Category: Finance

Millennials could become the richest generation ever — but only if they already come from money

A stock image of a young woman on the patio of a nice home. Thomas M. Barwick/Getty Images Millennials are projected to inherit $90 trillion over the next two decades, according to a new wealth report. This wealth transfer is set to make them the richest generation ever. But, Gen Zs are in a position to have more ways to create their own wealth, the…

Building Blocks: Which asset class can secure your financial future?

For several decades received wisdom has told us that property investment is the best way to watch your wealth grow. There’s something powerful about investing in a tangible asset you can touch, see and control. Contrast this with purchasing shares in a conglomerate that is intangible, but can – entrusted to a financial expert – earn an exciting return for you. If you decided to…

How concerned should investors be about the Western alliance?

This question is being asked on both sides of the Atlantic in the wake of Donald Trump’s recent pronouncements on NATO, in which the former president stated that he would encourage Russia to attack NATO members that fall short on defense-spending goals.   Trump’s impact on the Republican Party is readily apparent as House Speaker Mike Johnson (R-La.) is blocking legislation to provide Ukraine with military support when Russia…

Why Zuck, Ivanka Trump and the world’s rich and famous are flocking to a lavish party in India

Mark Zuckerberg and Priscilla Chan arrived in Gujarat on Thursday. – Mark Zuckerberg, Bill Gates and other CEOs and celebs are at a wedding pre-party in India this weekend. Billionaire Mukesh Ambani’s lavish bash may help them make inroads into the huge Indian market. Apple, Microsoft, Amazon, Meta, and Netflix have all touted the country’s enormous growth potential. Bill Gates, Mark Zuckerberg, and Sundar Pichai…

Meet the Ambanis, who live in a $1 billion skyscraper and mingle with royals and Bollywood stars

The Ambanis live in a $1 billion skyscraper home in Mumbai. Reuters, Getty, AP; Shayanne Gal/Business Insider Mukesh Ambani is worth $111 billion, according to the Bloomberg Billionaires Index. The world’s 11th-richest person is the chairman and majority owner of Reliance Industries. The Ambanis live in a 27-story skyscraper in Mumbai thought to have cost $1 billion to construct. Mukesh Ambani, the richest person in…

Real-estate lender NYCB is in turmoil, shredding nerves on Wall Street

A New York Community Bank in Brooklyn, New York City. Spencer Platt/Getty Images The turmoil at New York Community Bancorp continued Thursday with a string of announcements that sent shares down over 20%. It appointed a new CEO and disclosed “material weaknesses” relating to how it reviews loans. The news comes about a year after NYCB acquired assets from the defunct Signature Bank. The turmoil…

Wall Street’s next big bet could revolutionize homeownership

American homeowners saw the value of their houses boom over the past few years — and big Wall Street investors want in on the action. PM Images/Getty Images; Jenny Chang-Rodriguez/BI It was shortly before Christmas 2021 when Kennis Schummer received a letter that changed his life. Schummer, a 64-year-old jingle writer turned retail manager, had seen the value of his modest ranch-style home near Pensacola,…

Record number of Australians at risk of mortgage stress

A record number of Australian homeowners are at risk of falling into mortgage stress, and thousands more could join them if the Reserve Bank raises interest rates again next month. According to Roy Morgan, 1.609 million households were at risk of mortgage stress in January, a rise from August and September’s figure of 1.56 million. The research firm has put the increase down to the…

The full list of major US companies slashing staff this year, from Paramount to Google and Microsoft

PATRICK T. FALLON/Getty Images Last year’s job cuts weren’t the end of layoffs. Further reductions have begun in 2024. Companies like Amazon, BlackRock, Nike, Intel, and Citigroup have announced plans for cuts this year. See the full list of corporations reducing their worker numbers in 2024. A slew of companies across the tech, media, finance, and retail industries made significant cuts to staff in 2023. Tech…

Citi is betting big on high-profile executives to turn things around

SAUL LOEB/Getty Images This post originally appeared in the Insider Today newsletter. You can sign up for Insider’s daily newsletter here. Hello! There’s donating to charity, and then there is gifting $1 billion to a Bronx medical school to cover students’ tuition in perpetuity.   In today’s big story, we’re looking at the reshuffling of top executives at two of the biggest US banks. What’s on deck…

Hybe Revenues and Profits Growth Is Propelled by Album Sales, Concerts

Hybe, the Korean entertainment group behind BTS, saw revenues and profits both grow by more than a fifth in 2023 as album sales doubled and post-COVID conditions allowed more concerts. The company Monday reported annual revenues of KRW2.17 trillion ($1.63 billion), up 23% compared with 2022. Net profits reached KRW187 million, more that three times […] Go to Source

Personal Loan Interest Rates Today | Consolidate High Interest Debt

Personal loan rates depend a lot on the borrower: The rates for the best personal loans tend to be around 6%, and right now, people with good or excellent credit may be eligible for an even better deal. We monitor rates from lenders daily to help you feel confident before you apply for a loan. Here are the leading rates for personal loans on Sunday,…

Warren Buffett calls out stock-market gamblers and honors the late Charlie Munger in his annual letter

Warren Buffett, CEO of Berkshire Hathaway, and former vice chairman Charlie Munger. JOHANNES EISELE/AFP via Getty Images Warren Buffett hailed Charlie Munger as the “architect” of Berkshire Hathaway in his annual letter. The investor also called out stock-market gamblers who buy “hot stocks” and “lottery tickets.” Buffett dismissed forecasters, warned Berkshire’s scale is a challenge, and nodded to the AI frenzy. Warren Buffett paid tribute to Charlie…

JPMorgan CEO Jamie Dimon sells off $150 million of shares in first-ever sale since taking over the banking giant

Jamie Dimon, CEO of JPMorgan Chase Alex Brandon/AP JPMorgan CEO Jamie Dimon sold off $150 million of shares on Thursday. It’s the first time in Dimon’s 18 years leading the company that he’s sold any shares. Dimon indicated in a filing he believes the company’s outlook remains “very strong.” The CEO of JPMorgan Chase on Thursday sold $150 million worth of shares in the banking…

Aussies get first real wage increase in years

Australians have received their first real pay increase in almost three years after wages rose by more than the annual rate of inflation for the first time since 2021. The wage price index (WPI) rose by 4.2 per cent in the 12 months to December, according to new data from the Australian Bureau of Statistics (ABS), marginally ahead of the consumer price index at 4.1…

BBC faces scrutiny over IR35 implementation during government questioning

Tim Davie, the Director General at the BBC, and his team found themselves under the intense scrutiny of the Public Accounts Committee (PAC) yesterday regarding the corporation’s implementation efforts across the UK. Among the topics discussed during the session, the issue of IR35, particularly pertinent in light of the recent Atholl House case, took centre stage. Dave Chaplin, CEO of IR35 compliance firm IR35 Shield…

Saudi Arabia’s futuristic megaprojects are so expensive that even its oil riches may not be enough

A rendering of The Line, one of the Neom megaprojects. Neom Saudi Arabia has started borrowing to fund megaprojects including Neom, The Wall Street Journal reported. The kingdom is spending vast amounts of money to diversify its economy.  Some Saudi projects could be scaled back or delayed due to funding issues, one commentator said.  Saudi Arabia is borrowing to help fund an array of ambitious…

Gap between house and unit prices soars to record high

Houses have always attracted a higher price than units, but the gap between the two has expanded to record levels over the last four years. According to new data from property research company CoreLogic released today, the “house premium” jumped from 16.7 per cent in March 2020 to 45 per cent last month – meaning the average house in Australia now costs $293,950 more than…

Hedging: Understanding the basics

2024 is set to be another turbulent year for the global economy. More than 2 billion of the world’s population are heading to the polls this year to vote in crucial elections, including for new leaders in the US, EU and here in the UK. This, added to the ongoing geopolitical instability and tense relations between major players, means it’s fair to say that the…

This little-known company is now worth more than Google or Amazon

Wall Street’s favourite artificial intelligence darling is continuing to swell to staggering heights. Nvidia’s market capitalisation rose to $US1.83 trillion ($2.81 trillion) on Wednesday (Thursday AEDT), nudging past Google parent company Alphabet’s $US1.82 trillion market cap. Shares of the Santa Clara-based chipmaker rose 2.5 per cent to $US739 a share, while Alphabet shares ended the session at $US145.94. READ MORE: FBI informant charged with lying…

Sony Pictures Profits Climb 56% to $281 Million, Lifting Group Income in Third Quarter

Operating income at the ‘Pictures Division’ of Sony Group Corporation climbed by 56% to hit $281 million in the October to December 2023 quarter, the Japanese company reported on Wednesday. Sales increased from $2.35 billion to $2.47 billion in the latest period. The division spans movie production and distribution, television networks and TV content production. […] Go to Source

As tax policy goes global, balancing independence and collaboration is crucial 

In 2024, the landscape for global commerce will be a regulatory warzone, with multiple international organizations battling for their own economic agendas.  The conflict’s two major players are stationed in Paris — at the Organization for Economic Cooperation and Development (OECD) — and New York — at the United Nations. Their respective plans are poised to make 2024 a transformative year for global tax policy. …

Chinese banks are getting cold feet dealing with Russia

Russian President Vladimir Putin. Getty Images One key Chinese bank used by Russian importers for transactions has halted all transactions with Russian firms, per Vedomosti. Chinese lenders have stepped up compliance checks following US secondary sanctions over Russia’s invasion of Ukraine. The Kremlin has acknowledged the issues and said it’s working with Beijing to solve them. China’s banks appear to be having cold feet about dealing with…

Alibaba Writes Down $1.2 Billion on Youku, Loss-Making Streamer, as Group Profits Plunge

Chinese e-commerce and entertainment giant Alibaba has taken a $1.2 billion goodwill impairment charge against its video-streaming operation Youku. The move was disclosed on Wednesday as Alibaba revealed its financial results for the October to December 2023 period, the third quarter of its current financial year. Group revenues in the quarter were up by 5% […] Go to Source

NYCB’s slide sparks fears of more banking and commercial real estate turmoil

NYCB owns Flagstar Bank. Flagstar Bank/Facebook New York Community Bancorp stock has plunged 60% in recent days to a near 27-year low. The regional bank reported disappointing earnings, stoking fears of commercial real estate trouble. Regional banks ran into trouble last year as rate hikes hit their bond and CRE portfolios. A smaller lender is facing a firesale of its stock fueled by concerns about…

‘The job’s not done’: Bullock warns on inflation as RBA keeps interest rates on hold

Reserve Bank of Australia (RBA) Governor Michele Bullock has warned “the job’s not done” in a historic press conference after the central bank kept interest rates on hold. As part of the first decision under the RBA’s new interest rate schedule, the central bank decided to keep the cash rate target on hold at 4.35 per cent. An hour later, in a press conference designed…

One in five Australians don’t have $4000 spare for an emergency

One in five Australians would struggle to find $4000 to pay for an unexpected expense, according to new research. Nearly half of Australians (41 per cent) are concerned about their current financial situation according to NobleOak’s Life Insurance Pulse Report, which surveyed 1039 people aged between 30 and 69 years old in December 2023. A further 35 per cent of those surveyed, who have a…

Interest rates still months away from cuts despite inflation at two-year low

Inflation in Australia has fallen faster than expected but interest rates are set to remain steady until much later this year, although economists believe the latest data has put an end to any likelihood of further rate hikes. New data from the Australian Bureau of Statistics (ABS) showed that in the 12 months to December, the consumer price index (CPI) rose to a two-year low…

Relief for borrowers as inflation tumbles to two-year low

Inflation in Australia is falling faster than expected, deepening expectations the Reserve Bank of Australia (RBA) will keep interest rates on hold when it meets next week. New data from the Australian Bureau of Statistics (ABS) shows that in the 12 months to December, the consumer price index (CPI) rose to a two-year low of 4.1 per cent. Financial markets had largely expected headline inflation…

From Goldman to Bridgewater, here’s everything we know about how Wall Street is embracing AI

Samantha Lee/Business Insider Once ChatGPT hit the scene at the end of 2022, Wall Street ramped up its efforts in AI. Business Insider has reported on how some of finance’s biggest names are approaching the new tech. See how firms from JPMorgan to Man Group are using it.  Generative AI has had Wall Street abuzz since the introduction of Open AI’s ChatGPT in late 2022….

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