Union budget

Transfer of 15 bad loan accounts worth Rs 50,000 crore to the National Asset Reconstruction Company could not be completed within the deadline due to procedural delays, Union Bank of India Managing Director and CEO Rajkiran Rai G on Wednesday said, and assured that the process will conclude by the end of April. In January this year, State Bank of India (SBI) chairman Dinesh Khara had said that the National Asset Reconstruction Company (NARCL) received all approvals to commence operations, and a total of 38 NPA accounts worth Rs 82,845 crore were identified to be transferred to the bad bank in a phased manner. In the first phase, banks agreed to transfer 15 NPA (Non-Performing Asset) accounts worth Rs 50,000 crore by March 31, 2022. Union Bank MD on Wednesday said that the transfer of these stressed assets is expected to take place by this month-end. "We were trying to do that before March 31, but we couldn’t complete all the processes. For the first time, we are doing a … [Read more...] about Rs 50,000 crore loans to be transferred to bad bank by April-end: Union Bank MD

Share to Twitter Share to Linkedin Since the execution of the Maastricht Treaty in 1992 that led to the establishment of the Euro single currency, different European Union countries have faced issues meeting the Treaty’s requirements to maintain the currency, especially the obligation that no country may run a budget deficit greater than 3% of its GDP. An example is Greece, which in 1992 used large amounts of financial gimmickry to claim compliance originally, then often fell into clear violation. In 2012, Greece hoped the EU would give it breathing space to work out its financial difficulties, including a potential default to the International Monetary Fund. Germany, as the strongest member of the European Central Bank, took a very hard line toward any Greek rescue. It insisted that Greece cut its federal budget, regardless of the economic pain that might cause to Greek taxpayers. Germany was concerned that, should a bailout occur, Germany would pay the … [Read more...] about German Stance On Russian Energy Could Affect Future Of The Euro

Share to Twitter Share to Linkedin Next weekend, the G7 will meet in Schloss Elmau - a déjà vu from 2015 when they already met there under German leadership. However, the world has changed significantly in the last seven years. Climate change is no longer a future threat but one that is here, including in Germany where floods caused 180 deaths and billions of damage last year. The world has faced a global pandemic which is not yet behind us, with interest rates and inflation increasing in many G7 countries and elsewhere. Last but not least, Russia invaded Ukraine. Even though in 2015 the G8 had already transformed into the G7, excluding Russia, such an aggression wasn’t one many imagined occurring. Arguably, this could be the moment in history when the G7 sheds its old legacies and dispels doubts about its value in comparison to the G20 which is held in greater regard as the true center of power. As the war in Ukraine risks paralyzing the G20, the G7 may … [Read more...] about This Year’s G7 – A Bad Remake Or A Chef D’oeuvre?

TDS will also be applicable on free medical samples given to a medical practitioner. (Representational image: Nick Sokolov via Unsplash) The new tax-deducted-at-source (TDS) rule for social media influencers is putting a check on gifts, trips and other perks from July 1. The Union Budget has brought in the provision of TDS on benefits received from business or sales promotion activities, which would be applied to social media influencers and doctors. A TDS of 10% would be applied to such benefits. Here are some of the highlights: What is the rule? Close A TDS of 10% would be applied by that agency, company or person who is providing benefits or perquisites that exceed Rs 20,000 in a year to a resident, which arises from the profession or business of that resident. As per the report, the deduction will also be made when the deductor’s gross sale or turnover from business exceeds Rs 1 crore. Further, it will also be applied if it exceeds Rs 50 lakh … [Read more...] about Storyboard18 | Explained: What TDS on freebies for social media influencers and doctors means for brands

(Representative image: Reuters) A day after endorsing Ukraine's candidacy to join the European Union, the bloc's leaders turned their attention to the severe economic turbulence looming over the coming months as the full impact of Russia's war sinks in and the threat of recession rises. The EU's 27 leaders gathered in Brussels to grapple with surging inflation, energy shocks, dwindling business and consumer confidence, and growing budget pressures. The leaders also will have to contend with higher borrowing costs as the European Central Bank prepares to raise interest rates for the first time in 11 years to counter runaway price increases. ECB President, Christine Lagarde, who plans to raise rates next month and again in September, joined the EU summit to discuss the darkening economic outlook. Swedish Prime Minister Magdalena Andersson said, "We are in a difficult situation, its very important that we have this discussion." The EU has spent the previous decade battling … [Read more...] about EU leaders tackle inflation, energy shocks from Russia’s war

- A + A HONG KONG (June 22): A world economy already contending with raging inflation, stock-market turmoil and a grueling war is facing yet another threat: the unraveling of a massive housing boom. As central banks around the globe rapidly increase interest rates, soaring borrowing costs mean people who were already stretching to buy property are finally reaching their limits. The effects are being seen in countries such as Canada, the US and New Zealand, where once-hot residential real estate markets have suddenly turned cold. It’s a sharp reversal from years of surging prices fueled by rock-bottom mortgage rates and government stimulus, along with a pandemic that popularized remote work and sent homebuyers on the hunt for bigger spaces. An analysis by Bloomberg Economics shows that 19 OECD countries have combined price-to-rent and home price-to-income ratios that are higher today than they were ahead of the 2008 financial crisis — an indication that prices have … [Read more...] about World’s bubbliest housing markets are flashing warning signs

Any assessment of a government's performance invariably ends up at the economic door. At the start of Narendra Modi's ninth year as prime minister (PM), it is then pertinent to ask: how has the Indian economy fared so far? Making any straight comparisons between now and May 2014 would be unfair given the impact of the coronavirus pandemic. And even before the pandemic's end, Russia’s invasion of Ukraine upended all calculations again. "No one country today can plan for its recovery...because of these kinds of disturbances. Our recovery, not just of India, but for countries everywhere, will be severely hampered," Finance Minister Nirmala Sitharaman had noted in late February a day after Russia attacked Ukraine. But it must not be forgotten that India has attempted to kick-start its economic recovery multiple times in the last eight years. The first of these was soon after Modi took charge as PM in May 2014. Working in tandem with Raghuram Rajan at the Reserve Bank of … [Read more...] about Modi govt @ 8 | Pandemic hides economy’s past troubles as restart button hit again

You have your eye on a basement remodel and have decided to take out a home equity loan to help pay for it. Now it's time to find a lender that has it all—low interest rates, reasonable fees, and a repayment plan that suits your monthly budget. If you already have a mortgage on your home, it's easy to assume that you should go to that lender for your home equity loan. But is it always the best choice? Here's what you need to know. Key Takeaways Home equity loans use your primary residence as collateral. Your current mortgage lender may offer you a lower interest rate or discounted fees on a home equity loan for keeping all of your loans in one place. Even so, it's worth comparison shopping to make sure you're getting the best deal. How Does a Home Equity Loan Work? A home equity loan is secured using your primary residence as collateral . Your equity is determined by subtracting the amount you owe on your mortgage from your home's current market value. As … [Read more...] about Should You Use the Bank That Holds Your Mortgage for a Home Equity Loan?

- A + A SOFIA (June 22): A no-confidence vote on Wednesday toppled Bulgaria's government and Prime Minister Kiril Petkov, who had pledged to tackle corruption and took an unusually strong stance against Russia. Opposition lawmakers brought down the government — which took power six months ago — on a 123-116 vote after the ruling coalition lost its majority over disputes on Budget spending and whether Bulgaria should unlock North Macedonia's EU accession. They accused the government of failing to implement fiscal and economic policies to tame surging inflation in the European Union's poorest member state. Bulgaria now faces possibly its fourth general election since April 2021, putting at risk millions of euros from EU recovery funds and its plans to adopt the euro in 2024. "This vote is only one small step in a very long way," Petkov said following the vote. "What they fail to understand is that this is not the way to win the Bulgarian people." Petkov, a … [Read more...] about Bulgarian government loses no-confidence vote, early elections loom

Dan Nuñez pulls up a video feed on his computer. “Can you see that?” he asks, pointing to some rolling, foggy hills in rural Oregon. The footage was captured seven minutes before Nuñez opened up his browser. Barely perceptible on the screen is a rising plume of smoke. “I would not have caught that,” Nuñez said after hitting replay. “But the AI does.” The artificial intelligence Nuñez is referring to comes from Pano AI, a California startup that makes high-definition cameras to detect, track and manage flames. As the manager of wildfire planning and analytics at Portland General Electric, Nuñez is responsible for doing everything possible, as early as possible, to find and put out fires. A cottage industry in fire detection technology has taken root, especially in the western US, as fires have become more frequent, larger and financially ruinous. PGE so far has installed five Pano cameras, with plans to add 17 more across Oregon this summer. The hardware offers minute-by-minute … [Read more...] about Tech companies want more eyes in the sky for wildfire season