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Share to Twitter Share to Linkedin Floyd Mayweather’s Nascar team is preparing to make waves in its second season of competition. The Money Team Racing — coined after Maywather’s lifestyle brand — just announced it will attempt to qualify for the Daytona 500 with Conor Daly later this month. Mayweather co-owns the No. 50 Chevrolet team with longtime Nascar executive Willy Auchmoody and ONE Entertainment CEO Brent Johnson, who’s Mayweather’s marketing manager. The part-time organization spent several years and the majority of the Covid-19 pandemic to overcome hurdles before qualifying into the 2022 Daytona 500 with Kaz Grala to make its debut. “The Money Team Racing shocked the world by making the Daytona 500 last year and I believe in this team and know we will prepare a great car for this year's race,” Mayweather said in a statement. “Like a fighter who’s always ready to face the best, Conor has the courage to buckle into this beast without any practice … [Read more...] about Floyd Mayweather’s The Money Team Racing Prepares For Second Nascar Cup Series Season

Share to Twitter Share to Linkedin Topline Pressure is mounting from Republicans and some Democrats in Congress to pass a national ban on TikTok, the social video app owned by Chinese company ByteDance which has already been banned on federal devices and some college campuses over privacy concerns. Key Facts TikTok has faced calls for bans from critics who fear China may use the platform to access the data of American users. Criticisms of the social platform intensified in the fall after reports revealed ByteDance repeatedly accessed U.S. user data and planned to use TikTok to track the location of specific American citizens ( including Forbes journalists ). ByteDance previously denied it had used TikTok to “target” journalists or public figures, but after an internal investigation revealed employees tracked journalists covering the company, it fired its chief internal auditor who led the team orchestrating the surveillance. … [Read more...] about Will TikTok Be Banned From The U.S.? Here’s Where It Stands.

KEY TAKEAWAYS The U.S. savings rate has plunged, and 401(k) accounts have declined as loans and hardship withdrawals exacerbate market losses. With interest rates rising, consumers appear less likely to borrow money in 2023. As a result, the recent decline in consumer spending may persist. Last year, the highest U.S. inflation in 40 years had an entirely unsurprising effect: shrinking the amount of cash in Americans' pockets—and portending challenges for consumer spending in 2023. From tapping their savings to dipping into their retirement accounts, Americans increasingly scrambled for money as the cost of living soared and the Federal Reserve's interest rate hikes, designed to lower inflation, raised borrowing costs. Nearly half of Americans said they have less savings than they did a year ago, according to a recent Quinnipiac University poll. As cash savings fell, so did retirement accounts: The number of 401(k) retirement participants taking out loans from their … [Read more...] about Cash-Strapped Americans Increasingly Tap Savings, Retirement Accounts

Budget 2023 proposes to sharply increase the tax collected at source rate on money sent overseas under the Liberalised Remittance Scheme to 20 percent from 5 percent. To understand how this will impact you, let us first understand the concept of LRS and TCS. The Reserve Bank of India introduced the LRS in February 2004 to allow Indians to send money outside the country easily. The maximum amount that can be remitted under the scheme has been revised periodically, based on the prevailing macro- and microeconomic conditions: Under the scheme, currently, one can remit up to $250,000 per family member (including minors) in each financial year. So a family of four can remit up to $1 million in a financial year. Money can be remitted overseas for expenses such as: Travel for tourism, business, or employment Education Medical treatment Maintenance of a relative Gifts or donations Remittances are also allowed for capital account transactions like: Opening … [Read more...] about Tax collected at source on foreign remittances: One step forward, two steps back

India’s budget for healthcare saw a marginal increase of 13 percent in Budget 2023-24 from Rs 79,145 crore in 2022-23 to Rs 89,155 crore in 2023-24. Over the last five years of the Modi government, the sector has seen a 27 percent rise in allocations from Rs 62,659 crore in FY20 to Rs 89,155 crore in 2023-24. However, schemes such as Pradhan Mantri Ayushman Bharat Health Infrastructure Mission as well as the Pradhan Mantri Swasthya Suraksha Yojana have seen lesser amounts being allocated to them in this budget. The allocation for one of the flagship schemes of the government — Pradhan Mantri Ayushman Bharat Health Infrastructure Mission, a pan-India health scheme for strengthening healthcare infrastructure — fell to Rs 645.8 crore from the previous budget estimate of Rs 978 crore. The utilisation of the fund has been even lower, with the revised FY23 estimate standing at Rs 281.6 crore. The Pradhan Mantri Swasthya Suraksha Yojana, announced with the objectives of correcting … [Read more...] about Budget 2023: Marginal hike in healthcare allocation, key schemes see cuts

Hassane Kamara of Watford FC looks dejected following their side's defeat in the Premier League match between Manchester City and Watford at Etihad Stadium on April 23, 2022 in Manchester, England. (Photo by Alex Livesey/Getty Images) Hassane Kamara is a high-octane defender at Watford FC in England. He was the club’s player of the year last season despite only joining in January 2022. He’s also emblematic of the financial engineering available to football clubs through the increasingly popular multi-club ownership model. Watford was relegated from the Premier League last summer and Kamara was sold to Udinese of Italy for a profit of about £12 million ($14.4 million). That looked like a great trade — but even better was that Udinese, which is owned by the same Italian family that owns Watford, immediately loaned the player back. No rules were broken and Watford Chairman Scott Duxbury was upfront about the motives, telling the club’s website that the deal aimed to balance … [Read more...] about It’s not just Manchester City. Financial football is becoming more prevalent

BP Plc posted its second-highest quarterly profit on record and announced a further $2.5 billion of share buybacks, capping a stellar period for Big Oil after Russias invasion of Ukraine pushed up energy prices. (Source: Bloomberg) When Bernard Looney took over as chief executive officer of BP Plc in 2020, he promised to quickly decarbonize the British oil major, cutting oil and gas production by 40 percent by 2030 and channeling billions of dollars into wind and solar projects. It was a stronger version of the “Beyond Petroleum” slogan BP once used. On Tuesday, Looney altered course. The company put out some fine words about its commitment to green energy and several billion dollars in investment to back it. But in tandem, it promised shareholders it would invest heavily into oil and gas projects. Instead of a 40 percent output cut, oil and gas production would fall by 25 percent by the end of the decade. Don’t say it out loud — because Looney took pains to emphasise that … [Read more...] about Don’t say it out loud, but BP is back into petroleum

Budget 2023 has proposed to make the new income tax regime as the default one In a major boost to the new income-tax regime, the Finance Minister Nirmala Sitharaman on February 1 proposed to make the new income-tax regime as the default system. A major shift in the way income tax has been provisioned at the salary-payment stage and the return-filing stage has been proposed under the Union Budget 2023 -24. The Government has proposed to make the new income tax regime as the default tax regime. The new tax regime – first introduced in Union Budget 2020 – would now have five slabs instead of six slabs, with the lowest tax rate being 5% and the highest tax rate being reduced to 39% from 42.74%. Catch all live updates on Budget 2023 here Read More So far, the existing tax regime, with higher tax rates and 78-plus tax deductions was the default tax regime considered unless an individual opted for the new tax regime via a special form to be filled before … [Read more...] about Taxpayers note — New income-tax regime will be default tax regime now

Finance Minister Nirmala Sitharaman on February 1 announced that individuals with an income of up to Rs 7 lakh will not have to pay any tax under the new tax regime. They will be eligible for a rebate under section 87A that is currently available to individuals with income of up to Rs 5 lakh, she said during her Budget 2023 speech. No rebate for taxpayers opting for the older tax regime If you, like most other tax-payers, have been opting for the older, with-exemptions tax regime that offers tax breaks under section 80C among other things, you will not be eligible for this rebate. You will get a rebate under the old regime only if your income is less than Rs  5 lakh. The older regime continues to be in force, but will no longer be the default tax structure. Read More What is a rebate? In a bid to attract more taxpayers to the new structure, Sitharaman sweetened the deal by allowing rebate on incomes of up to Rs 7 lakh, up from Rs 5 lakh earlier. The … [Read more...] about Budget 2023: Is the Rs 7-lakh tax-free income limit only for the new tax regime?

Use tax planning to achieve your financial goals The gradual move towards a new, simplified tax system has been on the horizon of the government since the new tax regime was first introduced under the Union Budget 2020. After all the new tax regime is about low deductions and lower taxes. Yet, a complete tilt was still hanging. On Wednesday, finance minister Nirmala Sitharaman finally announced the government’s seriousness in marking this shift. The FM said the government proposes to make the new tax regime as the default setting for all income tax returns from April 1, 2023. What forced the government’s hand? The answer may lie in a series of specific complaints by taxpayers. Tax processing centres and the tax department itself received complaints from individual assesses that a higher rate of tax was deducted even though they didn’t have any tax-saving or home loan. Read More “Since their taxes were deducted at a higher rate and they were clueless, there … [Read more...] about What may have forced the government to make new tax regime the default