Finance
What to expect from the Sixteenth Finance Commission?
NEW DELHI
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The government on Sunday named former vice chairman of Niti Aayog and Columbia University professor Arvind Panagariya as the chairman of the Sixteenth Finance Commission (SFC), a constitutional body. Mint takes a look at what to expect from the SFC.
What is the role of finance commissions?
Finance commissions are independent constitutional bodies with a key role to play in the division of the Centre’s net tax proceeds between Central and state governments keeping in mind the fiscal needs of the states. All central taxes other than those meant for states and the specific surcharges and cesses levied by the Centre form part of this divisible pool of tax revenue. The finance commissions decide the extent of the Centre’s revenue to be shared with the states and the formula for dividing it among states. The commission is a key pillar of fiscal federalism.
Why were some states unhappy?
Revenue sharing among states is a controversial subject as resources are finite. The parameters have to accommodate the interests of all states while factoring in their various stages of development. When the Fifteenth Finance Commission was set up, one of the terms of reference was to use the population data of the 2011 census. Karnataka and Tamil Nadu complained saying that would reduce allocations for them as they had been successful in their population stabilisation initiatives. The panel then gave weight to population and ‘population performance’ for an equitable allocation.
What has the Centre asked the SFC to do?
The Centre has kept the terms of reference of the SFC short and direct rather than prescriptive. The panel has been asked to also suggest ways to augment the consolidated funds of states to supplement the resources of local bodies such as panchayats. In addition, the SFC may lay down the principles for grants-in-aid.
What issues does the SFC need to address?
Panagariya is expected to address sustainability of debt at the Central and state levels. The Centre maintains it is on track to achieve its target of fiscal deficit below 4.5% of GDP by FY26, and that general government debt will decline in the medium to long term. The SFC is expected to look into this as well as revenue trends and expenditure obligations at the Central and state levels to make recommendations. Another key area that the panel is expected to look into is expenditure reforms at the state level.
What does the common man get?
Finance panels tend to recommend a higher share of devolved funds to states with low per capita income so those states can deliver public goods at levels comparable to that in other states. It also incentivises the fiscal performance of states, benefiting their citizens. The panel is also expected to look into the unfinished agenda of GST rate revision of some items that are now on the backburner due to high inflation. The SFC may also take into account the next central pay panel decisions.
Finance
Sports betting should be regulated as a financial product, not gambling, aspiring prediction market provider says
MIAMI BEACH, Fla. — Sports betting should be regulated as a federal financial product rather than a state-licensed casino product, two panelists said Thursday.
Appearing at Consensus Miami 2026, Jacob Fortinsky, co-founder and CEO of sports betting platform Novig, said the legacy sportsbook model is structurally broken because it treats winning bettors as cheaters.
“Sports betting is really the only industry in the country that regularly limits and bans their power users,” Fortinsky said. He framed sports event contracts as binary financial instruments that “for so long have been treated as a gambling product and instead should really be treated as a financial product.” Globally, he said, sports betting is “a $2 trillion asset class still dominated by these legacy casinos.”
Adam Mastrelli, founder of 57 Maiden, a firm that builds AI-driven trading strategies for prediction markets, validated the critique with personal experience.
“My partner and I got kicked off of two big sportsbooks within two months of trading because we were sharp,” he said, It’s like “LeBron James getting kicked out of the NBA for being too good,” he added.
Mastrelli said the team turned to Novig, which he said charges no fees and allows traders to create synthetic positions.
Mastrelli said his firm’s edge decayed quickly, and of 154 proposed trading strategies, only three currently run profitably.
“This edge will go away,” he said, “so if you can build systems that can keep up with that edge and that alpha… then it becomes really, really intriguing.” His most profitable season, he said, was the WNBA.
Fortinsky said Novig is on track to transition this summer from a sweepstakes model live in 35 states to a federal DCM framework that will let it operate in all 50 states. An earlier attempt to be regulated at the state level in Colorado, he said, was a wake-up call. “Regulators told us essentially you’re naive if you think we care about consumer protection or innovation or market efficiency. We really just care about our tax revenue,” he said.
The federal-state fight, Fortinsky added, is “going to get to the Supreme Court in the next two or three years,” with 15 pending lawsuits between the Commodity Futures Trading Commission, Kalshi, Robinhood and various states. Within prediction markets, he argued sports is “counterintuitively actually the safest vertical,” given the bigger insider-trading and manipulation concerns around political and event-driven contracts.
Mastrelli, who said he avoids offshore platforms entirely, compared prediction markets to equities exchanges: “When I see a robust equities market now, this is AQR against SIG. It doesn’t go away.”
Harley-Davidson’s new CEO wants to transform how people think about the iconic motorcycle brand, so the company is trying something different.
This week, Harley announced a new strategy that focuses on lower-priced bikes, rather than relying on older, more affluent customers to buy its higher-margin touring models.
“Back to the Bricks builds on our core strengths and competitive advantages, harnessing the passion of our riders to deliver profitable growth for the Company and both our dealers and shareholders,” Harley CEO Artie Starrs said this week. “As we drive towards this new phase of growth, we remain committed to the craftsmanship and dedication that define our brand.”
Entry-level Harley-Davidsons cost about $13,000, while the higher-end Adventure Touring models average about $23,250, and the Premium Range &CVO models cost about $38,500, according to Reuters.
Harley’s new strategy targets a core profit of over $350 million from its motorcycle business by 2027 and over $150 million in cost reductions.
To kick off the new strategy, Harley is introducing Sprint, a new entry-level model powered by a smaller 440cc engine, later in the year.
What is Harley-Davidson’s “Back to the Bricks” strategy?
Harley’s new strategy relies on more than just pushing buyers toward cheaper vehicles to increase volume. The 123-year-old company has a set of five pillars on which it is building its future.
Harley-Davidson “Back to the Bricks” 5-point plan
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Deep appreciation of Harley-Davidson’s competitive advantages and legacy: The Company’s iconic brand, diversified and powerful revenue channels, and best-in-class dealer network provide a powerful foundation for growth.
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Renewed commitment to exclusive dealer network to drive enterprise profitability: Harley-Davidson’s dealers are a competitive advantage. The Company is planning actions to enable dealers to double profitability in 2026 and then double it again by 2029.
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Immediate actions to recapture share in areas where Harley-Davidson has right to win: Harley-Davidson has strong legacy equity in existing markets including new motorcycles, used motorcycles, Parts & Accessories, and Apparel & Licensing. The Company’s new strategy is focused on positioning the Company to regain share and drive meaningful volume growth in categories where it benefits from credibility, scale, and deep rider connection.
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Strong financial position with a path to stronger free cash flow and EBITDA margin: Cost and restructuring actions already underway support a path to stronger free cash flow and EBITDA margin over time.
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Bolstered management team with balance of fresh perspectives and institutional knowledge: Harley-Davidson has made a number of leadership appointments that support the Company as it leverages its innate strengths.
Written by Jitendra Parashar at The Motley Fool Canada
Dividend investing can be one of the simplest ways to build long-term wealth while creating a steady stream of passive income. But in my opinion, a good dividend stock is about much more than just a high yield. Beyond dividend yield, investors should also look for companies with durable businesses, reliable cash flows, and a history of rewarding shareholders consistently over time.
That’s exactly why many investors turn to financial stocks. Banks and asset managers often generate recurring earnings through lending, investing, and wealth management activities, allowing them to support stable dividend payments even during uncertain market conditions.
Two Canadian financial stocks that stand out right now are AGF Management (TSX:AGF.B) and Toronto-Dominion Bank (TSX:TD). Both companies offer attractive dividends backed by solid financial performance and long-term growth strategies. In this article, I’ll explain why these two financial stocks could be worth considering for income-focused investors right now.
AGF Management stock continues to reward shareholders
AGF Management is a Toronto-based asset manager with businesses across investments, private markets, and wealth management. Through these divisions, the company offers equity, fixed income, alternative, and multi-asset investment strategies to retail, institutional, and private wealth clients.
Following a 59% rally over the last 12 months, AGF stock currently trades at $16.67 per share with a market cap of roughly $1.1 billion. At current levels, the stock offers a quarterly dividend yield of 3.3%.
One reason behind AGF’s strong recent performance is its increasingly diversified business model. The company has expanded its investment capabilities and broadened its geographic reach, helping it perform well across varying market environments.
In the first quarter of its fiscal 2026 (ended in February), AGF posted free cash flow of $36 million, up 14% year over year (YoY), driven mainly by higher management, advisory, and administration fees. These fees climbed to $92.5 million as demand for the company’s investment offerings strengthened.
AGF has also been focusing on expanding its alternative investment business and introducing new investment products. With strong cash generation and growing demand for alternative investments, AGF Management looks well-positioned to continue rewarding investors over the long term.
TD Bank stock remains a dependable dividend giant
Toronto-Dominion Bank, or TD Bank, is one of North America’s largest banks, serving millions of customers through its Canadian banking, U.S. retail banking, wealth management and insurance, and wholesale banking operations.
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