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The Indian entertainment industry is mourning the loss of veteran actor <keyword id="23545830" type="General" weightage="100" keywordseo="Atul-Parchure" source="keywords">Atul Parchure</keyword>, who passed away on October 14 after a lengthy battle with cancer. Known for his dimpled smile and comic timing, the 57-year-old actor left an indelible mark on both Marathi and Hindi cinema and television. Parchure’s journey in the industry was marked by versatility, with a career that spanned decades across theatre, film, and television. He gained widespread recognition for his roles in popular films like Billu, where he starred alongside <keyword id="19895142" type="General" weightage="20" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword>, Partner with Salman Khan, and All The Best with Ajay Devgn. On the small screen, his talent shone in comedy shows, particularly The <keyword id="20202613" type="General" weightage="20" keywordseo="Kapil-Sharma-Show" source="keywords">Kapil Sharma Show</keyword>, where he entertained millions with his humorous performances. <h2>Battling cancer with hope and determination</h2>In a heart-wrenching interview earlier this year, Parchure opened up about his cancer diagnosis, revealing how he lost over 20 kilograms during treatment. Reflecting on his health struggles, he told the media, “I was mentally prepared that something was wrong with me.” The <keyword id="6358794" type="General" weightage="20" keywordseo="weight-loss" source="Orion">weight loss</keyword> was a physical reminder of his fight, yet he remained hopeful throughout, reportedly never asking doctors about the stage of his illness. He shared that he stayed optimistic, keeping his worries private, largely for the sake of his family. Despite battling cancer, Parchure continued to pursue his passion for acting. Just days before his hospitalisation, he was rehearsing for an upcoming <keyword id="20824755" type="General" weightage="20" keywordseo="Marathi-play" source="keywords">Marathi play</keyword> titled Suryachi Pillay. His friend and colleague, actor Jaywant Wadkar, shared that Parchure’s dedication never wavered. “He was also rehearsing for the show,” Wadkar recalled to the media, adding, “After being diagnosed with cancer, he came out and did a show. I have never seen such a fantastic actor like him.” <h2><keyword id="20018159" type="General" weightage="20" keywordseo="financial-burden" source="keywords">Financial burden</keyword> of <keyword id="19906407" type="General" weightage="20" keywordseo="cancer-treatment" source="keywords">cancer treatment</keyword></h2>In an earlier interview, Parchure had spoken about the financial burden of his treatment, highlighting the importance of <keyword id="19935975" type="General" weightage="20" keywordseo="Mediclaim" source="keywords">Mediclaim</keyword> in easing his family’s worries. “Mediclaim partly saved me, along with my savings; otherwise, it would have been very difficult,” he said. Despite the high costs, Parchure credited his family — his wife, daughter, and mother — for their unwavering support, describing them as his “three pillars” who never let him feel like a patient. The actor’s passing has left a void in the industry, and an outpouring of condolences from colleagues and fans alike. Maharashtra Chief Minister Eknath Shinde remarked, “The untimely death of Atul Parchure is painful. This loss is not recoverable.” Actor Shreyas Talpade also expressed his grief, calling Parchure a source of inspiration for the next generation. “He was a very big actor. He has inspired almost all of us,” Talpade shared. Atul Parchure’s legacy lives on through his memorable performances and his contributions to the world of entertainment. As his fans and friends bid him farewell, they celebrate a life dedicated to bringing laughter and joy to countless viewers. (With inputs from agencies)

Before succumbing to cancer, Kapil Sharma Show star Atul Parchure had lost 20 kg during years-long battle with the disease

<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> released the composite result and Credit Compendium of Adani Group of <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> for Q1 FY25. The Results Compendium provides a comprehensive overview of the <keyword id="20088085" type="General" weightage="20" keywordseo="financial-performance" source="keywords">financial performance</keyword> of the Adani Portfolio, while the Credit Compendium offers in-depth insights into the portfolio's robust credit strength. According to the results, the strong performance for the quarter was led by <keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises" meta.hostid="261" meta.entityid="Adani Enterprises">Adani Enterprises</keyword>' emerging businesses, including solar and wind manufacturing. In a press release, the company stated that it has emerged as India's largest player in the fully integrated <keyword id="19990484" type="General" weightage="20" keywordseo="green-hydrogen" source="keywords">green hydrogen</keyword> chain, as well as in the airports and roads sectors. The company added that AEL's infrastructure businesses' steadily rising contribution is playing a significant role in this growth, with <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> expanding by 69.98 per cent YoY. These fast-growing businesses now contribute 13.3 per cent to the portfolio-level EBITDA, up from 7.2 per cent a year ago. The overall EBITDA of Adani Group companies surged by 32.87 per cent year-on-year (YoY) to reach Rs 22,570 crore, resulting in a trailing twelve-month (TTM) EBITDA of Rs 79,180 crore, marking a 45.13 per cent increase over the corresponding TTM of the previous year. The Adani Group highlighted that its 'Core Infrastructure' platform comprises AEL's (Adani Enterprises) Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports &amp; SEZ) businesses. The Solar module manufacturing business of the group saw module sales rise by 125 per cent YoY in the quarter. Furthermore, the operationalization of photovoltaic cell lines lowered costs, resulting in higher profitability. The airport business also continues to see strong growth from rising passenger movement, increasing consumer offerings, and the addition of routes, airlines, and flights across seven operational airports. Adani Enterprises' performance indicates that in airports, the annual passenger movement across 7 airports crossed 90 million for the first time. During the quarter, eight new routes, six new airlines, and 13 new flights were added across all seven airports. Additionally, 25 new brands were introduced at Lucknow airport after the inauguration of Terminal 3. The road business achieved its highest-ever 730 lane-km construction during this quarter. In the Adani Green Energy segment, construction work for a 500 MW hydro pump storage has commenced, with a 31 per cent YoY capacity addition during the quarter. Another 250 MW wind capacity was operationalized in July at Khavda, bringing the total capacity to 11.2 GW. Adani Energy Solutions stated that the Khavda-Bhuj Transmission Line (KBTL) is fully commissioned, enabling 3 GW green power evacuation from Khavda. The 1,765 ckm Warora Kurnool Transmission Line (WKTL) was also fully commissioned, strengthening the national grid by ensuring seamless power flow between the western and southern regions. Adani Ports &amp; SEZ reported that Vizhinjam port, India's first transhipment port equipped with South Asia's most advanced container-handling technology, was formally commissioned in July and will become operational in November. In the Cements segment, the promoters infused Rs 15,000 crore in two tranches in Ambuja Cements in March and April, fully subscribing to the warrant program and infusing a total of Rs 20,000 crore since the acquisition in September 2022. The company also acquired Penna Cement, increasing the total capacity to 89 MTPA. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms">India’s wearables market decline for the first time as smartwatch shipments fall</a>

EBITDA of Adani Group companies surged by 32.87% year-on-year to ₹22,570 crore

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

<ul class="summary-list"><li>Trump wants to cut taxes on Social Security benefits, impacting current and future beneficiaries.</li><li>Experts warn these cuts could deplete the Social Security fund three years earlier than expected.</li></ul>Donald Trump plans to make changes to America's Social Security system with his return to the White Housein January. The president-elect promised on the campaign trail to <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tax-plan-social-security-retirement-medicare-2024-8">cut taxes on Social Security benefits</a> in his second term. "People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly," Trump told "Fox &amp; Friends" in August. For some baby boomers, lower <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security</a> taxes could mean larger monthly checks in the short-term. But experts predict that the <keyword id="23944791" type="General" weightage="20" keywordseo="Social-Security-tax-cuts" source="keywords">Social Security tax cuts</keyword>, along with other campaign promises made by Trump, could quickly drain the national Social Security fund. That would put benefits at risk for low-income retirees and younger generations, who may <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">rely on that income</a> as they age. "It's designed to help retirees, but the people it's going to hurt are people that rely on Social Security the most," Taylor Lee, a certified financial planner at Belmont Capital Advisors, told BI of Trump's Social Security tax cut. More than 72 million Americans receive Social Security and the estimated average monthly check is <a target="_blank" href="https://faq.ssa.gov/en-us/Topic/article/KA-01903">$1,92</a>4.35 a month, per the Social Security Administration. Americans can begin taking Social Security at age 62, or wait until their full benefits kick in at 67, the national retirement age. Trump's campaign promise comes as Business Insider has <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">heard from older adults</a> with limited retirement savings, many of whom are struggling to afford necessities like housing and groceries on their fixed Social Security income. Income taxes on Social Security apply to all beneficiaries with an annual household income above $25,000, and most pay taxes on at least <a target="_blank" href="https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html">50%</a> of their benefits. Lower-income beneficiaries pay less in taxes. <h2>Social Security tax cuts would hurt low-income retirees, younger generations</h2>US Social Security will be depleted<a target="_blank" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">in the next decade</a> without Congressional action. The fund is largely financed through payroll taxes that Americans contribute to throughout their career. <a target="_blank" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">A report</a> published in October by the nonpartisan Committee for a Responsible Federal Budget said that Trump's campaign promises — which alsoincludes ending taxes on tips, reducing <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">some income taxes</a>, expanding deportations, and imposing tariffs — would take a toll on the Social Security fund, making it "insolvent" within the next six years. That's three years earlier than the Congressional Budget Office's current estimation. Those policies would also lead to a 33% <a target="_blank" class="" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">benefit cut</a> in 2035, a 10% increase from what the Congressional Budget Office projects under the current law. Lee said that low-income boomers and younger generations are likely to feel the brunt of these cuts. Low-income boomers living on Social Security already pay less income taxes, so they wouldn't see the benefits Trump promised. Lee said that many don't have other <a target="_blank" class="" href="https://www.businessinsider.com/social-security-no-savings-snap-benefits-debt-boomers-experiences-2024-6">retirement savings </a>to fall back on if their benefits are slashed. He added that older Americans who are wealthy or middle class would feel less stress from Social Security cuts, and may benefit in the short term from Trump's tax plan. "It would help people in the middle class, people that have the luxury of having a 401(k) or an IRA and have multiple sources of retirement income," Lee said. "But the people that's going to hurt the most are people that don't have that traditional retirement income." Lee said it's possible that <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-social-security-insolvency-medicare-donald-trump-biden-mcconnell-2023-3">younger generations</a> will have lower Social Security benefits, requiring them to rely more heavily on retirement savings. To be sure, any changes Trump hopes to make the tax or Social Security systems would need to be approved by Congress. Working in his favor is that the<a target="_blank" class="" href="https://www.businessinsider.com/republicans-win-senate-election-majority-election-2024-11">Senate will have a Republican majority</a>.(Votes for House representatives are still being counted.) Lee added that tax funding is also not the only challenge facing Social Security: people are living longer, meaning that more benefits funding is required per person. As for other retirement finances, like <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k) accounts</a> and <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">investments</a>, it's unclear what impact a second Trump term will have. The president-elect plans to impose tariffs on foreign goods and make broad tax cuts, a move that is likely to drive inflation and make the cost of living <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">more expensive</a>. With the <keyword id="23944794" type="General" weightage="20" keywordseo="future-of-Social-Security" source="keywords">future of Social Security</keyword> uncertain, Lee said it's important for retirees to build a strong financial plan. "There's a lot of planning that we can still do," Lee said. "Government policy — we really can't affect that. So we just have to control what we can control." Are you relying on Social Security in retirement? Are you adjusting your retirement plans based on Trump's return to office? If so, reach out to this reporter at <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a>.

Trump's plan for Social Security will help baby boomers in the short term and cut benefits for anyone younger

<ul class="summary-list"><li>Michael Johnston was making six figures in a remote job he enjoyed when his second child was born.</li><li>He fell in love with <keyword id="23944982" type="General" weightage="20" keywordseo="full-time-parenting" source="keywords">full-time parenting</keyword> and his wife, a successful editor, was keen to keep working.</li></ul>This as-told-to essay is based on a conversation with Michael Johnston, 41, a <keyword id="23944981" type="General" weightage="100" keywordseo="stay-at-home-dad" source="keywords">stay-at-home dad</keyword> who lives in Old Orchard Beach, Maine. Johnston's financial claims have been verified with documents. It has been edited for length and clarity. I graduated from Boston University in 2006 with a degree in mechanical engineering. I then got a job in the semiconductor industry. The role allowed me unlimited creative freedom and had crazy big budgets. Life was good. A few years into this amazing job, things shifted. The 2008 recession hit, and though I survived layoffs, everything changed. Money dried up for creative projects, and suddenly, I was doing paperwork all day. After my wife Maddie finished school, we wanted a fresh start. We moved coasts onto a ranch in California. I found a new role at KLA Corporation, in manufacturing, with much less paperwork. When my wife told me she was pregnant, I had a steady job with a manageable workload, but I traveled frequently to China, Taiwan, and South Korea. I was grateful for the income when our son Lincoln was born. <div type="image" title="Dad with baby in a carrier." height="4032" width="2268" msid="114981391" hostid="261"></div><h2>The impossible task of pandemic parenting</h2>Like many parents, March 2020 was a very difficult period for my family of three. Lincoln was around three years old, and suddenly my world narrowed to just four walls during lockdown. Instead of traveling and working in the office, my role was being permanently on the phone. I had meetings the entire day and would try to get my actual work done in the evening. Calls from around the world pushed late into the night. At some points, I worked almost 24 hours a day. Maddie, Lincoln, and I tried to maintain daily family life while we kept up with our careers. Now we were both fully remote, so we bought a beach house in Maine in 2020 and left California in 2021. But that wasn't the only reason we were moving back closer to home: our second baby was on the way. <div type="image" title="Michael Johnston and his kids." height="3357" width="1888" msid="114981168" hostid="261"></div><h2>Crunching numbers on <keyword id="21017792" type="General" weightage="20" keywordseo="paternity-leave" source="keywords">paternity leave</keyword></h2>I fully intended to go back to work after paternity leave. I was making six figures doing work that I loved — prior to the pandemic shift — and my team was great. But over 12 weeks of leave, I fell in love with being a full-time dad. If I was up at 3 a.m. I was comforting a sleepless kid, not fielding international calls. It was some of the best times we'd had as a family. My wife has a successful career in editorial work, and we began examining whether we could afford to be a one-salary family. We'd spent our early career days digging out of student and credit card debt from moving around. Right before kids, we'd finally paid off our debt, which was tough even with two incomes. Moving back to Maine was a major savings opportunity. We streamlined our spending on our mortgage, rental property, two cars, and everything else it takes to run a family in California. We no longer had to pay for flights back, preschool or daycare. We dug into what life would look like on one income, and my financial projections showed it was doable in Maine. We walk the kids to school and don't have a pricey commute. We no longer pay for any day care — a drastic change from the insanely California options at around $2,000 for one child. Maine also has free breakfast and lunch at school. <h2>Deciding to stay home</h2>It came down to how we viewed our work. After maternity leave, my wife was excited to see her coworkers and jump back into her job. I saw work as a means to an end. My future wasn't ever really tied up in my workplace. I'd missed so much of my first child's youngest years that I was determined not to repeat that with my second. On the work front, I'd used my degree for 17 years and accomplished what I wanted to. A week or two before the end of my leave, I set my team up for success and gave my boss my two weeks' notice. <div type="image" title="Michael Johnston and his family." height="1690" width="2253" msid="114981165" hostid="261"></div><h2>Settling into full-time dad life</h2>The first few months were awesome. We knew we'd made the right choice. I walked the kids to school every day and got to experience small moments I'd previously been too busy to enjoy. I did have misconceptions about stay-at-home parenting life. I thought I'd renovate our 1954 Airstream during naps. Instead, I get up at 5:30 a.m., make lunches, have a cup of coffee for 15 minutes in peace, and then get everyone ready for school. Once my oldest is at school, my new mission is potty training. I'm lucky to grab a shower during naptime. I clean and reset the house for the evening, getting dishes under control and dinner started. My wife and I always split the cores, her taking the mental labor of organizing school and social life comms and I did more physical chores. This is now just more official – I manage school runs and all the household tasks. When others find out I'm a stay-at-home dad, they always ask: "When are you going back to work?" Maybe I will, maybe I won't. If I do, I'll have different boundaries. I spent too long wrapped up in my job. We are trained to graduate, get a good job, work that job forever, then retire at 65. I plowed along for long enough. Now I know a corporate job isn't a mandatory trajectory. It was a choice. I'm happy doing something different. Correction: November 8, 2024 — A previous version of this story misstated that the Johnston family didn’t have a car. They do have a car in Maine.

I quit my 6-figure job to be a stay-at-home dad. After leaving California, we could afford to be a single-income family.

<ul class="summary-list"><li>China has chosen Saudi Arabia as the site for its next offering of US dollar bonds.</li><li>It's China's first such offering in three years, and shows deepening financial ties between the two nations.</li></ul>Investing ties between Riyadh and Beijing are growing harder to ignore.China has has chosen Saudi Arabia as the site for its first US dollar bond sales in three years, scheduled for next week, according to a Ministry of Finance statement.Saudi Arabia has embraced Chinese investment to help bankroll its juggernaut modernization plans. The country's so-called Vision 2030 project — an effort to turn Saudi Arabia into a greener, innovation-centered economy — recently reached <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-vision-2030-projects-trillion-value-neom-2024-9">$1.3 trillion in value</a>.Meanwhile, the kingdom's construction plans and emphasis on renewables have offered Chinese real estate developers and tech industries a fresh playing field.For instance, Saudi Arabia has been courting Chinese investors to fund its futuristic mega-city, Neom, the centerpiece of Vision 2030. The kingdom has had some success over recent years, and China has agreed to <a target="_blank" href="https://www.businessinsider.com/saudi-seeks-china-neom-mbs-investment-risk-vision-crown-prince-2024-6">various tech deals related to the project</a>.The Saudi Public Investment Fund — the nation's sovereign wealth vehicle — signed $50 billion worth of deals with Chinese lenders in August, according data compiled by the <a target="_blank" class="" href="https://www.ft.com/content/0d2a3dcc-9d1e-4741-84dc-8e5a81303a1b">Financial Times</a>.Tech-related investments have also kept up: in one telling example, Saudi Arabia has reportedly <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-china-ai-startup-openai-zhipu-ai-2024-6">backed a Chinese competitor to OpenAI</a> over the summer.At the end of October, Saudi Arabia <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-31/two-etfs-tracking-hong-kong-china-shares-debut-in-saudi-arabia">debuted</a> two new exchange traded funds to track markets in Hong Kong and China. These instruments will allow Saudi investors easier access to Chinese equity exposure.However, these deepening ties have also attracted US scrutiny. Earlier this year, the US offered Saudi Arabia tech and security deals on the condition that Riyadh rejects its new tech alliance with China.

The financial ties between China and Saudi Arabia keep getting deeper

Travel tech platform <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword> reported <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> 2023-24 as the maiden profitable fiscal with a net earning of nearly Rs 100 crore, founder <keyword id="20198157" type="General" weightage="20" keywordseo="Ritesh-Agarwal" source="keywords">Ritesh Agarwal</keyword> said on Thursday. In a post on social media platform X, Agarwal said he sees growth ahead "not just in India" but also in OYO's other key markets of Nordics, South East Asia, the US and UK. "While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well," Agarwal shared. "We had our maiden net profitable financial year at nearly Rs 100 crore. This was our eighth consecutive quarter of a positive EBITDA and we also have a cash balance of around Rs 1,000 crore," he added. He further highlighted that global credit rating firm Fitch has also taken note of OYO's improved performance and strong cash flows, upgrading its credit rating. "I see growth ahead not just in India with emerging travel trends such as premiumization, spiritual travel, business travel and conferences, destination weddings but also in our other key markets of Nordics, South East Asia, US and UK. FY25 will clearly be even more exciting," the OYO founder stated. He added that these are provisional numbers, but the audited financials will likely be close to these. Earlier this week, Fitch Ratings announced it has upgraded the rating of OYO parent firm Oravel Stays, citing the hospitality company's improved financial profile. Fitch upgraded Oravel Stay's long-term foreign and local currency issuer default ratings to 'B' from 'B-' with a 'Stable' outlook, according to a statement. It also upgraded the rating on the company's USD 660-million senior secured term loan facility due 2026 to 'B' from 'B-'. In FY24, OYO added about 5,000 hotels and 6,000 homes globally. It also reported a PAT (Profit after Tax) of Rs 99.6 crore (USD 12 million) and an adjusted EBITDA of Rs 888 crore (USD 107 million) for the whole fiscal year, up from Rs 274 crore (USD 33 million) in FY23. EBITDA -- Earnings Before Interest, Taxes, Depreciation, and Amortization -- is an alternate way of calculating profitability to net income. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

At ₹100 crore, OYO posts FY24 as maiden profitable fiscal: Founder

New Delhi: The <keyword id="19903456" type="General" weightage="20" keywordseo="income-tax-department" source="keywords">income tax department</keyword> has notified the <keyword id="21803475" type="General" weightage="100" keywordseo="Cost-Inflation-Index" source="keywords">Cost Inflation Index</keyword> for the current fiscal beginning April 2024, for calculating <keyword id="20584761" type="General" weightage="20" keywordseo="long-term-capital-gains" source="keywords">long-term capital gains</keyword> arising from sale of immovable property, securities and jewellery. The Cost <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">Inflation</keyword> Index (CII) is used by <keyword id="20081991" type="General" weightage="20" keywordseo="taxpayers" source="keywords">taxpayers</keyword> to compute gains arising out of sale of capital <keyword id="19975917" type="General" weightage="20" keywordseo="assets" source="keywords">assets</keyword> after adjusting inflation. The CII for <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> 2024-25, relevant to assessment year 2025-26, stood at 363, as per a notification of the Central Board of Direct Taxes (<keyword id="19980145" type="General" weightage="20" keywordseo="CBDT" source="keywords">CBDT</keyword>). The CII number for last fiscal was 348 and for 2022-23 financial year it was 331. Moore Singhi Executive Director Rajat Mohan said the CII reflects the inflation in the economy, which causes the prices of goods and services to increase over time. The index for the following financial year, 2024-25, has been updated to 363, marking an increase of 15 points, which corresponds to an annual inflation rate of approximately 4.3 per cent. "This is consistent with the retail inflation rate of 4.83 per cent recorded in April 2024. Taxpayers usually prefer a higher CII as it allows them to claim larger tax rebates," Mohan said. AKM Global Partner-Tax Sandeep Sehgal said the index is useful to adjust the capital gains for inflation, so that the taxpayers are taxed on real appreciation of the assets and not the gains due to inflation. "Taxpayers can use this to calculate gains for long-term capital assets sold during FY 24-25 and reduce the tax liability accordingly," Sehgal said. CII is notified under the Income-tax Act, 1961 every year. It is popularly used to calculate "indexed cost of acquisition", while calculating capital gains at the time of sale of any capital asset. Normally, an asset is required to be retained for more than 36 months (24 months for immovable property and unlisted shares, 12 months for listed securities) to qualify as 'long-term capital gains'. Since prices of goods increase over time resulting in a fall in the purchasing power, the CII is used to arrive at the inflation adjusted purchasing price of assets so as to compute taxable long-term capital gains (LTCG).

IT department declares 363 as cost inflation index for current fiscal

<ul class="summary-list"><li>Many people who receive an inheritance don't spend it wisely, according to financial planners.</li><li>It's important to come up with a detailed financial plan when you receive an inheritance.</li></ul>Receiving a large amount of money from an <a target="_blank" href="https://www.businessinsider.com/estate-planning-how-to-handle-inheritance-assets-house-401k-ira-2024-10">inheritance</a> can be life-changing — but only if you take the right steps to handle it.It can be difficult to make big financial decisions, especially around an emotionally charged subject. According to financial advisors, many inheritors end up spending the money they receive — usually from a deceased parent or grandparent — in just a few years.Don't worry, though, if you're expecting or recently received an inheritance. You can prevent this situation by avoiding a few simple mistakes, according to Vimala Snow, head of wealth strategy at Cresset Capital, and Dave Jones, director of estate strategy at Bailard.Below are the most common mistakes they see clients make and how to avoid them.<h2 id="b00e9626-47f7-4359-b39e-a059e32d0222">Not having tough conversations early</h2>It's definitely not a comfortable conversation, but discussing estate planning early on will save you a lot of headaches later.Jones recommends starting small by talking about easier topics, such as the location of important documents."Just the location of documents can be a starting conversation. Sometimes parents don't want to talk about the exact plans yet," he said.Asking your parents about their retirement accounts, if they have an estate plan, and what sort of assets they're thinking of passing down are good starting points."Those are just really basic things that can then lead into a larger discussion about the estate plan," Jones added.It's much easier to clarify any confusion surrounding assets when the person passing their assets along is still alive, which is why these conversations are important, according to Snow. Inheritors should make sure they understand the values that parents have regarding money, as well as how certain assets should be managed.<h2 id="14519a89-2828-4b1a-924f-d01da5b20939">Not having a long-term plan</h2>This is a common mistake when it comes to financial planning in general, but it's especially relevant when a large amount of money is on the line, according to Jones."A lot of inheritors will spend the money, and they'll spend it quickly because they may not have had the best financial habits before the inheritance," Jones said.He recommends considering a few basic financial planning questions. Take a look at the type of assets you're inheriting — whether it be brokerage accounts, real estate, or others — and evaluate how these fit into your current financial goals.It depends on your personalized financial needs, but Jones recommends considering the following questions: "Do you need to generate income for yourself? Do you have an emergency fund? Do you have debts that you need to pay off?"Inheritors who establish concrete financial goals will set themselves up for success. "There's a much higher chance that the inheritance will benefit the inheritor for a long time," Jones said.<h2 id="1eee78ff-be04-43de-a777-3edbcdfaf8b3">Expecting to receive assets immediately</h2>When coming up with a financial plan, keep in mind that you won't receive your inheritance immediately, according to Snow.Estate administration can be a long legal process. The larger the estate, the longer the wealth transfer process will take, Snow said. It could take several months, or even years, for asset distribution to be completed.If estate taxes are due, then the tax return will need to be submitted nine months after the date of death, Snow added.The distribution process won't always be smooth. Complications can arise, especially over assets like a house, Jones said. If siblings inherit the family home but can't agree on what to do with the property, it could take a long time to figure out how to pass on the asset in a way that satisfies all the inheritors.<h2 id="a6fd722f-adb9-406d-ab55-78010263bfb4">Not working with an advisor</h2>Don't underestimate how complicated estate planning can be. It's often helpful to use the advice of a professional, especially during an emotionally turbulent time.It might take a team of legal and financial professionals to ensure the best outcome for your inheritance. Financial advisors, tax specialists, and estate planning attorneys can all offer assistance.Experts can help you come up with a long-term strategy for investing an inheritance. In more complicated cases, such as if the person died without a will, you may need to consult a probate lawyer to locate and value the deceased's assets. The laws governing estate taxes can also vary from state to state, so getting an expert opinion can help clarify confusion."Making sure that you're asking lots of questions and relying on your team is a really important part of the process rather than trying to do it yourself because it is pretty complicated," Snow said.

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