November 13, 2024

Archives for July 2021

Ted Lasso Leads a New Era of Sincere TV

I am, of course, using a broad brush, the only size available to anyone painting cultural trends. Take several steps back, and you can see the pattern; step closer, and you will find plenty of exceptions. The “Sopranos” era also had the heartfelt “The West Wing” and “Friday Night Lights.”

You can also see some interesting cases in the series that fall between the two eras. “Girls,” which began in 2012 and ended in 2017, is arguably a series made in the spirit of the first period that often ran afoul of the expectations of the second one.

Lena Dunham had a nuanced view of Hannah Horvath, the budding-writer protagonist she created and played on the show. Hannah was packed with ambitions and flaws; she was smart and off-putting, righteous and self-centered, struggling and privileged, sinned against and sinning.

But because “Girls” was also marketed as a generational watershed — underlined by Horvath’s hunger to be “a voice of a generation,” a transparently comic line whose irony got lost in quotation — it was often treated as a kind of sincere cultural ambassador for millennials. And when its characters failed to be role models, it went through backlash after backlash focused on their “likability,” something the show’s satire could not be less interested in. (Compare “Broad City,” a great but very different female-friendship Brooklyn-com that premiered a couple years later, which saw its central duo’s stoner-slacker recklessness as straightforwardly liberating.)

“Schitt’s Creek,” last year’s Emmy winner for best comedy, took the opposite journey. It began as a tart, “Arrested Development”–style sitcom about a wealthy family forced to earn their own livings in a small town. But it came into its own — and found a devoted audience — when it shifted into a warm, earnest mode, in which the rich fishes-out-of-water embraced their community, finding purpose and love.

Article source: https://www.nytimes.com/2021/07/26/arts/television/ted-lasso-the-office.html

QR Codes Are Here to Stay. So Is the Tracking They Allow.

In the United States, the technology was hampered by clumsy marketing, a lack of consumer understanding and the hassle of needing a special app to scan the codes, said Scott Stratten, who wrote the 2013 business book “QR Codes Kill Kittens” with his wife, Alison Stratten.

That has changed for two reasons, Mr. Stratten said. In 2017, he said, Apple made it possible for the cameras in iPhones to recognize QR codes, spreading the technology more widely. Then came the “pandemic, and it’s amazing what a pandemic can make us do,” he said.

Half of all full-service restaurant operators in the United States have added QR code menus since the start of the pandemic, according to the National Restaurant Association. In May 2020, PayPal introduced QR code payments and has since added them at CVS, Nike, Foot Locker and around one million small businesses. Square, another digital payments firm, rolled out a QR code ordering system for restaurants and retailers in September.

Businesses don’t want to give up the benefits that QR codes have brought to their bottom line, said Sharat Potharaju, the chief executive of the digital marketing company MobStac. Deals and special offers can be bundled with QR code systems and are easy to get in front of people when they look at their phones, he said. Businesses also can gather data on consumer spending patterns through QR codes.

“With traditional media, like a billboard or TV, you can estimate how many people may have seen it, but you don’t know how people actually interacted with it,” said Sarah Cucchiara, a senior vice president at BrandMuscle, a marketing firm that introduced a QR code menu product last year. “With QR codes, we can get reporting on those scans.”

Article source: https://www.nytimes.com/2021/07/26/technology/qr-codes-tracking.html

Russia inks deals worth over $3.5 BILLION during MAKS 2021 Air Show

Major domestic aviation deals included the sale of Sukhoi Superjet 100 and IL-114-300 aircraft, as well as Mil helicopters. Other agreements included deliveries of unmanned aerial vehicles, engines, aviation electronics, radars, aircraft munitions, and armored and motor vehicles.

Russia’s state defense conglomerate, Rostec, announced agreements worth over $3 billion for the delivery of 161 aircraft, both military and civilian. State arms exporter Rosoboronexport alone signed 13 contracts totaling $1.2 billion during the event.

Also on rt.com Russia’s Rostec inks over $3 billion in deals to supply 160+ aircraft at MAKS 2021 Air Show

MAKS has become Russia’s premier showcase of the latest developments in domestic aviation, both civilian and military. Nearly 500 products were presented to the public this year, including 50 newly developed aircraft models. Among the state-of-the-art developments unveiled at the show was Sukhoi’s new single-engine supersonic stealth fighter, Checkmate. Around 30,000 people came to see it live.

Russia also unveiled the new MC-21-310 medium-haul airliner, as well as a regional turboprop IL-114-300 and the Baikal light multipurpose aircraft. Russian Helicopters presented its upgraded Mi-171A3 choppers for operation on offshore oil platforms, new avionic equipment, and a new firefighting system. United Engine Corporation presented projects for shaft-turbine engines and a demo version of a new engine core.

Also on rt.com Russia eliminating US dollar transactions in its foreign military deals – state arms exporter

Foreign aircraft producers were also given the opportunity to exhibit their products, including some never before seen in Russia. Among those were the wide-body long-haul Airbus A350-1000, medium-haul Airbus A220-300 and the turboprop Pilatus PC-12NGX.

A US company took part in the show for the first time. Cirrus aircraft manufacturer presented two aircraft.

Overall, a total of 831 companies from 56 countries took part in the event, both online and offline, the organizers said.

“The 15th MAKS 2021 aerospace show has exceeded the results of 2019 in terms of the number of contracts signed and the scale of the business program,” they stated. Russia’s previous MAKS 2019 air show brought the country around 250 billion rubles.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/530221-russia-maks-airshow-deals/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Russia is finally embracing the electric vehicle boom

Russia is expected to start work on its EV infrastructure creation, starting in Moscow. The city plans to install 200 EV charging stations annually, until 600 are established by 2023, beginning in 2021. 

The head of the city’s transport department, Maxim Liksutov, stated “There are around 2,000 (electric) cars in Moscow now and their number increases every year by about 10-15%. Charging infrastructure has to appear for it to grow more.”

Within the next decade, the city will also see its public transport shift to electric. Mosgortrans, the cities bus and tram network owner, intends to increase its electric bus fleet from 600 to 1000 by the end of the year, aiming for 2,000 electric buses to replace the existing petrol and diesel-fuelled fleet by 2024. 

Also on rt.com Sales of electric cars growing in Russia but trend not exactly catching on

However, Russia is way behind the rest of Europe when it comes to EV, with just 11,000 electric cars registered across the country, compared to 1 million across the EU in 2019. But this figure is expected to increase in the coming years, with an anticipated 1,000 EV to be sold in Russia in 2021, expecting this figure to double annually in subsequent years.

This comes just weeks after reports that Russia has introduced a new state program, which will see an investment of $11 billion in the development of EV transport. This is around double the previously designated funding for the program. 

Much of the funding for the program will come from the introduction of a tax on the sale of traditionally-fuelled cars as well as two new tariffs on the import of foreign electric vehicles. 

Mass production of first Russian electric car to start by end of year Mass production of first Russian electric car to start by end of year

Under the program, Russia expects to produce 3,000 in 2022, growing to produce 217,000 EV annually by 2030. At present Russia does not manufacture any electric cars, meaning there is significant potential to develop this part of the country’s strong automotive sector. 

Russia’s automotive industry makes up a significant part of the country’s economy and employment, with over 600,000, or 1% of the workforce, employed in the sector. Russia continues to be the fifth-largest auto market in Europe with a production rate of 3.1 million vehicles each year. This puts it in a strong position to transition to EV manufacturing in the coming years. 

Although late to the table, Russia could have a competitive edge on other European producers with cheaper EVs available for consumers. The anticipated Zero Emission Terra Transport Asset, or Zetta, is expected to cost just $6,100, making it cheaper than many alternatives and less than Germany’s EV subsidy scheme, theoretically giving consumers a free car. 

Ruslan Edelgeriev, climate adviser to President Putin has stated, “Leading automakers, globally and in Russia, are announcing new electric vehicle lines. A lot of them plan to stop making internal combustion engine cars by 2030.” Further, “In the next 20-30 years everyone will transition to electric vehicles.”

Private companies are also buying into the EV craze as Russian engineering firm L-Charge has announced that it will be providing on-demand mobile charging for electric cars via an app, allowing EV owners to request a charge across Moscow. If successful, the company plans to expand to Paris, Berlin, New York, Amsterdam, and London. This could be the first of many private initiatives if Russia is successful in its EV manufacturing and uptake plans. 

While Russia hasn’t been known for its innovation in EV, significant investment, the willingness to make the shift, and the country’s automotive manufacturing know-how and low costs could give it a competitive advantage as it catches up with the rest of Europe. 

This article was originally published on Oilprice.com

Article source: https://www.rt.com/business/530223-russia-embracing-electric-vehicles/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Global central banks to boost share of Chinese yuan while reducing US dollar holdings – survey

According to the Global Public Investor survey, published by the London-based Official Monetary and Financial Institutions Forum (OMFIF), 30% of central banks plan to increase their yuan holdings over the next 12-24 months, up from only a 10% increase last year.

Also on rt.com China cheers Russia’s move away from US dollar in favor of yuan

OMFIF claims the yuan’s rise is likely to be a global trend, but may be especially strong in Africa, where nearly half of central banks are set on boosting their yuan reserves.

The findings also showed that 20% of the world’s central banks want to reduce their US dollar holdings in the coming months, while 18% plan to cut their euro reserves and 14% their holdings of euro-zone sovereign debt.

In one such move, Russia has fully eliminated the US dollar from its National Wealth Fund, reducing its share from 35% to zero. Meanwhile, the country raised the amount of Chinese yuan in the fund to 30.4%, which put it in second place after the euro with 39.7%. 

Also on rt.com Ditching dollars: Russia dumps $5 BILLION from its oil fund in favor of yuan euro

According to OMFIF data, central banks, sovereign wealth funds and public pension funds currently control a total of $42.7 trillion in assets. Central bank reserves globally jumped some $1.3 trillion in 2020 to a new peak of $15.3 trillion. The majority of global central banks insist that financial markets depend on their monetary policies. However, only 40% believe these policies need to be actively updated.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/530034-china-yuan-holdings-boost-survey/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

VC firms are pouring billions of dollars into green tech

ESG (environmental, social, and governance) investing: it’s in every media outlet and on every bank’s business plan. A rush to what many call alignment of values with investment goals has led to a flourishing new industry with funds popping up like mushrooms after the rain. Green-tech startups are the new dotcoms, it seems, and the danger of a bubble seems distant—for now.

Interestingly enough, things were very different just a few years ago, as the Wall Street Journal’s Scott Patterson noted in a recent article. The past decade, he wrote, saw a pullout of investors from the green energy technology field after a couple of notable demises—one of solar company Solyndra back in 2011 and one of battery maker A123 Systems a year later.

Also on rt.com Solar panels are creating 50 times more waste than predicted, and much of it is toxic. Our race to ‘net zero’ is madness

From today’s standpoint, this is ancient history. Now, hardly a week goes by without a breakthrough of some sort in batteries, solar power tech, or, say, hydrogen. Most of these breakthroughs have to do with cost and efficiency, which are the two things that can guarantee a product a long life. Yet, most of these breakthroughs never make it to the consumer. They never make the leap across the so-called valley of death between the lab and the market. Especially if funding is scarce and hard to come by.

Venture capital funds are changing this, the WSJ’s Patterson writes, citing data from PitchBook, a private capital market research provider. According to PitchBook, venture capital funds are seen completing $7.7 billion worth of green tech deals this year, which would be up from $1 billion ten years ago.

It’s not just venture capitalists, either. JP Morgan earlier this month launched not one but three new sustainability investment funds. This was only the latest move in a rush to set up clean energy investment funds to take advantage of growing investor appetite for environmental, social, and governance, commonly known as ESG, investing.

The floods in Germany show how fear-mongering about climate change is preventing us from combating actual disasters    The floods in Germany show how fear-mongering about climate change is preventing us from combating actual disasters  

Demand for new investment opportunities by a new generation of investors is one driver of this trend. Another, more important driver is government support for low-carbon technology. The European Union has tied its post-pandemic recovery funding program to commitments by national governments to invest a solid portion of the funds in low-carbon energy. This is effectively an open invitation to anyone doing anything in green tech. The Biden administration has also opened up the US federal purse for green tech startups.

Now, the EU and the US are discussing something they are calling a green technology alliance. In a joint statement, the two said, “We intend to lead by example through becoming net-zero greenhouse gases (GHG) economies no later than 2050 and implementing our respective enhanced 2030 targets.”

With such solid support, investment in green tech has become a lot less risky for investors… except in the part where a technology simply has no chances of survival as happens to an awful lot of breakthroughs that sound so groundbreaking in the lab but never cross the valley of death. However, this is a risk inherent in any startup investment.

We’ve seen some instances of this risk materializing in the EV space recently. First, EV and hydrogen vehicle startup Nikola suffered a major share price drop when a report from a short-seller revealed that the company’s CEO had overstated the company’s progress on its flagship model. The revelation cost Nikola a huge deal with GM, too. Another EV maker, Lordstown, recently teetered on the brink of collapse as the company ran out of money before it started commercial production of its Endurance truck.

Many more startups, not just in the EV space but also in other green tech fields, will go under if their products don’t live up to the hype. But at least now they have access to abundant funding, unlike a few years ago. Then, it was a buyers’ market. Now, it’s a sellers’ market, and buyers are lining up, eager to take part in the energy transition. How long before the situation escalates into a bubble? That would depend on how many more Solyndras and A123 Systems there are out there.

This article was originally published on Oilprice.com

Article source: https://www.rt.com/business/530045-venture-capital-investing-green/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

US shale sees light at the end of the tunnel

The US oil and gas sector is recovering from last year’s market slump. But unlike the previous boom-and-bust cycles, the industry has held off on boosting production and has focused on strengthening balance sheets, repaying loans, and rewarding shareholders. As a result of the rallying commodity prices this year, and most of all, the discipline in capital spending, the US shale patch is now financially stronger. Bankruptcies have been fewer and far apart in recent months, and the energy loan default rate has dropped to the lowest level since the oil market crashed in March and April last year.

In addition, low interest rates have prompted many US oil and gas firms to raise new debt, most of which goes to repaying existing liabilities, not to drilling more wells.

Also on rt.com After years of massive losses, US shale eyes a $60-billion year

US Energy Defaults Drop Significantly

One indicator shows that the credit quality of the loans and bonds in the US oil and gas sector has significantly improved in recent months.

The energy sector’s trailing twelve-month (TTM) default rate stood at 9.1% in July, Fitch Ratings said in a report on Wednesday. The energy default rate has fallen below the double-digit percentage for the first time since April 2020. The default rate is also considerably down from the 20.3-percent peak in March, Fitch Ratings noted.

Smaller defaults and higher oil prices are set to further push the energy default rate down to 5% by the end of this year, the rating agency says. This year will see smaller defaults compared with as many as four defaults of $1.5 billion-plus size issuers in 2020, according to Fitch Ratings. 

Wastewater problem could cap US shale growth Wastewater problem could cap US shale growth

To compare, at this time last year, Fitch Ratings was estimating the energy default rate to finish the year 2020 at 18%. In the second quarter of 2020 alone, energy generated $5 billion of defaults.

This year, Fitch Ratings does not expect “many bankruptcies coming in the next few months. Only 2% of our Top Market Concern Loans relates to energy,” Eric Rosenthal, Senior Director of Leveraged Finance at Fitch Ratings, told Forbes’ Senior Contributor Mayra Rodriguez Valladares.

Defaults on bonds have also significantly dropped this year, according to Fitch Ratings.

“Energy makes up only 10% of our Top Market Concern Bonds list, down from 57% as of one year ago. There has been only $3.2 billion of YTD high yield energy defaults compared with $14.4 billion for the same period in 2020,” Rosenthal told Rodriguez Valladares.

Energy Bankruptcies Slow Down

This year, the default rate is considerably down, as companies with unsustainable liabilities have already filed for bankruptcy over the past year, while the others are using record cash flows to pay down debts.

The number of North American producers that filed for bankruptcy protection in the first quarter of 2021 reached the highest number for a first-quarter since 2016, yet the wave of bankruptcies has significantly slowed since the peaks in the second and third quarter of 2020, law firm Haynes and Boone said in its latest tally to March 31. Even though the number of first-quarter 2021 bankruptcies was the highest for a Q1 since 2016, it showed the trend of slowing filings after 18 oil and gas producers filed in the second quarter of 2020 and another 17 in the third quarter, the two quarters in which the oil price crash and the crisis were most severely felt by indebted producers.

Also on rt.com California Governor Newsom, facing recall election, vows to stop issuing fracking permits by 2024 and phase out oil extraction

The US Shale Patch Is Borrowing Again

US oil and gas firms are taking advantage of the high oil prices and historically low-interest rates to seek financing.

Higher oil prices and low-interest rates have prompted listed independent US oil producers to raise in March the most financing via debt and equity issues since August last year, the EIA said in April.

This time around, the borrowed money is being used for repayment of previously drawn credit facilities or bonds, not for relentless drilling of new wells and chasing record production growth.

Biden claims he never said he'd ban fracking, despite video, admits he wants to 'transition' away from oil industry Biden claims he never said he’d ban fracking, despite video, admits he wants to ‘transition’ away from oil industry

“Since crude oil prices began increasing, US crude oil producers have been raising debt and equity to refinance debts, resume drilling activities, or purchase acreage,” the EIA said.

Low corporate bond yields have also contributed to lower interest rates on new bonds and reduce the cost of issuing debt, the EIA noted.

Historically low interest rates give additional incentives to US shale drillers to raise new debt and refinance existing liabilities. Currently, it’s as cheap for the US energy sector to raise new debt as it was seven years ago, when oil was $100 per barrel, according to Bloomberg Intelligence.

How Long Will Discipline Hold?

So far this year, US oil and gas firms have been sticking with promises of capital discipline and prefer to show investors the money to drilling themselves “into oblivion,” as Harold Hamm warned back in 2017.

Higher oil prices and expected record cash flows could heal the balance sheets of many shale producers this year.

Even if US shale wanted to significantly raise production in response to $70 oil, it would take at least nine months to see a meaningful jump in output, Rystad Energy said in an analysis earlier this month.  

One executive at an EP firm may have summed up this year’s motto of the US shale patch in the following comment in the Dallas Fed Energy Survey Q2 published at the end of June:

“Don’t take the bait, drillers: Stay capital disciplined and enjoy the higher prices for your product.”   

This article was originally published on Oilprice.com

Article source: https://www.rt.com/business/530030-us-shale-recovering-slump/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

US Shale Sees Light At The End Of The Tunnel

The US oil and gas sector is recovering from last year’s market slump. But unlike the previous boom-and-bust cycles, the industry has held off on boosting production and has focused on strengthening balance sheets, repaying loans, and rewarding shareholders. As a result of the rallying commodity prices this year, and most of all, the discipline in capital spending, the US shale patch is now financially stronger. Bankruptcies have been fewer and far apart in recent months, and the energy loan default rate has dropped to the lowest level since the oil market crashed in March and April last year.

In addition, low interest rates have prompted many US oil and gas firms to raise new debt, most of which goes to repaying existing liabilities, not to drilling more wells.

Also on rt.com After years of massive losses, US shale eyes a $60-billion year

US Energy Defaults Drop Significantly

One indicator shows that the credit quality of the loans and bonds in the US oil and gas sector has significantly improved in recent months.

The energy sector’s trailing twelve-month (TTM) default rate stood at 9.1% in July, Fitch Ratings said in a report on Wednesday. The energy default rate has fallen below the double-digit percentage for the first time since April 2020. The default rate is also considerably down from the 20.3-percent peak in March, Fitch Ratings noted.

Smaller defaults and higher oil prices are set to further push the energy default rate down to 5% by the end of this year, the rating agency says. This year will see smaller defaults compared with as many as four defaults of $1.5 billion-plus size issuers in 2020, according to Fitch Ratings. 

Wastewater problem could cap US shale growth Wastewater problem could cap US shale growth

To compare, at this time last year, Fitch Ratings was estimating the energy default rate to finish the year 2020 at 18%. In the second quarter of 2020 alone, energy generated $5 billion of defaults.

This year, Fitch Ratings does not expect “many bankruptcies coming in the next few months. Only 2% of our Top Market Concern Loans relates to energy,” Eric Rosenthal, Senior Director of Leveraged Finance at Fitch Ratings, told Forbes’ Senior Contributor Mayra Rodriguez Valladares.

Defaults on bonds have also significantly dropped this year, according to Fitch Ratings.

“Energy makes up only 10% of our Top Market Concern Bonds list, down from 57% as of one year ago. There has been only $3.2 billion of YTD high yield energy defaults compared with $14.4 billion for the same period in 2020,” Rosenthal told Rodriguez Valladares.

Energy Bankruptcies Slow Down

This year, the default rate is considerably down, as companies with unsustainable liabilities have already filed for bankruptcy over the past year, while the others are using record cash flows to pay down debts.

The number of North American producers that filed for bankruptcy protection in the first quarter of 2021 reached the highest number for a first-quarter since 2016, yet the wave of bankruptcies has significantly slowed since the peaks in the second and third quarter of 2020, law firm Haynes and Boone said in its latest tally to March 31. Even though the number of first-quarter 2021 bankruptcies was the highest for a Q1 since 2016, it showed the trend of slowing filings after 18 oil and gas producers filed in the second quarter of 2020 and another 17 in the third quarter, the two quarters in which the oil price crash and the crisis were most severely felt by indebted producers.

Also on rt.com California Governor Newsom, facing recall election, vows to stop issuing fracking permits by 2024 and phase out oil extraction

The US Shale Patch Is Borrowing Again

US oil and gas firms are taking advantage of the high oil prices and historically low-interest rates to seek financing.

Higher oil prices and low-interest rates have prompted listed independent US oil producers to raise in March the most financing via debt and equity issues since August last year, the EIA said in April.

This time around, the borrowed money is being used for repayment of previously drawn credit facilities or bonds, not for relentless drilling of new wells and chasing record production growth.

Biden claims he never said he'd ban fracking, despite video, admits he wants to 'transition' away from oil industry Biden claims he never said he’d ban fracking, despite video, admits he wants to ‘transition’ away from oil industry

“Since crude oil prices began increasing, US crude oil producers have been raising debt and equity to refinance debts, resume drilling activities, or purchase acreage,” the EIA said.

Low corporate bond yields have also contributed to lower interest rates on new bonds and reduce the cost of issuing debt, the EIA noted.

Historically low interest rates give additional incentives to US shale drillers to raise new debt and refinance existing liabilities. Currently, it’s as cheap for the US energy sector to raise new debt as it was seven years ago, when oil was $100 per barrel, according to Bloomberg Intelligence.

How Long Will Discipline Hold?

So far this year, US oil and gas firms have been sticking with promises of capital discipline and prefer to show investors the money to drilling themselves “into oblivion,” as Harold Hamm warned back in 2017.

Higher oil prices and expected record cash flows could heal the balance sheets of many shale producers this year.

Even if US shale wanted to significantly raise production in response to $70 oil, it would take at least nine months to see a meaningful jump in output, Rystad Energy said in an analysis earlier this month.  

One executive at an EP firm may have summed up this year’s motto of the US shale patch in the following comment in the Dallas Fed Energy Survey Q2 published at the end of June:

“Don’t take the bait, drillers: Stay capital disciplined and enjoy the higher prices for your product.”   

This article was originally published on Oilprice.com

Article source: https://www.rt.com/business/530030-us-shale-recovering-slump/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Child Tax Credit Payments Have Begun. Should You Opt Out?

In such cases, the spouse receiving the credit should opt out through the I.R.S.’s portal, otherwise they may have to repay the money when they file their return. Although the spouse claiming the children will not get the advance payments, they will be able to get the full value of the credit on their 2021 return.

Since the advance payments are based on the income reported on your 2020 tax return (or 2019, if 2020 was unavailable or not yet processed), households with higher earnings in 2021 may be eligible for a smaller portion of the credit, which means they could be receiving too much in advance.

Households that have taken retirement distributions or collected any other type of unearned but taxable income will need to take that into consideration as well, accountants said.

Higher-income taxpayers may also want to consider opting out, tax experts said, because they are entitled to a smaller version of the child tax credit, or the $2,000 per child available under prior law (that translates into payments of $1,000 per child, spread over six months). If taxpayers didn’t factor that into their tax withholdings, they may end up with a lower refund or a higher tax liability come tax season.

You can get the full credit if your modified adjusted gross income (For most people, Line 11 of the 2020 Form 1040) is $75,000 or less for single filers, $150,000 or less for married couples filing a joint tax return and $112,500 or less for “head of household” filers (often unmarried single parents). The credit begins to decline above those thresholds — in two different steps — until it phases out completely.

You can check your eligibility for the credit using the I.R.S.’s Child Tax Credit Eligibility Assistant.

Many freelancers, independent contractors and other self-employed people send the I.R.S. estimated tax payments based on the prior year’s income. But tax experts said that those payments and the money being advanced for the child tax credit could cancel each other out to some degree, which means the taxpayer could end up owing more when they file their return, and potentially could incur interest and penalties.

Article source: https://www.nytimes.com/2021/07/25/your-money/child-tax-credit.html

India in talks with Russia over investments in Russian oil and gas assets – sources

According to the paper, the Russian government has offered several oil and gas fields to India’s natural resources exploration firm ONGC Videsh and to any potential consortium it may form for the project.

Also on rt.com India’s refiners prepare for lifting of US sanctions on Iran’s oil

This will be for exploring and producing oil and gas in Russia. While the project and scope have not been finalized, talks have begun,” one of the sources told the newspaper.

Sources say the countries are also in talks over India’s investment in oil and gas exploration projects in the Arctic, namely in the development of the Vostok Oil project. The project’s annual crude production could be up to 100 million tons, according to preliminary estimates.

The cited sources stated that three Russian Far Eastern regions, namely Yakutia, Sakhalin Oblast and Amur Oblast, have so far shown interest in investment by India in their oil and gas sectors.

Also on rt.com India wants more trade with Russia going beyond traditional sectors

India sees oil and gas-related interaction with Russia as a “flagship sector of commercial cooperation between the two nations,” India’s Foreign Secretary Harsh Vardhan Shringla said earlier. The country has also been looking at extending economic ties with Russia in areas such as coking coal, timber and liquefied natural gas (LNG), as it sees great potential there.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/529919-india-russia-oil-gas-investment/?utm_source=rss&utm_medium=rss&utm_campaign=RSS