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☆ Meet a 35-year-old teaching tech skills to low-income youth through video games
▼ + stars: | 2023-03-18 | by ( Ashton Jackson | ) www.cnbc.com time to read: +5 min

As tech talent remains in high demand, Damon Packwood, founder and executive director of Gameheads, a nonprofit teaching tech and video game design skills, is making sure that underserved youth has the tools necessary to get jobs in the field. But teaching tech skills through video games was still uncharted territory. "And teaching game design to low-income students of color has value because when you break apart a video game, you get these different medias. You get sound design, level design, architecture, coding, project management, art and animation, and motion picture. And there are some partnerships we have where they just give us books, laptops that they're not using anymore or video game consoles that they don't need anymore.

☆ More than 5 million households still behind on rent — what to do if yours is among them
▼ + stars: | 2023-03-16 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Viorel Kurnosov | Istock | Getty ImagesConsider your options for rent aidMost rental assistance programs that opened during the pandemic are now closed, but some are still accepting applications. On the National Low Income Housing Coalition's website, you can find a state-by-state guide of relief options and their status. On March 14, The Texas Rent Relief Program began accepting applications for aid, but it's already scheduled to stop doing so on Thursday. Assess your financial resourcesIt's not a strategy experts recommend, but some tenants are using their credit cards to cover their rent. "The biggest potential issue is carrying a balance and paying interest on your rent," Rossman said.

☆ Time and money for love: China brainstorms ways to boost birth rate
▼ + stars: | 2023-03-15 | by ( Farah Master | ) www.reuters.com time to read: +3 min

China dug itself into a demographic hole largely through its one-child policy imposed between 1980 and 2015. Young people cite high childcare and education costs, low incomes, a feeble social safety net and gender inequalities, as discouraging factors. "But without any fertility encouragement policy then fertility will decline even further." China's birth rate last year fell to 6.77 births per 1,000 people, from 7.52 births in 2021, the lowest on record. Demographer Yi Fuxian remains sceptical whether any measures would have a significant impact by themselves, saying China needed a "paradigm revolution of its entire economy, society, politics and diplomacy to boost fertility."

☆ Racial homeownership gap larger now than a decade ago
▼ + stars: | 2023-03-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

The homeownership rate for White Americans in 2021 was 72.7%, but the rate for Black Americans was 44%, according to NAR’s analysis of the most recent data. The homeownership rate for Asian Americans was 62.8% and for Hispanic Americans it was 50.6%. The homeownership rate for Black Americans varies from 15% to 55% across the country. The states with the highest homeownership rate for Black Americans were South Carolina at 55%, Delaware at 54%, and Mississippi at 54%. Meanwhile, the homeownership rate for White Americans ranged from 50% to 81% across the country.

☆ India says its infrastructure boost could create much-needed jobs. Economists aren't so sure
▼ + stars: | 2023-03-01 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +3 min

High unemployment remains a challenge for India, and has been one of the biggest criticisms of Prime Minister Narendra Modi's government. Sopa Images | Lightrocket | Getty ImagesIndia is pumping up its infrastructure spending, a move the government says will create much-needed jobs. On the other hand, 94% of jobs are in the unorganized sector — with half the jobs in agriculture. watch nowAs India's infrastructure sector becomes more reliant on technology and automation, the upcoming boom in projects will create jobs for the organized sector, Kumar said. A lack of investments in the unorganized sector hence leaves many stuck with unstable jobs without a fixed income.

☆ U.S. EPA unveils $550 mln in environmental justice grants
▼ + stars: | 2023-02-23 | by ( Valerie Volcovici | ) www.reuters.com time to read: +2 min

The money is part of $3 billion included for environmental justice block grants authorized by Congress in the Inflation Reduction Act, the Biden administration's signature legislation that will drive investment of nearly $369 billion in clean energy and climate priorities. The scale and the vision of this investment that Congress has given us will change these communities," Robin Morris Collin, senior advisor for environmental justice at the EPA, told Reuters in an interview. It will oversee deployment of the $3 billion in environmental justice grants. "We are stepping our processes up to expand what has traditionally not been a very welcoming environment for low income and disadvantaged communities to access financial resources," Collin told Reuters. The block grant program is one of several investments the IRA made focused on environmental and climate justice.

The HUD is cutting annual mortgage insurance premiums on FHA mortgages from 0.85% to 0.55% for most new borrowers. The new FHA mortgage insurance rates are set to go into effect on March 20. But in March, FHA borrowers will be able to take advantage of lower annual mortgage insurance rates. New FHA MIP chartThese lower annual MIP rates will be available to those getting a new FHA mortgage on or after March 20, 2023. When getting an FHA mortgage, borrowers pay both an upfront and annual mortgage insurance fee.

☆ Inflation in Beijing: Chinese capital gives cash handout to low-income households to offset rising food prices
▼ + stars: | 2023-02-20 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Beijing will give out a $6 monthly cash subsidy to low-income residents to cushion the impact of rising food prices, a move that has unexpectedly angered many online who say the amount is far too low. The demonstrations were the latest outburst of public discontent since mass protests against Covid curbs gripped the country late last year. “In January, food prices in Beijing rose by 6.6%, meeting the conditions for starting the price-linked subsidy program,” the state-run Beijing Daily newspaper quoted an official from the commission as saying in a Friday report. Although the headline figure remains relatively low compared to other countries, food prices jumped 6.2%, with pork and fruit prices rising the most. In Beijing, food prices outpaced the national level.

☆ London is handing out free meals for all primary school children
▼ + stars: | 2023-02-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —London’s mayor has announced an emergency program to provide free meals for all children attending state primary schools in the capital, adding to a string of fresh evidence that Brits are struggling to afford necessities. “The cost-of-living crisis means families and children across our city are in desperate need of additional support,” Sadiq Khan, who himself received free school meals as a child, said in a statement Monday. A quarter of all London pupils, including those in high school, already qualify for free school meals according to national criteria largely based on household income, according to official data. This number tallies with an estimate by the Child Poverty Action Group that about 210,000 children living in poverty in London don’t qualify for free school meals because the eligibility criteria are “so restrictive.”Children eat lunch at St Mary's RC Primary School in Battersea, south London, on November 29, 2022. Daniel Leal/AFP/Getty Images/FILEThere was further evidence Monday that more and more Brits are struggling to afford food and electricity as inflation, which is near its highest level in four decades, erodes wages and welfare payments.

MUMBAI/ISLAMABAD, Feb 15 (Reuters) - Inflation in Pakistan could average 33% in the first half of 2023 before trending lower, and a bailout from the International Monetary Fund alone is unlikely to put the economy back on track, a senior economist with Moody's Analytics told Reuters. "Our view is that an IMF bailout alone isn't going to be enough to get the economy back on track. What the economy really needs is persistent and sound economic management," senior economist Katrina Ell said in an interview on Wednesday. Low income households could remain under extreme pressure as a result of high inflation on account of being disproportionately exposed to non-discretionary items. The weaker rupee, which is plumbing record lows, is adding to imported inflation while domestically high energy costs on the back of tariff increases and still elevated food prices is likely to keep inflation high.

☆ 69 Republican lawmakers call for Biden's student-loan repayment and forgiveness proposals to be 'rescinded,' blasting them as 'blatantly illegal' and 'a smack in the face of taxpayers'
▼ + stars: | 2023-02-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

69 GOP lawmakers urged Biden to withdraw his student-loan forgiveness and repayment proposals. They said his proposal to reform income-driven repayment plans is "blatantly illegal." This proposal is reckless, fiscally irresponsible, and blatantly illegal and, as such, it should be rescinded." "Under current IDR plans, most borrowers can expect to repay some or all their debt," the analysis said. "This proposal is reckless, illegal, and will saddle hardworking Americans and future generations with unsustainable debt."

☆ Bill Gates on why he'll carry on using private jets and campaigning on climate change
▼ + stars: | 2023-02-07 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +4 min

During a recent interview with the BBC, the billionaire said rich countries needed "to get their emissions down to zero as fast as they can." Bill Gates does not agree that using a private jet and campaigning on the issue of climate change represents a contradiction open to allegations of hypocrisy. It says it "uses a technology called 'direct air capture' to capture carbon dioxide directly from the air." Gates has previously spoken about using Climeworks to "pay for direct air capture." "So a new way of making cement or steel, you know, electric passenger cars, that's all in the rich countries."

☆ China's finance minister and central bank governor will attend debt roundtable in India, IMF says
▼ + stars: | 2023-02-06 | by ( ) www.cnbc.com time to read: +1 min

China's finance minister and its central bank governor will attend a roundtable with other creditors and some borrowing countries in February in India, IMF Managing Director Kristalina Georgieva said in a CBS 60 Minutes interview on Sunday. "China has to change its policies because low income countries cannot pay," she said. "What we are working towards is to bring all creditors, the traditional creditors from advanced economies, new creditors like China, Saudi Arabia, India, as well as the private sector, and put them around the table with the debtor countries." Georgieva said last month the first such gathering will take place on the sidelines of a meeting of Group of 20 finance officials in India. "China is going to participate at the level of minister of finance and the governor of People's Bank of China," she told 60 Minutes.

☆ China's finance minister, central-bank governor to attend debt roundtable in India, IMF says
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 5 (Reuters) - China's finance minister and its central bank governor will attend a roundtable with other creditors and some borrowing countries in February in India, IMF Managing Director Kristalina Georgieva said in a CBS' 60 Minutes interview on Sunday. "China has to change its policies because low income countries cannot pay," she said. Georgieva said last month the first such gathering will take place on the sidelines of a meeting of Group of 20 finance officials in India. "China is going to participate at the level of minister of finance and the governor of People's Bank of China," she told 60 Minutes. Reporting by Costas Pitas in Los Angeles and David Lawder in Washington; Editing by Christopher Cushing and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Why Biden's plan to make monthly student-loan payments cheaper could end up sticking borrowers with the same repayment struggles they've had for decades
▼ + stars: | 2023-02-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

For years, income-driven repayment plans for student-loan borrowers were not working as intended. That's why Biden introduced a proposal to reform those plans and make monthly payments cheaper. Angel said they were advised by a customer service representative at a student-loan company to stay in school to defer the loan payments. But after so many years of failures with IDR plans, Chingos said he's concerned not much will change. According to NPR, three student-loan companies weren't tracking the payments borrowers were making under the plan, and low-income borrowers who were making $0 monthly payments were hurt the most.

☆ McDonald's tops profit estimates, warns short-term inflation to persist
▼ + stars: | 2023-01-31 | by ( Hilary Russ | ) www.reuters.com time to read: +3 min

[1/3] McDonald's Crispy Chicken Sandwiches and fries are pictured in New York, U.S. March 30, 2021. REUTERS/Hilary RussJan 31 (Reuters) - McDonald's Corp (MCD.N) on Tuesday beat Wall Street estimates for quarterly profit on higher menu prices, even as it warned short-term inflationary pressures would persist in 2023. McDonald's benefited from higher menu prices, increased restaurant traffic and sales in the UK, Germany and France rose despite fears of a recession in Europe. Visits to some other fast-food chains started to fall last summer as they hiked menu prices, he said. McDonald's U.S. comparable sales rose 10.3% in the quarter ended Dec. 31.

☆ McDonald's sales surge, warns short-term inflation to persist
▼ + stars: | 2023-01-31 | by ( Hilary Russ | ) www.reuters.com time to read: +3 min

[1/2] A huge advertisement for a branch of fast-food giant McDonald's is seen on the outskirts of Berlin, Germany, April 22, 2016. The burger chain's global same-store sales increased 12.6% in the fourth quarter ended Dec. 31, compared with estimates for an 8.6% rise, according to IBES data from Refinitiv. That is compared to a 0.6% decline for fast food overall in the fourth quarter over the previous year. Visits to some other fast-food chains started to fall last summer as they hiked menu prices, he said. McDonald's U.S. comparable sales rose 10.3% in the quarter.

☆ McDonald's beats profit estimates, warns short-term inflation to persist
▼ + stars: | 2023-01-31 | by ( Hilary Russ | ) www.reuters.com time to read: +3 min

REUTERS/Hilary RussJan 31 (Reuters) - McDonald's Corp (MCD.N) on Tuesday beat Wall Street estimates for quarterly profit on higher menu prices, even as it warned short-term inflationary pressures would persist in 2023. McDonald's benefited from higher menu prices, increased restaurant traffic and sales in the UK, Germany and France rose despite fears of a recession in Europe. Even so, traffic rose 5% for full-year 2022 as McDonald's meals remained less expensive than many competitors, drawing low-income consumers. Visits to some other fast-food chains started to fall last summer as they hiked menu prices, he said. McDonald's U.S. comparable sales rose 10.3% in the quarter ended Dec. 31.

☆ Winter heating costs likely won't be as high as feared
▼ + stars: | 2023-01-30 | by ( Tami Luhby | ) edition.cnn.com time to read: +7 min

New York CNN —Heating your home this winter likely won’t burn quite as big a hole in your wallet as initially forecast. Still, costs are up across the board compared to last winter — nearly 26% and 14.5% for heating oil and natural gas, respectively, and 10.5% and nearly 9% for electricity and propane, respectively. “You’re still paying more, but not as much more,” said Mark Wolfe, executive director of the National Energy Assistance Directors Association. Applications for the Low Income Home Energy Assistance Program are projected to reach their highest level in more a decade, Wolfe said. To help its residents cope with the high heating costs, Maine started sending $450 energy relief payments on Monday.

It's more than twice the average student loan debt of recent college graduates. Why I'll never refinance my student loan debtDebt-payoff plans like to tout student loan refinancing, but the route doesn't offer great benefits for most borrowers. Around 92% of outstanding student loan debt is from federal student loans, while private loans make up just under 8%, according to data firm MeasureOne. If you're among the vast majority with federal student loan debt, refinancing comes with some serious drawbacks. You can roll any federal student loan into a Direct Consolidation Loan and apply for an income-driven repayment plan, like I did.

☆ Biden administration unveils rent protections
▼ + stars: | 2023-01-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +9 min

Washington, DC CNN —In response to rent payments soaring across the country in recent years, the Biden administration unveiled new actions Wednesday to protect tenants, make renting more affordable and improve fairness in the rental housing market. The agencies involved include the Federal Trade Commission, the Consumer Financial Protection Bureau, the Federal Housing Finance Agency, the Department of Housing and Urban Development and the Department of Justice. The FHFA will initiate a process to examine limits on egregious rent increases and proposals for renter protections for future investments. The administration also set out its guiding principles in its “Blueprint for a Renters Bill of Rights,” which, while not enforceable, aims to underscore protections the administration says every renter deserves. Meanwhile, others in the housing industry say that this kind of federal involvement in housing policy serves to increase housing costs.

☆ Biden administration rolls out a blueprint for a 'renters bill of rights' – Here's what it includes
▼ + stars: | 2023-01-25 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Housing rights activists and tenants protest against evictions and the poor condition of their apartments outside the offices the landlord Broadway Capital in Chelsea, Massachusetts on April 25, 2022. The Biden administration announced on Wednesday new actions to protect renters across the U.S., including trying to curb practices that prevent people from accessing housing and curtailing exorbitant rent increases in certain properties with government-backed mortgages. A "Blueprint for a Renters Bill of Rights" was included in the announcement. "Having the federal government and the White House talk about the need for and endorse a renters' bill of rights is really significant," said Diane Yentel, president and CEO of the National Low Income Housing Coalition. Nearly half of renter households in the U.S. direct more than 30% of their income to rent and utilities each month, and 900,000 evictions occurred annually prior to the public health crisis.

☆ Aramco-backed fintech opens bank branch in London to help Muslims invest
▼ + stars: | 2023-01-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Islamic fintech startup Wahed has opened its first physical branch on Baker Street in London. An investing platform backed by the likes of oil giant Saudi Aramco and French soccer player Paul Pogba is launching a novel proposition in the U.K.: a physical branch and bank accounts backed by gold. It is located on Baker Street in central London, just opposite a branch of U.K. banking giant HSBC. "In the United Kingdom, [the Muslim community is] actually one of the lowest socio-economic segments of the country," Wahed's boss said, with "low incomes or financial literacy." "I think it really fits with the Muslim community and what their needs are," Wahedna said.

☆ New Zealand chooses 'Chippy' Hipkins to replace charismatic Ardern
▼ + stars: | 2023-01-22 | by ( Lucy Craymer | ) www.reuters.com time to read: +4 min

"This is the biggest privilege and biggest responsibility of my life," Hipkins said at a news conference announcing his appointment. Hipkins immediately acknowledged the leadership of Ardern, who he called one of New Zealand’s greatest prime ministers and an inspiration to women and girls everywhere. Known as "Chippy", Hipkins built a reputation for competence in tackling COVID-19 and was a troubleshooter for Ardern when other cabinet ministers were struggling. Hipkins named Carmel Sepuloni as deputy prime minister, New Zealand's first deputy prime minister of Pacific origin. Before Hipkins becomes prime minister, Ardern will tender her resignation to King Charles' representative in New Zealand, Governor General Cindy Kiro.

☆ TurboTax has lobbied against a free tax filing system for decades. Its head says the US' path toward one is 'unquestionably a conflict of interest.'
▼ + stars: | 2023-01-18 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

The Inflation Reduction Act passed last summer allots funds to explore a free federal tax filing service. The head of TurboTax's parent company says that a government-run tax filing service would be unethical. Intuit, a global financial technology platform, owns TurboTax, one of the leading paid tax filing services. In the US, tax filing services like TurboTax and H&R Block spend millions of dollars lobbying against free tax filing services. Commercial providers such as TurboTax and Tax Act offer their own free services for those earning under a certain amount.

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