry's annual premium equivalent grew by a modest 5% YoY, with LIC continuing to demonstrate declining APE trends. India's largest life insurer saw its total APE fall by 11% YoY, amounting to Rs 3,800 crore, reflecting a similar number in terms of year-to-date decline as well. In contrast, private life insurers exhibited growth at 19% YoY, contributing a total of Rs 6,010 crore to the industry's APE. On an individual APE front, the sector grew by 13%, while private insurers grew by 19.8% YoY, again capturing market share from LIC. Among individual insurers, smaller private players demonstrated 15% growth, while their larger counterparts outperformed them. Market share trends also highlight that while October was a relatively soft month for LIC, they have largely been able to hold on to market share YTD. Another key factor that has been in focus since the Union budget announcement on higher-value policies is how the average ticket size is evolving in the current fiscal year. The average ticket size for individual policies remains relatively stable. There were distinct trends among key players. ICICI Prudential Life Insurance Co. and Bajaj Allianz Life Insurance Co. saw an increase in their average ticket size, indicating an uptick in premium contributions. Conversely, LIC reported a decline in its average ticket size. In terms of policies sold, the industry witnessed robust growth in the number of policies sold, as it surged by 20% year-on-year. Private insurers led the trend with an 18% increase in the number of policies sold, underscoring their strong performance in the market.	Banking & Finance
Discover more from BIG by Matt Stoller Why Turkey, Eggs and Air Travel Just Got Cheaper The long tail of greedflation may be subsiding, just as a federal jury cracks the longstanding egg cartel. Plus antitrust action on airlines and the turkey industry are likely delivering lower prices. Welcome to BIG, a newsletter on the politics of monopoly power. If you’d like to sign up to receive issues over email, you can do so here. Hi, this is Lee Hepner, I’m an antitrust lawyer filling in for Matt while he’s (mostly) away for the month. Over the past few weeks, I wrote about the banality of price fixing, how auto industry unions are setting industrial policy, and then co-wrote a piece about the establishment plan to roll back antitrust. I’ve got another longer piece coming next week about private antitrust enforcement, which it turns out is really important. But for now, I thought I’d pause for some seasonally-appropriate gratitude. While you can’t put a price on being with family and friends over this holiday weekend, it turns out you can absolutely put a price on your Thanksgiving Dinner. And this year, that price is lower than last year’s record highs. On top of that, a jury cracked the egg cartel, and your holiday travel should be a little cheaper, too. Turkey, eggs, and air travel – all things to be grateful for. After sharp increases year-over-year in 2021 and 2022, the total price of Thanksgiving Dinner is down 4.5% in 2023, according to the annual Thanksgiving marketbasket survey of the American Farm Bureau Federation. The price of a 16-lb turkey is down slightly, after a dramatic increase the year prior. The price of cranberries is down 18%, whipping cream is down 23%, and the prices of pie crusts and russet potatoes are down, too. The full meal is still 25% higher than the 2019 cost, but this year’s decrease is a good sign not just that inflation is cooling, but that efforts to crack down on corporate profiteering, or “greedflation,” are starting to work. For the past two years, mounting evidence has suggested that corporations have used inflation as cover for coordinating price increases across the economy. Back in December 2021, BIG was one of the first outlets to push back on the argument that high inflation was the result of government spending and a tight labor market, instead suggesting that corporate profits were driving as much as 60% of inflation increases. In short time, further studies showed that greedflation was more than a myth. A 2022 study by the Federal Reserve Bank of Boston found that increased concentration across the US economy since 2005 had caused a 25% increase in pass-through costs to consumers, amplifying the inflationary pressure from supply-chain disruptions like those caused by the much-ballyhooed avian flu. Jacob Linger, Hal Singer, and Ted Tatos similarly argued that inflation provided cover and a pretext for rivals to coordinate prices, because consumers were less likely to react harshly to price increases they attributed to other trends. The conventional wisdom is that concentrated industries are more susceptible to illegal coordination among rivals, but sophisticated data exchanges are now facilitating coordination in less concentrated industries. There’s been a lot more attention and acceptance of the greedflation problem in the past year, and the persistent pushback from Larry Summers and other orthodox economists has lost some currency. That increased scrutiny makes it harder to use inflation as a pretext for price increases. While we’re talkin’ turkey, the Justice Department is enforcing against illegal coordination and price fixing by Agri Stats, which operates a data exchange among processors of 90% of domestic turkey sales. Litigation means that this coordination has likely stopped, at least for now, meaning firms can’t maintain high turkey prices through price-fixing anymore. Thus, prices are coming down. It’s likely that price-fixing is more pervasive than we think. I’ve heard rumors of similar data exchanges among car dealers and rental car companies, and it’s unlikely that large corporations with sophisticated pricing models are leaving money on the table in other industries, either. Politically, it’s not obvious to consumers that there’s policy action behind these pricing moves, though two Senators - Elizabeth Warren and Chris Murphy - are making that point, and I suspect you’ll hear more of that messaging. Cracking the Egg Cartel There’s more to be grateful for, including yesterday’s big news that a federal jury in Illinois cracked the egg cartel involving major egg producers Cal-Maine and Rose Acre Farms and facilitated by trade groups like the United Egg Producers (UEP). The lawsuit alleged that Cal-Maine and Rose Acre, among others, conspired to artificially suppress the supply of eggs and inflate the cost of eggs for major food retailers. (Some side-dish intrigue: Rose Acre is the family company of Republican candidate for U.S. Senate in Illinois John Rust, who was until very recently the company’s chair.) The details of the scheme were laid out mostly in open court over the past month, and revealed that UEP had instructed egg producers to prematurely reduce flocks and artificially constrain egg output when egg prices dipped. In cases involving third-party information exchanges, like those facilitated by UEP, courts have made it difficult to allege that competing producers actually agreed to follow those recommendations. But UEP facilitated that agreement by publishing the names of their member producers in a newsletter, allowing rival egg producers to reliably predict that their competitors would be acting in lock-step with UEP’s recommendations. The egg cartel allegations date back decades, but in recent years provided another potent example of corporate profiteering under the pretext of inflation. As egg prices more than doubled and profit margins increased five-fold in recent years, it seemed that egg producers were doing remarkably well despite horror stories of avian flu and skyrocketing feed costs. Groups like Farm Action helped crack the case, and now we’ve got a jury in Illinois to thank, too. BIG is a reader-supported newsletter focused on the politics of monopoly and finance. This is journalism and advocacy that challenges power, so please consider a paid subscription. You can always get lies for free. The truth costs a few bucks, but in the long run it’s much cheaper. You can subscribe by clicking here. Flying Just Got Cheaper, Too Thirty million Americans are expected to travel by plane for the Thanksgiving holiday weekend, up 6 percent over 2019. Of course, the intervening years saw massive disruption in the travel industry, including a pilot shortage that was self-inflicted by compulsory early layoffs, and meltdowns such as the one last Christmas that impacted 2 million travelers. But much of the price hikes were a result of airlines collectively trying to cut capacity and hike prices. That seems to be over, at least for now. With the government breaking the American Airlines-JetBlue Northeast Alliance in an antitrust suit, American Airlines is now expanding in Philadelphia. And with the JetBlue-Spirit merger on hold in a trial, the rest of the industry has no choice but to compete over routes via lower prices and more service. As a result, now airfares are down, too. October 2023 airfares dropped 13.2% compared to a year prior, and 5.3% from pre-pandemic levels in October 2019. There’s some speculation that flight demand is down, which may be true in some cases but doesn’t exactly square with the record number of people traveling by plane this weekend. And of course, these patterns are going to look very different based on the number of airlines competing for specific routes, or for lower-demand routes that may simply be offering better deals to get people flying somewhere new. Flying is still annoying and loaded with junk fees that can obscure the true cost of travel, like extra tacked on fees for seat reservations or for carry-on bags (which were almost universally complimentary until recently.) And readers of BIG will be familiar with our broader rebuke of the post-1978 deregulated industry. Generally, though, it’s good to see some relief on airfares as we head into the busiest travel season of the year. That’s all for now, a small dose of Thanksgiving gratitude, and some tangible results from anti-monopoly policies. May the only thing fluffier be that bowl of mashed potatoes. Thanks for reading! Please send us tips on weird monopolies, stories we’ve missed, or comments by clicking on the title of this newsletter. And if you liked this issue of BIG, you can sign up here for more issues, a newsletter on how to restore fair commerce, innovation, and democracy. And consider becoming a paying subscriber to support this work, or if you are a paying subscriber, giving a gift subscription to a friend, colleague, or family member. If you want to reach me, my email is Lee.a.hepner (at) gmail.com. Thanks, Lee Hepner	Inflation
For the second time in 24 hours, the US Securities and Exchange Commission has sued a major cryptocurrency exchange. Yesterday, the regulator filed charges against Binance and its CEO, Changpeng Zhao, with accusations of manipulative trading practices, mishandling customer assets, and failures of corporate control. Today, the SEC followed up with a suit against the Nasdaq-listed exchange Coinbase, alleging that it has violated securities laws.The double salvo sends a clear message that the SEC is gunning for crypto. The upshot of this could be that US investors lose access to popular crypto assets. “We are reaching an end state where if the current regulatory crackdown in the US proceeds unchecked, then you’re basically banning most crypto activity in the US,” says Omid Malekan, an adjunct professor at Columbia Business School and author of Re-Architecting Trust: The Curse of History and the Crypto Cure for Money, Markets and Platforms. The SEC’s latest complaint doubles down on its long-standing assertion that many crypto tokens are simply securities, as defined under existing laws in the US. That means they fall under its purview, the regulator says. Based on that interpretation, the suit, filed in the Southern District of New York, accuses Coinbase of knowingly operating an unregistered securities exchange by selling tokens, including Sol, Ada, and Matic, to US investors. The SEC also accuses Coinbase of violating securities law in connection with its staking service, which lets customers earn profits on certain crypto holdings by pooling them and locking them up.“You simply can’t ignore the rules because you don’t like them or because you’d prefer different ones: The consequences for the investing public are far too great,” said Gurbir S. Grewal, director of the SEC’s enforcement division, in a public statement. “Coinbase was fully aware of the applicability of the federal securities laws to its business activities, but deliberately refused to follow them.”Like Binance yesterday, Coinbase turned the finger of blame back on the regulator, claiming the SEC has failed to mark out a road to compliance for crypto businesses. “The SEC’s reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness,” says Paul Grewal, the company’s chief legal officer. Coinbase has “demonstrated commitment to compliance,” he claims, and will continue to operate as usual while it defends against the complaint.This tension—over the interpretation of existing securities laws and whether they apply to crypto—will form the center of the case to come, says Noelle Acheson, an independent crypto analyst. “It’s very much game on,” Acheson says.With the filings against Coinbase and Binance, the SEC has now formally alleged that seven of the top 15 largest cryptocurrencies are securities. Bitcoin is considered an exception, and the SEC has not rendered a clear verdict on Ether, but the agency “seems to be using a broad rubric by which to classify these tokens as securities,” says Molly White, author of crypto-skeptic blog Web3 Is Going Just Great. Any exchange that supports the trading of securities must first register with the SEC—a process that comes with various reporting and diligence requirements. SEC chair Gary Gensler has long called on crypto exchanges to register or face enforcement action.But the demand creates a catch-22 of sorts that threatens viability in the US of crypto assets that are deemed securities: Gensler demands that crypto exchanges register with the SEC, but the exchanges claim there is no means of doing so. In March, Paul Grewal told WIRED that “Coinbase is not asking for special treatment” but that there is no clear path to registering because the process makes no accommodation for the unique attributes of crypto tokens. Coinbase CEO Brian Armstrong reiterated the same message in a tweet responding to today’s SEC complaint.Coinbase’s share price fell nearly 14 percent after the case was announced. Dan Dolev, senior fintech equity research analyst at Mizuho, estimates that about 30 percent of Coinbase’s revenue could be at risk as the crypto industry comes under tighter scrutiny. Some of that loss could fall off with alt coin trading, if those now have to be registered as securities, and the exchange could lose another chunk from a loss in staking revenue. More risk-averse institutional investors might start to steer clear of the exchange, while banks may be reluctant to work with an organization that is attracting regulatory attention. After a chaotic year in the crypto industry, this is just another blow for Coinbase. “This downward spiral is only getting worse,” Dolev says.The complaints against Coinbase and Binance are likely to take years to pass through the courts—as demonstrated by the SEC’s case against Ripple, which deals in many of the same issues. Short of legislative intervention from Congress, questions around the classification of crypto assets and jurisdiction of the SEC will remain unresolved too. All the while, the US crypto industry will hang in limbo.Some in the industry think that’s part of the motivation. “It’s an effort to chill the market,” says Justin Browder, partner at law firm Willkie Farr & Gallagher. The complaints will serve to put crypto on ice in the US, he explains. For now, exchanges will continue to operate and customers are still able to trade, but a question mark will hang over the legality of the crypto assets named in the complaints for the duration of the legal proceedings. Equally, new crypto businesses are less likely to want to set up shop in a country that has demonstrated itself unsympathetic to the sector.Browder says the charges brought by the SEC this week indicate that the agency is perfectly comfortable with a future in which US residents have limited access to crypto assets. “The undercurrent is that the SEC views crypto assets, in the way they’re currently offered, as inappropriate for retail investors,” says Browder. “If the SEC thinks this asset class needs to be curtailed, these two actions are the most effective way to send the signal.”	Crypto Trading & Speculation
Despite mounting financial pressures, holiday shoppers say they are planning to shell out more money on Black Friday and Cyber Monday sales this year than last. That's according to a new survey from auditing firm Deloitte that shows consumers plan to spend an average of $567 between Black Friday and Cyber Monday this holiday season, or 13% more than they spent the same time in 2022. Consumers have bumped up their holiday shopping budgets as retailers this year have stepped up sales and deepened discounts to lure in consumers squeezed by inflation and rising credit card rates. "Cyber Week is off to a strong start with Thanksgiving driving a record $5.6 billion in online spend as consumers took advantage of strong discounts and continued their shopping plans, virtually," said Vivek Pandya, lead analyst, Adobe Digital Insights. Deloitte surveyed 1,200 consumers between Oct.19 and Oct. 25, 2023. Consumers are feeling strapped for cash as their savings dwindle and their. And although forecasters predict , many necessities like food and rent remain significantly more expensive than they were just three years ago. Those cost pressures have left consumers "a lot more cautious about spending," Neil Saunders, a retail analyst at GlobalData Retail, told CBS MoneyWatch. However, they have also made them "more receptive to bargains," increasing the likelihood that they'll shell out their hard-earned money on Black Friday deals, Saunders said. Best Black Friday deals in years lure consumers Both the number of Black Friday shoppers and the size of their budgets are growing, as retailers reduce prices to lows not seen in years. This holiday season, toys, games and hobby gear are on track to see their best bargains since 2020, according to a Reuters analysis of federal labor data. Men's suits, outerwear, sports coats, women's dresses and audio equipment are 8% to 14% cheaper compared with pre-pandemic levels, the analysis shows. According to Adobe's estimates, toys will be discounted 35%, on average, this year compared with 22% a year ago, while electronics prices will be slashed 30% compared with last year's 27%. More than half of shoppers plan to take full advantage of store bargains during Black Friday and Cyber Monday, with four in 10 consumers planning to complete all of their seasonal shopping during that four-day sales window, according to Deloitte's survey. Meanwhile, data from the National Retail Federation shows that 182 million people are expected to shop between Thanksgiving Day and Cyber Monday this year, marking the highest turnout of holiday shoppers since 2017. Shift to online shopping continues Shoppers are earmarking more of their money for virtual holiday shopping, rather than deals at brick-and-mortar stores, Deloitte's survey shows. According to the poll, shoppers plan to spend $169 in online purchases this Black Friday, up from $121 in 2019. By comparison, consumers say they plan to spend $138 on in-store purchases on Black Friday this year. —The Associated Press contributed reporting for more features.	Consumer & Retail
Bitcoin has surged past $33,000 per coin on Monday, rising nearly 11% in 24 hours. According to CoinGecko, the coin is up more than 17% in the past seven days. Decrypt reports: Bulls have flooded the space as talk about a spot Bitcoin ETF has investors hopeful that the long-awaited crypto product will soon get approval from the U.S. Securities and Exchange Commission. A Monday CoinShares report showed that institutional investors are pouring money into the space; JPMorgan analysts said last week that a spot Bitcoin ETF could be approved by Christmas. High-profile investment firms that have applied to the SEC for a spot ETF are fine tuning their applications in the hope that the regulator will give them the green light. Investors have been hungry for a spot Bitcoin ETF for the best part of a decade but Wall Street's biggest regulator experts say has denied applications for such a product, mostly citing the potential for market manipulation as one of the main reasons. But analysts are now more optimistic than ever before: BlackRock, world's biggest fund manager, applied for a Bitcoin ETF of its own. Not long after, manager Grayscale scored a victory against the SEC when a federal judge sided with the firm over its application to convert its flagship Bitcoin fund into an ETF. High-profile investment firms that have applied to the SEC for a spot ETF are fine tuning their applications in the hope that the regulator will give them the green light. Investors have been hungry for a spot Bitcoin ETF for the best part of a decade but Wall Street's biggest regulator experts say has denied applications for such a product, mostly citing the potential for market manipulation as one of the main reasons. But analysts are now more optimistic than ever before: BlackRock, world's biggest fund manager, applied for a Bitcoin ETF of its own. Not long after, manager Grayscale scored a victory against the SEC when a federal judge sided with the firm over its application to convert its flagship Bitcoin fund into an ETF.	Crypto Trading & Speculation
Millions of Americans born between 1965 and 1980, collectively known as Generation X, are headed toward retirement woefully unprepared financially for retirement, a recent analysis shows. The typical Gen-X household with a private retirement plan has $40,000 in savings, according to a report this week from the National Institute on Retirement Security (NIRS). The figures are even more more alarming for low-income Gen-Xers, who have managed to stash away no more than about $4,300, and often even less, the group found. Across all members of the generation, some 40% don't have a penny saved for retirement. "Gen-Xers are fast approaching retirement age, but the data indicate that the vast majority are not even close to having enough savings to retire," NIRS Executive Director Dan Doonan said in a statement. "Most Gen-Xers don't have a pension plan, they've lived through multiple economic crises, wages aren't keeping up with inflation and costs are rising. The American Dream of retirement is going to be a nightmare for too many Gen-Xers." Polls show that many Americans estimate they'll need savings of at least. Obstacles to saving A major problem for Gen-Xers is their limited access to a pension or 401(k) plan through their job: Only 55% of Gen-X workers participate in an employer-sponsored plan, NIRS found. Other barriers to putting money away include higher student loan debts than Baby Boomers, while wage growth for Gen-Xers has been flat most of their careers, the group noted. As a way to help people save, NIRS supports increasing the number of states around the country that offer retirement plans, noting that Minnesota, Missouri, Nevada and Vermont offer programs for residents who lack access to an employer plan. Combined, those states have helped residents save $838 million across 680,000 retirement accounts, the study noted. Congress should also consider giving Americans a tax credit for doing caregiver work, the researchers said. That would particularly benefit Gen-Xers, many of whom are "caring for aging parents on one end and raising children on the other end," NIRS said. "Accruing savings takes time, and Social Security alone won't provide enough retirement income," Tyler Bond's NIRS research director, said in a statement. "So it's critically important that we change course quickly. The status quo means we are looking at elder poverty for many Gen-Xers and pressure on their families for support." The study used data from Prudential Financial, T. Rowe Price, Vanguard and Fidelity Investments as well as research from Pew Research Center, AARP, the Federal Reserve Bank of San Francisco and the U.S. Labor Department. Members of Generation X — the roughly 64 million Americans sandwiched between Baby Boomers and Millennials — aren't the only ones struggling to meet retirement goals. Although boomers, the median retirement savings is $120,000 for that generation, according to a recent from Natixis Investment Managers. for more features.	Personal Finance & Financial Education
Mankind Pharma, Nexus Select Trust Shares At Record High After FTSE Inclusion FTSE added Mankind Pharma to All-World, Large-Cap, Total-Cap and All-Cap indices. FTSE added Mankind Pharma to All-World, Large-Cap, Total-Cap and All-Cap indices post their latest quarterly review December 2023, the London-based stock exchange said in a release. Mankind Pharma's stock rose as much as 5.72% during the day to Rs 2,030 apiece on the NSE. It pared gains to trade 5.5% higher at Rs 2,025.70 apiece, compared to a 0.06% advance in the benchmark NSE Nifty 50 as of 10:43 a.m. The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 77.15. Seven out of the 13 analysts tracking Mankind Pharma maintain a 'buy' rating on the stock, four recommend a 'hold' and two suggest a 'sell,' according to Bloomberg data. Nexus Select Trust was included in FTSE's All-Cap, Small-Cap and Total-Cap indices. Nexus Select Trust rose as much as 2.38% during the day to Rs.133.50 apiece. It pared gains to trade 1.78% higher at Rs 132.72 apiece, compared to a 0.06% advance in the benchmark NSE Nifty 50 as of 10:48 a.m. The total traded volume so far in the day stood at 6.7 times its 30-day average. The relative strength index was at 66.72. Nine out of 10 analysts tracking Nexus Select Trust maintain a 'buy' rating on the stock and one recommends a 'hold,' according to Bloomberg data.	Stocks Trading & Speculation
- DoorDash added a 'tip nudge' feature in June, which reminds customers to tip. - It's the latest example of how common tip requests have become for food delivery. - Some gig workers say their base pay is just a few dollars for each order, making tips a key source of income. Customers have long been asked to tip the people who deliver their take-out or groceries. Now, that pressure is even greater, thanks in part to "tip nudging." At the center of the latest tipping debate is DoorDash. In late June, DoorDash rolled out a new app feature that allows delivery customers to increase a tip for drivers up to 30 days after a food delivery is completed. Customers that have not tipped will be prodded to do so. These nudging notifications are becoming more common — Uber Eats, Instacart, and Starbucks have similar messages for customers. "These new nudges and reminders will encourage customers to tip and show their appreciation after their Dasher delivers an order," DoorDash executive Austin Haugen said during a media event in late June. "Consumers who are waiting to see how the Dasher provides service … now have a way to actually reward Dashers," Shroff said. Some DoorDash drivers say the new nudge might bother customers. But for many drivers, tips have become increasingly important. "I think it would be annoying to 80% of customers," said Heather Taylor, who drives in Corpus Christi, Texas. But she added, it could improve her income. Base pay for DoorDash orders is as low as $2, making tips a key source of income for workers DoorDash's tip nudges come as some delivery workers have aggressively attempted to increase tips. Some delivery workers have tried to increase their gratuity by asking DoorDash customers for higher tips mid-delivery. In other cases, Dashers have shamed customers over low tips. DoorDash prohibits these sorts of actions. DoorDash's nudges will appear for customers who have not already added a tip to their order. "Customers get a maximum of one nudge per order that does not include a tip," the company said in a statement. "This is not unique to DoorDash and is common practice across gig platforms." Uber and Instacart are a bit more intrusive with their tip nudging. "We've rolled out tipping prompts to encourage customers to consider increasing their tip anytime they rate a shopper five stars," Instacart said. "The prompts also encourage customers to recognize their shopper's hard work by leaving a tip if they initially choose not to leave one." Uber Eats told Insider it has "invested heavily into improving the tipping experience for drivers and couriers" over the last two years. That includes adding tipping prompts throughout the user experience, including encouraging tips during inclement weather. Uber Eats said it has made app improvements to improve tipping behavior, including encouraging customers to tip when placing the order, during the order, and after the order. As a result, the average food delivery tip has increased by 20% from 2020 to 2022, Uber Eats told Insider. DoorDash told Insider that base pay "generally ranges from $2 to $10 per order, depending on various factors including the estimated duration, distance, and desirability of the order. With tips and base pay, DoorDash said on average, Dashers make $25 per hour on active deliveries. "Dashers on our platform are earning more today than ever before on delivery and have earned more per active hour every year for the past four years," DoorDash told Insider. Many gig delivery workers make below minimum wage and say their earnings have fallen since the height of the pandemic A 2020 study found many gig delivery workers are struggling to make minimum wage. The survey of gig workers from the Economic Policy Institute found that about 14% of gig workers made less than the federal minimum wage, and 29% earned less than their state's minimum wage. The survey was conducted in 2020, a banner year for gig workers due to demand for delivery early in the pandemic. Sergio Avedian, a spokesman for The Rideshare Guy blog who delivers about 20 hours a week in Los Angeles, said his base pay ranges on DoorDash or Uber Eats from $1.50 to $3 per order — 50% less than the height of the pandemic when earnings surged due to demand. Other drivers speaking to Insider quoted similar declining base pay. "When base pay is so low, we have to look for high-tip, low-mileage orders," he said. "We are literally working for tips." Are you a delivery driver with insight to share? Got a tip? Contact this reporter via email at nluna@insider.com or text at 714-269-8873.	Consumer & Retail
- StubHub's annual NBA preview sees ticket sales up nearly 60% for this upcoming season compared to last season. - Fans from 92 countries will flock to North America for games in a 120% increase in international ticket sales, the company said. - LeBron James' Los Angeles Lakers top the list as the most in-demand team. The defending champion Denver Nuggets didn't crack the top 10. With the National Basketball Association season tipping off next week, StubHub sees ticket sales up nearly 60% compared to last year, with the Los Angeles Lakers returning to the top of the list as the most in-demand team. The ticket exchange's annual NBA preview breaks down the company's projections for the upcoming basketball season based on years of data, according to spokesperson Adam Budelli. The season kicks off Oct. 24. Across the board, Budelli told CNBC that all teams are seeing an encouraging rise in demand this season, with international interest surging. Fans from 92 countries — up 24 from last season — are flocking to North American games, he said. Those international sales will be up 120% from last season, StubHub predicted, with the most popular countries attending NBA games including Australia, the United Kingdom and Brazil. "It's hard to pinpoint one specific factor, but I would say across live events as a whole, we certainly have seen cross-border travel for live events increased and rebound to a higher point than when it was pre-pandemic," Budelli said. The NBA has been increasingly dominated by international stars such as the Denver Nuggets' Nikola Jokić, the Milwaukee Bucks' Giannis Antetokounmpo and San Antonio Spurs rookie Victor Wembanyama. The league's international reach, likewise, will likely factor into its upcoming media rights negotiations. - Los Angeles Lakers - New York Knicks - Boston Celtics - Toronto Raptors - Golden State Warriors - Milwaukee Bucks - Miami Heat - Phoenix Suns - Los Angeles Clippers - Chicago Bulls Budelli said the Lakers, which features superstars LeBron James and Anthony Davis, have been the top team in StubHub's projections four times since 2017. One notable absence in the list, however, is last season's NBA champion the Denver Nuggets, which Budelli said the company is monitoring and expects to rise in popularity as the season progresses. He also noted that ticket sales more than doubled after Damian Lillard was traded to the already-potent Milwaukee Bucks on Sept. 27, with the team's home opener expected to be the highest selling game of the season. Budelli said Lillard's trade is likely "the biggest mover" of the season, pushing the team up six spots on the list compared to last year. On the road, the Golden State Warriors, who added star guard Chris Paul to their high-scoring lineup, have the highest average ticket price for their away game schedule, StubHub said. - Denver Nuggets at Los Angeles Lakers, Feb. 8 - Boston Celtics at New York Knicks, Oct. 25 - Boston Celtics at Los Angeles Lakers, Dec. 25 - Phoenix Suns at Los Angeles Lakers, Oct. 26 - Milwaukee Bucks at New York Knicks, Dec. 25 - Cleveland Cavaliers at New York Knicks, Nov. 1 - Miami Heat at Boston Celtics, Oct. 27 - In-Season Tournament: Miami Heat at New York Knicks, Nov. 24 - Milwaukee Bucks at New York Knicks, Dec. 23 - Milwaukee Bucks at Boston Celtics, Nov. 22 Budelli said the Knicks host five of the projected top 10 most popular games, more than any other team, as they just barely inch behind the Lakers as the top team. The Knicks have outpaced their sales from last season by 80%, according to StubHub. Still, Budelli said the projections are subject to change, and StubHub is excited to monitor how the teams — and players — shake out as the season progresses. "It definitely has the usual suspects on top, but as it goes, that can fluctuate and move throughout the season," Budelli said. "And there's star players that break out and rookies and things like that, but it's all there, and I think those trends speak for themselves."	Consumer & Retail
Saturday's papers focus on a range of different stories - from HS2 to King Charles' visit to France. The "next generation may be banned from smoking", says the front page of The Guardian, as part of plans apparently being considered by Rishi Sunak. Whitehall sources say the prime minister is looking at measures brought in by New Zealand last year, which involve steadily increasing the legal smoking age so tobacco would never be sold to anyone born on or after 1 January 2009. A government spokesperson did not comment directly on the policy when asked - but did say ministers wanted to encourage more people to quit smoking. The Sun reports on reaction to the idea from campaign groups, saying it has got the backing of the anti-smoking charity Ash. The smokers' group Forest has questioned whether the proposal would work, suggesting a crackdown would simply fuel black market sales. Other papers focus on the government's alleged plan to scrap a leg of HS2. The Times reports that in addition to Boris Johnson criticising suggestions that the government could scale back the HS2 rail line, another former prime minister - David Cameron - has also privately raised concerns about the idea. The i weekend reports that some MPs believe that Mr Sunak could use a fall in rail passengers due to more people working from home as a way to "justify" axing part of the line. Ministers have said they need to find a way of delivering infrastructure projects that don't cost taxpayers "billions and billions of pounds". The front page of The Daily Telegraph highlights research into a new weight loss jab that suggests it is twice as effective as its rivals at helping some people to "shed the pounds". The paper says a study of 18,000 found that those given the treatment tirzepatide, currently licensed for diabetes, lost almost a stone (6kg) more than those given Wegovy - which is currently used by the NHS - when it was administered for at least three months. Health Secretary Steve Barclay is quoted as saying these new weight loss drugs have "real potential to improve the lives of thousands of people living with obesity". Britain has held diplomatic talks with Russia, since Moscow's invasion of Ukraine, reports the i weekend. In an exclusive piece, the paper says meetings have taken place in locations such as New York and Vienna, and are said to have covered issues such as grain shortages and nuclear safety. A spokesman for the Foreign, Commonwealth and Development Office confirmed there had been meetings with Russian officials, but said only where it was "deemed absolutely necessary" - and denied claims that the talks were a bid to negotiate the end of the war. And according to The Times, an amphitheatre created in a farmer's field that was intended to bring Shakespeare to the Cotswolds has been forced to shut after locals complained that the initial promise of a limited number of theatrical performances quickly morphed into a commercial venture dominated by tribute acts. Councillors have now said Berrybank Park must close. Sign up for our morning newsletter and get BBC News in your inbox.	Consumer & Retail
Government Cuts Price Of Subsidised Tomato To Rs 70 Per Kg The Union government has reduced prices of subsidised tomatoes to Rs 70 per kilogramme from Thursday The Union government has reduced prices of subsidised tomatoes to Rs 70 per kilogramme from Thursday from Rs 80 per kg now to provide relief to common man from high retail prices. The Centre is selling tomatoes to people at a subsidised rate of Rs 80 a kg in Delhi-NCR and some other key cities through the National Cooperative Consumers' Federation of India and the National Agricultural Cooperative Marketing Federation of India. The all-India average retail prices of tomatoes is ruling at nearly 120 per kg, although the key kitchen item is selling as high as Rs 245 per kg at some places. In the national capital, the rate has come down to Rs 120 per kg. "The Department of Consumer Affairs has directed NCCF and NAFED to sell tomatoes at retail price of Rs 70 per kg rate from July 20, 2023 in view of the declining trend in tomato prices," an official statement said. The tomatoes procured by NCCF and NAFED had been retailed, initially, at Rs 90 per kg and then reduced to Rs 80 per kg from July 16 2023, it added. "The reduction to Rs 70 per kg will further benefit the consumers," the statement said. On the government's direction, NCCF and NAFED had commenced the procurement of tomato from mandis in Andhra Pradesh, Karnataka and Maharashtra for simultaneous disposal in major consumption centres where retails prices have recorded maximum increase in last one month. "The retail sale of tomatoes in Delhi-NCR had started from July 14, 2023. Till July 18, 2023, a total of 391 tonnes of tomato had been procured by the two agencies which are being continuously disposed of to the retail consumers in major consumption centres of Delhi-NCR, Rajasthan, Uttar Pradesh and Bihar," the statement said. As per the data compiled by the Department of Consumer Affairs, the all-India average retail price of tomato is Rs 119.29 per kg on Wednesday. The maximum retail price is Rs 245 per kg, while the minimum retail price is Rs 40 per kg and the modal price is Rs 120 per kg. Tomato prices in the retail markets of the national capital have declined to an average Rs 120 per kg on Thursday from Rs 178 per kg on Sunday. Among other metros, tomatoes were selling at Rs 155 per kg in Mumbai, Rs 132 per kg in Chennai and Rs 143 per kg in Kolkata. Tomato prices normally shoot up during July-August and October-November periods, which are generally lean production months. Supply disruption caused due to the monsoon has led to a sharp rise in the rates of tomatoes.	Inflation
The US Justice Department seeks $4 billion from Binance to end a years-long investigation into the world’s largest cryptocurrency exchange, according to Bloomberg. Negotiations are reportedly underway that could subject Binance co-founder and CEO Changpeng Zhao (aka CZ) to criminal charges in the US. Bloomberg cites “people familiar with the discussions” as saying that the Justice Department alleges money laundering, bank fraud, and sanctions violations in an ongoing investigation against Binance. The agreement would allow Binance to continue operating in the US and avoid a major fallout for markets and crypto holders, while also delivering a meaningful blow to Binance. If the terms are agreed upon, it would be one of the largest settlements in crypto history. Binance and the Justice Department did not immediately return Gizmodo’s request for comment. The Justice Department is hoping for another major win in regulating crypto exchanges, shortly after convicting Sam Bankman-Fried of fraud and conspiracy charges at FTX this month. This settlement, if agreed upon, would place another founder in the hot seat, Zhau, but would theoretically avoid the market disruption of yet another failing crypto exchange. Unlike SBF, Zhao currently resides in the United Arab Emirates, where there is no extradition treaty, so he would only face criminal charges if he returned to American soil or one of the many countries that have agreements with the US. That being said, the UAE signed a deal to cooperate around cybercrime with the US in 2022, but it’s unclear whether that would apply here. According to Bloomberg: Binance has sought to minimize its exposure in any settlement, including pushing for a deferred prosecution agreement, another person said. If Binance and the DOJ agree on a deferred-prosecution-agreement, the Justice Department would file a criminal complaint against the company. The US would not go forward with a prosecution as long as the company meets prescribed conditions, which usually include paying a substantial penalty and agreeing to a detailed statement of facts outlining its wrongdoing. A process would be set up to monitor the company’s compliance. Binance has fiercely opposed US regulation, calling a lawsuit from US regulators “incendiary” last month. Changpeng Zhao’s crypto exchange emphasized in a court filing that “U.S. law governs domestically but does not control the world. Congress did not make the CFTC the world’s derivatives police.” The price of Bitcoin sits above $37,000 on Monday, pushed up by news of the potential Binance settlement. However, the price is also pushed up by new “anarcho-capitalist” Argentine President Javier Milei, who was elected this weekend and has a strong preference for Bitcoin and distrust of central banks.	Crypto Trading & Speculation
LIC Plans To Set Up Office In GIFT City During This Fiscal As part of its digital transformation exercise, insurance behemoth is exploring the possibility of setting up a fintech unit. Life Insurance Corporation is planning to open office in GIFT International Financial Services Centre Gandhinagar (Gujarat) during the current fiscal to further its overseas business. LIC's presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable the company to expand its global business. "We are going to open our branch very soon in the GIFT City. It should happen during the current financial year itself. This will enhance our foreign operations", LIC Chairman Siddhartha Mohanty told PTI in an interview. He said LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures. The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford). Besides, it has subsidiaries in Life Insurance Corporation (International) Bahrain, Life Insurance Corporation (Nepal) Ltd, Life Insurance Corporation (Lanka) Ltd, Life Insurance Corporation (LIC) of Bangladesh Ltd. It also has a foreign wholly-owned subsidiary -- Life Insurance Corporation (Singapore) Pte Ltd. Asked about the plans with regard to foreign operations, Mohanty said, the idea is to consolidate and strengthen those operations so that they generate greater return for the Corporation. As part of its digital transformation exercise, insurance behemoth is exploring the possibility of setting up a fintech unit. LIC has initiated a total digital transformation project DIVE (Digital Innovation and Value Enhancement) and appointed a consultant to steer the project, he said. "Our objective is to get best-in-class digital initiatives for all our stakeholders, customers, intermediaries, marketing people and everybody through the project DIVE", he said. In the first phase, the customer acquisition part is going to be transformed, he said. Customer acquisition is done through three modes -- agent, bancassurance and direct sale. LIC gets most of its new customers through its agents. Subsequently, other areas would see the transformation, he said, adding that services like claims settlement, loans and others will be made available at the click of a button. "Customers need not come to the office. Sitting at home on his mobile he can access our required services...We are focussing on fintech as well and will harness its potential in expanding business", he said. LIC is also exploring options of having its own fintech arm that can be developed as a business model, he added.	Banking & Finance
RBI Monetary Policy: Regulator Announces Measures To Strengthen Risk Management At Banks and NBFCs The governor advised banks and NBFCs to strengthen their risk management strategies and develop stronger underwriting standards. The Reserve Bank of India announced a slew of measures to strengthen the risk management framework for India's financial system. "The Indian banking system continues to be resilient, backed by improved asset quality, stable credit growth, and robust earnings growth," Governor Shaktikanta Das said, while pointing out "very high growth" in personal loans. Banks and non-banking financial companies should strengthen their risk management strategies and develop stronger underwriting standards to tackle stress in these loans, Das said while presenting the monetary policy statement on Friday. "...strengthen their internal surveillance mechanisms, address the build-up of risks, if any, and institute suitable safeguards in their own interest," he said. The measures that the RBI announced are as follows: Pertaining to project finance, a comprehensive regulatory framework for projects under implementation is proposed to be issued. The Large Exposure Framework guidelines have been extended to NBFCs in the middle layer and base layer. Such entities have been permitted to offset their exposure with eligible credit risk transfer instruments. To incentivise the urban co-operative banks, the RBI increased the monetary ceiling of gold loans under the bullet repayment scheme to Rs 4 lakh from Rs 2 lakh currently. This will be applicable to UCBs that have met the overall priority sector lending targets as of March 31. An omnibus framework for self-regulated organisations for various regulated entities of the central bank has been proposed to strengthen compliance and policymaking. The omnibus SRO framework shall prescribe the broad objectives, functions, eligibility criteria, and governance standards that will be common for all SROs. The Payment Infrastructure Development Fund, which incentivises the deployment of payment acceptance infrastructure such as physical point of sale and quick response codes, has been extended to December 2025. Further, beneficiaries of the Prime Minister Vishwakarma Scheme are also included under the PIDF Scheme. The RBI has proposed the introduction of card-on-file token creation facilities at the issuer bank level to enhance convenience for cardholders.	Banking & Finance
ESAF Small Finance Bank IPO Subscription: Day 2 Live Updates The IPO has been subscribed 3.47 times as of 10:45 a.m. on Monday. ESAF Small Finance Bank launched its initial public offering on Nov. 3. The IPO issue will close on Nov. 7. The IPO was subscribed 1.74 times on day 1. The Kerala-based bank is seeking to secure a total of Rs 463 crore in funding. It plans to generate Rs 390.7 crore through the issuance of fresh equity shares, while the remaining amount will be acquired through an offer for sale. The other selling shareholders are PNB Metlife and Bajaj Allianz Life Insurance. The company plans to utilise the proceeds towards augmentation of their Tier-1 capital base and increasing its onward lending business. Raising of funds also helps them to ensure compliance with regulatory requirements on capital adequacy. IPO Details Issue opens: Nov. 3 Issue closes: Nov. 7 Fresh issue size: Rs 390.7 crore OFS size: Rs 72.3 crore Total issue size: Rs 463 crore Price band: Rs 57–60 per share Lot size: 250 shares Face value: Rs 10 per share Listing: BSE and NSE The company has not undertaken any pre-IPO placement. Business ESAF provides micro, retail and corporate banking, para-banking activities like debit cards, and third-party financial distribution, in addition to Treasury and permitted foreign exchange business. ESAF commenced their business in March 2017 and was included in the second schedule to the RBI Act in November 2018. The lender predominantly focuses on unbanked and underbanked segments, especially in rural and semi-urban centers. As of June, 63% of their gross advances and 71.7% of their branches were dedicated to customers from these centres. The bank's assets under management have nearly doubled between March 2021 and 2023 and stand at Rs 17,204 crore as of the first quarter. The lender has 700 banking outlets and 767 customer service centres across 21 states and 2 union territories, with 62% of their banking outlets being in southern India. Subscription Status: Day 2 The IPO has been subscribed 3.47 times as of 10:45 a.m. on Monday. Institutional investors: 0.92 times or 92% Non-institutional investors: 6.67 times Retail investors: 3.73 times Employee Reserved: 1.40 times	Banking & Finance
Labour would not immediately restore the 0.7% aid target if it wins the next election, but aim to do so “as soon as the fiscal situation allows”, Lisa Nandy has said. The shadow international development secretary also suggested reinstating an independent Department for International Development would not be a priority for the party. Rishi Sunak temporarily slashed the target to spend 0.7% of national income on official development assistance (ODA) to 0.5% from 2021 when he was chancellor, with the lower goal still in place due to ongoing economic pressures. Ms Nandy told a fringe event at Labour’s annual conference in Liverpool that “of course” she would like to see a return to the higher level. But, she said: “we won’t be able to restore the commitment to 0.7 on day one of a Labour government.” “I want to be really clear that the next Labour government is going to inherit probably the worst economic situation since the Second World War. “Everything that we’re able to do in government will depend on the success of Rachel Reeves and the team in getting our economy growing so that we can invest in our priorities here at home and overseas.” Ms Nandy pledged to set out ahead of the general election, expected next year, “a pathway back” to 0.7% by specifying which conditions must be met to restore the goal. The last @UKLabour government was a light on the hill for people at home and overseas. — Lisa Nandy (@lisanandy) October 9, 2023 Speaking from the conference main stage earlier, she said Labour is committed to the previous target “as soon as the fiscal situation allows”, adding: “But we won’t stop there. “We will share British expertise in cutting-edge data technology and use our influence to unlock new, global private financing.” The shadow frontbencher also raised concerns about how billions of pounds of overseas aid funding has been “increasingly raided” by other Government departments, vowing that Labour would protect the ODA budget. Ms Nandy was asked whether Labour would commit to restoring the Department for International Development as a standalone ministry. The Conservative Government’s 2020 decision to fold the department into the Foreign Office has been criticised for leaving the merged entity distracted and with a dearth of development expertise. The senior Labour figure said: “There is genuinely a question about whether another reorganisation is helpful.” Ms Nandy was demoted from shadow levelling up secretary to covering the international development brief in Sir Keir Starmer’s shake-up of his top team last month. But she told the audience at the fringe event: “In many ways, this is my absolute dream job. I’ve gone from levelling up the country to levelling up the world.”	Nonprofit, Charities, & Fundraising
Yvette Cooper has defended Labour’s plan to keep the Conservatives’ two-child benefit cap, which has been blamed for pushing families into poverty. The shadow home secretary insisted Labour must be “clear about what we can fund” as she emphasised the party’s focus on economic responsibility. It comes after Sir Keir Starmer on Sunday confirmed he would retain the two-child limit despite growing calls from poverty campaigners for the cap to be abandoned. Asked about this on Monday, Ms Cooper told ITV’s Good Morning Britain: “What Labour’s been clear about is we have to tackle the cost-of-living crisis and we also will always make sure that the proposals we put forward are fully costed and funded so that we can actually deliver them, and I think that’s what people want to see.” She pointed to measures Labour will fund to help tackle child poverty, including free breakfast clubs, helping people with their mortgages and reforming Universal Credit. Sticking to the message that financial prudence is paramount risks angering the Labour left, and even some among the Labour leader’s top team have previously expressed views that appear to diverge from the current party line. Shadow work and pensions secretary Jonathan Ashworth recently described the two-child benefit cap as “heinous” and “absolutely keeping children in poverty”. Ms Cooper told Sky News: “We opposed it when it first came in. And we have pointed out a whole series of different things that the Conservatives have done that are damaging, but we’ve also been really clear that anything that we say has got to be funded.” The last Labour government went into the 1997 election “being really clear about only saying the things that we could fund, but we got the economy growing, we built our public services and we did a whole series of things that lifted families out of poverty,” she said. The long-serving Labour MP said there had been a 40% increase in child poverty under the Tories and insisted a Labour government would address this. The cap was introduced in 2013, under the then-Conservative and Liberal Democrat coalition government which hailed it as a way of “restoring fairness to the welfare state”. It sees the amount of benefits a household receives reduced to ensure claimants do not receive more than the cap limit. The Child Poverty Action Group last week called for the “deeply harmful” measure to be scrapped, saying that some of the worst-affected families have less than £50 to live on each week after paying their rent.	Inflation
House Republicans held a hearing Wednesday throwing cold water on President Joe Biden’s plan to give more workers overtime protections. Even though the hearing was about employees who work long hours, the GOP chair of the House Committee on Education & the Workforce took a moment to argue that too many Americans don’t want to work at all. “There’s just a lot of people in this country that don’t want to work, period … and want other people to take care of them,” said Rep. Virginia Foxx (R-N.C.). Foxx added: “That’s not what this country is all about. We have great opportunities in this country for people to be successful, if they want to work hard.” The lawmaker’s statement came in response to testimony from Democratic witness Judy Conti, the director of government affairs for the National Employment Law Project, who’d said that many workers won’t put up with forced overtime these days. “We see that workers are increasingly willing to — especially younger workers — are willing to leave jobs where they have to do mandatory overtime, especially where it’s uncompensated,” Conti had said. Biden’s Labor Department has proposed a new rule that would guarantee more workers time-and-a-half pay when they work extra hours. The White House estimates that an additional 3.6 million workers, most of them salaried, would be eligible for overtime pay under the plan. Many of those workers — for example, retail store managers — now routinely log more than 40 hours a week but receive nothing beyond their base pay. The system encourages employers to heap more work on those managers since they don’t have to be paid for the additional time, unlike hourly employees who are guaranteed overtime pay. U.S. overtime protections date back to the Great Depression, but over the years fewer and fewer workers have been eligible for them. That’s largely because of the low “salary threshold” — the salary below which workers have a legal right to overtime pay regardless of their job duties. The current rate is just $35,568 per year, but the administration wants to hike it to $55,068. Raising it would bring millions more workers under the law’s protections. Republican lawmakers have criticized the plan as a job killer, and their witnesses in Wednesday’s hearing claimed that the regulation would force employers to cut hours and positions. The Labor Department estimates that the overtime proposal would put $1.3 billion of additional wages in workers’ paychecks. When the Labor Department announced the proposal, Foxx said it would “stifle workplace flexibility” and “lump burdensome costs on job creators.” Foxx recently made headlines when she told a reporter to “shut up” after the journalist asked House Speaker Mike Johnson (R-La.) about his role in the effort to overturn the results of 2020′s presidential election.	Workforce / Labor
Our investments were $450,000 and are now $250,000. How much do I lose before I cash in investments? -Liz I’m sorry that you’ve experienced such a significant financial loss. I know that can be stressful and scary as you wonder whether things will turn around so you can reach your goals. Since I don’t know the details of your goals and situation, I can’t say exactly what you should do to give yourself the best chance of reaching those goals. I can, however, share how I help my clients navigate these kinds of big ups and downs. (And if you need help managing your investment portfolio, consider working with a financial advisor.) Cashing Out Is Usually Not the Answer When I use the term “cashing out,” I’m talking about selling out of your investments and keeping your money in cash instead. And that is not something I almost ever recommend. Investing is a volatile endeavor. Sometimes, the market is up. Sometimes, it’s down. Significant swings in both directions are an expected part of the process and not generally a reason to change your investment plan. One of the biggest problems with cashing out is the fact that you’ll likely want to get back into the market. There’s no way to know the right time to return. And the market is up more often than it’s down. So, you’re more likely to miss out on gains by being out of the market than you are to avoid losses. That’s especially true when you’ve just been through a big market decline. Instead of moving in and out, investors should create a plan that anticipates big market swings and strikes a balance between risk and return that’s aligned with their personal goals. (And if you need help managing your investment portfolio, consider working with a financial advisor.) Here’s how I would think about that from your perspective. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now. Designing Your Investment Plan Before considering any changes, start by working through the following four variables to design your ideal investment plan: Personal goals Asset allocation Diversification Fees Personal Goals You need to be specific about what you’re investing to accomplish. You can start by asking yourself a few questions: What do I want to use this money for? How much money will I need? When will I need the money? How much flexibility do I have and how much risk can I afford? Answering those questions will help you get away from a focus on returns and stay grounded in what really matters, which is the life you’re trying to create with this money. (And if you need help managing your investment portfolio, consider working with a financial advisor.) Asset Allocation Your asset allocation is the balance you strike between higher-risk, higher-return investments such as stocks and lower-risk, lower-return investments such as bonds. It is generally a good idea to have a mix. Stocks are the engine that drives your long-term growth. Bonds provide some stability to help smooth out the ride when the stock market is down. Your asset allocation is the key to being able to weather the ups and downs. When you get this mix right, you can trust that you’ll capture enough gains from the stock market to reach your goals without risking more than you’re either willing or able to risk. Diversification Diversification is the financial version of not putting all of your eggs in one basket. Instead of trying to pick a handful of stocks or bonds that you think might outperform, you can spread your investments out over many different stocks and bonds. That way, no single investment can sink you. In fact, since almost no one can consistently pick the right stocks and bonds, diversifying your portfolio allows you to reduce your risk without reducing your expected return. Index funds are a fantastic diversification tool. With just a few funds, you can spread your portfolio over almost the entire global market to match nearly any asset allocation you choose. Diversification is a great way to ensure that you’re not taking on any unnecessary investment risk. (And if you need help managing your investment portfolio, consider working with a financial advisor.) Fees Cost is an important consideration when selecting investments, especially mutual funds. Diligently minimizing the fees you pay for your investments should increase your returns and reduce your risk. Whether the market is up or down, more of your money will be yours to keep. Next Steps Walk through the steps above, design your ideal investment plan, then see how your current portfolio compares to it. If your current portfolio matches your ideal plan, there may not be anything you need to do right now. The losses you’ve experienced may simply be a temporary and expected part of the process. If your current portfolio doesn’t match your ideal plan, consider some changes. That doesn’t mean cashing in. It means making whatever adjustments you need to make in order to bring it more in alignment with the long-term portfolio you want. Tips for Finding a Financial Advisor Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Consider a few advisors before settling on one. It’s important to make sure you find someone you trust to manage your money. As you consider your options, these are the questions you should ask an advisor to ensure you make the right choice. Matt Becker, CFP®, is a SmartAsset financial planning columnist and answers reader questions on personal finance and tax topics. Got a question you’d like answered? Email AskAnAdvisor@smartasset.com and your question may be answered in a future column. Please note that Matt is not a participant in the SmartAdvisor Match platform, and he has been compensated for this article. Photo credit: ©iStock.com/damircudic, ©iStock.com/Eva-Katalin The post Ask an Advisor: Our Investment Portfolio Fell From $450K to $250K. Should I Cash in My Investments? appeared first on SmartAsset Blog.	Personal Finance & Financial Education
I've been debating whether to pay off my mortgage. I've refinanced at 2.375% and can get a certificate of deposit (CD) for a year at 4%. I was adding to my mortgage payment by about $1,000 a month to pay it off in seven years instead of 14 years. I want to retire in seven years, and though my Social Security will be around $3,500, and my husband will still be working, I'm not sure if that is wise. -Jan Whether you should pay off a mortgage early or invest more depends on what you'd hope to gain by choosing one over the other. It could be that you simply want to choose the option that leaves you better off financially. But you may want to consider risks, the effect on your budget, and purely nonfinancial factors as well. Here's how to think through this decision. (This tool can help match you with potential advisors while you navigate the lead-up to retirement.) Comparing Your Mortgage Rate to Investment Return Many people like to frame the decision of whether they should pay off their mortgage as a tradeoff between the interest rate on their mortgage and the return they could earn if they had invested that money instead. The idea is that if they can earn a higher rate of return than what they pay in interest, they are better off. As a baseline, that is a logical approach. But another element of that decision is the risk associated with the investments. For example, suppose the money is instead invested in a stock portfolio. Even in a well-diversified one, there will be fluctuations in that portfolio's value. That same element of risk isn't present when you pay down a debt balance with a fixed interest rate. That's because you know the amount that you save – it's that fixed interest rate. So, the question evolves. You really need to compare the interest rate on your mortgage to the rate of return you can reasonably expect to earn on a portfolio that exposes you to an amount of risk you are comfortable with. Your time horizon matters a great deal in that analysis, and you should consider it. (This tool can help match you with potential advisors while you navigate the lead-up to retirement.) In any case, 2.375% is an incredibly low interest rate. It would be easy to make a mathematically supported argument for not paying that balance down any sooner than you have to. If you take the one-year CD at 4%, that's a fixed rate, so you won't have the same volatility considerations as you would with a longer-term investment. Just be sure to account for the tax implications. That CD interest is taxable. You may also be getting a tax deduction for the interest you're paying on the mortgage. Consider Your Preference in Retirement You may not want to base your decision purely on a mathematical comparison. Consider your preferences and emotions, especially as you eye your potential retirement in seven years. Many people get a significant amount of satisfaction from paying off their mortgages. Knowing that they own their home is appealing to them. While you can't put an exact dollar value on that satisfaction, you can approximate it. How? Simply ask yourself if you'd rather have the amount you estimate you'll have if you save that extra payment in seven years or a paid-off house. For some people, that satisfaction and the relief it brings are worth a lot. They would choose a paid-off house over saving a large sum of money. For others, it isn't worth much. They might choose to keep the mortgage and invest more, even if saving the money only results in a small gain relative to paying it off early. (This tool can help match you with potential advisors while you navigate the lead-up to retirement.) As people enter retirement and no longer receive paychecks, they tend to shift their preference in favor of a paid-off house. That's understandable, and not having a mortgage payment in retirement certainly increases the amount of flexibility in your budget. You imply in your question that this may be an important factor for you, or at least that it's on your mind. Bottom Line Start with the mathematical comparison. From there, consider how much weight you want to give to those other factors. Finally, make your decision based on the totality of the situation. Brandon Renfro, CFP®, is a SmartAsset financial planning columnist and answers reader questions on personal finance and tax topics. Got a question you'd like answered? Email AskAnAdvisor@smartasset.com and your question may be answered in a future column. Please note that Brandon is not a participant in the SmartAdvisor Match platform, and he has been compensated for this article. Find a Financial Advisor If you have questions specific to your investing and retirement situation, a financial advisor can help. Finding a financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you're ready to find an advisor who can help you achieve your financial goals, get started now. Planning for retirement? Use SmartAsset's Social Security calculator to get an idea of what your benefits could look like in retirement. Photo credit: ©iStock.com/Eleganza, ©iStock.com/Dean Mitchell The post Ask an Advisor: Should I Pay off My Mortgage or Invest in CDs? I Refinanced My Mortgage at 2.375%, But I Can Get a CD at 4%. Plus, I Want to Retire in 7 Years. appeared first on SmartAsset Blog.	Personal Finance & Financial Education
Insolvency Law: Supreme Court Divided Over Government's Position As Secured Creditor Experts say that this situation can be resolved authoritatively only through a judgement by a larger bench. In a judgement that irked India Inc. last year, the Supreme Court held that dues owed to the government rank equally with other debts, including debts on account of workmen's dues, meaning that the government would be considered a secured creditor under the Insolvency and Bankruptcy Code. This stance has now attained finality as the top court has dismissed a batch of review petitions filed against the judgement. The court has held that the 2022 did not merit a review since it was a well-considered ruling without any mistake or error apparent in it. After the 2022 ruling had come out, experts had that what the Supreme Court had laid down was fundamentally different from what the legislature had intended. The admitted position is that government debts rank below secured creditors and workmen dues in order of priority, said Harish Chander, former executive vice president at Edelweiss ARC. The parties seeking a review of the judgement argued that the top court had failed to consider the waterfall mechanism and other relevant provisions of the IBC while classifying the government as a secured creditor. The waterfall mechanism set out under the IBC lists an order of priority for the purpose of distributing the assets of a company under liquidation. In essence, it provides for a hierarchy of claims from various classes of creditors. However, the top court said that the waterfall mechanism was given adequate consideration in the judgement, and it was clearly held that the debts owed to a secured creditor, which would include the government authorities, will rank equally with other specified debts, including those on account of workmen dues. Financial lenders may not be happy with the equal status being given to statutory dues and secured debt. This may potentially impact lending decisions and the recoverability of loans, Sushmita Gandhi, partner at IndusLaw, told BQ Prime. Given the impact of the decision, it may be referred to a larger bench for a final decision, she said. The Supreme Court delivered a earlier this year, wherein it was opined that the 2022 judgement completely missed out on the waterfall mechanism under the IBC. It was held that dues payable to the government are placed much below those of secured creditors and even unsecured and operational creditors. This situation has now resulted in two different Supreme Court judgements on a similar issue. This situation can only be resolved through a judgement on this issue by a larger bench, according to Anoop Rawat, partner at Shardul Amarchand Mangaldas & Co.	Banking & Finance
"Britain needs you" was the urgent appeal from the chancellor to workers who have dropped out of the jobs market since COVID - delivered in a keynote speech earlier this year. But while getting more people back into work is central to Jeremy Hunt's efforts to tackle the UK's low productivity and economic stagnation, for many it's not that simple. About 2.5 million people are now off work due to long-term sickness - a rise of nearly 20% since before the pandemic. Yet it's a trend that began developing long before COVID - and Labour claim the government's failure to reverse it means hundreds of thousands of people have been effectively "written off". Sky News understands the Department for Work and Pensions has been looking at a complete overhaul of the whole system of sickness benefits and assessments - to focus on what people can do - and not what they can't. For most of her adult life, Samantha Radford has been too unwell to work. Now 45, she was forced to give up a successful London PR career after falling ill in her mid-20s. "I had a job I loved, and was good at it," she says. "But I started to have more and more symptoms - just getting incredibly tired, starting to ache, starting to have digestive problems, and a lot of issues with sleep as well. "I kept battling on working... but by the age of 26, I just had to stop. Psychologically it was really tough. It was devastating - it was losing a big part of my identity. "I got to the point where I was pretty much bedridden for about five years. "And I still sometimes joke that I lost those five years, and I like to knock that off my age because I was so unwell that just trying to shower would take it out of me for that day." It took doctors many years to reach the correct diagnosis - a rare genetic condition called Ehlers-Danlos Syndrome, which led to serious heart problems. But now with the right treatment - a combination of medication and physiotherapy - Samantha is doing much better. For the last eight months she's been looking for a part-time job, but finding a flexible paid role she can do from home has been tough, especially with the long gap in her employment history. "I have sent my CV off to quite a few places and never heard back," she says, arguing there needs to be more awareness from employers about the needs of people returning to work, as well as more government support. "It's not made very easy," says Ms Radford. "There's always that fear that you go back and then discover you can't do it. "And you might have given up your benefits and you'd have to reapply and go through all the assessments again. Being in the benefit system is very stressful." For a government promising economic growth, the big rise in long-term sickness is a real problem. The latest figures show 2,465,000 people were out of work as a result between October and December. That's 390,000 more than the same period in 2019. While many are of course too unwell to work, the data collected by the Office for National Statistics show that 32.2% of people economically inactive due to long-term sickness or disability want to find a job. Tony Wilson, of the Institute of Employment Studies, says the numbers were already going up before COVID due to the ageing population, pressures on the NHS and growing mental ill health. "The pandemic made it worse but this is a longer running issue and would have got worse anyway with people getting older too," says Mr Wilson. "We need to think differently about what we do to support people in and out of work." Labour have pledged to overhaul the system so that people won't lose sickness-related benefits or face a gruelling reassessment if they attempt to return to work but have to drop out again. Jonathan Ashworth, the shadow work and pensions secretary, says: "You would have a bridge back to your Universal Credit benefits, so you won't lose the support that you used to get. "Because for many people, the journey into work at the moment is too much of a risk. The government's approach is trapping people out of work, so we've got to deal with those barriers. "Only one in 10 long-term sick or older workers out of work get any help whatsoever from the Job Centre system. That's crazy. "We've got to reform the way in which we offer employment support, we've got to reform our Job Centres, so people get help and support to return to work. And yet we've got a million vacancies in the economy. "The Tory approach is to write people off - that's an absolute criminal waste of their potential and talents, but it's bad for our economy as a whole as well." Work and Pensions Secretary Mel Stride has been carrying out a cross-government review into the rise in economic inactivity which will feed into the Budget on 15 March. The Department for Work and Pensions told Sky News it recognises that helping people to start - or to return - to work is one of the biggest challenges and that it's looking at plans to improve support for disabled people and people with long-term health conditions. A long-awaited white paper is also due for publication shortly. It's understand the department is looking at overhauling the whole system to focus on what people can do rather than what they can't, as well as better supporting people to stay in work. I'm told the full package of policies is not yet finalised, with many different ideas on the table. Those could include sickness benefits continuing during the transition back to work, scrapping or reforming work capacity assessments, better occupational health services, annual workplace health checks, and pushing GPs to do more in terms of setting out the kinds of activities a patient is capable of, rather than signing so many off sick in the first place. Employers 'not doing enough' Mr Wilson welcomes both parties talking about changing the system so people trying to return to work won't lose their benefits or need to have them reassessed. "That's a great idea, it will cost virtually nothing because the people on those long-term benefits don't often go back to work - so making those changes can only be a positive, " he says. "But we need to do more about what happens when people first leave work. "The idea that GPs are suddenly experts at return to work planning is fanciful. We've been there before and it doesn't work. We need to focus on how to work better with employers, to build capacity and provide better funding for occupational health services. "Some of that might require more compulsion on employers in terms of incentives or penalties," he adds. "Some employers just aren't doing enough to keep people healthy and support a rapid return to work when they're off sick. Other countries have models where people pay higher social insurance if they don't rehabilitate their workforce, or where they are required to have better back-to-work planning." Major changes to the benefits system have historically taken a long time to deliver effectively. But for now, Samantha Radford is continuing to search for jobs which meet her needs - and remains optimistic. "The moment I can write that letter to the DWP and say 'I don't need you guys anymore' - it's going to be the biggest celebration of my life. Because it will just mean freedom and independence."	Unemployment
Ambani’s Reliance Industries Considers Record $1.8 Billion Bond Sale The transaction, if it concludes, would be the biggest rupee sale ever for Reliance, Bloomberg-compiled data show. (Bloomberg) -- Indian tycoon Mukesh Ambani’s Reliance Industries Ltd. is considering raising as much as 150 billion rupees ($1.8 billion) via the sale of local-currency bonds, according to people familiar with the matter who asked not to be identified because the matter is private. The transaction, if it concludes, would be the biggest rupee sale ever for Reliance, Bloomberg-compiled data show. It would also be the conglomerate’s first domestic bond since 2020, according to the statistics. A representative for the firm didn’t have any immediate comment when contacted late on Wednesday. Read more: Ambani’s Plan to Upend Indian Finance With Jio Lands With a Thud Reliance Industries is India’s largest company by market value, and its business interests range from petrochemicals refining to wireless communication services and consumer goods. It is expanding rapidly into 5G and venturing into new areas like green energy and financial services. This foray into consumer-facing businesses has led Reliance to embark on a fresh fundraising. Its retail arm sold a stake to Qatar Investment Authority this year and the unit also won an investment from KKR & Co. Reliance Industries has a AAA credit score from India’s Crisil Ratings. That’s similar to the local assessor’s grading for Tata Sons Pvt., one of India’s oldest conglomerates, according to Bloomberg-compiled data. --With assistance from Anirban Nag and Dong Lyu. (Updates background on credit ratings in final paragraphs) ©2023 Bloomberg L.P.	Banking & Finance
Bud Light is showing no signs of rebounding from its slump as sales plunged even further in June, recent industry data shows. Sales of thedropped 28% for the week ending June 24 when compared to the same period last year, according to beer tracker Bump Williams Consulting. Sales of Yuengling Lager, Coors Light and Miller Lite all rose by 22%, 19% and 16% respectively during that same week. That adds up to around $26.3 million less for Bud Light compared to a year ago, according to data from consumer behavior data analytics firm Circana, which measured one-week sales for Bud Light ending June 25. Coors Light and Mexican pilsner Modelo Especial each saw their sales grow by roughly $10.4 million during that same weekspan, Circana said. The prolonged sales dip for Bud Light comes weeks after a promotion fiasco witha trans rights activist and actress, that sparked an uproar among conservatives, including singers Kid Rock and Travis Tritt, who called for a boycott of the popular beer. Subsequent boycotts of Bud Lightby members of the LGBTQ+ community, who feel let down by the brand's rigorous attempts to distance itself from Mulvaney and the original promotion. The backlash from both groups led to Bud Lightin May. The brand sold $297 million worth of brew for the four weeks ending May 28 — a 23% drop from the same time period the year before. The sales slump has grown so deep in recent weeks that some retailers are selling cases of Bud Light for less than cases of bottled water, the New York Times reported. Brendan Whitworth, the CEO of ABI, toldlast month that the company is sending financial assistance to distributors and wholesalers affected by the dip in sales since Mulvaney's social media video went viral. Whitworth added that ABI plans to triple its investment in Bud Light this year as the company launches its upcoming summer campaign and prepares for the NFL season. Reversing course Hoping to restore customer confidence, Bud Light this week, rolling out a new commercial featuring Kansas City Chiefs' tight end Travis Kelce. Called "Backyard Grunts with Travis Kelce," the commercial features the football player dressed in casual summer attire among other similarly dressed men as they settle into lawn chairs with grunts and groans. The latest promo follows, released by the company in June on Youtube, featuring beachgoers, fishermen and cookout attendees and set to the '70s disco hit "Good Times'' by Chic. Still a top-seller To be clear, Bud Light has sold more cases than any competitor year to date even though Modelo Especial is gaining momentum. "We continue to see Modelo maintain its advantage in dollar sales while Bud Light remains ahead on volume sales," Bump Williams said in its latest report. July and August are crucial months for Bud Light sales as the summer ushers in more holidays and beer-drinking, Bump Williams has said. Breweries also use the summer to place more in-store displays at grocers and gas stations in hopes of increasing sales. Bud Light's parent company Anheuser-Busch InBev (ABI) didn't immediately respond to a request for comment Wednesday. for more features.	Consumer & Retail
Over three days of testimony in Sam Bankman-Fried's criminal trial, Caroline Ellison provided revealing glimpses from the years in which she was SBF's on-and-off girlfriend and one of his top executives. Ellison's testimony described Bankman-Fried's belief that he could become US president, and his belief that his hair "was an important part of FTX's narrative and image." She offered details on a failed attempt to use prostitutes' identities to unlock funds frozen by the Chinese government, and on Bankman-Fried's habit of describing hypothetical coin flips in which everything—even the fate of the whole world—would be put at risk. She also described how Bankman-Fried had a "utilitarian" philosophy in which rules like "don't lie" and "don't steal" did not fit into his moral framework. Testifying at a federal court in New York, Ellison reportedly said Bankman-Fried was "very ambitious" and that he "thought there was a 5 percent chance he would become president some day." And by "president," he did mean president of the United States, according to a courtroom exchange reported by the Associated Press: "When you say president, what are you referring to?" asked Assistant US Attorney Danielle Sassoon. "Of the United States," Ellison answered. SBF’s money-making hair Bankman-Fried believed that his unkempt head of hair was valuable to him and FTX financially, Ellison testified. "He said he thought his hair had been very valuable," she said, according to The Guardian. "He said ever since Jane Street [a hedge fund they both worked at], he thought he had gotten higher bonuses because of his hair and that it was an important part of FTX's narrative and image." Ellison said that Bankman-Fried tried to cultivate an image as a "smart, competent, somewhat eccentric founder," according to Reuters. For a time he drove a company-owned luxury car in the Bahamas but switched to a Toyota Corolla. "He said he thought it was better for his image," Ellison said. "I would say he looked like he didn't put a lot of effort into his personal appearance. He dressed sort of sloppily and didn't cut his hair often," she also said. Bankman-Fried did get a haircut before the trial began. Bankman-Fried is facing six charges for defrauding FTX's and Alameda's customers and investors, and one charge for conspiracy to commit money laundering. The seven charges' maximum sentences add up to 110 years. He faces five additional criminal charges in a separate trial scheduled for April 2024. Ellison was CEO of Alameda Research, a crypto hedge fund and affiliate of cryptocurrency exchange FTX, but she testified that all major decisions were ultimately made by Bankman-Fried. Ellison admitted to committing fraud and said that Bankman-Fried "directed me to commit these crimes." FTX went bankrupt in November 2022. An indictment alleges that Bankman-Fried "misappropriated and embezzled FTX customer deposits and used billions of dollars in stolen funds... to enrich himself; to support the operations of FTX; to fund speculative venture investments; to help fund over a hundred million dollars in campaign contributions to Democrats and Republicans to seek to influence cryptocurrency regulation; and to pay for Alameda's operating costs." He was also accused of making "false and fraudulent statements and representations to FTX's investors and Alameda's lenders."	Crypto Trading & Speculation
The Prime Minister told MPs that the preponderance of home owners on multi-year deals meant that the impact of higher interest rates took longer to feed through and curb people’s spending. This, in turn, meant it was taking longer than expected to bring down inflation, he said, in comments branded “tin-eared” by critics. In January, Mr Sunak announced his five pledges, including halving inflation to about five per cent, but inflation has remained stubbornly high at 8.7 per cent. Appearing before the Commons liaison committee, Mr Sunak admitted that inflation was “proving more persistent” than anticipated, as he claimed he was “working 100 per cent” to bring it down. Answering a question from Harriett Baldwin, the Tory chairman of the Treasury select committee, he said: “There are lots of different transmission mechanisms for how monetary policy feeds into the real economy – mortgage rates are one, but there are other ways as well. “You’re right about the transmission mechanism being perhaps slower when it comes to mortgages than it has been in the past, because of the preponderance of people that have at least short-term fixed rate mortgages now. But that’s something that the Bank can take into account in their modelling. “Of course, I recognise the difficulty that rising interest rates pose for mortgage holders.” He said: “Leave that to the forecasters, but we remain committed to bringing inflation down and half way is a step on it going back down to the inflation target which is obviously even lower than that.” Mr Sunak added that high levels of inflation were “proving more persistent than people anticipated, but that doesn’t mean that the plans and the policy options that have been deployed are the wrong ones, indeed they are the right ones”. Asked again to put a percentage on his chances of succeeding on his promise, Mr Sunak declined to do so and said: “I don’t have one for you. I am working 100 per cent to deliver it and we will keep doing that. That is all I can do is just keep throwing everything at it.” Sarah Olney, the Liberal Democrats’ Treasury spokesman, said: “Homeowners on the brink are facing yet more mortgage misery, while Rishi Sunak’s comments get more tin-eared by the day. “It shows this Conservative government is just totally out of touch. Conservative ministers sent mortgages spiralling through all their chaos and incompetence. Now they are refusing to lift a finger to help.” Sir John Redwood, a former Tory Cabinet minister, said the Prime Minister was going after the wrong target, adding that high taxes were having more of an impact on inflation than fixed-rate mortgages. “My view is we have more of a supply problem than a demand problem,” he said. “High taxes are a reason for high inflation, and that is why we need lower taxes and incentives so we can grow more as a country.” He also pledged to reduce national debt, which has reached more than 100 per cent of economic output for the first time since 1961 as government borrowing swells. When Mr Sunak pledged to cut NHS waiting lists, 7.2 million people in England were waiting for routine hospital treatment. In April’s estimates, there were 7.4 million. Asked if his pledge to stopping small crossings was on hold, while the Rwanda policy was grounded by court challenges, Mr Sunak answered: “No, and a good example of why it’s not on hold is our deal with Albania.” The Prime Minister denied he has no plan B if the Supreme Court does not overturn the ruling blocking the forceful removal of asylum seekers to Kigali. He told the Commons liaison committee that ministers would challenge the appeals court judgment “confidently and vigorously”. Mr Sunak also said there was no such thing as a Whitehall “blob” blocking ministers from achieving their policy objectives. The Prime Minister made the comments after William Wragg, the Tory chairman of the public administration and constitutional affairs committee, told him that he had heard “alarming reports of a blob wandering down Whitehall thwarting the ambitions of ministers”.	Inflation
Keir Starmer has pledged that Labour’s green energy plan will be “made in Scotland” as he announced its publicly-owned energy company will be headquartered north of the border. Labour plans to create Great British Energy (GBE), a publicly-owned clean energy generation company, if it wins power at the next general election. The party has said it will create 50,000 direct and indirect jobs in Scotland in the clean power sector. It also said creating a clean power system by 2030 would save Scottish households £8.4 billion over the rest of this decade. It has claimed that combined with Labour’s Warm Homes plan, this would mean up to £1,400 off bills for every family in Scotland every year. Labour leader Starmer will speak alongside Scottish Labour leader Anas Sarwar in Edinburgh today. Starmer will set out Labour's Green Prosperity Plan, which the party has claimed will create more than double the number of jobs generated in Scotland in the clean power sector compared to under the SNP. The SNP's own promise for a Scottish publicly-owned energy company was the main part of Nicola Sturgeon's 2017 conference speech. But the plan was scrapped in 2021. Starmer said: “The route to making Britain a clean energy superpower, slashing energy bills and creating tens of thousands of quality jobs runs through Scotland. That is why GB Energy, our publicly owned energy company, will be headquartered in Scotland, the heart of the British energy industry. “I mean it when I say that our energy plans will be made in Scotland- cutting energy bills for Scottish families and delivering the jobs and investment in Scottish communities that for far too long have been let down by the SNP and Conservatives. “When it comes to capitalising on Scotland’s energy resources, for 15 years the SNP Government has chased the headlines but not done the work. Labour will deliver - lower bills, good jobs, and energy security for Scotland and the whole UK, as Britain leads the world in the fight against climate change.” To sign up to the Daily Record Politics newsletter, clickhere.	Renewable Energy
Ilsan, South Korea – In their apartment on the outskirts of Seoul, Kwon Jang-ho and Cho Nam-hee sat down recently at the kitchen table to work out the monthly budget for their 17-month-old son, Ju-ha. “Raising a baby in Korea can be affordable if you don’t buy unnecessary stuff and take advantage of government support,” Kwon, who works as a broadcaster with a local radio station, told Al Jazeera, while poring over the numbers. “In our building, there’s even a local government-sponsored centre where you can borrow things like toys or strollers for free,” added Cho, who is on maternity leave and, like most South Korean women, does not share her husband’s family name. “Who doesn’t find it useful?” Kwon said. “It’s good that the government provides some support for families who already know they want kids but there are other factors to consider when it comes to tackling the low birth-rate problem.” With the world’s lowest birth rate, South Korea faces a looming demographic and economic disaster. In 2022, the average number of babies expected per South Korean woman dropped to 0.78, down from the previous record low of 0.81 the previous year. The replacement rate in developed countries – the number of births needed to keep the population stable – is typically about 2.1. To reverse the trend, South Korea’s central and local governments are scrambling to provide payments and other benefits to anyone who gives birth to a child. South Korea, which rose from poverty to developed country status in the span of a generation, is not known for its strong social safety – its social spending is among the lowest in the OECD. But even compared with European countries known for their well-developed social welfare systems, many of which have implemented their own “baby bonuses” in response to low birth rates, South Korea’s schemes are generous and come with few strings attached. Since 2022, mothers have received cash payments of 2 million won ($1,510) upon the birth of a child, more than in famously socialistic France. Families receive 700,000 won ($528) in cash per month for infants up to the age of one and 350,000 won ($264) per month for infants under two, with the payments set to rise to 1 million won ($755) and 500,000 won ($377), respectively, in 2024. A further 200,000 won ($151) per month is provided for children up until elementary school age, with additional payments available for low-income households and single parents. Other benefits include medical costs for pregnant women, infertility treatment, babysitting services and even dating expenses. In a district in Busan, South Korea’s second-biggest city, a separate bonus for giving birth three or more times recently increased from 500,000 won ($377) to 10 million won ($7,552). And in the rural southwestern South Jeolla Province, monthly stipends of 600,000 won ($453) per child are provided for seven years – equivalent to 50.4 million won ($38,000). But whether splashing the cash can in any way alleviate South Korea’s demographic woes is unclear. Cho Joo-yeon, a 39-year-old Korean language interpreter in Seoul who has been married for 10 years, said having children has never been an option for her and that no amount of government support would change her mind. “Having a child would be a huge responsibility because the basis would be how my parents raised me, which is a huge standard to live up to,” Cho told Al Jazeera. “I’ve never wanted to be a pregnant person. I’m not going to sacrifice my career for a child.” Cho’s husband Nam Hyun-woo is a creative director in the advertising industry and the couple treasure their time together despite both leading busy professional lives. “We like the financial leisure that we have, we don’t have to worry about sending children to expensive schools or thinking about extra savings. We can splurge on ourselves and have that extra luxury,” Cho said. For many South Koreans, choosing not to marry or have children is simply a matter of preference. In a survey carried out last year by the Office for Government Policy Coordination, 36.7 percent of 19–34-year-olds expressed no desire to have children. In Seoul, which has the lowest birth rate among cities and provinces in the country, six out of 10 young adults responded the same way in a survey by the Seoul Foundation of Women & Family. Among young South Korean women, just 4 percent view marriage and parenthood as essential, with more than half seeing neither as important in their lives, according to survey data from the Korean Association for Social Welfare Studies. In 2022, there were just 192,000 marriages in South Korea, where births out of wedlock remain rare, an all-time low. Experts have often pointed to the need to address a complex web of issues keeping families from having children, including a gruelling work culture, sky-high housing and education costs, and gender inequality. In a survey carried out for the Joongang Ilbo newspaper earlier this year, 27.4 percent of respondents said they believed the burden of childcare costs is the primary reason for low birth rates. Other cited reasons included job insecurity, housing instability and other economic factors. Some controversial remedies that have been floated by politicians include exempting men with three or more children from compulsory military service and allowing foreign domestic workers to work for less than minimum wage to alleviate the burden of housework. South Korean President Yoon Suk-yeol recently declared that spending 280 trillion won ($211bn) on the problem over the last 16 years had been a failure and called for “bold and sure measures” to address the crisis. Nonetheless, the government has doubled down on financial incentives. Professor Song Da-yeong, a social welfare professor at Incheon National University, said cash allowances were not a long-term solution. “Child-rearing is not a matter of providing financial support for the first two years of a child’s life,” Song told Al Jazeera. “It is not possible to provide high levels of parental benefits until a child is all grown up.” Kwon Jang-ho and Cho Nam-hee, who live in Ilsan about 25km (15 miles) north of the South Korean capital, anticipate bigger challenges when their son begins elementary school. “For people who live in big cities and have high aspirations, the competition increases to send our children to the best schools. You have no choice but to spend money on hagwons,” Cho said, referring to the after-school private academies that many parents enrol their children in from as young as five years old. In 2022, South Koreans’ spending on private education hit a new record, with total annual spending reaching 26 trillion won ($19.6bn) and almost 80 percent of all students receiving some form of private education. “There’s always that pressure to be ahead of everyone else,” Kwon said. Song, the university professor, said the government needs to focus on creating an environment where parents can balance work and childcare, rather than financial support alone. South Korea has some of the longest work hours among developed countries and is ranked in the Economist’s annual glass-ceiling index as the worst OECD country for women to pursue equal opportunities in the workplace. “It needs to include policies such as using up all parental leave available, reduced work hours and flexible work arrangements,” Song said, emphasising the need for an environment where women are not “kicked out of the labour market” after giving birth. Although South Korea’s traditionally patriarchal attitudes are gradually changing, women are often still expected – and in some cases feel obligated – to become full-time mothers after giving birth. Cho Joo-yeon, the interpreter who plans to remain childless, believes the social structure and perceptions need to be transformed to address South Korea’s rock-bottom birth rate. “It’s not just one person, one government, or one generation that has to change; it may even be several,” she said.	Inflation
Bitcoin's Rise Bitcoin remains the leading decentralized cryptocurrency, which has over the past decade increased interest in potential applications using its core blockchain technology. Yet, in an extremely dynamic (and often volatile) market, Bitcoin has also found its fair share of competitors—including other digital tokens like EOS, Cardano, Ripple, and Ethereum (among many others)—all of which have experienced both bull and bear runs. Today, the market values of many blockchain-based tokens are in the several million to billions of dollars, with the entire crypto ecosystem worth more than a trillion dollars. Crypto has developed into a major economic force. So how can one determine what the market sees as a digital coin's fair value, or how can one arrive at a Bitcoin valuation? How do you even think of intrinsic value for something that only exists within computer networks, but yet has appreciated in price faster than the shares of even the hottest technology stocks? These questions have befuddled investors and analysts for years when it comes to Bitcoin, with competing views on the topic. Key Takeaways - Bitcoin and other cryptocurrencies have seen their market value rise incredibly over the past decade. - How to arrive at a fair or intrinsic value for a virtual token has, however, confounded economists and investors. - Today, there are a handful of competing approaches to valuing Bitcoin and its peers, including those based on scarcity to its network effects, to its marginal cost of production. Calculating Bitcoin Fair Value When it comes to digital currencies, there have been several methods to approach valuation. Most of these approaches differ in how one views the nature of a digital "coin." Expected-Value Based For instance, if one views Bitcoins as equivalent to stocks or bonds, pricing models appraise its expected value. Expected value is the discounted value attributed to an investment's payoff in the future. Since Bitcoin does not pay dividends or interest, the expected value would be due to a strong belief in the underlying technology and its potential to be disruptive or even revolutionary. This would be a similar approach to valuing a start-up company or young tech stock that does not have any current earnings or profits. Once an expected value is forecast, one can start to make estimates about Bitcoin's current fair value. Supply and Demand-Based The value of a bitcoin can alternatively be approached using the principles of supply and demand. Like any other market, the market for Bitcoin achieves price discovery through the interactions of a multitude of buyers and sellers. If there is a high demand that outpaces the number of new bitcoins that are mined, this pushes up the fair price for Bitcoin. Like many assets, there is only a limited supply of Bitcoin (21 million ever to be produced by the year 2140), but unlike other securities that have a finite supply, the new supply of Bitcoin cannot be increased by decree or vote among shareholders or boards of directors. Thus, the price of Bitcoin is fundamentally linked to its scarcity. This makes the value of Bitcoin more akin to a collectible, such as rare baseball cards or artworks. A different angle on supply and demand looks to stocks versus flows. A stock-to-flow ratio looks at the currently available stock circulating in the market relative to the newly flowing stock being added to circulation each year. With Bitcoin, around every four years, the number of bitcoins found in each block mined is reduced by 50%. Each halving event thus increases its stock-to-flow ratio since less new supply is created relative to the outstanding stock. Since Bitcoin’s inception, its price has tracked this growing stock-to-flow ratio; each halving Bitcoin has been accompanied by a bull market leading to new all-time highs. Network Effects If Bitcoin is not viewed as an asset, but instead as a network, its value can arise from the size and robustness of the network itself. The term "network effects" refers to the number of users or nodes mining a cryptocurrency. Originally devised for understanding the value of telecommunication networks, Metcalfe’s law states that a network’s value is proportional to the number of its users (or nodes) squared. While there are limitations, this perspective means that as the Bitcoin network grows in size, so should its value. Cost of Production One final way to consider Bitcoin's intrinsic value is to view it as a produced commodity, similar to that of oil or silver. Most commodity prices are driven by their marginal cost of production, or the cost to producers to make one additional unit. Economic theory states that in a market where many producers of the same product (in this case Bitcoin miners) are competing with one another to sell their product to consumers, this process of competition will drive down the selling price to its marginal cost. Thus, even if demand falls short of supply, producers will be reluctant to sell below the cost of production and incur losses. From this view, Bitcoin's price should be driven by similar dynamics. The major difference between Bitcoin production, and say, mining ore or producing something like chairs or tables, is that an increase in demand cannot spur producers to make more bitcoins—since it is limited to one block to be found around every ten minutes. Thus, as higher prices in the market spur new and larger miners to join the network, the number of bitcoins made remains the same. What changes is the difficulty level in mining those bitcoins. This rising difficulty maintains a steady 10-minute target between when new blocks are produced. As a result, the marginal cost of production increases without greater supply. Recent research has shown the cost of production to predict the Bitcoin market quite well over time. The Bottom Line The value of Bitcoin is always changing, based on the demand for the cryptocurrency as well as the public perception of how much the coin itself is worth. It is also changing based on an ever-growing network of miners and users. As miners join the network, the difficulty for those miners also grows, increasing its cost of production. Even if we can spot fair value, investing in cryptocurrency remains one of the most volatile investments, meaning, any potential investors must do their due diligence. However, for a chance to make a huge profit (or simply be part of the fun), knowing how to appraise the coin's fair market value will be key. Investing in cryptocurrencies and initial coin offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.	Crypto Trading & Speculation
The owner of Poundland has agreed to take on the leases of dozens of Wilko shops. Pepco Group, which owns Poundland in the UK, is expected to convert up to 71 Wilko stores to the Poundland brand. Poundland boss Barry Williams said it recognised the last few weeks had been difficult for Wilko workers. In a statement, the company said that Wilko staff would have priority when applying for new jobs at the Poundland shops. Wilko fell into administration in August as it struggled with sharp losses and a cash shortage. It was founded in 1930 and by the 1990s became one of Britain's fastest-growing retailers. But the discount chain has faced strong competition from competitors including B&M, Poundland and Home Bargains, as the high cost of living has pushed shoppers to seek out bargains. The first Wilko shop closures are taking place on Tuesday after administrators PwC failed to find a buyer for the bulk of the business. Mr Williams, the managing director of Poundland, said the company it would work quickly with landlords in the coming weeks to get its new shops open once the administration process is wound up. It said that the announcement would mark some "positive news for customers and those High Streets that faced the loss of an important retailer". Many Wilko shops are in High Street locations in traditional town centres. While these locations are convenient for shoppers without cars, since the pandemic there has been a shift to bigger retail parks and out-of-town options with more space, benefiting other shops. Independent retail analyst Maureen Hinton said Wilko's store locations were part of its problems. "Accessibility for the kind of products it was selling is very limited - it's very difficult to carry home bulky products from a High Street where you can't have access to cars and parking, which is being deterred in High Streets," she told the BBC. Rival B&M has also agreed to buy 51 of Wilko's buildings in a Â£13m deal, but it is understood the stores will not be run under the Wilko brand. The 71 shops included in the deal with Pepco and the 51 stores taken on by B&M currently employ about 3,200 Wilko workers. In a statement, the Poundland owner said that it expected the rebranded shops to open by the end of this year, although workers will not be transferred directly. Poundland has undergone a big transformation in recent years, adding chilled and frozen food as well as clothes to its offer. The deal will see the Wilko sites added to its 800 existing shops in the UK. Which Wilko stores are Poundland taking on? The 71 store locations are: Aberdare, Alfreton, Alnwick, Altrincham, Ammanford, Ashby, Barking, Bedminster, Beeston, Bicester, Bishop Stortford, Bletchley, Bolton, Brentwood, Brigg, Cambridge, Chepstow, Coalville, Cramlington, Droitwich, Eccles, Edmonton Green, Ellesmere Port, Ferndown, Gateshead, Grays, Greenock, Grimsby, Havant, Hayes, Headingley, Hessle Road - Hull, Hillsborough, Hitchin, Jarrow, Killingworth, Kimberley, Lee Circle, Leek, Leigh, Lichfield, Maidenhead, Matlock, Melton Mowbray, Nelson, Northallerton, Orton, Pembroke Dock, Peterlee, Pontefract, Pontypool, Redhill, Redruth, Ripley, Rugeley, Sale, Seaham, Selly Oak, Shrewsbury Darwin Centre, South Shields, Southport, Stafford, Stamford, Stockport, Thornaby, Wellington, Wembley, West Ealing, Wombwell, Worcester and Worksop, where Wilko's head office is located. Earlier this week, Wilko's administrators said the group's remaining workers in its shops, warehouse and support centres were set to lose their jobs after a rescue bid by Canadian entrepreneur Doug Putman failed. The billionaire owner of music retailer HMV had been trying to buy at least 100 Wilko shops but the deal fell through as rising costs complicated the deal. Administrators said that they were confident the Poundland deal would "create a platform for future employment opportunities" for Wilko employees. Edward Williams, joint administrator at PwC, said: "We will continue to engage with other retailers around any interest in other Wilko sites and are confident of completing a sale of the brand and intellectual property within the coming days." Several other retailers and investors have reportedly been in talks with PwC about potentially buying the Wilko brand and website.	Consumer & Retail
Welcome back to Chain Reaction, a podcast that unpacks and dives deep into the latest trends, drama and news in crypto with some of the biggest names in the industry to break things down block by block for the crypto curious. Boys Club is a social decentralized autonomous organization, or DAO, for the “crypto curious,” originally designed to get women and nonbinary people into the web3 world. Its new aim is to be an open space for anyone interested in web3. Before Boys Club, Burke and Hoskins were co-founders of travel platform Allcall, which was acquired by Fora last year. Burke was also a communications partner for the blockchain-based Celo Foundation, and Hoskins worked at Fora as a general manager after the acquisition. The inspiration for Boys Club originally stemmed from a desire to help people find their interests, whether it be something like art, sports or fashion, and capitalize on those opportunities in the web3 space, Burke said. Burke has been involved in the crypto world since 2017, but Hoskins didn’t have as much experience in the space. In fact, she was once skeptical of the whole thing, until Burke walked her through it. “It was an ‘aha moment’ for me around the application of Ethereum or of blockchains as very much this tool that you can decide what to do with and not just a vehicle for finance or investments,” Hoskins said. The social aspect between the two former (and now again) co-founders felt really important, Hoskins said. That is what drove them to create a web3 social group focused on providing an access point to onboard crypto newbies. Boys Club started as an event-focused group, but has “snowballed” since then, Hoskins said. The social DAO has a handful of other ventures like a newsletter and podcast, which I was a guest on, as well as events like crypto conference parties and trivia nights. Looking to the future, Burke said they’re excited about crypto consumer applications. “That’s where our heart is, and that’s what we personally have a lot of energy around.” Outside of gaming, consumer applications like fashion and physical products have a lot of opportunities and use cases, Burke said. She noted the web3 application IYK, which uses NFC and blockchain technology to tokenize real-world items and experiences. “That unlocks a completely different relationship to the physical goods that you’re buying, that really enhances it and maybe not only gives you some sort of digital collectible but also maybe unlocks access for a concert or another IRL experience,” Burke said. “It’s doing work to create a really novel and new experience for consumers that adds value, and that’s the type of thing we’re really excited about.” We also talked about: - EthCC 2023 vibe check - Inclusivity in web3 - Diversifying the industry - Advice for the crypto newbies To get a roundup of TechCrunch’s biggest and most important crypto stories delivered to your inbox every Thursday at noon PT, subscribe here.	Crypto Trading & Speculation
Instead of spending his retirement relaxing, or taking up a niche hobby, Nigel currently spends part of his day tracking down pensioners. The former police officer was just 49 when he retired. Feeling like he was "too young to do nothing", he went to work as a loan shark investigator. But he could never have imagined his new job would include hunting down illegal money lenders in their eighties. He is a member of Stop Loan Sharks Wales (SLSW), a small unit that targets illicit money lenders. And while most loan sharks are dogged in their harassment and intimidation of anyone who owes them money, not everyone fits the 'Phil Mitchell' stereotype. In one recent case, an elderly woman in her 80s, was given a police caution after she was found to be making illegal loans. She had used her son - who was in his 40s and had previously been to prison - to help threaten people into paying up. "But because of her age and the amount involved, she was only issued a caution," says Ryan, a client liaison officer with the unit. The money involved totalled several thousand pounds. "As far as we could prove she was only lending to one individual," Ryan adds, calling it "vicious, opportunistic targeting". Another woman in her 80s, currently under investigation by the unit, began making personal loans but quickly became threatening when people couldn't pay her back. "She was scaring [victims] with 'I know where you are, I know where you live'," Nigel says. Her case is ongoing and has not yet reached the courts, so few details can be given by SLSW. Loan sharks, of all ages, are nothing new but there are fears they are profiteering from the misery brought about by the ongoing economic crisis. But a backlog at the courts, worsened by the COVID-19 pandemic, and a time lag with investigations means the full effects of the cost of living crisis have yet to be seen. "There might be a bit of a tsunami coming," Nigel warns. Ryan says it is "fairly uncommon" to see illegal lenders in their eighties. "Most people are of working age, but it is about a 50-50 split between male and female," he adds. Often they hide in plain sight and are well-known in their local communities. Nigel and Ryan have spoken to Sky News on condition of anonymity, in part because of the threats the team faces doing their job. They never work in the same area where they live but after one of his colleagues was accidentally spotted by a loan shark, their car was smashed and protection had to be put in place. New research commissioned by their unit alongside the Welsh government, confirms fears that current financial hardships could drive more people in Wales to borrow from illegal money lenders. Some 38% say they are more likely to need to borrow money or credit this year to cover everyday costs, and 50% of those borrowing are doing so to fund everyday living expenses - from food and bills to school uniforms. Click to subscribe to the Sky News Daily wherever you get your podcasts Established 15 years ago, SLSW is a government-funded agency that works alongside - but is entirely separate from - the police, local authorities, charities, and other agencies. Most of the unit's employees are former police officers. Illegal money lenders, Nigel says, often build up a friendly rapport and lure people in by letting them off the first repayment. But then, says Nigel, it often gets to the stage where they can't pay it back. The relationship is "pretty much grooming", adds Ryan, who works closely with victims in his role, drawing comparisons to drug dealers or domestic abuse: "People are always stepping on eggshells, they get trained to act in a certain way." He says: "You also find people pay different amounts. If you're not easy to intimidate they'll still lend to you, just on more favourable terms. "But the more vulnerable you are, the worse the penalties." Read more: 'I was suicidal': Loan sharks pose as friends to trap victims in cost of living crisis Individual investigations into the illicit world of illegal money lending can take anywhere from a month to several years. "We might not even have a victim in the first instance, we might only have the intelligence," Nigel says. The Wales unit has 11 live cases currently, with the oldest going back to February 2020. In some years, they might close as many as eight investigations. And these loan sharks aren't hidden in the depths of the dark web - these are people well-known in their local communities. In one case, a loan shark in North Wales would pick up his victims up just before midnight and drive them to a cash point just as their benefits were deposited in their account. They would take the money, giving their victim mere pocket money to live off - in one case, as little as £5 a week - and keep the rest of the money, including the bank card. In another, a cooker, fridge, and microwave were taken from a victim's house when they fell behind with payments. The maximum prison sentence for a loan shark, if successfully convicted, is two years. According to Nigel, investigators will often look to increase that by adding associated crimes to the charge sheet such as actual bodily harm, and sexual assaults. The highest sentence that Nigel's unit has achieved is three-and-a-half years, which was handed down to Robert Sparey, 60, of Caerphilly, in 2017. Sparey, who had not worked since 1990, targeted vulnerable people for more than 20 years and used a disabled family member as a "front" for his operation. He threatened to burn a woman's house down with her children inside if she did not pay, and told another he would find "heavy-handed" people to enforce the debts. Similarly, the unit was active in the prosecution of Chris Harvey, a father of 21 children, for three years and four months in 2015. Harvey, who was also from Caerphilly, charged his own family up to 400,000% interest on illegal loans. Among the unit's more recent successes include the arrest of Clayton Rumbelow from Llanelli who was jailed for 10 months for illegal money lending in October 2022. Despite being on benefits and with no other legitimate source of income, Rumbelow spent tens of thousands of pounds on holidays over two years. He bought expensive cars and even decorated his house with intimidating animal statues. "When I went through his bank accounts, I found £40,000 worth of unexplained cash deposits," says Nigel. Some people don't realise they are being exploited or even feel grateful to the lender for helping them out. One victim told Nigel: "I don't know what I would have done without him. I couldn't get money from anywhere else and I couldn't feed my kids". People are also often led to believe that their loan shark debts are lawfully enforceable. In Porthcawl, a doorman moonlighting as a loan shark wrote up contracts for his clients. "When you actually looked at the contracts themselves, it looked like they came from somewhere legally enforceable," says Nigel. "People signed these contracts to buy groceries and believed he was a lawful money lender. But he wasn't, and these people were desperate and would agree to anything." What can you do if you are in debt to a loan shark? If someone who has lent you money threatens you or is violent, contact the police straight away - even if it is an informal loan from someone you know. Not all lending needs to be authorised by the Financial Conduct Authority - for example, informal, one-off loans between friends or family aren’t against the law. If you’re not sure if a loan needs to be authorised by the FCA, get help from your nearest Citizens Advice. In England, if you think a money lender is operating without being FCA authorised, you can speak in confidence to the Illegal Money Lending Hotline on 0300 555 2222. You can also email the Illegal Money Lending Team at reportaloanshark@stoploansharks.gov.uk or text loan shark and your message to 60003. In Scotland, you can speak in confidence to the national Trading Standards Scotland team to report an illegal money lender on 0800 074 0878, or report it online to them at www.tsscot.co.uk. In Wales, you can report concerns about a money lender to the Wales Illegal Money Lending Unit which operates a 24 hour confidential helpline on: 0300 123 33 11. In Northern Ireland you can contact the Trading Standards Consumerline, telephone 0300 123 6262. Credit unions also provide a lawful alternative to illegal money lending for people of all income levels. They also promote manageable ways to save money. You can find out more about credit unions here.	Banking & Finance
Staff at Tesco stores are to be offered body cameras amid a rise in violent attacks, the supermarket's chief executive has said. The company has seen physical assaults increase by a third since last year. It mirrors findings by the British Retail Consortium (BRC) published earlier this year, which found abuse against retail staff had almost doubled compared to pre-Covid levels. Similar action has already been taken by rival chains Waitrose and Co-op. Writing in the Mail on Sunday, Tesco boss Ken Murphy called for tougher laws targeting offenders. He noted changes had been made to make attacking a shop worker an aggravating factor in convictions, but wants "abuse or violence towards retail workers" to be made an offence in itself. Mr Murphy called for the change to bring England and Wales in line with Scotland, where the Protection of Worker's Bill makes it an offence to assault, threaten or abuse retail staff. He also called for the supermarket to have the right to be kept informed about how a case proceeds. "Crime is a scourge on society, and an insult to shoppers and retail workers. It is time we put an end to it," he added, saying the abuse suffered was "heartbreaking". In the BRC's Crime Survey published in March, it recorded more than 850 daily incidents in 2021/22, a steep rise from pre-Covid level of 450 a day in 2019/20. These incidents included racial and sexual abuse, something it said was having a "huge emotional and physical impact on people". The trade association, which represents more than 200 retailers in the UK, said the cost of retail crime was Â£1.76bn in 2021/22, with Â£953m lost to customer theft, and Â£715m spent on prevention. "The pandemic has normalised appalling levels of violent and abusive behaviour against retail workers," said Helen Dickinson, the group's chief executive. In July, food retailer Co-op warned that some communities could become "no-go" areas for the company due to the rising levels of crime, which it said had increased by more than a third in the past year. It cited a Freedom of Information request which suggested many police forces were not prioritising retail crime, with 71% of serious retail crime not responded to by police. Waitrose has said an increase in shoplifting has come from a proliferation of steal-to-order gangs. The supermarket is owned by the John Lewis Partnership, which has said staff in John Lewis stores have also been given bodycams and de-escalation training to deal with a rise in incidents.	Consumer & Retail
At the center of the suspected scandal—which has the feds reportedly probing whether authorities in Turkey funneled money to Adams’ mayoral campaign through local straw donors—is KSK Construction. And a Daily Beast investigation into KSK reveals a key piece of information: how much the company has relied on a bank under the Turkish government’s control for financial help. It turns out that Turkiye Vakiflar Bankasi, a bank owned by the Turkish government, has underwritten KSK’s activities for years in the five boroughs—with the construction firm, its principals, and its affiliates receiving at least $14.9 million in loans from the bank. The lender has also extended KSK and its associates lines of credit worth $7.4 million. An operator who answered the phone at KSK—formerly called Kiska and linked to a larger Turkish infrastructure firm—initially hung up on The Daily Beast on Monday. On a second attempt, a representative for the firm declined comment before abruptly hanging up again. According to the bank’s website, Turkey’s sovereign wealth fund controls almost three-quarters of the bank’s shares, while the country’s Ministry of Finance and Treasury holds a nearly 15 percent stake. The lender did not respond to messages The Daily Beast left through its online portal and its Manhattan office. KSK’s relationship with the bank—commonly called Vakifbank and abbreviated in most New York City Register filings as T. Vakiflar Bankasi—dates back more than a decade and has been renewed as recently as this past May, though the loans in question do not precisely align with Adams’ ascendance to City Hall. Instead, the documents The Daily Beast uncovered show that an arm of the Turkish state has long bankrolled KSK’s activities in New York City. Among the loans Vakifbank has proffered KSK is a $3.5 million mortgage granted to a subsidiary called MKD Group for the development of residential properties in Brooklyn in 2010, as well as $2.9 million in financing for an office complex near the borough’s waterfront that the institution extended to a different KSK affiliate, 160 Dikeman Street LLC. Filings from 2019 show that the bank had extended to KSK, via 160 Dikeman Street LLC and its titular property, a revolving line of credit valued at $5.4 million. Vakifbank has also provided loans to companies controlled by KSK executives, managers, employees, and other people with strong ties to the firm. For example, in May of this year, Vakifbank lent $4.5 million to a company called Oily River Development to acquire another Brooklyn location. The owner of Oily River Development? KSK principal Ulgur Aydin. Additionally, one of his guarantors of that loan was a family member of his business partner in KSK, Erden Arkan, who donated $1,500 to Adams in 2021. This isn’t the only example. Another documented Adams donor, Sertac Varol—who New York City campaign finance filings describe as a “partner” at KSK—signed documents in 2015 for a company called Citadel Development Corp to receive a half-million dollar loan from Vakifbank to acquire a property in Queens. Varol did not respond to requests for comment from The Daily Beast, but he told the New York Post that he did not believe he had contributed to Adams or to any other political candidate in his life. The company has also provided loans to Aysun Kahyaoglu, a project manager at KSK, and her husband Faik and son Suleyman, who run SKF Electrical, a KSK subcontractor. The Adams campaign reported a combined $2,250 in donations from the Kahyaoglu clan during the 2021 cycle. As of 2017, Vakifbank had tendered the family’s Kahyaoglu Development $1.5 million in direct financing and a credit line exceeding $2 million to take over three condominium units in two of KSK’s buildings, as well as the outstanding mortgage balances on the apartments a KSK affiliate owed to Bank Leumi—an Israeli lender with which company has also worked. On top of that financing and credit line, in March 2022, Vakifbank granted the Kahyaoglus a $2 million mortgage to buy yet another Brooklyn property. Still, the New York City Register documents do not appear to capture the full extent of Vakifbank’s support for KSK and its affiliates. State commercial code filings reflect a loan of an unspecified amount from the institution to the builder in October 2021, a month before Adams’ election. This loan is absent from the City Register documents, potentially because it was not secured against a property within the five boroughs. Adams, for his part, has denied any wrongdoing by himself or his campaign. “Where’s there’s smoke, there’s not always fire,” he told local TV station PIX11 in an interview on Friday. The social media pages of the various KSK figures The Daily Beast reviewed were largely devoid of references to Adams or local New York City government affairs. Ardan and Ulgur, who has deleted his Facebook page, have both frequently posted comments online critical of ex-President Donald Trump—and, surprisingly, they’ve also been critical of Turkish leader Recep Tayyip Erdogan. Both repeatedly shared material supportive of the opposition Republican People’s Party, or CHP, which was founded by Kemal Ataturk. In May 2015, Ardan shared multiple images of himself and KSK employees participating in Turkish elections, which allowed citizens living abroad to participate remotely. These included a selfie of him wearing a badge that reads, in Turkish, “Overseas District Election Board Chair.” During his political career, Adams has taken multiple trips to Turkey—including with support from the Erdogan government and institutions close to it. He has also participated in Turkish cultural events, and even boasted of his ties to the nation. His campaign received, and then refunded, $10,000 in donations from employees of a college linked to the country in 2021. The campaign also logged nearly $14,000 in contributions from KSK’s executives and staff, and almost $70,000 at a fundraiser Arkan organized for Adams in May 2021.	Banking & Finance
The government is in an almighty bind. It is now nearly a fortnight since the legendary political photographer Steve Back managed to get a picture of a government document held under the arm of a government official in public. Pounced upon by The Independent, it revealed that the prime minister and the chancellor had met and the costs of HS2 were on the agenda. Ever since, ministers have not been able to answer a straight question: will the line ever run its full intended length, between Manchester and London, or not? All a little awkward when the Conservative Party Conference, yes, in Manchester, is getting under way this coming weekend. Awkward if much of the line to and from Manchester is ditched or delayed before the conference. But awkward too if there is no answer and it follows ministers around all week before they go, and the follows them around all week in Manchester. Is it really sustainable for them to fob off questions about it with non-answers for weeks on end? I am told the conversation between Rishi Sunak and Jeremy Hunt that the photographed document referred to was in the context of the Autumn Statement, the budget in all but name, that is a couple of months away. In other words, they hadn't intended to make an announcement yet. But governing is rarely as smooth as that, particularly with pesky photographers about. I hear further meetings about a decision are happening as soon as today, as the carriage-load of critics get noisier. The latest to board: two senior Conservatives seen as champions of the north of England - George Osborne and Lord Heseltine. The former chancellor and deputy prime minister respectively write in The Times that scrapping the leg between the West Midlands and Manchester would be a huge mistake. "The remaining stump, little more than a shuttle service from Birmingham to a London suburb, would become an international symbol of our decline," they argue. Among those close to HS2 there is a weary, irritated anger. When do they expect to hear anything from the government? "Wednesday, Friday or Not-a-Day," one figure tells me. It is five-and-a-half years since diggers and demolishers started doing their thing to build HS2. And yet the arguments about whether to build it and where to build it between have never gone away. So, what are the options? Well, one would be to press on with things as planned. But all the mood music from government suggests that's not going to happen because of the ballooning cost. Another would be to scrap the leg from the West Midlands to Manchester entirely. I hear - as I wrote over the weekend - that might mean HS2 runs to around 20 miles north of Birmingham and then joins the West Coast Mainline. Critics will say this amounts to its scrapping, and will make congestion worse - as HS2 trains will also be squeezed onto already busy track. But could there be an attempt to dampen the anger of some critics, by committing to prioritising the chunk of new track where HS2 and Northern Powerhouse Rail overlap? Northern Powerhouse Rail aims to revolutionise train travel across the north of England, between Liverpool and Leeds. But the plan is it would share some track between Manchester Piccadilly and Manchester Airport. Could they commit to keeping that and scrap the rest? The thing is, folk who follow all this closely, tell me this is the most expensive part of the northern leg of HS2, because it involves tunnelling between Manchester city centre and the airport and a new station. And what do Labour then do, when the government has made a decision? They are desperate to avoid being accused of turning on the spending taps given how shaky the public finances are. And they are desperate for there not to be big gaps between their spending promises and those of the Conservatives. The shadow chancellor, Rachel Reeves, has sounded almost as cagey as government ministers when asked what she would do. But the party has big northern voices like the Mayor of Greater Manchester Andy Burnham demanding that the original plan is stuck to. Big decisions await. And a big row too, that has already begun.	Real Estate & Housing
ED Attaches Rs 230 Crore Assets Of Bhopal's Peoples Group The attached properties are in the form of land, buildings and machinery, colleges, schools, training centre, paper mill, newsprint machinery etc., the agency said in a statement. Schools, colleges, paper mill and other buildings worth more than Rs 230 crore of the Bhopal-based Peoples Group have been attached as part of a money laundering investigation, the Enforcement Directorate said Thursday. The ED case stems from three charge sheets filed by the Registrar of Companies against Suresh Narayan Vijaywargia, late Ramvilas Vijaywargia, Peoples International and Services Pvt., PGH International Pvt. and Peoples General Hospital Pvt. under sections of the Companies Act, 2013. The attached properties are in the form of land, buildings and machinery, colleges, schools, training centre, paper mill, newsprint machinery etc., the agency said in a statement. The total value of the attached properties is Rs 230.4 crore, it said. The ED alleged its probe found that Vijaywargia enriched himself and the entities under his control using the money received as FDI by dubious methods, damaging the interest of the shareholders of the three companies (Peoples International and Services Pvt Ltd, PGH International Pvt Ltd and Peoples General Hospital Pvt Ltd) which received the FDI. "Foreign Direct Investment of Rs 494 crore was received in the three companies of the Peoples Group during 2000-2011 and the same were siphoned off in the form of interest free (or very low interest) 'loans', 'security deposit', advances and in other such names during 2000 to 2022, to S N Vijaywargia and to related entities under his control, resulting in generation of proceeds of crime amounting to Rs 594.65 crore," it said. These proceeds were utilised by S N Vijaywargia, Sarvajanik Parmarthik Jankalyan Nyas (a public trust on which S N Vijaywargia exercised dominant control as trustee) and PG Infrastructure and Services Pvt. (a company whose 99% shares are held by S N Vijaywargia) for purchase of properties and creation of assets, the ED said.	Banking & Finance
The London Stock Exchange Group has drawn up plans for a new digital markets business, saying this will make it the first major exchange to offer extensive trading of traditional financial assets on the blockchain technology best known for powering cryptocurrency. From a report: Murray Roos, head of capital's markets at the LSE Group, told the Financial Times that the company had been examining the potential for a blockchain-powered trading venue for about a year, and had reached an "inflection point" where it had decided to take the plans forward. It has asked Julia Hoggett, head of the London Stock Exchange, one unit in the broader group, to spearhead the project. Roos stressed that his exchange was "definitely not building anything around cryptoassets" but was looking to use the technology that underpins popular tokens such as bitcoin to improve the efficiency of buying, selling and holding traditional assets. "The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent and to have it regulated," Roos said. He added that LSEG had waited to proceed until it was sure that the public blockchain technology was "good enough" and that investors were ready. Roos stressed that his exchange was "definitely not building anything around cryptoassets" but was looking to use the technology that underpins popular tokens such as bitcoin to improve the efficiency of buying, selling and holding traditional assets. "The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent and to have it regulated," Roos said. He added that LSEG had waited to proceed until it was sure that the public blockchain technology was "good enough" and that investors were ready.	Stocks Trading & Speculation
Grocery costs increased dramatically over the last year, but nothing beats the price of eggs, which have grown by 70.1%, according to the latest data from the Bureau of Labor Statistics. "What used to be $40 for a box of 120 eggs, we now pay over $100," says Julia Yum, who runs a 24-hour deli in New York City that's been owned by her family for almost 30 years. If she receives cracked eggs in shipments from wholesalers, she'll request a credit, even if it's just one or two: "I know it sounds a little crazy, but that's what I do. I can't lose any more." To offset inflation, the deli has added a 50-cent surcharge to credit card purchases and increased prices on many items in the store, including cartons of eggs. However, they haven't hiked the cost of egg sandwiches just yet. "We have to keep it affordable. We don't want to lose our customers or anything more than we lost because we're already feeling the effects of [costs] increasing," says Yum. Egg prices have been affected by the same supply chain snarls and labor shortages that increased food costs by 10.1% overall in the last year, as measured by the consumer price index, a key measure of inflation. Egg production has also been hit hard by an avian flu outbreak, which wiped out 50.54 million birds in the U.S. in 2022. The avian flu virus can be spread by wild birds mingling with poultry flocks, but also through contaminated clothing and equipment. The loss of flocks exacerbated the growing price of eggs, which nearly tripled in some states in the last year. In California, for example, the retail price for a dozen large eggs is currently $7.37, up from $2.35 a year ago, according a U.S. Department of Agriculture report released last week. "I know what it takes to make eggs and I'm not making very much money," says Sam Miller, owner of Cedar Ridge Egg Farm, which has about 25,000 chickens. "I'm making enough to stay in business." Due to increased demand for eggs, Miller raised the price for a case of five dozen eggs from $45 to as high as $60. But the loss of flocks, as well as increased operational costs, including labor and fuel for transportation, have eaten into the increased revenue. Additionally, chicken feed expenses have increased by about $14,000 per month, he says. "Dating back to the start of the Ukraine-Russian war, we've seen very high input costs in terms of producing eggs related to grains," says Brian Moscogiuri, global trade strategist at the egg producer Eggs Unlimited. "Corn and soy are the key ingredients in producing an egg, because that is the feedstuff that egg layers eat." The costs of preventing avian flu have taken their toll as well. "There's tremendous costs associated with disinfecting and truck washes and trying to deter wild birds," says Moscogiuri. "It's kind of just like this act of god situation that has been unavoidable and there's really no silver bullet to stop it." In the meantime, the outbreak has subsided somewhat, which has eased prices. As of mid-February 2023, wholesale eggs prices have fallen by more than 50% since December. While farms have taken measures to limit the spread of avian flu, experts say that the virus could resurge in spring, when wild birds migrate across the U.S. Get CNBC's free Warren Buffett Guide to Investing, which distills the billionaire's No. 1 best piece of advice for regular investors, do's and don'ts, and three key investing principles into a clear and simple guidebook.	Inflation
NEW YORK -- Moving your savings around by opening a new account and closing an old one can seem like a hassle. But it’s a use of time that can pay off. After years of paying low rates for savers, banks are finally offering better interest on deposits. Though the increases may seem small, compounding interest adds up over the years, and you don't want to miss the moment. As the Federal Reserve has raised interest rates to try to cool inflation, some banks have improved their terms for savers as well. Even if you’re only keeping modest savings in your bank account, you could make more significant gains over the long term by finding an account with a better rate. Here’s what you should think about if you’re considering moving your money: WHAT KIND OF RATES ARE AVAILABLE? While the biggest national banks have yet to dramatically change the rates on their savings accounts (clocking in at an average of just 0.23%, according to Bankrate), some mid-size and smaller banks have made changes more in line with the Federal Reserve's moves. Online banks in particular — which save money by not having brick-and-mortar branches and associated expenses — are now offering savings accounts with annual percentage yields of between 3% and 4%, or even higher, as well as 4% or higher on one-year Certificates of Deposit (CDs). Some promotional rates can reach as high as 5%. WHAT SHOULD I KNOW ABOUT OPENING A NEW ACCOUNT? Online banking has made moving money easier, so it’s fairly straightforward to keep your existing account while opening a new high-yield account at a different institution. Many have low minimums (as low as $1), so you can transfer the minimum amount required to begin the process while keeping your primary checking account open. WHAT ARE SOME REASONS PEOPLE DON'T MOVE THEIR MONEY TO HIGH YIELD SAVINGS ACCOUNTS? According to Bankrate's Sarah Foster, many Americans simply don't know about high-yield savings accounts and the significant benefits available with the now dramatically higher rates. The average relationship between a consumer and their bank is 17 years, she said, and trust in the largest banks means they're “swimming in deposits” and don't feel a need to offer better rates to attract customers. Some people don't realize that most high-yield savings accounts are just as safe as traditional banks, she said, as long as they're equivalently FDIC-insured up to $250,000. You can check at FDIC.gov. There's a familiarity people have with traditional banks that can inspire a sense of security. If you have a longstanding relationship with your existing bank, you may simply be comfortable there, as well as aware of the rewards and perks of that institution, such as waiving ATM fees or account management fees, cash back, or other upsides. You likely also have direct deposit and auto-withdrawals set up when it comes to income, bills, and other regular expenses and payments. Setting up a new high yield savings account doesn't mean you have to immediately switch over all of those auto-pay and deposit transfers, though, according to Ken Tumin, founder of DepositAccounts.Com. That can take time and energy, so you can do that more slowly, if you choose to do it at all. However, that could also be a chance to review your spending, cancel unwanted subscriptions, auto-payments and services, or negotiate down recurring bills and expenses where possible. “Some people also say they aren’t banking with an online bank because they prefer access to a local branch and the in-person services that come along with that,” Foster said. WHAT DO THOSE INTEREST RATES ADD UP TO, IN REAL NUMBERS? Let's say you invest $500 at one of big five banks that have an interest rate of 0.23%. After one year, if you don't touch it and add nothing, you'll have earned $1.15. After five years, with compound interest, you'll have earned $5.78. After 10, $11.62. After 25, $29.56. If you deposit the same $500 in a high-yield savings account with an interest rate of 4%, then, after one year, you'll earn $20. After five, $108.33. After 10, $240.12. And after 25, $832.92. With $1,000, it works out to the following: At .23% — after one year, $2.33. After five, $11.55. After ten, $23.24. And after twenty five, $59.12. And at 4%: After one year, $40. After five, $216.65. After 10, $480.24. And after 25, $1,665.84. In both cases, that assumes you don't add to the account each year, but a best practice would be contribute even small amounts from each paycheck biweekly, monthly, or yearly. To make your own calculations, factoring in yearly contributions and changing rates, you can use the SEC's compound interest calculator. DO YOU PAY TAXES ON EARNED INTEREST? Yes. Since you've already paid taxes on the deposit balance of the high yield savings account, you only pay additional taxes on the interest you earn each year. That interest is taxed at your earned income rate — so, the same rate your income is taxed at in that year. COULD THE SAVINGS RATES ON THESE ACCOUNTS CHANGE? Yes. Banks may advertise one rate for these accounts and then adjust that rate depending on other factors, such as the Federal Reserve's own changing rate. To avoid such changes, and to lock in a guaranteed rate, you could opt for a Certificate of Deposit instead, assuming you don't need to access that money right away. Treasury securities also offer competitive rates. HOW DOES A CERTIFICATE OF DEPOSIT WORK? A Certificate of Deposit pays a guaranteed rate for a fixed period, such as one month, six months or a year. CDs can be purchased through most banks, and many run special offers. Those offered rates can be comparable to those at a high yield savings account. However, you typically face a penalty if you want access to the money before the chosen term has ended. WHAT ABOUT INVESTING IN TREASURIES? The U.S. Department of the Treasury sells Treasury bills, notes, bonds, Treasury Inflation-Protected Securities (TIPS), and savings bonds through TreasuryDirect.gov. All of these securities are all backed by the full faith and credit of the U.S. government, with varying rates over varying terms. The minimum investment is $100, and some of the rates and yields on these investments are as competitive and safe as the CD's and high yield savings accounts listed above. Currently, one rate for I bonds, for example — which are savings bonds designed to protect you from inflation — is 6.89%. With an I bond, you earn both a fixed rate of interest and a rate that changes with inflation. Twice a year, the Treasury Department sets the inflation rate for the next six months. You can cash in the bond anytime after twelve months, though you'll lose certain portions of interest if you redeem it in less than five years. HOW DO I COMPARE BANK RATES FOR DEPOSIT ACCOUNTS? Trusted sites like DepositAccounts.com, founded by Tumin, can help you comparison shop, ranking banks and accounts by rates and other factors. Other resources include Bankrate.com, NerdWallet, and MyCreditUnion.gov. Tumin says that if you want to check for yourself that an online bank is insured by the FDIC, you can go to FDIC.gov and search to make sure. “In addition to finding the highest rate, it also makes sense to make sure these banks have a history of offering a competitive rate on that account for multiple years,” he added. “There are a lot of new banks now offering higher rates, but they haven’t been around long. If they don’t have much history, they may not stay competitive.” ___ You can see all of AP's Financial Wellness coverage at: https://apnews.com/hub/financial-wellness ___ The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.	Interest Rates
Ed Jones/AFP via Getty Images toggle caption FTX founder Sam Bankman-Fried leaves the courthouse following his arraignment in New York City on Dec. 22, 2022. Bankman-Fried's trial just concluded its second week, with explosive testimony from former girlfriend Caroline Ellison. Ed Jones/AFP via Getty Images FTX founder Sam Bankman-Fried leaves the courthouse following his arraignment in New York City on Dec. 22, 2022. Bankman-Fried's trial just concluded its second week, with explosive testimony from former girlfriend Caroline Ellison. Ed Jones/AFP via Getty Images The U.S. government says disgraced cryptocurrency mogul Sam Bankman-Fried committed one of the largest financial frauds in history. His defense lawyers, however, argue he was just a young guy who got in over his head. Two weeks into the high-profile criminal trial of the former CEO of cryptocurrency exchange FTX, jurors have already heard opening arguments as well as testimony from the prosecution's star witness, Caroline Ellison, a former top executive in Bankman-Fried's crypto empire and his ex-girlfriend. Here are five big takeaways from the trial so far. Painting Bankman-Fried as a criminal mastermind Prosecutors have charged Bankman-Fried with seven criminal counts, including defrauding FTX customers and investors. They argue he funneled FTX customer money into a separate investment firm he controlled — Alameda Research — and used billions of dollars to pay down debts, invest in risky startup companies and finance a luxury lifestyle. If convicted of all charges, Bankman-Fried could spend the rest of his life in prison. Central to the government's argument is that Bankman-Fried controlled it all, and the government has secured the cooperation of key members of his inner circle at FTX and Alameda Research. The jury has already started to hear from them. Gary Wang, who co-founded both FTX and Alameda Research, said Bankman-Fried directed him to change a few lines of computer code so that funds from FTX customers could be steered to Alameda without their knowledge. Wang, like other witnesses for the prosecution, said everyone followed Bankman-Fried's instructions. Prosecutors also introduced documentary evidence, including Slack messages and several audio clips of an all-hands meeting during Alameda Research's final days, which they say support their claim that Bankman-Fried was the one running the show at both companies. A star witness delivers explosive testimony Among the prosecution's witnesses, one towers above the rest in her importance to the case: Caroline Ellison, Bankman-Fried's on-again, off-again girlfriend and former head of Alameda Research. During three days of testimony that got tearful at times, Ellison — like Wang — said it was Bankman-Fried who called the shots. "He directed me to commit these crimes," she told the court. Ellison said he asked her to draw on FTX customer funds to pay down Alameda Research's debts, and he told her to manipulate financial documents in "dishonest" ways to mislead investors and the firm's lenders. Ellison also alleged Bankman-Fried was manipulative. In excerpts from her diary, which the government entered into evidence, Ellison wrote about her personal and professional frustrations in dealing with the former FTX CEO. At one point, Bankman-Fried criticized her for failing to follow his investment advice, and in a memo he circulated, Bankman-Fried suggested Ellison was a weak leader. Michael M. Santiago/Getty Images toggle caption Caroline Ellison, the former CEO of Alameda Research, leaves federal court in New York City after testifying during the trial of Bankman-Fried on Oct. 10. Ellison is a star witness for prosecutors because she was both Bankman-Fried's then-girlfriend and a top executive in his cryptocurrency empire. Michael M. Santiago/Getty Images Caroline Ellison, the former CEO of Alameda Research, leaves federal court in New York City after testifying during the trial of Bankman-Fried on Oct. 10. Ellison is a star witness for prosecutors because she was both Bankman-Fried's then-girlfriend and a top executive in his cryptocurrency empire. Michael M. Santiago/Getty Images Ellison also detailed how much effort Bankman-Fried put into cultivating a certain persona, seeking to capitalize on what became his signature look — unkempt hair, along with a T-shirt and shorts. That calculated nonchalance extended beyond the way he dressed, she added. According to Ellison, when FTX moved its headquarters to the Bahamas, they both initially had luxury cars to drive. But Bankman-Fried didn't like the optics, and he soon switched cars. "He said he thought it was better for his image to be driving a Toyota Corolla," she said. Ellison herself started driving a Honda Civic. But the defense argues Bankman-Fried was overwhelmed From the outset, Bankman-Fried's attorneys have tried to suggest their client is an entrepreneurial brainiac who couldn't keep up with how quickly his crypto businesses were growing. On numerous occasions, they have noted how fast FTX, which Bankman-Fried started in 2019, grew into a multibillion-dollar company that courted celebrity investors and promoters like star quarterback Tom Brady. They also have alleged it was difficult for both firms to hire adequate staff — especially accountants. Bankman-Fried's legal team has emphasized how much trust the defendant put in deputies like Ellison, especially as he became more high profile and traveled the world meeting with lawmakers, regulators and wealthy investors. They have said their client was constantly being pulled in different directions, and they got Ellison to admit that, for several months, she and her staff had no contact with Bankman-Fried whatsoever. Bankman-Fried's lawyers have problems of their own Notably, Bankman-Fried's lawyers keep getting admonished by Judge Lewis Kaplan, who is overseeing the trial. The judge seemed unsympathetic to almost every motion that Bankman-Fried's defense team filed. Several weeks before the trial, Kaplan revoked Bankman-Fried's bail and sent the defendant to a federal jail in Brooklyn to await trial. Michael M. Santiago/Getty Images toggle caption FTX co-founder and former chief technology officer Gary Wang leaves the federal court in New York City in which Bankman-Fried is being tried, on Oct. 10. Wang testified that Bankman-Fried directed him to change a few lines of computer code so that funds from FTX customers could be steered to Alameda Research. Michael M. Santiago/Getty Images FTX co-founder and former chief technology officer Gary Wang leaves the federal court in New York City in which Bankman-Fried is being tried, on Oct. 10. Wang testified that Bankman-Fried directed him to change a few lines of computer code so that funds from FTX customers could be steered to Alameda Research. Michael M. Santiago/Getty Images So far, the judge has overruled many of the objections from Bankman-Fried's lawyers, and he also has become noticeably impatient with their eagerness to retread ground covered during direct examinations. Not only that, but Kaplan has also criticized the lawyers for repeatedly requesting "sidebars" — meetings with him and the prosecution in the courtroom, out of earshot of the jury. A question looms as the trial continues Will Bankman-Fried testify? That's the big question. Before the trial started, Kaplan addressed Bankman-Fried directly to inform him that he has the right to take the stand in his own defense, even if his lawyers advise him not to do that. That would be risky, according to lawyer Joshua Naftalis, who used to be a federal prosecutor. "In the average white-collar case, most defendants don't testify," he says. But Naftalis adds that it may make sense for Bankman-Fried, if he's able to convince jurors that he truly had no intent to commit any crimes. Bankman-Fried has previously shown himself to be inclined to talk. After he was placed under house arrest at his parents' home in Northern California, Bankman-Fried mounted a defense in the court of public opinion. He started an email newsletter on Substack; posted on X, formerly known as Twitter; and sat for countless interviews with reporters. When prosecutors asked for the judge to throw out his bail agreement, they noted that Bankman-Fried had more than 1,000 phone calls with journalists.	Crypto Trading & Speculation
Government Relaxes Norms For Some Small Savings Schemes As per the gazette notification dated November 9, an individual can open an account under the Senior Citizen's Savings Scheme within three months from the date of receipt of the retirement benefits and proof of the date of disbursal of such retirement benefits. The government has relaxed the norms for various small savings schemes, including the Public Provident Fund (PPF) and Senior Citizen's Savings Scheme. For the Senior Citizen's Savings Scheme, the new norms provide three months to open an account against one month's time at present. As per the gazette notification dated November 9, an individual can open an account under the Senior Citizen's Savings Scheme within three months from the date of receipt of the retirement benefits and proof of the date of disbursal of such retirement benefits. The deposit in such an account will earn interest at the rate applicable to the scheme on the date of maturity or the date of extended maturity, the notification said. In the case of the Public Provident Fund, the notification has made some changes with regard to the premature closure of accounts. This scheme may be called the Public Provident Fund (Amendment) Scheme, 2023, the notification said. According to the notification, some changes have been made for premature withdrawal under the National Savings Time Deposit scheme. If a deposit in a five-year account is withdrawn prematurely after four years from the date of opening of the account, interest would be payable at the rate applicable to Post Office Savings Account, it said. As per the existing norms, if a five-year Time Deposit account is closed after four years from the date of deposit, a rate admissible for a three-year Time Deposit account would be applicable for the calculation of interest. Small savings schemes are investment avenues managed by the Department of Economic Affairs under the finance ministry. Currently, the government offers nine types of small saving schemes, including Recurring Deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Saving Certificate, Kisan Vikas Patra, National Savings Certificate (NSC) and Senior Citizen Savings Scheme (SCSS).	Banking & Finance
More than 60,000 adults with disabilities and long-term illnesses in England were chased for debts by councils last year after failing to pay for their social care support at home. Claimants told the BBC they can't afford the charges amid rising food and rent prices, along with the additional costs of living with disabilities. Councils took legal action against 330 people in 2021-22. The Local Government Association said such action was a "last option". Some disabled people have now told the BBC they felt they had little choice but to live without home care, while others said they feared bailiffs being called in over unpaid debts. Campaign group Disabled People Against Cuts said the charges were discriminatory, leaving disabled people "to live on very, very little money". It said financial assessments were too often rushed by stretched local authorities, and they had sometimes not been updated to include recent hikes in energy bills and rent. In many cases, the campaign group said councils also failed to account for all the additional expenses disabled people face in maintaining their health and wellbeing, such as accessible transport, adapted clothing or special dietary requirements. Only people who have the highest need for help, and savings or assets of less than Â£23,250, are eligible for council-subsidised care in England. Paula Robinson, from Greater Manchester, says she was "shocked and distraught" to receive a letter from her council warning of potential legal action, even while she was appealing against the increased charges that drove her into Â£3,000 of debt. She has ME - also known as chronic fatigue syndrome - and an endocrine disorder, and says the stress of the debt led her to question whether "life's worth living". The amount the council charged for her social care package - including visits from carers who prepared meals and helped with bathing - had risen by more than Â£4,000 a year, from Â£10 a week to Â£93 a week. Paula lives on benefits and says the increased charges "wiped out" her ability to pay for vitamins and physiotherapy that help ease her ME. Eventually, the council cancelled the Â£3,000 debt. But, still facing the higher charges of Â£93 a week, Paula decided to decline any further social care and now lives without home support. She said this has led to a deterioration in her physical health. "I can't even have family to visit sometimes, because I'm too ill," she said Rochdale Borough Council said it uses full financial assessments to ensure payments are fair, and takes a "sensitive, case-by-case approach" to recovering debt. Data from 79 of 152 local authorities in England - obtained by the BBC through Freedom of Information requests - shows that councils began more than 60,000 debt collection procedures against social care claimants living in the community in 2021-22. One of those worrying about enforcement action is Julia, who has severe mobility issues and a rare skin condition, and receives 13 hours of support each week at her home in St Leonards-on-Sea. Julia, who lives on benefits, says she is unable to afford the charges of more than Â£58 a week, and was taken to court last year by her local authority for a debt of Â£4,700. She is now fearful that bailiffs will be used against her. "I'm always trying to be positive, but the fight is wearing me out and making me more ill," she said. East Sussex County Council said the debt recovery process "will only ever begin after extensive discussions and assessments". Campaigner Rick Burgess, from Disabled People Against Cuts, is now calling for all councils to update claimants' assessment to reflect the rising cost of living, and to put in place better support for those struggling with repayments. Councillor David Fothergill of the Local Government Association, which represents councils in England, told the BBC rising demand and squeezed budgets meant councils had to collect money owed, but that legal action was a last resort. "What councils should be doing, and I think the vast majority of councils do in the vast majority of cases, is they work with residents to find a solution [for how the debt can be settled]." The Department of Health and Social Care said regulations ensured local authorities leave claimants with a set amount of money to live off once their social care charges have been paid - known as the "minimum income guarantee". The amount changes to meet different people's circumstances. Single claimants over the state pension age currently have a protected income of Â£194.70 a week. Approaches to social care charging differ across Scotland, Wales and Northern Ireland, where expected contributions are lower than in most councils in England.	Consumer & Retail
Sam Bankman-Fried was willing to offer $5 billion for Donald Trump not to run for office again. When author Michael Lewis first met Bankman-Fried, the crypto wunderkind wanted to use his newly amassed wealth to solve existential threats to humanity. In order to abate risks to democracy in the U.S., Bankman-Fried considered paying Trump $5 billion not to run for president again, Lewis, author of the upcoming FTX tell-all Going Infinite: the Rise and Fall of a New Tycoon, said in an interview with 60 Minutes. “He took the view that all the big existential problems are gonna require the United States government to be involved to solve 'em,” Lewis said. “And if the democracy is undermined, all these problems are less likely to be solved. And he saw Trump trying to undermine the democracy, and he thought, ‘Trump belongs on the list of existential risks.’” Bankman-Fried did not know if that number came from Trump directly — or if it would be a legal transaction. The FTX founder also sought out a partnership with Sen. Mitch McConnell to fund Republican candidates who didn’t support Trump, according to Lewis. Lewis has written about ins and outs of financial systems and companies for decades, including his 2010 book-turned-blockbuster covering the events leading up to the 2008 financial crisis, The Big Short. But when he first embedded himself with Bankman-Fried, the Crypto King in cargo shorts, Lewis wasn’t expecting catastrophe. The author had unfettered access to Sam Bankman-Fried, meeting more than a hundred times over two years. Lewis told 60 Minutes that when he started following Bankman-Fried he said to him: “I don't know what's gonna happen to you. Something's gonna happen to you. Can I just come and, you know, ride shotgun?” - Could Sam Bankman-Fried get life in prison? The legal catastrophe the FTX founder may face. - Apple Pays $5 Million For Rights To Michael Lewis’s Book on Disgraced Crypto Mogul Sam Bankman-Fried - Ex-Crypto King Sam Bankman-Fried Loses Bid to Dismiss Criminal Charges in FTX Collapse - Judge Skeptical of Sam Bankman-Fried Request to Dismiss Some Charges in FTX Collapse - Sam Bankman-Fried Appeals Decision to Hold Him in Jail While Awaiting Trial - Another Top Bankman-Fried Deputy Pleads Guilty in FTX Crypto Collapse “Now, riding shotgun ended up being, like, hanging on for dear life to, you know, an automobile that's goin' 270 miles an hour, and taking every hairpin turn,” Lewis told 60 Minutes. Going Infinite is set to be published on Tuesday, the same day Bankman-Fried is set to appear in court to face criminal charges related to FTX’s multi-billion dollar collapse late last year. The exchange was valued at $32 billion at the time of its implosion. The book details everything from Bankman-Fried’s unusual friendship with star NFL quarterback Tom Brady, to a request for FTX to sponsor the Met Gala from Anna Wintour herself, to the hopes that FTX would become the next Apple or Google and Bankman-Fried the world’s first trillionaire. Apple won a bidding war for the rights to the book last month. Its project will be one of at least eight in the works based on Bankman-Fried's story and the collapse of his crypto empire. Lewis also revealed that FTX’s corporate structure was anything but secure. The exchange did not have a chief financial officer or a human resources department — and the crypto wunderkind didn’t know who was on the company’s board of directors, according to Lewis. “It was all Sam's world,” Lewis said. “And there was nobody there to say, ‘Don't do that.’” Bankman-Fried told Lewis that there were two people on the so-called board, but that he didn’t know their names. “Their job is just to DocuSign whatever,” he had said to Lewis. Even his friends said to Lewis: “Sam is just not built to manage people.” But the former billionaire’s biggest fear is not having internet access, Lewis said. “Now that sounds crazy, but I do think that if he had the internet, he could survive jail forever,” he said. “Without having a constant stream of information to react to, I think he may go mad.” - Walmart, Target and Other Retailers Say Shoplifting Is Getting Worse, But Some Experts DisagreeBusiness - Tesla Deliveries Miss Wall Street Expectations on Slow Demand, Price CutsBusiness - All Onewheel Electric Skateboards Are Being Recalled After Four DeathsBusiness - Gold and Silver Fall, While Stocks Mostly Rise After Congress Averts Government ShutdownBusiness - Travis Kelce’s Favorite Stat Isn’t Touchdowns: It’s a Perfect Credit ScoreBusiness - Dock and Warehouse Worker’s Union Files for BankruptcyBusiness - Disney+ Starts Password-Sharing CrackdownBusiness - Hedge Fund Billionaire Bill Ackman Would ‘Absolutely’ Consider Buying Elon Musk’s XTech - Target Takes on Amazon Prime Big Deal Days With Sales on Apple, Dyson, KitchenAid ProductsBusiness - Tesla Releases Model 3 Details and Model Y UpdatesBusiness - Student Loan Payments Resume This Month. But These Borrowers Never Stopped Making ThemBusiness - Detroit Casino Union Members Overwhelmingly Vote To Authorize a StrikeBusiness	Crypto Trading & Speculation
(Adds details and background in paragraphs 2-7, 9-11, byline) By Jonathan Stempel NEW YORK, Nov 30 (Reuters) - Bank of America has been fined $24 million after two former traders placed phony "spoof" trades to try to influence the market for U.S. Treasuries, the Financial Industry Regulatory Authority said on Thursday. Spoofing involves placing orders traders intend to cancel, hoping to create a false sense of market activity that moves prices in a direction they favor, and induce transactions that other traders would otherwise would not make. FINRA said a junior trader and his supervisor at BofA Securities conducted 717 spoof trades between October 2014 and February 2021. It also faulted the oversight system of the second-largest U.S. bank for being designed to detect only spoofing by trading algorithms, not manual spoofing. The junior trader, Tyler Forbes, was accused of placing 194 spoof trades before Bank of America fired him in 2019. He pleaded guilty in April 2022 to manipulating Treasury prices, and was sentenced to two years of supervised release, including one year of home confinement. The former supervisor, Sidney Lebental, was accused of placing 523 spoof trades. He left Bank of America in 2021 and faces a FINRA disciplinary proceeding . Bank of America did not admit or deny wrongdoing in accepting FINRA's fine and a censure. The Charlotte, North Carolina-based bank in a statement said it cooperated with the regulator, and has made significant investments to improve surveillance and training. In a separate spoofing case, former Bank of America traders Edward Bases and John Pacilio were in March each sentenced in Chicago to one year in prison for spoofing in precious metals. Neither Forbes nor Lebental faced new accusations in FINRA's announcement on Thursday. (Reporting by Jonathan Stempel in New York; Editing by Richard Chang)	Bonds Trading & Speculation
Rishi Sunak is set to fight the next election pledging to keep the pension 'triple lock' – despite its spiralling cost – after being told it would be 'political suicide' to abandon it. The Prime Minister had declined to commit to the policy beyond next year's 8.5 per cent rise in state pensions, after experts said it could add up to £45 billion a year to the welfare bill by 2050. Treasury officials had been discussing taking a one-off break from the triple lock – which increases pensions each April by whatever is highest out of average earnings rises, inflation or 2.5 per cent – and there had been debate about ditching the guarantee in the next manifesto. But The Mail on Sunday understands that voters' reaction to the idea of axing the policy has been so negative that Tory strategists have ruled out any changes. A Government source said that fears over the growing burden of the measure, which was introduced by the Coalition Government in the 2010 Budget, have been overridden in No 10. Some Tory MPs and campaigners in the upcoming by-elections in Mid Bedfordshire and Tamworth have expressed fears that abandoning the policy would cost the party dear at the ballot box. The triple lock has been seen as crucial in securing the 'silver vote' for the Conservatives in the past four General Elections. The source said: 'The rise in wages and inflation has made it a very expensive measure, but the political cost of abolishing it would be higher. Suicidal'. An outline plan to tackle the problem of funding social care for the elderly has also been quietly shelved, for fear of repeating the 'dementia tax' fiasco which derailed Theresa May's 2017 election campaign. The decision follows a dramatic week in which the Prime Minister U-turned over the Government's net zero green policies, hinted at reforms to A-levels and smoking policy and signalled cuts to the HS2 rail project, galvanising the party in the run-up to next week's conference in Manchester. Under the existing system, the full-rate state pension of £203.85 a week, which rose by 10.1 per cent this year, is due to increase to £221.20 next year. It means the annual payout of £11,501 is edging close to the £12,570 at which tax becomes payable. Each percentage point hike in the state pension equates to an additional bill of £900 million for Jeremy Hunt's Treasury. Mr Hunt's room for manoeuvre increased slightly last week when inflation fell by 0.1 per cent to 6.7 per cent, encouraging the Bank of England to keep interest rates at 5.25 per cent. The Prime Minister has come under pressure from Labour and the SNP over his refusal to commit to the triple lock, declining to confirm that the policy would be included in the next Tory manifesto. Charities had also warned Mr Sunak that he was putting millions of votes at risk by failing to commit to it. News that the Prime Minister will continue to honour the rises comes as he also faces a decision over whether to scale back HS2 by axing the second phase of the high-speed line from Birmingham to Manchester and to end it at Old Oak Common in London, six miles west of the planned terminus at Euston. The moves, designed to save £34 billion, have been criticised by former Prime Ministers Boris Johnson and David Cameron, with Mr Johnson saying that the project had been 'mutilated' by the Treasury. Last night, London Mayor Sadiq Khan said axing the final few miles would make the project 'a colossal waste of public money'. He claimed the move would lead to longer journey times – saying it would take one hour and 22 minutes to get from Birmingham to Euston in a 'best case' scenario, a minute longer than the current scheduled time. A Government spokesman said: 'We are committed to the triple lock. As is the usual process, the Secretary of State [for Work and Pensions, Mel Stride] will conduct his statutory annual review of benefits and state pensions in the autumn, using the most recent data available, and we won't pre-empt that. We don't comment on speculation around future manifesto commitments.'	United Kingdom Business & Economics
Protean eGov Technologies Mops Up Rs 143 Crore From Anchor Investors Ahead Of IPO The IT-enabled solutions provider allotted 18.12 lakh shares at Rs 792 apiece to 18 anchor investors. Protean eGov Technologies Ltd. has raised Rs 143.5 crore from anchor investors ahead of its initial public offering. The IT-enabled solutions provider allotted 18.12 lakh shares at Rs 792 apiece to 18 anchor investors. The marquee investors include SBI Life Insurance Co., Aditya Birla Sun Life Insurance Co., Baroda BNP Paribas Fund, Unifi Capital-backed BCAD Fund, and ACM Global Fund, all of which subscribed to 14.43% each, among others. Two domestic mutual funds have applied through a total of nine schemes, the company said in an exchange filing. They have collectively netted 21.4% of the anchor portion of Rs 30.7 crore. About Protean eGov Technologies IPO Protean eGov Technologies' initial public offering will open on Nov. 6, and close on Nov. 8. The IT-enabled solutions provider is offering 61.9 lakh shares via an offer for sale only. The selling shareholders comprise 360 One Special Opportunities Fund, HDFC Bank Ltd., Axis Bank Ltd., Deutsche Bank AG, Union Bank of India, NSE Investments and Unit Trust of India. The company will not receive any proceeds from the offer for sale. All the funds raised will be received by the selling shareholders, in proportion to the shares sold by them. Protean eGov Technologies operates in the e-governance sector and has so far managed 19 projects across seven ministries, to establish public digital infrastructure.	Stocks Trading & Speculation
The number of children without a home in England is at a record high, the latest official figures show. According to the Department for Levelling Up, Housing and Communities, over 105,000 households are in temporary accommodation. Housing charity Shelter says almost 139,000 children were homeless at the end of June 2023. They "now face spending Christmas without a safe and secure place to call home," the charity said. The latest figures surpass previous record highs recorded in March 2023, when 104,540 households and 131,500 children were in temporary accommodation. June's figures are now the highest since records began, in 1998 for households and 2004 for children. Renters Reform Bill In May, the Renters Reform Bill was introduced to parliament. The bill would remove the rights of landlords in England to evict tenants for no reason with only two months' notice. Under current legislation, known as section 21, landlords can evict tenants without giving a reason. The latest figures also show that the number of households threatened with homelessness following a section 21 notice rose by 10.3% compared to last year, up to 6,640. Data from Ministry of Justice revealed that section 21 evictions in the courts had reached a seven year high. However, the government announced in October that a ban on section 21 evictions - or 'no-fault' evictions - will be indefinitely delayed until after the court system is reformed. Tom Darling, campaign manager for the Renters' Reform Coalition, said the latest figures were "another reminder of the urgency of abolishing section 21 evictions, a key driver of homelessness". He added: "The government's recent decision to kick the can further down the road will lead to yet more misery as we approach winter with shocking levels of homelessness. "Homelessness services in councils right across England are already stretched to breaking point." A spokesperson from the Department of Levelling Up, Housing and Communities said: "Everyone deserves a safe place to call home. We are spending Â£2 billion over three years to build homes for rough sleepers, give financial support for people to find a new home, and prevent evictions. "We know building more homes is also a part of the solution and we are doing so as part of our long term plan for housing. "Our landmark Renters Reform Bill will also give tenants greater security in their home, and last week we increased the Local Housing Allowance so 1.6m low-income households will be around Â£800 a year better off on average next year."	Real Estate & Housing
Navigating the complexities of estate planning can be daunting, especially when it comes to understanding probate laws. Probate is a legal process in which a deceased person’s estate is settled and distributed. It can be a time-consuming and potentially expensive for those involved. Here is what you need to know about avoiding probate if you live in the state of Michigan. A financial advisor could also help you find the right balance of protection and planning for your estate. How Probate Works in Michigan The probate process in Michigan involves the legal administration of a deceased person’s estate. The process may vary depending on factors such as the size and complexity of the estate, whether the deceased person had a valid will and who should be the new owner of the deceased’s assets. Here is a general overview of how the probate process works in Michigan: Petition the court to admit the will and appoint a personal representative. If the deceased left a valid will, this person is often the executor named in the document. The court officially opens the probate estate. The personal representative begins their duties, by notifying heirs and creditors of the decedent, inventorying the decedent’s property and settling any debts. After settling debts and taxes, the personal representative distributes the remaining assets to beneficiaries as per the will or state law. Finally, the court closes the probate estate. Following this procedure can take anywhere from several months to years, depending on the estate’s complexity and whether any disputes arise. Many people want to avoid probate just because of the amount of time it takes to get it completed, and the money involved with being a beneficiary and trying to go through that process. Why You May Want to Avoid Probate Probate is a legal procedure initiated after a person’s death to settle their estate. And while it pays off debts, pays taxes and then distributes the remaining assets to beneficiaries, there are some common drawbacks that could compel you to find an alternative way to protect your assets. These include: Probate can be lengthy, extending from several months to years. Probate can be expensive, including court, attorney and executor fees. The probate process is public, which means that any details about your estate become public record. As an example of how this works, imagine a businessman with a substantial estate and properties in multiple states. Not only will probate make estate details public but also the multiple properties could necessitate ancillary probate which is a separate process in the other states. This can be both time-consuming and costly. Ways to Avoid the Probate Process in Michigan Probate isn’t necessarily a process that everyone is stuck with. In fact, there are multiple strategies to avoid probate in Michigan. Each has unique benefits and potential drawbacks. Here are five common strategies: Name beneficiaries: This method involves naming beneficiaries on your bank accounts, retirement accounts and life insurance policies. Upon your death, these assets could directly pass on to the mentioned beneficiaries, avoiding probate. Create a trust: Creating a trust transfers ownership of your assets to the trust, effectively excluding them from your probate estate. There are various types of trusts in Michigan: Revocable living trusts, irrevocable trusts and testamentary trusts. Lady Bird deeds: This is an enhanced life estate deed that allows you to retain control over your property during your lifetime. Upon your death, the property is transferred to your designated beneficiaries, avoiding probate. Joint ownership: Under joint ownership, the property automatically passes onto the surviving owner upon your death, thereby avoiding probate since one owner is still alive. Gift assets: Tools like gifting assets during your lifetime can help avoid probate. Still, there are potential tax implications necessitating consultation with a professional advisor before gifting large assets. The best strategy to avoid probate will depend on your specific estate and assets, as well as the legal interpretations that are applied to each strategy. You may want to work with an estate planning expert to make sure that you understand all of the legal and tax consequences for each strategy. Bottom Line By exploring options for bypassing probate in Michigan, you can potentially save time, maintain privacy and reduce estate settlement costs. While various strategies are available, their effectiveness depends on your individual circumstances and understanding of their implications and requirements. Tips for Estate Planning A financial advisor can help you create the right estate plan that protects your assets and helps your beneficiaries avoid probate. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. A good way to get started with your own estate plan is to follow this estate planning checklist. Photo credit: ©iStock.com/AnnaStills, ©iStock.com/PeopleImages, ©iStock.com/Courtney Hale	Personal Finance & Financial Education
ICAI CA Foundation Result 2023: Here's How To Check CA Foundation June Result? Candidates can access the ICAI CA Foundation Result on the official website at icai.nic.in. ICAI CA Foundation Result 2023: The Institute of Chartered Accountants of India will likely announce the results of the Chartered Accountants Foundation Examination held in June 2023 on Monday or early Tuesday. Candidates can access the results on the official website at icai.nic.in “The results of the Chartered Accountants Foundation Examination held in June 2023 are likely to be declared on late evening (9.00 p.m.) of Monday, the 7th August 2023/early morning on Tuesday, the 8th August, 2023 and the same can be accessed by candidates on the website icai.nic.in,” ICAI said in a notification. "It may be noted that for accessing the result at the above mentioned website the candidate shall have to enter his/her registration no. along with his/her roll number," it added. Where To Check CA Foundation Results June 2023? Candidates can check their CA foundation results on the institute's official website here. How To Check CA Foundation Result June 2023? Step 1: Visit the official website. Step 2: Click on the CA Foundation June 2023 Results link when available. Step 3: Enter the registration number along with the roll number and click on submit (Your result will appear on the screen) Step 4: Click on the Download/Print option available to save the soft copy The exams were held on June 24, 26, 28 and 30. According to a report in The Indian Express, ICAI will not publish a merit list for the foundation results. Candidates securing 70% marks or above will be declared as ‘pass with distinction’ on their result card, the report said. About ICAI The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No.XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world.	Banking & Finance
Subjected To Criminal Prosecution To Create ‘Chilling Effect’: NewsClick To Delhi High Court The court was hearing petitions by the news portal for quashing the cases the Delhi Police and Enforcement Directorate have registered against it over alleged violation of foreign funding laws. NewsClick Wednesday alleged in the Delhi High Court that investigating agencies were abusing the process of law to subject it to criminal prosecution to create a "chilling effect". The court was hearing petitions by the news portal for quashing the cases the Delhi Police and Enforcement Directorate have registered against it over alleged violation of foreign funding laws. "I am being targeted because I happen to be an entity engaged in news circulation on digital platform," said senior advocate Siddharth Agarwal, representing the petitioner, before Justice Saurabh Banerjee. "We have reached a place where criminal law is used as a weapon of choice for chilling effect. There is nothing here that needs to be investigated," argued the senior lawyer. The criminal cases, he added, were intended to "silence" independent and impartial reporting, discourage journalists and "create a chilling effect". PPK Newsclick Studio Pvt., which owns NewsClick, had moved the high court in 2021 seeking quashing of the criminal cases against the portal over allegations of violation of Foreign Direct Investment law. Agarwal submitted that foreign funds came into the company legitimately and in due compliance with the applicable law and the offences of criminal breach of trust and cheating under the Indian Penal Code, as alleged, were not made out. "The court will have to consider...if there is an abuse of process by the investigating or prosecuting agencies. There is a context to the matter," he stated. On Tuesday, senior advocate Kapil Sibal had argued on behalf of the petitioner and said that the case against it was 'completely dishonest'. The allegation in the FIR, registered by the Economic Offences Wing of Delhi Police, is that the company, PPK Newsclick Studio Pvt Ltd., received FDI to the tune of Rs 9.59 crore from M/s Worldwide Media Holdings LLC USA during financial year 2018-19 in violation of the law. The FIR has alleged the investment was made after greatly overvaluing the shares of the company to avoid the alleged cap of 26%FDI in a digital news website. It has further alleged that over 45% of this investment was diverted/siphoned off for the payment of salary/consultancy, rent and other expenses, which payments are alleged to have been made for ulterior motives. Therefore, the company has violated the FDI and other laws of the country and has caused a loss to the government exchequer, it has claimed. The ED initiated its probe on the basis of the Delhi Police FIR and conducted searches on the premises of the digital news platform and several other places in connection with the money received from overseas. On July 7, 2021, the high court had granted interim protection from arrest to NewsClick founder Prabir Purkayastha in the Delhi Police case and directed him to join the investigation. On June 21, 2021, the high court had directed the ED to not take coercive action against NewsClick and Purkayastha, its editor-in-chief, in connection with the money laundering case. Purkayastha was arrested by the Special Cell of the Delhi Police on October 3 in a separate case lodged under anti-terror law Unlawful Activities (Prevention) Act for allegedly receiving money to spread pro-China propaganda. He is in judicial custody. The hearing in the matter will continue on Nov. 9.	Banking & Finance
London's mayor Sadiq Khan has announced he is launching a Â£130m scheme to give every primary school pupil free school meals for the next academic year. The mayor's office said it is estimated the one-off funding could help more than 270,000 children in the capital during the 2023-24 academic year. A spokesperson added the plans were also expected to save families about Â£440 per child over the year. Charities and unions have welcomed the news but say more action is needed. The mayor's office said the scheme, which will be implemented in September and run during term-time only for the length of the academic year, was "one-off funding from additional business rates income". A spokesperson said funding for the project was made possible because council tax and business rates returns from the capital's local authorities were higher than originally forecast in the mayor's draft budget proposals. Mr Khan is due to officially announce the plans during a visit to his old school, Fircroft Primary in Tooting, south-west London, later. 'Game-changing' plans Mr Khan, who received free school meals himself, said: "The cost of living crisis means families and children across our city are in desperate need of additional support. "I have repeatedly urged the government to provide free school meals to help already stretched families, but they have simply failed to act." He continued: "The difference they can make to children who are at risk of going hungry - and to families who are struggling to make ends meet - is truly game-changing." The launch follows similar decisions by London councils in Newham, Islington, Southwark and Tower Hamlets to offer their own universal primary school free school meals. Last month, Westminster City Council also began providing free school meals for primary pupils in a scheme set to run for at least 18 months. Charities and teaching unions have welcomed the plans, but some have urged central government to step up wider support. 'A huge relief' Barbara Crowther from the Children's Food Campaign said: "We applaud the mayor for announcing this vital nutritional safety net for every single primary school child in London for the coming academic year. "However, healthy school food for all must not just be an emergency measure. It should be a core part of a fully inclusive education system for the long term." Victoria Benson, chief executive of the single parent charity Gingerbread, said many parents had told them their children had gone without food because they were struggling with the cost of living. "It will be a huge relief to many parents that their child will now be fed at school," she said. 'Government inaction' Meanwhile Kevin Courtney, joint general secretary at the National Education Union (NEU), said the scheme would be "a much-needed lifeline" that could also help "attainment and educational outcomes". "Children who have access to a healthy hot meal every day are better able to focus, connect with their peers and build bright futures", he said. "The government must now end its inaction and commit to funding free school meals for all in primary schools across the rest of the country, and long term." Chief executive of Child Poverty Action Group, Alison Garnham, described the scheme as "fantastic news" but added it "highlighted the government's failure to act for children". "It really is for ministers now to respond to public support for free school meals and ensure that every child in the UK has a free, balanced meal in the middle of the day," Ms Garnham said. A Department for Education spokesman said more than two million schoolchildren had received a free meal since 2010, "thanks to the introduction of universal infant free school meals plus generous protections put in place as benefit recipients move across to universal credit". "Over a third of pupils in England now receive free school meals in education settings, compared with 1.1 million in 2009, and we have made a further investment in the national school breakfast programme to extend the programme for another year, backed by up to Â£30m," he continued. The government added the energy bills support scheme had also provided Â£400 discount to millions of households during winter, with further support for the most vulnerable people. Co-founder of Leon Restaurants, Henry Dimbleby, hailed the announcement as "absolutely fantastic". He told BBC Radio 4 similar schemes had been trialled in 2013 in Newham and Durham, which had "significantly improved academic performance not just for those who weren't on free school meals before, but actually more even for the children who were already on free school meals because it changes the culture of the school." Emma Best, a City Hall Conservative health spokeswoman and London Assembly Member, said: "While I welcome more children having access to free school meals this year, the reality is that many lower income families will be hit hard by a 57% increase in Sadiq Khan's council tax since 2016 and his Â£12.50 daily ULEZ charge." She said the school meals scheme had "completely missed secondary school pupils". "If the mayor genuinely wants to help the poorest families, he should be focusing on those most in need across all schools," the spokeswoman added.	Nonprofit, Charities, & Fundraising
It could have been worse, and it's not like Wall Street was expecting much anyway. In a nutshell, that's Target's third quarter earnings on Wednesday morning. After almost two years of brutal results at the hands of execution missteps, rising retail theft and increasingly cautious consumer sentiments, Target clobbered lowered analyst estimates for sales, margins and earnings. Its stock soared over 14% in premarket trading. On a call with reporters, Target chairman and CEO Brian Cornell pointed to a "resilient" consumer managing to endure numerous financial headwinds from student loan repayments to nagging inflation. But the caution on the call — and in Target's holiday quarter EPS guidance — was palpable. "In our research, themes like uncertainty, caution and management of budgets are top of mind," said Cornell. "Consumers are still bringing up pressures like higher interest rates, increased credit card debt, and reduced savings rates have left them with less discretionary income, forcing them to make trade offs." Added Cornell, "For example, we see more consumers delaying purchases until the last moment, such as guests who previously bought sweatshirts or denim in August or September, but are now waiting until the weather turns cold." The Earnings Rundown Net sales: -4.3% year over year to $25 billion, vs. estimates for $24.9 billion Gross profit margin: 27.4% vs. 24.7% a year ago, vs. estimates for 26.6% Diluted EPS: +36% year over year to $2.10, vs. estimates for $1.47 (guidance: $1.20 to $1.60) Comparable sales: -4.9% year over year (last year it rose 2.7%): Digital comparable sales: -6% Store comparable sales: -4.6% Inventory fell 14% from the prior year, led by a 19% reduction in the stock of discretionary categories like apparel and home goods. The company once again didn't repurchase any of its stock in the quarter, despite having $9.7 billion left on a prior buyback authorization. Both the number of transactions and average check size declined in the quarter. Fourth quarter earnings per share are seen in a range of $1.90 to $2.60, vs. estimates for $2.23. Macro Snapshot: Consumers Battle Student Loan Repayments Besides drastically higher interest rates and sticky inflation in food prices, consumers were dealt another blow in October — the return of student loan payments. More than a month in, the new outflow of dollars appears to be weighing on the spending decisions of shoppers. About 40% of people with student loans expect to cut spending, according to a survey of 1,500 consumers conducted by Wedbush analyst Tom Nikic. The average balance owed by this cohort range from $0 to $50,000, per Wedbush. The categories that were most often cited as areas for spending pullbacks were restaurants, apparel, and electronics. Meantime, a new survey out of Morgan Stanley found that among federal student loan holders, only 35% plan to spend more on holiday shopping, relative to 43% last year. "It's not just one [economic] factor. [Consumers] have been feeling higher prices in food and beverage now for several years. I have talked about the fact on average food and beverages [prices] are up 25%. And while we've seen inflation moderate, those price increases have been very sticky. Interest rates are also going up, there is the pressure of student loans, and credit card balances have increased. So I think that the American consumer is managing all of these components. But we continue to see a very resilient shopper and they're managing their budgets," Cornell added on the call with reporters. Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email brian.sozzi@yahoofinance.com.	Consumer & Retail
House Speaker Mike Johnson makes hundreds of thousands of dollars a year but apparently does not have a bank account, a new report revealed Wednesday. Johnson was first elected in 2016 and has served on the Hill ever since. In all seven financial disclosure forms he submitted for those years, he has not mentioned holding a single bank account, The Daily Beast reported. The House Ethics Committee requires members of Congress to disclose all of their household’s bank accounts if the accounts each hold at least $1,000 and have a combined value of more than $5,000. Johnson has made at least $174,000 per year from the combination of his representative salary and any additional payments he received, such as from a teaching appearance. Johnson’s wife has two streams of income, from two different employers. But on his financial disclosures, Johnson has listed only one asset: a retirement account. In 2016, he listed a state government Fidelity account valued between $1,000 and $15,000. He transferred those savings to a Thrift Savings plan, a federal program, the following year. Johnson appears to have cashed out the entire account in 2021, because he lists no assets at all on his 2022 form. Johnson’s disclosure forms are remarkably sparse. He lists almost no travel reimbursements or gifts, and relatively little external income. But Johnson does owe a lot of money. Every year, he has listed a mortgage on which he owes hundreds of thousands of dollars and a personal loan on which he owes tens of thousands. In 2019, he opened up a home equity line of credit, also worth tens of thousands of dollars. It is, of course, possible that Johnson really has no bank accounts and just keeps all his money in sacks of cash hidden under his mattress. Another explanation could be that he has selective amnesia and has forgotten to disclose his assets for seven years. But several ethics experts offered another reason: Johnson is terrible at managing the money he makes and may be in massive debt. “He owes hundreds of thousands of dollars between a mortgage, personal loan, and home equity line of credit, so where did that money go?” Jordan Libowitz, the communications director for the watchdog group Citizens for Responsibility and Ethics in Washington, told The Daily Beast. “If he truly has no bank account and no assets, it raises questions about his personal financial wellbeing.”	Personal Finance & Financial Education
Spencer Platt/Getty Images toggle caption People walk along 5th Avenue in Manhattan, which is one of the nation's premier shopping streets, on Feb. 15, 2023. Consumer spending was unexpectedly strong last month. That's good for the economy – but not so good for inflation prospects. Spencer Platt/Getty Images People walk along 5th Avenue in Manhattan, which is one of the nation's premier shopping streets, on Feb. 15, 2023. Consumer spending was unexpectedly strong last month. That's good for the economy – but not so good for inflation prospects. Spencer Platt/Getty Images Something unexpected is going on in the U.S. economy. Inflation remains high, yet many Americans went on a spending spree last month, eating out at restaurants and shopping for cars. In ordinary times, that additional spending would be welcome news to an economy that's heavily dependent on consumer dollars. But there's a catch: All that spending threatens to put more upward pressure on inflation at a time when the Federal Reserve is raising interest rates aggressively to keep prices in check. That makes it critical to gauge how long that consumer spending can last. A drop in consumer spending would help to cool inflation, but it would also raise concerns about a recession. On the other hand, if spending continues to grow at this pace, it could force the Fed to raise interest rates even more aggressively to bring prices under control. Here are three things to know about Americans' spending habits and what they mean for the U.S. economy. Why some Americans still have money to burn Just when it seemed that consumers were running out of gas, shoppers appear to be getting a second wind. Personal spending rose 1.8% in January, according to the Commerce Department on Friday, as consumers splurged on both goods as well as services like going out for meals or the movies. Lots of people have money in their pockets to spend, thanks to strong job growth and rising wages. Retirees also got a raise this year. Social Security benefits rose by 8.7% in January, the largest cost-of-living increase in four decades. Joe Raedle/Getty Images toggle caption Recruiters speak to job seekers at the Mega South Florida Job Fair held at the FLA Live arena in Sunrise, Florida, on Feb. 23, 2023. Employers added over 500,000 jobs in January, an unexpectedly strong showing for the labor market. Joe Raedle/Getty Images Recruiters speak to job seekers at the Mega South Florida Job Fair held at the FLA Live arena in Sunrise, Florida, on Feb. 23, 2023. Employers added over 500,000 jobs in January, an unexpectedly strong showing for the labor market. Joe Raedle/Getty Images Jonathan Silver, who tracks credit card use by about 100 million people nationwide, says that additional income will help to support consumer spending in the months to come. "We're bullish on '23," says Silver, CEO of Affinity Solutions. "We think the spending rate will maintain itself. In addition, many people socked away extra savings during the early months of the pandemic, when spending opportunities were limited and the government was distributing multiple rounds of relief payments. While bank balances have come down, Americans are still sitting on a lot of additional cash. "We estimate households to still have about ten months of spending power if they continue to deplete excess savings at the pace they have over the past six months," Wells Fargo economists wrote in a research note Friday. People who put off traveling during the worst of the pandemic are making up for lost time. Vacation visits to Las Vegas jumped more than 20% last year. "People realized what they were missing during Covid," says Steve Hill, CEO of the Las Vegas Convention and Visitors Authority. "I think it has driven a real energy around getting back to experiences. And we see, and I'm sure you do as well in the numbers, a shift from buying stuff to buying experiences." January's numbers show a jump in both. Spending on goods rose 2.8% while spending on services rose 1.3%. But can all this spending last? Of course, not everybody is flush with cash. Some households are struggling. And businesses are not confident that consumers' free-spending habits will continue. Spending grew much faster than income in January, and shoppers may be nearing their limits. Walmart, the nation's largest retailer, is projecting only modest sales growth this year. CEO Doug McMillon notes that shoppers are increasingly focused on basic necessities like groceries, while limiting spending on more discretionary items. "Customer are still spending money," McMillon told analysts this past week. "It's obviously not as clear to us what the back half of the year looks like." Mario Tama/Getty Images toggle caption People shop at a Target store in Los Angeles where a sale sign is displayed for coffee pods on Feb. 13, 2023. Inflation has been easing since peaking last year, but it's still sturdier than many economists had expected. Mario Tama/Getty Images People shop at a Target store in Los Angeles where a sale sign is displayed for coffee pods on Feb. 13, 2023. Inflation has been easing since peaking last year, but it's still sturdier than many economists had expected. Mario Tama/Getty Images Restaurant owner Cameron Mitchell is similarly cautious. Mitchell, who operates dozens of restaurants ranging from high-end steakhouses to more casual Mexican eateries, has noticed diners appear to be gravitating to his less expensive outlets. He opted to skip his usual spring price increase this year, out of concern that customers are feeling tapped out. "That's just what my gut is telling me as an operator," Mitchell says. "A year ago [people] knew we had to raise our prices. It was obvious and they were accepting of that. But the consumer is starting to change. I think people want inflation to come down and they are not as tolerant any more of price increases." And eventually, the Fed's rate hikes could bite There's another reason spending could cool. The Fed has been trying to get shoppers to slow their spending by raising interest rates, in an effort to curb inflation. Economist Ian Shepherdson thinks the Fed's efforts are working. He believes the surprisingly strong spending last month was a fluke, resulting from unusually warm weather. "I've been a bit surprised by some people's willingness to leap on those January numbers and proclaim they mark some sort of evidence the economy isn't responding to the Fed's interest rate increases," says Shepherdson, chief economist at Pantheon Macroeconomics. "I think the trends are, from the Fed's perspective, quite favorable. Economic growth is slowing. Inflation is falling. But these things never happen in a straight line." Chris Casella/Courtesy of Cameron Mitchell Restaurants toggle caption Restaurant owner Cameron Mitchell stands in one of his establishments. Mitchell, who operates dozens of restaurants, says diners appear to be opting for less expensive outlets. Chris Casella/Courtesy of Cameron Mitchell Restaurants Restaurant owner Cameron Mitchell stands in one of his establishments. Mitchell, who operates dozens of restaurants, says diners appear to be opting for less expensive outlets. Chris Casella/Courtesy of Cameron Mitchell Restaurants The economic lines are particularly zig-zaggy at the moment. Some, like the strong job market, point to continued growth in spending. Others, like the rising number of overdue car loans, point to a looming slowdown. After Friday's report showing spending is still robust, some forecasters think the Fed will be even more aggressive in raising interest rates. That prospect is weighing on the stock market. The Dow Jones Industrial Average tumbled nearly 3% last week. But restaurant owner Cameron Mitchell remains cautiously optimistic. His food costs have began to level off. Staffing shortages at his restaurants have eased. And he's planning to open about half-a-dozen new locations this year. "It's a little bit of uncertainty out there, but by the same token, we think the opportunities we have are really well founded," he says. "If there is a recession, I don't think it's going to be a deep one."	Inflation
Britain’s era of cheap food has come to an end, economists have said, as the Bank of England warned grocery price inflation will remain in double digits until the end of the year. Bank officials said that while there was “wide agreement” among retailers and suppliers that food inflation “had now peaked”, prices were likely to keep rising for the foreseeable future, with own brands seeing the fastest increases. Food price inflation peaked at 19.2pc in March, a 45-year high, according to the Office for National Statistics (ONS). It has eased sharply in recent months, but remained stubbornly high at 17.3pc in June. Retailers told the Bank that food prices were still expected to rise at an annual pace of “around 10pc or slightly lower” by the end of 2023. Barret Kupelian, a senior economist at PwC, said: “The bad news is that even though food inflation is expected to moderate, food prices will remain high and not decrease. This means that the era of cheap food has probably come to an end in the UK.” He urged politicians to do more to bolster the domestic food industry to temper future price rises. Andrew Bailey, the Governor of the Bank of England, said stubborn grocery inflation had surprised everyone. He added: “Food price inflation is declining, and it’s going to go on declining. “But it’s taken longer than I think anybody expected. And that includes many people involved in the food industry.” It came as Bank policymakers raised interest rates by a quarter point to 5.25 per cent on Thursday, warning that borrowing costs could remain at these levels until 2026 to tame inflation. Prices rose 7.9 per cent in the year to June and inflation is not expected to fall below the Bank’s 2pc target for another two years. Mr Bailey said stubborn food inflation was partly driven by farmers locking in higher prices to secure supplies after the Kremlin invaded Ukraine last year. “I think that’s one of the things that’s helping to explain this slow pass-through,” he said. Bank officials said food inflation was likely to come down “more slowly than it went up”, forcing shoppers to trade down in an attempt to save money. The Bank noted that own-branded goods and value ranges had seen the fastest price rises on supermarket shelves. It also warned that “inflation tended to be higher for products sold by the discount retailers” such as Lidl and Aldi. “Their operating models (fewer product ranges, smaller and lower-cost stores) meant their profit margins tend to be lower than those of the major grocers, so they have less scope to absorb cost pressures,” it said. Officials added that price cuts going forward were “more likely for goods that are simple to process, such as butter, milk and bread”. Britain’s biggest supermarkets started cutting milk prices in the spring, while Tesco, Sainsbury’s, Lidl and Aldi were among several supermarkets to cut the price of a loaf of bread in May. The Bank added in its latest Monetary Policy Report: “These staples might be a focus of competition for supermarkets, and margins on those goods could become significantly squeezed.” Mr Bailey said policymakers were also watching the implications of Vladimir Putin’s decision to walk away from a Black Sea grain deal that saw vital supplies shipped from Ukraine. The World Bank warned on Monday that the restrictions could cause “considerable increases in world prices and induce price volatility”, while the International Monetary Fund has warned that wheat prices could surge by as much as 15 per cent in response. Jeremy Hunt welcomed a prediction by the Bank that inflation will fall faster in the near-term, as he hinted that there would be no room for tax cuts in the autumn. The Bank also believes the UK economy will avoid slipping into recession, despite a recent sharp rise in interest rates. The Chancellor said: “What we have to do as a government is make sure that we stick to that plan [to bring down inflation], we don’t veer around like a shopping trolley.”	Inflation
Five Star Business Q2 Review - Strong Growth Sustains, On Track To Deliver >35% FY24 Growth: ICICI Securities Underlying asset quality trend stays healthy BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. ICICI Securities Report Five Star Business Finance Ltd. sustained strong growth momentum in Q2 FY24 with disbursement growing at 6% QoQ and assets under management at 9% QoQ. We see upside risk to its full year FY24 growth guidance at 35% given addition of 70 new branches during Q2 FY24. It highlighted that southern India would remain a key focus market for near-term incremental growth. Separately, Five Star Business would continue investing towards building distribution networks beyond the south to become a pan-India player over the medium to long term. Notably, despite accelerated branch expansion, cost ratio remained in check. Underlying asset quality trend remains healthy, reflecting in the 30-plus days past due further falling to 8.59% versus 9.7% QoQ and collections sustaining at 100% during Q2 FY24 with 98% of its customers paying EMI each month. Maintain 'Buy' with an unchanged target price of Rs 860, valuing the stock at 4.5 times on Sep-24E book value per share. Click on the attachment to read the full report: DISCLAIMER This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime. Users have no license to copy, modify, or distribute the content without permission of the Original Owner.	Banking & Finance
SBI - Business Outlook Steady; Internal Accruals To Support Growth Momentum: Motilal Oswal Aiming for sustainable return on asset/return on equity of ~1.2%/20%; ; reiterate Buy with a target price of Rs 700 BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. Motilal Oswal Report State Bank of India’s robust performance has been aided by strong loan growth and lower provisions. Opex has been running elevated due to high wage provisions affecting pre-provision operating profit growth. Net interest margins have declined in recent quarters and the management has guided for broadly stable margins (3-5 basis points downside bias) as the bank has levers in place (credit-deposit ratio, marginal cost of fund-based lending rate re-pricing) to mitigate the impact of the rising cost of deposits. The asset quality performance remains strong with consistent improvements in headline asset quality ratios, while the restructured book remains under control at 0.6%, along with lower special mention account pool at 12 bp of loans. We estimate SBI to deliver FY25E return on asset/return on equity of 1.1%/18.3%. We believe that the bank is well poised to deliver more than 1% RoA on a sustainable basis. We reiterate 'Buy' with a target price of Rs 700 (1.1 times FY25E adjusted book value plus Rs 202 from subs). SBI remains one of our preferred picks in the sector. Click on the attachment to read the full report: DISCLAIMER This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime. Users have no license to copy, modify, or distribute the content without permission of the Original Owner.	Banking & Finance
Power Mech Projects Q2 Results Review - Expects Order Inflow To Pick Up In H2: Nirmal Bang On July 31, 20’23, Power Mech won Rs 304.38 billion MDO contract from SAIL, which is executable over 28 years. BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. Nirmal Bang Report Power mech Projects Ltd.'s revenue grew by 20.9% YoY to Rs 9.3 billion. Ebitda margin expanded by 90 basis points to 12.1%. Adjusted profit after tax grew by 16.8% YoY to Rs 512 million. Power Mech won its second mine development and operation order worth Rs 304.38 billion on July 31, 2023, which is executable over 28 years. Ex-MDO order inflow in Q2 FY24 stood at Rs 14.3 billion, down 78.5% YoY on account of a high base. Ex-MDO order backlog declined by 9.5% YoY to Rs 133.8 billion. Level one position at the end of Q2 FY24 stood at Rs 18 billion plus. Power Mech has raised Rs 3.5 billion via QIP at a floor price of Rs 3,881.17/share on October 23, 2023. We believe that the outlook over the short to medium term remains robust on the back of healthy order booking and pick-up in international business going ahead, but execution remains key. Further, the company’s margin profile will improve gradually going forward as the share of MDO revenue kicks in (which is margin accretive). We continue to maintain a 'Buy' on Power Mech with a revised target price of Rs 4,665 (versus Rs 4,705 earlier), valuing it at 10 times September-25E earnings. Click on the attachment to read the full report: DISCLAIMER This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime. Users have no license to copy, modify, or distribute the content without permission of the Original Owner.	Stocks Trading & Speculation
Vedanta Is Working With JPMorgan To Advise On Business Overhaul The development suggests Vedanta is progressing on its plans to simplify the complex financial structure. (Bloomberg) -- Vedanta Group is working with JPMorgan Chase & Co. to advise on an overhaul of the Indian conglomerate announced in September, according to people familiar with the matter, who requested anonymity discussing private matters. The development suggests billionaire Anil Agarwal’s energy-to-metals group is progressing on its plans to simplify the complex financial structure. The group is also seeking funding to repay around $3 billion of dollar bonds due over the next two years. Vedanta is in advanced talks to raise a $1.25 billion private loan to help meet its refinancing needs, Bloomberg reported earlier this month. “A demerger of this size and scale needs to go through multiple processes including stock exchange notifications,” a Vedanta spokesperson said. “We are in the process of appointing advisors, which will be finalized in due course, after initial regulatory approvals.” A JPMorgan spokesperson declined to comment. READ: Vedanta Nears Deal to Raise $1.25 Billion Via Private Loan --With assistance from Swansy Afonso and Preeti Singh. ©2023 Bloomberg L.P.	Banking & Finance
The government made Â£2.4bn by selling mortgages from collapsed lenders to investment firms, a report funded by Martin Lewis has suggested. Some 200,000 mortgages were sold to firms which cannot offer new deals. Many homeowners are stuck on high rates as other lenders will not accept them. The founder of the MoneySavingExpert website is calling on the government to free so-called "mortgage prisoners". The Treasury said it would consider all proposals put forward. Samantha has been stuck with her mortgage since the 2008 financial crisis. She told the BBC her payments, which were Â£546 a month last year, are due to rise to Â£952 next month. "I spend my whole time panicking, worrying all the time," she said. "I don't sleep most nights." Mr Lewis said: "This report lays out starkly that the state sold these borrowers into poverty, knowing it could cause them harm, and made billions doing it. "The result has destroyed lives. People have been left in financial, physical and mental misery, exacerbated by the pandemic and cost of living crisis ripping through their already dire situations." Trapped Samantha got a mortgage on her two-bedroom terraced house with her ex-husband in 1998, and re-mortgaged with Northern Rock two decades ago. When the bank collapsed, her loan was one of thousands sold by the government to so-called "closed book" lenders. These are largely investment firms that are not regulated to offer new mortgages, which means people with loans can't get a cheaper rate through them. Moving to a different, cheaper mortgage is almost impossible for many because they don't meet strict lending criteriaÂ broughtÂ inÂ followingÂ theÂ crisis. 'Ruining my life' Samantha, who works as an office manager in Swindon, has an interest-only mortgage on Â£150,000. The Bank of England has been hiking interest rates, but her lender has also been raising rates independently as well, she said. The rate increased to 8.14% this month, from 7.69% last month, she said. "I borrow money all the time off my mum," Samantha said. "I shouldn't have to be like this just for a mortgage." She said hikes in the cost of living have heaped "massive" pressure on her, to the extent where she can't afford to go to the hairdressers, or to spend even small amounts on presents. People ask her why she doesn't just sell her home, but she says that would be to lose everything, and she wouldn't be able to get another mortgage. "It's so hard," she said. "It's the bane of my life. It's ruining my life." 'Sold by the state' The report, which the website's founder Martin Lewis commissioned from the London School of Economics, puts forward costed solutions to the problem. It said the government could offer free financial advice and loans to mortgage prisoners. As a fall-back option, it could guarantee loans from other mortgage lenders. The report suggested that measures to solve the problem would cost between Â£50m and Â£347m over 10 years. The Treasury said that it had "already taken steps with the Financial Conduct Authority [FCA] to update mortgage lending rules, removing the barrier that prevented some mortgage prisoners from being able to switch". "We are open to further practical and proportionate solutions to help mortgage prisoners, working with the FCA and industry to carefully consider all proposals put forward," a spokesperson said. The FCA said: "We recognise the difficult circumstances faced by affected mortgage borrowers, who cannot switch and could benefit from doing so. "We removed regulatory barriers to switching and set clear expectations for firms to support borrowers in financial difficulty and the fair treatment of vulnerable customers," it said.	Real Estate & Housing
L&T Finance To Trim Bank Borrowing To Whittle Spike In Cost Of Funds L&T Finance has said it will cut its borrowings from banks and instead increase its loans from the markets through instruments such as NCDs in response to the Reserve Bank's hiking of the risk weightage on unsecured consumer loans. Leading non-banking player L&T Finance expects its cost of funds to marginally rise by 12-14 basis points due to the recent RBI action related to unsecured credit, and also plans to reduce borrowings from banks. L&T Finance has said it will cut its borrowings from banks and instead increase its loans from the markets through instruments such as NCDs in response to the Reserve Bank's hiking of the risk weightage on unsecured consumer loans. "To contain the impact of this on margins, the company will increase its borrowings from markets through debt securities (NCDs), Commercial Papers (CPs) and even external commercial borrowings," L&T Finance Managing Director and Chief Executive Dinanath Dubhashi said. Further, it will reduce borrowing from banks, which is around 33% of its total loans, Dubhashi said on the sidelines of the national banking summit Fibac here. "We see the cost of funds rising 12-14 bps following the RBI action and to tide over the impact of the same on margins, we will be gradually diversifying our market borrowings and reduce the reliance on banks," Dubhashi, who retire in January, said on Wednesday. But he was quick to add that while the marginal spike in the cost of funds will be over the next one year, the impact on Net Interest Margins (NIM) will be lower as the increase will be selectively passed on to unsecured consumer lending borrowers. "'We'll bring down our bank borrowings only gradually as our relationships with banks are long-term and not fair weather friends that today we move out of banks and tomorrow again we come back to them," Dubhashi said. Its unsecured consumer loans account for about Rs 6,500 crore, or 8% of the total loan portfolio, Dubhashi said, adding that all of this is above the Rs 50,000 ticket size. Retail loan book rose 33% to Rs 69,417 crore from Rs 52,040 crore in the September quarter. Currently, bank borrowing accounts for 32-33% of the funding profile and its NIM stood at 12.1% in the July-September period, he said. The company's capital adequacy ratio stood at a comfortable 25.16%, of which Tier-1 capital was 22.99%, ensuring it does not need to raise equity capital for another 4-5 years, he said. Credit bureaus and some lenders have flagged increasing delinquencies in small-ticket unsecured loans, especially those below Rs 50,000. According to a recent Cibil report, gross Non-Performing Assets (NPAs) in such loans are around 8.5%, while the same on those above Rs 50,000 are about 2.6%. Citing reports, Dubhashi said the overall unsecured loans are around Rs 11 lakh crore, of which loans below Rs 50,000 are only about Rs 24,000 crore. In the September quarter, the company reported a 46% rise in net income to Rs 595 crore, as it achieved highest-ever quarterly retail disbursements of Rs 13,499 crore, a growth of 32% on-year. Its retail portfolio mix stands at 88% of the total loan book, even as it continued to reduce the wholesale book by 76% on-year or by Rs 28,740 crore.	Banking & Finance
- The Consumer Financial Protection Bureau fined Toyota's U.S.-based financing firm $60 million for illegal lending practices. - Toyota Motor Credit Corporation made it difficult for consumers to cancel add-on products that cost an average of between $700 and $2,500 per loan. - The firm also violated the Fair Credit Reporting Act by failing to correct inaccurate information given to credit reporting agencies, according to the CFPB. "Toyota's lending arm illegally withheld refunds, made borrowers run through obstacle courses to cancel unwanted services, and tarnished their credit reports," said Consumer Financial Protection Bureau director Rohit Chopra. Toyota Motor Credit Corporation, or TMCC, violated the Consumer Financial Protection Act by preventing customers from canceling loan add-ons that cost on average between $700 and $2,500 per loan, according to a consent order. It also failed to ensure refunds for voided services. TMCC is "one of the largest indirect auto lenders in the country," the CFPB noted in a statement on the fine. TMCC is ordered to pay $48 million in consumer redress and a $12 million civil money penalty to the CFPB's victims relief fund. The order also prohibits incentives for employees to sell add-on products. "Given the growing burdens of auto loan payments on Americans, we will continue to pursue large auto lenders that cheat their customers," Chopra said. The company "admitted no wrongdoing but agreed to the terms of the consent order with the Consumer Financial Protection Bureau to fulfill our commitment to continually provide ever-better service to our customers," Vincent Bray, senior manager of corporate communications for Toyota Financial Services, told CNBC. Between 2016 and 2021, over 118,000 consumer calls to cancel add-on services were directed to a "retention hotline" where, after efforts to dissuade cancelations, consumers were told that only written requests would be honored, the CFPB found. Examples of add-ons include Guarantee Asset Protection, or GAP, to cover the difference between what is owed and what insurance pays in the event of a vehicle accident or theft; Credit Life and Accidental Health (CLAH) to cover a remaining loan balance if the owner dies or becomes disabled; and vehicle service agreements to reimburse for unwarrantied parts and services. TMCC did not refund prepaid GAP and CLAH premiums to customers who paid off loans or ended leases before the contracts ended, according to a release. It also miscalculated refunds for consumers who canceled their vehicle service agreements. The firm was also found to have violated the Fair Credit Reporting Act, which protects information provided on consumer reports, by failing to promptly correct inaccurate information it gave to credit reporting agencies about delinquent returns of leased vehicles, according to the order. "In most instances, TMCC has already addressed the areas of concern cited by the Bureau," said Bray, the Toyota spokesman. "We will continue to enhance our practices to deliver the best possible customer experiences."	Banking & Finance
The UK’s poorest families have endured a “frightening” collapse in living standards over the past year as a result of soaring energy and food prices, with nearly two-thirds experiencing extreme levels of poverty and deprivation, a survey has found. The annual survey of frontline poverty and social services professionals by the Buttle UK charity reported unparalleled concern about the prevalence and consequences of hunger and mental illness in struggling and vulnerable families affected by the rising cost of living. This year’s survey had received some of the most distressing accounts of children in need it had ever seen, the charity said. “We are talking not just about significant hardship but life-changing and life-limiting deep poverty.” One respondent, noting the parental neglect and domestic chaos endured by a child she visited once a week for “emotional wellbeing” sessions, reported the child had no shoes that fitted her, was frequently excluded from school, and had been caught stealing an apple from the local shop because she was hungry. The respondent added: “She has no friends in school and no outside interests. She spends her time in a cold, dark house. When I read this back it sounds like a story from the 1800s. It’s unbelievable that in the UK, in 2023, there are children living like this.” Respondents to the survey reported that more than half of the families they worked with had been unable to afford food, heating, rent, or online access, with just under half going without basic domestic appliances. Nearly two-thirds had used food banks. Another respondent wrote that they worked with a child “who lives in a cold, dark house due to their parents being unable to afford to heat or light the home. A child that does not want to go to school because they are worried about their parent’s physical and mental wellbeing. A child isolated from friends, as they cannot afford to attend their friends’ birthday parties, as their parents cannot afford a small present for the party.” Although most families relied on a range of local authority support services, respondents said services had often either been cut back or were unable to meet demand, with mental health and homelessness support worst affected. Charity food banks were the only service reported to have increased capacity. The children affected had poor levels of health, wellbeing and hygiene, as well as isolation and emotional and physical abuse. Many respondents reported the young people they worked with had struggled to engage with education. “Children will refuse school if they are noted to be different, hungry, dirty, smelly, tired, no friends, struggle to maintain relationships, singled out, no support for mental health, struggle to get assessments or extra support needed to reach their potential,” one said. Buttle UK surveyed 1,240 professionals working in child protection, family support, housing, homelessness, and schools in April and May. Between them they were working with about 200,000 children across the UK. Of this group, 120,000 (60%) were reported to be in destitution. Joseph Howes, the chief executive of Buttle UK, said: “The increase in children and young people living in destitution is stark and worrying. A child poverty strategy is needed to support in the longer term, but changes can be made now to pull hundreds of thousands of children out from the destructive grip of poverty.” A government spokesperson said: “There are 400,000 fewer children in poverty since 2010 – but we know cost of living pressures are squeezing families’ budgets, which is why we’re providing record financial support worth an average £3,300 per household and bearing down on inflation to help everyone’s money go further.”	Inflation
Rishi Sunak is set to fight the next election with the Tories having raised taxes by more than any government since records began. According to the Institute of Fiscal Studies (IFS) taxes will soon amount to around 37% of national income, up from around 33% at the time of the last election in 2019. That equates to £3,500 more tax per household in just four years. The next election is expected to be held next spring or autumn, but in theory Sunak could delay it until January 2025. On current forecasts, the IFS said, there was “no world” in which this parliament - or the period since Sunak entered No.10 nearly a year ago - will be anything other than a tax-raising one. Today’s analysis is likely to further upset Tory MPs who have been demanding Sunak urgently cut taxes. In a major intervention last week, Liz Truss urged her successor to slash taxes including reducing corporation tax back down to 19%. But Jeremy Hunt has warned tax cuts are “virtually impossible” given the level of the UK’s long-term debt. The chancellor has said his Autumn Statement in November is likely to include even more “difficult decisions”. Ben Zaranko, a senior research economist at the IFS, said it was “inconceivable” that Sunak would end up having cut taxes overall by the time the country goes to the polls. “It looks nailed on to be the biggest tax-raising parliament since at least the Second World War,” he said. He added: “This is not, for the most part, a direct consequence of the pandemic. “Rather, it reflects decisions to increase government spending, in part driven by demographic change, pressures on the health service, and some unwinding of austerity. “It is likely that this parliament will mark a decisive and permanent shift to a higher-tax economy.” Mark Franks, the director of welfare at the Nuffield Foundation, said demographic change combined with slow economic growth was creating “an almost inevitable increase in tax”. “There will be strong pressure in coming parliaments to raise taxes further to meet growing demand for public services such as healthcare,” he said.	United Kingdom Business & Economics
I’m 63 and have zero retirement, just Social Security benefits. How can I begin saving? And where can I begin investing this late in the game? -Rita Saving for retirement is certainly easier and has a greater impact on you the earlier you begin, which you seem to understand. The longer you wait, the less time you have to put aside money. Additionally, the compounding effects from interest, dividends and growth have less time to work for you. Regardless of how late you start, however, I don’t like the idea of broadly classifying it as being “too late.” I worry that if someone thinks it is simply too late to start saving for retirement, it’s easy to slide into the thought that it isn’t worth planning at all. That part isn’t true and believing it will leave you worse off. Yes, you need to be realistic about your retirement expectations such as when you can afford to retire or the type of lifestyle you’ll be able to maintain. But that doesn’t mean there isn’t anything you can do to make your retirement better. A financial advisor may help you identify and understand retirement income strategies. Start Saving If someone starts saving at 63, it’s a pretty safe bet that they should be saving everything they reasonably can. I can’t say how much that is for you because I don’t know you or your situation, but give some serious thought to what that amount would be. You still need to eat, pay your bills and have a life. But come up with an amount that you can put aside and commit to it. An added benefit of going through this exercise is that you may find ways to cut expenses from your budget. If you can get used to living on a smaller budget before you retire, it will make your transition easier and more financially viable. Are you likely to amass a large savings balance by the time you retire? No, but it will be more than the $0 you have saved now. I’ll give you an example. Let’s just assume that you’ll max out an individual retirement account (IRA) each year. That’s $7,000 per year since you qualify for the 50 and older catch-up contribution. Let’s say you work until you are 70 and ignore the potential maximum contribution limit increases. Over the next seven years, you’ll have saved $49,000. Depending on how you invest and the rate of growth on those investments, your account could grow beyond that. For example, at an annual growth rate of 3%, your final balance could reach $53,637. With a higher annual growth rate of 9%, your balance could reach $64,403. Are any of those amounts enough to send you on a European river cruise every year? No. Would having that much money accessible to you provide you with an additional layer of security? Yes. So no, it isn’t too late to start. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now. Plan for Other Income Regardless of what you commit to saving now, it is unlikely that your savings alone will support you. I don’t say that to be discouraging. In fact, I say that so you don’t get distracted by it or become frustrated with your progress and give up. Instead, view any amount of savings you accumulate going forward as an improvement from your current situation. Next, think about the other sources of income you might have in retirement. Calculate Social Security Let’s start with Social Security because the odds are that you are covered, and if you are, it will be the biggest source of income you have once you retire. You need to make the most of it. That may mean waiting for as long as you can to file, so you can take advantage of the delayed credits. Here is how that works: For each full year past your normal retirement age that you wait before claiming, up to age 70, your monthly check goes up by 8%. It sounds like you were born in 1959. If so, your normal retirement age is 66 and 10 months, and if you wait until 70 to claim you’d get an extra 25.3%. On top of that, your Social Security benefit offers some protection from inflation because of the annual cost of living adjustment. While I certainly think there’s a lot to be gained by waiting, and you should strongly consider it, don’t just assume that you should wait until 70 and certainly don’t make that decision based on what I’ve said here alone. Current financial needs, health concerns or your family history may provide ample reason to file before then. The point I want to make here is that Social Security is likely a very important component of your retirement, and you should give considerable thought to your filing strategy. Consider Part-Time Work If you are able, planning to have a nontraditional retirement may be something you want to consider as well. Income from part-time work coupled with your Social Security benefit could be all you need to live comfortably. It will certainly make your savings go further. More retirees are opting for this type of arrangement than have in previous generations. Often, it’s not even for financial reasons but to have social interaction and a sense of purpose. What to Do Next Be realistic about what starting now means for your retirement lifestyle and consider these options for funding retirement. Brandon Renfro, CFP®, is a SmartAsset financial planning columnist and answers reader questions on personal finance and tax topics. Got a question you’d like answered? Email AskAnAdvisor@smartasset.com and your question may be answered in a future column. Please note that Brandon is not a participant in the SmartAdvisor Match platform. Investing and Retirement Planning Tips If you have questions specific to your investing and retirement situation, a financial advisor can help. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. As you plan for income in retirement, keep an eye on Social Security. Use SmartAsset’s Social Security calculator to get an idea of what your benefits could look like in retirement. Photo credit: ©iStock.com/katleho Seisa, ©iStock.com/Edwin Tan The post Ask an Advisor: I’m 63, Have No Retirement Savings and Will Rely on Social Security. How Do I Begin Saving? Is It Too Late to Start Investing ‘This Late in the Game’? appeared first on SmartAsset Blog.	Personal Finance & Financial Education
Lagarde Sees ECB’s Inflation Fight Going Well Ahead Of Decision On the economy itself, she remarked that employment is holding up, but is showing signs of weakening, according to the people. (Bloomberg) -- European Central Bank chief Christine Lagarde reckons the fight against inflation is going well but the lack of a regional deal on fiscal rules is turning into a headache, according to people familiar with the matter. In a call on Monday, she told the presidents of the European Commission, the European Council and the Eurogroup that the euro-zone economy faces stagnation for the next few quarters and downside dangers, though risks to prices have become more balanced, the people said, insisting on anonymity as the discussion was confidential. Lagarde’s sense of confidence in the progress against inflation contrasts with recent comments suggesting underlying price growth remains “elevated.” On the economy itself, she remarked that employment is holding up, but is showing signs of weakening, according to the people. The ECB chief observed that markets tend to instantly react to European divisions over the Middle East or other such stances, and said spreads between different countries will be wider if the bloc doesn’t coalesce more, the people said. She complained that not having an agreement on how to interpret the EU’s Stability and Growth Pact in time for January, when the rule limiting deficits to 3% of output will be reinstated, is a problem because it risks putting pressure on monetary policy to do more. Paschal Donohoe, who leads the Eurogroup of finance ministers, responded that the stakes are really high to reach an accord this year, and it’s doable but very hard, according to the people. Meanwhile, he pledged to ratchet up pressure on Italy to ratify the European Stability Mechanism treaty, saying there’s a real risk the step won’t happen and other governments can’t currently use that rescue tool if a banking crisis happens, they said. Donohoe said the issue will be raised at this week’s EU summit. On that and on the fiscal talks, he reckons the country needs to make an effort, according to the people. European Council President Charles Michel said it will be very difficult to reach a compromise on the fiscal rules as positions remain far apart. The remarks provide a crucial insight into discussions between top officials just days before an ECB meeting where officials are expected to keep interest rates on hold after 10 straight hikes, and an EU leaders’ summit. Spokespeople for the ECB, and for Donohoe and Michel declined to comment on the contents of the call. More stories like this are available on bloomberg.com ©2023 Bloomberg L.P.	Inflation
I was talking to a friend of mine recently who explained that he just isn't interested in socking money away for retirement -- so much so that he's nearing his mid-40s with only a few thousand dollars saved. His logic is that he's alive and healthy now, but who knows how long he'll live or whether he'll be able to get out and about as a senior? As such, he'd rather spend his money enjoying life in his 40s than worry about paying bills in his 60s and beyond. I happen to think that his approach to retirement is pretty reckless. And trust me when I say that I tried imploring him to start prioritizing retirement savings to some degree or otherwise risk being truly cash-strapped later in life. But I can also admit that I didn't always have the healthiest approach to retirement savings, either. There was a period in my life years ago when I found myself growing increasingly anxious about retirement -- so much so that I pledged to sock away every spare dollar I could get my hands on. During that time, I maxed out my retirement account. And when I was done doing that, I put my extra money into a brokerage account for long-term savings purposes. Now I won't say that I did things like skimp on food and electricity to be able to save aggressively for retirement. But I know there were several years when I cut back on things like leisure spending in a very big way to give my nest egg a boost. And looking back, I recognize that I really went overboard. There is such a thing as saving too much You'll often hear that there's no such thing as having too much money for retirement. But I happen to disagree, to an extent. I think there is such a thing as over-saving, and I think saving at the expense of your near-term happiness is far from optimal. Now if you're in a position where money is very tight and you have to choose between saving $1,000 a year for retirement versus spending that money on leisure, then unfortunately, the former should win out. That's because you're going to need some savings to live on in addition to Social Security. But let's say you're someone who's already saving a good 20% of your income for the future. Should you really be denying yourself near-term luxuries to be able to make it 25% or 30%? The one thing I do agree with my friend on is that nobody know what the future has in store. So it's not actually a great idea to keep putting off goals in the hopes that you'll accomplish them later on. My friend could be saving thousands of dollars a year for retirement, but instead, he opts to take that money and use it to travel. He doesn't care if he's unable to travel in retirement due to being short on funds because, as he puts it, who knows if it'll even be an option? I think there's a middle ground between saving for retirement so aggressively that you're not enjoying life at present, and not saving at all because you don't know what the future holds. In my friend's case, I'd say split the difference. Rather than travel to the tune of $15,000 a year, take half of that money and stick it into a 401(k). Take the other half and enjoy whatever new destination is on your radar. It's all about striking a balance These days, I don't save for retirement quite as aggressively as I once did. I still put away a nice chunk of my income, but I let myself spend more freely on the things that bring me joy. It's important to set yourself up with savings for retirement because living on Social Security alone could mean struggling immensely to cover your costs. But that doesn't mean you have to put every single penny of yours into an account that's earmarked for retirement. And if you learn to strike a good balance, you may find that you get the best of both worlds -- near-term fulfillment and long-term peace of mind.	Personal Finance & Financial Education
Most Americans say they don’t feel financially secure: survey Most Americans in a new survey released on Thursday said they do not feel financially secure. The survey from finance company Bankrate found that just 28 percent of Americans said they feel completely financially secure, compared to 72 percent who said they do not. While 46 percent said they believe they will be financially secure someday, 26 percent said they will likely never be financially secure, the survey found. Men, white Americans and Boomers were all more likely to say they feel completely financially secure, with 30 percent of men, 31 percent of white Americans and 32 percent of Boomers saying as much. However, older generations were also more likely to say that they would never become financially secure compared to younger generations. While 13 percent of Gen Z and 19 percent of millennials said they would never reach financial security, 30 percent of Gen X and 35 percent of Boomers said the same. A large share of Americans blamed the state of the economy for holding them back financially, with 63 percent pointing to high inflation, 48 percent citing the overall economic environment and 36 percent pointing to rising interest rates, the survey found. In order to achieve financial security, Americans polled said they would need to make about $233,000 a year. In order to feel rich, respondents said they would need about $483,000 a year. However, the median income for a full-time, year-round worker in 2021 was $53,888, according to the U.S. Census Bureau. The Bankrate survey was conducted by YouGov from June 5-7 with 2,521 U.S. adults. Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.	Personal Finance & Financial Education
This year was supposed to be one big victory lap for Revolut, the UK’s largest fintech. The firm trumpeted its first ever year of profitability in March, having tripled its earnings year-on-year, and continues to hire at a blistering pace, despite doom and gloom elsewhere in the sector.This was also the year Revolut hoped to earn its UK banking license. Since it began offering prepaid cards in 2015, the firm has amassed 25 million customers and moved into services from crypto trading to international money transfer. It’s now valued at $33 billion. Getting the license would let it expand further, into insured deposits and lucrative lending products like mortgages and credit cards—in short, to behave like a real bank.The latest indication, though, is that Revolut will miss out. On May 18, The Telegraph reported that the Bank of England is preparing to reject the company’s license application, bringing to an unhappy end a process that has now dragged on for more than two years.The Bank of England, which declined to comment, has not issued a formal decision. But a denial, says Stephen Kingsley, a seasoned non-executive director and chair of multiple audit committees at financial institutions, would hitch a “red flag” to Revolut that would damage its growth prospects at home and elsewhere. “It’s quite serious,” he says.A rejection, should one ultimately arrive, is likely to be the consequence of an unflattering “series of own goals” scored by Revolut, says Kingsley. Against the backdrop of the pandemic and now malaise in the banking sector, the application was bound to face clerical delays and additional scrutiny, but a number of Revolut’s wounds have been self-inflicted, he says.The firm attracted criticism over its latest financials, assessed by auditor BDO. When the report arrived on March 1, five months late, it described shortcomings in the company’s IT practices that meant three quarters of its revenues—£476.9 million ($591.6 million)—could not be verified with total satisfaction.Although far from ideal, neither an audit qualification nor a reporting delay is reason in itself to deny a banking license application, says Kingsley. But Revolut’s reaction to the report may have given the regulator pause. The company made a mistake, he claims, in instructing its law firm to explain away the findings in a way that “amounted to a challenge to the auditor’s report”—a move likely to be interpreted by the Bank of England as a lack of respect for oversight. “It’s unheard of,” says Kingsley. “The trouble is that Revolut did not take [the report] seriously. It took umbrage; as if it were an insult rather than a professional observation.”Likely adding to reservations relating to the audit report, says Devin Kohli, co-head at fintech-focused venture capital firm Outward VC, are concerns about Revolut’s organizational and capital structure.A string of executive departures since the start of the year—including the company’s CFO, group COO and head of UK banking—won’t have helped matters, he says, and will have left the Bank of England speculating as to the cause of this turnover. “There’s a concern around why people cannot stay in senior positions for an extended period of time,” Kohli says.Separately, according to the Financial Times, the regulator has taken issue with Revolut’s hierarchical share structure, which it has reportedly demanded the company flatten as a condition of approval. The largest shareholder, Japanese conglomerate SoftBank’s Vision Fund 2, holds so-called preference shares, which bump it to the front of the queue whenever dividends are issued or in the event of a liquidation. The Bank of England wants all shareholders to be treated equally, but convincing SoftBank to forfeit the right to priority, says Kohli, will be neither simple nor cheap for Revolut. “If you’re the largest shareholder, you’re not going to be happy with that.” SoftBank did not respond to a request for comment.Revolut declined to comment on its reaction to the BDO audit and any ongoing negotiations with shareholders but has said previously that issues identified by the auditor’s report have since been resolved. The fintech is said to be preparing to put out its 2022 financials early, in a bid to dispel concerns about its accounting practices and IT systems, according to the FT.But a banking license application isn't just a tick-box exercise, it's also about image and feel, says Kohli, which means a clean bill of health from BDO is not in itself sufficient. “It’s quantitative and qualitative,” he says. “The qualitative side is about culture and transparency—words the regulator is increasingly focused on. You can’t put numbers on that.”At stake is Revolut’s attempt to overhaul its business model: To transition from a money transmitter that just earns revenue on fees, to a fully-fledged bank that profits on the spread between interest paid to depositors and interest received on loans. With interest rates creeping to levels not seen since 2008, says Kohli, repayments on mortgages and other loans represent a “huge profit-driver” for private banks. Revolut has a “very large client base it could drop a lending book into,” he says, but not without a banking license.Revolut’s “one app, all things money” vision, an attempt to replicate the success achieved in China by superapp WeChat, is also in question. The aim is to supply a full gamut of financial services—from current and savings accounts, to mortgages and credit, to trading and payments—from within a single interface. Without the ability to lend, though, the vision is diluted.The consequences of a rejection would spill outward into other territories too. A UK banking license could also be an express ticket into other major markets, like the US and Australia. But by the same token, says economist Frances Coppola, who previously worked for HSBC and various other banks, a formal rejection in the UK would not be met well by other regulators. “It’s going to cramp their style,” she says.There has been rumor of hand-wringing among UK government ministers, under pressure to preserve the country’s status as a fintech hub, over the possibility that Revolut may opt to redomicile if spurned by the Bank of England. But Coppola and Kohli say such a drastic step is unlikely, given the size of its local customer base and the likelihood of encountering similar barriers elsewhere. If Revolut imagines it’ll get an easier ride from other regulators, says Coppola, “it’s mistaken.”Under a license issued by the Bank of Lithuania, Revolut can operate as a bank within the EU. It currently provides banking services in 28 EU countries. But in the UK, its largest market, a rejection would bring about an identity crisis of sorts. If money transmission is not sufficiently scalable, and banking off the table, Revolut will need to find new lines of business to achieve its growth objectives.A possible outcome would be that Revolut presses into new banking-adjacent services, Coppola speculates, to offset the lost revenue opportunities. That might involve stretching deeper into cryptocurrency, beyond simple trading and payments, she says, or other services that occupy the gray areas just shy of requiring a license.Kohli agrees: Revolut will have to “reassess what it’s trying to achieve,” he says. If constrained from a regulatory perspective in the UK, it will have to “find another way” within the bounds of its existing e-money license to finesse its way to superapp status. Revolut did not respond to a request for comment.The challenge will be in keeping regulators sweet in the process. “It’s a fast train,” says Kohli. “Before people board, regulators want to make sure it’s not going to crash.”	Banking & Finance
Jeremy Hunt has said there is the chance to lower taxes in the autumn statement next week, arguing the economy had "turned a corner". Ahead of Wednesday's financial announcement, the chancellor said that as inflation had halved over the year, "this is the moment" to focus on growth. But he argued that there is a need to "reform our welfare system" and the "priority" is helping firms. Mr Hunt is also considering slashing inheritance tax, which would be bound to draw criticism for supporting the wealthy while others struggle with the high cost of living. "The big message on tax cuts is there is a path to reducing the tax burden and a Conservative government will take that path," he told the Telegraph. "It's not an easy path. There are difficult decisions you have to take to get there. "But we believe if we're going to grow the economy, this is going to be an autumn statement for growth, then we have to show the country there is a path to a lower tax economy." Mr Hunt also said he was "personally uncomfortable" with the UK's tax burden, saying: "Taxes are too high and we need to bring that down." The Institute of Fiscal Studies (IFS) said in September that the tax burden is on course to rise from 33% of GDP in 2019 to 37% next year. The group said it would mark the largest jump in the tax burden during a parliament outside of wartime. Mr Hunt pointed to "the most dynamic, energetic, thriving economies" in North America and Asia "where they generally have lower tax burdens" as what he sees as the UK's "benchmark". According to the Telegraph, Mr Hunt and Rishi Sunak could cut inheritance tax from 40% in the autumn statement. HMRC says only 4% of estates paid inheritance tax in 2021. Read more: 'Digital tools' to be used to track benefit claimants IFS: No room for tax cuts or spending increases as recession forecast Conservative former chancellor Lord Clarke said the move may please MPs on the Tory right who are clamouring for tax cuts as the party lags more than 20 points behind Labour in the polls, but others would find it "appalling". Lord Clarke told Times Radio: "Well, it's not the tax cut I would choose. Indeed, I'm not sure he's got any room for tax cuts. "And choosing inheritance tax at the present time might appeal to the Conservative right, but it leaves them open to the most appalling criticisms when inflation and the state of affairs is making poorer people in this country very vulnerable indeed, giving tax relief to those families that are lucky enough to have members of it with capital above the limit through inheritance tax and pay any significant amount of tax on the inheritance. "And I'm not sure that the economic and financial state of the country justifies it." Labour leader Sir Keir Starmer said he would wait to see what is in the autumn statement before commenting on any plan to cut inheritance tax, stressing that he wanted to see "a serious plan for growth". When asked explicitly by the Telegraph if tax cuts will feature in his budget, Mr Hunt did not directly respond. He said: "Without pre-empting the decisions that the prime minister and I make, this is an autumn statement for growth. It's a turning point for the economy." On Friday, Mr Hunt said the best way to reduce the "tax burden for everyone" is to grow the economy, touting manufacturing as part of the "next part of the economic plan". Elsewhere in the Telegraph interview, Mr Hunt said he would stand as an MP at the next election, despite speculation that he could quit. The Liberal Democrats are eyeing the Surrey seat he will contest. "I'm aware that it's the fight of my life, but I'm up for that fight and I'm very confident that I will be back in parliament after the next election," he said.	United Kingdom Business & Economics
Grant Shapps has condemned the “absolutely disgraceful” decision by Coutts to close Nigel Farage’s accounts. New documents, provided to The Telegraph newspaper by the former UKIP leader, appear to show the bank opted to close Mr Farage’s account after it was decided his views “do not align with our values”. A dossier detailing Mr Farage’s comments about Brexit, his friendship with Donald Trump and his views on LGBT rights was considered by a reputational risk committee. The former Brexit party leader was ultimately “exited”. Writing in The Telegraph, Mr Farage railed: “I believe Coutts targeted me on personal and political grounds, for its report reads rather like a pre-trial brief drawn up by the prosecution in a case against a career criminal.” The BBC had previously suggested the Brexit leader fell below the financial threshold needed to hold an account with Coutts. Responding to the news this morning, Mr Shapps, the energy security and net zero secretary, told Sky News: “I think it’s absolutely disgraceful. I don’t have to agree with everything Nigel Farage says to recognise that free speech is a very, very important part of our domestic life. “What’s happened through some of these banks with the regime which is known as the PEP regime is really actually scandalous. People shouldn’t have their banks closed because of their political or any other view, and banks shouldn’t be refusing to open accounts on that basis as well.” Mr Shapps was referring to Politically Exposed Persons or PEPs, who are individuals around the world deemed to “prominent public functions”. Currently, the law recognises the risk of PEPs abusing their positions for private gain and using the financial system to launder the proceeds of this abuse. UK law requires “gatekeepers” to the financial system to perform enhanced checks on PEPs, their families and their known close associates. Firms need to have measures in place to identify PEPs, assess the level of risk they pose, and manage the relationship appropriately. Asked if the law might need to change in light of Mr Farage’s case, Mr Shapps continued: “It may be. We’ll do whatever is required. But I think in the first place, the Financial Conduct Authority needs to get a grip of this. “And I know that ministers in the Treasury, Andrew Griffiths in particular, is actually acting on this, so we can expect to see more.” This morning, shadow levelling up minister Alex Norris was also asked if MPs should legislate on the matter. He said: “Details are just emerging. We do know the regulator for banking is rightly challenging — I’ve spent the week battling my bank on PEP restrictions – and it’s right they’re doing the process properly.” He added: “I’d want to know what problem we were solving before we were saying that new legislation was necessary, and I dare say the facts we will soon find out in the days and weeks to come.” Commenting on Mr Farage’s run-in with Coutts earlier this month, prime minister Rishi Sunak said the right to free speech had to be respected “and that should not be an excuse to close anyone’s account”. In his Telegraph piece, Mr Farage wrote: “The most extraordinary comments of all are the areas of the report talking about me ‘not aligning with [Coutts’s] views’ and suggesting I must be barred because I do not support the diversity, policies and ‘purpose’ of Coutts, as though Britain is a political regime and I am a dissident”.	Banking & Finance
The government is considering pay increases of between 6%-6.5% for public sector workers, the BBC understands. Official pay review bodies for employees including teachers, junior doctors and police have recommended the pay rise. Inflation to May was 8.7%. The prime minister and chancellor are expected to meet this week or next to decide whether to accept the rises. Government sources have told the BBC any rises over 3.5% would need to come out of existing departmental budgets. There have been reports the Cabinet is split over what to do next. Several cabinet ministers, including the health secretary and education secretary, have pushed internally for the review bodies' recommendations to be accepted, according to the Times. Mr Sunak says pay awards should be "responsible" to avoid making inflation worse. He has made tackling rising prices his top political priority. Ministers have had the recommendations from pay review bodies for weeks. The BBC has been told that all of the independent bodies, which cover a range of jobs, have all recommended pay rises of between 6% and 6.5% percent for public sector workers. A decision not to accept the recommendations would prompt fresh tensions with unions, raising the prospect of continuing public-sector strikes. Submissions from departments to the pay review bodies said they could only afford rises around 3.5% from within their own budgets. But it's expected the PM and Chancellor Jeremy Hunt will tell ministers any awards higher than this will have to be funded through cuts or savings elsewhere in their own departments. Mr Hunt ruled out funding pay rises with government borrowing, during an interview on ITV1'S Peston. Increasing public sector pay through borrowing would "pump billions of pounds of extra money into the economy" leading to businesses "putting up their prices" and driving further inflation. In a speech to leading figures from finance and business at the Mansion House this week, he said: "Borrowing is itself inflationary." It comes at a time when businesses, as well as households, are being hit by higher costs due to inflation remaining stubbornly high in the UK. Speaking at a news conference at the Nato summit in Lithuania, Mr Sunak said his decision about pay would be guided by "fairness" to public sector workers and taxpayers, as well as "responsibility". He said he didn't want to do anything that would "fuel inflation, make it worse or last for longer". Speaking on Monday during a visit to Avon and Somerset police force, Home Secretary Suella Braverman would not answer directly whether the government should abide by recommendations on public sector pay. Praising police officers, she said: "They do incredibly heroic work, day in, day out, and they save lives and it's right that we properly reward them for their sacrifice and their dedication. "We know that there's an ongoing process - it is a decision for the whole of government. "I don't want to pre-empt that process and the conclusions of that consideration, but it's right that we properly reward frontline police officers and bear in mind that we're in a very challenging situation, economically." Taxing decisions Mr Sunak has previously pledged to halve inflation this year to about 5%, as part of his top five priorities since becoming prime minister. The rate at which prices are rising remained unchanged at 8.7% in May, despite predictions it would fall. Persistent inflation levels would make it hard to cut taxes before the next election, Chancellor Jeremy Hunt said in an interview with the Financial Times. But Mr Sunak said he and the Chancellor were "completely united on wanting to reduce taxes for people". "But the number one priority right now is to reduce inflation and be responsible with government borrowing," he added. What are pay bodies? Almost half of public sector workers are covered by pay review bodies, including police and prison officers, the armed forces, doctors, dentists and teachers. The pay review bodies are made up of economists and experts on human resources, with experience in both the public and private sector and are appointed by the relevant government department. Their recommendations are not legally binding, meaning the government can choose to reject or partially ignore the advice, but it is usually accepted. Some agreements have been reached, including a pay settlement for more than a million NHS staff in England.	Inflation
- Consumers can buy two types of life insurance: term or permanent. The latter category includes whole life and universal life. - Term life insurance is generally the best option for most people since it's the most cost-effective, say financial advisors. - Yet, 60% of policies sold in 2021 were permanent policies, while 40% were term, according to the American Council of Life Insurers. There are two broad categories of life insurance — and data suggests many households aren't buying the most cost-effective one. Americans bought 4.1 million term insurance policies in 2021, accounting for 40% of all individual policies purchased that year, according to most recent data from the American Council of Life Insurers. About 6.3 million policies, or 60%, were permanent life insurance. But this doesn't seem to jibe with financial advisors' general recommendation. "Most people just need term insurance," said Carolyn McClanahan, a certified financial planner based in Jacksonville, Florida, and a member of CNBC's Advisor Council. More from Personal Finance: How many credit cards should you have? The answer isn't zero Americans think they will need nearly $1.3 million to retire Republicans, Democrats divided on Social Security reform Life insurance is a form of financial protection that pays money to beneficiaries, like kids or a spouse, if a policyholder dies. "Term" insurance only pays out a death benefit during a specified term, perhaps 10, 20 or 30 years. Unless renewed, the coverage lapses after that time. By contrast, "permanent" insurance policies — like whole life and universal life — offer continuous coverage until the policyholder dies. They're also known as "cash value" policies since they have interest-bearing accounts. Permanent insurance is generally more costly, advisors said. Policy premiums are spread over a longer time, and those payments are used to cover insurance costs and to build up cash value. "Term insurance will probably be the most cost-effective way to address survivor income needs, especially for minor children," said Marguerita Cheng, a CFP based in Gaithersburg, Maryland, also a member of CNBC's Advisor Council. Premiums can vary greatly from person to person. Insurers base them on a policy's face value, and the policyholder's age, gender, health, family medical history, occupation, lifestyle and other factors. There are three main reasons it may make more sense to buy a permanent policy, despite the higher premiums, said McClanahan, founder of Life Planning Partners. This would aim to ensure there's an insurance payout upon death, no matter when that occurs. For example: Some beneficiaries like kids with special needs may need financial help for a long time, and a policyholder's lifetime savings wouldn't be adequate to fund their needs, McClanahan said. Some policyholders may also want to leave a financial legacy for family or charities. Additionally, others may have a relatively minor health complication with the potential to worsen later; at that point, the policyholder may be uninsurable — in which case it'd be beneficial to buy a permanent policy today to ensure coverage later, McClanahan said. Some shoppers buy permanent life insurance for the cash value, thinking they can borrow against that cash value or use it as a retirement savings account. But that's a "horrible reason" to buy a permanent policy, said McClanahan, adding that the primary reason for buying a policy is always for an insurance need. For one, there may be taxes and penalties for accessing a policy's cash value. And withdrawing or borrowing too much money from a permanent policy could cause the policy to lapse inadvertently — meaning the owner would lose their insurance. Policyholders should instead treat the cash value as an emergency fund at the end of one's life — as the last asset someone taps, similar to home equity, McClanahan said. Prospective buyers should consider the "three Ls" when deciding how much life insurance to get: liability, loved ones and legacy, said Cheng, CEO of Blue Ocean Global Wealth. For example: If you die, how much money would you want to leave for liabilities like a mortgage, student loans or auto loans? How much money would loved ones like a spouse and kids need if they were to suddenly lose a policyholder's income? How much would you want to leave as a legacy for causes that are important to you? Thinking about these questions will help guide the term of a policy, Cheng said. Cheng offered her personal situation as an example. She purchased a 20-year term policy with a $750,000 death benefit when all three of her kids were younger than age 18. Her husband also works and has a regular income; if Cheng were to have died prematurely, each child would have received $250,000 to fund their educations. She also bought $250,000 of permanent insurance, earmarked for Cheng's husband, to help pay off their mortgage. Coupling term and permanent insurance policies can help make an insurance purchase more cost-effective than buying just permanent insurance, advisors said. Those buying a term policy should be sure to buy "convertible" term insurance, advisors said. This gives policyholders the option to convert their term policy into a permanent policy once the term has ended, but without having to undergo another round of medical underwriting; at that point, the person may be denied coverage if in poor health.	Personal Finance & Financial Education
Public Sector Banks Get Rs 15,183 Crore Following ED Action Under PMLA: Sitharaman Sitharaman informed the House that as of March 31, 2023, legal suits were filed for recovery against 13,978 loan accounts, action under the SARFAESI Act has been initiated in 11,483 cases, FIRs have been filed in 5,674 cases, and an aggregate amount of Rs 33,801 crore has been recovered. The Enforcement Directorate (ED) has confiscated assets worth Rs 15,186.64 crore under the stringent prevention of money laundering law and almost all of these have been restituted to public sector banks, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday. Replying to supplementary questions in the Rajya Sabha, the minister said specific actions through various legal provisions are being taken against defaulters and as a result, 'huge monies' are going back to the banks. Sitharaman informed the House that as of March 31, 2023, legal suits were filed for recovery against 13,978 loan accounts, action under the SARFAESI Act has been initiated in 11,483 cases, FIRs have been filed in 5,674 cases, and an aggregate amount of Rs 33,801 crore has been recovered. "As of December 1, 2023, assets amounting to Rs 15,186.64 crores under the PMLA have been confiscated by the ED out of which Rs 15,183.77 crores have been restituted to the Public Sector Banks," she said. Chairman Jagdeep Dhankhar asked the minister to explain the meaning 'phone banking' which was mentioned in reply to a supplementary question. Explaining the meaning of the phrase, Sitharaman said "Phone Banking was the method through which political interference (during UPA rule of 2004-2014) spoilt all our banks and drove them to a loss-making situation". ''Phone Banking' was at that time when people would call the banks and say 'so and so will come to seek a loan from your bank, please grant it", meaning that there's no need to look at their eligibility, etc & that the loan must be granted," the minister said. She further said that the heart of the problem was during the 10 years of UPA rule between 2004 and 2014 when calls were made to grant loans to people who were not worthy of getting a loan. "The burden fell on us to sort the Indian banks out with reforms. Prime Minister Narendra Modi sat with all of us, including my predecessor Arun Jaitley (former finance minister). We spent a lot of time understanding where the problem was and worked together with the RBI," Sitharaman said. It must be looked at what contributed to the NPAs and made Indian banks actually have a twin balance-sheet problem which brought down the Indian economy to the 'Fragile Five', she added. Due to the measures taken by the Modi government, the minister said the Indian economy is the world's fastest-growing economy, registering a 7.6% GDP growth rate in the last quarter. Sitharaman also informed the House the Punjab and Maharashtra Cooperative Bank (now merged with Unity Small Finance Bank) has recovered Rs 104.02 crore with active cooperation and support from agencies. Assets amounting to Rs 692.89 crores have been confiscated under the provisions of the Fugitive Economic Offenders Act, 2018, she said. The finance ministry also informed the House that over the last two financial years, the number of non-performing asset (NAP) accounts in the commercial banks has declined from 2.19 crore to 2.06 crore, showing a decrease of 6.2%. Similarly, aggregate outstanding of such accounts (gross NPAs) has declined from Rs 7.41 lakh crore to 5.72 lakh crore during the same period, showing a decline of 22.9%. Further, slippage ratio (fresh slippages of NPAs during the financial year as percentage of standard loans and advances at the beginning of the financial year) of banks has declined from 2.74% (fresh slippages of Rs 2.86 lakh crore) in the financial year 2021-22 to 1.78% (fresh slippages of Rs 2.13 lakh crore) in the financial year 2022-23. Net NPA ratio, Sitharaman said, has come down to 0.95% in 2022-23 for all commercial banks from 5.94% in 2017-18. In the case of state-owned banks, the net NPA has declined to 1.24% from 5.94% in 2017-18.	Banking & Finance

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