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I love writing about personal finance, but personal responsibility isn't the be-all and end-all. How disability shapes my family's finances »Demographic disparities persist through educationLike all areas of education, financial education suffers from disparities in school funding, which exacerbate racial inequality. As one instructor told the USBE auditors, "Financial literacy is critical to the financial wellbeing of our country. Financial education is under-resourced and undersupportedThe problems with financial education aren't surprising, given the lack of attention the subject receives from decision-makers. I'm glad I ignored mainstream financial advice »Financial literacy needs to include our history of inequalityPersonal finance media, gurus, and educators love to tout financial literacy as the missing puzzle piece to the American dream.

☆ Artists give new life to Ivory Coast's neglected 'Pyramid'
▼ + stars: | 2023-04-24 | by ( Loucoumane Coulibaly | ) www.reuters.com time to read: +2 min

REUTERS/Luc GnagoABIDJAN, April 24 (Reuters) - International and local artists paint giant, colourful murals on the exterior of a 15-storey building in Ivory Coast's commercial capital called "the Pyramid," an architectural gem that fell into disuse 20 years ago. A symbol of Ivorian prosperity in the 1970s and one of the first towers built in the central business district of Plateau in Abidjan, this futuristic pyramid-shaped building was neglected for years. The project "Pyramid 2023, tomorrow is already born" aims to give it a second life. Through this initiative, Ivorian artistic director Lemon Otto renovates external facades of older building such as Pyramid, which was completed in 1973 under the direction of the Italian architect Rinaldo Olivieri. Many buildings in the business district are internationally known and could teach Ivorians about their own urban history, architects say.

☆ Maybe millennials didn't get screwed by the economy after all
▼ + stars: | 2023-04-24 | by ( Matt Turner | ) www.businessinsider.com time to read: +7 min

There's a common perception that millennials have gotten screwed by the economy. But a recent article makes a convincing case for why the common idea of broke millennials is a myth. By 2019, households headed by Millennials were making considerably more money than those headed by the Silent Generation, Baby Boomers, and Generation X at the same age, after adjusting for inflation." While 69% of baby boomers owned their own home at 40, the same is true for 62% of millennials, a seven-percentage-point gap. Per data from the St Louis Fed, the Millennial/Gen Z wealth is currently tracking with Gen X after initially getting off to a tough start.

☆ Australia's central bank to get new rate-setting board under review shake up
▼ + stars: | 2023-04-20 | by ( ) www.cnbc.com time to read: +2 min

Philip Lowe, governor of the Reserve Bank of Australia, speaks during a news conference in Sydney on April 20, 2023. Australia's central bank is expected to get a new specialist board to manage monetary policy that will give independent expert members more responsibility for setting interest rates, a dilution of the bank's traditional power over policy. Importantly for market confidence, the RBA's new Monetary Policy Board (MPB) would retain its independence from government and its flexible inflation target of 2% to 3%. The current mandate is unusual among central banks in having a broad remit for the economic prosperity and welfare of the Australian people. Similar criticisms have been levelled against many central banks over the effectiveness of policy communication to markets and the wider public.

☆ Will This Be the ‘Indian Century’? Four Key Questions
▼ + stars: | 2023-04-19 | by ( Alex Travelli | Weiyi Cai | ) www.nytimes.com time to read: +11 min

Annual population growth 3% Growing population Projected Projected 2% India’s population is projected to grow until the 2060s. 1% 0 Declining population -1% 1960 2000 2040 2080 3% Projected 2% China’s population declined for the first time in 2022. Fertility rate 8 children per woman Projected Projected 6 India 4 India’s fertility rate ensures a roughly stable population. Age 100+ Male Female Male Female 95–99 90–91 85–89 80–81 75–79 70–71 Nearly 80% of India’s population is younger than 50. 20–21 15–19 10–11 5–9 0–4 Age 100+ Male Female 95–99 90–91 85–89 80–81 Nearly 80% of India’s population is younger than 50.

CNN —The Group of Seven (G7) advanced economies stressed their solidarity against Russia’s assault on Ukraine, and called on China to “abstain from threats,” in a communique Tuesday following talks in Japan. The G7 foreign ministers said, however, that they “recognized the importance of engaging candidly with and expressing our concerns directly to China” and working together with Beijing on global challenges, according to the statement. He pointed to the language referring to “one China policies” or agreements by which governments have established diplomatic relations with Beijing and not Taipei. The communique was released as the foreign ministers wrapped up three days of talks in the central Japanese town of Karuizawa in Nagano prefecture. The minister also urged fighting parties in the recent outbreak of violence in Sudan to “end hostilities immediately,” and return to negotiations.

☆ EU takes on United States, Asia with chip subsidy plan
▼ + stars: | 2023-04-18 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, April 18 (Reuters) - The European Union on Tuesday agreed a 43 billion euro ($47 billion) plan for its semiconductor industry in an attempt to catch up with the United States and Asia and start a green industrial revolution. The EU Chips Act, proposed by the European Commission last year and confirmed by Internal Market Commissioner Thierry Breton, aims to double the bloc's share of global chip output to 20% by 2030 and follows the U.S. CHIPS for America Act. "We need chips to power digital and green transitions or healthcare systems," Commission Vice-President Margrethe Vestager said in a tweet. Since the announcement of its chips subsidies plan last year, the EU has already attracted more than 100 billion euros in public and private investments, an EU official said. While the Commission had originally proposed funding only cutting-edge chip plants, EU governments and lawmakers have widened the scope to cover the whole value chain, including older chips and research and design facilities.

☆ UAE, Qatar set to restore diplomatic ties and reopen embassies after bitter feud
▼ + stars: | 2023-04-18 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

DUBAI, United Arab Emirates — The United Arab Emirates and Qatar are moving toward restoring diplomatic ties and reopening embassies in each other's countries, just over two years after the lifting of a blockade on Qatar that encapsulated bitter political discord between the two and in the wider Gulf region. The deal to end the three-and-a-half-year political and economic blockade of Qatar by Saudi Arabia, Egypt, the UAE and Bahrain took place in January of 2021, with states vowing to restore relations for the benefit of the region. The UAE expressed similar aims in a statement from a government official. "The UAE's foreign policy is primarily focused on building bridges, economic cooperation and regional deescalation. "At present, the activation of diplomatic ties, which will include the reopening of embassies, is under process between both countries."

☆ China resorts to extraordinary measures to soothe entrepreneurs amid deep retreat of private business
▼ + stars: | 2023-04-17 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —After years of regulatory crackdowns and draconian Covid curbs, private entrepreneurs in China are low on enthusiasm. If anything, the private sector seems to be retreating even more so far this year. State-led investment surged 10.5%, while private investment increased a mere 0.8%. In 2022, state investment rose 10.1%, while private investment ticked up 0.9%. “We always regard private enterprises and private entrepreneurs as people on our own side,” Xi said.

☆ Germany to support critical minerals-rich countries build processing capacity
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 16 (Reuters) - Germany wants to help countries that are rich in critical minerals such as Chile, Indonesia and Namibia to build their own processing infrastructure to cut dependency on China, Chancellor Olaf Scholz said on Sunday. Berlin is trying to rebalance its relationship with China and reduce reliance on Asia's powerhouse for key inputs, such as nickel and other critical minerals. Scholz said he supported a free trade agreement between the European Union and Indonesia, which the two parties have been negotiating since 2016. "I am committed to ensuring that we finally get this agreement across the finish line now," he said, adding that geopolitical developments in Europe and in Asia argued for similar deals with other countries such as Mexico and Australia, Kenya and India. Reporting by Riham Alkousaa and Andreas Rinke; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Meet China's 10 richest tech billionaires, from the CEO of ByteDance to the 'Steve Jobs of China'
▼ + stars: | 2023-04-15 | by ( Aaron Mok | ) www.businessinsider.com time to read: +2 min

ByteDance's founder is the richest tech billionaire in China. These are the 10 richest Chinese billionaires in tech, per Bloomberg's 2023 Billionaire Index. He is one of many Chinese billionaires who got rich from starting successful tech giants. These Chinese billionaires are also navigating policies in their own country. From the CEO of ByteDance to the founder of WeChat, here are the 10 wealthiest Chinese tech billionaires.

The economy ministry forecast GDP growth of 2% in 2024, down from 2.6% when it last provided macroeconomic forecasts in the autumn. SHRINKING SURPLUSRussia's current account surplus is shrinking sharply, down around 73% in the first quarter of 2023. Economists from the Institute of International Finance said Russia had a large "excess" current account surplus in 2022, with a surplus above and beyond the normal seasonal path in 2021 and 2022. "This windfall has ended in 2023, with Russia's current account surplus below 'normal', likely one reason why the rouble has weakened year-to-date," it added. The economy ministry lowered its rouble rate forecast to 76.5 to the dollar in 2023, from 68.3 in the previous forecast, and to 76.8 from 70.9 in 2024.

☆ Twitter now lets its paid subscribers tweet 10,000 characters
▼ + stars: | 2023-04-14 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Twitter recently launched a new feature that lets its Blue subscribers tweet up to 10,000 characters in messages that will also support bold and italic formatting. The new features allow for much longer-form writing that's more similar to an essay than the short snippets of text that defined Twitter for years. Twitter Blue is the company's subscription product that offers more features than the free version, including a blue checkmark. Starting today, Twitter now supports Tweets up to 10,000 characters in length, with bold and italic text formatting," the Thursday announcement read. "Sign up for Twitter Blue to access these new features, and apply to enable Subscriptions on your account to earn income directly on Twitter.

HONG KONG, April 14 (Reuters Breakingviews) - Macau, once the world’s largest gambling hub, is far from a sure bet. For MGM China (2282.HK) and Sands China (1928.HK), the highest is two-thirds more than the lowest, for example. Uncertainty is compounded by onerous obligations companies have to help Macau reduce its dependence on gaming. Take $16 billion MGM Resorts International (MGM.N), whose Japanese resort received a green light on Friday. There’s also $13 billion Wynn Resorts (WYNN.O), which is pushing into the fast-growing United Arab Emirates.

☆ World Bank steering committee, Yellen urge more reforms at lender this year
▼ + stars: | 2023-04-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

"They expect the Board of Executive Directors and World Bank Group management to finalize a work plan with detailed actions to be taken," the committee's chair said in a statement. Members underscored their commitment to "ensuring that the World Bank Group has adequate financial capacity to respond to development challenges and support its expanded mission." Yellen said upcoming events could be leveraged to keep momentum strong for the evolution of the World Bank. Malpass told the committee he felt the bank had responded with "vigor and speed" to Yellen's call for reforms. Development Committee members thanked Malpass for his leadership of the WBG during a historically challenging period, including an unprecedented surge in financing in response to multiple crises.

☆ Yellen pushes for 'bold action,' more reforms at World Bank this year
▼ + stars: | 2023-04-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 12 (Reuters) - U.S. Treasury Secretary Janet Yellen on Wednesday called for the World Bank to implement further reforms this year to expand its ability to help developing countries meet global challenges such as climate change. Yellen said the changes already approved had sharpened the mission of the World Bank to ensure it was striving to end extreme poverty, boost shared prosperity and build resilience, but more progress and "bold action" was needed. Yellen said the changes were aimed at enhancing the bank’s work so it could better meet 21st century challenges like climate change, fragility and pandemics. Yellen gave no specifics, but said upcoming events could be leveraged to keep momentum strong for the evolution of the World Bank. Outgoing World Bank President David Malpass, who will leave his post on June 1, said the bank had responded with "vigor and speed" to Yellen's call for reforms.

☆ Australia defence chief: US intel leak report 'serious' incident
▼ + stars: | 2023-04-11 | by ( Kirsty Needham | ) www.reuters.com time to read: +2 min

SYDNEY, April 11 (Reuters) - A possible intelligence leak by the United States was a "serious" incident, Angus Campbell, the chief of Australia's Defence Force, said on Tuesday, adding that the U.S. was engaging with its partners to understand the consequences. The AUKUS partnership with Britain and the United States for Australia to acquire nuclear-powered submarines was the most prominent example of engagement, he said, but Australia was also working with Pacific island and South East Asian nations. Asked whether Australia had a role in a conflict over Taiwan, Campbell said, "Anything that undermines the security, stability and prosperity of the Indo-Pacific region in which we live is of interest to Australia." The war in Ukraine showed that there was no way to predict how any conflict would unfold, Campbell said. Reporting by Kirsty Needham; Editing by Tom Hogue, Clarence Fernandez and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

By 2027, the IMF expects Russia's economic output to be 7% lower than forecasts made before Moscow sent tens of thousands of troops into Ukraine on Feb. 24, 2022, had suggested. "An exodus of multinationals, loss in human capital, isolation from global financial markets, and impaired access to advanced technology goods and know-how will hamper the Russian economy," an IMF spokesperson said. "A sharp worsening in the terms of trade could lead to a significant decline in both the current account surplus and in fiscal revenues," the IMF spokesperson said. Russia says its 2023 deficit will not exceed 2% of gross domestic product (GDP), but many analysts think it will surpass that level. The current account surplus shrank by a little over 73% in the first quarter on an annual basis to $18.6 billion, the central bank said on Tuesday, hurt by the sharply lower energy revenues.

☆ Guest view: “1% for 1.5C” can power green finance
▼ + stars: | 2023-04-11 | by ( Mahmoud Mohieldin | ) www.reuters.com time to read: +6 min

Developing countries excluding China require approximately $2 trillion annually by 2030, as per the Finance for Climate Action report. But current arrangements to get climate finance from developed to developing states are inefficient, insufficient and unfair. The difference could be subsidized in part through the as-yet unpaid portion of the promised $100 billion climate finance pledge, estimated conservatively at $20 billion annually. And it helps minimize developing countries’ indebtedness, in comparison to the current practice. The scheme would also unlock concessional funds for adaptation and resilience projects, which relative to the mitigation of emissions remains the Cinderella of climate finance, attracting less than 10% of global climate finance.

☆ Steve Bannon, who has ties to an indicted Chinese billionaire, says Elon Musk's 'paymasters' are Beijing and the Chinese Communist Party
▼ + stars: | 2023-04-10 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +4 min

Steve Bannon accused Elon Musk of having "paymasters" in Beijing. This isn't the first time Bannon has accused Musk of having links to the Chinese Communist Party. This isn't the first time Bannon has — without substantiation or evidence — accused Musk of serving the Chinese government. Elon Musk's ties with ChinaMusk has spared no effort to create business ties with China. Steve Bannon has been linked to China, tooMeanwhile, Bannon has long been associated with the indicted Chinese billionaire, Miles Guo Wengui.

☆ Here are all of the Republican elected officials backing Trump's 2024 campaign
▼ + stars: | 2023-04-10 | by ( Bryan Metzger | Oma Seddiq | ) www.businessinsider.com time to read: +11 min

Michael Burgess — the Texas congressman endorsed Trump in March after being named to the former president's campaign's Texas leadership team. Eli Crane — the Arizona freshman tweeted his support for Trump's 2024 bid the night of his announcement. Barry Moore — the Alabama congressman endorsed Trump in a radio interview in December, citing the former president's "experience level." 3 House Republican endorsed Trump days before his widely expected 2024 announcement in November. Roger Williams — the Texas congressman endorsed Trump in March after being named to the former president's campaign's Texas leadership team.

☆ Why economists study hemline lengths and men's underwear sales for clues we could be headed for a recession
▼ + stars: | 2023-04-10 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +1 min

The creation of the lipstick index is widely attributed to Leonard Lauder, one of the billionaire heirs to the Estée Lauder cosmetics fortune. Back in 2001, when the US economy was in the throes of a recession, Lauder noticed that lipstick sales were actually rising, not falling. Lauder's theory was that lipstick sales and the health of the economy were in inverse proportion to one another — essentially, as the economy got worse, lipstick sales got better. The lipstick index has borne out several times throughout history. Still, lipstick probably isn't a reliable recession indicator — there are plenty of times when cosmetics sales have boomed during times of relative economic prosperity and dipped during downturns.

☆ The economy would be better off without bitcoin as it's a 'negative-sum' investment that comes at a social cost, economist says
▼ + stars: | 2023-04-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

Bitcoin is a wasteful asset that doesn't add to global welfare, Dieter Wermuth, economist and partner at Wermuth Asset Management, wrote in a recent note. He says the bitcoin market is highly centralized, and primarily benefits early investors and miners. That's because the cryptocurrency is a wasteful investment that takes funds away from general economic growth, Dieter Wermuth — economist and partner at Wermuth Asset Management — wrote in a note published on Wednesday. "Without crypto, the economy would be better off — there would be more money for consumption and investment." "Bitcoin has been brought to market with the narrative that it would be a better, more stable currency than traditional money," Wermuth wrote.

SummarySummary Companies China starts three days of drills around TaiwanTaiwan says 71 Chinese planes crossed Taiwan Strait median lineTaiwan says it will respond calmlyChina angered by Taiwan president meeting U.S. House SpeakerAnnouncement comes shortly after French president left ChinaFUZHOU, China/TAIPEI, April 8 (Reuters) - Seventy-one Chinese military aircraft crossed the sensitive median line of the Taiwan Strait on Saturday as China began drills around Taiwan in anger at President Tsai Ing-wen's meeting with the speaker of the U.S. House of Representatives. The People's Liberation Army said it had started the combat readiness patrols and "Joint Sword" exercises around Taiwan, having said earlier it would be holding them in the Taiwan Strait and to the north, south and east of Taiwan "as planned". SITUATION 'AS EXPECTED'There was no broader sense of alarm in Taiwan about the drills, where people are long accustomed to Chinese threats. European Union chief Ursula von der Leyen, also in China this week to meet Xi, said stability in the Taiwan Strait was of paramount importance. The Taiwan security source said China's recent efforts to charm foreign leaders proved in vain after the announcement of the drills.

☆ Saudi Arabia and Iran met in China to start thawing their fierce rivalry — a striking victory for Xi and a potential humiliation for the US
▼ + stars: | 2023-04-06 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Saudi Arabia and Iran's foreign ministers held a historic meeting in Beijing on Thursday. While China has maintained close ties with both countries, the US and Iran have not had diplomatic relations in decades. The meeting between Prince Faisal bin Farhan of Saudi Arabia and Hossein Amirabdollahian of Iran was the first of its kind since 2016. They also discussed visas, as well as a visit to Saudi Arabia by Iran's President Ebrahim Raisi, per The Guardian. CIA director William Burns was in Saudi Arabia this week to discuss mutual intelligence cooperation and counterterrorism, Al-Arabiya reported.

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