As US motorists pay record prices at the pump, Joe Biden has pleaded with the country’s oil producers to open the taps and stem the surge. On Saturday, average US petrol prices rose above $5 per gallon, according to AAA, a national motorists’ group. It is another marker pointing to the brewing crisis in fuel
Investing
Internet scams are continually evolving. The FBI documented a record $3.5 billion in losses due to internet crimes in 2019. Right now, con artists around the world are likely targeting a computer or mobile device near you. Here’s a look at the most common internet scams—and what you can do to safeguard your personal information and
US defence secretary Lloyd Austin accused China of stepping up coercive behaviour towards Taiwan as he stressed that Washington would maintain its military capacity to resist any force that threatened the country. Speaking at the IISS Shangri-La Dialogue defence forum in Singapore, Austin said China was engaging in provocative behaviour across the Indo-Pacific region that
Investment banks have vice-chairs. Professors reach emeritus status. And in men’s golf, top professionals go on touring into their forties, well past their prime years for winning Grand Slam tournaments. Public nostalgia for stars’ past glories ensures decent but unspectacular rewards. That financial calculus has been upended by the upstart LIV Golf group. Its first
The Roth IRA has many benefits compared to the traditional IRA. Distributions from traditional IRAs, for example, are generally treated as ordinary income and may be subject to income tax. Distributions from traditional IRAs may also be subject to an early distribution penalty if the withdrawal occurs while the IRA owner is under the age
Semhar Tesfagiorgis and Selina Miebaka learnt first hand how far an elite London casino will go to protect its wealthiest clients. Four months before UK casinos were forced to close for lockdown in March 2020, the pair of croupiers were told they could not serve a player on the gaming floor of exclusive London club
Britain is looking to play a bigger role in the European Space Agency if Brussels blocks its continued participation in the EU’s Copernicus earth observation programme. George Freeman, UK science minister, said being shut out of the next stage of Copernicus was not incompatible with expanded membership of ESA, an international organisation separate from the
U.S. household wealth fell for the first time in two years in the first quarter of this year, as the drop in the stock market overwhelmed gains in home values, according to a report by the Federal Reserve. After seven straight quarters of record growth, the Fed said household net worth edged down by $500 billion to
In this article BCSF (Click here to subscribe to the Delivering Alpha newsletter.) Bain Capital, with $160 billion in assets, is one of the largest private, private equity firms. Despite many of its peers going public, like TPG earlier this year, Bain has no immediate plans to join them. John Connaughton is Bain Capital’s global head of
Wall Street stocks and shorter-dated Treasuries dropped sharply on Friday after US inflation data came in hotter than expected, raising market bets of how far the Federal Reserve will lift interest rates to curb surging prices. The blue-chip S&P 500 fell 1.7 per cent in early dealings, after dropping 2.4 per cent in the previous
Truth is often stranger than fiction but nowhere more so than in the world of cryptocurrencies, where the lines between the two are blurring at an alarming rate. This week has seen the publication of (at least) two potentially seminal works on digital assets. One was intended as a serious piece of research distributed to
Simple interest is the cost of using or borrowing money without compound interest or interest on interest. It’s relatively easy to calculate since you only need to base it on the principal amount of money borrowed and the time period. Simple interest works in your favor when you’re a borrower because it keeps the overall
In this article FOUN Traders on the floor of the NYSE, June 8, 2022. Source: NYSE SPACs are known to be a roundabout investment vehicle to take private companies public. Not this one. Bull Horn Holdings is merging with biotech Coeptis Therapeutics, a public company traded over the counter. The SPAC sponsors told CNBC they went for
Barely a week after the Chinese Communist party declared victory in its struggle to protect Shanghai from coronavirus, half of the financial hub’s districts will be shuttered this weekend to test millions of residents after signs emerged of renewed community transmission of the virus. China’s most populous city, which was only released from a two-month lockdown
Good morning and welcome to Europe Express. One divisive issue coming to a head before the summer break (and possibly as soon as next week) is the question of Ukraine’s candidate status — and the broader question of the bloc’s enlargement policy, which yesterday cost the Bulgarian prime minister his parliamentary majority. We’ll explore the
At some point, all individual retirement accounts (IRAs), both Roth and traditional, must have their balances distributed to the account owner or the owner’s beneficiaries. A key difference between the two types of IRAs is that you don’t have to take any distributions from a Roth IRA during your lifetime if you are the original
In this article GS David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020. Adam Galacia | CNBC Internships have begun at Goldman Sachs‘ offices in the U.S. this week, according to the global investment bank. Roughly 3,700 people won a coveted spot in the company’s internship program
The head of Britain’s largest union has warned of potential strikes this year if the government does not heed its call for inflation-linked wage increases for staff in the NHS and local government. Christina McAnea, general secretary of Unison — which represents 1.3mn mostly public-sector workers — said prime minister Boris Johnson had “no idea”
How well did you keep up with the news this week? Take our quiz. China is building hundreds of thousands of permanent coronavirus testing facilities and expanding quarantine centres across many of its biggest cities as part of its zero-Covid policy, despite the economic and human toll on the world’s most populous country. Residents of Shanghai
Many borrowers with student loans haven’t made any payments for more than two years, and we certainly can’t blame them. After all, the United States Department of Education put several relief measures for the COVID-19 pandemic into place in March of 2020, including pausing all payments on federal student loans and fixing interest rates at
European stocks dropped and government bonds sold off sharply after the bloc’s central bank left the door open to an extra large interest rate rise in September. The regional Stoxx 600 share index extended losses from earlier in the day to trade 1.3 per cent lower. A FTSE index of Italian stocks tumbled 2.4 per
Bulgaria’s government has lost its parliamentary majority, casting one of the EU’s poorest nations into renewed political turmoil as it deals with the rising economic fallout from Russia’s invasion of Ukraine. Prime minister Kiril Petkov has said he will attempt to stay in power despite being short of support in parliament after one of the
When it comes to conservative investments, nothing says the safety of principal like Treasury securities. These instruments have stood for decades as a bastion of safety in the turbulence of the investment markets—the last line of defense against any possible loss of principal. The guarantees that stand behind these securities are indeed regarded as one
One September afternoon in 2020, Vera Manoukian received a call from a recruiter on behalf of a hotel chain making ambitious expansion plans. Would she, the caller inquired, want to be chief operating officer of Sonesta International as it ramped up from just 58 properties to more than 1,100, with upwards of 100,000 rooms? Manoukian,
The yen teetered on the edge of a historic support barrier on Thursday after trading in New York sent the Japanese currency to a 20-year low against the dollar and revived speculation that its fall could deepen. By noon, the yen stood at ¥134.45 against the dollar, bringing it closer to the ¥135.15 level it
Getting married can be an exciting—but costly—experience. According to data from Brides magazine, the typical couple spent $28,964 to get married in 2020. Using wedding services contracts can help to avoid wasted or lost money if you’re planning to stick to a strict wedding budget. Before signing a contract with a wedding vendor, it’s important
Boris Johnson will on Thursday declare that boosting Britain’s economic growth rate is his top priority, as he attempts to create a platform for the income tax cuts that restive Tory MPs and ministers are demanding. The prime minister, rocked by a large scale rebellion by Conservative MPs, will use a speech in Blackpool to
The Japanese yen fell to a new 20-year low against the dollar on Wednesday, pushed down by expectations that the Bank of Japan will defy global trends and keep monetary policy loose. The yen dropped as much as 1.4 per cent against the US currency, taking it past ¥134 per dollar. It has declined roughly
If you have a nondeductible IRA, you can convert it into a Roth IRA and enjoy the Roth’s advantages, including tax-free withdrawals and no required minimum distributions (RMDs) during your lifetime. However, the rules you’ll need to follow will depend on whether you have only nondeductible IRAs or both nondeductible and deductible IRAs. This article
What should we make of the fact that America’s TV channels all carried the live jubilee festivities of an elderly monarch but will part ways on this week’s hearings into an assault on US democracy? The light-hearted take is that the British crown is above politics, including in America. The darker interpretation is that the
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