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Top money lessons dads can teach their kids this Father's Day

Top money lessons dads can teach their kids this Father's Day

Finance
Fathers shape their children's financial life.To that point, 56 percent of people said their fathers influenced their retirement savings and 62 percent said their retirement plans are similar to their dads' strategy, according to a John Hancock Retirement Services survey of 1,007 Americans adults conducted in late April.Paternal influence cuts both ways. A recent T. Rowe Price analysis found that people who have declared bankruptcy were more likely to have kids who do not save any money, compared to the children of people who didn't declare bankruptcy.Dads can raise their personal finance game this Father's Day. Kerry Hannon, author of "Love Your Job: The New Rules of Career Happiness," shared with CNBC's "On the Money" about the best money lesson her father, Jack, who passed away nine yea...
Fire insurance premium may go up post July 1

Fire insurance premium may go up post July 1

Finance
KOLKATA: Come July 1, fire insurance premium may go up since the insurance regulator is trying to check the insurance players from deep discounting in premium to gain market share. A new set of burning cost 'referral' rates from the Insurance Information Bureau is going to be applicable from July 1 and that could see premium going up substantially in several 'occupancies'. "With the new IIB reference data on burning cost for fire insurance from July 1, several occupancies could see the substantial rise in premium and leaving many untouched. But the changes being introduced could impact differently on each occupancies on insurance companies," Assocham's insurance council chairman and GM of National Insurance KB Vijay Srinivas told PTI. "Our new set of reference rates for fire will be a...
Complaints against America’s airlines are rising

Complaints against America’s airlines are rising

Finance
LAST year, Bob Fornaro, the boss of Spirit Airlines, talked of the effort his firm had made to reduce the number of customer complaints. The ultra-low-cost carrier, dubbed the most hated airline in America by Bloomberg, had long been ranked as a primary purveyor of passenger pain, regularly propping up lists that rate airline service. Alas, Mr Fornaro’s efforts seem to have gone unrewarded. Complaints per passenger remain easily the highest of any of the big American operators. In fact, as our chart shows, things seem to be getting worse.One consolation for Spirit is that the same is true of nearly all its competitors. Of the 12 biggest carriers in the country, only Hawaiian saw a (tiny) decrease in complaints in April 2017, compared with a year earlier. Delta, Virgin America and ExpressJe
In relief rally, bitcoin jumps more than 20% from June low

In relief rally, bitcoin jumps more than 20% from June low

Finance
Bitcoin quickly bounced back from the lows of June, amid improved sentiment about the future of the digital currency. Bitcoin traded higher Saturday near $ 2,680, up more than 20 percent from a June low of $ 2,185.96 hit Thursday that had erased gains for the month, according to CoinDesk.Worries about overexuberance in digital currencies overall and heated debate among developers about how to upgrade bitcoin's technology weighed on its price."A proposal was accepted to merge the two upgrade methods, making them compatible," Brian Kelly, a CNBC contributor and founder of BKCM, which runs a digital assets strategy, said Friday. "So we have seen a relief rally on this progress."Kelly added that the latest development "reduces the threat of a coin split, but we are not out of the woods yet. Th...
Central Vigilance Commission asks banks not to report frauds below Rs1 lakh to police

Central Vigilance Commission asks banks not to report frauds below Rs1 lakh to police

Finance
NEW DELHI: The Central Vigilance Commission (CVC) has asked public sector banks not to report frauds below Rs one lakh to local police, unless their staff is involved in such crimes. Earlier banks were mandated to report fraud of above Rs 10,000 and below Rs one lakh to police. The decision was taken by the CVC in consultation with the Reserve Bank of India (RBI), taking into the account the practical difficulties faced by public sector banks in reporting such categories of cases. It has been decided that only if staff of the bank is involved in the fraud cases of below Rs one lakh and above Rs 10,000, would such cases need to be reported or complaint filed with local police station by the bank branch concerned, the commission said in a directive to chiefs of all the banks. The cases ...