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Tag: Spending

PayPal allows Bitcoin and crypto spending

PayPal allows Bitcoin and crypto spending

Technology
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Indian consumers brace for high inflation as they curb spending

Indian consumers brace for high inflation as they curb spending

Finance
Consumers in India expect inflation to remain high over the next year, further hindering their ability to spend at a time when confidence is at a record low because of job losses and wage cuts. Households’ median inflation expectations over a one-year period remained elevated at 10.3%, according to the latest survey from the Reserve Bank of India. A separate study showed consumer confidence, as measured by the current situation index, falling to an all-time low of 49.9 in September. The findings mirror a broader divergence between consumer and wholesale inflation in the economy. The latter reflects subdued factory gate prices because of a slump in demand amid the pandemic, while retail prices continue to surge above the central bank’s 2% to 6% target band because of supply side shocks and
MPs to grill health officials on PPE spending

MPs to grill health officials on PPE spending

Business
MPs are to grill health officials on whether they overpaid for personal protective equipment to deal with coronavirus.The MP leading the inquiry says the crisis should not be an excuse for failing to achieve value for money.One focus of their interest could be a little-known pest control company which won a contract to supply PPE worth more than £100m.The government says it wants firms that can quickly provide a lot of PPE. Coronavirus: First official analysis finds PPE failings Coronavirus: PPE supplies 'stable but fragile' PestFix, part of a company called Crisp Websites, signed the £109m contract with the government on 13 April to supply what were specified as "urgently needed gloves, gowns and masks to the NHS supply chain."The business operates from
Coronavirus: US to borrow record $3tn as spending soars

Coronavirus: US to borrow record $3tn as spending soars

World
The US has said it wants to borrow a record $ 3tn (£2.4tn) in the second quarter, as coronavirus-related rescue packages blow up the budget.The sum is more than five times the previous quarterly record, set at the height of the 2008 financial crisis.In all of 2019, the country borrowed $ 1.28bn.The US has approved about $ 3tn in virus-related relief, including health funding and direct payouts. Total US government debt is now near $ 25tn.The packages are estimated to be worth about 14% of the country's economy. The government also extended the annual 15 April deadline for tax payments, adding to the cash crunch.The new borrowing estimate is more than $ 3tn above the government's previous estimate, a sign of the impact of the new programmes. The Fed's four
What a payroll tax cut could mean for Social Security, Medicare and consumer spending

What a payroll tax cut could mean for Social Security, Medicare and consumer spending

Finance
Hero Images | Hero Images | Getty ImagesA payroll tax cut is one idea President Donald Trump is considering in response to the negative effects of coronavirus on the U.S. economy.Experts say such a move would not necessarily be a magic bullet.One reason why: It could impair funding to Medicare and Social Security, which rely on payroll taxes for funding and are already facing looming funding shortfalls.Full details on how the Trump administration could implement a payroll tax cut are still  not known.Particularly, it's unclear how that cut would affect levies for Social Security or Medicare or both.Currently, employees and employers are each subject to a 6.2% tax for Social Security and 1.45% for Medicare. Self-employed individuals, meanwhile, make the full contributions on their own,...