2020 Financial News

No one likes paying tax on investment income. With marginal tax rates as high as 54.8 per cent on interest income for residents of Newfoundland and Labrador, and capital gains tax rates now over 35 per cent in half the provinces for individuals with more than $250,000 of annual gains, maximizing registered plan contributions has never been more important.  

NCLT has ordered initiating insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the parent company of Coffee Day Group which operates Cafe Coffee Day chain of coffee houses. The Bengaluru bench of the NCLT (National Company Law Tribunal) on August 8 admitted the plea filed by IDBI Trusteeship Services Ltd (IDBITSL) claiming a default of Rs 228.45 crore and appointed an interim resolution professional to take care of the operation of the debt-ridden company. CDEL, which also owns and operates a resort, renders consultancy services and is engaged in the sale and purchase of coffee beans, had defaulted in the payment of coupon payments of redeemable non-convertible debentures (NCDs). The financial creditor had subscribed 1,000 NCDs through private placement and paid Rs 100 crore towards the subscription in March 2019.

India is the country among major global economies that experienced the fastest growth in intangible investment from 2011 to 2020, according to a recent report. The World Intellectual Property Organisation (WIPO) said in its report that India recorded the fastest growth in intangible investments, exceeding countries like Sweden and the US — the two most intensive economies in terms of intangible investment as a share of GDP.

swing states, the Republican candidate is losing ground in battleground states. The Cook Political Report has predicted that the former president would not win in Arizona, Georgia, and Nevada, reports the 'Independent'. It has moved these states from leaning Republican to “toss-ups.” Editor-in-chief Amy Walter wrote in the report on Thursday that Kamala Harris leads Trump by less than one point. He pointed out that Battleground state polls show similar results, the vice president is reducing the Republican's lead by two to five points.

Raven Saunders identifies as a non-binary and become a topic of major conversation around this year's Olympics, which was quite problematic and controversial, while some others have encouraged the athletes' spirit, which had earlier won a silver medal in the women's shot put at the Tokyo 2020 Olympics.

Answering «whether the government is actively considering to release 18 months dearness allowance /relief of central government employees/pensioners which were withheld during COVID outbreak,» Pankaj Chaudhary, Union Minister of State (Finance) said, «No». Explaining the rationale behind it, Chaudhary said in his written reply in the Parliament, «The decision to freeze three installments of Dearness Allowance {(DA)/Dearness Relief (DR) to Central Government employees/pensioners due from 01.01.2020, 01.07.2020 & 01.01.2021 was taken in the context of COVID-19, which caused economic disruption, to ease pressure on Government finances...As the adverse financial impact of the pandemic in 2020 and the financing of welfare measures taken by the Government had a fiscal spillover beyond FY 2020-21, arrears of DA/DR were not considered feasible.» <div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid»

European Commission investigation into social media platform X could take its handling of harmful content related to the recent UK riots into account, a spokesperson said. Last month, European Union officials issued charges against X, owned by tech billionaire Elon Musk, under the Digital Services Act (DSA), which requires very large online platforms to do more to tackle illegal content and risks to public security. While Britain has not been a member of the EU since 2020, harmful content in breach of DSA rules shared in Britain may have been seen by users in Europe, constituting a potential breach of the law.

The rock band Journey has made many hits over the past 50 years, but the song that might now be resonating the loudest for some band and crew members is “Separate Ways.”

U.S. stocks rallied to their best day since 2022 in Wall Street’s latest sharp swerve

Vice President Kamala Harris and her running mate, Minnesota Gov. Tim Walz, are showing their support for organized labor by appearing at a Detroit-area union hall

Tata Motors has increased discount on its Nexon.ev range by up to ₹60,000 to arrest sluggish sales, according to a communique the company sent to its dealers on Thursday. The discount takes effect within months of the price reduction of up to ₹1.2 lakh announced on the Nexon.ev range and the ongoing offer. It comes a day after the launch of Curvv.ev, an e-SUV coupe. The move to enhance consumer benefits also signals the company bracing for a rising competition in a weak market and wooing buyers ahead of the festive season. «Our channel partners are offering these additional, varying benefits locally for a limited period till August 31,» said the company's spokesperson.

Reserve Bank of India deputy governor Michael Patra, ten days after the central bank excluded new issuances of 14-year and 30-year sovereign bonds from the Fully Accessible Route. “All the existing securities issued are available for FAR investment. So, that makes Rs 41 lakh crore of available investment, of which investment today is only Rs 2 lakh crore. There’s an ample amount of space to go,” Patra said at a press conference after the RBI’s monetary policy statement on Thursday.

Ripple Labs has been ordered by a Manhattan court judge to pay the U.S. Securities and Exchange Commission about $125 million in penalties over charges of improperly selling the cryptocurrency XRP, according to a court filing. WHY IT'S IMPORTANT The SEC had been seeking fines and penalties totaling $2 billion in its case against Ripple Labs, its chief legal officer Stuart Alderoty said in March. This penalty would qualify only for a fraction of that amount.

Balanced Advantage fund, the second-largest dynamic asset allocation scheme with assets under management of ₹60,000 crore, reduced its equity allocation to 31.2% in July, the lowest in the past 20 months, amid increasing equity valuation. «The fund is run in a countercyclical manner, paring down equity when markets rise and increasing it when markets fall. In line with the model and the prevailing high equity market valuations, the net equity levels of the fund have been reduced,» said Sankaran Naren, CEO, ICICI Prudential Mutual Fund. Balanced advantage funds invest in a mix of debt and equity, based on market valuations. Such schemes lower allocation to equities when market valuations appear expensive and vice versa. The net equity component in the scheme can vary between 30% and 80%, with the balance being invested in a mix of arbitrage and debt, with total equity allocation above 65%, thereby giving it equity taxation. Fund managers decide equity valuations based on the trailing price-to-earnings (PE) ratio of Nifty 50 or S&P BSE 100 and use other ratios like price-to-book and dividend yield to decide equity allocation.

Online gambling company bet365 must refund more than a half-million dollars to customers who won bets, but were paid less than they were entitled to when the company unilaterally changed the odds while making the payouts

Michael Saylor, the executive chairman and co-founder of MicroStrategy, has revealed that he personally owns more than $1 billion in Bitcoin.

With the start to the upcoming school year about a month away, many university students might be looking at how to make their summer savings last the year.

In a London Stock Exchange notice today (7 August), Quilter said Breedon had notified the firm about his plans to retire from the board, which he has been part of since 2020. Breedon will also be stepping down from all of his Quilter affiliated responsibilities, which will see him depart his role as chair of Quilter Investors, which is the multi-asset investment solutions business of the firm, and his board positions on Quilter Investment Platform, Quilter Life & Pensions and Quilter Financial Planning. The company said a further announcement will be made in due course once Breedon re...

Public employees in Australia's most populous state have been told to end remote working in a directive from the premier of New South Wales as he seeks to reverse work-from-home habits established during the pandemic

Tesla is recalling more than 1.6 million cars in China for a remote software upgrade to ensure that they warn the driver when the trunk is not locked shut

Mukesh Ambani, who had voluntarily decided to forego his salary from Reliance Industries (RIL) during the peak of the Covid crisis in 2020, continues to draw no salary from the conglomerate for the fourth year in a row. RIL's latest annual report shows that Ambani did not take any salary from the company in his capacity as the Chairman and Managing Director.