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Tag: debt

President Trump just claimed stock market gains actually offset national debt. They don't

President Trump just claimed stock market gains actually offset national debt. They don't

Finance
President Donald Trump on Wednesday said that, "in a sense," gains made by private financial markets reduce the national debt. The claim is incorrect on its face, but it does point to how the president views the economic interplay between the federal government and Wall Street."The country — we took it over and owed over $ 20 trillion," Trump said in an interview on Fox News, referring to the total national debt, which has hovered near $ 20 trillion since early 2016."As you know, the last eight years, [the federal government] borrowed more than it did in the whole history of our country," Trump said. "So they borrowed more than $ 10 trillion, right? And yet we picked up $ 5.2 trillion just in the stock market. Possibly picked up the whole thing in terms of the first nine months, in terms o
Incoming boss of India's SBI says bad debt numbers “will look better”

Incoming boss of India's SBI says bad debt numbers “will look better”

Finance
MUMBAI: Tackling bad loans will be a priority for India's largest bank, said the newly appointed chairman of State Bank of India, Rajnish Kumar, addressing his first press conference since the appointment was announced late on Wednesday. SBI, which accounts for more than a fifth of India's banking assets, has seen bad loans rise after it absorbed five subsidiary banks earlier this year. Kumar said SBI had tackled issues that came as a result of that deal and would see asset quality numbers "looking much better". Kumar replaces Arundhati Bhattacharya, who implemented major reforms during her four years at the helm and became one of India's most high-profile executives. Let's block ads! (Why?) Banking/Finance-Industry-The Economic Times
Carillion lenders prepare £800m debt deal

Carillion lenders prepare £800m debt deal

Business
A pack of UK banks have drafted in advisers to steer them through a financial restructuring at Carillion, the troubled support services group.Sky News has learnt that lenders including Barclays, HSBC and Royal Bank of Scotland have appointed FTI Consulting ahead of a crucial set of results that Carillion is due to announce next week.FTI is said to have been hired in the last few days by the banks, which have lent hundreds of millions of pounds to Carillion.The future of the construction company, which has a key role in major public infrastructure projects such as the HS2 high-speed rail link, was plunged into doubt by a huge profit warning in July.The alert, which Carillion blamed partly on big writedowns on a number of projects, sent its shares crashing.Since then, it has ousted its chief...
Here is why Indians are retiring poor with more debt and no pension

Here is why Indians are retiring poor with more debt and no pension

Finance
NEW DELHI: Indian families borrow and invest in very different ways than families in the US, UK or Germany, and even those in China. The depth of these differences, across all ages and economic levels, is revealed in a recent report on household finances prepared by the RBI. It shows that a major proportion of household wealth in Indian families is kept as real estate or gold, even among younger families, and even by the poorest 40 per cent of population. This is not the case in other countries. Institutional borrowings by Indian families are low in early life and go on increasing leaving many retired persons with a debt overhang, unlike advanced countries where mortgages reduce after retirement. And, pensions are virtually absent in India while in most Western countries they are a...
If you have student loan debt, you might also need life insurance

If you have student loan debt, you might also need life insurance

Finance
Taking out a life insurance policy as a new college graduate may not be top of mind, but it's worth exploring if you have student loans. Some of that debt can live on, even if you die."That's not something that college-age students and their parents tend to think about," said Betsy Mayotte, director of consumer outreach and compliance for American Student Assistance, a nonprofit focused on higher education financing.Four in 10 student borrowers now owe at least $ 20,000 at graduation, double the share from a decade ago, according to a new report from the Consumer Financial Protection Bureau. Over the same period, the number of those owing at least $ 50,000 has more than tripled, from 5 percent to 16 percent of borrowers.If a relative or friend has co-signed on a student loan for you, and y...