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Time of India
3 days ago
- Business
- Time of India
Kochi corporation's 13 compactor trucks, bought at Rs 1cr each, in ruins
Kochi: Almost all the 13 refuse compactor trucks of Kochi Corporation, procured in 2014 at a cost of around Rs 1 crore each, are in ruins, according to a report prepared by the civic body's officials. A dearth of funds and a shortage of workshops with the right facilities are delaying their repair work. Now, the corporation proposes to entrust the operation and maintenance of the trucks to a private agency. The report said that it would take several months for the corporation officials to release the funds for repair works. However, the lone workshop in the near proximity where refuse compactor trucks can be repaired insists on advance payment for carrying out the repair works. The vehicles will develop further damage, like rusting of platforms, without proper maintenance. Moreover, only one truck can be repaired at a time at the workshop, adding to the delay, the report states. Hence, the corporation is forced to hire private trucks for garbage movement and other works. "It is to avoid this situation that we plan to introduce a private agency to handle the operation and maintenance of the trucks. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like These travel cards could help fund your next adventure Intuit Credit Karma Learn More Undo Last year, Cochin Smart Mission Ltd (CSML) procured 15 refuse compactor trucks for the corporation to transport garbage. The operation and maintenance of the CSML-procured trucks are entrusted to a private agency. They handle the trucks' maintenance in an effective way. So, if the operation of the 13 trucks we already have too is entrusted to a private agency, we can avoid hiring private trucks," a top official with the corporation said. According to the report, the local body shelled out Rs 35 lakh in Oct 2024 to hire private trucks. "There is a lobby that supports hiring private trucks. The lobby acts in collusion with some corporation 'authorities' and officials. If the trucks' maintenance is entrusted to another agency, then the hiring of private trucks can be avoided," said Kochi corporation UDF parliamentary party secretary M G Aristotle. "Those who support the lobby will not spare even a single opportunity to hire private trucks. Recently, they facilitated hiring private trucks for the shifting of silt removed from canals. As per the agreement with the contractors and corporation, the contractors had the responsibility to shift the silt at their cost. But some of the corporation 'authorities' and officials bent the norms to hire private trucks," Aristotle said.
Newsweek
6 days ago
- Business
- Newsweek
Families Going Into Debt for Back-to-School Supplies Jumps by Double Digits
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Forty-four percent of parents plan to incur debt to cover school supplies—a 10-percentage-point increase from 2024—a new survey by Intuit Credit Karma found. Parents cited concerns over new tariffs as major sources of financial strain ahead of the new academic year, marking a double-digit increase in households going into debt compared to 2024. Why It Matters Back-to-school shopping is traditionally a significant annual expense, but this year's costs have become more burdensome for U.S. parents. The rise comes amid heightened inflation and looming tariff increases, which have contributed to sharp price hikes for school essentials and prompted families to alter spending habits and cut back on necessities. The trend reflects deeper economic challenges as families grapple with higher living costs, stagnant wages and policy changes. It also signals that inflation and tariff policies can have a direct impact on American households, especially those with children in school. Teacher Liza Gleason shops for back-to-school supplies at a Target store on August 13, 2008, in Daly City, California. Teacher Liza Gleason shops for back-to-school supplies at a Target store on August 13, 2008, in Daly City, To Know This year, 39 percent of Intuit Credit Karma's surveyed parents with school-age children said they cannot afford back-to-school shopping—an increase from 31 percent the previous year. Other surveys confirm the cost pressure, with one Bankrate report noting that about 20 percent of parents feel budget strain from school shopping. Key school supplies, including backpacks, cost significantly more this year, with parents attributing price increases to inflation and President Donald Trump's new tariffs. "Tariffs on imports have driven up the cost of back-to-school essentials like book bags, clothes and supplies," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "While apparel prices are down slightly—about 0.5 percent over the past 12 months—that's being completely offset by rising prices in other categories." While the full impact of the tariffs has not yet been felt, concerns remain that prices could rise further after the August 1 deadline, when tariffs as high as 50 percent will hit several countries. Retail industry experts confirmed that families are responding by shopping earlier than in previous years, seeking discounts and alternative brands to manage costs. To manage back-to-school expenses, parents reported employing various savings strategies in the Intuit Credit Karma survey: 73 percent are comparison shopping, 69 percent are buying from discount stores, 44 percent are relying on buy now, pay later services, and 41 percent are choosing hand-me-downs. More than half of parents (54 percent) are sacrificing necessities such as groceries to ensure their children have needed school supplies. Additionally, 61 percent are using back-to-school sales to purchase holiday gifts simultaneously. More than half of parents, particularly those with multiple children, said back-to-school shopping is a major source of anxiety. High living costs prompt parents not only to take on debt but also to forgo after-school activities, with 45 percent unable to afford extracurricular programs this year, forcing some to consider cutting work hours or leaving jobs. What People Are Saying Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "It's incredibly concerning. Credit card debt in general has seen fresh highs in the years following the pandemic, as inflationary pressures and stagnant wage growth have caused many Americans to look to consumer debt to fill the gaps. "Typically, for back-to-school season, this isn't as much of a problem, as retail runs aggressive sales and some states offer tax-free shopping on back-to-school items to help parents prepare their children for the year ahead. The fact that there's a share rise in debt usage speaks to just how financially fragile many consumers are at the moment." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "This rise in the cost of goods hasn't been good for the average family. When you can't walk out of a grocery store without a receipt showing three digits before the decimal, that's a real issue. Sure, we're seeing some disinflation in categories like meat and other staples, but prices aren't coming down." Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "Inflation has hit American families hard, and back-to-school shopping is only getting more expensive. Electronics like powerful calculators and handhelds, items that were once luxuries, are now required technology. But we also have a spending problem. Parents do not want their children to be the ones without, so they succumb to fad purchases on top of the necessities." What Happens Next Consumers are bracing for a potential price hike if Trump's paused tariffs take full effect on August 1. "My advice to parents struggling with how to keep up with demanding school lists and social media fads is to start with the necessities, then move to the fad purchases one at a time," Powers said. "Does your kid need yet another water bottle, backpack, zipper pull and full wardrobe all at once? No. Buy slowly as your budget allows." Retail analysts anticipate additional increases in school supply costs should tariffs proceed, intensifying the strain on families. "Long term, this is going to continue ripping through lower- and middle-income households," Thompson said, "and by the time upper-middle and higher-income families start to really feel it, it may already be too late."
Yahoo
6 days ago
- Business
- Yahoo
Half of Parents Expect to Go Into Debt for Back-to-School—Here's How to Avoid It
Multiple surveys underscore that BTS shopping is sending parents into debt. Fact checked by Sarah Scott Every year in late July, I start to break out in a cold sweat whenever I glance at my calendar or walk into a store. That's because it's back-to-school time, a fact I can no longer ignore, as much as I may want to keep reveling in less-scheduled days. The inescapable truth is that there are backpacks, pencils, (trendy and overpriced) water bottles, and shoes to buy—and so much more. Indeed, other than the holidays (and possibly Maycember), early fall is perhaps the most expensive and stressful time of year for parents with kids who are heading back to school. Survey Says—BTS is Pricier Than Ever There is no shortage of data validating the anxiety parents feel around back-to-school shopping. According to CNBC, although inflation is not as much of a factor these days, tariffs may be impacting how much parents pay for items their kids need to kick off the school year successfully. For instance, between 2019 and 2025, the cost of some school supplies has risen 20%, with backpacks up 30%. Overall, spending for the BTS season is predicted to reach $30.9 billion, with parents shelling out an average of $570 per kid according to Deloitte. To be fair, that's less than what parents spent last year: $586 per kid. Still, if you have multiple children—or even if you don't—that's a ton of dough for folders and lunch totes. Meanwhile, Intuit Credit Karma surveyed parents and found that over a third can't afford back-to-school shopping. And, 44% think they'll take on debt this BTS season, with more than half admitting they'll likely sacrifice on necessities like groceries so their kiddos are prepared for the first day of school. Other findings from the survey include that: 69% of parents plan to shop at discount stores for supplies. 41% are relying on hand-me-downs and/or borrowed items. 51% say their kids are asking for non-essential items they've seen trending on social media—and parents are saying 'yes' so they don't let their kids down. 54% report that the financial burden of back-to-school expenses is a major source of anxiety. 67% of parents say they feel their child's school has passed down more costs onto parents than in previous years. What Parents Can Do To Spend and Stress Less According to experts, even though 2025 will feature an expensive BTS shopping season, there are ways to keep from going into debt over supplies, shoes, devices, and duds for your little darlings. Taking a proactive approach to your finances by prioritizing what you can control is key, according to Tiana Patillo, CFP, Financial Advisor Manager at Vanguard. 'You can safeguard your finances and feel confident about back-to-school shopping this year, even amid the uncertainty of rising prices,' she says. Step one is to create a budget. Next, Courtney Alev, consumer financial advocate at Credit Karma, recommends making a list of what your child absolutely needs versus 'nice-to-haves' to help outline your priorities. 'Then, check your closets and drawers to see what you already own and don't need to replace. This way, you'll have a more focused and intentional list before you even start shopping,' Alev advises. Other tips for saving money this season include: Agreeing to pay for needs only. Parents can encourage older kids to earn money for wants, and allow younger children to pick one item from a list of non-essentials. 'Back-to-school season is the perfect opportunity to have a thoughtful, age-appropriate conversation with your kids about money and teach them the importance of budgeting and prioritizing needs over wants,' Alev says. 'Being honest with your child about what you're able or unable to afford can be a great way to not only set expectations, but also show kids how to set financial boundaries.' Shopping early. Timing is everything, according to Chris Riedy, CRO at cash-back app Ibotta. 'Parents are starting their back-to-school shopping earlier this year, not just to beat the rush, but to hunt down the best deals before price hikes,' he says. Waiting to purchase clothes that your kids won't wear yet. With many schools around the country starting in early August, kids won't need sweaters, jackets, or boots for months. Checking out secondhand options. Ken Murphy, Chief Innovation Officer at OfferUp, a local commerce and connection app, advises, 'Parents can find high-quality clothes, backpacks, sporting gear, and even tech like tablets and laptops from people right in their community, often at a fraction of retail prices.' Picking store brands. Patillo says these items are often lower priced than brand names and still offer good quality when it comes to school essentials. Doing your research. Especially when buying big-ticket items like a laptop or tablet, Patillo recommends, 'Look out for promotions as retailers compete for your business during summer sales. Analyze price differences between retailers and personalized cash back or coupon offerings.' Buying in bulk. Alev recommends pooling resources with friends and neighbors with kids in the same grade to save money on BTS staples. If you do end up taking on debt, Alev urges parents to build debt payback into their budget. 'It's important to make a plan to pay it off in a way that's doable for you. Any high-interest credit card debt should be your first priority to pay down,' she advises. Ultimately, it's worth saying again that the BTS shopping season is a great opportunity to set an example of what healthy finances look like. As Patillo emphasizes, 'Kids mirror the behaviors of those around them, so demonstrating healthy budgeting habits and creating interactive, open conversations around money will have a lasting impression.' Read the original article on Parents Solve the daily Crossword
CNBC
24-07-2025
- Business
- CNBC
$30 Labubus, $45 Stanley cups: The 5 items parents say kids are asking for the most ahead of the new school year
The "ugly" toy craze sweeping the U.S. this summer will likely make its way into classrooms come fall. Around a third of parents say their children have either already requested or will probably request a bag charm, like a Labubu doll or Jellycat, this back-to-school season, according to a survey published by Intuit Credit Karma last week. Stanley tumblers, Owalas and other trendy water bottles are still cool this school year as well, with 37% of parents saying that their kids will want one this back-to-school season. Here are the most common items parents say their kids have either already asked for or are going to ask for: Notably not on the list of requested back-to-school items: essential school supplies like pencils and notebooks. That's because over half of parents say their kids are asking for items they've seen on social media, and parents are feeling the pressure to buy these trendy products out of concern that their children will feel left out without them, the survey says. Kids' Adidas Sambas retail for around $80, iPad minis start at $499, Stanley tumblers range from $30 to $45, and Labubu dolls — if you can get your hands on one — typically sell for about $30, though resale prices are often much higher due to their scarcity. On top of that, prices for many school supply categories, like pencils and backpacks, are up 20% since before the pandemic due to inflation and tariffs, among other factors, according to a CNBC analysis of the U.S. Bureau of Labor Statistics' producer price index. The average amount parents expect to spend this year varies by survey, but it can be as high as $858.07, according to the National Retail Federation. Credit Karma finds 38% of parents expect to spend between $501 and $1,500 on back-to-school shopping. More parents say they will be unable to afford back to school shopping this year than the year before, and 44% of parents say they plan to take on debt to cover back-to-school expenses, up from 34% last year, according to the Credit Karma survey.
The Independent
23-07-2025
- Business
- The Independent
Nearly half of parents say they plan to go into debt this year to pay for school supplies because they are so expensive
Fears over rising prices — driven in part by President Donald Trump's tariffs — are convincing some parents to shop early and even consider going into debt for their children's school supplies. According to a report from Intuit Credit Karma aimed at parents with school-age children, 39 percent of respondents said they can't afford their back-to-school shopping this year. In the same survey, 44 percent of respondents said they planned to go into debt to cover the costs of school shopping. The number of parents who expect to go into debt to afford supplies for their children has risen by 10 percent since last year. When Intuit asked the same question in 2024, only 34 percent of parents reported planning to take on debt. According to a CNBC price and inflation tracker, the price of many school supply staples has increased since the pandemic. The cost of backpacks has increased by nearly 30 percent since 2021. Lead pencils and art supplies have increased by 26 percent, and tablets and paper pads by 24 percent. In other words, if a backpack was $12 around 2021, it's likely now around $15.60. In 2021, Amazon sold a 24-pack of Ticonderoga #2 lead pencils for $3.49. That same pack on Amazon today costs $5.49. Families with children in elementary school are reportedly planning, on average, $858.07 on school supplies this year. That number is a decrease from last year, when parents planned to spend $874.68, according to the National Retail Federation. The fear of rising prices has already shifted some parents' buying habits — according to the Intuit survey, more than half — 56 percent — of respondents said they're already cutting back on nonessential school purchases to save money. The potential for Trump's tariffs to drive up prices has driven early back-to-school shopping by parents hoping to save some money, a survey from Coresight Research found. Well over half of the respondents to that survey — 62 percent — said they planned to begin back-to-school shopping before August. John Mercer, an analyst at Coresight, told CNBC that the early buying was "probably to preempt any price rises." He said that retailers haven't raised prices yet, primarily due to Trump's pause on tariffs, but he expects that once the pause ends, prices will rise. 'At some point, if tariffs come in, there will be price impacts,' Mercer said, noting that 'consumers are right to be concerned.' The National Retail Foundation shared similar findings — parents are adjusting their buying this year in part due to fears that tariffs and inflation will lighten their wallets beyond what they can bear. 'Consumers are being mindful of the potential impacts of tariffs and inflation on back-to-school items, and have turned to early shopping, discount stores and summer sales for savings on school essentials,' Katherine Cullen, the National Retail Foundation's vice president of industry and consumer insights, said in a statement.
