Day: October 6, 2020

Bahrain’s economy shrank by 8.9% in second-quarter amid coronavirus restrictions

FILE PHOTO: A Bahraini woman walks through a local souq as she looks for clothes for her children in Manama, Bahrain, August 19, 2018. REUTERS/Hamad I Mohammed/File Photo

DUBAI (Reuters) – Bahrain’s economy contracted by 8.9% year on year in the second quarter, government data showed on Sunday, as the small Gulf state suffered from restriction measures to contain the new coronavirus.

Hotel and restaurant activity declined by 61.3% compared to the same period a year earlier.

“This is mainly due to the widespread restrictions imposed on tourists, hotel and restaurants and other related economic activities in the country due to the pandemic COVID-19 virus,” the government said in a statement.

The oil sector increased by 3.2% at constant prices, while the non-oil economy declined by 11.5%.

S&P Global Ratings said this month Bahrain’s real GDP could contract by 5% this year, due to the pandemic and the impact of

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Big relief for GST taxpayers in implementation of e-invoice

Nirmala Sitharaman wearing glasses

© Provided by Zee Business

The Government had in December 2019 prescribed that the GST Taxpayers having aggregate annual turnover more than Rs 100 crore in any preceding Financial Year will be required to issue e-invoice for all the Business to Business (B2B) supplies, in the manner prescribed under rule 48(4) of the CGST Rules, 2017 w.e.f. 1st April 2020.

Further, it was also mandated under rule 48 (5) of the CGST Rules, 2017 that a B2B  invoice or an export invoice issued by such a taxpayer, in any other manner, shall not be treated as an invoice.

In March 2020, the date of implementation of e-invoice was extended to 1st October 2020. Keeping in view the hardships faced by the taxpayers due to COVID-19 lockdown, in July 2020, it was further prescribed that the taxpayers having aggregate turnover of Rs. 500 crore and above only would be required to

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C2P Advisory Group Rebrands to Clarity Insurance Marketing and Announces New Leadership to the Team

CLEVELAND, Sept. 30, 2020 /PRNewswire/ — C2P Advisory Group, a best interest-focused insurance marketing organization, announces today its rebrand to Clarity Insurance Marketing, a name more reflective of the values, offerings and mission of the organization. As part of the new direction of the company, industry veterans Brian Mann and Kalem Mackey, CFP® have joined the team in leadership roles.

Clarity Insurance Marketing is dedicated to ‘clarifying’ the role of fixed insurance products as part of a holistic financial plan and the processes required in order to deliver a transparent, best interest experience for the client. Its mission is to help both leading advisors in the insurance industry as well as those new to insurance and/or independence to understand fixed insurance and in what scenarios the products may or may not work in an overall retirement plan. The company has an award-winning five-layer annuity screening process to help

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Fake Reviews and Saving ‘Too Much’

This week’s episode starts with a discussion of fake online reviews and how to find trustworthy buying advice.

Then we pivot to this week’s question from Kyle. He says, “Is it a bad idea to save too much money? Recently, my family and I were discussing my savings and my older sibling was concerned that I am saving too much. I’m 25 years old and make $32,000 a year before taxes. I have my paycheck set up to auto deposit 8% to my 401(k), 8% to my Roth IRA and a flat $500 per month to an account I pay my rent from. And finally $250 per month goes into my high yield savings account. My sister pointed out that I may want to keep more of my money liquid instead of almost 30% going into accounts I don’t touch. Should I lower my monthly contributions to retirement for now … Read More

SBI’s resolution framework | FAQs about personal loan restructuring

a person standing in front of a store: SBI's resolution framework | FAQs about personal loan restructuring

© Faizan Javed
SBI’s resolution framework | FAQs about personal loan restructuring

State Bank of India (SBI), the country’s largest lender, has released some FAQs to answer customers’ queries on loan restructuring during the COVID-19 pandemic.

The bank released two sets of FAQs – one for personal loans and another for borrowings in the non-personal segment, such as corporate loans.

SBI also launched an online portal where customers can check their eligibility under the resolution framework.

Here are the the highlights from the FAQs on personal loans:

What kinds of loans are covered?

EMIs on housing and related loans, education loans, auto loans, and personal loans included in the scope of the resolution framework.

The loan should be a “Standard Account” as on the date of application for

relief under this framework and should have been “standard” and also not in default for more than 30 days as on March

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