Southeast Asia’s largest bank warns virus outbreak could hit its revenue this year

The ongoing spread of a new coronavirus disease, recently named COVID-19, could hit the revenue of Southeast Asia’s largest bank this year, its chief executive said on Thursday. Piyush Gupta, the CEO of Singaporean bank DBS, said the impact on its full-year revenue is estimated to be 1% to 2%, assuming the virus outbreak is controlled by summer. Gupta’s comments came after DBS posted a fourth-quarter net profit of 1.51 billion Singapore dollars ($1.09 billion). That’s a 14% rise from the same pe


The ongoing spread of a new coronavirus disease, recently named COVID-19, could hit the revenue of Southeast Asia’s largest bank this year, its chief executive said on Thursday.
Piyush Gupta, the CEO of Singaporean bank DBS, said the impact on its full-year revenue is estimated to be 1% to 2%, assuming the virus outbreak is controlled by summer.
Gupta’s comments came after DBS posted a fourth-quarter net profit of 1.51 billion Singapore dollars ($1.09 billion).
That’s a 14% rise from the same pe
Southeast Asia’s largest bank warns virus outbreak could hit its revenue this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-13  Authors: yen nee lee
Keywords: news, cnbc, companies, southeast, bank, singapore, asias, virus, outbreak, warns, hit, revenue, wealth, spread, loans, largest, card, impact, billion


Southeast Asia's largest bank warns virus outbreak could hit its revenue this year

The ongoing spread of a new coronavirus disease, recently named COVID-19, could hit the revenue of Southeast Asia’s largest bank this year, its chief executive said on Thursday.

Piyush Gupta, the CEO of Singaporean bank DBS, said the impact on its full-year revenue is estimated to be 1% to 2%, assuming the virus outbreak is controlled by summer. Much of that impact will come from areas such as the bank’s credit card and wealth management businesses, said Gupta.

“It’s kind of hard to call how long this crisis will last and what the full scale and impact of this might be,” he told CNBC’s “Capital Connection.”

“There’s certainly some business lines where you can see the slowdown in. The obvious one is credit card where fewer people are going out to restaurants, fewer people are buying things in the shops — that obviously filters through to our card spend and our fees,” he said.

In the wealth management space, he attributed a fall in activity to “psychology,” explaining that clients tend to hold back investing when there’s “doom and gloom.”

Gupta’s comments came after DBS posted a fourth-quarter net profit of 1.51 billion Singapore dollars ($1.09 billion). That’s a 14% rise from the same period a year ago and above a Refinitiv estimate of 1.48 billion Singapore dollars.

Total income for the October-to-December quarter rose 7% year-on-year to 3.46 billion Singapore dollars, helped by growth in loans and fee income business.

DBS shares were up by 0.35% in afternoon trade on Thursday, while the benchmark Straits Times Index was down by 0.18%.

Gupta said before the coronavirus outbreak, the bank had been on track to meet its 2020 target of mid-single percentage growth in loans. He added that the additional economic challenge posed by the virus spread could hurt the ability of some small businesses and consumers to repay their loans.


Company: cnbc, Activity: cnbc, Date: 2020-02-13  Authors: yen nee lee
Keywords: news, cnbc, companies, southeast, bank, singapore, asias, virus, outbreak, warns, hit, revenue, wealth, spread, loans, largest, card, impact, billion


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‘We need to welcome’ investors from Israel, UAE wealth fund’s venture chief says

ABU DHABI, United Arab Emirates — The United Arab Emirates needs to start welcoming Israeli investors, the chief of the venture wing at the country’s sovereign wealth fund said Wednesday at a panel discussion in Abu Dhabi. Ibrahim Ajami, the head of ventures for Abu Dhabi wealth fund Mubadala Investment Company, stressed the need for the company to “up its game” to draw more international investors. “We are open for business in the region and we need to welcome all sorts of investors,” Ajami sai


ABU DHABI, United Arab Emirates — The United Arab Emirates needs to start welcoming Israeli investors, the chief of the venture wing at the country’s sovereign wealth fund said Wednesday at a panel discussion in Abu Dhabi.
Ibrahim Ajami, the head of ventures for Abu Dhabi wealth fund Mubadala Investment Company, stressed the need for the company to “up its game” to draw more international investors.
“We are open for business in the region and we need to welcome all sorts of investors,” Ajami sai
‘We need to welcome’ investors from Israel, UAE wealth fund’s venture chief says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-12  Authors: natasha turak
Keywords: news, cnbc, companies, venture, uae, israeli, wealth, investors, need, fund, eyal, help, abu, funds, region, chief, welcome, ajami, israel


'We need to welcome' investors from Israel, UAE wealth fund's venture chief says

ABU DHABI, United Arab Emirates — The United Arab Emirates needs to start welcoming Israeli investors, the chief of the venture wing at the country’s sovereign wealth fund said Wednesday at a panel discussion in Abu Dhabi.

Ibrahim Ajami, the head of ventures for Abu Dhabi wealth fund Mubadala Investment Company, stressed the need for the company to “up its game” to draw more international investors.

“We are open for business in the region and we need to welcome all sorts of investors,” Ajami said. He then directed his comments to fellow panelist Avi Eyal, co-founder of Entree Capital, a venture firm focused on Israel with additional operations in the U.S. and U.K.

“We need to welcome investors, Avi, even investors that are very active in Israel, and Israeli investors, that would ultimately come and see opportunity in the region. I don’t see why we should not do that.”

“We as Mubadala invest in Europe and in the U.S., and there are exceptional Israeli management teams as part of these companies we invest in,” Ajami continued. “So that’s the game that we need to play — if we want to be serious about tech, that’s what we have to do.”

Ajami told the audience that he and Eyal have invested together in the past and have worked together “for a couple of years.”

The comments come amid warming ties between the UAE and Israel, who do not have official diplomatic or trade relations. The UAE, as with many Arab countries, has had an economic boycott against Israel since its founding and does not formally recognize it. But cooperation between the two on issues like security and the increasing frequency of unofficial meetings by leaders, often aided by Washington, have been widely reported for some time.

“I’ll help you start an early-stage fund here in Abu Dhabi, to really do the first check into the earlier start-ups that come out of the region,” Eyal told Ajami later during the panel.

“And I will make sure that I bring my friends from Europe, from Israel, everywhere else to help mentor, and to help make it a success. So I’ll put that to you.”

The two then shook hands, to an applause from the audience.


Company: cnbc, Activity: cnbc, Date: 2020-02-12  Authors: natasha turak
Keywords: news, cnbc, companies, venture, uae, israeli, wealth, investors, need, fund, eyal, help, abu, funds, region, chief, welcome, ajami, israel


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How your ex can ruin your financial plans long after the divorce

PeopleImagesYour ex-spouse can continue to cause you trouble long after the ink is dry on your divorce decree. Four out of 10 estate planners and attorneys pointed to “gray divorce” — that is, ending your marriage after age 50 — as putting a dent into boomers’ financial plans, according to a recent survey by TD Wealth. That means the wealthier spouse could be giving up heftier accounts — assets that could have otherwise been used for retirement — to help provide the spousal maintenance. Meanwhil


PeopleImagesYour ex-spouse can continue to cause you trouble long after the ink is dry on your divorce decree.
Four out of 10 estate planners and attorneys pointed to “gray divorce” — that is, ending your marriage after age 50 — as putting a dent into boomers’ financial plans, according to a recent survey by TD Wealth.
That means the wealthier spouse could be giving up heftier accounts — assets that could have otherwise been used for retirement — to help provide the spousal maintenance.
Meanwhil
How your ex can ruin your financial plans long after the divorce Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-12  Authors: darla mercado
Keywords: news, cnbc, companies, order, plans, ruin, according, age, wealth, radigan, long, assets, financial, retirement, divorce, accounts, marriage


How your ex can ruin your financial plans long after the divorce

PeopleImages

Your ex-spouse can continue to cause you trouble long after the ink is dry on your divorce decree. Four out of 10 estate planners and attorneys pointed to “gray divorce” — that is, ending your marriage after age 50 — as putting a dent into boomers’ financial plans, according to a recent survey by TD Wealth. The firm polled 112 lawyers, accountants and wealth management professionals in January. “The issue we see with these divorces is that you have the opportunity to accumulate assets over time — you’ve been married 35 years, and you’re saying you want to end it at age 55 or 60,” said Ray Radigan, head of private trust at TD Wealth.

Indeed, the divorce rate has crept upward for adults over age 50. In 2015, 10 out of 1,000 married people in that age cohort divorced, according to an analysis from Pew Research Center. That’s up from five divorcees per 1,000 in 1990. “The more you accumulate, the more you divide in the end,” Radigan said. “There’s more financially at stake because of the long-term marriage.” Here are three ways that late divorce can wreck your finances.

1. Less money; longer lifespans

FluxFactory

In 2017, Americans aged 65 had a life expectancy of 19.5 years, according to data from the National Center for Health Statistics. The length of the marriage is just one of the factors behind calculating alimony payments, and a decades’ long union could warrant lengthier payment streams, said Radigan. That means the wealthier spouse could be giving up heftier accounts — assets that could have otherwise been used for retirement — to help provide the spousal maintenance. Dividing household assets in half also leaves an older couple less prepared for the cost of health care once they’ve stopped working. A single woman aged 65 in 2019 can expect to spend $150,000 in medical expenses through retirement, while a man of the same age will spend an estimated $135,000, according to Fidelity. Those expenses exclude long-term care.

2. Unexpected tax consequences

Alvarez | Getty Images

Dividing your accumulated assets can also come with tax landmines. Consider the fact that if you were to split your 401(k) plan with your ex, you’d need a qualified domestic relations order — a decree detailing the payment — to do so. If you were to distribute the amount directly out of the 401(k) without the order, the amount transferred is subject to taxes.

Meanwhile, individual retirement accounts don’t need a domestic order, but your divorce decree must spell out that you’re splitting the IRA and doing so via a trustee-to-trustee transfer. If you write a check to your ex, cashing out his or her portion of the IRA, you’ll be subject to taxes and penalties. Review and update the beneficiary designations on all your accounts. “For retirement accounts, the beneficiary designation trumps the will,” said Steph Wagner, director of women and wealth and Northern Trust.

3. Consider a prenup

Purestock


Company: cnbc, Activity: cnbc, Date: 2020-02-12  Authors: darla mercado
Keywords: news, cnbc, companies, order, plans, ruin, according, age, wealth, radigan, long, assets, financial, retirement, divorce, accounts, marriage


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Three things every new investor needs to know

Three things every new investor needs to knowJosh Brown, CEO of Ritholtz Wealth Management, says new investors need to worry less about which stock to buy and more about why they want to invest. Understanding why you want to invest can help you determine a level of risk that you are comfortable maintaining. Watch this video to learn the other tips Josh Brown says new investors need to know.


Three things every new investor needs to knowJosh Brown, CEO of Ritholtz Wealth Management, says new investors need to worry less about which stock to buy and more about why they want to invest.
Understanding why you want to invest can help you determine a level of risk that you are comfortable maintaining.
Watch this video to learn the other tips Josh Brown says new investors need to know.
Three things every new investor needs to know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-12
Keywords: news, cnbc, companies, watch, investors, brown, know, things, video, invest, tips, worry, understanding, investor, wealth, need, needs


Three things every new investor needs to know

Three things every new investor needs to know

Josh Brown, CEO of Ritholtz Wealth Management, says new investors need to worry less about which stock to buy and more about why they want to invest. Understanding why you want to invest can help you determine a level of risk that you are comfortable maintaining. Watch this video to learn the other tips Josh Brown says new investors need to know.


Company: cnbc, Activity: cnbc, Date: 2020-02-12
Keywords: news, cnbc, companies, watch, investors, brown, know, things, video, invest, tips, worry, understanding, investor, wealth, need, needs


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Fed probably won’t cut rates, but they should: LaVorgna

Fed probably won’t cut rates, but they should: LaVorgnaJoe LaVorgna, Natixis Americas chief economist, Kenny Polcari, SlateStone Wealth, and CNBC’s Steve Liesman join ‘The Exchange’ to discuss what they think the Federal Reserve’s next move could be.


Fed probably won’t cut rates, but they should: LaVorgnaJoe LaVorgna, Natixis Americas chief economist, Kenny Polcari, SlateStone Wealth, and CNBC’s Steve Liesman join ‘The Exchange’ to discuss what they think the Federal Reserve’s next move could be.
Fed probably won’t cut rates, but they should: LaVorgna Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-11
Keywords: news, cnbc, companies, wealth, cut, think, lavorgna, reserves, polcari, fed, slatestone, wont, probably, natixis, rates, steve


Fed probably won't cut rates, but they should: LaVorgna

Fed probably won’t cut rates, but they should: LaVorgna

Joe LaVorgna, Natixis Americas chief economist, Kenny Polcari, SlateStone Wealth, and CNBC’s Steve Liesman join ‘The Exchange’ to discuss what they think the Federal Reserve’s next move could be.


Company: cnbc, Activity: cnbc, Date: 2020-02-11
Keywords: news, cnbc, companies, wealth, cut, think, lavorgna, reserves, polcari, fed, slatestone, wont, probably, natixis, rates, steve


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How the Democratic presidential candidates spent ad money coming into New Hampshire

How the Democratic presidential candidates spent ad money coming into New HampshireCNBC’s Brian Schwartz breaks down how the Democratic presidential candidates are doling out their ad spending money coming into the important New Hampshire primary, and how former New York City Mayor Michael Bloomberg is using his personal wealth to break into a crowded field.


How the Democratic presidential candidates spent ad money coming into New HampshireCNBC’s Brian Schwartz breaks down how the Democratic presidential candidates are doling out their ad spending money coming into the important New Hampshire primary, and how former New York City Mayor Michael Bloomberg is using his personal wealth to break into a crowded field.
How the Democratic presidential candidates spent ad money coming into New Hampshire Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-11
Keywords: news, cnbc, companies, wealth, money, hampshire, spent, presidential, democratic, candidates, using, coming, york


How the Democratic presidential candidates spent ad money coming into New Hampshire

How the Democratic presidential candidates spent ad money coming into New Hampshire

CNBC’s Brian Schwartz breaks down how the Democratic presidential candidates are doling out their ad spending money coming into the important New Hampshire primary, and how former New York City Mayor Michael Bloomberg is using his personal wealth to break into a crowded field.


Company: cnbc, Activity: cnbc, Date: 2020-02-11
Keywords: news, cnbc, companies, wealth, money, hampshire, spent, presidential, democratic, candidates, using, coming, york


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How to lower your monthly bills 20% and build your wealth in minutes

According to Ben Kurland, co-founder of Nashville-based BillFixers , a company that negotiates with providers to help consumers and small businesses lower their monthly bills, these types of companies expect customers will negotiate. Reducing expenses on monthly bills is one way to counteract this debt. Negotiating a lower rate for your monthly bills could put thousands back in your pocket each year. “If you know what the prices are of the competitors in the area, you can come better armed when


According to Ben Kurland, co-founder of Nashville-based BillFixers , a company that negotiates with providers to help consumers and small businesses lower their monthly bills, these types of companies expect customers will negotiate.
Reducing expenses on monthly bills is one way to counteract this debt.
Negotiating a lower rate for your monthly bills could put thousands back in your pocket each year.
“If you know what the prices are of the competitors in the area, you can come better armed when
How to lower your monthly bills 20% and build your wealth in minutes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: barbara booth
Keywords: news, cnbc, companies, lower, really, monthly, bill, build, wealth, minutes, ben, bills, say, rate, negotiate, going, thats, getting


How to lower your monthly bills 20% and build your wealth in minutes

“We are both very cheap naturally,” said Ben. “We were negotiating our own bills, and we realized we had all these friends and family who were getting taken advantage of and overcharged but they didn’t have the time or the patience to deal with waiting for hours on hold and getting hung up on and getting lied to.”

According to Ben Kurland, co-founder of Nashville-based BillFixers , a company that negotiates with providers to help consumers and small businesses lower their monthly bills, these types of companies expect customers will negotiate. “They base their pricing off the premise that they are going to charge a really high rate and that you are going to call and negotiate it down, but a lot of people don’t realize that’s how it works, so they end up paying that really inflated rate,” he says.

Reducing expenses on monthly bills is one way to counteract this debt. Unfortunately, most people don’t know they can vie for better rates, and if they do, the odds are stacked against them if they don’t know precisely the right questions to ask.

Negotiating a lower rate for your monthly bills could put thousands back in your pocket each year. That’s a big win for many Americans, since nearly 25% say that paying for basic necessities such as rent, utilities and food have plunged them deep into credit card debt. Collectively, Americans owe more than $1 trillion on credit cards alone.

1. Do your research. “If you know what the prices are of the competitors in the area, you can come better armed when you negotiate,” says Ben. “So if the rep tells you that you already have the absolute lowest rate, you can say you found a competitor online for $30 less.”

2. Call between 9 a.m. and 5 p.m. “People are used to calling their cable or internet provider after hours or on weekends when they have free time, but that’s when everyone else is calling.,” says Ben. He suggests calling during regular business hours when the reps aren’t as overwhelmed and your hold time is minimal.

3. Say you are canceling your service. Telling the automated system that you are canceling your service will immediately take you to the retention or loyalty department, and those are the best people to negotiate with, says Ben. “Retention or loyalty departments tend to have access to some of the best discounts. If you speak to somebody in customer service or in billing or in technical support, they have really limited access to the discounts and promotions that are available . But if you go through the process like you’re canceling, those people have all sorts of special deals and they will try to entice you to stay,” he says.

One pitfall he says to avoid, however, is getting talked into additional services under the pretense that it will save you money. “Every cable company wants to sell you on additional services. The most common ploy is that you’ll call and ask for a lower rate and they will say if you add a landline, you will lower your bill. That’s almost never worthwhile.” Ben says there are two problems with that. “One is cable companies will always tell you the prices before taxes and fees, but services like TV come with as much as $30 of taxes and fees that you wouldn’t have with an internet-only bill. The other problem is that after a year, when your promotion expires, instead of $79.99 a month, you are going to $129 a month of TV and internet services.”

3. Always be friendly. “It really is true that you catch more flies with honey than vinegar,” says Ben. “The reps for these companies basically have total control which discounts and promotions they are going to offer you, so if you are one of the people who calls up and screams at them and throws a fit, they are going to say, ‘I’m sorry, but there’s nothing we can do.'” Instead, he says, start by asking them about their day and having a friendly conversation. This will usually compel them to go out of their way to find a special promotion that might apply to your account.

4. Be skeptical. “Reps, in general, tend to make a lot of mistakes when you are negotiating your own bill, and they will also flat-out lie to you. So when you get told there’s nothing better they can do, it’s worth your while to call back and try again. Even if you get told there are savings, it’s very common for someone to get their next bill and find absolutely nothing has changed.” Ben suggests that after you call and negotiate a bill, call a second time and speak to someone different to make sure they tell you all the same details. “Then you don’t have to wait a full month to find out you didn’t save any money,” he said.


Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: barbara booth
Keywords: news, cnbc, companies, lower, really, monthly, bill, build, wealth, minutes, ben, bills, say, rate, negotiate, going, thats, getting


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Jessica Simpson wishes she signed a prenup before marrying Nick Lachey—here’s how to know if one is right for you

It’s important to note that a prenup does not address anything having to do with kids, so it cannot dictate custody or child support. How to know if a prenup is right for youGetting a prenup isn’t right for everyone. If you’re both making about the same amount of money annually, a prenup is usually less of a necessity. How to approach talking about a prenup with your partnerIf you think a prenup may be a good option, it’s time to have a conversation with your partner. If your partner resists the


It’s important to note that a prenup does not address anything having to do with kids, so it cannot dictate custody or child support.
How to know if a prenup is right for youGetting a prenup isn’t right for everyone.
If you’re both making about the same amount of money annually, a prenup is usually less of a necessity.
How to approach talking about a prenup with your partnerIf you think a prenup may be a good option, it’s time to have a conversation with your partner.
If your partner resists the
Jessica Simpson wishes she signed a prenup before marrying Nick Lachey—here’s how to know if one is right for you Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: anna hecht
Keywords: news, cnbc, companies, marriage, wishes, marrying, youre, wealth, know, assets, jessica, simpson, prenup, signed, partner, financial, think, thoughtfully, right, lacheyheres, protect, nick


Jessica Simpson wishes she signed a prenup before marrying Nick Lachey—here's how to know if one is right for you

What is a prenuptial agreement?

A prenuptial agreement is a contract that both partners sign prior to entering into a marriage. The agreement states how a couple’s joint finances and belongings will be distributed should they ever separate. “A prenup can help protect valuable assets, such as business enterprise value and prized possessions of both material and sentimental value,” says Marguerita Cheng, a certified financial planner and CEO and co-founder of Blue Ocean Global Wealth. “It definitely prompts conversations about attitudes and behavior concerning money among couples.” It’s important to note that a prenup does not address anything having to do with kids, so it cannot dictate custody or child support.

How to know if a prenup is right for you

Getting a prenup isn’t right for everyone. But there are a few situations when it might make sense. In general, it’s advised that you at least think about signing a prenup if you or your partner have even a few hundred thousand dollars in assets, or if one partner earns far more than the other. If you’re both making about the same amount of money annually, a prenup is usually less of a necessity. A prenup may also make sense if you or your partner has kids from a previous marriage, says Ryan Marshall, a certified financial planner at Ela Financial Group. “Say, you’re getting married for the second time, but want to make sure there’s something left for any kids you may have from your first marriage,” he says.

Additionally, if you have prized assets to protect, including non-monetary possessions, such as sentimental belongings, or digital assets like social media, signing a prenup is usually a smart move, says Samantha Gorelick, a CFP at Brunch & Budget. “Shared social media accounts, whether a business endeavor or not, are property” and should be thoughtfully divided, she says. If you’ve weighed your options and are still on the fence, a simple rule of thumb is to go with your gut. “If you think you may need it, you probably do,” says Priya Malani, founder and CEO of Stash Wealth. You should also keep in mind the cost of getting a prenup. The price you’ll end up paying depends on “how complex the situation is, where you live and which attorney you use,” Nick Holeman, a certified financial planner at Betterment, told CNBC Make It. “I’ve seen them be anywhere from $2,000 to $15,000 or more.”

How to approach talking about a prenup with your partner

If you think a prenup may be a good option, it’s time to have a conversation with your partner. When approaching the topic, “you need to be up front and tell your partner ‘the why’ or the reason you feel strongly about this,” Marshall says. This could be for a myriad of reasons, but whatever it is, take the time to thoughtfully explain your reasoning to your partner.

If you find it difficult to bring up, remember that you and your significant other are simply planning for the worst case scenario, Malani says. “The purpose behind this conversation is to protect both of you in the event of a divorce. Since it can be very difficult to think and act rationally while going through a separation, the best time to solve for how you’d want everything handled is while you’re both still very much in love,” she says. Couples can also “ask themselves what’s going to help them sleep well at night and ensure that the marriage will be as long and loving as possible,” Douglas Boneparth, president and founder of Bone Fide Wealth, suggests. “The biggest, most helpful thing people can do is communicate their thoughts and feelings regarding these things, regardless of how hard it can be.” If your partner resists the idea, first make sure you’ve explained yourself thoroughly by thoughtfully restating your key concerns. You can also reassure them that you have no plans to leave, you’re just trying to stay on the safe side. If you still can’t come to a unified decision, you may want to seek professional help from a financial advisor or divorce attorney who can give an in-depth explanation as to why it would (or would not) be a good idea to create a prenup in your particular case.

Is there ever a time when a prenup is a bad idea?


Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: anna hecht
Keywords: news, cnbc, companies, marriage, wishes, marrying, youre, wealth, know, assets, jessica, simpson, prenup, signed, partner, financial, think, thoughtfully, right, lacheyheres, protect, nick


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‘Parasite’ rich vs. poor theme evokes growing US wealth gap: ‘It’s never been this bad’

It’s a theme that translates well to the U.S. — and which may well decide the trajectory of the 2020 presidential election. America’s wealth divide — a measure of the country’s wealth held by the most affluent compared with the rest of the population — has grown substantially over the past few decades. As of 2016, that share had grown substantially, to 77%, according to the Federal Reserve Bank of St. Louis. One in 10 families had a negative net worth, the Federal Reserve Bank of St. Louis found


It’s a theme that translates well to the U.S. — and which may well decide the trajectory of the 2020 presidential election.
America’s wealth divide — a measure of the country’s wealth held by the most affluent compared with the rest of the population — has grown substantially over the past few decades.
As of 2016, that share had grown substantially, to 77%, according to the Federal Reserve Bank of St. Louis.
One in 10 families had a negative net worth, the Federal Reserve Bank of St. Louis found
‘Parasite’ rich vs. poor theme evokes growing US wealth gap: ‘It’s never been this bad’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: greg iacurci
Keywords: news, cnbc, companies, theme, rich, income, federal, poor, according, parasite, reserve, share, wealth, americans, growing, bad, divide, evokes, gap


'Parasite' rich vs. poor theme evokes growing US wealth gap: 'It's never been this bad'

Kang-ho Song, Hye-jin Jang, Woo-sik Choi, So-dam Park in the movie “Parasite.” Source: Parasite

In “Parasite,” the South Korean thriller that took home four Oscars Sunday night, including the award for best picture, the tension between rich and poor is on full display, juxtaposing the luxury and abundance of the haves with the hardship and squalor of the have-nots. It’s a theme that translates well to the U.S. — and which may well decide the trajectory of the 2020 presidential election. America’s wealth divide — a measure of the country’s wealth held by the most affluent compared with the rest of the population — has grown substantially over the past few decades. While the top echelon has recovered since the 2008 financial crisis, the middle class hasn’t enjoyed that same fortune, according to researchers at the Brookings Institution. Income inequality in the U.S. is higher than in other advanced economies, according to the Pew Research Center.

This is all despite a stock market that’s been on its longest winning streak in history and a labor market that’s seen more job creation than any in the post-World War II era. “I think ‘Parasite’ as a theme is really resonant in our elections and our economy,” said Jamie Court, president of Consumer Watchdog, a consumer advocacy group. “There’s always been a divide, but it hasn’t always been an abyss,” Court said. “It hasn’t always been the Mariana Trench. It’s never been this bad.” The share of total U.S. income, such as wages, among the wealthy has grown markedly in the past three decades. The top 10% of Americans made half the country’s pre-tax household income in 2016, up from 42% in 1989, according to the Federal Reserve Bank of St. Louis. That means the rest of the country lost an equivalent share.

Wealth inequality has shifted even more starkly. The 400 wealthiest Americans — people like Jeff Bezos and Bill Gates — are now richer than the 150 million adults in the bottom 60% of the wealth distribution, according to a paper published last year by Gabriel Zucman, an economist at the University of California at Berkeley. The 400 richest Americans are worth a record $2.96 trillion, according to Forbes. In 1989, the top 10% of Americans owned roughly two-thirds of U.S. wealth, as measured by things like savings, 401(k) plans and real estate, subtracted by debts such as mortgages and student loans. As of 2016, that share had grown substantially, to 77%, according to the Federal Reserve Bank of St. Louis.

There’s always been a divide, but it hasn’t always been an abyss. It hasn’t always been the Mariana Trench. Jamie Court president of Consumer Watchdog

Meanwhile, the bottom 50% of Americans — 63 million families — saw their share of total wealth decrease to 1% from 3% over that period. Their average wealth decreased from about $21,000 to $16,000. One in 10 families had a negative net worth, the Federal Reserve Bank of St. Louis found. Almost 40% of Americans wouldn’t be able to cover an unexpected $400 expense using cash or savings, according to the Federal Reserve Board. More from Personal Finance

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Some retirees get by on just Social Security. Experts disagree on how many “The United States is a rich country, but it is becoming one in which a very small number of citizens own most of the wealth, and from which both younger Americans and the broad middle class are failing to benefit,” according to a Brookings Institution report authored by researchers Isabel Sawhill and Christopher Pulliam. Candidates vying for the Democratic presidential nomination in the 2020 election are leveraging the divide to guide their respective agendas and appeal to low- and middle-income Americans. Many candidates have proposed increasing taxes on the wealthy — via a wealth tax, higher income taxes and an expanded estate tax, for example — to help fund programs such as expanded health care, universal child care and student loan forgiveness.


Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: greg iacurci
Keywords: news, cnbc, companies, theme, rich, income, federal, poor, according, parasite, reserve, share, wealth, americans, growing, bad, divide, evokes, gap


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Chinese stocks bounce back from coronavirus fears—and if they breach this level, they could ‘take off’

“The key [level] to watch here is if it can break above its kind of double-top high in the high 45s.” “[If] it breaks above that level, it’s going to take off from here and it’d be very, very bullish on a technical basis,” Maley said. “So, … if you identify certain Chinese stocks that you think are trading at a reasonable valuation, I think there’s a good opportunity to buy some of them right now.” “As the middle class makes more and more money, they’re going to have more money to spend, and A


“The key [level] to watch here is if it can break above its kind of double-top high in the high 45s.”
“[If] it breaks above that level, it’s going to take off from here and it’d be very, very bullish on a technical basis,” Maley said.
“So, … if you identify certain Chinese stocks that you think are trading at a reasonable valuation, I think there’s a good opportunity to buy some of them right now.”
“As the middle class makes more and more money, they’re going to have more money to spend, and A
Chinese stocks bounce back from coronavirus fears—and if they breach this level, they could ‘take off’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-07  Authors: lizzy gurdus
Keywords: news, cnbc, companies, coronavirus, think, tepper, maley, going, chinese, alibaba, stocks, half, wealth, breach, trading, high, fearsand, bounce, level


Chinese stocks bounce back from coronavirus fears—and if they breach this level, they could 'take off'

Chinese stocks are making a comeback.

The iShares China Large-Cap ETF (FXI) bounced back this week from recent declines tied to the coronavirus outbreak, climbing nearly 5% by Thursday’s close.

The ETF is still about 9.5% below its 52-week high and about 43% off its all-time high from 2007, “so, it’s got a long way to go” before it reaches fresh records, but its charts are showing encouraging signs, Miller Tabak chief market strategist Matt Maley said Thursday on CNBC’s “Trading Nation.”

“The FXI has been trading in a sideways range for 18 months, and it’s coming off an oversold condition” as it bounces back, Maley said.

“Now, if something with this coronavirus raises its ugly head again, … it could go back down and retest the lows of that. But I think on a longer-term basis, it looks quite good,” Maley said.

The strategist cited China’s five-year plan to infuse its system with liquidity, a process that will continue in the back half of 2020.

“They’re going to pump in a lot of liquidity into the marketplace, into the system, in the second half of the year, and I think this group’s going to go higher by the second half of the year no matter what,” Maley said. “The key [level] to watch here is if it can break above its kind of double-top high in the high 45s.”

Maley specifically flagged the $45.75 level as the one for investors to monitor. The FXI closed at $41.63 on Thursday, up just over 0.5%.

“[If] it breaks above that level, it’s going to take off from here and it’d be very, very bullish on a technical basis,” Maley said.

To Mark Tepper, the president and CEO of Strategic Wealth Partners, “it seems as if the worst is behind us as it relates to the headwinds that had been coming at us as far as trade and the coronavirus go,” he said in the same “Trading Nation” interview.

“When you look throughout history, these pandemics tend to be short-term pullbacks and they tend to be buyable pullbacks,” Tepper said. “So, … if you identify certain Chinese stocks that you think are trading at a reasonable valuation, I think there’s a good opportunity to buy some of them right now.”

Tepper recommended one of his firm’s core holdings — Chinese e-commerce giant Alibaba — but acknowledged that investors may have had a better opportunity to buy it several weeks ago before it climbed back toward its all-time highs.

Even so, it is “still one of my favorites,” Tepper said. Alibaba shares closed at $220.90 on Thursday, up less than half of 1%. They were down less than 1% in premarket Nasdaq trading Friday.

“It is a way to play that rising middle-class consumer in China,” the wealth manager said. “As the middle class makes more and more money, they’re going to have more money to spend, and Alibaba is going to benefit. So, with Alibaba, you’re getting all the same businesses as Amazon, but it’s trading at a valuation discount to Amazon.”

Disclosure: Strategic Wealth Partners owns shares of Alibaba.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2020-02-07  Authors: lizzy gurdus
Keywords: news, cnbc, companies, coronavirus, think, tepper, maley, going, chinese, alibaba, stocks, half, wealth, breach, trading, high, fearsand, bounce, level


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