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UPI
an hour ago
- UPI
India responds to U.S. penalty over Russia oil
Aug. 2 (UPI) -- Indian officials confirmed Saturday the country is not altering policy and will continue buying oil from Russia, despite threats of a financial "penalty" from U.S. President Donald Trump. India's government has not given any directive to the country's oil refiners to stop or reduce the amount of Russian crude oil, the New York Times reported, citing two senior Indian officials. Trump earlier this week said he would impose a financial "penalty" on the South Asian country if it did not cut back on its reliance on Russian oil. The sanction would be in addition to a 25% American tariff on Indian goods. The president did not elaborate on the extent of the additional financial "penalty." "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country, " Trump said in a Truth Social post. "Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE." Trump on Friday said it was his understanding "that India is no longer going to be buying oil from Russia. That's what I heard. I don't know if that's right or not. That is a good step. We will see what happens." Indian officials told the New York Times the country has "not given any direction to oil companies" to change direction. Publicly, Indian officials said they are considering options without confirming or denying the Times report. "We have taken note of the sanctions, and we are looking into it," Ministry of External Affairs of India spokesman Shri Randhir Jaiswal said during a news conference Friday in New Delhi. "On the other question about proposed oil sale, I would say that I have no comments to offer in this particular matter. As far as sourcing our energy requirements is concerned, you are well aware of our broad approach, meaning our overall approach and stance. We take decisions based on the price at which oil is available in the international market and depending on the global situation at that time. As for the specifics of your particular question, I am not aware of it. I don't have details of these specifics." Jaiswal also attempted to avoid further escalating the situation. "I would also like to underline this particular point that this is a sensitive and complex case and therefore, I would urge all to be mindful that media reports based on speculation and misinformation are not helpful at all," he told reporters. "In so far as the reports claiming that there has been certain developments etc., such reports are incorrect. Please wait for an update from us, this is a sensitive matter, and we urge all sides to stay away from misinformation."
Yahoo
2 hours ago
- Yahoo
Living Paycheck to Paycheck? Try Suze Orman's Top 5 Money-Saving Tips
With around half of Americans reportedly living paycheck to paycheck, saving money might seem impossible. But financial guru Suze Orman has some surprisingly doable advice for squeezing savings out of even the tightest budget. Here are Orman's five best tips for how to save even when living paycheck to paycheck. Read Next: For You: Strike 'Can't' From Your Vocabulary 'You have to strike the word 'can't' out of your vocabulary,' Orman told CNBC. Instead of saying you can't save, start looking for places where money is slipping through the cracks. That $10 lunch out? It could be going into your retirement account instead. Make Yourself the Priority Think you're too broke to save? Orman said to look closer at your spending. According to she challenges everyone to cut utility bills by 10% (hello, lower electric bill!) and examine those credit card statements. There's usually some 'hidden money' in there you could redirect to savings. Learn More: Automate Everything Here's a trick that actually works: Have money whisked away before you can spend it. 'You will find that you do not miss it,' Orman explained to CNBC. Even $50 a month adds up — especially if you put it in a Roth IRA, where you can access your contributions if you really need them. Get Real About Wants vs. Needs Every time you're about to buy something, Orman suggests asking one simple question: 'Is this a want or is this a need?' Medicine and groceries? Needs. That new phone case? Probably a want. Being ruthless about this distinction can free up surprising amounts of cash. Build That Emergency Fund While it might seem impossible, Orman insists everyone needs an emergency fund covering eight to 12 months of expenses. Start small — even $20 a week adds up. 'The most important thing is that you have got to live a life below your means, but within your needs,' Orman said. You don't need to make six figures to start saving — you just need to be strategic about it. Start with what you can, automate it and slowly increase your savings as you find more 'hidden money' in your budget. More From GOBankingRates 10 Used Cars That Will Last Longer Than the Average New Vehicle This article originally appeared on Living Paycheck to Paycheck? Try Suze Orman's Top 5 Money-Saving Tips Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 hours ago
- Yahoo
Timeshares and 4 Other Things Boomers May Be Tempted To Buy in Retirement but Shouldn't
You've spent years building your nest egg, and now that you're retired, it's tempting to finally enjoy it. But some big-ticket purchases, while appealing, could put your long-term financial stability at risk. 'In 20 years of helping retirees transition to a retirement lifestyle, I have often seen people make uninformed decisions that they regret later,' Laura Redfern, a CFP and CeFT at Shadowridge Asset Management, wrote in an email. Read More: Find Out: Below are some common retirement splurges that might feel rewarding but could cost you more than you think. Timeshares Timeshares allow you to enjoy your vacation space without buying and maintaining a second home, but they may not be the best purchase in retirement. 'While the idea of a guaranteed getaway sounds appealing, timeshares often come with hidden fees, inflexible booking systems and long-term contracts that are difficult to exit,' said Jake Falcon, CRPC, founder and CEO of Falcon Wealth Advisors. According to CNBC, one study found that as many as 85% of buyers regret their purchase. Redfern also pointed out that timeshares are practically illiquid and nearly impossible to resell. 'In retirement, flexibility is key,' Falcon said. 'I advise clients to rent when they travel — this keeps options open and avoids locking up capital in a depreciating asset.' Check Out: Oversized Homes or Second Properties 'Many retirees dream of a vacation home, but the reality is that maintenance, taxes and insurance can quickly eat into fixed income,' Falcon explained. Instead, he recommended downsizing or renting seasonally rather than purchasing a second property. 'As I discuss in my book 'Retiring Right — Smart Steps for Exiting Corporate America,' liquidity and simplicity are two of the most valuable assets in retirement,' Falcon explained. Luxury Vehicles A luxury vehicle is also a purchase retirees may want to rethink. According to Redfern, a new car typically loses 10% to 20% of its value the second you drive it off the lot. 'For retirees on a fixed income, this is a sizable loss. Over time, depreciation continues, with some luxury cars losing 60% or more of their value within five years. Would you buy a mutual fund or a stock that was likely to lose 60% in five years? I think not!' she explained. Extravagant Gifts It's natural to want to help children or grandchildren, especially with big purchases like a house or a new car. But giving large gifts early in retirement can drain your savings faster than expected. 'When you feel the desire to give a gift, pause and consider this: What are you trying to communicate with this gift? Is there another, less expensive way to express that? Is there a way you can help them learn about how money works (like helping with a down payment, but having them be responsible for the loan), rather than giving them an outright gift?' Redfern explained. High-Risk Investments Chasing returns through high-risk investments may be tempting, Falcon noted, especially with more time to watch the markets. But this isn't a smart move. 'Retirees should prioritize stability and income. As I often say in my podcast 'Upticks,' 'Retirement is not the time to swing for the fences — it's about protecting the base you've built.' We compare our investment strategy to hitting singles and doubles versus swinging for the fences and striking out,' Falcon said. More From GOBankingRates 10 Used Cars That Will Last Longer Than the Average New Vehicle This article originally appeared on Timeshares and 4 Other Things Boomers May Be Tempted To Buy in Retirement but Shouldn't Sign in to access your portfolio
