To upgrade or not: How a $1,000 iPhone could cost you $17,000 in savings

 Buying a $1,000 iPhone can be equivalent to giving up $17,000 in retirement savings or 2,500 cups of coffee

Let’s talk about buying an iPhone for $1,000. Tim Cook, Apple’s chief executive, once compared this eye-popping price tag to buying a cup of coffee a day over a year. No big deal, right?

But financial advisers see this differently. By some estimates, an investment of $1,000 in a retirement account today would balloon to about $17,000 in 30 years.

In other words, $700 to $1,000 — the price range of modern smartphones — is a big purchase. Fewer than half of American adults have enough savings set aside to cover three months of emergency expenses, according to the Pew Research Center. Yet one in five people surveyed by the financial website WalletHub thought a new phone was worth going into debt for.

Tech companies fairly argue that our smartphones are our most powerful tools for work and play and thus worth every penny. But they also play numbers games to downplay the costs of a new phone. Samsung, for example, has said the price of its new Galaxy phone is $200 — but that’s only if you trade in a year-old phone for credit toward the new one. The true price is $800.

So it’s worth looking at phone upgrades in a different light to weigh their financial impact. That can help us make well-considered decisions so that the move isn’t automatic.

The irony of Mr. Cook’s coffee analogy isn’t lost on Suze Orman, the financial adviser who once famously equated people’s coffee habits to “peeing $1 million down the drain.” The seemingly small amount of money that people mindlessly spend on java — and now phone upgrades — could be a path to poverty, she said.

“Do you need a new one every single year?” asked Ms. Orman, who hosts the “Women and Money” podcast. “Absolutely not. It’s just a ridiculous waste of money.”

Apple and Samsung didn’t immediately respond to requests for comment.

So what’s the true cost of a phone upgrade? Let’s look at the math.

PSBs told to push for financial inclusion, expand insurance coverage

 The Centre has also asked state-owned banks to enter into co-lending arrangements with NBFCs and MFIs

The Centre has asked public sector banks (PSBs) to aggressively target financial inclusion, expand pension and insurance coverage and, at the same time, use financial technology (fintech) to extend credit to borrowers during the festive season through co-lending arrangements.

As PSBs have started their credit outreach programmes to support the economy, the government is planning district-wise loan melas, similar to the ones organised in October 2019. These are expected to be launched next month.

Banks have been given a broad outline by the government, ranging from financial inclusion to signing co-lending agreements with non-banking financial companies (NBFCs) and microfinance institutions (MFIs). Banks have been asked to identify individuals who are 21 years of age, through the voters’ list, and do not have a bank account. Banks will have to open accounts for such individuals under the Pradhan Mantri Jan Dhan Yojana (PMJDY).

In order to give a digital push, state-owned lenders have been given a target to provide RuPay cards to 100 per cent account holders under the PMJDY in metro and urban areas, and 90 per cent account holders in semi-urban and rural areas. About 315 million RuPay cards had been issued to PMJDY account holders as of October 10.

Private health sector growth 'static', says NITI Aayog's V K Paul

 'Wave 2' vaccine in the works for Covid-19

Calling for expanding the private health sector, V K Paul, member-health NITI Aayog, said on Wednesday that the growth in private health space had been static at a time when the health infrastructure needs to be ramped up in the country.

He said schemes such as the Ayushman Bharat Digital Mission are a game-changer and private hospitals must join the program. “I request you to introspect and think. We have to. Can we look at what models in the private sector should now emerge?” Paul added.

Prime Minister Jan Arogya Yojana would increase its ambit. “PM-JAY is here to stay, and it is the main vehicle for secondary and tertiary care and therefore we have to reposition ourselves to align with this.”

He said the model should shift from a high return, low volume to a high volume and modest return. “Let us not have the people of India be left out of this universal health coverage because we cannot set the machine right. Let’s together set it right, reposition and refine the scheme,” Paul said.

Praising the private sector hospitals for their work during the pandemic, Paul said that even though the public sector did its part, the best critical care across the nation often came from the private sector.

He asked the private sector to visualize the next six or nine months to build important building blocks for improving the health infrastructure of the country.

The country has one hospital bed per thousand. It has to be increased to at least 2 hospital beds per thousand, he said.

He called on the state governments to increase their budgets on health care — from the current 4-4.5 percent to almost 8 per cent.

Asking companies to send suggestions for the upcoming Budget, he said: “We are together to see that the health sector receives allocation in the spending paradigm of state and centre.”

Coal supply improves at 61 thermal plant units with less than 4-day stock

 Coal shortage at thermal power projects is still continuing as the number of non-pit head projects having less than four days of coal (supercritical stock) rose to 61

Coal shortage at thermal power projects is still continuing as a number of non-pit head projects having less than four days of coal (supercritical stock) rose to 61 on Tuesday from 58 on Monday, official data showed.

According to the latest coal-stock data of the Central Electricity Authority (CEA), the number of non-pit head projects having less than four days of coal was 61 on October 19 and 58 on October 18.

The data showed that the number of plants with supercritical stock was 65 last week (on October 12). Thus, the coal stock situation has improved eventually but the crisis is still continuing.

The improvement, as well as a little deterioration in the coal stock situation, assumes significance in view of the ongoing shortage of dry fuel at thermal power plants in the country.

The Central Electricity Authority monitors the coal stock situation of 135 thermal power plants with a cumulative generation capacity of over 165 GW.

The data also showed that the number of power plants with zero days of coal has come down to 15 as of Tuesday with cumulative installed generation capacity of 15,080MW, compared to 18 with 18,630 MW capacity a week back.

The number of the plants with one day of coal stock has increased to 22 with 29,640 MW capacity as of October 19, compared to 26 with 34,140 MW capacity on October 12. The number of plants with two days of coal increased to 19 (with 25,445 MW capacity) from 17 (19,245 MW) a week ago.

The number of plants with three days of coal stood at 18 (with 22,594 MW capacity) as against 18 (25,224 MW) a week ago.

The number of plants with four days of coal has decreased to 15 with 18,130 MW capacity as of Tuesday, from 19 with 23,080 MW capacity a week ago, showing improvement in dry fuel stock.

Amazfit GTR 3 review: The right balance between looks and performance

 With a crisp display, a practical OS, decent accuracy in tracking, and impressive battery life, Amazfit GTR 3 is a great option if you are striking a balance between lifestyle and fitness smartwatch

Amazfit GTR 3, the successor to the Amazfit GTR 2, seems a promising entry in this year’s smartwatch line-up, bringing several upgrades such as a brighter screen, better battery life, and more. Amazfit has been good value for money, but the only issue, as we have seen earlier, is weak software support that spoils the experience.

Has Amazfit managed to cross the barrier with GTR 3? Let’s find out this and more about in this review:

Amazfit GTR 3: Build and design
Straight out of the box, I set my eyes on this sleek smartwatch with a large round screen curved at the edges meeting aluminum alloy case giving this watch a pristine look.

The GTR 3 has a 1.39-inch AMOLED HD touch display (454x454 pixels) with 326ppi pixel density. it offers crisp and bright colorus even in direct sunlight. The display has a 1,000nits peak brightness and features tempered glass with an anti-fingerprint coating. The display feels really good in daily use and clearly, this is one of the finest displays I have seen in a smartwatch so far.

There are two buttons on the right edge, with one, much to my surprise, is a rotating crown for navigation. The crown is highly responsive and one of the highlights of the watch and it’s a treat for smartwatch users.

The watch looks heavy but at 32 gm, it’s really lightweight and easy to wear for long hours, even while sleeping. Moreover, it is water-resistant too (5ATM), so it can easily handle water and even sweat.

The strap, called the “antibacterial fluoroelastomer strap” is broad and comfortable and gives enough room for the air to pass through so the sweat doesn’t accumulate at one place.

The sensors sit at the conventional bottom position.

Temper expectations from privatisation trade, say analysts

 The brokerage says listed PSUs face several challenges and continued government ownership may weigh on their performance

Shares of several public sector undertakings (PSUs) have rallied following national carrier Air India’s sale to the Tata Group.

The Street is hopeful that the Centre will privatise more state-owned firms, which will unlock value for all shareholders. However, domestic brokerage Kotak Institutional Equities (KIE) says it is best to temper privatisation hopes. It says the Centre’s policy to retain at least one or two PSUs in “strategic” sectors and the long list of “strategic” sectors will prevent most large PSUs from privatisation.

“The government’s current privatisation policy, which entails a bare minimum presence in certain strategic sectors, may result in the government retaining control over most of the larger PSUs in the foreseeable future,” KIE said in a note adding that the government may be left with smaller PSUs and a handful of larger PSUs to privatise.

The government’s list of strategic sectors includes atomic energy; defence and space; banking, insurance and financial services; coal, petroleum, power and other minerals; and telecommunications and transport.

The brokerage says listed PSUs face several challenges and continued government ownership may weigh on their performance.

According to an analysis done by KIE, the total value of government holding in listed PSUs is about Rs 15 trillion. The value of government holding in top 15 non-financial PSUs is Rs 7.4 trillion. Meanwhile, the value of holdings in top 15 non-strategic PSUs is only Rs 1.7 trillion.

'Squid Game' frenzy helps Netflix top subscriber targets

 "Squid Game" debuted on Sept. 17 and surprised executives by becoming the streaming service's most-watched original series in its first month

Global interest in Netflix Inc's Korean thriller "Squid Game" lured more new customers than expected in the recent quarter, boosting shares of the world's largest streaming service by 3% on Tuesday.

After a sharp slowdown in the first half of the year, Netflix added 4.38 million subscribers from July through September to reach a worldwide total of 213.6 million. Wall Street analysts had projected 3.86 million new customers, according to Refinitiv data.

Netflix enjoyed a subscriber boom last year as COVID-19 kept audiences at home, but growth stalled in the first half of 2021. At the same time, competitors including Walt Disney Co's Disney+ and AT&T Inc's HBO Max have bolstered their offerings. Netflix partly blamed this year's early weakness on a thin slate of new programming caused by production shutdowns during the pandemic.

Then, "Squid Game" debuted on Sept. 17 and surprised executives by becoming the streaming service's most-watched original series in its first month, according to the company.

The dark drama tells the story of people who compete in a deadly competition to erase financial debt. The series has topped Netflix viewing charts in multiple countries, kick-started sales of track suits and Vans sneakers, and kindled interest in learning Korean https://www.reuters.com/lifestyle/netflix-hit-show-squid-game-spurs-interest-learning-korean-2021-10-11.

Excitement around "Squid Game" also is expected to boost the current quarter. Netflix projected it will pick up 8.5 million new customers by year's end, ahead of industry forecasts of 8.33 million, as the pace of new releases accelerates. Upcoming debuts include big-budget action flick "Red Notice" and a second season of fantasy drama "The Witcher."

For the quarter that ended in September, diluted earnings-per-share came in at $3.19. Revenue rose 16% to $7.5 billion.