Leaving home is exciting but having your finances in order will make it even more enjoyable. Budgeting has many benefits and it can help make you feel in control of your life. Check out our top budgeting tips for leaving home.
Leaving home is exciting but having your finances in order will make it even more enjoyable. Budgeting has many benefits and it can help make you feel in control of your life. Check out our top budgeting tips for leaving home.
(Bloomberg) -- China Investment Corp. posted a return of more than 12% on overseas investments in 2020 after markets rallied on loose monetary policies, marking a breakout year for China’s $1 trillion sovereign wealth fund.The unaudited returns bring the Beijing-based fund’s 10-year rolling average to more than 6.6%, beating its target. Executive Vice President Zhao Haiying expects calmer markets this year even as policy makers try to stimulate growth without spurring runaway inflation.“2020 was a very unusual year,” Zhao, also a member of the Chinese People’s Political Consultative Conference, said in an interview before the top advisory body convenes for its annual meetings in Beijing.CIC stuck to its position as a long-term investor despite market gyrations, Zhao said. “We withstood the test of strong winds and waves, and delivered relatively good returns.”The company will maintain its strategy of increasing alternative and direct investments to 50% of its global portfolio before the end of 2022. It moved closer to that target last year even after such assets’ contribution dropped in 2019 as stocks rallied, she said, without providing details.“Last year was a test to us in terms of both portfolio returns and investment management, but it turned out quite well,” Zhao said.CIC adjusted its allocation by “overweighting” technology stocks and Asian companies, Zhao said. The MSCI World Index rose 14% in 2020 after recovering from steep declines earlier in the year.The company revamped its investment committees earlier this year, forming two new bodies to oversee investments in public and non-public assets, Bloomberg reported in January. The move was meant to improve decision-making efficiency, deepen cooperation across teams and better implement asset allocation strategies for the entire company, “so that everybody is on the same page,” Zhao said.Alternative AssetsWhile CIC is seeking to beef up alternative assets for their stable long-term returns, those investments fell by 2 percentage points to about 42% in 2019 as stock and bonds rallied. The measure climbed again last year, and the company committed a record amount of capital in private deals, including private equity and credit, heralding further increases, Zhao said. She declined to give details because the company has yet to release its 2020 annual report.As global markets emerge from the pandemic-wrought crisis, governments should pay more attention to their policies’ long-term impact on economic productivity, even though stimulus packages help relieve consumer pain and tide companies over, said Zhao, who’s also the fund’s chief strategy officer.“We believe the markets this year, overall, will be relatively stable for investors,” Zhao said. “But policy makers face major challenges this year and next” with limited room for adjustments amid already high long-term debts and low interest rates.Loose monetary policies have spurred market rallies in developed countries like the U.S. Zhao cautions that valuations need to be supported by economic growth and corporate earnings in the long run. “Adding stimulus alone won’t be enough,” she said.Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said this week he’s “very worried” about risks emerging from bubbles in global financial markets and the nation’s property sector. Bubbles in U.S. and European markets could burst because their rallies are heading in the opposite direction of their underlying economies and may face corrections “sooner or later,” he said.Global leaders should also enhance mutual trust and cooperation on issues from climate change to fighting Covid-19, Zhao said. “The global economy remains fragile and can’t afford miscalculations.”Bilateral FundsCIC also made more progress with its bilateral funds, a bid to forge stronger ties with partners to tackle rising protectionism. Four joint funds, launched respectively with counterparts in Italy, France, Japan and the U.K., all completed their first fundraising rounds last year and made a total of eight deals, Zhao said.Set up in 2007 to manage part of China’s foreign exchange reserves, CIC can’t make deals inside the country itself. But it can still benefit from the growth in the world’s second largest economy by investing in overseas-listed Chinese companies and non-Chinese assets that target the Chinese market or trade with China, Zhao said.One of the companies invested by the China-US Industrial Cooperation Fund, which CIC has contributed funding to, witnessed high growth in China last year as the pandemic depressed sales elsewhere, in another example of “how China can contribute to global growth,” she added.Despite the bilateral tensions between China and the U.S., the fund, started in 2017, has made two deals after raising $2.5 billion, with the second investment done last year in a U.S. manufacturing firm, she said, declining to disclose more details.(Updates with details about CIC’s bilateral funds in 15th graph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Jonathan Marchessault goal in the second period was the winner, Marc-Andre Fleury made 36 saves and the Vegas Golden Knights beat the Minnesota Wild 5-1 on Wednesday night. Vegas swept the two-game set against Minnesota and remained atop the West Division, one point ahead of the St. Louis Blues. Alex Tuch, Mark Stone, Chandler Stephenson, William Karlsson also scored for Vegas.
Rishi Sunak's budget has received a broad welcome from voters despite looming tax rises, according to two snap opinion polls carried out after the Chancellor's statement. Households and businesses are facing the biggest tax burden since the 1960s after Mr Sunak unveiled plans to repair the nation's finances after the pandemic. It will take the UK’s tax burden to its highest level since the 1960s, according to the Office for Budget Responsibility (OBR).
If you suffer from a sweet tooth and have a hard time controlling it, then there are several ways to outsmart your sweet tooth.
Singapore's central bank has told financial firms to be vigilant to any suspicious transactions or fund flows between the city-state and Myanmar, a circular seen by Reuters showed, citing concerns over the potential for financial crimes. In the Feb 25th circular, the Monetary Authority of Singapore (MAS) reminded all chief executives of financial institutions of the need for robust customer due diligence and appropriate risk mitigation measures in higher risk situations.
(Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.One of the most tourism-dependent countries in the world, Thailand is eyeing plans for vaccine passports and quarantine waivers as the global Covid-19 inoculation drive gathers pace.Prime Minister Prayuth Chan-Ocha this week ordered officials to look into vaccine certificates for international travel after signaling the nation -- famed for its palm-fringed beaches, temples and backpacker culture -- is open to scrapping the two-week quarantine for inoculated visitors. The local tourism industry wants mandatory quarantines to be lifted from as early as July 1 so it can open to potentially millions of vaccinated tourists.A successful reopening by Thailand could spur other tourism-reliant nations to follow suit, as countries like the U.K. set out ambitious timelines for easing restrictions on their populations and resuming international travel. While the World Health Organization warned this week about the risks of loosening up too fast, places like Thailand -- which saw almost 40 million overseas visitors in 2019 -- are seeing long-lasting damage to their economies with global travel paralyzed and borders closed a year into the pandemic.“A gradual reopening, with the appropriate cautionary steps taken, will undoubtedly save businesses, jobs and bolster the economy,” said John Blanco, general manager at luxury hotel Capella Bangkok, in Thailand’s capital. “Given the building global momentum of vaccination, it would make sense to begin planning for the necessary steps.”Thailand’s central bank says tourism, which accounted for about a fifth of the country’s gross domestic product pre-pandemic, is key to returning Southeast Asia’s second-largest economy to growth. Thailand’s GDP contracted 6.1% in 2020, the most this century.Despite a flare-up in infections earlier this year, Thailand has largely contained Covid-19, with just 85 deaths over the course of the pandemic. The country needs to balance keeping the virus out and protecting the local population with countering the economic hit. While it’s already made some efforts to reopen borders to foreign tourists, strict quarantine rules have kept most away.William Heinecke, chairman of Minor International Pcl, which operates 500 hotels worldwide, is leading a campaign to petition the Thai government to reopen the borders from the third quarter after the pandemic forced hundreds of hotels and tourism businesses to close.“The current situation is unsustainable,” says the online petition, which got almost 7,500 signatories in three days. “The July 1 reopening would be a strategic opportunity for Thailand to show a leadership role among Asian countries and prepare the way for a solid recovery of the Thai economy in 2022.”Prime Minister Prayuth has cautioned against rushing to issue vaccine passports and wants more coordination with other countries.On track to have vaccinated most of its population soon, Israel is making deals to allow its citizens to travel to a number of countries, including Greece. While months away from issuing them, the European Union is also prioritizing immunity certificates, and Britain is expected to conclude a review of “Covid status certification,” but only by June 21. Europeans, including people from the U.K., made up 16% of the foreign tourists into Thailand in 2019.The country started to roll out vaccines this week and aims to inoculate 50% of its population by the end of this year. There are also plans to distribute vaccines in tourist hotspots such as Phuket and Koh Samui in preparation for a wider reopening.The government eased curbs on businesses and travel after bringing the recent virus resurgence under control. But having skipped a nationwide lockdown to tackle the resurgence, Thailand may not return to zero cases anytime soon, according to Thira Woratanarat, an associate professor at Chulalongkorn University’s Faculty of Medicine.“Figuring out how to reopen for tourists is as important as planning vaccine distribution,” said Somprawin Manprasert, chief economist at Bank of Ayudhya Pcl. “The sooner the country can reopen for tourists, the sooner the recovery.”“The second wave just delayed the recovery, rather than derailed it,” he said. “Even though we’re still in the dark, there’s light at the end of the tunnel.”(Updates headline and adds global vaccination race to first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Clayton Keller and Nick Schmaltz scored power-play goals in the second period, and Antti Raanta made 40 saves in the Arizona Coyotes' 3-2 victory over the Los Angeles Kings on Wednesday night. Johan Larsson scored 13 seconds after Schmaltz's goal, and the Coyotes snapped a two-game skid by hanging on in the final minute of their only road game in a 27-day span. Drew Doughty scored a power-play goal and Jonathan Quick stopped 20 shots for the Kings, who couldn't recover from a terrible 3 1/2-minute stretch of the second period.
(Bloomberg) -- Asian stocks fell with U.S. futures Thursday after an overnight surge in sovereign bond yields once more dragged down shares on Wall Street. Treasuries held those losses.China and Hong Kong led the pullback in stocks amid the worst drop in MSCI Inc.’s Asia-Pacific gauge this week. The technology sector struggled while real estate, finance and energy shares outperformed as part of a global shift to value segments. S&P 500 and Nasdaq 100 futures dipped after a slump in the indexes took the tech-heavy gauge to a two-month low, with declines in Apple Inc. and Amazon.com Inc.Australian bonds tumbled after benchmark Treasury yields approached 1.5% in U.S. trade. A market gauge of inflation expectations over the next five years hit its highest level since 2008.The rise in inflation expectations and long-term borrowing costs is stoking concern that the prolonged rally in equity markets may be in jeopardy. Investors are trying to assess central banks’ appetite to buy more longer-dated bonds to keep financial conditions loose. The focus turns to Federal Reserve Chairman Jerome Powell’s upcoming comments, after Chicago Fed President Charles Evans said the recent climb in yields reflected economic optimism.“Inflation is a concern; there is a lot of money sloshing around the system and it makes sense to have some sort of a correction right now,” said Shana Sissel, Spotlight Asset Group chief investment officer. “And bond yields going up is the market’s implicit way of tightening since the Fed has made it clear they don’t have the intention of doing so.”Read: U.S. Inflation Expectations Hit Decade High as Yields ResurgeTraders are also assessing data pointing to an uneven economic recovery from the depths of the pandemic. The U.S. economy expanded modestly in the first two months of the year and vaccinations are supporting business optimism, according to the Federal Reserve’s Beige Book. Democratic leaders in the Senate are working to consolidate support for the $1.9 trillion stimulus bill, which is expected to spur the expansion.Elsewhere, oil was above $61 a barrel as investors waited for the result of a critical OPEC+ policy meeting later Thursday. Bitcoin traded around $50,000.Some key events to watch this week:OPEC+ meeting on output Thursday.U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.Federal Reserve Chairman Jerome Powell speaks Thursday.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.These are some of the moves in markets:StocksS&P 500 futures fell 0.5% as of 2:30 p.m. in Tokyo. The S&P 500 fell 1.3%. The Nasdaq 100 lost 2.9%.Japan’s Topix index fell 1.2%.Australia’s S&P/ASX 200 index fell 0.8%.South Korea’s Kospi index slid 1.1%.Hong Kong’s Hang Seng index lost 2.5%.Shanghai Composite was down 2%. The CSI 300 Index lost 2.7%.CurrenciesThe yen traded at 107.05 per dollar.The offshore yuan was at 6.4777 per dollar.The Bloomberg Dollar Spot Index was flat.The euro traded at $1.2057, down 0.1%.BondsThe yield on 10-year Treasuries was steady at 1.47% after rising nine basis points.Australia’s 10-year bond yield rose 10 basis points to 1.78%.CommoditiesWest Texas Intermediate crude added 0.5% to $61.60 a barrel.Gold was 0.3% higher at about $1,716.48 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Yemen’s Houthi rebels said they struck a Saudi Aramco site in the city of Jeddah on Thursday with a missile, in what would be the latest in a series of attacks by the group on the kingdom.The Houthis, on the website of TV Al Masirah, which they run, didn’t specify the target in Saudi Arabia’s second-biggest city. Aramco and the Saudi government’s Center for International Communication did not immediately respond to requests for comment.The Iran-backed Yemeni group also said it separately bombed an air base in Saudi Arabia’s south-west with a drone on the same day. Both attacks hit their targets, the Houthis said.The Houthis have been fighting Yemen’s United Nations-recognized government since 2014. A Saudi Arabian-led coalition intervened the following year on the side of the government. The UN has called the conflict -- in which tens of thousands of people have died -- the world’s worst humanitarian crisis.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Jordan Binnington made 27 saves and the St. Louis Blues scored on all three of their power plays Wednesday night in a 3-2 victory over the skidding Anaheim Ducks. Oskar Sundqvist, Brayden Schenn and Zach Sanford each had a goal for St. Louis, which is 6 for 10 with the man advantage against Anaheim this season. Overall, the Blues have converted on just 17.1% of their power plays — which ranks 24th in the NHL.
Buddy Hield shook off a sore ankle to score 29 points and the Sacramento Kings beat the short-handed Los Angeles Lakers 123-120 on Wednesday night. Hield’s status for the game was in doubt because of a sprained right ankle but he decided to play through it and helped the Kings win for just the second time in the past 12 games. Sacramento held on at the end to win this one with Harrison Barnes’ layup giving the Kings a 121-120 lead with 30.1 seconds remaining after De’Aaron Fox had just fouled out.
(Bloomberg) -- CLSA Ltd. has lost more than half of its fixed income team that focuses on bond sales in Hong Kong after its Beijing parent tightened control over the brokerage and cut down on risk, people familiar with the matter said.The departures include five of an eight-member sales team in Hong Kong, which facilitates trades for institutions, the people said, asking not to be identified because they aren’t allowed to discuss personnel changes. Director Tom Carlone, associate directors, Luke Yang and Gary Lam, as well as associates, Chris Wai and Cherry Chan, all left in the past two months, the people said.CLSA’s owner, Beijing-based Citic Securities, has reined in risk at the once freewheeling Hong Kong broker over the past year, cutting the available balance sheet for the fixed-income business and hampering its ability to trade, the people said. After buying CLSA in 2013, Citic Securities in early 2019 started to assert its control over the brokerage, also corralling pay and leading to the exit of most of its top executives.“We do not consider it appropriate to comment,” a CLSA spokeswoman said in an emailed statement on the most recent departures. “The fact that we are responding only by saying ‘no comment’ should not be taken as our form of acceptance of the accuracy of the contents of your proposed article.”The flurry of exits follow the departure of John Sun, who led the fixed income, currencies and commodities team till last year, before moving to APlus Partners, a Hong Kong-based firm focusing on private equity and credit investments. He was replaced by Shi Liang, a former vice president at Citic Securities who was transferred from Beijing.Leo Tong, Sun’s deputy who hired the five employees during his tenure at CLSA, also left in October to join SMBC Nikko Securities Inc.The shake-up at the Hong Kong-based brokerage started in early 2019 after Citic Securities chairman Zhang Youjun took over the same role at CLSA. It deepened last year as the parent overhauled the decision-making structure of the company, telling key managers to report directly to Beijing.The departures of the top echelons at the leadership committee has been followed by their counterparts at the debt business units. David Pong, head of debt capital markets for South and Southeast Asia, resigned earlier this year, as did the head of debt syndicate, Samuel Chan.(Updates with other departures in last two paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Podcast appearance comes days after Rudy Giuliani’s YouTube channel was again suspended for repeating unsubstantiated claims of election fraud
Texas Agriculture Commissioner Sid Miller and Jackson County Sheriff A.J. Louderback join 'Fox News @ Night' to discuss
The Czech Republic has declined an offer to buy AstraZeneca Plc's coronavirus vaccines from an intermediary in the United Arab Emirates, Czech officials said on Wednesday. Health Minister Jan Blatny said the offer was not officially from the UAE but that it came from an unnamed third party. "It concerned a batch that does not have a permission for the European Union," he said.
OutKick founder Clay Travis tells 'Fox News @ Night' why the move is a 'bait-and-switch'
Sustainability education will be launched in line with the Singapore Green Plan 2030, with students being empowered to strengthen the country's green efforts.
Guatemala’s Pacaya volcano erupted on Wednesday, March 3, spewing lava and ash into the air near Villa Nueva, located south of Guatemala City.The country’s National Coordinator for Disaster Reduction (Conred) said the volcano’s lava was flowing to the northwest early on Wednesday morning.Communities surrounding Pacaya were being monitored due to the increased activity of the volcano and risk of eruption, according to reports. Credit: CONRED via Storyful
POCHEON, South Korea (AP) — “It’s a world of lawlessness,” Rev. Kim Dal-sung muttered over the phone as he drove his tiny KIA over narrow dirt paths zigzagging through greenhouses made of plastic sheets and tubes. In the bleak landscape of dull blue and gray in Pocheon, a town near South Korea’s ultra-modern capital, hundreds of migrant workers from across Asia toil in harsh conditions, unprotected by labor laws while doing the hardest, lowest-paid farm work most Koreans avoid. The death of a 31-year-old Cambodian woman worker at one of the farms in December has revived decades-long criticism over South Korean exploitation of some of the poorest, most vulnerable people in Asia.
GC Pharma (006280.KS) today announced that it will support Moderna and the government of the Republic of Korea in the distribution of 40 million doses of COVID-19 Vaccine Moderna, Moderna’s vaccine candidate against COVID-19, to support South Korea’s aim of providing vaccines to the public in a timely manner, subject to necessary local regulatory approvals. This arrangement is part of GC Pharma’s agreements with Moderna and the government of the Republic of Korea. The Korea Diseases Control and Prevention Agency previously announced that it will import 40 million doses of COVID-19 Vaccine Moderna in Korea from the second quarter of 2021. Under the terms of its agreement with Moderna, GC pharma is responsible for local regulatory activities, and under the terms of its agreement with the Korean government, GC Pharma, with support of the Korean government authorities, is responsible for distribution activities in South Korea.