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☆ Your Neighbors Are Retiring in Their 30s. Why Can’t You?
▼ + stars: | 2024-05-07 | by ( Amy X. Wang | ) www.nytimes.com time to read: +2 min

Even before he really knew what it meant, Allen Wong wanted to be rich. What “rich” seemed to dangle was something simpler, more elementary, more a feeling than anything else: freedom from pain. “I didn’t want to be absent from my family and only show up a few hours each day after work. Wong’s father was ousted from his business, sank into a depression and committed suicide; his mother tripped down a spiral of mental illness. Suddenly, Wong’s entry-level computer programming job was the household’s only source of income, and there was a world financial crisis going on.

Persons: Allen Wong, Wong, “, ”, Wong’s, doggedly Organizations: Lamborghini Locations: Guangzhou, Hong Kong, New York City, Chinatown

The head office of Dutch financial insurance company Aegon is seen in The Hague, October 28, 2008. Dutch insurer Aegon tapped into government funding on Tuesday, taking 3 billion euros ($3.7 billion) to strengthen its capital base eroded by investment losses and exposure to risky investments. REUTERS/Stringer/File Photo Acquire Licensing RightsNov 16 (Reuters) - Dutch Insurer Aegon (AEGN.AS) raised its annual capital generation forecast on Thursday after topping third-quarter expectations on the same metric, driven by a strong performance in the key U.S. market. The company expects operating capital generation from its units to be around 1.2 billion euros ($1.3 billion) this year, compared with a prior target of more than 1 billion. Aegon's Americas region, which mostly consists of its U.S. business, represented two-thirds of the group's operating capital generation in the quarter.

Persons: Stringer, Matt Rider, Rider, Gaelle Sheehan, Victor Goury, Milla Nissi, Christopher Cushing Organizations: Aegon, REUTERS, U.S, Metlife, World Financial, Reuters, Thomson Locations: The Hague, Eastern, U.S, Americas, Netherlands, Laffont, Gdansk

☆ US House Republicans plan shutdown-averting measure amid credit warning
▼ + stars: | 2023-11-10 | by ( David Morgan | ) www.reuters.com time to read: +2 min

A knowledgeable source, who spoke on condition of anonymity, said plans for the release of the continuing resolution, or "CR," were still in flux. U.S. House Speaker Mike Johnson has spent days in talks with members of his slim 221-212 Republican majority about several CR options. The Republican-controlled House and Democratic-led Senate must agree on a vehicle that President Joe Biden can sign into law before current funding expires on Nov. 17. Many lawmakers warn that a prolonged partisan fight over a stopgap measure could prevent Congress from averting a shutdown. As House Republicans debated their options this week, Senate Majority Leader Chuck Schumer took an initial procedural step toward moving his own stopgap measure.

Persons: Mike Johnson, Sarah Silbiger, Joe Biden, Moody's, Chuck Schumer, David Morgan, Daniel Wallis, Grant McCool Organizations: U.S, Capitol, REUTERS, Rights, . House, Republican, Democratic, Republicans, Thomson Locations: Washington , U.S, Washington, U.S, Mexico

But Johnson told Fox News in an interview late on Thursday that House Republicans want "certain conditions" attached to any stopgap bill. "We need a path forward," said Representative Steve Womack, a senior Republican member of the House Appropriations Committee. Meanwhile, the House and Senate must deal -- in one fashion or another -- with the 12 regular spending bills funding government activities for the fiscal year. For months, many Republicans had opposed such a measure, arguing it simply enshrines spending priorities written last year by Democrats, who controlled the House, Senate and White House. SENATE PROGRESSThe Senate, following long delays imposed by a few Republicans, moved ahead with three of its 12 bipartisan funding bills.

Persons: Kevin Wurm, Mike Johnson, Johnson, Johnson's, Kevin McCarthy, Steve Womack, Womack, Joe Biden, Thomas Massie, Chuck Schumer, Schumer, Hakeem Jeffries, dealmaking, Andy Biggs, Richard Cowan, David Morgan, Scott Malone, Richard Chang, Daniel Wallis Organizations: U.S, Capitol, REUTERS, Rights, U.S . House, Fox News, Republicans, Republican, Democratic, Biden, White, Defense Department, federal Social Security, Top, Christian, Thomson Locations: Washington , U.S, U.S, Israel, Ukraine, Mexico, Washington

☆ With House speaker installed, US Congress returns to spending battles
▼ + stars: | 2023-10-26 | by ( Richard Cowan | ) www.reuters.com time to read: +5 min

Meanwhile, House Republicans are pushing for a full plate of 12 separate funding bills to keep agencies running until Sept. 30, 2024, the end of the fiscal year. This rare feat requires close negotiation between the narrowly Republican-controlled House and the Senate, which has a two-vote Democratic majority. But the fiscal warfare between the Senate and conservative House Republicans that has raged since January is unlikely to end soon. Significant changes by Congress to Biden's request for aid to Ukraine and more money for border security were anticipated. Republicans attack Biden's border security spending, saying it falls far short in shutting down illegal border crossings and the flow of drugs such as fentanyl.

Persons: Kevin Wurm, Mike Johnson, Joe Biden, Johnson, Kevin McCarthy, John Kennedy, Chuck Schumer, Schumer, Tom Cole, Cole, Nanette Diaz Barragan, Joe Manchin, Manchin, Kennedy, Richard Cowan, Scott Malone, Richard Chang Organizations: U.S, Capitol, REUTERS, Rights, House, Republicans, Congress, Democratic, Republican, Senate, Biden, federal Social Security, House Republicans, Congressional, Thomson Locations: Washington , U.S, Israel, Ukraine, U.S, Mexico, Washington, Taiwan, West Virginia

☆ Time is ripe for another push on carbon pricing
▼ + stars: | 2023-10-24 | by ( Hugo Dixon | ) www.reuters.com time to read: +8 min

Other technologies, such as green hydrogen and carbon capture, are still a long way from maturity. Around 50 countries have some form of carbon price, double the number 10 years ago, and another 23 countries are planning to introduce one. The snag is that China’s carbon price is low and the United States doesn’t have a federal levy. Others argue that governments should combine carbon pricing with financial support for the most vulnerable and targeted subsidies for fledgling technologies. To hit climate targets, the carbon price would need to be $135 a tonne in advanced economies and $45 a tonne in large emerging ones by 2030.

Persons: Jin Mao, Aly, Joe Biden’s, There’s, Rishi Sunak, Michael Jacobs, it’s, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Financial, REUTERS, Reuters, International Energy Agency, European Union, Global, International Monetary Fund, Reuters Graphics Reuters, British, Pew Research, University of Sheffield, IMF, Africa Climate, United, European, Climate Leadership Council, Thomson Locations: Shanghai, Pudong, China, United States, Paris, Africa, European Union, U.S

☆ Breaking down the complicated and erratic relationship between stocks and bonds
▼ + stars: | 2023-10-21 | by ( Michael Santoli | ) www.cnbc.com time to read: +9 min

At Friday's close of 4224 on Friday, the S & P 500 is off 8% from the July high, with its equal-weighted version down 11%. .SPX YTD mountain S & P 500 YTD Yet the S & P was also at about the current level on Sept. 22, when the 10-year was a half-percentage-point lower, as well as on June 2, when it was at 3.7%. It's taken as a given in most corners of the investment business that higher rates available on bonds serve mechanically to compress equity valuations. Which is how the stock market finds itself here, with real or incipient breakdowns in regional banks and transportation stocks, the median S & P 500 component down for the year. The S & P 500 has gone on to drop a bit further, rally weakly and then roll back toward a five-month low.

Persons: James Carville, Bill Clinton, Stocks, it's, It's, Savita Subramanian, Jay Powell, LEI, Bond Organizations: Treasury, Bank of America, Group, Bloomberg News Locations: Friday's, corporates, Israel

The attacks prompted Israel to launch an intensive bombing campaign against the Gaza Strip, which is governed by Hamas. “I cannot remember a time when Israel’s struggle for security was not at the forefront of my mind,” Mr. Lew said. If confirmed, I will uphold President Biden’s commitment to deny Iran a nuclear weapon.”But his declarations did little to deter Republican senators. Senator John Barrasso, Republican of Wyoming, accused Mr. Lew of acting as the Iranian government’s banker by negotiating deals to release funds in exchange for American prisoners. “Preventing this from becoming a multifront war is hugely important for Israel, for the region, for the world,” he said.

Persons: Jacob J, Lew, Biden’s, Biden, Obama, Jim Risch of, Lew of, Lew’s, —, Chuck Schumer, Israel, Thomas R, Nides, Schumer, “, Mr, ” Mr, fides, Marco Rubio, John Barrasso, Barrasso, ” Organizations: Senate Foreign Relations, Israel, Hamas, Republican, Foreign Relations, Mr, Jewish, Investigations, State Department Locations: Israel, Gaza, Jim Risch of Idaho, Iran, United States, Florida, Oman, Tehran, Wyoming, Iranian, U.S, Saudi Arabia

☆ Biden's pick for Israel envoy faces tough questions from senators on Iran
▼ + stars: | 2023-10-19 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — Jacob Lew, President Joe Biden's nominee for ambassador to Israel, defended his handling of Iran policy in the Obama administration on Wednesday at his Senate confirmation hearing. "This whole thing is about Iran," said Sen. James Risch, R-Idaho, ranking member of the Foreign Relations Committee. As Treasury secretary under former President Barack Obama, Lew played a key role in formulating the 2015 Iran nuclear deal. Several Republicans suggested that Lew had effectively opened the door to grant Iran access to the mainstream banking system. If he were confirmed, Lew said, he would uphold Biden's commitment to deny Iran a nuclear weapon.

Persons: Jack Lew, WASHINGTON — Jacob Lew, Joe Biden's, Obama, Sen, James Risch, Barack Obama, Lew, Donald Trump Organizations: U.S, Treasury, Foreign, Capitol, D.C, Foreign Relations, Republicans, Democratic, CNBC Locations: Israel, Capitol Hill, Washington, Iran, Idaho, U.S

[1/2] A view shows the entrance of the venue for the upcoming meetings of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco October 1, 2023. Reuters GraphicsThe yield on the 30-year U.S. Treasury bond this week pierced 5% for the first time since 2007. Long-term U.S. yields have climbed roughly 1 percentage point in the past three months compared with a single quarter-percentage-point Fed rate hike during that period. Keeping the world's largest economy out of recession provides steadier demand for other countries' exports, as well as more certainty as Fed rate hikes hit a stopping point. The fallout depends on "how much further, and how quickly, bond yields rise," they said.

Persons: Abdelhak, China's, Goldman Sachs, Gene Tannuzzo, Tannuzzo, Karen Dynan, it's, Howard Schneider, Dan Burns, Paul Simao Organizations: International Monetary Fund, World Bank, REUTERS, Rights, U.S ., Treasuries, Reuters, Treasury, Federal Reserve, Columbia Threadneedle, Harvard University, Peterson Institute for International Economics, Capital Economics, Valley Bank, Thomson Locations: Marrakech, Morocco, U.S, Washington, California

☆ Citi debuts deposit and trade services on blockchains for institutional clients
▼ + stars: | 2023-09-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Citi is upgrading some of its services for institutional clients using blockchain technology. The banking giant introduced Citi Token Services on Monday, which will tokenize clients' deposits so they can be sent anywhere in the world instantly. The bank is also now using smart contracts to automate the trade process. Citi tested the smart contract capability with shipping and logistics giant Maersk, a client of the bank. While crypto remains in regulatory limbo and prices have been almost stagnant this year, renewed excitement about tokenizing real-world assets using blockchain technology has emerged as one of the hottest topics of the year.

Persons: Ryan Rugg, Rugg, Bernstein, Hamilton Lane, Franklin Templeton, JPMorgan Chase Organizations: Citi, Citi Token Services, Citi's Treasury, Trade Solutions, Investment, KKR, Securitize, JPMorgan Locations: U.S, Singapore

☆ US securities regulator 'disappointed' with defeat over Ripple's XRP
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, July 17 (Reuters) - The head of the U.S. securities regulator said Monday the agency was "disappointed" with a judge's recent ruling that Ripple Labs Inc did not violate federal securities laws in a major blow to its efforts to rein in the cryptocurrency sector. The SEC has sued a number of crypto firms in recent months, arguing that most crypto tokens are securities that should be registered with the agency. AI could also amplify the world financial system's interconnectedness, something for which current risk management models may not be prepared, Gensler said. "Many of the challenges to financial stability that AI may pose in the future ... will require new thinking on system-wide or macro-prudential policy interventions." Gensler's remarks echoed statements he has made in recent months on managing risks created by the use of AI in finance.

Persons: Gary Gensler, Gensler, Gensler's, We've, It's, Douglas Gillison, Andrea Shallal, Hannah Lang, Matthew Lewis, David Evans, Nick Zieminski Organizations: Ripple Labs, U.S . Securities, Exchange, SEC, prudential, Thomson Locations: cryptocurrency, U.S, Washington

☆ Aegon bets on Transamerica to boost cash flow and dividend in 2025
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

June 22 (Reuters) - Transamerica owner Aegon (AEGN.AS) on Thursday forecast a higher free cash flow and dividend in 2025, flagging untapped potential in the U.S and stepping up its strategy to invest in higher-return assets. The Dutch-listed insurer said it sees free cash flow of about 800 million euros ($878.96 million) in 2025, up from the 600 million it expects for 2023. It also projects a dividend per share of around 0.40 euros in 2025, from around 0.30 euros expected for 2023. It also sees untapped potential in the insurance market in the U.S, where it is present through its subsidiary Transamerica. Transamerica, Aegon's largest business, will further invest in its insurance distribution network World Financial Group (WFG), and will aim to increase earnings from its retirement business.

Persons: WFG, Olivier Sorgho, Clarence Fernandez, Sharon Singleton Organizations: Aegon, ING, Financial, Aegon's, Thomson Locations: U.S, United States, Aegon's

☆ Bernstein sees a $5 trillion opportunity in blockchains for financial markets
▼ + stars: | 2023-06-21 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

If financial incumbents want to be part of the modernization of financial markets, they need to adopt blockchains, according to Bernstein. Beyond tradeable assets like bitcoin, however, there's an opportunity over the next five years for financial firms in tokenizing real-world assets on blockchains, the firm said in a note this week. "Tokenization, we believe, will transform financial markets over the next decade," analyst Gautam Chhugani said in the Tuesday note. "We forecast ~$5 trillion of real-world financial assets will be tokenized on blockchains over the next 5 years." There is also a big opportunity for new business verticals in custody, trading, trade finance and enterprise consulting, Chhugani said.

Persons: Bernstein, Cryptocurrencies, there's, Gautam Chhugani, Chhugani, Hamilton Lane, Franklin Templeton, Michael Bloom Organizations: Investment, KKR, Securitize, JPMorgan Locations: tokenizing, stablecoins

☆ Treasury Secretary Janet Yellen says to expect a gradual decline in the dollar's share of global reserves, but greenback remains dominant
▼ + stars: | 2023-06-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Treasury Secretary Janet Yellen said to expect a gradual decline in the dollar's share of global reserves. "I would say there is virtually no meaningful workaround for most countries for using the dollar as a reserve currency," Yellen replied. "We should expect over time a gradually increased share of other assets in reserve holdings of countries — a natural desire to diversify," she said. The US dollar's reserve status has seen gradual erosion for two decades, and it saw a steep decline in 2022 even though its strength in international trade remains unchallenged, Eurizon SLJ Asset Management said in April. But US lawmakers aren't helping the dollar's cause, Yellen suggested.

Persons: Janet Yellen, —, Warren Davidson, Yellen, Vicente Gonzalez, aren't Organizations: Service, Financial Services Committee, Rep, US, Management Locations: Ohio, China, Texas, France

☆ Securonomics is fuzzy new lodestar for investors
▼ + stars: | 2023-06-02 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

During the era of free trade and financial liberalisation, the politicians danced to the economists’ tune. President Joe Biden’s National Security Advisor explained that the era of unqualified support for free markets is over. The state will explicitly subsidise “specific sectors that are foundational to economic growth (or) strategic from a national security perspective,” Sullivan explained. Internationally, meanwhile, free trade is no longer the pole star. Sullivan’s 5,000-word speech devoted just three sentences to the World Trade Organization.

Persons: Rachel Reeves, Jake Sullivan, Joe Biden’s, ” Sullivan, Jacob Soll, Jean, Baptiste Colbert, Alexander Hamilton, Adam Smith, securonomics, Colbert, Hamilton, Christine Lagarde, Lagarde, ”, Soll, Peter Thal Larsen, Pranav Kiran Organizations: Reuters, Labour, Bank of England, White, U.S . Treasury, U.S . Trade Representative, Joe Biden’s National, Biden, offshoring, World Trade Organization, Industries, BAE Systems, Dow, Aerospace, Defense, U.S, Treasury, University of Southern, European Central Bank, Soviet, Russia, Thomson Locations: Washington, Tellingly, States, French, Scottish, University of Southern California, China, United States, Europe, Saudi Arabia

LONDON, June 1 (Reuters) - Even if the U.S. dollar's singular dominance as global currency of choice is in fact ebbing, it may not automatically lead to a weaker dollar exchange rate - and could periodically mean the opposite. The big advantage of large dollar reserve holdings alongside wide commercial usage and trade in dollars overseas was clear. But the issue is typically read in markets as a reason to bet on a weakening dollar exchange rate - or even to pump alternatives such as gold or crypto tokens. Of course, that was a global economy riven with fixed dollar exchange rate pegs that supercharged the transmission of Fed policy, most of which have since been dismantled. That may be a world many countries prefer if they are sure of viable alternatives - but may not mean a weaker dollar.

Persons: chomping, Alan Greenspan's, Janet Yellen, Yellen, Mike Dolan, Kirsten Donovan Organizations: Federal, OASIS, Fed, Reuters Graphics Reuters, Reuters, Twitter, Thomson Locations: U.S, United States, Washington, China, Ukraine, Brazil, Russia, India, South Africa, Iran, Venezuela, outflows

☆ Opinion | The Case of the Disappearing Debt Disaster
▼ + stars: | 2023-06-01 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

That doomsday machine, in turn, seemed to give Republicans far more power than a party narrowly controlling one house of Congress should possess. In the spring Republicans seemed to be converging on demands for harsh spending cuts, especially to Medicaid. The Biden administration was counting on self-proclaimed centrists and business groups to lean on Republicans to back off; they didn’t. And publicly at least, Biden officials repeatedly rejected all possible end runs around the debt ceiling. Yet in the end we got some spending caps that would probably have happened even without the attempt to take the economy hostage, since “discretionary” spending would have had to pass the House in any case.

Persons: Biden, they’ll Organizations: U.S, Biden Locations: U.S

Section Four of 14th Amendment, adopted after the 1861-1865 Civil War, states that the "validity of the public debt of the United States ... shall not be questioned." WHERE DOES THE WHITE HOUSE STAND ON THE 14TH AMENDMENT? HOW WOULD MARKETS REACT IF BIDEN USES THE 14TH AMENDMENT? Administration officials and economists have said that a default triggered by a debt-ceiling breach would roil the world financial system and plunge the United States into recession. That immediate catastrophe might be avoided if Biden invoked the 14th Amendment.

☆ Major Financial institutions warn of "devastating scenario" if Biden and Congress do not raise debt ceiling
▼ + stars: | 2023-05-16 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

In an open letter to President Biden and top Congressional leaders Tuesday, nearly 150 business leaders urged the two sides to act – or face “a devastating scenario … and potentially disastrous consequences,” the letter states. Much worse will occur if the nation defaults on our debt obligations, which would weaken our position in the world financial system,” the letter states. A default on the nation’s debt could send the economy into a recession, and the stock market could tank. In fact, we have already seen Treasury’s borrowing costs increase substantially for securities maturing in early June,” Secretary Yellen wrote Monday. “This cannot be allowed to happen,” the letter states.

SHANGHAI, CHINA - MARCH 7, 2023 - The Oriental Pearl Tower, Shanghai Tower, Jinmao Tower and World Financial Center are seen on Lujiazui Street, Shanghai, China, March 7, 2023. Asia-Pacific markets traded mixed after Wall Street saw a tech rally as U.S. consumer price index rose less than expected for April. The consumer price index showed a reading of 4.9%, slightly less than the 5% gain anticipated by economists polled by Dow Jones. Investors in Asia will be closely watching the inflation print from China for April as well later Thursday, forecasted to come in at 0.3%, according to a Reuters poll of economists. Futures tied to Hong Kong's Hang Seng index stood at 19,725, lower than the HSI's last close of 19,762.

Congress is sparring again over raising the debt ceiling, and time is running out to avoid a default. Here's what the debt ceiling is and why it's so dangerous for the US economy. If that sounds familiar, you already know a fair deal about the "debt ceiling." The debt ceiling was introduced in 1917 to encourage the government to slow its borrowing. McCarthy and his GOP colleagues have been adamant that any debt ceiling raise should be tied to their own priorities, particularly in the form of spending cuts.

If Congress fails to act, some legal experts say Democratic President Joe Biden has another option to avert a crisis: Invoke the 14th Amendment to the U.S. Constitution to ensure the United States can continue to pay its bills. Section Four of 14th Amendment, adopted after the 1861-1865 Civil War, states that the "validity of the public debt of the United States ... shall not be questioned." HOW WOULD MARKETS REACT IF BIDEN USES THE 14TH AMENDMENT? Administration officials and economists have warned that a default triggered by a debt-ceiling breach would roil the world financial system and plunge the United States into recession. That immediate catastrophe might be avoided if Biden invoked the 14th Amendment.

May 1 (Reuters) - Regulators seized First Republic Bank (FRC.N) and sold its assets to JPMorgan Chase & Co (JPM.N) on Monday, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil. Shares of JPMorgan rose 2% on Monday, while those of mid-tier banks fell and the KBW Regional Banking Index (.KRX) closed down 2.7%. [1/3] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. "This is not the world financial crisis, this is not the savings and loan crisis. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

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