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  • Best and Worst Consumer Loans to Take in the United States

    Best and Worst Consumer Loans to Take in the United States

    Have you ever heard the term ‘Neither a lender nor borrower be’? Sounds like great words of wisdom, unless you need cash on the hip in rapid fashion. It’s always difficult to tiptoe around the issue of the best and worst consumer loans in the United States, and in reality, the choices you make are usually linked directly to how desperate you are.

    Let us help you to circumnavigate the murky world of consumer loans in the United States so you can make a decision based on common sense instead of necessity.

    Best Consumer Loans in the United States

    Making a mistake by choosing the wrong option can not only leave you in debt for thousands of dollars, but the debt can dramatically increase and seemingly go on forever making your life a living hell. Here are your best 3 options for consumer loans in the United States:

    #1 – Personal Loans from Friends

    If you have wealthy friends with surplus amounts of cash, taking a small personal loan from friends or family is easily the best option. Assuming you are going to pay it back of course. Because no-one wants to be in debt to a friend or a family member for too long.

    By taking this option, you will cut down the interest rates to a bare minimum. Many friends will charge very little in the way of interest if any at all, so as long as it’s a small loan and you are planning to pay it back within a reasonable agreed time limit, this is the best consumer loan option by a country mile.

    #2 – Personal Unsecured Loans

    If you are a younger person who doesn’t have many assets to leverage or you are a parent looking to borrow money to send your kids to college, an unsecured personal loan is a great option. Personal loans are more suited to those borrowing smaller amounts up to $30,000.

    A personal loan doesn’t borrow against anything valuable such as a property, and although that means the interest rates are commonly higher, you won’t lose your property if you default on the payment.

    Interest rates on personal loans average at around 11%, but if you have a clean credit rating and search around, you could find something in the region of 5.5%, which is less than a credit card.

    #3 – Remortgage your Property with Home Equity

    If you are a homeowner or have been paying a mortgage on a property for a while and need cash, remortgaging your property, or a portion of it, is a great way to inject some much-needed cash flow. Refinancing your house or getting a home equity loan is a sensible approach because the repayment methods are usually from 5 to 20 years long, giving you lots of time to pay it back. And you still have a house at the end of it all!

    The interest rates on home equity loans are generally in the 5% to 6% region, but please beware of the tax laws pertaining to deductibility if you are not using the cash for home improvements.

    Worst Consumer Loan Options in the United States

    Now we have discussed the best options, it’s time to explore the worst consumer loan options in the United States so you can sidestep the common mistakes that Americans make every year.

    #1 – Short Term Payday Loans

    Have you ever been strapped for cash and was so desperate you considered a payday loan? Make sure you think twice before getting one. A report from Pew Charitable Trusts back in 2013 detailed that only 14% of Americans who took payday loans could afford to pay back the loans with monthly payments.

    The report showed that payday loans are extremely unaffordable and on average leave the borrowers in debt for an average of five months. Payday loans allow you to borrow money on hours you have already worked but have yet been paid for. Although it seems like a great idea for a short-term loan until you get paid, 76% of these payday loans are renewals that go on for months until you have finally paid up.

    Payday loan providers will also need access to your bank account in some way so they can direct debit from your accounts. And you will be hounded if you fail to make your payments. Be wary of this option.

    #2 – Pawn Shop Loans

    Although pawn shop loans do a get a bad rap, there are some pros and cons. If you are looking for a short-term loan, and are willing to put up an item for collateral, they are safer than payday loans.

    However, in some states, interest rates on pawn shop loans can reach up to 37%, and other fees that come with the loan you will still have to pay. The plus factors are if you default on the payment, you will only lose your collateral and will not be hounded by debt collectors.

    #3 – Auto Title Loans

    Auto Title Loans are short term loans where you have to put your car or vehicle titles up as collateral. These kinds of loans are usually for a period of 30-days, which is a quick turnaround if you can make the payment, but if not, they can sell your car to recoup the loan.

    Featured image from Shutterstock.

  • Ratan Tata GBE – India’s Real Money Maker for More Than Two Decades

    Ratan Tata GBE – India’s Real Money Maker for More Than Two Decades

    Ratan Tata GBE Indian IndustrialistRatan Tata GBE, born 1937, was the chairman of the Indian conglomerate, Tata Group, from 1991 to 2012. He also held the position for four months between 2016 and 2017. During his time as chairman annual revenue grew from $5.7 billion to more than $100 billion. His personal wealth is believed to be just shy of $1 billion. Despite the meteoric rise of the Tata Group during his stewardship Ratan Tata doesn’t really get the recognition he deserves. The main reason for this is due to the way that the Tata Group has been structured.

    This year the conglomerate is celebrating 150 years since it was founded by Jamsetji Tata back in 1868. The holding company of the Tata Group is Tata Sons. The holding company is as old as the trading company with two-thirds of the shares belonging to charitable trusts. The two biggest trusts, with over 50% of the shares are the Sir Dorabji Tata and Allied Trusts and the Sir Ratan Tata Trust.

    Tata Philanthropic Trusts

    Dorabji and Ratan were the two sons of the Tata Sons founder, Jamsetji Tata. Ironically Dorabji and Ratan both died without any sons to pass the business on to. The Trusts that were created after they died are amongst the oldest philanthropic Trusts in India. Sir Ratan Tata (1871 – 1918), not to be confused with Ratan Tata GBE, and his brother Dorabji were both knighted in the days of the British Empire. Whereas Ratan Tata GBE received his honorary “knighthood” in 2014, long after the fall of the British Empire.

    The Tata family have been leading philanthropists for more than 100 years with a focus on education and medicine. In 1941 the Sir Dorabji Tata Trust set up the Tata Memorial Centre in Mumbai and other notable donations have included:

    $50 million awarded to Cornell University in 2008, the University Ratan Tata GBE graduated from.

    “The endowment consists of $25 million to establish the Tata-Cornell Initiative in Agriculture and Nutrition, which will contribute to advances in nutrition and agriculture for India; and $25 million for the Tata Scholarship Fund for Students from India, to help attract more of the best and brightest students to Cornell from India.”

    $50 million awarded to the Harvard Business School (HBS) to build Tata Hall. Ratan Tata also graduated from the Advanced Management Program at HBS in 1975. Tata Hall was constructed as an academic and residential building for executive education.

    Other well-known philanthropists like Mark Zuckerberg, Warren Buffet and Bill Gates have tended to amass their fortunes and then distribute their wealth to good causes. For Tata, the philosophy has always been to benefit the employees and the society as a whole rather than its Directors. Hence the two-third ownership of Tata Sons by the Charitable Trusts.

    Tata Brands

    Tata founder, Jamsetji Tata, set up the business to trade tea and opium with China. In 2000 Tata expanded their tea business when it purchased the inventor of the Tea Bag, Tetley. At the time it was the largest international takeover in history by an Indian company. Ratan Tata said of the Tetley takeover:

    “It was a momentous occasion for the company and a bold move which he hoped other Indian companies would follow.”

    Tata has been involved in steel production in India since 1907 and in 2007 Ratan oversaw the purchase of UK based Corus for $12 billion. In 2008 he was also involved in the acquisition of global brands Jaguar cars and Land Rover for $2.3 billion. Ratan is also responsible for the “$2,000” Tata Nano, at the time the world’s cheapest motor vehicle.

    Interesting Facts About Ratan Tata GBE

    Like his namesake Sir Ratan Tata and Sir Dorabji Tata he has no sons and has never married but came close on four separate occasions. He qualified as an Architect from Cornell University and is also a qualified pilot. Ratan has his own private jet, a Falcon 2000. He was also the first Indian to fly a supersonic F-16 Falcon jet.

    Ratan Tata GBE has an impressive collection of motor vehicles. Which is not too surprising based on his previous control of Tata Motors, Tata Daewoo, Land Rover, and Jaguar. His fleet of vehicles includes a red (his favorite color) Ferrari California, Maserati Quattroporte, a red Cadillac XLR convertible, Chrysler Sebring, and a red Jaguar F-Type convertible.

    During his career, he has received a plethora of awards with honorary doctorates from Universities across the globe. These include Ohio State, Warwick, Cambridge, Carnegie Mellon, York (Canada) and New South Wales. In addition to the GBE, he received from the UK he also holds the following titles:

    • Commander of the Legion of Honour (France)
    • Grand Cordon of the Order of the Rising Sun (Japan)
    • Grand Officer of the Order of Merit of the Italian Republic (Italy).

    Ratan received the honorary title of Chairman Emeritus by the Tata Board in 2012. He technically falls well short of the top 10 richest people in India. However, based on his impressive record as Chairman of Tata he is regarded by many as one of India’s leading industrialists.

    Featured image from Shutterstock.

  • IKEA Cuts 7,500 Jobs Worldwide to Focus on their Online Business

    IKEA Cuts 7,500 Jobs Worldwide to Focus on their Online Business

    The world-famous Swedish home furniture brand, IKEA, is the latest victim of the increased popularity of online shopping as it cuts 7,500 jobs worldwide and 350 jobs in the UK to focus on other areas of their business.

    If you are a fan of assembling your own household and garden furniture, is it time to put down the screwdriver to mourn the end of the Swedish flat-pack assembly kingpins? Not just yet!

    IKEA Keeping in Line With Spending Habits

    Although the news that IKEA plans to cut 7,500 jobs across the world seems like a doom and gloom move, the company contends that they are simply shifting focus from their large stores to their online sales and smaller shops.

    The Swedish group is cutting the jobs to streamline their business moving forward to focus their emphasis on the growing online market, which is essential if IKEA wants to compete in the modern consumerism sector of today. The 7,500 jobs are mainly for office workers to help the company conform to new shopping habits.

    The biggest losers in this scenario are the UK. IKEA employs 12,100 people across the United Kingdom and will be cutting 350 jobs. However, they hope to counterbalance this by opening a new store in Greenwich in 2019 that will create a further 500 jobs, mostly on the front line.

    Putting the Cuts Into Perspective

    Putting this into perspective, IKEA currently employs 160,000 people worldwide across 367 stores and 30 countries, so relatively speaking, cutting 7,500 jobs is not as stark as it appears.

    IKEA believes that it would also be creating a further 11,500 jobs across the world as it moves its focus from megastores to online shops and new store formats.

    The chief executive of IKEA, Jesper Brodin, told The Guardian newspaper that the cuts are not all negative for the future of the company by saying:

    “We continue to grow and perform strongly. At the same time, we recognize that the retail landscape is transforming at a scale and pace we’ve never seen before. As customer behaviors change rapidly, we are investing in and developing our business to meet their needs in better and new ways.”

    If former megacompanies such as of Toys’R’Us and Kodak would’ve had the same foresight to change with the times, maybe they would still be in a competitive position instead of languishing in pain. It seems that IKEA is readying itself to evolve with the consumer marketplace.

    Featured image from Shutterstock.

  • World’s Richest Golfers Phil Mickelson and Tiger Woods Showdown in Vegas for $9 million

    World’s Richest Golfers Phil Mickelson and Tiger Woods Showdown in Vegas for $9 million

    The world’s two highest-earning golfers will play it out at the luxury Shadow Creek Golf Course in Las Vegas on November 23, 2018.

    In a winner-takes-all clash one of the two already multi-millionaires will win $9 million in prize money provided by sponsors.

    Phil Mickelson Tiger Woods Source: Reuters

    Woods’ is worth an estimated $740 million and Mickelson an estimated $375 million. Both earn over $40 million per year in pay with Woods earning a further over $40 million and Mickelson $37 million in sponsorships and endorsements each year.

    The golfers faced off this week, boxing style, in a broadcast encounter where Mickelson challenged Woods’ to a wager:

    “$100,000 says I birdie the first hole.”

    Woods quickly responded to the challenge with:

    “Double it.”

    It’s estimated the side-bets could reach $2 million and are likely to be donated to charity. Both were pictured by Bleacher Report with stacks of cash.

    On Twitter the match is drawing criticism, according to RT, with the pair being called “rich snobs” and the millions up for grabs for already wealthy sports celebrities drawing comments like “obscene” and “poor taste.” Others are calling for the winnings to be donated to charity.

    Though the Thanksgiving clash has been scheduled to draw attention to the game, the play-off between two of the games seasoned professionals, rather than today’s latest golfing stars, is also criticised. Golf icon Gary Player told The Times:

    “Frankly, I don’t think Tiger v Phil is either relevant or cause-related at all. What a lost opportunity for golf.”

    Tiger Woods – Net Worth – $740 million

    Tiger Woods Source: Forbes

    Woods, aged 42, returned to the game on a high in 2018 to win his first tournament in five years at the Tour Championship, moving back to 13th in the Official World Golf Rankings.

    He became a professional golfer at the age of 20 and less than a year later had taken the top spot in the world rankings.  He’s been World Number One for the most consecutive weeks and for the highest number of weeks than any other golfer. Woods is the second highest-paid athlete of all-time, according to Forbes, with estimated total earnings of $1.7 billion.

    The pro-golfer, real name Eldrick Tont Woods, has been sponsored by Nike since turning professional, signing his latest $200 million deal with the sportswear brand in 2013.

    Phil Mickelson – Net Worth – $375 million

    Phil Mickelson: Source Forbes

    Mickelson, at 49, is the 6th highest paid athlete of all time according to Forbes with estimated total earnings of $815 million. He’s won 43 events on the PGA tour including five major championships. Mickelson has spent over 700 weeks in the top ten of the Official World Golf Rankings achieving 2nd place twice. He became the face of amateur golf in the U.S in the early 1990’s and turned professional in 1992. Mickelson has endorsement and sponsorship deals with Callaway, Barclays, KPMG, Exxon Mobile, Rolex and Amgen.

    Mickelson believes the $9 million prize pot adds to the competition giving it the feeling of a major championship, reports the Express:

    “We don’t have the history of a Masters or a major championship, which is why the (prize figure) had to be so high because that creates an uncomfortable environment for us and creates pressure.”

    “The Match” takes place Friday, November 23, 2018, Woods’ has said of his long-term rivalry with Mickelson:

    “We’ve gone at it for over two decades and we’ve had our moments where there’s either been a regular tour event or major championship where we’ve gone toe-to-toe with each other.”

    The bookies odds are currently on Woods to walk away with the $9 million, with Betfair offering one-to-two odds on the player.

    Also this week, after years without success, Japan has secured its first PGA Tour golf tournament to the delight of Japanese fans and sponsors.

    Featured image from Shutterstock.

  • Japanese Billionaire Yusaku Maezawa Backs First PGA Golf Tour Event in Japan

    Japanese Billionaire Yusaku Maezawa Backs First PGA Golf Tour Event in Japan

    After many years of trying to get a PGA Tour event, Japan has finally secured its first official tournament. Japanese billionaire Yusaku Maezawa is over the moon and will be the first sponsor and main backer for the event.

    The Japanese fashion specialist Maezawa founded the popular website Zozotown but is more famously known in his native land for attempting to become the first commercial passenger to try to fly around the moon. Get your heads around that one!

    PGA Tour Golf Event in Japan

    The Japanese are golf-crazy, so the announcement of the first-ever PGA Tour golf event in Japan is massive news across the Orient. The tournament will take place between October 24-27 in 2019 as the PGA Tour swings through the far east with other tournaments planned for China and South Korea.

    Talking with a translator on Tuesday at a press conference in a central Tokyo hotel, Japanese billionaire Yusaka Maezawa was extremely upbeat not only about the event but also in regards to going to the moon:

    “I think this will be the first PGA Tour sponsor that is going to the moon. I haven’t decided who I will take to the moon with me yet. I would like to talk to many people with an open mind.”

    The new PGA Tour golf event in Japan is part of a six-year deal and will run in conjunction with golf’s high profile in the country in the lead-up to the 2020 Tokyo Olympics. The event will replace the current Malaysian event on the PGA Tour.

    The Popularity of Golf in Japan

    Did you know that 10 million people in Japan play golf? That’s almost 10% of the population. The main problem the Japanese have always had is they are limited in terms of space and golf courses.

    There are only 2,450 golf courses in Japan, which is minute when compared to the number of players. This is why so many Japanese visit major golf tours destinations across the world. Most Japanese golfers never get to play on a course and are relegated to lofty driving ranges on top of buildings in major cities such as Tokyo.

    Japanese billionaire Yusaka Maezawa is not the only person who can’t contain his excitement since the announcement of the PGA Tour golf Japanese event. Japanese golfers Hideki Matsuyama and Isao Aoki were also sat next to Maezawa at the press conference. Aoki, who is now 76 and was the first Japanese golfer to win a PGA tour event was quoted as saying:

    “Finally this day has come. If I were younger, I’d like to play in a PGA tournament in Japan. I wish this day had come earlier.”

    The event will be called the Zozo Championship and will be a 78 strong field with a purse of $9.75 million. There will also be a further 10 Japanese players who will be allowed to play the event to give it a local appeal.

    Featured image from the Valdosta Daily Times.

  • Big Money and Big Mouths at Cricket T20 India vs. Australia

    Big Money and Big Mouths at Cricket T20 India vs. Australia

     

    The Twenty20 (T20) between India and Australia started yesterday with a bang. Australia came away with 4 more runs than India, but there is a lot of cricket left to play down under.

    Virat Kohli is leading India in Brisbane. He is the highest paid athlete in India, and has a net worth that is in excess of $60 million USD according to MSN.

    Famous for his aggressive speech, Virat Kohli was reportedly told by the BCCI to tone down his penchant for fanning the flames before an event. All involved deny the rumour. If it is true, then whatever Virat Kohli was told, it has done little good. He was quoted by The Telegraph as saying,

    “Aggression depends on the situation on the field. If the opposition is aggressive towards you, then you counter it. We have never been a team that started anything, but we always draw a line at our self-respect. If we feel that someone is crossing that line, then we stand against it,”

    whatever that means in practical terms.

    T20 India Team Looks Strong

    Despite all the drama surrounding possible financial misdeeds by shady figures in the IPL and Virat Kohli, the Indian T20 skipper has vowed to make-up for their sub-par performance against England.

    Australia is down two of their strongest players, who were banned from league play for a year.

    The ban against top-level batsmen Steve Smith and David Warner have been upheld by Cricket Australia, and the two will be absent from play over a controversial ball-tampering scandal that could cost the Aussie team dearly.

    Steve Smith and David Warner are Taking a Hit

    Steve Smith is widely regarded as one of the world’s best batsmen. He is estimated to have around a third of Virat Kohli’s $60 million dollar net worth, but it could be falling fast.

    He won’t be the same bright-eyed up-and-comer after this mess, and brands like Weet Bix probably won’t want him anywhere near their ad campaigns. Steve Smith may still be able to command his $4 million USD per year salary when he returns, but who knows at this point.

    Who wants to hire a cheat, and risk a suspension?

    David Warner is more-or-less in the same position as Steve Smith, but without all the cash. He is worth less than $10 million USD at the moment and was able to command a touch less than $2 million USD between Cricket Australia and the Sunrisers Hyderabad.

    On the plus side David Warner gets paid a match appearance fee, but that won’t do much for his bank account anytime soon.

    Indian Earning Power

    Virat Kohli isn’t the only big earner on the Indian T20 team.

    Vice-captain Rohit Sharma is worth almost $20 million USD, which makes him one of the richest cricket players besides the captain of the Indian T20 team. He is ranked in the top 50 richest Indian celebrities and makes an annual salary of Rs. 11.5 crores!

    Images via Virat Kohli DNA India,  Steve Smith The New Daily, & Rohit Sharma Rediff.

  • Footballer Cristiano Ronaldo Owns a $2.5 million LaFerrari

    Footballer Cristiano Ronaldo Owns a $2.5 million LaFerrari

    If you can afford to spend $2.5 million on a single vehicle, you deserve it! World-renowned footballer Cristiano Ronaldo owns a vast array of super-cars, but one of his favorites is his stunning $2.5 million LaFerrari. And it’s not even his most expensive car!

    More known for his award-winning football career playing for Manchester United, Real Madrid and now Juventus, Cristiano Ronaldo is also making news for his plush selection of high-end super-cars.

    Cristiano Ronaldo Car Collection

    In an article by The Sun newspaper that discusses the most expansive cars owned by footballers, it really is an eye-opener to see the current wealth of football’s top-earning players.

    Cristiano Ronaldo has a net worth of $450 million and apparently earned $108 million in 2018 alone. His lifetime sponsorship deal with sports giants Nike is believed to be worth in the region $1 billion. Forbes listed Ronaldo as the 10th highest earning athlete in the world in 2018.

    With that much dough in the bank, what else are you supposed to do? Buy cars worth in the region of $2.5 billion dollars.

    Cristiano Ronaldo’s LaFerrari is a special type of limited edition F150 Ferrari. The hybrid sports car has a 6.3 L F140FE V12 engine with design elements created by Ferrari’s F1 technical director Rory Byrne.

    The article also mentioned that the Portuguese footballer also owns a $2.1m Bugatti Veyron, and a $3.2 million Bugatti Chiron.

    Cars of Rich and Famous Footballers

    Cristiano Ronaldo is not the only footballer who owns stunning multi-million super-cars. Fulham footballer Pierre-Emerick Aubameyang also owns a $2.5 million LaFerrari.

    Cristiano Ronaldo’s former Real Madrid teammate, Karim Benzema, also owns a Bugatti Veyron and Bugatti Chiron just like his friend.

    Other famous footballers who made the list are David Beckham and his $500,000 Rolls Royce Phantom, Zlatan Ibrahimovic with a Porsche 918 Spyder that is worth approximately $1 million, and former Barcelona star Samuel Eto’o with his $1.8m Aston Martin One-77.

    Cristiano Ronaldo signed for Juventus earlier this year becoming Italy’s highest paid footballer with a reported deal worth $350 million over the next four years. Rumors are that Ronaldo took a pay cut to leave Madrid for Juve. Must be rough for him!

    Footballers are the modern-day movie stars, but when you take into account the multi-billion television and sponsorship deals, players such as Cristiano Ronaldo generate more than they are paid, so it must be worth it.

    Featured image from Shutterstock.

  • George R.R. Martin Releases Game of Thrones ‘Fire & Blood’ Book

    George R.R. Martin Releases Game of Thrones ‘Fire & Blood’ Book

    If you are a Game of Thrones book fan who has been waiting seven years for George R.R. Martin to release the next installment, Winds of Winter, we have some good news and some bad news. The good news is that the author has just released a new GOT-related book called “Fire & Blood”.

    It seems the reasons why George R.R. Martin has yet to complete Winds of Winter is because he has been writing other GOT-based material and is busy with other projects.

    Game of Thrones Fans Spitting Fire & Blood

    At this moment, it is unclear whether Game of Thrones book aficionados are happy with the new book or are simply too tired waiting for Winds of Winter. GOT novel fans have the patience of a Saint, but no doubt the recent release will soften the blow somewhat.

    Fire & Blood is a 736-page ‘history’ book of the Targaryen bloodline and dynasty. The book is set 300 years before Game of Thrones and obviously doesn’t include any of the characters from the HBO drama series. Although appearances from some Starks and Lannisters from centuries before will definitely tickle the fancy of fans of the books and the TV series.

    The book looks into the potential sources for Dany’s future dragons and although isn’t a replacement for the original books, it definitely gives them leverage with a look into the past.

    Game of Throne Season 8

    If you are pining for the next and final season of the HBO Game of Thrones adaptation of the “A Song of Fire and Ice” books, but don’t want to get caught up reading all six books so far, buying Fire & Blood could well fill the void.

    The final season of Game of Thrones will be shown in April 2019, which will be almost two-years since season 7 finished.

    Spoilers are currently rife across the internet in regards to who will end up on the Iron Throne, although at this point it is all speculation. Will Jon and Dany reign over the Seven Kingdoms? Will the Night King and his White Walkers run amok on Westeros and turn the place to rubble? Will Cersei Lannister remain on the throne?

    Nobody knows for sure at this moment on how the series is going to pan out.

    One thing is for sure. We will find out the ending many years before George R.R. Martin finishes the final two books of the series, if ever at all!

    Featured image from the Herald Sun.

  • Mukesh Ambani’s Reliance Industries Plans New Refineries in World’s Fastest Growing Oil Market

    Mukesh Ambani’s Reliance Industries Plans New Refineries in World’s Fastest Growing Oil Market

    India is on track to be the world’s fastest-growing market for oil, according to the IEA. Mukesh Ambani’s Reliance Industries may invest as much as $10 billion USD into a new refining train at their Jamnagar complex, which is located in the Gujarat state of India.

    Ambani’s move seems to be a positive for India’s largest company measured by market cap. Reliance overtook Tata Consultancy Services last week as the biggest in India, with a market cap of around Rs 7,06,574 crore. That is around $100 billion USD, depending on the exchange rate.

    The expansion at Jamnagar could boost output at the complex by 50%. Reliance isn’t the only company that is interested in leveraging the rising demand for petroleum in India. Saudi Aramco, Abu Dhabi National Oil Co., and Russia’s Rosneft PJSC are all interested in expanding refining operations in India as well.

    Reliance Industries Could be Diversifying

    This isn’t the first time that Mukesh Ambani’s Reliance Industries is considering an expansion at Jamnagar. The company first talked about more refining capabilities back in 2013, but they pivoted to their telecom and petrochemical divisions instead.

    The planned expansion at Jamnagar would allow the plant to process around 30 million tons of crude oil a year. Saudi Aramco and ADNOC’s proposed west-coast refinery would process double that annually, which should demonstrate the optimism the global energy giants have for future demand in India.

    Reliance’s plan is still being discussed and would have to meet environmental standards before construction could begin. According to a source cited by Bloomberg, construction could start as soon as 2020.

    The Market Loves It

    Reliance stock is still down from the highs it hit over the summer, but it has risen more than 20% on a year-over-year basis. The announced expansion plans at Jamnagar seemed to fuel a gain of more than 2% in RIL shares, which seems to follow investor enthusiasm for more oil refining capacity in India.

    Abdul Aziz Al Hajri, the director of ADNOC’s Downstream Directorate, told media last week that, “India is a very strategic market for us and we have strategic government-to-government relations. We expect demand for petrochemicals to grow in the coming years that would help our business.”

    ADNOC and Saudi Aramco are pumping more than $40 billion USD into the Ratnagiri refinery and petrochemicals complex, which is located in Maharashtra.

    The two Arab companies will own 50% of the refinery, via a new vehicle called, “Ratnagiri Refinery and Petrochemicals Limited (RRPCL),” with the remaining stake owned by national companies like Hindustan Petroleum Corporation Limited, Indian Oil Corporation, and Bharat Petroleum Corporation Limited.

    Oil Prices Fall

    Crude oil prices have been under major selling pressure lately. Both WTI and Brent crude prices have fallen by more than 25% since October. Indian crude oil imports are one of the only bullish factors for the oil price right now.

    Recent trade data shows that India has been importing 5 million barrels of oil per day, which is a record high amount. WTI prices are still trading under $65 USD/barrel, which puts India in a good position to import oil going forward.

    Image from DNA India

  • Open Tournament Fortnite Winter Royale Begins this Weekend with $1m in Cash Prizes

    Open Tournament Fortnite Winter Royale Begins this Weekend with $1m in Cash Prizes

    Epic Games’ Fortnite has today announced its next competition – the Winter Royal Online Tournament.

    The latest tournament is open and part of Fortnite’s ever-improving Online Tournament system. Its Solo events will consist of the Winter Royale Qualifiers and the Winter Royale Finals, the finals will have the $1 million total prize fund for the event.

    Winter Royale is for Everyone

    The great thing about Winter Royale is that anyone can play, new or experienced players, and you don’t have to have your own squad of players or team up with other random players. This tournament is entirely on your own merit so a fantastic chance to get practicing and take a shot at some big prize money.

    Epic has been improving the Fortnite “matchmaking” system, now player’s points totals are taken into account, so players will be pitted against those with similar abilities. Again, perfect if you are a newbie but as you improve the game will get more difficult.

    Fortnite warns that players with a high points score may have to wait longer in the games loading and matchmaking process to join a game with equivalent opponents.

    On Winter Royale Qualifier days the highest score in any event session will be the one that determines access to the Winter Royale Finals.  Qualifying opens on November 24, 2018, and the finals begin for Europe on November 30, 2018.

    The highest scorers in each, North American (NA) and European Union (EU), region will be verified and players will go on to compete in the finals for their region. The tournament is restricted to NA and EU, but Fortnite plans to expand regional tournaments in the future.

    The Winter Royale tournament will follow the same game settings as Fortnite’s current Pop-Up Cup. Pop-Up Cups are a new way for Fortnite developers to try new settings and competitions. The settings are available via the “Tournament Details” button. Pop-Up Cups will change over time in the same way as Limited Time Modes like the current and pretty hilarious Food Fight.

    As well as Pop-Up Cups Epic has been improving the in-game online tournament system and the latest update of Fortnite makes some critical upgrades to improve processes like matchmaking.

    The improved Online Tournament system will be used next year for qualifying for the Fortnite World Cup. The $1 million prize fund for Fortnite Winter Royale ranks among the top 50 esports prize pools of all time but pales in comparison to the $100 million fund Epic Games has allocated to Fortnite tournaments across the 2018-2019 season.

    Fortnite World Cup prizes are sure to be higher and both tournaments will attract the best eSports professional players there are. That doesn’t mean new players won’t stand a chance though. Fortnite is relatively easy to learn so it’s just a case of honing skills and giving it a go or you could get really serious and hire a Fortnite coach.

    Featured image from shutterstock.