Kim Kiyosaki reveals the three key tips for women to take control of the financial future.
Kim Kiyosaki reveals the three key tips for women to take control of the financial future.
(Bloomberg) -- China sought to allay fears it wants to topple the dollar as the world’s main reserve currency as Beijing makes bigger strides in creating its own digital yuan.People’s Bank of China Deputy Governor Li Bo said the goal for internationalizing its currency is not to replace the dollar, and the efforts to create a digital yuan are aimed at domestic use.“For the internationalization of the renminbi, we have said many times that it’s a natural process, and our goal is not to replace the U.S. dollar or other international currencies,” Li said on a panel at the Boao forum Sunday. “I think our goal is to allow the market to choose, to facilitate international trade and investment.”China’s central bank is currently testing the use of a “digital yuan” in various pilot programs across the country. A report earlier this week showed the Biden administration is increasing its scrutiny of China’s progress toward the digital yuan amid concern it could kick off a long-term bid to displace the dollar.The PBOC has been working on a digital currency since 2014 and its moves have heightened interest among central banks and policy makers, while the spread of cryptocurrencies has added to a sense that competitors to regular cash could change how the financial sector operates. The PBOC has moved closer to becoming the first major central bank to launch a virtual currency, rolling out a trial for consumers and businesses in 11 cities across the country.“The motivation for the e-yuan, for now at least, is focusing primarily on domestic use,” Li said. International “interoperability is a very complex issue and we are not in a hurry to reach any particular solution yet,” although there could be cross-border use “in the long term,” Li said.China’s Digital Yuan Won’t Topple Dollar, BOJ Official SaysThe central bank is planning to test the cross-border use of the digital yuan at the 2022 Beijing Winter Olympics, where it could be used by both domestic users as well as athletes and visitors from overseas, Li said.Agustin Carstens, general manager of Bank for International Settlements, said on the same panel there was huge potential in the cross-border use of digital currencies as they could make foreign exchange transaction and payment settlement extremely efficient. He said countries can explore various ways to achieve international interoperability, including making different systems compatible and creating connectivity links among the systems.Bahamas Tops China in Ranking of Central Bank Digital CurrenciesWhile the digitization of the yuan could benefit its use in cross-border transactions, the key factor in determining the currency’s global role is whether China will relax its capital controls, said Shen Jianguang, chief economist at JD.com Inc. “If you want to have a global reserve currency, you need to allow foreigners to hold it, to use it.”China will also need to allow its citizens to buy more foreign assets, further develop its financial markets and allow greater exchange rate flexibility in order to push for the internationalization of yuan, Shen said in an interview at the forum.China has seen a flood of capital flows into its financial markets since last year, boosting the amount of yuan traded globally. Yet, in the context of its vast markets, foreign ownership of local stocks and bonds remains relatively low at around 5% and 3% respectively. The yuan’s share of global payments and central bank reserves is still only about 2%.“The digital yuan is a means to help monetary policy efficiency and cross-border usage with partners that tend to trade with China in goods and services, less so the major economies like the U.S.,” said Stephen Chiu, Asia FX and rates strategist at Bloomberg Intelligence. “Digital or not, it’s not so easy to move the dollar’s dominance, be it as a trade settlement or reserve currency.”The initial plans for a digital currency weren’t motivated by considerations of cross-border use, according to former People’s Bank of China Governor Zhou Xiaochuan, who noted that there are many issues with using a digital currency across national borders. International use could affect monetary policy independence, and it’s important it isn’t used for crime, he said on the same panel in Boao.(Updates with comments from BIS, details on yuan trade.)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.
Fortifications in Minneapolis, including barbed wire around police stations, are in place this week ahead of a verdict in the trial of the police officer accused of the murder of George Floyd.
Commentators noticed an alligator just behind American Collin Morikawa as he prepared for a chip at the RBC Heritage. SOURCE: PGA TOUR
STZ earnings call for the period ending March 31, 2021.
Mexican authorities said on Sunday that they were investigating a former governor of the Gulf Coast state of Veracruz for crimes he allegedly committed while in charge of the federal government workers' social security body. The attorney general's office received a complaint against Miguel Angel "Y" late last year and has launched an investigation, it said in a statement, without giving further details on the case. Miguel Angel Yunes was in charge of the body, known as ISSSTE, for more than three years until February 2010.
(Bloomberg) -- Mainland China is third behind the Bahamas and Cambodia in a ranking of the maturity of central banks’ retail digital currency projects, according to a report from PwC.More than 60 central banks are now exploring digital currencies, with retail projects more active in emerging economies given the importance of financial inclusion, while interbank or wholesale applications tend to be more predominant in advanced economies, the report said.The Bahamas and Cambodia take top marks in retail because their projects are already live, while China is still in the test phase. Only 23% of retail projects have reached implementation stage, while nearly 70% of wholesale projects are running pilot programs, according to the report.“CBDCs will contribute significantly to the modernization of the international monetary landscape, hand-in-hand with reconfiguration in both payment and financial infrastructure,” PwC said. “They will generate numerous opportunities for further digitization in both corporates and financial institutions, as their integration in payment and financial infrastructure progresses.”Read More: Central Banks Edge Toward Money’s Next Frontier in Digital WorldCentral bank efforts at digital currencies accelerated first after Bitcoin became more popular and then once the Facebook Inc.-backed Libra project, now named Diem, was announced.With China in the testing phase on its digital yuan, other countries have accelerated their efforts. Jurisdictions like Sweden and the European Union are starting to make some headway. The Federal Reserve, though, has signaled it’s in little rush to get a digital dollar off the ground.Digital YuanChina’s efforts to create a digital yuan are aimed at domestic use and its goal for internationalizing its currency is not to replace the dollar, a senior official from its central bank said Sunday.As for interbank or wholesale projects, Thailand and Hong Kong SAR tied for the top ranking, according to the PwC report. They’re followed by Singapore, Canada and the U.K.The report also said more than 88% of CBDC projects at pilot or production phase use blockchain as the underlying technology. While it isn’t always necessary for such projects, it helps offer secure transfer of ownership, transparent audit trails and increasing interoperability with other digital assets, the report said.“The general public will be one of the biggest beneficiaries of CBDCs as it will give them access for the first time to a digital form of central bank money,” said Henri Arslanian, global crypto leader at PwC. “And that is a big milestone in the evolution of money.”(Updates headline.)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) -- Asian shares climbed and U.S. equity futures pared a drop Monday as the global economic recovery and corporate earnings prospects bolstered sentiment despite rising Covid-19 infections. Hong Kong and China outperformed and Japan turned higher. Nasdaq 100 contracts got a boost as Treasury yields slipped further below recent peaks. S&P 500 futures were steady after the gauge chalked a fourth week of gains.Bitcoin tumbled the most since February over the weekend, after reaching a record last week as crypto exchange Coinbase Global Inc. went public. The yen advanced and euro underperformed amid U.S.-Russia tension. The dollar ticked higher.Asian credit markets rallied, led by a rebound in China Huarong Asset Management Co. bonds. China’s financial regulator said the bad-debt manager had ample liquidity, in the first official comments since the company missed a deadline to report earnings.Robust economic data from China and the U.S. have buoyed investor sentiment, pushing the MSCI All-Country World Index to another record despite concerns surrounding the spread of Covid-19 variants. New infections in the past week surpassed 5.2 million, the most since the pandemic began.The risk of another destabilizing increase in borrowing costs has also subsided, as bond yields have pulled back from recent highs. This week traders will look for further confirmation of the private sector’s recovery from the pandemic as the earnings season gathers pace.“Our current view is that with short-term interest rates set to remain low for the medium term and our expectation that earnings will continue to increase, it is unlikely that the increase in long-term interest rates will trigger an equity market fall,” Russel Chesler, head of investments and capital markets at VanEck Australia, said in a note.The European Central Bank decision later in the week will also draw attention. The ECB is likely to keep policy unchanged, and to sound cautiously optimistic on the economy and stabilization in borrowing rates. It’s probably too soon for further details about the plans for the asset purchase program beyond the second quarter.Meanwhile, traders are also monitoring growing tensions between the U.S. and Russia over jailed opposition leader Alexey Navalny.Here are some key events to watch this week:Apple’s first product unveiling of the year on Tuesday.Reserve Bank of Australia releases minutes of its policy meeting on Tuesday.EIA crude oil inventory report on Wednesday.European Central Bank rate decision and President Christine Lagarde briefing on Thursday.U.S. releases manufacturing and services purchasing managers indexes Friday.These are some of the main moves in financial markets:StocksS&P 500 futures fell 0.2% as of 11:52 a.m. in Tokyo. The S&P 500 Index climbed 0.4%.Topix index rose 0.1%.Australia’s S&P/ASX 200 Index rose 0.2%.Hang Seng Index rose 1.1%.Shanghai Composite Index rose 1.3%Kospi index rose 0.4%.CurrenciesThe yen was at 108.63 per dollar, up 0.2%.The Bloomberg Dollar Spot Index rose 0.1%.The euro traded at $1.1953, down 0.3%.The offshore yuan was at 6.5284 per dollar.BondsThe yield on 10-year Treasuries fell two basis points to 1.56%.The yield on Australia’s 10-year bond was steady at 1.73%.CommoditiesWest Texas Intermediate crude lost 0.2% to $63 a barrel.Gold was at $1,778.97 an ounce, climbing 0.1%.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) -- Gulf Energy Development Pcl, Thailand’s biggest power producer by market value, offered to to acquire Intouch Holdings Pcl that control’s the nation’s largest mobile phone operator for as much as 169 billion baht ($5.4 billion).The Bangkok-based company, controlled by billionaire Sarath Ratanavadi, offered to buy 2.6 billion shares, or about 81% of Intouch, that it doesn’t currently own at 65 baht each, it said in an exchange filing. The offer price is 11% higher than Intouch’s close on Friday.Gulf Energy will also tender for 100% of Advanced Info Service Pcl, Thailand’s biggest mobile phone company controlled by Intouch, at 122.86 baht each. Advanced Info’s offering will be subject to Gulf Energy securing at least 50% stake in Intouch, it said.Sarath, 56, Thailand’s second-richest person, has expanded his 10-year-old energy company into deep-sea port, tollway and telecommunication as well as power projects in Vietnam, Oman and Germany. Acquisitions of Intouch and Advanced Info will create long-term benefit as both companies have strong potentials and cash flows as Thailand’s leading telecommunication companies, Gulf Energy said.Gulf Energy’s proposed acquisition of Intouch would be Thailand’s third-biggest buyout deal, according to data compiled by Bloomberg. Singapore Telecommunications Ltd. is the biggest shareholder of Intouch after acquiring 21% stake from Temasek Holdings Pte in 2016. SingTel also owned about 23% stake in Advanced Info.Loans, CashSarath, Gulf Energy’s chief executive officer, has a net worth of $9.1 billion, most of which comes from his and his family’s stake in the power producer, according to Bloomberg Billionaires Index.Gulf Energy will finance the acquisitions of Intouch and Advanced Info by its own cash flows and bank loans, according to the company’s statement. The company’s shareholders will hold a meeting on June 25 to consider the proposed acquisitions.Intouch’s biggest earnings come from Advanced Info and Thaicom Pcl, the nation’s biggest satellite operator. It also invests in technology startups. Gulf Energy will request the regulator to waive a mandatory requirement to make tender offer for Thaicom, it said(Adds details and background throughout.)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.
Victorian students will have the opportunity to play kick-to-kick with AFLW superstar Tayla Harris, who's become an ambassador for the state's Active Schools program.The 24-year-old joined Acting Premier James Merlino on Monday to announce a further 96 schools will receive $30,000 grants as part of the $24.
Commentators noticed a scary onlooker behind golfer Collin Morikawa on the weekend.
Craig-Hallum prognosticator Bradley Berning feels that the company's "boring" operations in particular are significantly undervalued.
Australia's All Ordinaries index has extended its record high to start the week as the market closed on more records.The All Ordinaries reached a record 7358.
Swedish carmaker Volvo Cars said on Monday it has signed an agreement to provide cars to the autonomous driving technology unit of China's top ride-hailing firm, Didi Chuxing, for its self-driving test fleet. Volvo will provide XC90 SUVs equipped with backup steering and braking systems that DiDi Autonomous Driving will integrate with Didi Gemini, its new self-driving hardware platform. Didi is currently working toward an initial public offering with a valuation of at least $100 billion.
EU foreign ministers are set to meet virtually Monday for talks on the health of dissident Alexei Navalny, as the United States warned Moscow of "consequences" if the Kremlin critic dies in prison and tensions soared over a Russian military build-up on Ukraine's border.
WARNING: GRAPHIC CONTENT: Safety regulators have released horrifying footage of a child getting stuck under a treadmill, while urging consumers to cease using them.
(Bloomberg) -- Razorpay, an Indian startup that facilitates digital payments, is raising $160 million from Sequoia India, Singapore’s sovereign fund GIC Pte and others, tripling its valuation to $3 billion in six months.The Bangalore-headquartered company, which helps businesses to automate their payment systems, will use the funds to expand into banking and lending, make acquisitions and add services in Southeast Asia, the company said in an announcement on Monday. Razorpay Software Pvt, as the company is formally known, has raised a total of $366.5 million so far.India is in the middle of an unprecedented startup boom, as the coronavirus pandemic drives more activity online and investors see untapped opportunity for profit in the fledgling digital ecosystem. Earlier this month, six startups turned unicorns within the span of days, almost as many as all of 2020. Razorpay is the latest beneficiary, seeing its valuation surge after reaching the $1 billion mark in October.The startup has seen 300% growth in both volume and revenues during the financial year ending in March, its co-founder and Chief Executive Officer Harshil Mathur said.“We process about $40 billion annualized payments volume currently, compared with $12 billion a year ago,” said Mathur, discussing the funding via a Zoom video conference call. More than 5 million businesses use its payments infrastructure currently, compared with 3 million last year.India’s fintech segment has received a substantial boost after stringent lockdowns, night curfews and restrictions on the operation of malls and supermarkets. Consumers in the country of 1.3 billion people are spending more on e-commerce, internet learning, online gaming and wealth management services.“Offline merchants are coming online at a rapid pace, and boutique stores and artisanal stores are opening up online, boosting digital payments,” said Mathur, whose service competes with startups like BillDesk and PayU.Razorpay was founded in Dec. 2014 by Mathur, now 30, and his classmate Shashank Kumar, 31, from the country’s premier engineering school, the Indian Institute of Technology’s Roorkee campus. The two had gone on to work overseas for Microsoft Corp. and Schlumberger before the idea of starting a payment gateway brought them back to India. Mathur said the duo had beaten a path to at least a hundred bankers before getting a payment gateway license.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.
Japan's March exports jumped 16.1 per cent from a year earlier to 7.
A missing Sydney schoolgirl died by homicide but where or precisely how remains a mystery after an inquest as her body has never been found.Quanne Diec, 12 was last seen walking from her Granville home to catch a train to Strathfield Girls High School almost 23 years ago.
Highlights of Today in History: Oklahoma City bombing; Battle of Lexington and Concord; Pope Benedict XVI elected; Branch Davidian siege near Waco, TX ends. (April 19)
Japanese stocks edged higher on Monday as some investors hoped to benefit from an expected increase in semiconductor production, but worries about rising coronavirus infections capped gains. The Nikkei 225 Index rose 0.16% to 29,731.15 by 0201 GMT, while the broader Topix rose 0.04% to 1,961.58. Japan and the United States agreed last week to cooperate on investment in semiconductor supply chains in response to a global shortage of chips, which is seen as a positive for Japanese chemical and industrial companies, analysts said.