Social Security is facing the threat of insolvency in less than a decade and a new proposal would cap the amount of Social Security benefits that a couple could receive each year at $100,000.
The aging of America’s population is draining the balance of Social Security’s main trust fund, which is projected to be depleted in 2032. Funds for Social Security benefits are drawn from the trust fund along with payroll taxes, and they would be automatically cut by law at the time of insolvency to match incoming revenue, reducing benefits by an estimated 24% across the board.
The nonpartisan Committee for a Responsible Federal Budget (CRFB) launched a Trust Fund Solutions Initiative to explore options for improving Social Security’s solvency, with one such proposal capping six-figure benefits to the wealthiest couples.
The Six Figure Limit (SFL) proposal would put in place a $100,000 cap on the total benefit a couple retiring at the normal retirement age can receive, with adjustments based on marital status and claiming age. For single retirees, the limit on Social Security benefits would be $50,000.
CRFB noted that while only a small fraction of retirees is currently receiving $100,000 in Social Security benefits as a couple or $50,000 as an individual, such figures will become more common over time as Social Security’s benefit formula changes.
The SFL would cap Social Security benefits such that no couple collecting benefits at their normal retirement age could claim retirement benefits greater than $100,000 per year.
It would also adjust the limit based on marital status and the age at which they begin receiving benefits. A couple who delayed collecting benefits as long as possible until age 70 would have a $124,000 limit, whereas a couple who start collecting benefits as early as possible at age 62 would have a $70,000 annual limit.
CRFB worked with Jason DeBacker of the Open Research Group to model a trio of options, including a $100,000 limit indexed to inflation, a limit frozen at $100,000 for 20 years and then indexed to average wage growth, and a limit frozen at $100,000 then indexed to average wage growth after 30 years.
It found that the inflation-indexed SFL would save $100 billion over 10 years, while closing 20% of Social Security’s 75-year shortfall and 55% of the shortfall in the 75th year.
Both the 20- and 30-year fixed limit before indexing would save $190 billion over 10 years, and while the 20-year proposal would close 25% of the shortfall, the 30-year option would close 55% of the 75-year shortfall and 60% of the shortfall in the 75th year.
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“Athough the SFL would not significantly delay the date of insolvency of the Social Security trust funds on its own, it could meaningfully delay insolvency in combination with other reforms,” CRFB wrote.
It added that the 20-year SFL would delay insolvency by seven years in conjunction with an employer compensation tax, while the 30-year SFL with an employer compensation tax would permanently restore solvency for 75 years and beyond.
The analysis found that the SFL would affect only the top 0.05% of couples in the early years of its implementation who have benefits over $100,000 and total average retirement income over $2.5 million per year, with an average net worth above $65 million.
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Over time, more retirees would be affected by the SFL, with the top 1% of couples receiving 5% less in benefits on average by 2030 with no impact on the bottom 90%. That would shift to a 7% benefit reduction in 2040 for the top 1% and no impact on the bottom 80%; and to a 24% benefit reduction for the top 1% in 2060 with no impact on the bottom 70% of households.
Senior advocacy groups have expressed skepticism of proposals that could reduce the Social Security benefits received by Americans.
“Proposals that focus on capping Social Security don’t address the problem in front of Congress: ensuring every American gets every dollar they have earned,” said AARP VP of financial security and livable communities Jenn Jones.
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“What’s worse, ideas like this risk becoming a backdoor to broader cuts. AARP urges policymakers to focus on bipartisan solutions that protect and strengthen Social Security, not cut it,” Jones added.
Precigen, Inc. (PGEN) Q4 2025 Earnings Call March 25, 2026 4:30 PM EDT
Company Participants
Steven Harasym – VP & Head of Investor Relations Helen Sabzevari – President, CEO & Director Phil Tennant – Chief Commercial Officer Harry Thomasian – Chief Financial Officer Rutul Shah – Chief Operating Officer
Conference Call Participants
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Jason Butler – Citizens JMP Securities, LLC, Research Division Swayampakula Ramakanth – H.C. Wainwright & Co, LLC, Research Division Brian Cheng Michael DiFiore – Evercore ISI Institutional Equities, Research Division
Presentation
Operator
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Good afternoon, ladies and gentlemen, and welcome to the Precigen Full Year 2025 Financial Results and Business Updates Conference Call. [Operator Instructions] This call is recorded on Wednesday, March 25, 2026.
I would now like to turn the conference over to Steve Harasym. Please go ahead.
Steven Harasym VP & Head of Investor Relations
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Thank you, operator, and thank you to all those joining us for our Fourth Quarter and Year-end 2025 Update Call. Joining me today are Helen Sabzevari, our President and CEO; Phil Tennant, our Chief Commercial Officer; and Harry Thomasian, our CFO.
Before we begin our prepared remarks, I remind everyone that we will be making certain forward-looking statements. These statements are based on our current expectations and beliefs. We encourage you to review the slide in the presentation and in our SEC filings, which include risks and uncertainties that could cause actual results to differ from today’s forward-looking statements.
With that, I will now turn the call over to Helen.
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Helen Sabzevari President, CEO & Director
Thank you, Steve. I would like to extend a warm welcome to all those joining us for our update call today. In the short time since the early and full approval of PAPZIMEOS in August, the standard of care first-line treatment for adult RRP, we are seeing a tremendous progress with the first-ever therapeutic commercial launch
Starbucks Corp. shares edged higher in early Wednesday trading, rising about 0.80% to around $92.72 as investors weighed ongoing U.S. traffic challenges against signs of stabilization in China and the company’s multi-year reset plan aimed at reclaiming its position as the “third place” between home and work.
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The stock traded in a range of roughly $92.04 to $93.29 after opening at $92.33, with volume exceeding 1.3 million shares by late morning. It closed Tuesday at $91.98, down 1.97% on the day amid broader market volatility, but remained well above its 52-week low of $75.50 and below the high of $104.82 reached in late January. Market capitalization stood near $105 billion.
Starbucks has faced persistent headwinds in its largest market, the United States, where comparable store sales have softened due to cautious consumer spending, competition from smaller chains and value-focused rivals, and lingering labor tensions. To counter this, the company has accelerated store redesigns, enhanced its rewards program and emphasized hospitality initiatives to rebuild customer loyalty and foot traffic.
A bright spot has emerged in China, Starbucks’ second-largest market. The company recently completed the sale of a 60% stake in its Chinese retail operations to private equity firm Boyu Capital in a deal valuing the business at approximately $4 billion, with the total enterprise value exceeding $13 billion when including Starbucks’ retained 40% interest and future licensing royalties. The transaction, expected to close in the second quarter of fiscal 2026, is intended to unlock capital for U.S. reinvestment while maintaining a meaningful presence in the fast-growing market.
Recent quarterly results showed China revenue rising 11% year-over-year to $823 million in the fourth quarter, with comparable store sales up 7% driven by higher transactions and average tickets. The joint venture structure is expected to provide greater operational flexibility and local expertise as Starbucks navigates a competitive landscape there.
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Chief Executive Brian Niccol, who took the helm last year, has outlined an ambitious 2026 reset focused on global growth, menu innovation and elevating the in-store experience. Initiatives include refreshed store designs to enhance the “third place” atmosphere, new beverage platforms and targeted marketing campaigns. Analysts have noted early signs of progress in U.S. comparable sales trends, though full recovery is likely to take several quarters.
Wall Street sentiment remains mixed but leans cautiously optimistic. Consensus 12-month price targets hover around $94, implying modest upside from current levels. Ratings are predominantly “Hold” or “Buy,” with some firms trimming targets recently due to balanced risk/reward and lingering U.S. margin pressures. Guggenheim raised its target to $95 from $90 while maintaining a Hold rating, while RBC Capital downgraded the stock to Sector Perform.
The forward dividend of $2.48 per share yields approximately 2.70%, with the ex-dividend date having passed in mid-February. Starbucks has a long history of returning capital to shareholders, though the pace of dividend growth has moderated amid reinvestment needs.
Labor issues continue to draw attention. Ongoing unionization efforts and contract negotiations have occasionally disrupted operations and weighed on sentiment. The company has emphasized its commitment to fair bargaining while highlighting investments in partner (employee) benefits and training. A recent data breach incident affected some customer accounts but did not involve payment information, limiting its financial impact.
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Starbucks operates more than 42,000 stores globally, with significant exposure to international markets that provide diversification from U.S. cyclicality. The company plans continued expansion, particularly in high-growth regions, while optimizing its domestic footprint through remodels and selective closures of underperforming locations.
For fiscal 2026, analysts forecast gradual improvement in comparable sales, with China expected to contribute meaningfully once the joint venture stabilizes. Earnings per share estimates for the year center around mid-single-digit growth, though execution on the U.S. turnaround remains critical. First-quarter results for fiscal 2026 are scheduled for late April, with investors watching closely for evidence of traffic recovery and margin expansion.
Broader consumer staples stocks have shown resilience amid economic uncertainty, but Starbucks trades at a premium valuation reflecting its brand strength and growth potential. The stock’s beta near 1.0 indicates market-like volatility, while its long-term track record has delivered solid total returns for patient investors despite recent cyclical pressures.
Retail investors have shown renewed interest as the stock pulled back from earlier 2026 highs. Some view current levels as an attractive entry point ahead of anticipated improvements in the second half of the year. Others remain cautious, citing competition from value-oriented coffee alternatives and slower premium beverage growth.
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As trading progressed Wednesday, shares held modest gains, reflecting balanced views on near-term challenges and longer-term strategic repositioning. Starbucks rarely experiences sharp single-session moves, but sustained progress on U.S. traffic and successful integration of the China joint venture could catalyze a rebound toward analyst targets.
The company continues to invest heavily in digital tools, including its popular rewards program, which drives incremental visits and higher check averages. New menu items, seasonal promotions and enhanced mobile ordering aim to boost convenience and personalization in a post-pandemic environment where many customers prefer quick grab-and-go experiences.
Challenges in the U.S. market include competition from emerging chains and shifting preferences toward value. Starbucks has responded with targeted promotions and menu adjustments while protecting its premium positioning. International operations, particularly in Asia and Europe, provide a buffer and growth avenue.
Looking ahead, the success of Niccol’s turnaround strategy will likely determine the stock’s trajectory through 2026 and beyond. With a strong balance sheet, iconic brand and global footprint, Starbucks remains well-positioned to navigate near-term pressures and deliver long-term value for shareholders.
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For now, the stock trades in a relatively tight range, reflecting investor patience as the company executes its reset plan. Modest early gains Wednesday suggest cautious optimism that hospitality-focused initiatives and China restructuring will eventually brew stronger results.
The Dow Jones Industrial Average climbed more than 290 points Wednesday, March 25, 2026, snapping a string of choppy sessions as investors weighed persistent geopolitical risks from the U.S.-Israel-Iran conflict against signs of tentative stabilization in oil markets and a modest rebound in equities.
Dow Jones
The blue-chip index closed at 46,419.29, up 295.23 points, or 0.64 percent, according to market data. It had opened higher and traded in a range between 46,314.24 and 46,711.45 during the session, with volume reaching about 150 million shares.
Wednesday’s gain followed a mixed Tuesday, when the Dow slipped 84.41 points, or 0.18 percent, to close at 46,124.06. Broader indexes showed similar patterns: the S&P 500 rose nearly 1 percent to around 6,621, while the Nasdaq Composite also posted gains of about 1 percent.
Analysts attributed the modest recovery to a slight easing in oil prices after recent spikes tied to the ongoing war in the Middle East. Crude oil futures trimmed some of their earlier surge, though they remained elevated near $90 per barrel in recent trading. Reports that Washington was drafting a plan to halt fighting helped support a softer inflation outlook, even as Iran issued hawkish responses.
“Markets are breathing a bit after the volatility of the past week,” said one Wall Street strategist who spoke on condition of anonymity because they were not authorized to comment publicly. “Oil is still a wild card, but any de-escalation signals are being welcomed.”
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The Dow has been under pressure throughout March 2026, buffeted by inflation concerns and the geopolitical fallout. Earlier in the month, the index tumbled more than 750 points on March 18 amid hotter-than-expected producer price data and Federal Reserve comments that stoked fears of delayed rate cuts. That session pushed the Dow to a new 2026 low at 46,225.15 before a partial recovery.
On March 20, the blue chips fell another 1 percent as oil prices climbed and hopes for near-term Fed easing faded. Year-to-date, the Dow is down roughly 3.7 percent to 5.5 percent depending on the exact closing reference, marking one of its weaker starts to a year in recent memory.
Investors have grown increasingly worried about stagflation risks — a toxic mix of slowing growth and rising prices — reminiscent of the 1970s. The producer price index for February surged 0.7 percent, far exceeding forecasts, while the Iran conflict has disrupted energy supplies and driven up costs across global markets.
The Federal Reserve held rates steady in its mid-March meeting and signaled caution on cuts, citing persistent inflationary pressures exacerbated by higher energy costs. Fed Chair Jerome Powell noted that while the economy remains resilient, upside risks to inflation could keep policy restrictive longer than anticipated.
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Within the Dow’s 30 components, gains were broad but led by sectors less exposed to immediate tech volatility. Amazon rose more than 2.5 percent, Amgen advanced nearly 1.8 percent and Boeing gained about 1.8 percent in Wednesday trading. Laggards included Walt Disney, down 0.7 percent, Verizon and Home Depot, each off around 0.6 percent.
Energy-related names showed resilience as oil stabilized. Chevron posted gains earlier in the week, hitting 52-week highs in some sessions amid elevated crude prices. Financial stocks like Goldman Sachs and JPMorgan Chase also found support, reflecting hopes that higher interest rates could bolster bank margins if inflation moderates without tipping the economy into recession.
Technology shares, which have driven much of the market’s gains in recent years, remained volatile. Nvidia and Microsoft saw swings, with the Nasdaq’s performance closely tied to AI enthusiasm clashing against broader macro headwinds.
Looking ahead, traders are eyeing fresh economic data, including potential updates on consumer prices and employment, as well as any diplomatic developments in the Middle East. A ceasefire or de-escalation could provide significant relief to markets, while further escalation risks pushing oil toward $100 or higher and reigniting inflation fears.
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Treasury yields rebounded modestly Wednesday as risk appetite improved slightly. The dollar held firm against major currencies.
Wall Street’s recent roller-coaster has highlighted the market’s sensitivity to energy costs and central bank policy. The Dow closed below its 200-day moving average multiple times in March, a technical level watched closely by investors for signs of longer-term weakness.
Some analysts remain cautiously optimistic. “The economy is still growing, unemployment is low, and corporate earnings have largely held up,” said another market observer. “But the wildcard is geopolitics. If oil prices peak and start to retreat, we could see a meaningful relief rally.”
Others warn that persistent inflation could force the Fed to keep rates higher for longer, pressuring stock valuations, especially in interest-rate-sensitive sectors like real estate and utilities.
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Retail investors have shown mixed sentiment. Some have rotated into defensive plays such as consumer staples and health care, while others have doubled down on tech names betting on artificial intelligence’s long-term potential despite near-term turbulence.
Globally, European and Asian markets showed mixed performance overnight, with energy stocks generally outperforming amid the oil backdrop. China’s markets faced their own pressures from domestic economic data.
In corporate news, several Dow components reported or previewed earnings that could influence Thursday’s trading. Boeing has navigated supply chain issues amid higher fuel costs, while Amgen and other health care giants have benefited from steady demand.
The broader market context includes lingering effects from earlier 2026 highs. The Dow touched above 50,000 intraday in January before pulling back sharply on tariff concerns, inflation data and now the Middle East conflict. Its 52-week range spans from roughly 36,612 to 50,513.
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Volume on Wednesday was lighter than some of the volatile sessions earlier in the month, suggesting some investors were waiting on the sidelines for clearer signals.
As trading wrapped up, Dow futures pointed to a potentially flat or slightly higher open Thursday, pending overnight news flow.
The modest rebound Wednesday offers a pause in what has been a bruising month for stocks. Whether it marks the start of sustained recovery or merely a dead-cat bounce will depend heavily on developments in energy markets and diplomacy in the coming days.
Postmaster General David Steiner testified before Congress on the current state of the U.S. Postal Service. (Pool)
The U.S. Postal Service is reportedly planning to impose a fuel surcharge on package deliveries for the first time in the agency’s history amid surging fuel costs.
The Wall Street Journal reported that the Post Service is planning an 8% surcharge beginning in April and that the agency plans to phase it out in January 2027, according to two people familiar with the matter.
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According to the report, the fuel surcharge will only apply to packages and won’t affect letter mail.
The move comes as both FedEx and UPS have longstanding fuel surcharges that have been increased in recent weeks as oil prices surged due to the Iran war disrupting oil flows from the Middle East.
USPS is reportedly planning to implement a temporary 8% fuel surcharge amid surging oil costs. (Andrew Harrer/Bloomberg via Getty Images)
Diesel prices have surged to $5.366 a gallon as of Wednesday, up from $3.749 a month ago, an increase of more than 43% in that period.
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The Postal Service has faced long-term financial challenges, and Postmaster General David Steiner told Congress earlier this month the agency is on pace to run out of cash in less than a year without significant reforms.
Steiner testified before a House Oversight subcommittee and told lawmakers that the USPS needs higher stamp prices and the ability to borrow more money.
He also called for other reforms, including changes to pension funding and liabilities calculations, workers’ compensation and retirement fund investment strategies.
USPS plans for the fuel surcharge to be temporary and sunset early in 2027, according to the report. (Joe Raedle/Getty Images)
Steiner also put forward options for cutting costs, including ending six-day-a-week deliveries, closing post offices or raising first-class mail stamp prices from the current 78 cents to $1 or more.
He said that if USPS reduced deliveries to five days a week, it would save the agency about $3 billion per year, while closing small post offices in remote areas would save about $840 million.
However, he cautioned that those options “may not be palatable to Congress or the American public.”
USPS’ six-day-a-week delivery schedule is one reason the agency is facing financial struggles. (Bess Adler/Bloomberg via Getty Images)
Stamp prices have risen 46% since early 2019, when they were last 50 cents. Steiner argues those prices are still far lower than postage costs in other countries.
USPS has also reached its current borrowing cap of $15 billion, precluding the agency from taking out additional loans.
“In order to survive beyond the next year, we need to increase our borrowing capacity so that we don’t run out of cash,” Steiner said in prepared testimony. “The failure to do this could lead to the end of the Postal Service as we know it now.”
Since 2007, USPS has reported net losses of $118 billion as volumes of its most profitable product, first-class mail, fell to the lowest level since the late 1960s.
The biggest shake-up of local government in a generation will see Worcestershire’s county council and six district councils replaced by either one or two unitary authorities in 2028.
Government devolution plans also encourage the formation of strategic authorities – regional bodies led by elected mayors with decision-making powers over transport, economy and infrastructure.
This could see Worcestershire link up with three bordering ‘Shire’ counties in a bid to form a “growth corridor” between Birmingham and Bristol.
Worcester City Council leader Lynn Denham and Malvern Hills District Council leader John Gallagher want their authorities to link up with Wychavon District Council to form a south Worcestershire unitary council with about 330,000 residents.
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They say a north Worcestershire council made up of the Wyre Forest, Redditch and Bromsgrove Districts would be a similar size.
Alternative plans put forward by Worcestershire County Council and Wyre Forest would see the creation of a single unitary authority to cover the whole county.
But in a letter to the Worcester News, Councillors Denham and Gallagher said: “Two unitary councils would fit better with the government’s aim of devolving powers from Whitehall to a strategic authority, which is the second stage to follow on from the creation of the new unitary councils.
“The strategic authority stage already exists in some areas, the West Midlands and Greater Manchester for example.
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“For us, your council leaders have been talking to our neighbours in Herefordshire, Warwickshire and Gloucestershire about the potential for forming a new strategic authority.
“This is an opportunity to develop a distinct shires identity that sits between Birmingham and Bristol, and which would form a significant growth corridor contributing positively to the need for national renewal.”
A government consultation on local government reorganisation ends on Thursday (March 26) and is described by the two councillors as “relatively easy to complete”.
To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.
New Delhi: The Lok Sabha passed the Finance Bill on Wednesday, approving several key amendments, including enhanced powers for tax authorities, changes in taxation on share buybacks, capping the surcharge on such income to 12%, and an enhanced ₹300 crore turnover limit for startups to be eligible for a tax holiday from the existing ₹100 crore.
The bill introduced retrospective changes, allowing the tax department to reopen cases previously struck down on technical grounds. It also empowered tax officials to revalidate past orders set aside by courts.
Replying to the debate, finance minister Nirmala Sitharaman said the Finance Bill aims to reduce litigation and the compliance burden on small taxpayers and businesses, giving them the opportunity to make a greater contribution to the economy. She added that a simplified income tax law, which takes effect in April, will further ease compliance. The Rajya Sabha will discuss the Finance Bill on Friday.
The amendments also classify certain approvals by tax officials as administrative and provide that procedural defects in notices or orders-including the absence of a document identification number (DIN)-will no longer invalidate proceedings, ensuring that such lapses do not weaken enforcement actions. To balance enforcement, the bill mandates a minimum 30-day window for taxpayers to respond to reassessment notices, removes arrest provisions for non-payment of tax dues, and allows recovery to continue through attachment of assets. It also eliminates interest on penalties for misreporting under Section 270A and requires Income Tax Appellate Tribunal (ITAT) orders to be uploaded on the tax portal for faster implementation.
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The finance minister said the government is moving forward with reforms not out of compulsion but conviction and clarity, adding that it has taken various steps to empower small businesses, farmers and cooperatives because they are at the heart of employment creation and overall development of the country. “We are facilitating first, enforcing later if necessary,” Sitharaman said in her reply to the debate on the Finance Bill, highlighting a broader shift toward easing compliance and trust-based tax administration. She dismissed opposition criticism of the tax provisions as pro-business and that there was nothing for the middle class in the budget. “This Finance Bill has so much more for the middle class,” Sitharaman said. She listed reduced tax collected at source on overseas education remittances and tour packages, as well as customs duty exemptions on life-saving drugs as relief for households. Sitharaman also highlighted provisions allowing taxpayers to revise returns after reassessment begins, calling it a reform that “makes lives easier for the taxpayer.”
She added that small taxpayers could disclose previously undeclared foreign assets without prosecution under a new scheme.
Defending the indirect tax policy, Sitharaman said recent GST rate cuts had boosted consumption, citing “the highest ever” rise in passenger vehicle sales in February at 26.1%, and strong rural demand.
She also backed tax breaks for data centres, saying this would drive domestic investment and job creation.
Tax experts said introduction of a flat 12% surcharge on buyback-related capital gains reduces the levy for high-income cases previously taxed at 15% but increases the liability for smaller shareholders.
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“This would significantly raise their effective tax cost, especially since earlier there was no surcharge on taxable income up to ₹50 lakh and 10% on taxable income between ₹50 lakhs to ₹1 crore,” said Sandeepp Jhunjhunwala, M&A tax partner at Nangia Global Advisors.
I’m a long-term investor focused on U.S. and European equities, with a dual emphasis on undervalued growth stocks and high-quality dividend growers. Through years of experience, I’ve learned that sustained profitability—evident in strong margins, stable and expanding free cash flow, and high returns on invested capital—is a more reliable driver of returns than valuation alone. I manage one of my portfolios publicly on eToro, where I qualified as a Popular Investor, allowing others to copy my real-time investment decisions. My background spans Economics, Classical Philology, Philosophy and Theology. This interdisciplinary foundation sharpens both my quantitative analysis and my ability to interpret market narratives through a broader, long-term lens. I started investing when I became a father. By managing wisely what I received and earn, I aim to ensure for me and my children that we don’t have so much that we don’t have to do anything, but that we have enough assets to be free to do what we want. The goal is not to free myself from work, but to make sure I can work in the place and in a way where I can fully express myself.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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New Delhi: India has kept its retail inflation target for the central bank unchanged at 4% ( plus or minus 2 percentage points), opting for continuity and price stability as global shocks from geopolitical tensions threaten to stoke price pressures.
The finance ministry Wednesday notified inflation targeting framework for another five years through March 2031.
The decision followed deliberations between the government and the Reserve Bank of India (RBI), as per the notification by the Department of Economic Affairs.
While the target makes it obligatory for the RBI to use its monetary tools to keep price pressure within the proposed band, it also influences the government’s fiscal measures, as policies by both are crucial for maintaining price as well as macro-economic stability.
As per the framework, if the central bank fails to meet the target for any three consecutive quarters, it will have to send a report to the central government stating the reasons for the failure, and propose time-bound remedial measures to realise the target.
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The government had, in May 2016, amended the RBI Act to mandate the flexible inflation-targeting framework under which it would set a retail inflation target, with upper and lower price bands, every five years in consultation with the RBI. The targets have been maintained since the 2016 notification. According to an RBI discussion paper floated in August last year, average consumer price index (CPI) inflation dropped from 6.8% during the four years before the adoption of the framework (2012-16) to 4.9% since its adoption, as per the old CPI series data. Retail inflation remained within the 2-6% range three-fourth of the time between 2016 and 2021 and two-third of the time subsequently.
CPI inflation hit a 10-month high of 3.21% in February, up from 2.74% in the previous month, according to the new series data.
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