Why we are obsessed with money

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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What a way to exist!

For most of us, practically the whole day all we are thinking is about money and more specifically how to have more money!

As if money was the only thing in life. Unfortunately for most of us, circumstances just do not permit any other thought!

We are running behind money most of the time which is almost akin to have become obsessed with money. Everything that we are doing in life is centred around money.

Unfortunately, this is because we need money for anything and everything that we do. There’s nothing wrong and what are you doing, however the problem is that over time, it becomes a compulsive habit to keep earning more.

That’s where the danger is. The problem is that there is a point where from we chase money as an addiction, we chase money because we like to do so. If we did not chase money we would not know what to chase now because we get out identity from money and the amount of money we have.

Another thing is that right from childhood we are always taught and our minds are conditioned that everything that we are doing is going to be for the sake of earning money.

There is no one who told you that money is just a means, and then there is something greater in life to achieve. Some examples are legacy; building something, charity; to giving something / helping someone, passion; pursuing something and living; simply to enjoy life and your money

We have got addicted to this and how!

There are three reasons for this:

First, we are what we do. It is the human behaviour. I know I should exercise and I don’t. I know I should eat healthy and I don’t. I know I should spend time with my kids and I don’t. I know that, yes, money isn’t going to make me happy and I still keep trying to make money.

We live by the laws of inertia, in a pattern which is hard to break. But we have to break it. For ourselves and for the sake of people and reasons for which we are chasing money.

Secondly, we need signals of progress. Money is a measure of how far you have progressed in life. The more the money you have the more you can make sure your progress. It’s simply the logic of evolution. People need validation of their success. Bigger house, bigger car, branded goods and list goes on.

Thirdly, it’s the easy way out. It’s only human to avoid difficult things. Important things are very difficult to measure.  Have I been a good father or husband? Have I groomed my child well?  Such things take years to measure and we still don’t have answers.

So, should we not be focused on creating money for ourselves?

I’m not saying that. Definitely create. Take care of yourself for sure!! Use it to the maximum to make yourself happy!!! You need a certain amount and beyond that is extra.

The definition of their certain amount is naturally different from one person to another. If that extra is going to happen easily, without stress and without your involvement, then its fine. Basically don’t kill yourself for that extra. Be Smart.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a certified financial planner, wealth manager and financial freedom coach.

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How the RBI actually helps you

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Most of us in Mumbai, see this huge structure called the Reserve Bank of India and wonder what it really does. It’s also a tourist attraction!! It has so many other offices and again one wonders why they need to have so many offices. I’m going to try and highlight a very interesting part of RBI’s work and how it helps us directly on a day-to-day basis.

The RBI does a review of the monetary policy of the country at frequent intervals during the year. So how does the monetary policy help us investors to take smart decisions?

Monetary policy is a tool by which the RBI decides to raise interest rates or reduce interest rates or keep them steady.

In our country, as we’re an oil importing nation, this decision is very closely linked to Oil. Oil to a large extent contributes to inflation. We all know what happens when inflation keeps rising. We in India unfortunately do not see too much of inflation falling and things becoming cheaper.

Oil is Not Well

So when oil prices rise i.e. we see a rise in crude oil prices almost instantly we can expect rising food prices. This is because there is going to be a rising cost pressure for manufacturing & services. This rise obviously gets passed onto the retail consumers.

When this happens RBI adopts a hawkish stance, tries to pull money out of the system by raising interest rates. Now when interest rates rise no one seems to be interested in borrowing. This immediately puts a brakes on money circulation.  Less money chasing goods decreases the demand for money. This way it controls inflation.

There is yet another tool that the RBI has and that is known as the CRR or the cash reserve ratio.  This ratio in simple words means the amount of cash that the bank must maintain with the RBI as the percentage of the total assets. So when this increases banks are forced to park more with the RBI and this is also a way to control inflation.

On the other hand when things look dull, when there is a recession of sorts, the RBI comes to the rescue and gets into action to kickstart growth in the country. It does this by lowering the interest rates. This we all will understand quite easily because we see a direct benefit of this happening. We see a fall of interest outgo in our EMI’s for the home loan that we are carrying. New loans become cheaper.

Individuals are motivated to go out and make purchases, whether it is for a washing machine or a piece of real estate. Businesses are motivated to go out and borrow to buy more machinery, to expand capacity, to hire more staff and manpower and basically do everything that will add to the growth of business.

Economic growth results as a result of all this. It is also during this time that stock market rises, we see a rally in stock prices and mutual fund NAV’s jumping higher and higher each day. There is prosperity all around.

Critical Role

As you can see that the central bank of the country has a very very important role to play.  If it makes a mistake, things can go really wrong.  Imagine like the USA or Japan if our interest rates were very low; everyone would run to borrow, they would borrow more than they require because it would be cheap and easy to borrow. And that is very individuals would run into what is known as the debt trap, because someday you’ll have to pay back.

Each day the central bank attempts to make sure that everything in our country remains stable and financially there’s nothing that goes wrong dramatically.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

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The year of the bond, once again!

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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We are not talking of James Bond, we are talking of investment bonds.

We are in a situation where the fixed deposit rates are at a general low and there is a lot of discontent among depositors of fixed deposits.

Whenever we see a situation like this, one way or the other, the bond markets come to the rescue. It comes to the rescue of smart depositors, who are agile to move their money from fixed deposits to bond funds.

Let’s understand what is happening and why.

What Exactly is Happening in the Bond Markets?

It is likely that in this year, investors of bond funds will make handsome gains. Bond prices may rise and there may be capital gains. Investors of bond funds not only earn the rate of interest, but also earn capital gains. So that way, they make more than the return they would make on fixed deposits. The returns could be a high single digit or sometimes as high as double digits.

Over three years, this will become practically tax free or the tax would be a very small amount. So, basically, I am thinking that a rally will happen in the bond market. There are three main reasons for this — reduction in government borrowing (which is favourable), recovery of trading losses (which is favourable) and no change in monetary policy (which is neutral).

A word of caution, however, that such bond market investments are also subject to bond-market volatility and should be considered ideally with the help of a financial expert.

Before proceeding further, let us, therefore, quickly explain a bond, bond fund and bond market. We need to do this because few people understand the bond markets and even fewer invest in the bond markets.

Bond is nothing, but a commercial transaction where the borrower is issuing a bond to the lender and the lender will earn a certain rate of interest. When interest rates fall, everyone becomes interested in owning that bond.

As a result, the demand for the bond increases, the price of the bond increases and the bondholder makes capital gains.

A bond fund is a fund where ordinary investors pool in their money and a fund manager buys them a portfolio of bonds.

Moving onto the Reasons For a Rally in Bond Funds…

Now, the fundamental reason for a rally is reduction in interest rates as it stimulates economy and growth.

Firstly, the government is a massive borrower of funds. So a reduction in government borrowing reduces the demand for money in the economy. As a result, prices of bonds rise and this contributes to capital gains for bond holders.

Secondly, the Reserve Bank of India (RBI) recently announced that the commercial banks and RBI, which are the largest lenders to the government, will have another year to offset losses they have incurred on account of buying government bonds in the past. This action will lead to a rise in the price of bonds and this contributes to capital gains for bond holders.

Lastly, on one side due to the rise in oil prices, there is more inflation and thus more money is needed for circulation in the economy. On the other side, many government bonds are maturing, which will provide money supply. So, it is likely that we see a neutralising effect and thus RBI will take no action. This inaction here will support capital gains as explained above. Hence, this year might be a year of good gains for the bond investors.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

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Five new financial goals for you this summer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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I am going to try and explain to you why the summer holidays of April and May are great months to get a lot of things started, financially speaking.

This time period in a way resets the financial clock. You also have the option to hit the reset button on everything you have done so far; financially speaking of course and hope to do better things better than you did last year.

Let’s look at some of the new and unusual things to do in April.

• Make a learning budget

Learn something about money or anything you like. The best way to make money is to learn something about money. Just like if you wanted to learn cooking you will get into the cooking class. If you wanted to learn swimming you would enrol in the swimming class. If you find learning about money is too daunting task than learn something which is close at to your heart or related to your work. If you learn something new, there’s a possibility that you will use your new ideas to generate new income and in turn that will generate new wealth for you.  So make a budget, enrol somewhere and spend that budget. How about a % of your annual income? Spend it for sure!

• Plan a unique holiday 

When you’re by yourself and without your mobile phone you will have the opportunity to think! When you have time to think, suddenly good ideas will come to your mind.  You may think this is silly but you can be sure that you will be amazed if your drivers experiment just once. So it might be a good idea to go for a holiday just by yourself. If you find that too intimidating, join a group of strangers. You can combine that with the adventures experience if you like.  Be extra careful if you’re going with your special buddies. Do this only if they are going to be in a position to help you discuss your idea and make it bigger. They must play the role of complimenting your thoughts. So make a schedule to do this holiday and obviously make a budget to make it happen. Think & create new ways of making wealth.

• Make a prediction and make it happen

Be brave. Let’s aim to grow and multiply net worth by 50% by the time you come to the end of this financial year. This is not a joke and it is easier than you can imagine.  I’m speaking about NETWORTH and I’m not talking about return on investment. If your networth is Rs. 100 today, all I’m saying is that let’s aim to make this a 150 by the end of this year. This networth comprises of all your savings till date. This can be achieved by simply saving aggressively every month for the next twelve months. Just put this into a recurring deposit or liquid fund so you don’t spend it.  We just have to prove to ourselves that this is possible. Where and how we will invest this money will think about that later.

• Eliminate a negative belief 

I want to give you an exercise here. Write down all your negative beliefs you have about money and wealth. Most people are not able to achieve the desired level of wealth because they think about wealth negatively. So even if you are earning a good amount of income you will never see yourself becoming wealthy. Examples are money causes problems, money causes a fight, managing money is complicated etc. Then for each negative thought, you have written down the positives i.e. the opposite for a few months. Soon negatively biased feelings will evaporate.

• Make a new investment; something you have not done before

Again here you do not have to be a financial expert. The idea is to learn something new. There are hundreds of investment options. Our objective here is to learn something new. Talk to your advisor and seek his or her guidance. Just a word of caution here; don’t do anything which is speculative or is something that you just can’t understand. Do what do find easy you understand and do that then.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Seeking financial freedom? The time is NOW!

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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John Lewis famously remarked, “If not now, then when? If not us, then who?” This is so appropriate in the current financial world that we live in.

That statement will leave to rest every other argument that is conservative and against the idea of wealth creation. We are often faced with the situation where there is no option but to create wealth. Read on to know why!

Interest rates are painfully low. For all those diehard fans of guaranteed investment returns, there’s hardly any place to go to. Thinking of fixed deposits? Feeling happy with 7%? And fully taxable? That period is over. Period.

That doctrine of investing into pure fixed deposits and similar instruments is unfortunately standing challenged. There is no option but to sprinkle it with a combination of a little something that will add to the returns earned from fixed income type of securities. In fact this category of investors are in a way, best placed in terms of the current tax laws.

They can earn about 9-10% with minimal or near zero tax over about five years and more. Starting to generate rate of return above the inflation level of 7% is starting to create wealth. So there it is; there is no option but to move in the direction of creating wealth.

For more evolved investors, who invest in equities and who and still sitting on the sidelines tend to run out of patience every now and then. They are sometimes waiting for the right time, sometimes waiting for correction, sometimes waiting for valuation and sometimes waiting for just nothing. Sometimes, just too busy to take action!

I totally understand not wanting to lose hard-earned money. But if the money does not move it will stagnate. That’s the problem with money.

Hit the Ground Running

Inaction and inactivity kills it. Makes it costly to hold. Makes us lose opportunities, sometimes small and sometimes significant. I know of many people including my dad, who just kept investing into equities and holding forever. No doubt they were hugely (big HUGELY) better off then the people in the same time zone. I think they could have done far better with some smart lessons on asset allocation. This is because if they compare the growth rate of their holding over a period of 20 or maybe 30 years the compounded rate of return earned is often not impressive.

It is just marginally better or a few percentage points above the fixed deposit rate. Hence the need for asset allocation, which simply put is not to have all eggs in one basket at any given point in time. These sections of investors anyways create wealth, and, asset allocation is the tool that ensures that the process of wealth creation continues uninterrupted. So again there it is; even for this section there is not option but to start enhancing their wealth creation activities, else returns will continue to remain forever mediocre.

Then there are skeptics and there is nothing much for skeptics of everything, except that they need a serious dose of financial education. Perhaps what if needed is a proof of concept and for that, which better country to live in other than India where financial transparency in investments is so high that I sometimes feel, it comes from another planet.

 Your Money Needs Action

Today, there is a whole lot of variety to choose from and we have never been more spoilt for choice. But the most important thing in all this is to understand that your money needs action. It needs activity and for that the time is now!

And furthermore, if you asked me this question 10 years ago; I would have said that, the Time is NOW. If you ask this question 10 years hence, I will still say the Time is NOW. Any time is the right time to start the process of creating wealth. All that is important is that you take your first step; then continue it all the way with zeal and determination… till you have the level of wealth that you desire. And if you accumulate more than you need, still do it and share it with the world.

If you want your financial freedom; then the Time is NOW!

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager and Financial Freedom Coach.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Young Turks: Here’s the success story of venture fund Aspada

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Venture fund Aspada was co-founded by Kartik Srivatsa and Thomas Hyland in 2012 and has made 17 investments so far across Fin-tech, agriculture, health and edu-tech startups.

Young Turks takes a look at their investment thesis, their differentiated VC model and meet three of their portfolio companies – Capital Float that underwrites unsecured loans to startups and SMEs; Dunzo, a hyper local concierge and delivery player that is also Google’s first direct startup investment in India; WayCool, a Chennai-based agriculture-tech startup.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Paytm gets downgrades, price target cuts after plans to scale back small ticket loans

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Analysts tracking One 97 Communications Ltd., parent company of payments platform Paytm, have either downgraded or cut their price targets on the stock over the next 12 months, after the company announced plans to scale back small ticket loans and recalibrate its Buy Now, Pay Later (BNPL) business.

At an analyst call held on Wednesday, Paytm mentioned that there is good demand seen in the higher ticket size loans (between ₹3 lakh to ₹7 lakh), low risk personal loans and merchant loans.

It also said that it is in consultation with lending partners and will reduce loans worth less than ₹50,000 and expand to higher ticket size loans.

Brokerage firm Goldman Sachs has not only downgraded Paytm to “neutral” from the earlier rating of “buy,” but also cut its price target substantially to ₹840 from ₹1,250 earlier.

Lending is a core driver of Paytm’s profitability and it now expects Paytm’s net income to turn positive in financial year 2026 from the earlier projection of financial year 2025.

It has also lowered its financial year 2024 to financial year 2026 revenue and adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) estimates by 10% and 40% respectively on sharply lower lending estimates.

It has also slashed its financial year 2025 disbursal growth estimates to 0% year-on-year from 37% earlier.

Shares of Paytm have not participated in the sharp rally seen in the broader markets. Since October 26, from when the Nifty Midcap index has rallied over 5,500 points, shares of Paytm are down 7%. In fact, it is the worst performing stock on the Nifty Midcap index since October 26.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Shooting at Las Vegas university: Police say 3 killed, fourth wounded and shooter also dead

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Three people were shot to death and a fourth critically wounded Wednesday in an attack at the University of Nevada, Las Vegas that sent shock waves through a city still scarred by the deaths of 60 people in a 2017 shooting only a few miles away on the famous Strip. The suspected shooter also was found dead.

The attack at about 11:45 a.m. sent police swarming onto the campus while students and professors barricaded themselves inside classrooms and dorm rooms.

Authorities gave the all-clear about 40 minutes after the first report of an active shooter. Adam Garcia, a university police official, said officers found and “engaged” a suspect, who is now dead. It wasn’t immediately clear how the suspect died.

Police also didn’t immediately release any details about the victims, the suspect or a possible motive.

Professor Kevaney Martin took cover under a desk in her classroom, where another faculty member and three students took shelter with her.

“It was terrifying, I can’t even begin to explain,” Matin said. “I was trying to hold it together for my students, and trying not to cry, but the emotions are something I never want to experience again.”

Martin said she was texting friends and loved ones, hoping to receive word a suspect had been detained. When another professor came to the room and told everyone to evacuate, they joined dozens of others rushing out of the building. Martin had her students pile into her car and drove them off campus.

“Once we got away from UNLV, we parked and sat in silence,” she said. “Nobody said a word. We were in utter shock.”

Students and the community were alerted to the emergency by a university post on X that warned: “This is not a test. RUN-HIDE-FIGHT.”

The university said the shooter was at the Beam Hall, Frank and Estella Building, home of UNLV’s Lee Business School, and that police responded to an additional report of shots fired at the nearby student union.

Student Matthew Felsenfeld said he and about 12 classmates barricaded their door in a building near the student union.

“It’s the moment you call your parents and tell them you love them,” said Felsenfeld, a 21-year-old journalism student.

Jordan Eckermann, 25, said he was in his business law class in a second-floor classroom when he heard a loud bang that he thought came from a neighboring music class.

But then a piercing alarm went off, sending students to their feet. Some ran from the room in panic while others heeded the professor’s urging to stay calm, said Eckermann, who walked out and was directed to an exit by a law enforcement officer in a bulletproof vest holding a long gun.

UNLV’s 332-acre (135-hectare) campus is less than 2 miles east of the Las Vegas Strip. it wasn’t immediately clear how many of the 30,000 students were on campus.

The shooting occurred in a city still scarred by one of the worst mass killings in U.S. history, the Oct. 1, 2017, massacre by a gunman in which 60 people attending a music festival were killed and hundreds more were wounded. The gunman opened fire from a high-rise suite at the Mandalay Bay casino. The UNLV campus is just over 3 miles (5 kilometers) from that location.

In response to the campus shootings, the Federal Aviation Administration issued a ground stop of all flights coming into Harry Reid International Airport. The university is roughly 2 miles (3 kilometers) north of the airport.

Classes were canceled at the university, and UNLV’s basketball game at the University of Dayton, Ohio, was canceled Wednesday night because of the Las Vegas shootings.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SpiceJet board to meet on December 11 to consider fund raising on a preferential basis

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The board of aviation company SpiceJet Ltd. will meet on December 11 to consider options to raise fresh capital, according to an exchange filing.

Options to raise fresh capital could include the issue of equity shares and / or convertible securities on a preferential basis.

SpiceJet further said that the proposals considered will be subject to approval of the company’s shareholders and appropriate regulatory approvals as required.

Moneycontrol had reported on November 28 that SpiceJet promoter Ajay Singh is in talks with credit funds to raise $100 million. The report further said citing sources that the talks were focussed around the loan pricing, which is likely to be a structured credit transaction.

Between the January-September period, SpiceJet’s market share in India’s aviation market stood at 4.4%, while IndiGo remained the market leader with a 63.4% share.

In a separate announcement on December 2, SpiceJet had mentioned that the board will meet on Friday, December 8 to consider financial results for the September quarter.

For the June quarter, the airline had reported a net profit of ₹197 crore, compared to a net loss of ₹783 crore during the same period last year.

SpiceJet had mentioned back in July that promoter Ajay Singh will infuse ₹500 crore into the airline by subscribing to fresh equity shares or convertible instruments. With this fund infusion, the airline would have been entitled to additional credit facilities of ₹206 crore under the Emergency Credit Line Guarantee Scheme (ECLGS).

Shares of SpiceJet had ended 3.6% lower on Wednesday at ₹43.58. The stock is up 12% so far in 2023.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

International Civil Aviation Day 2023: History, significance and theme

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The International Civil Aviation Day is observed on December 7 every year across the globe. The day aims to raise awareness of the importance of civil aviation and its significant contribution to the world economy as well as other fields. The celebration of the day highlights how travelling across the globe has become easy and convenient due to air connectivity and the issues plaguing the civil aviation sector.

The celebration of the day is linked to the establishment of the International Civil Aviation Organization (ICAO), which is the regulatory body behind effectively managing international travel, security, and cooperation. ICAO is a United Nations body, which was formed 75 years ago and aims to maintain aviation safety worldwide.

International Civil Aviation Day 2023: History

The celebration day of International Civil Aviation was established in 1994 while commemorating the 50th anniversary of signing the Convention on International Civil Aviation by the International Civil Aviation Organisation. Later in 1996, the United Nations General Assembly declared December 7 to be observed as International Civil Aviation Day. The date marks the establishment of ICAO on December 7, 1944.

International Civil Aviation Day 2023: Significance

The main aim of observing the day as International Civil Aviation is to help generate and reinforce worldwide awareness of the importance of civil aviation to the social and economic development of the United States.

Another motive for celebrating International Civil Aviation Day is to offer people an understanding of the role of the organisation and its inter-relations with other UN bodies such as the World Health Organization, World Meteorological Organization, and the International Maritime Organization.

This celebration of the day also highlights the unique role played by the International Civil Aviation Organisation (ICAO) in offering global aviation safety, efficiency, and uniformity universally. ICAO organises various activities and events such as seminars, educational sessions, and promotional events in various institutions and organisations across countries.

International Civil Aviation Day 2023: Theme

Since the celebrations in the year 2014, the ICAO council has decided to select themes for the day every five years. Following the same, in 2019 it was decided that the theme until 2023 would be, ‘Advancing Innovation for Global Aviation Development’.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Armed Forces Flag Day 2023: Know history, significance and how to contribute

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Every year, December 7 is observed as the Armed Forces Flag Day in India to honour the martyrs, veterans and serving personnel of the defence forces. The day has been observed annually since 1949 to remember the services of the Army, Navy and Air Force, and collect funds to ensure their and their family’s well-being.

Besides honouring and recognising the services of India’s armed forces, the day is aimed at encouraging the people to support the armed forces by buying flags, coupons, and cards, which help in contributing towards the Armed Forces Flag Day Fund (AFFDF).

History of Armed Forces Flag Day

Soon after India achieved independence, a need arose to support and encourage the welfare of the defence personnel. On August 28, 1949, a committee was set up under the then Defence Minister of India, which decided to observe Flag Day annually on December 7.

In 1993, India’s Defence Ministry combined all related welfare funds, including those for war victims and the Kendriya Sainik Board Fund, into one, named the Armed Forces Flag Day Fund (AFFDF).

The idea behind observing this day was to distribute small flags to people and collect donations from them.

Significance of the Armed Forces Flag Day

The Armed Forces Flag Day allows people to express their gratitude towards the sacrifices made by the personnel of the Indian Armed Forces. On this day, several shows, carnivals, dramas and other entertainment programmes are held for people to participate and donate.

Moreover, token flags and car stickers in red, deep blue and light colours, representing the three services, are distributed across the country.

The funds collected are utilised for providing financial assistance to serving personnel, ex-servicemen, war widows and their dependents, and the institutions involved in the rehabilitation of the ex-servicemen.

How to contribute to the Armed Forces Flag Day Fund

Kendriya Sainik Board, an apex body of the Government of India, administers the Armed Forces Flag Day Fund.

The fund is completely looked after by a managing committee. The chairperson of this committee is the Defence Minister of India, while its members include the three Service chiefs, the Defence Secretary, Secretary, among other senior officials of the Government of India.

The Armed Forces Flag Day Fund is open for contributions throughout the year.

Those willing to contribute to the Armed Forces Flag Day Fund can log in to the website https://affdf.gov.in

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Stock Market LIVE Update: Nifty 50 will look to cross 21,000, Ircon, IDFC First Bank in focus

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Stock Market LIVE Updates: Indian equity benchmarks BSE Sensex and NSE Nifty 50 touched fresh record highs on Wednesday. The indices posted a seventh straight session of gains. Nifty 50 will look to cross the 21,000 mark.

Catch live updates here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Option traders are setting their sights on Bitcoin at $50,000 by January

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Options traders are loading up on bets that Bitcoin will surge to $50,000 by January, when many market observers expect the SEC to finally allow exchange-traded funds to directly hold the cryptocurrency.

That’s the price level with the largest open interest, or the total amount of outstanding contracts, to buy Bitcoin with call options that expire January 26, according to data compiled by Deribit, the largest crypto options exchange. Calls give the buyer of the contracts the right to purchase the underlying asset at a specific price within a set time period.

Bitcoin last reached $50,000 in December 2021. Digital assets were then in the midst of retreating from all-time highs with the Federal Reserve beginning to remove the record amount of stimulus added during the Covid pandemic.

Now with expectations that the Fed is going to pivot on monetary policy next year and a Bitcoin ETF seen as almost a sure thing, the crypto sector is staging an eye-popping rebound.

“The bullish sentiment is thriving,” said Luuk Strijers, Deribit’s chief commercial officer.

Bitcoin has surged more than 60% since the middle of October, when speculation jumped that the Securities and Exchange Commission was on the verge of signing off on ETF applications from the likes of asset management powerhouse BlackRock. The token was little changed at around $44,000 on Wednesday.

Combined spot and derivatives trading volume on centralized exchanges rose 40.7% in November, to $3.61 trillion, the highest combined total since March, according to researcher CCData.

Activities in derivatives such as options and futures have continued to dominate crypto trading as they remain one of the few ways for investors to leverage bets after a slew of major crypto lenders imploded in 2022. In addition, cash-settled options and futures contracts can help traders execute their strategies without having to handle crypto-specific issues like custody.

Crypto prices languished from late March to early October as a series of industry bankruptcies and scandals began to wind down.

“Volatility has been dropping like a stone for most part of the year,” said Jaime Baeza, founder and CEO at crypto hedge fund AnB Investments. “The environment has been low volatility, reduced volumes, reduced interest rates in the crypto ecosystem and overall reduced interest in the industry.”

Now with an Bitcoin ETF likely on the horizon and risk taking is returning to the broader financial markets, traders anticipate more interest in crypto.

“We’ve seen this year that as BTC moves higher, volatility has followed,” said Greg Magadini, director of derivatives at Amberdata. “So a sustained bull market might bring back some more volatility in the short and medium term.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Moody’s cuts outlook for Chinese banks, Hong Kong, Local Government Financing Vehicles

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Moody’s Investors Service cut its outlook for eight Chinese banks to negative from stable, a day after unveiling a bearish stance on the nation’s sovereign bonds due to concern over the level of debt.

The rating action for financial institutions including Industrial and Commercial Bank of China Ltd. and the China Development Bank was primarily driven by the change in outlook to negative from stable on the government’s credit ratings, according to a statement from Moody’s on Wednesday.

China has sought to defend its debt status, with the central bank boosting its support for the yuan and state media running a series of articles citing experts who denounced Moody’s understanding of the economy. Chinese markets found some support, with the CSI 300 Index snapping a three-day drop.

On Wednesday, Moody’s also cut its outlook on Hong Kong and Macau and placed 26 Chinese local government financing vehicles on review for downgrade. The agency said there were signs of reduced autonomy of Hong Kong’s political and judiciary institutions after the implementation of a National Security Law.

The Hong Kong government said Moody’s made “unfounded comments” on the city’s autonomy and disagreed with the change to outlook, adding that Hong Kong’s deepening ties with China are a source of strength rather than a constraint, according to a statement late Wednesday.

The Chinese banks that Moody’s changed from negative to stable include three policy banks and five large state-owned commercial banks.

“Moody’s expects support provided to financially-stressed entities to be more selective, contributing to protracted risks of further strains for state-owned enterprise and regional and local governments,” according to the statement.

The full list of banks:

• Agricultural Development Bank of China
• China Development Bank
• The Export-Import Bank of China
• Agricultural Bank of China Ltd.
• Bank of China Ltd.
• China Construction Bank Corp.
• Industrial & Commercial Bank of China Ltd.
• Postal Savings Bank of China Co.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Italy tells China it will exit the Belt and Road investment pact

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government of Italian Prime Minister Giorgia Meloni formally told China it would exit the Belt and Road Initiative, dealing a fresh blow to Beijing’s ambition to expand the massive investment program.

The pact “has not produced the desired effects” and is no longer “a priority,” Foreign Minister Antonio Tajani said at a Rome event Wednesday hosted by newswire Adnkronos. Countries not part of the pact “have had better results,” he added.

Meloni has for months been preparing the ground diplomatically to put an end to Chinese President Xi Jinping’s signature program. Italy was the only Group of Seven country to join the pact, launched a decade ago to boost economic ties and expand the influence of the world’s second-biggest economy.

Italy, like much of Europe, has been caught in the middle as tensions escalate between Washington and Beijing, and that’s been compounded by China’s support for Russia since it invaded Ukraine. The announcement comes as European Union leaders are due to visit China with a message that time is running out for Beijing to address a list of economic grievances before the bloc is forced to react.

European countries are struggling to balance a desire to engage with China on trade and investment while pushing back against claims of economic coercion and human rights concerns, as well as risks associated with becoming too dependent on supplies from China.

Italy’s participation, launched in 2019, was due to expire on March 22 and Italy had until the end of the year to decide whether it would renew.

Abandoning the program that China has rolled out — to build infrastructure and expand its influence mostly in Asia, Africa and Eastern Europe — risks angering Beijing. China’s ambassador to Italy, Jia Guide, has warned there would be “negative consequences” if Italy “recklessly decides” to withdraw.

Tajani pledged that Rome intends to continue to strengthen bilateral relations between the two countries.

China’s global infrastructure and trade initiative drew an estimated $1 trillion in the decade since it was launched in 2013. But momentum has tapered off in recent years as the pandemic and China’s slowdown disrupted the global economy. Beijing has also faced accusations of being an irresponsible lender driving countries to default.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow