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☆ China c.bank to support private firms, ease tech crackdown - CCTV
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

Monetary policy in 2023 will focus on expanding demand, especially personal consumption, Guo told state-owned CCTV on Sunday, reaffirming earlier official remarks. Chinese leaders have pledged to increase support for the world's second-largest economy, which was hit hard by COVID-19 lockdowns last year as well as slowing global demand. "Prudent monetary policy will be precise and forceful. China will also promote sound development of online platform companies, Guo said , adding rectification of financial businesses of 14 platform companies have been "basically completed" while a few remaining issues need to be resolved. Authorities will adopt "normalized regulation" afterwards and encourage platform companies to operate in a compliant manner, CCTV said.

☆ Singapore is set to hike its goods and services tax in January. Here's how it will work
▼ + stars: | 2022-12-29 | by ( Natalie Tham | ) www.cnbc.com time to read: +6 min

Singapore's goods and services tax will be raised to 8% in January 2023. Ore Huiying | Bloomberg | Getty ImagesCome Jan. 1, Singapore will raise its goods and services tax, otherwise known as the GST, from 7% to 8%. The GST is a consumption tax imposed on nearly all goods and services in Singapore. With the change, all goods and services imported into Singapore, including imported goods purchased online, will be subject to the tax. Economists who spoke to CNBC held conflicting views on whether the tax hike will hit the nation's lowest earners harder than others.

☆ How Much of My Paycheck Should I Save?
▼ + stars: | 2022-12-28 | by ( ) www.wsj.com time to read: +12 min

By Tanza LoudenbackIf you’re wondering how much of your paycheck to save but don’t have any concrete goals in mind, there may be a better strategy. Where to save for retirementYou should count yourself lucky if you work for a company that offers a retirement plan to employees. How much to save for other goalsSavings targets for nonretirement goals also depend on your timeline and where you save the money. You should keep the cash somewhere easily accessible that carries no risk, such as a savings account, money-market account, or CD. Once you know your target down payment, it’s easy to figure out how much you need to save from each paycheck.

☆ China's economy picking up but "arduous efforts" needed to sustain momentum - state planner
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Dec 16 (Reuters) - China's economy is expected to pick up, but "arduous efforts" are needed to sustain the recovery in growth due to an adverse external environment and the global economy's loss of momentum, the country's top state planner said on Friday. "At the same time, we are aware that the economy is facing a more complex and severe external environment, and weakened growth momentum for the global economy," the spokesperson said. As investment in the property sector slumped significantly, the NDRC said the infrastructure and manufacturing sectors shored up fixed asset investment growth with their capital formation accounting for 26.7% of China's economic growth in the first three quarters. As the Lunar New Year holiday season approaches, the state planner vowed to release state pork reserves in a timely manner in order to keep prices stable. To spur a COVID-hit economy, China has set out plans to expand domestic consumption and investment, state media reported on Wednesday.

The fed funds rate currently stands in the 4.25%-4.50% range. Plenty of investors believe the Fed will stick to its guns, even if the economy wobbles. The Fed's economic projections showed rates dropping to 4.1% in 2024, higher than estimated three months ago. She is expecting the gyrations that rocked bonds this year to continue, driven in part by investors second-guessing the Fed's commitment to keeping monetary policy tight. "We have a generation of traders that has never seen the Fed not bail it out when push comes to shove."

☆ Men and women asked for raises this year at the same rate, but men were more likely to get them
▼ + stars: | 2022-12-13 | by ( Jennifer Liu | ) www.cnbc.com time to read: +1 min

Americans say they're handling record inflation by trying to up their income, including by asking for a raise at work. However, men were more likely to actually get a pay bump: 59% of men received a raise in the last year, compared with 52% of women, according to the survey. According to the Make It survey, women are more likely than men to be part-time workers or not employed at all. Women who ask for raises could also be getting less of a bump and make less money overall. Nearly half of women surveyed earn below $50,000, compared with about 1 in 3 men in the same income group.

☆ Wealthy Chinese keep on spending while others cut back, survey finds
▼ + stars: | 2022-12-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — Wealthier Chinese were more inclined to spend this year, while poorer people cut back on spending even more, McKinsey and Company found in a survey released Thursday. The divergence contrasts with 2019, before the pandemic, when "there was little differentiation in spending between the two groups," the McKinsey analysts said. Only 14% of that income group said they significantly cut their spending. "So, the more affluent group continues to spend, while lower-income groups are more hesitant and hold spending decisions." The share of urban households wanting to save "for a rainy day" rose to 58% — its highest since 2014, the McKinsey survey found.

☆ Banker bonuses are set to be so bad even the firm's revenue drivers are going to get dinged
▼ + stars: | 2022-12-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City. While they aren't internally announced and paid until early next year, firms are wrapping up discussions about the size of bonus pools that divisions will be able to disperse from. And for many firms, the pools are being resized from Olympic to kiddie. The Financial Times reported Friday that JPMorgan Chase, Citigroup, and Bank of America are considering cutting bonus pools within M&A and IPO teams by 30%. More on how crypto firms are hoping ads can quell trust concerns.

☆ What is a Home Equity Line of Credit?
▼ + stars: | 2022-11-28 | by ( ) www.wsj.com time to read: +9 min

Heloc interest rates are usually in line with mortgage rates. If interest rates climbed to 7% a year later, your payment would rise to $58 a month until the end of the draw period—unless interest rates move again. Helocs vs. credit cardsHelocs and credit cards are both ways to set up a so-called “revolving” line of credit which allows you to take whatever you need, whenever you need it—up to a certain limit. Helocs vs. home equity loansHome equity loans and Helocs are strategies for pulling cash out of your home. Consolidating credit card debt is another common use, since rates on credit cards can be as much as double what they are on home equity loans.

☆ Malaysia PM Anwar eyes targeted subsidies for low-income groups
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, Nov 27 (Reuters) - Malaysia is reviewing its government subsidies programme, aiming to direct money toward low-income groups, Prime Minister Anwar Ibrahim said on Sunday, prioritising the rising cost of living as he takes office at a time of slowing growth. Government agencies have two weeks to review the implications of narrowing the subsidies, he told a news conference. Malaysia offers subsidies to all citizens, with fuel and cooking oil accounting for the biggest expense. Malaysia is estimated to spend a record 77.7 billion ringgit ($17.4 billion) this year on subsidies. Anwar said on Friday he would have a smaller cabinet than those of previous administrations.

☆ Nordstrom says sales slowed in past two months; shares fall 9%
▼ + stars: | 2022-11-22 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Nordstrom Inc (JWN.N) said on Tuesday net sales at its eponymous retail stores fell 3.4% in its third quarter, and overall sales for the company slowed down in the past couple of months, "particularly in geographies with unseasonably warm weather." The company also trimmed its net profit forecast for the fiscal year ending January 2023. In the third quarter, sales in its off-price division — Nordstrom Rack — fell 2%. Nordstrom's adjusted earnings of 20 cents per share topped estimates of 13 cents. It expects an annual profit of $2.13 and $2.43, excluding share repurchase activity, trimmed from $2.45 to $2.75 previously.

☆ The middle class is getting left behind as low earners win higher wages and the richest see their wealth grow
▼ + stars: | 2022-11-17 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +4 min

In recent years, wealthy Americans got wealthier and low-wage workers bargained for higher pay. But middle-class Americans have seen their wages stall, economists found. Being able to pay for food and groceries also ranks high, and higher than when people were polled in March. On top of that, middle-class Americans are losing access to real estate as their most reliable source for wealth building. Plus, an ever-growing real estate market is not a guarantee, as Yale economist James Choi recently told Insider.

☆ Engie upgrades full-year guidance on boost from high power prices
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Nov 10 (Reuters) - French power company Engie (ENGIE.PA) on Thursday raised its full-year net income guidance, as energy prices surged in the wake of Russia's Ukraine invasion, and boosted its earnings at end-September. The company has benefited from the jump in power prices as the Ukraine war highlighted Europe's reliance on Russian gas, which has left the bloc seeking alternative energy sources. Engie's earnings before deducting interest and taxes (EBIT) for the nine months to September 30 came in at 7.3 billion euros ($7.32 billion), up 79.3% organically from a year earlier. Engie also said it expected earnings before interest, taxes, depreciation and amortisation (EBITDA) in the range of 13.2 and 14.2 billion euros and EBIT from 8.5 to 9.5 billion. Finance chief, Pierre-Francois Riolacci, said the annual forecast was now including a few hundred million euros in costs relating to a European revenue cap aimed at addressing high power prices for consumers.

☆ Inflation Strains Voters Across Income Levels Ahead of Midterm Elections
▼ + stars: | 2022-11-07 | by ( John Mccormick | Bryan Mena | ) www.wsj.com time to read: 1 min

The economic pain from the highest inflation in four decades is reaching across all income groups and casting a broad shadow over Democrats’ prospects for keeping control of Congress in Tuesday’s midterm elections, the latest Wall Street Journal poll shows. Lower-income voters are feeling inflation’s impact the most, but the survey shows the burden of rising prices is also weighing more heavily than earlier this year even on wealthier households. Among those with annual household incomes of more than $150,000 up to $200,000, 26% say rising prices are creating major financial strains, nearly double from the level in March.

☆ Germany should hike taxes on rich to finance relief packages, advisers say - report
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 7 (Reuters) - Germany's economic advisory council will recommend the government raise taxes on the wealthy to help finance the multi-billion euro relief packages it has agreed to fight the energy crisis, a German newspaper reported on Monday. The top income tax rate should be hiked or an energy solidarity tax imposed on high earners, the so-called five "wise men" who advise the German economic government on economic policy said in their annual report due to be released on Wednesday, according to Sueddeutsche Zeitung. Such measures would "increase the accuracy of the overall package and signal that the energy crisis must be overcome with solidarity", the SZ quoted the report as saying. The government was correct in launching relief packages to help counter soaring energy prices but it would have been helpful if it had agreed these sooner, the advisers said in their report, according to SZ. Reporting by Rene Wagner; Writing by Sarah Marsh; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Powerball used to have a jackpot limit. Then it exploded
▼ + stars: | 2022-11-07 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN Business —The Powerball lottery jackpot is expected to hit $1.9 billion for Monday’s drawing, making it the largest lotto prize ever. But in 1987 when Lotto America, the precursor to Powerball, was introduced, organizers prohibited jackpots of more than $80 million. ”This is a whole new ballgame” Lotto America spokesman Jack Ratigan said at the time. These changes have pushed Powerball jackpots way up. Lotteries are regressive, meaning lower-income groups spend more of their budgets on lottery games than higher-income groups.

☆ A Core Question at COP27: Who Will Pay for Climate Change?
▼ + stars: | 2022-11-06 | by ( Elena Shao | ) www.nytimes.com time to read: +10 min

When world leaders gather in Sharm el Sheikh, Egypt, this week for the annual United Nations climate summit, the debate over who bears financial responsibility for climate change will be center stage. Most Vulnerable, but Least Responsible for Climate Change A vulnerability index developed by the University of Notre Dame measures countries’ exposure, sensitivity and capacity to adapt to the negative effects of climate change. 10 gigatons CO2 Climate change vulnerability index COUNTRY’s Total historical emissions 1 Somalia is highly vulnerable to the impacts of climate change, but has contributed only a tiny fraction of global emissions. Pakistan experienced widespread and deadly flooding this summer that scientists linked to climate change. India 57.1 Gt CO2 0.5 Middle income countries China 249.4 Gt CO2 0.4 Russia 117.5 Gt CO2 Japan 66.7 Gt CO2 Higher income countries United States 421.7 Gt CO2 0.3 United Kingdom 74.9 Gt CO2 Germany 93.1 Gt CO2 Wealthy countries are responsible for half of the world’s emissions since 1850.

☆ Which Charitable Contributions Are Tax Deductible?
▼ + stars: | 2022-10-18 | by ( ) www.wsj.com time to read: +11 min

As a result, the number of people who can claim charitable donations fell from about 1 in 3 before the law to 1 in 10 today. The upshot is that charitable donations are still a valuable potential deduction—but only for the right kind of taxpayer. Who qualifies for charitable tax deductionsEvery taxpayer has a choice between itemizing their deductions and claiming the standard deduction. Note that for tax years 2020 and 2021, the IRS let people claim a $300 charitable deduction even if they didn’t itemize, but that allowance has expiredWhat kind of giving qualifies for the charitable tax deductionContributions to officially registered charities, which are designated with a special tax code like 501(c) (3), may be deductible on your federal tax return (and possibly your state tax return). But in typical IRS fashion, there are special rules that determine whether and how much of your charitable donations are deductible.

"It's a catch-up, or catch-down, kind of effect," said Galvin Chia, an emerging markets strategist at NatWest Markets. "There are some exceptional factors, but none of these would provide that kind of panacea for underlying risks that remain." Indonesia's foreign exchange reserves fell by $1.4 billion last month to $130.8 billion, due to debt payments and Bank Indonesia's efforts to stabilise the rupiah. read moreData for September also showed a surge in Indonesia's inflation to a seven-year high, reflecting a jump in fuel prices. "If you look at consumption, look at credit growth, everything is domestic, unlike the other export markets in Asia.

☆ Factbox: Key Xi quotes at China's 20th Communist Party Congress
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +6 min

Chinese President Xi Jinping speaks during the opening ceremony of the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 16, 2022. Register now for FREE unlimited access to Reuters.com Register"We persist in striving for the prospect of peaceful reunification with the greatest sincerity. "Corruption is the biggest cancer that harms the vitality and combat effectiveness of the party, and anti-corruption is the most thorough self-revolution. FOREIGN POLICY"We have comprehensively promoted major-country diplomacy with Chinese characteristics ... and unswervingly opposed any unilateralism, protectionism and bullying. POPULATION"We will establish a policy system to boost birth rates and pursue a proactive national strategy in response to population ageing."

☆ How Does Life Insurance Work and What to Know Before You Buy
▼ + stars: | 2022-09-23 | by ( ) www.wsj.com time to read: +14 min

What to know about life insuranceTerm vs. permanent life insuranceThe two main types of life insurance are term and permanent. Permanent life insurancePermanent life insurance comes in four main variations: whole, variable, universal and variable universal. How to buy life insuranceYou may already have free term life insurance through your employer. A life insurance policy you buy from a private company stays with you for as long as you make payments. How life insurance pays outBeneficiaries have a few choices of how to receive a life insurance payout.

☆ Top manager Vanguard bullish on U.S. Treasuries as Fed's hikes near peak
▼ + stars: | 2022-09-19 | by ( Davide Barbuscia | ) www.reuters.com time to read: +4 min

REUTERS/Brendan McDermidNEW YORK, Sept 19 (Reuters) - Vanguard, the world’s second-largest asset manager, believes U.S. Treasuries are near the end of a painful decline even as prices tumble to fresh multi-year lows, a senior portfolio manager at the firm told Reuters. Markets broadly expect the central bank to raise rates by another 75 basis points on Wednesday after already delivering 225 basis points in tightening this year. "If you're positioning for that, you obviously want to be tilted more defensively ... And that by definition means you're leaning more towards Treasuries." Fed funds futures' traders expect interest rates to keep climbing to a high of around 4.4% next March, over 200 basis points higher than the current benchmark overnight interest rate. At the same time, the income earned from higher yields can also help blunt losses if bond prices fall further than expected, he said.

☆ Explainer: Rightist alliance set for Italian election victory
▼ + stars: | 2022-09-13 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Yara NardiROME, Sept 23 (Reuters) - Italy votes in a national election on Sunday that could herald its most right-wing government since World War Two, led by its first woman prime minister. read moreThe vote was called after infighting brought down Prime Minister Mario Draghi's national unity government in July. Before then they had consistently shown that a rightist coalition led by the nationalist Brothers of Italy party and also involving the League party and Forza Italia was on course for a clear victory. Register now for FREE unlimited access to Reuters.com RegisterBrothers of Italy leader Giorgia Meloni would be the likely choice for prime minister as head of the main coalition party. Prime minister from 2018-21, he provoked anger when his party withdrew support for Draghi's government in July, sparking divisions that led to the early election.

"I became a financial advisor to mentor my clients through all financial aspects of their lives," says John Stoj, investment advisor representative and founder of Verbatim Financial. Traditional financial advisors: These include Certified Financial Planners (CFP), brokers, Registered Investment Advisors (RIA), and wealth managers. Find a financial advisor near youJust about anyone can benefit from working with a financial advisor. 7 questions to a financial advisor before you hire themBelow are a few of the most important questions to ask a financial advisor you're considering hiring. The financial takeawayConsulting with a financial advisor is a smart way to make headway in achieving both short-term and long-term financial goals.

A financial advisor is a professional who provides clients with guidance pertaining to financial goals, mortgages, insurance, retirement, investing, and general financial management. "I became a financial advisor to mentor my clients through all financial aspects of their lives," says John Stoj, founder of Verbatim Financial. "In an ideal world, a financial advisor should look at your overall financial picture and help you build a plan to get to and through retirement," says Mary Lyons, financial advisor and founder of Benchmark Income Group. 7 questions to a financial advisor before you hire themBelow are a few of the most important questions to ask a financial advisor you're considering hiring. How much a financial advisor cost varies from advisor to advisor, and can look different depending on how they charge you.

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