News That Matters

Finance

Gold loses lustre post GST rollout

Gold loses lustre post GST rollout

Finance
Premium on gold has disappeared since the beginning of this month even as banks and nominated agencies are importing the precious metal in limited quantities, indicating that jewellers have unsold gold with them and demand has slowed since the GST regime was rolled out on July 1. In the last week of June, dealers were charging a premium of up to $ 10 an ounce over official domestic prices, the highest since the middle of November 2016. There are three reasons for the disappearance of premium on gold, said industry executives. First, rural demand has fallen to less than half as kharif sowing has picked up across India with the onset of monsoon. Second, in urban India there are few buyers of jewellery now as the wedding season is yet to arrive. Investment demand for gold in urban India i...
The boss of Qatar Airways ridicules American carriers for their aged flight attendants

The boss of Qatar Airways ridicules American carriers for their aged flight attendants

Finance
GULLIVER is rarely fazed by what happens below the line of his posts. Receiving the occasional shoeing from readers—sometimes insightful, sometimes not—goes with the job. And he has certainly found his views swayed by well-reasoned arguments he finds there.But he was truly gobsmacked at the discussion that ensued from a piece last year about the sexualisation of flight attendants. The post noted a few of the seedier airline hiring practices, such as asking potential recruits, some just 15, to take part in a bikini competition, or carriers refusing to employ married women. It then concluded with what seemed to be an uncontroversial suggestion: female cabin crew should be chosen for their abilities, not for their allure.It turns out that such woolly liberal thinking is merely the product of
It just got easier to sue your bank and credit card company

It just got easier to sue your bank and credit card company

Finance
5 stunning stats about credit cardsIt just got easier for you to sue your bank and credit card company. The Consumer Financial Protection Bureau issued a new rule Monday that prevents companies from using arbitration clauses to stop consumers from bringing class action lawsuits. The clauses force people to "go it alone or give up," said CFPB Director Richard Cordray. "Our new rule will stop companies from sidestepping the courts and ensure that people who are harmed together can take action together," he said. Many people aren't aware that their bank account or credit card contracts came with an arbitration clause buried in the fine print. But they're pretty common. Credit card issuers representing more than half of all credit card debt, and banks representing 44% of insured deposits u...
IDFC-Shriram Group merger: 4 top hurdles the mega union will run into

IDFC-Shriram Group merger: 4 top hurdles the mega union will run into

Finance
New Delhi: The proposed merger of IDFC and the Shriram Group will create a financial giant with a market value of at least Rs 72,000 crore that will have businesses as diverse as motorcycle credit and lending for power projects. Both the groups have three months to structure the deal and get approvals. But the complex, multi-layered deal is likely to run into various regulatory hurdles. The companies of both the groups fall under various regulators such as the Insurance Regulatory Development Authority of India (IRDAI) and the Reserve Bank of India (RBI) which will require multiple regulatory approvals. Below are a few obstacles the two groups will have to overcome: Piramal group stakePiramal Group, which holds stakes in various Shriram Group companies, will end up owning a considerab...
What to do with your 401(k) when you switch jobs

What to do with your 401(k) when you switch jobs

Finance
As you start a new job, don't forget about your old 401(k).How you choose to juggle accounts from former workplaces could make a big difference in how much you'll ultimately have at retirement, said Alison Borland, executive vice president for defined contribution solutions at benefits administrator Alight Solutions. It's important to understand your options and take time to ask questions and figure out your best strategy."The long-term implications can be significant, financially," she said. "There's a lot at stake."Broadly speaking, you have three options for a retirement account from a former workplace:1) Leave it where it is.2) Roll it into your new employer's plan.3) Roll it into an individual retirement account.(Technically, you have a fourth option: Cash out the account. But that's ...