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[ad_1] Branded fabric and fashion retailer Raymond Group aims to be net-debt free in three years, even as it would launch the initial stake sale of wholly-owned JK Files and Engineering (JKFEL) this fiscal. “The company is focussed on liquidity management through cost reduction initiatives and working capital optimisation with a stated aim of becoming a net debt-free company in next three years,” according to its annual report for financial year 2021-22. Raymond also expects the proceeds from the Initial Public Offering (IPO) of JKFEL, slated in FY23, to deleverage its balance sheet and help it become net debt free. JKFEL, under which the group consolidated its tools, hardware and auto ancillary businesses, had proposed to launch the IPO, with Raymond participating as a selling shareholder. The draft red herring prospects, or initial papers, was filed in December 2021, and it got market regulator’s approval on February 23, 2022, while the IPO was scheduled for March this year. “However, due to the volatility in world stock markets caused by the extended Russia-Ukraine conflict, it was decided to wait till opportune time for the IPO of JKFEL. The board expects to complete the OFS during FY 2022-23, when the stock market conditions for fund raising would be favourable,” it said. Raymond had reduced its net debt to Rs 1,088 crore by the end of FY22, from Rs 1,416 crore in FY21 and Rs 1,859 in FY20. The group’s net debt-to-equity ratio fell to 0.4 in FY22 from 0.8 of FY20. For the company, FY22 closed on a “high note” with the group recording the highest-ever EBITDA of Rs 881 crore and a net profit of Rs 260 crore on a consolidated basis in the last 10 years. “Our strategy to focus on the core and recalibrate the fundamental metrics of each business such as revenue, cost and working capital have reaped rich dividends for the Raymond Group. Sustaining our focus on cost optimisation and significant reduction in our operating costs by Rs 453 crore as compared to pre-Covid levels of FY19-20, was critical for our business,” Raymond chairman and managing director Gautam Hari Singhania said in his message to shareholders. Speaking on the new dimensions of retail, Singhania said the post-pandemic world has thrown open new avenues for consumers to interact and shop. “While physical retail will continue to thrive in India, the digital world and social commerce is rapidly surging in India,” he added. On the outlook, the company said in the annual report that it expects to be on a profitable growth momentum, with positive overall consumer sentiments in the domestic market due to the summer wedding season and increased social gatherings. In the exports market, B2B businesses of garmenting and engineering are expected to retain healthy order flow. The consolidation of B2C business including apparel into Raymond will generate synergies in design and innovation, sourcing and operational efficiency, while the consolidation of engineering business is expected to generate synergies in business development, raw material sourcing and logistics and overall administrative processes, it added. [ad_2] Source link

[ad_1] New home sales beat the headline estimates and had positive revisions. How on earth did that happen? Not only that, the monthly supply data was revised lower from nine months to 8.3 months for the previous report. Let me tell you, we had a lot of shocked faces in economic land this morning. First, we must never forget that the new home sales reports can be very wild month to month and that positive or negative revisions are widespread. However, this report did have positive revisions to go with it, so it’s not just a headline beat. Here is the honest truth about the new home sales data: We came off the weakest new home sales recovery ever in the previous expansion. We never had a housing bubble credit boom, so we can’t have a housing bubble credit boom-bust. This means sales were never really working from a massively elevated level, pushed by exotic loan debt structures loans. This is a critical thing to remember going out the next few years.  From Census: New Home Sales Sales of new single‐family houses in May 2022 were at a seasonally adjusted annual rate of 696,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.   This is 10.7 percent (±18.9 percent)* above the revised April rate of 629,000, but is 5.9 percent (±22.0 percent)* below the May 2021 estimate of 740,000. As you can see below, new home sales are still below the 2000 recession level, and we just had a significant spike in mortgage rates too. These monthly reports can be very wild, and I anticipate big swings in the reports until things calm down with mortgage rates. From Census: Sales Price The median sales price of new houses sold in May 2022 was $449,000.  The average sales price was $511,400. We can see below, pricing got pretty crazy after 2020. The builders had pricing power and used it well to make their margins look great, even with all the added costs to build their homes. The market has changed with rates so much higher, but for the most part, the builders are managing the recent weakness in sales as best they can. Don’t be fooled by this report, they know what they’re dealing with, now that mortgage rates are above 6%.   Census: For Sale Inventory and Months’ Supply The seasonally‐adjusted estimate of new houses for sale at the end of May was 444,000.  This represents a supply of 7.7 months at the current sales rate. The monthly supply data for new homes often get mixed up with the existing home sales market. People go to the Fred website, type in the monthly supply, and believe it’s the existing home sales marketplace. I deal with people who tell me the monthly supply is 7.7 months. They think there is no housing shortage. So, for Twitter, I had to create a rule. We have two rules 1. We don’t talk about Fight Club2. We don’t say the new home sales market supply is the existing home sales market. The existing home sales market monthly supply is running at 2.6 months. Five months of the supply are homes in construction. That is a high level, and two months of the supply hasn’t started construction yet, and a whopping 0.68 months are completed homes. Yes, I went below one month there. As someone who wants to see more inventory, not the best data lines, but we are working our way to finishing those homes. My rule of thumb for anticipating builder behavior is based on the three-month average of supply: When supply is 4.3 months, and below, this is an excellent market for the builders. When supply is 4.4 to 6.4 months, this is an OK market for the builders. They will build as long as new home sales are growing. The builders will pull back on construction when the supply is 6.5 months and above. The builder’s confidence has fallen noticeably as their business model is at risk with higher rates. Today’s new home sales report doesn’t change the fact that the builders are mindful of what they’re dealing with. This is the reason why their confidence levels have fallen. From NAHB: I recently raised my fifth recession red flag because of this drop in their confidence, sales, and housing permits and this report doesn’t change that. Again, this cycle is much different than the run-up in 2002-2005; hopefully, you can see that with the data I have provided. I have a running joke with my housing-crash friends that they keep screaming 2008 but purchase application data today is already below 2008 levels. Awkward! Overall, the new homes sales was a shocking report, not only as a headline beat, but with positive revisions on sales and monthly supply data falling with revisions on monthly supply data. I can’t recall a more shocking new home sales report than this. With that said, these reports are very wild monthly and can be all over the place over the next 12 months. This is why revisions are crucial, and until builder confidence changes course, I would not put too much weight on this one report. However, I would focus on the fact that new home sales are trending back at the lows we saw in 2018, the last time rates rose. Not exactly a booming period of sales. In fact, just for some context, new home sales today are back to 1996 levels. There is a benefit of not having a credit boom in housing this time — that means you can’t have a significant housing bust. This means during the downturns, the builders can manage their supply better. I would add this final note for next year. As the total inventory for existing homes grows, the builders will be mindful of this, which is one other reason why I believe they will slow down construction. The existing home sales market is their

[ad_1] I invest in crypto as a business. What records do I need to keep for my income taxes?—Marc There are a few layers to this question, Marc, so I’ll break down the answer into three parts: business income vs. capital gains, what records the Canada Revenue Agency (CRA) might ask for, and a few tips for tax time.  1. Are your crypto earnings business income or capital gains? Here’s why the distinction matters: In Canada, business income and capital gains are taxed differently: 100% of business income is taxable, while only 50% of capital gains are taxable.  If you invest in bitcoin, ethereum or other cryptocurrencies, you may be wondering which activities are taxable. Buying and holding crypto isn’t a taxable event, nor is transferring crypto between two wallets you hold. But if you cash it out, sell it, spend it (including buying a different crypto) or give it away, that’s taxable.  To determine if your crypto earnings should be taxed as business income or capital gains, the CRA looks at different aspects of your trading activity, such as: How frequently you buy and sell crypto Your intentions when buying crypto  How long you hold on to crypto assets The amount of time you devote to crypto trading activities Any business-related activities, such as preparing a business plan or promoting a service “Business activities normally involve some regularity or a repetitive process over time. Each situation has to be looked at separately,” the CRA says on its website. “In some cases, a single transaction can be considered a business, for example when it is an adventure or concern in the nature of trade. Whether you are carrying on a business or not must be determined on a case by case basis.” Learn more about how the CRA views cryptocurrency trading, as well as crypto mining and crypto staking, and bookmark MoneySense’s guide to crypto and taxes. Canadians can buy and sell crypto on CoinSmart* Go to Site 2. What crypto records might the CRA ask for? Whether your crypto activity is considered a business, an investment or a hobby, you must keep detailed records for the previous six years, including: Dates of crypto transactions Cryptocurrency addresses involved in each transaction Transaction IDs (assigned by the crypto network) Receipt for each crypto purchase or transfer Prices of the crypto in Canadian dollars when you made the transaction Description of each transaction and the receiving party’s address Transaction records for all of the crypto exchanges or trading platforms you use Transaction records for all of your crypto wallets Legal and accounting costs, including tax software If you are a crypto miner, you will need to keep the following records: Receipts for cryptocurrency mining hardware Receipts for all expenses associated with your mining operation Mining pool contracts and records Any other records related to your mining activities Records of dispositions of cryptocurrency earned through mining 3. Crypto and tax tips  You can track the information listed above using a spreadsheet or a crypto portfolio tracker app. Remember, trading one crypto for another, cashing out your coins, buying goods or services with crypto, and gifting crypto are all taxable events. Keep close track of the coin ledger so that you can pull all related information, including transaction types, dates and the values of the cryptocurrencies in Canadian dollars. This is considerably simpler if you use a single crypto exchange or trading platform.  In Canada, the deadline to file a personal income tax return is April 30 each year. If you or your spouse is self-employed, the filing deadline is June 15, but any taxes owing are still due April 30. (Read more about income taxes.) It’s illegal not to report income—including crypto income—and you’ll owe interest and perhaps penalties on overdue taxes, so don’t wait for the CRA to come knocking. If you need help to figure out your tax liabilities, it’s a good idea to consult a tax professional sooner rather than later.  Jeremy Koven is the Chief Operating Officer and a co-founder of CoinSmart, a Canadian cryptocurrency trading platform. Sign up for an account* with the code money30 and receive CAD$30 in bitcoin when you deposit a minimum of CAD$100.  Have a question? Ask a crypto expert SEND EMAIL Read more about crypto: What’s the best type of crypto wallet? What is crypto staking? Trading tools that can raise your crypto game What is DeFi? And how can Canadians invest in it? What does the * mean? If a link has an asterisk (*) at the end of it, that means it’s an affiliate link and can sometimes result in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay free to our users. It’s important to note that our editorial content will never be impacted by these links. We are committed to looking at all available products in the market, and where a product ranks in our article or whether or not it’s included in the first place is never driven by compensation. For more details read our MoneySense Monetization policy. The post What records do crypto investors need for taxes? appeared first on MoneySense. [ad_2] Source link

[ad_1] Bitcoin is the oldest and best known of the modern crop of digital currencies. It’s a cryptocurrency, or digital currency, not backed by any government. That makes it very different from the US dollar, and it comes with unique risks that could make Bitcoin a good or bad investment, depending on your unique investment goals. If you’re looking into cryptocurrency for the first time, you may be wondering, “can I start by investing $100 in Bitcoin?” The answer is definitely yes. But before you make your first investment, there are a few things you should know about crypto. 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Online trading platforms offer a wide variety of cryptocurrencies for trading. Click on your state to start investing today! HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas Trade Today Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures. What is Bitcoin? Bitcoin is a digital currency that exists only on the Internet. But if you think about it, much of the money you have today only exists on the Internet. If you’re paid with direct deposit, you may have money coming in and out of your accounts without ever touching a physical dollar bill. With that in mind, Bitcoin offers a completely new take on currency, and it’s controversial for some of the features that also make it so interesting (we’ll get into that later). Bitcoin was created in 2009 by a mysterious figure who goes by the pseudonym Satoshi Nakamoto. But while Nakamoto is known as the currency’s founder, it is not controlled by any single individual. Instead, Bitcoin is a decentralized currency that operates through a network of computers worldwide known as cryptocurrency miners. Cryptocurrencies, including Bitcoin, rely on a technology called blockchain. A blockchain is a large database publicly held and stored by all participating miner computers and anyone else who wants to download a copy of the data themselves. Every single Bitcoin transaction that has taken place is tracked in this public database. Because many computers around the world have a copy, this record is extremely hard to manipulate. Anyone with an Internet connection can participate in the cryptocurrency economy. To buy and hold bitcoin you can use a cryptocurrency wallet, like one from Ledger, Trezor, or MetaMask. You can also buy and hold your currency through a central exchange like Coinbase or Gemini. While it’s fairly easy to buy bitcoin, especially if you’ve ever invested in the stock market, that doesn’t mean it’s right for everyone. When investing in Bitcoin and other cryptocurrencies, it’s wise to avoid investing more than you can afford to lose. 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There may be other fees associated with trading. See Public.com/disclosures. What is Bitcoin Worth? The value of a bitcoin goes up and down frequently; so much of its volatility is due to the controversy around Bitcoin’s worth. When it first launched in 2009, a single bitcoin was only worth a few cents, but at its peak, it was worth around $60,000. As of this writing, a single bitcoin is valued at around $30,000. As you can see from those numbers, early Bitcoin investors who held on through the crypto’s ups and downs likely made a fortune. If you bought $100 of bitcoin when it was worth a few cents and held it until it was worth more than $50,000 apiece, you could have easily made millions of dollars. The price of Bitcoin has been extremely volatile over time. Here’s a 10-year price history from the cryptocurrency tracking site CoinMarketCap. But the controversy comes from the many detractors who say Bitcoin and other cryptocurrencies are effectively worthless. These include some high-profile Wall Street CEOs, analysts, and government officials. If they are right, Bitcoin will eventually fall to a value of zero or very close to it. With enthusiasts saying Bitcoin price will go “to the moon “ and others saying it will go to zero, what is its true value? At this point, unlike buying stocks, it’s somewhat difficult to say exactly what a bitcoin is worth. Bitcoin is in limited supply. There will only ever be 21 million created (about 19 million exist as of June 2022). The scarcity drives up the value and makes it useful as a store of value online, somewhat like a digital version of gold. But if it turns out to be fools gold, a big investment in Bitcoin may become a big mistake. Can Beginners Invest in Bitcoin? If you are brand new to the world of investing and have never bought stocks, mutual funds, exchange-traded funds, or other types

[ad_1] The post How to Save for a Vacation appeared first on Millennial Money. I am a huge fan of traveling and highly recommend seeing the world if you can afford to do so.  That said, here’s a disclaimer: going on vacation is expensive. It’s far too easy to splurge and send yourself into debt in the process.   When you think about it, this completely defeats the purpose of going on vacation in the first place. When you have to work and save for several months just to pay for a trip, and then you come back with massive credit card bills, is it even worth it? The good news is that with careful planning, you can cover all of your travel expenses in advance. Keep reading to learn how to save for a vacation so you can globetrot without going broke.  Table of contents How to plan a vacation budget  1. Decide if a vacation makes sense  Your debt is under control You have an emergency savings fund You aren’t struggling financially 2. Break out the calendar 3. Determine your vacation budget  3. Pick a destination 4. Start saving money 5. Pick up a side hustle Money-saving travel tips  Use credit card points  Make local connections Find the cheapest travel Consider a staycation Frequently Asked Questions Should you invest for a vacation? How can I make extra money for a vacation? How much does it cost to go on vacation? The Bottom Line How to plan a vacation budget  1. Decide if a vacation makes sense  Not everyone is going to want to read this, but the truth is that going on a vacation may not be the best idea right now. Before you start your road trip or summer vacation, make sure the following items are in order:  Your debt is under control Most people have a little bit of debt in some form or another. Make sure your debt is under control before going on vacation to avoid piling on even more in the process.  This means not having any floating credit card balances or high-interest loans. Tacking on thousands of dollars in vacation spending is only going to make matters worse.  Learn More: The Debt Avalanche Method: What Is It And Is It Right for You? The Debt Snowball Method: How Does It Work? Ways To Get Out of Debt Fast You have an emergency savings fund In addition to having minimal debt, it’s also a good idea to have at least six months of emergency fund savings in the bank. Just imagine what would happen if you go on vacation and experience an unexpected medical emergency. Or, perhaps you miss your return flight and have to rebook a new one only to find flight prices are four times the original price. These are common situations that can easily cost thousands, so you need to be ready to handle whatever life throws at you.  You aren’t struggling financially There is a big difference between taking some time off from work to recharge and going on an expensive vacation.  If you’re struggling to put food on the table or pay rent, then going on vacation might not be a good idea. This is an area where it makes sense to put your needs in front of your wants.  2. Break out the calendar Once your next vacation is in the cards, break out the calendar and plan a date well in advance — ideally, six months to a year from now.  This may seem like an absurd amount of time to make travel plans, but you’re going to need it if you really want to nail down the financial part of vacation savings.  Planning ahead is going to get you better rates all around, including your flight prices, hotel room, and rental cars. It also gives you more time for saving money.  When you have ample time to plan ahead, you’ll also be able to see what your travel costs are going to look like during the off-season versus during peak season. There’s often a significant difference.  3. Determine your vacation budget  Setting a trip budget can prevent you from overspending and can also help you achieve a particular savings goal to cover your vacation costs. Start out with a total trip cost (e.g., $3,000) and then backfill your itemized expenses from there.  Here are some of the basic vacation expenses you’ll have to account for:   Food Transportation Hotel rooms or Airbnb Entertainment Shopping Sightseeing  How much you need to budget for largely depends on where you go, when you travel, and how long you stay.  If you stay somewhat local and avoid flights and expensive hotels, you could realistically spend anywhere from $500 to $1,000. On the other hand, if you hop on a long-haul flight to Hawaii or Bali, you could easily spend $5,000 or more to travel.  Start with your unavoidable costs, such as flights and accommodations, and go from there. It’s not uncommon to change your vacation destination based on what you can or cannot afford. 3. Pick a destination Disney World may sound like fun, but the mouse can really take a big bite out of your wallet. Be realistic about where you intend to go. If you want to save money, your family vacation itinerary should probably not include theme parks that charge hefty entrance fees (e.g., Disney World) and heavily trafficked tourist areas (e.g., New York City). By thinking through these budgeting questions early, you’ll increase your chances of finding true happiness and relaxation on vacation because you’ll be traveling within your means. 4. Start saving money To avoid going into debt to travel, you’re going to have to set aside money every month in a savings account before your trip. Consider opening a separate bank account just for your vacation fund. Alternatively, many online banks offer savings envelopes, which let you disperse funds into a particular account bucket that you can designate for a specific purpose.  Suppose your

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[ad_1] Zomato to acquire e-grocery startup Blinkit (formerly Grofers) for Rs 4,447 crore, the company announced in a blog post on June 24, 2022.  The company, which already has nine percent stake in Blinkit, proposes to fully acquire the  e-grocery startup along with  the warehousing and ancillary services business of Hands on Trade Private Limited (HTPL) for a lumpsome amount of  Rs 4,508.2 crore. As per the company, Zomato will pay Rs 60.7 crore in cash for acquisition of HOTPL Identified Business. Quick commerce has been a stated strategic priority for Zomato since last year,  Deepinder Goyal, CEO, Zomato, said. “We have seen this industry grow rapidly both in India and globally, as customers have found great value in quick delivery of groceries and other essentials. This business is also synergistic with our core food business, giving Zomato the right to win in the long-term,” he added. Additionally, Zomato is is also proposing to create a new Zomato ESOP pool, equivalent to the combination of ungranted ESOP pool and unvested ESOPs of employees of the proposed acquisition targets (0.37% equity dilution on fully diluted basis). The company claims that in the month of May 2022, Blinkit did gross order value (GOV) of Rs 402.8 crore, posting a 36% rise when compared to January 2022. In result, the company saw a 162% rise in revenue in May to Rs 58 crore as opposed to Rs 22.1 crore in Jan.  The company’s losses also recorded a decline in may when compared to Jan 2022. For Akshant Goyal, CFO, Zomato, the losses have come down owing to operating leverage and improved execution. “As the GOV per day, per store goes up, losses come down given the high operating leverage in the business. In addition, revenue per order has gone up due to an increase in commissions and customer delivery charges. Blinkit has also shut down a number 0f unviable dark stores, which were not scaling. This has also brought the losses down. The dark store count has come down to about 400 in May 2022, as compared to 450+ in January 2022. The team will continue to evaluate non-performing stores and learn what does not work,” he added. It is to be noted that the proposed acquisition targets have a net debt of Rs 673.1 crore as on the date of signing. Of the total gross debt on the books of the proposed acquisition targets (Rs 1254.7 crore, including accrued interest), Rs 1132.8 crore (including accrued interest) is payable to Zomato. The implied equity value of the proposed acquisition targets is Rs 4945.8 crore and the implied enterprise value is Rs 5618.9 crore at the prescribed referential allotment price of Rs 70.76 per share Blinkit was rebranded from Grofers after a pivot to quick commerce last year. Their business model was next-day grocery delivery. Blinkit was the first company in India to get into quick commerce. Blinkit’s business pivoted to 100% quick commerce in January 2022, led by Albinder Dhindsa of Grofer’s. As per Goyal, post the acquisition the company will continue to be run by Dhindsa and have separate apps.  Read Also: Cannes Lions 2022: How ‘purpose’ grew business of Unilever’s Dove, and Lowe’s Follow us on Twitter, Instagram, LinkedIn, Facebook [ad_2] Source link