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The coronavirus pandemic exposed frailties in their supply chains. Chinese President Xi Jinping, too, met with American business leaders — at a $2,000-per-plate dinner Wednesday evening. “The global economy is recovering, but its momentum remains sluggish,” Xi said. “Industrial and supply chains are still under the threat of interruption and protectionism is rising. The new framework has four major pillars: supply chains, climate, anti-corruption and trade.
Persons: Fresh, Joe Biden, “ We've, ” Biden, hasn't, Bill Clinton, Biden, Kamala Harris, Alexei Overchuk —, “ Will, Xi Jinping, , , Xi, ” Xi, Josh Boak, Didi Tang Organizations: FRANCISCO, APEC, Russia's, U.S, Smithsonian National Zoo, Atlanta Zoo, Biden, Pacific, won’t, Associated Press Locations: China, U.S, Bangkok, Ukraine, Israel, Russia, United States, Northern California, Tokyo, Washington, San Francisco
Softer inflation could hide a hard landing
  + stars: | 2023-11-14 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, Nov 14 (Reuters Breakingviews) - The U.S. economy is coming in for landing. Inflation is easing even as growth looks strong, but Americans are bracing for new financial pain. The year-over-year rate of price increases stood at 3.2% in October, barely above the Federal Reserve’s goal, the Bureau of Labor Statistics said Tuesday. Inflation expectations rose to 4.2% in October from 3.2% the month prior, according to the University of Michigan. Even as McDonald’s (MCD.N) beat profit estimates on Oct. 30, boss Christopher Kempczinski flagged that lower-income consumers are pulling back.
Persons: aren’t, Christopher Kempczinski, Ben Winck, taints, Cameron, Jonathan Guilford, Oliver Taslic Organizations: Reuters, Federal, of Labor Statistics, CME Group, University of Michigan, X, Thomson Locations: U.S
It said lower material and freight costs should result in a "substantial recovery" in Primark's gross margin and overall it expects Primark's adjusted operating profit margin to recover strongly from the 8.2% made in 2022/23. "At this early stage we believe that the adjusted operating profit margin will be above 10% with further improvement dependent on levels of consumer demand," it said. For the year to Sept. 16, 2023, it made an adjusted operating profit, its key profit measure, of 1.51 billion pounds ($1.86 billion), up from the 1.44 billion pounds made in 2021/22. Primark's adjusted operating profit fell 3% to 735 million pounds. The group announced an additional share buy back of 500 million pounds after concluding a programme of the same amount last month.
Persons: James Davey, Sarah Young, Miral Organizations: British Foods, Foods, Revenue, Thomson
Yellen, who hosted a breakfast for leaders from the Americas Partnership for Economic Prosperity before a White House summit, said Treasury strongly supported efforts by IDB President Ilan Goldfajn to reform the regional development bank's private sector arm, IDB Invest, and backed a capital increase for it. "My team at Treasury is working closely with President (Ilan) Goldfajn and IDB Group shareholders to define the policy reforms and financial scenarios that would enable a significant capital increase for IDB Invest," she said. Yellen told an IDB conference on Thursday that additional capital would help increase IDB Invest's impact and ability to better mobilize private capital to the region, as APEP partners work to shift supply chains away from China and expand "nearshoring" options closer to home. Yellen also said on Thursday that the "originate-to-share" approach adopted by IDB Invest CEO James Scriven was pioneering a new way for multilateral development banks (MDBs) to leverage private sector capital, an innovation being closely watched by others. The move by IDB follows efforts by China to increase its influence in Latin America, through increased direct lending to Latin American governments and boosting trade ties to resource-rich South American countries.
Persons: Janet Yellen, Ilan Goldfajn, Ilan, Goldfajn, Yellen, James Scriven, Andrea Shalal, Christina Fincher, Paul Simao Organizations: . Treasury, Inter, American Development Bank, Americas, Economic Prosperity, Treasury, IDB Invest, IDB Group, IDB, Thomson Locations: United States, America, Caribbean, Washington, U.S, Latin America, China, Mexico
When surveyed by the department, 45% of Ohio’s financial advisers said they were aware of a client of theirs, or a client’s family member, that was struggling with addiction. In the program, financial advisers are taught to look for certain signs. Those seeking help can input their insurance status and treatment needs to be connected programs they can more easily afford or receive financial help with. Financial advisers have had to come up with ways to combat a multitude of financial crises, like increasing cybersecurity breaches or investment fraud targeting the elderly. Lori Eisel, a financial adviser and owner of Arcadia Financial Partners, knows both sides of the struggle.
Persons: — Joe Smith, that’s, Smith, Smith’s, Olivia, don’t, , Andrea Seidt, ” Seidt, Carl Hollister, L.M, Kohn, Hollister, Lori Eisel, ” Eisel, , Joe Smith, ” Smith, He’s, __ Samantha Hendrickson Organizations: Society of Actuaries, state’s Department of Commerce, Ohio, Arcadia Financial Partners, Associated Press, America Statehouse News Initiative, America Locations: COLUMBUS , Ohio, Columbus , Ohio, Ohio, Cincinnati, stow
Emily and Weston Hayes would like to get their short-term savings fund to $100,000. Photo: Bee Ann PhotographyIn September 2020, Weston and Emily Hayes were holding $125,000 in debt, mostly his student loans and her new car. Today, that number is down to $21,000 because they have dedicated themselves to becoming debt-free. The couple now is wondering how best to reallocate savings to build an emergency fund, buy a house, plan for children and get serious about retirement savings.
Persons: Emily, Weston Hayes, Emily Hayes Locations: Weston
Emily and Weston Hayes would like to get their short-term savings fund to $100,000. Photo: Bee Ann PhotographyIn September 2020, Weston and Emily Hayes were holding $125,000 in debt, mostly his student loans and her new car. Today, that number is down to $21,000 because they have dedicated themselves to becoming debt-free. The couple now is wondering how best to reallocate savings to build an emergency fund, buy a house, plan for children and get serious about retirement savings.
Persons: Emily, Weston Hayes, Emily Hayes Locations: Weston
(Reuters) - Hungary shouldn't frustrate the EU's decision-making over new financial assistance to Ukraine in a bid to unblock its own frozen EU funds, Luxembourg's Prime Minister Xavier Bettel said on Friday. "You can't say: if you want money for Ukraine, we want money for us. We shouldn't be the hostage of Mr Orban and I'm convinced we will find a positive solution," Bettel said before a meeting of EU leaders in Brussels.
Persons: Xavier Bettel, Mr Orban, I'm, Bettel Organizations: Reuters, Luxembourg's, EU Locations: Hungary, Ukraine, Brussels
REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsOct 25 (Reuters) - U.S. officials "frankly raised areas of disagreement" with China at the first meeting of a new financial working group, where financial stability, supervision and regulation were discussed, the U.S. Treasury said on Wednesday. Attendees included senior officials from China's central bank and the U.S. Treasury Department, according to a Treasury statement. "The two-hour virtual meeting included a substantive and wide-ranging discussion on domestic and global financial stability, financial supervision and regulation, sustainable finance, and anti-money laundering and countering the financing of terrorism," the Treasury said. The financial working group and a parallel economic working group were launched last month after U.S. Treasury Secretary Janet Yellen's visit to Beijing in July aimed at fostering regular communications between the world's two largest economies. The economic working group, led by senior officials from the Treasury and China's Finance Ministry held its first meeting on Monday.
Persons: Dado Ruvic, Janet Yellen's, Yellen, Pan Gongsheng, Ismail Shakil, Costas Pitas, David Lawder, Paul Grant, Diane Craft Organizations: REUTERS, U.S . Treasury, U.S . Treasury Department, Treasury, U.S, China's Finance Ministry, People's Bank of China, International Monetary Fund, Bank, Reuters, Thomson Locations: China, China's, Beijing, Marrakech, Morocco, U.S
But a "soft saving" trend is emerging among younger workers, challenging the traditional way of thinking. Soft saving refers to putting less money into the future, and using more of it for the present. "Soft saving is the soft life's answer to finances," said the report. In addition, Americans are "re-focused" on post-pandemic travel, a possible reason why there is a decrease in personal saving rates, said Fidelity's Viktorin. ""Soft saving is the soft life's answer to finances."
Persons: Gen, Athima, , Ryan Viktorin, Gen Z's —, Liz Koehler, Koehler, Viktorin, Andy Reed, X, Boomers, Z's, Z, Gen Z, Fidelity's Organizations: Intuit, Fidelity Investments, BlackRock's, Wealth Advisory, CNBC, U.S . Bureau, Trading Economics, Blackrock, Vanguard, Transamerican Center, Retirement Studies, Retirement
The Personal Financial Data Rights rule would ensure consumers' legal right to their checking and prepaid account, credit card and digital wallet history and require fee-free data sharing among financial institutions, according to a release. It also includes restrictions on the monetization of sensitive consumer data by banks and tech companies and permits customers to revoke access to their data. "When it comes to our financial lives, a handful of very large banks and financial firms control much of the market," CFPB Director Rohit Chopra told reporters Thursday. If adopted, the rule would reactivate a statute of the 2010 Dodd-Frank Act tasking the CFPB with ensuring fair competition for consumer financial products. Biden "encouraged the CFPB to consider issuing rules to make it easier for consumers to take their financial data to a new financial services provider," Brainard told reporters Thursday.
Persons: Rohit Chopra, Dodd, Biden, Chopra, Lael Brainard, Joe Biden's, Brainard Organizations: Financial, WASHINGTON, Consumer Financial, Frank, National Economic Council, CNBC Locations: U.S
According to a Wednesday filing, the theme parks segment had more than $24 billion in overall revenue for the first nine months ended July 1. Theme park admissions alone accounted for nearly $8 billion of 2023's nine-month total, up 21% from the same period in 2022. Previously, Disney reported retail and wholesale sales of merchandise food and beverage as one category and merchandise licensing as another. Read more: Disney gives investors a look at ESPN financialsThe Wednesday filing highlights that Disney's theme park revenue continues to grow even as the overall theme park industry has slowdown in attendance and hotel room occupancy. Travel agents have pointed to higher ticket prices and a rise in trips to Europe as the major factors in declining domestic theme park attendance.
Persons: Read Organizations: Disney, ESPN, ESPN financials Locations: Europe
So here I am with an investment portfolio of mutual funds that were explained to me, but I still did not really understand them. I had no real financial advisor to call to discuss investment strategy because the bank representative was really just there to sell financial products. Finding a qualified financial advisor doesn't have to be hard. Take the following hypothetical example of how knowing risk tolerance helps alleviate fear and can lead to more sound investment decision making. Mary hires a financial advisor who constructs an investment portfolio for her to invest the inheritance.
Persons: , doesn't, Mary Organizations: Service
The surge comes as educators are scrambling to bolster students’ math skills, which plummeted during the pandemic and haven’t fully recovered. Advocates say personal finance courses could pay dividends if students learn how to make wiser money decisions and avoid financial hazards. “The more math you add to financial literacy, frankly, the better it is,” says Annamaria Lusardi, founder and academic director of the Global Financial Literacy Excellence Center. ... Having said that, financial literacy is more than math.”Idaho is one of the states where a new financial literacy curriculum is hitting classrooms. In 2020, the NAACP issued a resolution calling for more financial literacy programs in K-12 schools.
Persons: Bryan Martinez jots, ” Martinez, Tonica Tatum, Gormes, ” Tatum, , , Annamaria Lusardi, weren’t, Debbie Critchfield, aren’t, Laina Cox, Tatum, Martinez, who’s, ___ Sadie Dittenber Organizations: WASHINGTON, Capital, Associated Press, Christian Science Monitor, Dallas Morning News, Idaho Education, Courier, The Seattle Times, D.C, Council for Economic Education, Global Financial, , Advocates, NAACP, Finance, Capital City Public Charter School, Carnegie Corporation of New, AP Locations: Capital City, Idaho, South Carolina, The Washington, Idaho’s, Carnegie Corporation of New York
TOKYO, Oct 4 (Reuters) - Japanese mobile operator NTT Docomo said it formed a capital tie-up with fintech firm Monex Group (8698.T) on Wednesday to build a new financial services business centred on managing its customers' assets. Monex's brokerage unit Monex Inc will form an intermediate holding company in which Docomo will take a 49% stake and make its consolidated subsidiary, Docomo said. Docomo will buy shares of the intermediate holding company from Monex Group for 46.56 billion yen ($312.00 million) and subscribe to a third-party allotment of shares worth 2 billion yen, Monex said. ($1 = 149.2300 yen)Reporting by Satoshi Sugiyama Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.
Persons: Docomo, Monex, Satoshi Sugiyama, Chang, Ran Kim Organizations: NTT Docomo, Monex Group, Thomson Locations: TOKYO
The Education Department released its final version of the gainful employment rule. AdvertisementAdvertisementPresident Joe Biden's Education Department has released its final rule to keep student debt from spiraling after a borrower graduates. On Wednesday, the Education Department announced its final version of the gainful employment rule. However, advocates and Democratic lawmakers have previously pushed for a strengthened gainful employment rule to protect borrowers. This includes the most effective gainful employment rule in history," Cardona said.
Persons: , Joe Biden's, Barack Obama, Donald Trump, Education James Kvaal, Jason Altmire, Altmire, Aaron Ament, Miguel Cardona, " Cardona Organizations: Education Department, Service, Joe Biden's Education Department, Education, Education Colleges, Universities —, Department, Democratic, Student Defense
It's easier to check in regularlyI used to be so anxious looking at my bank accounts that I'd only check them once a month. When I decided to move all of my money into one bank, I picked one that had historically high APYs for its savings accounts and CDs. While APY rates can fluctuate, I've found my bank to offer competitive rates that make me confident in my decision to keep my money here. Earn top savings rates and manage it all with a single secure login. When I had money in different banks, it would take a few business days for money to transfer to a different bank.
Persons: I've
I then took that money and put it into a high-yield savings account for her. I decided to open up a high-yield savings account for my baby at a bank that's currently offering an APY of 4.25%. Compounding interest helps money grow because interest is paid on the principal balance and on any new interest accrued. For example, right now there are banks offering CD rates approaching 7% APY. While these investments do come with more risk than keeping the money in a CD or savings account, the money could grow faster and with better returns.
Persons: she'd
After a months-long public campaign that began shortly after Mayor Brandon Johnson (right) took office in May, advocates reached a deal with restaurant industry lobbyists to phase out the tipped-minimum wage over five years. "The closest pending victory is in Chicago," said Saru Jayaraman, founder and president of the advocacy group One Fair Wage. Three-fourths said they would reduce the number of tipped workers on their payroll, and nearly half said the cuts would be significant. The $9.48 an hour wage most workers got cost the restaurant $5,449.61, he said, a fraction of the $17,198 in tips workers earned. That's one reason why the restaurant industry engaged in a kind of bidding war against itself, to find a compromise solution that politicians like Alderman Carlos Ramirez Rosa, Johnson's floor manager in the City Council, would buy.
Persons: Brandon Johnson, Scott Weiner, Covid, Hornick, Danny Meyer, Meyer, Chicago –, Saru Jayaraman, Michael Hornick hasn't, Callahan, That's, Weiner, Rick Rick Bayless, Topolobampo, Bayless, He's, , We've, We're, Johnson —, Democratic Socialist Alliance —, Alderman Carlos Ramirez Rosa, Sam Toia, Rosa Organizations: U.S . Department of Labor, Chicago, Illinois Restaurant Association, City Council, Chicago's, Wrigley, Farm, Frontera Grill, Michelin, Covid, Bar, Frontera, Frontera Group, Democratic Socialist Alliance, Chicago Sun, Times, Times , Illinois Restaurant, CNBC, Sun Locations: downtown, Chicago, York, Covid, Lakeview, Evanston, Frontera, Johnson's, City, Times ,
The spokesperson, who would not speak for direct attribution, said the staff cuts represented a combination of attrition, including retirements, and layoffs. While small compared to the size of the Fed, it is the first time budgeted headcount has fallen since 2010. SELF-FUNDEDThe staff reductions are happening at a sensitive time for the Fed. Unlike federal agencies that spend tax dollars allocated by Congress, the Fed is self-funding. In most years the Fed generates a profit that is turned over to the U.S. Treasury.
Persons: Howard Schneider, Dan Burns, Paul Simao Organizations: U.S . Federal, Fed, of Governors, Reuters, Governors, Congress, U.S . Treasury, Thomson Locations: U.S, Washington, Congress
BEIJING, Sept 18 (Reuters) - The involvement of two Chinese state-owned financial firms in Zhongrong International Trust Co's operations and management may diffuse risk at the troubled shadow bank but does little to ease concerns about missed payments, analysts and investors said. It was not immediately clear whether the support by the two firms was engineered by the Chinese authorities, but Beijing has previously bailed out troubled financial firms by roping in state entities to contain broader contagion risk. The agreement allows the two financial firms to "provide professional services for operations and management" of Zhongrong, it said, adding the move would not impact its debt ownership and legal relationship in trust products. That would further dampen investors' confidence in trust products." "It's good news and at least provides some clarity," said Zhang, who is an investor in a Zhongrong trust product and gave only his surname due to sensitivity of the matter.
Persons: Zhongrong, They'll, Zhang, Xu, I've, Ziyi Tang, Ryan Woo, Sumeet Chatterjee Organizations: Trust, Citic Trust, CCB, Citic Group, China Construction Bank, National Financial Regulatory Administration, People's Bank of China, Citic, Shanghai, Thomson Locations: BEIJING, Beijing
AMC Entertainment — Shares of the movie theater chain jumped 5% in premarket trading after AMC said it had completed the equity offering it announced earlier this month. The company said it sold 40 million shares at an average price of $8.14, raising about $325.5 million. In the second quarter, the company earned 11 cents a share, after adjustments, exceeding analysts' expectations of 2 cents per share, according to FactSet. Penn Entertainment — The sports betting stock climbed 3% in premarket trading following a short-term buy call from Deutsche Bank. The conglomerate sold about 5.5 million shares of HP, worth around $158 million.
Persons: Wolfe, Semtech, Warren Buffett's Berkshire Hathaway, Shawn Fain, Jim Farley, — CNBC's Michelle Fox, Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound, Pia Singh Organizations: AMC, Wolfe Research, Penn Entertainment, Deutsche Bank, BMO Capital Markets, Exxon Mobil, Chevron, Brent, Occidental Petroleum, HP —, HP, Berkshire, General Motors, Ford —, United Auto Workers, Ford Locations: China, Devon, Omaha
Striking Writers Guild of America members walk the picket line in front of Netflix offices in Los Angeles, July 12, 2023. Check out the companies making headlines in midday trading:Visa — The credit card behemoth's stock was trading more than 2% lower after announcing plans to change its share structure. Netflix — The streaming giant's shares slipped roughly 2% in midday trading after Chief Financial Officer Spencer Neumann said the ongoing Hollywood writers' strike is bad for business. The movie theater chain said it sold 40 million shares at an average price of $8.14, raising about $325.5 million. Etsy — The e-commerce retailer's stock rose nearly 3% after Wolfe Research upgraded Etsy to outperform from a peer perform rating, citing improving consumer spending and margins.
Persons: Semtech, Spencer Neumann, Neumann, Warren, Berkshire Hathaway, , Samantha Subin, Pia Singh, Alex Harring Organizations: Guild of America, Netflix, Visa, FactSet, Penn Entertainment, Deutsche Bank, Penn, ESPN BET, AMC Entertainment, AMC, Wolfe Research, HP, Exxon Mobil, Chevron —, Exxon, Chevron Locations: Los Angeles, U.S, China
"It feels like we've passed the peak of pessimism about the UK," said Daniel Lockyer, senior fund manager at 7 billion-pound investment and advice group Hawksmoor Investment Management, which increased its exposure to UK companies in August. Consumer stocks are outperforming as investors bet on the UK cost of living crisis becoming less intense. Reuters Graphics Reuters GraphicsLeigh Himsworth, UK fund manager at Fidelity International, said he was "trying to pick off UK retailers we can buy", while it was also "time to pick up some of the (UK) real estate sector." But while noting good economic reasons to call an upturn for UK stocks, fund managers also stressed the need for further steps from policymakers to revive interest in British equities. Premier Miton is lobbying policymakers to introduce a new tax-efficient investment vehicle for UK stocks.
Persons: Toby Melville, we've, Daniel Lockyer, Morningstar, Martin Walker, Walker, Samuel Tombs, Reuters Graphics Reuters Graphics Leigh Himsworth, Spencer, Neil Birrell, Premier Miton, Miton, Savvas Savouri, Naomi Rovnick, Dhara Ranasinghe, Sharon Singleton Organizations: London Stock Exchange, REUTERS, Inflation, LONDON, Apple, FTSE, Investment Management, Global, Reuters, Bank of England, Reuters Graphics Reuters Graphics, Fidelity International, Premier, Fidelity, Thomson Locations: Canary Wharf, London, Britain, U.S, COVID, outflows
Russia's oligarchs are even less likely to turn on Vladimir Putin 18 months after the invasion. In the 18 months since Russia invaded Ukraine, the lives of Russian oligarchs such as Melnichenko have changed immeasurably in the face of Western sanctions. Sanctions were unleashed on Russia's billionaires as part of a wider set of economic restrictions that some hoped would inspire a revolt within the country. Russia's oligarchs have Putin to thank for their ongoing success. Revolt is possible but unlikelyIt now appears Russia's oligarchs have adapted to a new status quo where they lack political influence but still have a reliable stream of cash.
Persons: Vladimir Putin, Andrey Melnichenko, Putin, Mikhail Svetlov, Melnichenko, Forbes, hasn't, Putin —, Roman Abramovich, Alisher, Alisher Usmanov, Alexei Druzhinin, Ivan Fomin, Fomin, That's, Peter Rutland, Vladimir Potanin, Potanin, Rosbank, they've, there'd, Rutland, they're, Abramovich, Michael Regan Abramovich, He's, We'll, Arkady Volozh, Yevgeny Prigozhin, Putin oligarch, Wagner Organizations: Putin, Service, Financial Times, United Arab, Russia's, Soviet Union, Union, Kremlin, Center for, Center for Strategic, International Studies, Forbes, Wesleyan University, Bloomberg, New York Times, London, Chelsea FC, Getty, Guardian, Street, EU Locations: Wall, Silicon, Dubai, United Arab Emirates, Russia, Ukraine, Soviet, EU, Russian, Rutland, France, Thailand, Turkey
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