Billionare Gautam Adani today addressed the 51st India Gem & Jewellery Awards in Jaipur. During his speech, Mr Adani responded to the legal matter involving the US Department of Justice. He also spoke about how he made his first commission of Rs 10,000. Here is his full speech: "It is an honour to stand before you today at the 51st India Gem & Jewellery Awards. This is a celebration of India's remarkable heritage in craftsmanship and innovation. My sincere congratulations to all the awardees whose exceptional efforts have carried forward India's rich legacy in jewellery. For centuries, India has been recognized as the undisputed leader in the space of gemstones and as the nation of unmatched artisans. Jewellery in our culture is not just ornamental - it is deeply symbolic, a marker of heritage, emotion, and aspiration. Your work has kept this tradition alive and relevant in an ever-changing world. This industry is a powerhouse, providing employment to over five million Indians - a figure comparable to the workforce of our IT sector. Surat, as the global epicentre of diamond cutting and polishing, employs over a million skilled workers. This industry is not just an economic driver; it is a source of pride for our nation. However, with great success comes an even greater responsibility: to innovate, expand, and lead courageously in the face of disruption. My dear friends, India is the jewel in the global crown of the cut-and-polished diamond market, holding 26.5% of the share, and silver jewellery at 30%. But the recent 14% decline in exports is more than a statistic - it is a wake-up call. It signals a turning point where challenges, both temporary and permanent, demand that we reimagine our approach. We are at the start of a revolution. Sustainability and technology - two forces reshaping industries worldwide - are now at our doorstep. The rise of lab-grown diamonds, the demand for transparency and ethical practices, shifting consumer priorities, and the digital wave are not just disrupting the status quo; they are creating a new blueprint necessary for success. This is therefore our moment to lead. The industry must think differently, act urgently, and innovate courageously. Today's inflection point must be turned into an era of unprecedented opportunity for growth. My dear friends, Allow me to narrate a story to set some context. Over a decade ago, during a trip to California, I saw my first lab-grown diamond. The founder had enthusiastically shared his vision, confident this was the start of a revolution in the jewellery industry. And he was right. As we now know, lab-grown diamonds have evolved from a scientific wonder to a market disruptor. Today, they are officially recognized by the US Federal Trade Commission as real diamonds. These diamonds now cost significantly less than the natural diamonds. Advances in Artificial Intelligence and material science are pushing their quality and precision even further. It's not far-fetched to imagine a future where we design our own diamonds - specifying every detail, from cut to colour, clarity, and carat weight - making each piece uniquely personal. This is the future we must embrace. Also, beyond traditional gems, the concept of jewellery itself is shifting. Watches, smartphones, and wearables are becoming the new personal status symbols, redefining luxury. Younger generations, in particular, are preferring technology and experiences over conventional luxury goods. Another trend reshaping the market is the growing demand for unique, customized pieces, sparking a rise in custom design services. With technologies like 3D printing, CAD software, Virtual Reality, and Augmented Reality, the process of designing, manufacturing, and experiencing jewellery is on the brink of transformation. These trends force us to rethink what we produce. They challenge us to create deeper emotional and traditional connections in line with changing consumer needs and behaviours. It is this spirit of transformation that I want to explore today - what it truly means to Break the Status Quo. Only by challenging the status quo can we unlock new opportunities and shape the future. My dear friends, Let me start with a personal story about the first time that I broke the status quo. This story holds a very special place in my heart. It laid the foundation of who I was to become. Diamond trading was my entry point into the journey I took to become an entrepreneur. In the year 1978, at the age of 16, I left my school, left my home in Ahmedabad, and took a one-way ticket to Mumbai. I had no idea what I would do but I was clear that I wanted to be an entrepreneur. And I believed Mumbai was the city of opportunities that would give me this chance. I got my first opportunity at Mahendra Brothers, where I learned the art of diamond assorting. Even today, I recall the joy of closing my first deal. It was a transaction with a Japanese buyer and I got a commission of 10,000 rupees. That day marked the start of a journey that would shape the way I would live my life as an entrepreneur. I also learned that trading makes a great teacher. What I learned, as a teenager, was that trading does not come with safety nets. In fact, it is a discipline where you must find the courage to fly without any protective nets. You must learn to take the jump and trust your own wings. In this field, hesitation is the difference between winning and losing. Each decision is a test, not just against the market, but against the limits of your own mind. Trading also taught me another priceless lesson. Too much of an attachment to outcomes limits your ability to challenge the status quo. Therefore, my dear friends, To accept the status quo is to settle for a destiny where you stop questioning, stop dreaming, and stop exploring your own potential. The Adani Group stands where it is today because we are not afraid to challenge ourselves. We continuously redefined our boundaries, refused to accept limits, and were comfortable with the discomfort of change. Our journey has been built on the foundation of grit, and a relentless drive to overcome challenges. As I said earlier, I got to Mumbai when I was 16. But, in 1981, just as I turned 19, I was called back to Ahmedabad to help with my family's polymer business. India, at that time, faced a great shortage of raw materials given the intense import controls. I saw, first hand, the struggles that every small-scale industry faced. And then, it was in 1985, under the leadership of Shri Rajiv Gandhi, that India began to take its first steps towards economic liberalization. I saw an early opportunity in these changes, especially with the relaxation of import policies for industries facing raw material shortages. While I had no prior experience in trading polymers, I still took a calculated risk and established a trading organization focused on imports. By 1990, my trading venture was performing well, but then India itself faced a critical moment. The massive foreign exchange crisis of 1991 threatened the entire economy, ultimately leading to a wave of economic reforms initiated by Prime Minister Shri PV Narasimha Rao and then Finance Minister Dr Manmohan Singh. These reforms dismantled the License Raj, opened up the economy to foreign investments, and reduced import tariffs. I saw, in this transformation of the Indian business landscape an opportunity to scale further. In 1991 itself, at the age of 29, I established a global trading house, expanding into polymers, metals, textiles, and agricultural products. In just two years, we became India's largest global trading house, proving that the combination of speed and scale is a powerful driver of growth. However, while the import-export business did very well, I had started questioning the status quo. I began realizing that for the next phase of growth I would need to own assets and build something lasting. In other words, I had to challenge everything I knew. Remember, I had no experience in building anything. We had not even laid a single brick in our life. But opportunities show up for those that seek. And it was in 1995 that a transformative opportunity emerged when the BJP-led Gujarat government announced its port-led industrial development plan under a Public-Private- Partnership mode. To summarize a long story, we quickly moved to establish Mundra Port. This transition, about 30 years back, was the start of our journey into the domain of infrastructure. My dear friends, I tell my team all the time that the future belongs to those who dare to see beyond the present and who recognize that today's limits are tomorrow's starting points. Therefore: - as we took these journeys going beyond our comfort zone, we discovered other new possibilities. Had we remained satisfied with the status quo, these new and adjacent opportunities would have never come our way. Let me now outline a few examples. In the case of logistics, what started as a port jetty, to import coal in 1998, has gone on to become the country's largest port business. This business today - spans a network of 15 national and 5 international ports and thereby allowing us to expand into building a network of integrated logistic nodes. These nodes now are made up of ports, rail, highways, warehouses, inland container depots, fulfilment centres, and trucking in a way no other company has ever achieved in the world. This journey has taken us deep into the Middle East - all the way into the Mediterranean through Israel - and into the heart of Africa. For me, it is no more just about ports. It is now about leveraging India's geographic location and doing our part to help make our nation become the centre of the logistics world. Likewise, what started as a single power plant in 2007, has now become not just India's largest private thermal power generation company but has also allowed us to expand into adjacencies. This expansion has seen us become India's largest private transmission company, largest private power distribution company, largest mine developer and operator, as well as the only company that successfully took up the challenge of cross-border supply of power to help a neighbouring nation. Furthermore, it has allowed us to move into the area of renewable energy. Today, we are India's largest solar panel manufacturing company as well as the world's largest single-site renewable energy facility, well on our way to generate 30 GW of power, spread over a massive single span of land of more than 500 square kilometres. Yet another example of challenging the status quo is our move into the airport business. In less than three years, we became the largest airport operator in the country. We then built our adjacencies that made us the largest airport logistics player with almost 40% of India's air cargo and have now undertaken the world's largest slum redevelopment initiative, the Dharavi project. And, I must add here that, for me, Dharavi is not just about slum redevelopment. It is about restoring dignity, creating a sustainable ecosystem, and changing the status quo for over one million residents. My dear friends, Looking back, while we have had our successes, our challenges have been even bigger. However, these challenges have not broken us. Instead, they have defined us. They have made us tougher and give us the unshakeable belief that after every fall, we will rise again, stronger, and more resilient than before. Let me talk about three examples. First - In 2010, when we were investing in a coal mine in Australia, our objective was clear: How to make India energy secure - and replace every two tons of poor-quality Indian coal with one ton of high-quality coal from Australia? However, the resistance from NGOs was huge and lasted almost a decade. In fact, it was so intense that we ended up funding the entire project of 10 billion dollars with our own equity. While we now have a world class operating mine in Australia and it could be seen as a great sign of our resilience, the fact is that 100% equity funding took away over 30 billion dollars of debt financing from our green energy projects. The next example is from January last year, just as we were getting ready to launch our Follow-on Public Offering. We faced a short-selling attack initiated from abroad. This was not a typical financial strike; it was a double hit - targeting our financial stability and pulling us into a political controversy. All of this was further amplified by certain media with vested interests. But even in the face of such adversity, our commitment to our principles remained strong. After successfully raising 20,000 crore rupees from India's largest-ever FPO, we made the extraordinary decision to return the proceeds. We then further demonstrated our resilience by raising capital from several international sources and proactively reducing our Debt to EBITDA ratio to below 2.5 times, an unmatched metric in the global infrastructure space. Moreover, our all-time record financial results in the same year showcased our commitment to operational excellence. Not a single Indian or foreign credit rating agency downgraded us. Finally, the Supreme Court of India's affirmation of our actions validated our approach. The third example is very recent. As most of you would have read, less than two weeks back, we faced a set of allegations from the US about compliance practices at Adani Green Energy. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani Group. The fact is that despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice. Yet, in today's world, negativity spreads faster than facts - and as we work through the legal process, I want to re-confirm our absolute commitment to world class regulatory compliance. My dear friends, Over the years, I have come to accept that the roadblocks we face are the price of pioneering. The more bold your dreams, the more the world will scrutinize you. But it is precisely in that scrutiny that you must find the courage to rise, to challenge the status quo, and to build a path where none exists. To pioneer is to embrace the unknown, to break limits, and to believe in your vision even when the world cannot yet see it. Therefore, as I conclude, let me leave you with three guiding thoughts: First, Embrace technology and sustainability as the twin pillars of progress. These are not just trends - they are the foundation of our future. Your success will depend entirely on how boldly and at what scale you integrate these forces into your work. Technology will accelerate possibilities, while sustainability will ensure that your growth is enduring and responsible. Together, they represent the compass for a better tomorrow. Second, Empower and uplift the skilled workforce at the heart of our transformation. These craftsmen and artisans are the custodians of India's rich heritage, carrying forward skills passed down through generations. But for their talents to thrive in the modern world, they need access to new tools, digital platforms, and innovative training. Imagine an ecosystem where a craftsman from a small town uses digital design software to create, market, and sell globally. This is the blend of tradition and technology we must champion. And finally, The future belongs to our youth. The younger generation brings fresh ideas, unshakeable energy, and a willingness to disrupt the old ways of thinking. We must nurture them, and equip them to balance tradition with transformation, culture with innovation, and legacy with sustainability. They are not just participants in the future - they are its architects. Together, let us create an India where the wisdom of tradition, and the promise of innovation come together to challenge the status quo. And let us move forward with confidence to create a future where India's gems illuminate the world with their brilliance. Wish you all the best, Thank you. Jai Hind"
Morgan Rogers looked to have given Unai Emery’s side another famous win when he slammed a loose ball home at the death, but referee Jesus Gil Manzano ruled Diego Carlos to have fouled Juve goalkeeper Michele Di Gregorio and the goal was chalked off. It was a disappointment for Villa, who remain unbeaten at home in their debut Champions League campaign and are still in contention to qualify automatically for the last 16. Emiliano Martinez had earlier displayed why he was named the best goalkeeper in the world as his wonder save kept his side level in the second half. The Argentina international paraded his two Yashin Trophies on the pitch before kick-off at Villa Park and then showed why he won back-to-back FIFA awards when he denied Francisco Conceicao. Before Rogers’ moment of drama in the fourth minute of added time, the closest Villa came to scoring was in the first half when Lucas Digne’s free-kick hit the crossbar. But a draw was a fair result which leaves Villa out of the top eight on goal difference and Juventus down in 19th. Before the game Emery called Juventus one of the “best teams in the world, historically and now”, but this was an Italian side down to the bare bones. Only 14 outfield players made the trip from Turin, with striker Dusan Vlahovic among those who stayed behind. The opening 30 minutes were forgettable before the game opened up. Ollie Watkins, still chasing his first Champions League goal, had Villa’s first presentable chance as he lashed an effort straight at Di Gregorio. Matty Cash then had a vicious effort from the resulting corner which was blocked by Federico Gatti and started a counter-attack which ended in Juventus striker Timothy Weah. Villa came closest to breaking the deadlock at the end of the first half when Digne’s 20-yard free-kick clipped the top of the crossbar and went over. Martinez then produced his brilliant save just after the hour. A corner made its way through to the far post where Conceicao was primed to head in at the far post, but Martinez sprawled himself across goal to scoop the ball away. Replays showed most of the ball went over the line, but the Argentinian got there with millimetres to spare. At the other end another fine goal-line block denied John McGinn as Manuel Locatelli got his foot in the way with Di Gregorio beaten. The game looked to be petering out until a last-gasp free-kick saw Rogers slam home, but whistle-happy official Gil Manzano halted the celebrations by ruling the goal out.Islamist rebel groups, also called opposition forces, have managed to sweep victory into Aleppo city only three days after starting an unexpected operation in the country. This occurred for the first time that the Syrian opposition was able to step on the country’s second-largest city after President Bashar al-Assad’s regime supported by Iran and Russia recaptured it in December 2016. By Friday evening, the forces reached the city’s heart, as seen in videos posted by CNN that show fighters holding the flag of the Syrian opposition in one of the squares of the city, marking the first major challenge to President Bashar al-Assad’s regime, who has ruled the war-torn country since 2000. Subsequently, the rebels mainly operated by the Hayat Tahrir al-Sham (HTS) group, officially announced that they had taken control of more than 50 towns and villages in large portions of the city and entered the western districts of Aleppo and Idlib provinces in northern Syria while describing the victory as reclaiming their lost ground. The invasion prompted fierce retaliation from al-Assad’s government forces supported by Russian airstrikes. In a statement on Friday the army said the HTS launched attacks using various heavy and medium weapons, including drones provided by its foreign allies, Xinhua news agency reported. “Our armed forces have inflicted heavy losses to the attacking groups, causing hundreds of deaths and injuries among the terrorists,” the statement said, adding, “We have destroyed dozens of vehicles and armoured units and have downed 17 drones.” Britain-based Observatory stated that the fighting was intense in the beginning, and 277 people were killed. The toll included 28 civilians among which many were killed by a Russian air strike. Pertinently, Russia launched airstrikes inside Syrian territory on Friday for the first time after 2016. After a decade Aleppo has made headlines again as it has been the worst battleground throughout the Syrian civil war. Before the conflict, it was estimated that about 2.3 million people lived in this particular region. The city was split in 2012 after rebel forces seized the eastern part of it but by 2016 government forces managed to liberate the region after a devastating war characterised by indiscriminate bombings and starvation tactics. The latest aggression is potentially capable of frustrating this achieved delicate balance and the consequent possibility of resumed urban combat. The offensive is being led by HTS, which began as an al-Qaida affiliate but has now shifted toward a focus on governance and is still considered a terrorist group by the United States and the United Nations. HTS is reportedly backed by the United States and Turkey, operating under the umbrella of the Syrian National Army. However, the United States and the United Nations still consider HTS a terrorist organization, but its leader, Abu Mohammed al-Golani, distanced the group from its extremist roots. These groups have a history of internal conflicts. However, al-Assad is their common enemy whom they describe as a dictator and war criminal for his alleged role in the mass killing of civilians including children by using chemical weapons in the early hours of August 21 2013 in Ghouta. In a video statement announcing the campaign, rebel military commander Lt. Col. Hassan Abdulghany claimed the attack as defensive in an effort to safeguard civilians from airstrike attacks and regain territory. They asserted that their specific objectives are to prevent Syrian government ground as well as air assaults on populated districts and disrupting supply lines essential for Assad’s military operations. “To push back their fire from our people, this operation is not a choice. It is an obligation to defend our people and their land. It has become clear to everyone that the regime militias and their allies, including the Iranian mercenaries, have declared an open war on the Syrian people,” he said, according to the New York Times Of necessity, this operation is not a match to push back their fire from our people. People must be protected and their territory is to be safeguarded. As it was seen by everyone, the regime militias and their allies, including Iranians, launched an open war against the Syrian people,” he said, according to the New York Times . The timing of this operation is crucial as it coincides with ongoing conflicts involving Iranian rebel wings such as Hezbollah and Hamas in Lebanon and Gaza. These groups are currently engaged in their own battles against Israel which might make it difficult for them to effectively support Assad. Additionally, Turkey’s role—supporting rebel groups on the ground in northwest Syria complicates already fragile conflict. Although Syria has not actively participated in recent conflicts in the Middle East, the country’s territory has been called a battleground by global actors for decades. Israel has regularly conducted attacks in Syria, claiming its targets are Iran-backed factions including the Hezbollah from Lebanon. These kinds of attacks, however, have since then surged after the Hamas-led assault on Israel on October 7, 2023. These attacks have already weakened Asaad’s regime. President Asaad has depended on Russian and Iranian forces to contain the rebels for years yet the civil unrest in the Middle East has also compromised his support. On the other side, the emergence of renewed fighting in Syria has now added severe humanitarian risks. The International Rescue Committee reported that 6674 families have been affected and displaced in recent days by violence. Currently, northwestern Syria hosts millions of internally displaced people who are already living in vulnerable situations. Some of them might find themselves in an even worse situation if the situation deteriorates. The recent increase in violence in Aleppo brings to light that any stability in Syria is transient and this has implications for not only Syria but other countries in the Middle East and will assume a new dimension in Middle East conflicts. Soon after announcing victory in Aleppo and other major districts, rebel forces stormed into Syrian jails and released all of the prisoners in Northwestern Aleppo, most of whom were seen as women and political prisoners of the Assad Regime. Rebels have broken into and freed all of the Prisoners at the Al-Sabil Temporary Prison in Northwestern Aleppo, most of whom are Women and Political Prisoners of the Assad Regime. pic.twitter.com/b99Xbl5yxN Rebel forces pose in front of the Syrian army flag, at the Citadel within the City of Aleppo. Rebel Fighters pose in front of the Free Syrian Army Flag, at the Citadel within the City of Aleppo. pic.twitter.com/2U5snyGgc9 The rebel forces movement in Aleppo after taking over #MiddleEast – Assad forces defence lines in #Aleppo have collapsed, and rebels are advancing almost unopposed through the city centre. 60,000 #SyrianRebels from 13 different factions have participated in the takeover of #Syria 's 2nd largest city. pic.twitter.com/HTojz2LtUf Bashar al-Assad’s army arrived with reinforcements and started launching attacks at the rebel forces. The battle on Aleppo: Bashar al-Assad’s army has arrived with reinforcements, starting now launching at the rebel forces, who entered the city. There is panic among the Shiite militias. pic.twitter.com/69hLKwVfIV After Kurdish forces rejected the Syrian National Army’s demand to withdraw from the area north of Aleppo, rebel forces launched an attack. Clashes between Kurdish forces and the Syrian National Army have been reported near Tel Rifaat. #BREAKING #Syria JUST IN: After Kurdish forces rejected the Syrian National Army's demand to withdraw from the area north of Aleppo, rebel forces launched an attack. Clashes between Kurdish forces and the Syrian National Army have been reported near Tel Rifaat. pic.twitter.com/F4ZQRyvWNJ
Intech Investment Management LLC bought a new stake in shares of Ellington Financial Inc. ( NYSE:EFC – Free Report ) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 53,933 shares of the financial services provider’s stock, valued at approximately $695,000. Intech Investment Management LLC owned about 0.06% of Ellington Financial as of its most recent filing with the Securities & Exchange Commission. Several other large investors have also bought and sold shares of EFC. Vanguard Group Inc. raised its position in Ellington Financial by 1.0% in the first quarter. Vanguard Group Inc. now owns 4,879,336 shares of the financial services provider’s stock worth $57,625,000 after acquiring an additional 45,979 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in shares of Ellington Financial by 6.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 105,288 shares of the financial services provider’s stock worth $1,242,000 after acquiring an additional 6,517 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Ellington Financial by 4.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 54,094 shares of the financial services provider’s stock valued at $639,000 after purchasing an additional 2,500 shares in the last quarter. Virtu Financial LLC bought a new stake in Ellington Financial in the first quarter worth $163,000. Finally, Harbor Capital Advisors Inc. raised its position in shares of Ellington Financial by 359.9% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 294,834 shares of the financial services provider’s stock valued at $3,562,000 after buying an additional 230,722 shares in the last quarter. 55.62% of the stock is owned by hedge funds and other institutional investors. Insider Transactions at Ellington Financial In related news, CIO Michael W. Vranos sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $12.48, for a total transaction of $174,720.00. Following the completion of the sale, the executive now directly owns 168,359 shares in the company, valued at approximately $2,101,120.32. The trade was a 7.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website . Company insiders own 4.40% of the company’s stock. Ellington Financial Stock Performance Ellington Financial ( NYSE:EFC – Get Free Report ) last issued its earnings results on Wednesday, November 6th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.04. Ellington Financial had a net margin of 106.40% and a return on equity of 10.26%. The company had revenue of $33.63 million for the quarter, compared to analysts’ expectations of $37.95 million. During the same period in the prior year, the business earned $0.33 EPS. On average, sell-side analysts anticipate that Ellington Financial Inc. will post 1.37 earnings per share for the current year. Ellington Financial Announces Dividend The firm also recently declared a monthly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Friday, November 29th will be issued a $0.13 dividend. This represents a $1.56 annualized dividend and a yield of 12.62%. The ex-dividend date is Friday, November 29th. Ellington Financial’s payout ratio is 119.08%. Ellington Financial Company Profile ( Free Report ) Ellington Financial Inc, through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, manufactured housing, and subprime mortgage; RMBS for which the principal and interest payments are guaranteed by the U.S. Recommended Stories Five stocks we like better than Ellington Financial 2 Fintech Stocks to Buy Now and 1 to Avoid The Latest 13F Filings Are In: See Where Big Money Is Flowing How to Use Stock Screeners to Find Stocks 3 Penny Stocks Ready to Break Out in 2025 Airline Stocks – Top Airline Stocks to Buy Now FMC, Mosaic, Nutrien: Top Agricultural Stocks With Big Potential Want to see what other hedge funds are holding EFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ellington Financial Inc. ( NYSE:EFC – Free Report ). Receive News & Ratings for Ellington Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ellington Financial and related companies with MarketBeat.com's FREE daily email newsletter .
Andrew met the individual through “official channels” with “nothing of a sensitive nature ever discussed”, a statement from his office said. The businessman – known only as H6 – lost an appeal over a decision to bar him from entering the UK on national security grounds. He brought a case to the Special Immigration Appeals Commission (SIAC) after then-home secretary Suella Braverman said he should be excluded from the UK in March 2023. H6 was described as a “close confidante” of The Duke. Judges were told that in a briefing for the home secretary in July 2023, officials claimed H6 had been in a position to generate relationships between prominent UK figures and senior Chinese officials “that could be leveraged for political interference purposes”. They also said that H6 had downplayed his relationship with the Chinese state, which combined with his relationship with Andrew, 64, represented a threat to national security. A statement from Andrew’s office said: “The Duke of York followed advice from His Majesty’s Government and ceased all contact with the individual after concerns were raised. “The Duke met the individual through official channels with nothing of a sensitive nature ever discussed. “He is unable to comment further on matters relating to national security.” At a hearing in July, the specialist tribunal heard that the businessman was told by an adviser to Andrew that he could act on the duke’s behalf when dealing with potential investors in China, and that H6 had been invited to Andrew’s birthday party in 2020. A letter referencing the birthday party from the adviser, Dominic Hampshire, was discovered on H6’s devices when he was stopped at a port in November 2021. In a ruling on Thursday, Mr Justice Bourne, Judge Stephen Smith and Sir Stewart Eldon, dismissed the challenge.A Price For Everything?
Say Nothing’s Gerry Adams disclaimer, explainedNMMC orders mandatory audit for Navi Mumbai buildings older than 30 yearsLove city history? The newly digitized Parks Department scrapbooks are a one-way ticket down the rabbit hole of Pittsfield's pastRachel Christian | (TNS) Bankrate.com Just because retirement planning involves some guesswork doesn’t mean it has to be a total mystery. Related Articles Business | The year in money: inflation eased, optimism ticked upward Business | Nearly half of US teens are online ‘constantly,’ Pew report finds Business | How to protect your communications through encryption Business | About 2.6 million Stanley cups recalled after malfunctions caused burns. Is your mug included? Business | Musk says US is demanding he pay penalty over disclosures of his Twitter stock purchases Whether you’ve been saving since your first job or you’re getting a late start, you can leverage expert-recommended strategies to gauge your progress on the road to retirement. And if you’re not quite on track, don’t sweat it — the experts we spoke to offered actionable tips to help you close the gap. You might have a general idea of how much money you need to save for retirement . A few quick calculations can give you an estimate, but to truly appreciate where you stand, you’ll need to dive into the numbers. Here’s how to get started. A good rule of thumb to estimate your retirement savings goal is the Rule of 25 . Simply multiply your desired annual retirement income by 25. The result is roughly how much you’ll need to save before hitting retirement. For example, if you plan to spend $50,000 a year, you’ll need about $1.25 million to make it a reality. The Rule of 25 is based on the idea that withdrawing 4% annually from your retirement savings should last you about 30 years. While it’s not an exact science by any means — health care costs and lifestyle changes can skew the numbers, for example — the Rule of 25 can be a good starting point to figure out how much you need to save. Fidelity Investments, a behemoth in the retirement planning space, offers savings guidelines to help you determine if you’re on track . —By age 30: Save 1x your annual salary —By age 40: Save 3x your annual salary —By age 50: Save 6x your annual salary —By age 60: Save 8x your annual salary —By age 67: Save 10x your annual salary For example, if you earn $60,000 annually, you should aim for $600,000 in savings by age 67. But like the Rule of 25, Fidelity’s guidelines offer a 10,000-foot look at retirement goals, and they’re not customized to your situation. Maybe you earned a low salary in your 20s, but you’re working hard in your 30s to make up for it. Use these estimates as a benchmark — but don’t get discouraged if you’re lagging behind. Now it’s time to zoom in a little. To get a clearer snapshot of your progress, use an online retirement calculator. These tools factor in your age, current savings, income and lifestyle goals to estimate whether you’re on track. You’ll get a more refined estimate without crunching the numbers yourself. Bankrate’s retirement calculator even lets you input different rates of return on your investments and accounts for estimated annual salary increases. Having a general savings goal is nice, but to avoid falling short in retirement, you’ll need more than a ballpark figure. Experts recommend creating a retirement budget to get an up-close-and-personal look at how much you’ll really need once you leave the workforce. First, estimate how much you’ll spend per month in retirement. While some costs will increase, like health care, others will likely decrease, like dining out and commuting. “Estimating expenses can be challenging for some people, so as a starting point, I often use your net take-home pay,” says Jeff DeLarme, a certified financial planner and president of DeLarme Wealth Management. For example, if you receive a direct deposit of $2,500 every two weeks from work, use $5,000 as your estimated monthly spending in retirement. “Assuming this was enough to pay the bills while working, we can use $5,000 a month as a starting budget to plan for,” says DeLarme. Next, map out your sources of income in retirement. Social Security is the largest income stream for most retirees, but don’t neglect other inflows, such as: —Workplace retirement accounts, like 401(k)s —Personal retirement accounts, like a traditional or Roth IRA —Pensions —Annuities —Selling your home or business —Rental income —Inheritance “If there’s a gap between your expected expenses and income, you’ll have a good idea of how much you need to save,” says Mike Hunsberger, a certified financial planner and owner of Next Mission Financial Planning. From there, you can adjust your savings and investment strategy accordingly. For something as important (and complex) as retirement planning, it pays to speak with a professional. Financial advisers can analyze your savings, investments and retirement goals to create a personalized plan. Advisers use special planning software that account for more variables than an online calculator, giving you a much more precise, granular look at your financial life in retirement. Many financial advisers can also help you optimize your tax strategy, which can potentially save you thousands of dollars over time. Make sure the adviser you hire is a fiduciary , meaning they’re legally obligated to prioritize your interests over their own. A fiduciary won’t push investments to earn a commission or recommend products that aren’t aligned with your needs. A certified financial planner is one of the most well-recognized designations for fiduciaries. You can use Bankrate’s adviser matching tool to find a certified financial planner in your area in minutes. Maybe you did the math and realized you’re not quite where you need to be. Don’t panic if you’re behind schedule. Here are five strategies experts recommend to help you catch up on your retirement savings . Cutting expenses now frees up more cash to invest in your retirement accounts. Evaluate your budget and identify areas where you can cut costs, like dining out, streaming subscriptions or shopping. Don’t rule out bigger lifestyle changes either, especially if retirement is rapidly approaching. Housing is the biggest monthly expense for most people. Getting creative here can help amplify the amount you can sock away, says Joseph Boughan, a certified financial planner and managing member at Parkmount Financial Partners. It can also reduce your expenses in retirement, so you may not need to save as much as before. “Downsizing can be a great way to cut expenses,” says Boughan. “This can even free up cash if you don’t end up needing all that money for a new home.” Moving somewhere with lower property taxes or income taxes can also help bring your retirement plan back in line. And if you’re a renter, making tough short-term decisions, like taking on a roommate or moving to a lower cost-of-living area, can free up hundreds of dollars a month for your retirement. “Everyone’s plan is unique, so exploring all the options is important,” Boughan says. Joe Conroy, a certified financial planner and owner of Harford Retirement Planners, recommends taking a “retirement test drive” as you near your target date. “Start to live on what income you think you can afford in retirement and stash all the extra income into savings and investments,” says Conroy. “If you can make it through each month, you’re ready for retirement. If you run short, then adjust your plan accordingly.” Working a little longer can be a game-changer for your retirement nest egg. Not only does it give you more time to save, it also gives your investments room to grow. “Working longer or even just part time for a few years early in retirement is one of the best ways to reduce the amount of money you need to save,” says Hunsberger. Postponing retirement can also boost your Social Security benefits . “You can claim as early as 62, but your benefits will be reduced significantly,” says Hunsberger. Meanwhile, each year you delay claiming Social Security benefits beyond your full retirement age , your monthly check will increase by 8%, though this benefit maxes out at age 70. So waiting can really pay off. It may seem obvious, but if you’re behind on retirement savings, you’ll need to boost your contributions as much as possible. Here are a few ways to make saving for retirement easier: —Increase your contribution rate: Allocate a larger portion of your paycheck to a workplace retirement plan. Even bumping up your contributions by 1% or 2% can make a huge difference down the road. —Take advantage of your employer match: Don’t leave free money on the table. Many employers will chip in between 3 and 5% depending on your plan, so make sure you’re contributing enough to take advantage of the benefit. —Use “unexpected” money to catch up: If you get a raise or bonus at work, funnel part of it directly into your 401(k). And if you get a refund at tax time, siphon some of it off to beef up your IRA. If you’ve been investing in low-risk, low-return investments, you may not be keeping up with inflation, let alone growing your nest egg. Reallocating part of your portfolio to stocks or low-cost growth exchange-traded funds (ETFs) is one way to get your money working harder. Higher-risk investments like stocks carry more volatility but also offer higher potential returns. Work with a financial adviser or use a robo-adviser to strike the right balance between growth and your personal risk tolerance. Contribution limits for 401(k) plans and IRAs are higher for people over 50. For 2025, employees aged 50 and up who participate in most 401(k) plans or the federal government’s Thrift Savings Plan can save up to $31,000 annually, including a $7,500 catch-up contribution . But thanks to SECURE 2.0 , a sweeping retirement law, a new higher catch-up contribution limit of $11,250 applies for employees ages 60 to 63. So, if you’re in this age group, you can squirrel away a whopping $34,750 a year during the final stretch of your career. Of course, you’ll need a big salary (think six figures) in order to take full advantage of such massive contribution limits. But if you can afford it, these catch-up allowances can put your plan back on track, especially if you struggled to save much early in your career. There’s no GPS to gauge your progress on the road to retirement. If you’ve veered off course or aren’t sure where to start, begin by getting a quick estimate of how much you’ll need before mapping out a retirement budget. And if you’re behind, don’t panic — adjusting your spending, boosting your contributions and speaking with a financial adviser can help you catch up. ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.