Finance
India to sustain growth through more govt capital spending – finance minister
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NEW DELHI, Nov 30 (Reuters) – India will maintain its excessive progress charge via extra authorities capital spending, the finance minister stated in an interview at the Reuters NEXT convention on Wednesday, including that she noticed indicators of a pick-up in non-public investments too.
“We might proceed to push capital expenditure, and that I’m saying whilst I’m making ready for the following finances,” Nirmala Sitharaman stated.
“We’re properly on target on assembly this yr’s goal. The states have proven extraordinary absorption capability for taking the monies and spending on capital property.”
She stated the federal government sees the “capital expenditure route as a kind of which might assure good progress”.
She added that she regarded ahead to “an excellent … rising Indian economic system this yr and the following”.
Sitharaman is more likely to current the 2023/24 finances on Feb. 1, the final full finances earlier than nationwide elections in 2024. India’s fiscal yr begins on April 1 and runs via March.
Reporting by Ira Duggal and Aftab Ahmed; Enhancing by Andrew Heavens
Our Requirements: The Thomson Reuters Belief Rules.
Finance
Golden-goodbye payouts on Wall Street could be at risk under resurrected Financial-Crisis era rule
U.S. financial watchdogs plan to take another crack at regulating Wall Street executives’ pay — an outstanding requirement of the 2010 Dodd-Frank Act that has repeatedly failed to materialize.
The Federal Deposit Insurance Corp. aims to vote on a measure in coming weeks, according to people with knowledge of the initiative, who asked not to be identified discussing confidential deliberations. Still, the rules would have to clear a half-dozen regulators before taking effect. Two prior campaigns to do so ended unsuccessfully.
The incentive-compensation rules, long resisted by the financial industry, are meant to curb risky behavior by forcing executives and other prominent employees to wait longer to cash out their bonuses. A prior proposal would have given companies as long as seven years to claw back pay tied to misconduct, even if the bonus were already vested. Financial firms would also have to give watchdogs additional details on pay packages that could be made available to the public.
Agencies previously proposed versions of the rule in 2011 and 2016. The renewed regulatory push was reported earlier by the Wall Street Journal.
While last year’s regional-banking turmoil stoked debates over the broader industry’s stability, finalizing executive-compensation rules would still be a big lift. Beyond the FDIC, imposing the rules would require action and approvals from the Federal Reserve, Office of the Comptroller of the Currency, Securities and Exchange Commission, Federal Housing Finance Agency and the National Credit Union Administration.
Each of the agencies would move at their own pace, and there’s no guarantee that all would complete the effort before November elections that could usher in a change in administrations. Still, some have signaled a willingness to try.
In response to a request for comment, an SEC spokesperson pointed to a December speech by agency Chair Gary Gensler in which he said: “We stand ready to work with our fellow regulators to fulfill this mandate and through re-proposing rules in this area.”
Representatives for the FDIC, Fed, OCC and NCUA declined to comment. A spokesperson for the FHFA didn’t immediately respond to a message.
The Netherlands’ KNVB football association handed Vitesse Arnhem an 18-point deduction on Friday, making the struggling side’s relegation a mathematical certainty.
It’s the largest penalty of its kind in the history of Dutch football. However, the club said it did not plan to appeal, and it welcomed the lifeline offered by the KNVB that means it might at least be able to retain its license and continue to exist as a club.
The club’s been in turmoil for some time now, as it tries and fails to extricate itself from Russian ownership following the invasion of Ukraine and EU sanctions against its current owner.
Vitesse were already bottom of the league on 17 points with just a few matches left to save themselves. Now they have a nominal total of -1 points and relegation is inevitable.
Why is the club in trouble?
A mainstay in the Dutch Eredivisie top division for more than 30 years and in either Russian or Georgian ownership for the last decade, Vitesse is facing allegations of financial irregularities and licensing breaches as it tries and fails to convince authorities to approve a takeover by a US investment group.
The team is still owned by Russian oligarch Valerij Oyf, and it used to be nicknamed “Chelsea B” because of the close ties it had to the London club when that was owned by Roman Abramovich. Several high-profile Chelsea players, including Nemanja Matic and Mason Mount, spent periods on loan in Arnhem.
Oyf, like Abramovich at Chelsea, made it clear soon after Russia’s invasion of Ukraine that he was looking to sell the club. He would soon face EU sanctions, again like Abramovich. However, he has not been able to sell so far.
Dutch authorities are not convinced by the financial viability of the takeover proposal, and accuse Vitesse of submitting false information while trying to secure approval for the change of ownership.
An investigative report by British newspaper The Guardian and The Bureau of Investigative Journalism, alleging a secret network of loans linking the club to Abramovich, and suggesting Abramovich ultimately funded the 2014 purchase of Vitesse by a Georgian investor, helped prompt the investigations.
KNVB says penalty reflects ‘extent of the violations’
“The size of the sanction is based on the exceptional seriousness and the extent of the violations of the licensing system,” the KNVB said in a statement on Friday.
It said the withheld information might even have hidden potential violations of sanctions against Russia.
“This includes providing incorrect information that was important for the forensic investigation into possible violations of sanctions legislation and withholding information important for the assessment of Vitesse’s continuity,” it said.
The KNVB warned it continued to investigate other potential violations by Vitesse and said it would comment further should further penalties follow.
It said it had responded to the club’s latest bid to win approval for new ownership, requesting an amended plan. It said it would update on this issue, too, as soon as a decision was reached.
Vitesse plans not to appeal, welcomes ray of hope for broader survival
Vitesse, meanwhile, said that it “will not appeal against the punishment and will seize the chance of retaining its license with both hands.”
It conceded in a statement that some such sanction had long seemed “unavoidable” given that the club had been unable to meet certain requirements.
“For example, Vitesse did not submit the half-yearly figures correctly, acted incorrectly with regard to ING Bank and the Ministry of Economic Affairs and Climate, and the Vladimirov report was unable to demonstrate whether or not there are connections between Vitesse and Roman Abramovich,” the club said.
Interim general manager Edwin Reijntjes was quoted as saying that although it was a “dark day” for everyone who cares about Vitesse, facing relegation for the first time this century, “this is the harsh reality.”
“On the other hand — and I really want to make this clear to everyone — we are extremely happy with the opportunity that is being offered to us to retain our license. This too was hanging by a thread,” Reijntjes said.
A revocation of the club’s license would effectively mark its dissolution, at least temporarily, with it unable to compete in any KNVB-organized competitions.
Friday’s penalty, at least as it stands, foresees the club fighting in the Dutch second divsion next year.
msh/wd (AP, dpa, Reuters)
Artur Debat | Moment | Getty Images
The number of centenarians in the U.S. is poised to balloon in coming decades. That longevity poses a big financial challenge for households.
By 2054, there will be an estimated 422,000 Americans age 100 and older — more than four times the 101,000 in 2024, according to a Pew Research Center analysis of U.S. Census Bureau data.
Centenarians make up 0.03% of the total U.S. population today, a share expected to reach 0.1% three decades from now, the analysis found.
What’s more, the centenarian population has nearly tripled in the last three decades alone, according to Pew.
Irving Piken during his 111th birthday celebration at the Laguna Woods Community Center in California on Dec. 20, 2019. Piken, who passed away in February 2020, was believed to be the oldest man living in the U.S.
Mark Rightmire/MediaNews Group/Orange County Register via Getty Images
Meanwhile, even if Americans don’t reach age 100, more of them will live to 90 and 95 years old, said John Scott, director of retirement savings at The Pew Charitable Trusts.
That demographic shift will put enormous stress on the traditional notion of financing retirement, experts said.
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“If people still retire in their 60s, it means the funding for retirement needs to go on for decades,” said Barry Glassman, a certified financial planner and founder of Glassman Wealth Services.
“If retirement is going to last that long, then savings needs to last that long as well,” said Glassman, a member of CNBC’s Advisor Council.
Working longer may be necessary …
Among the best ways to hedge against outliving one’s savings is by working longer, according to retirement experts.
It’s already happening.
By 2032, 25% of men and 17% of women age 65 and older are expected to be in the labor force, up from 24% and 15%, respectively, in 2022, according to Population Reference Bureau.
That may be more necessary as employers have offloaded responsibility for retirement savings onto workers’ shoulders, by shifting from pensions to 401(k)-type retirement plans. Workers must choose how to invest and how much money to save with each paycheck to ensure for a comfortable retirement.
But even delaying retirement by a few years — to 68 years old from 65, for example — can financially “move the needle significantly,” Glassman said.
“People need to be prepared to work longer,” he said.
Doing so yields more years of income, and generally allows people to save for a longer time, delay drawing down their nest egg and defer claiming Social Security benefits.
Social Security, unlike 401(k) plans, provides guaranteed income for life. By delaying claiming to age 70, retirees can maximize their monthly checks.
If they have the resources, retirees can also consider buying an annuity with a portion of their savings to generate a monthly guaranteed income stream like Social Security, Pew’s Scott said.
Retirees can still work part time so they have some additional cash flow, Glassman said.
He sees more clients doing this, with professionals who become consultants upon retirement, or radiologists who can work remotely and read health scans, he said.
“There is a demand for labor in this country,” Scott said.
Staying up to date with skills may help retirees find some work later if they need to supplement income, he said.
… and more possible in the future
Of course, working longer won’t be possible for everyone.
People may have physically taxing jobs that require them to retire relatively early, or suffer health complications that require early retirement, for example. Others may not be able to do jobs on a part-time basis.
Retirement is likely to be full of many more “healthy, vibrant” years in coming decades due to advancements in technology and health care, for example — meaning the notion of working longer, even in physical jobs, isn’t far-fetched, Glassman said.
He pointed to marathon statistics as an example: 441 people age 70 and older finished the New York City Marathon in 2023, about 0.9% of all runners. That’s up from 144 people two decades earlier, or roughly 0.4% of the total runners.
Aside from work, Americans should try to save as much as they can, and start as early as they can, Scott said. Those who get an employer 401(k) match at work should strive to save enough to get the full match, which is essentially free money, he said.
Responsibilities like paying student loans, saving for a house and spending on caregiving needs for children does make saving difficult, but even saving a little bit now will help in the long run, he said.
“Over time, that will add up,” Scott said.
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