How the young plan to spend stimulus checks: Deutsche Bank

How the young plan to spend stimulus checks: Deutsche Bank

Students wait in line to cast their ballot at a polling station on the campus of the University of California, Irvine. Robyn Beck | AFP | Getty Images A survey from Deutsche Bank has given an insight into how much cash from U.S. stimulus checks might find its way into the stock market. Responses in the survey showed that half of 25 to 34-year-olds plan to spend 50% of their stimulus checks on stocks, leading the German investment bank to state that “a large amount of the upcoming U.S. stimulus checks will probably find their way into equities.” Meanwhile, 18...

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Deliveroo reveals it lost $309 million in 2020 ahead of London IPO

Deliveroo reveals it lost $309 million in 2020 ahead of London IPO

Deliveroo CEO Will Shu. Aurelien Morissard | IP3 | Getty Images LONDON —Deliveroo, the Amazon-backed food delivery service, has revealed that it recorded a loss of £223.7 million ($309 million) last year in plans to float on the London Stock Exchange that were published Monday. Deliveroo’s losses are substantially less than they were in 2019, when the London-headquartered firm recorded a loss of £317 million. While the eight-year-old company is still in the red, its revenues climbed to £4.1 billion in 2020, up from £2.5 billion in 2019. A date for Deliveroo’s initial public offering has not been officially announced...

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UK digital bank Starling valued at $1.5 billion after Fidelity backing

UK digital bank Starling valued at $1.5 billion after Fidelity backing

The Starling Bank banking app on a smartphone. Adrian Dennis | AFP via Getty Images LONDON — Starling Bank, a digital-only challenger bank in the U.K., said Monday that it’s raised £272 million ($376 million) in an investment round. The fresh cash injection, led by Fidelity Investments, values Starling at £1.1 billion, or $1.5 billion. That lifts it into the ranks of Europe’s unicorn companies — privately-held firms valued at $1 billion or more. Qatar’s sovereign wealth fund, the Qatar Investment Authority, also invested in Starling, along with U.K. pension scheme Railpen and hedge fund Millennium Management. “Digital banking has...

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The Senate passed Biden’s $1.9 trillion stimulus bill – here’s what’s next

The Senate passed Biden’s $1.9 trillion stimulus bill – here’s what’s next

Speaker of the House Nancy Pelosi (R), D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., hold a press briefing on Capitol Hill on Nov. 6, 2020. Nicholas Kamm | AFP | Getty Images The Senate has passed President Joe Biden’s landmark $1.9 trillion stimulus package, a major step in the bill’s evolution into law. The Senate, led by Majority Leader Chuck Schumer, D-N.Y., voted along party lines Saturday to approve the massive Covid-19 relief plan, which includes $1,400 stimulus checks for many Americans, $350 billion in aid to state and local governments and an extension of federal unemployment benefits. The...

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President says to brace for a shortage

President says to brace for a shortage

Taiwan President Tsai Ing-wen speaks during a press conference at the presidential office in Taipei on January 22, 2020. Sam Yeh | AFP | Getty Images Taiwan’s President Tsai Ing-wen has called on residents to conserve water and prepare for shortages as the island faces a drought, following months of scant rainfall and a lack of typhoons making landfall last year. In a Facebook post over the weekend, Tsai said that Taiwan did not experience a typhoon in 2020 and faces its most severe water shortage in 56 years. Typhoons typically produce huge amounts of rainfall. She explained that the...

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Chinese app Meitu buys millions worth of bitcoin and ethereum

Chinese app Meitu buys millions worth of bitcoin and ethereum

The interface of the app Meitu is displayed on a mobile phone in Yichang, central China’s Hubei province, Feb 22, 2021. Costfoto | Barcroft Media | Getty Images Meitu, a Chinese company that makes a photo editing app, has purchased bitcoin and ether, becoming the latest firm to buy cryptocurrencies. The Hong Kong-listed company said on Sunday it bought $22.1 million worth of ether and $17.9 million worth of bitcoin on March 5. Meitu follows the likes of electric car company Tesla and Square in purchasing bitcoin. But the Chinese appmaker appears to be the first major company to buy...

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Personal finance, money advice for women: How to start investing

Personal finance, money advice for women: How to start investing

Strives have been made for women in finance, with the likes of U.S. Treasury Secretary Janet Yellen, ECB president Christine Lagarde and Citigroup’s Jane Fraser now assuming top industry positions. But when it comes to personal finance, all too often they lag behind their male counterparts; demonstrating less tendency to invest and grow their personal wealth. There are many reasons for this imbalance. Persistent and pervasive pay inequity means women often earn less than men for the same work, while more money still is lost to unpaid caregiving roles. Meantime, typically longer life expectancies coupled with rising divorce rates leave...

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More Japan women are working but there’s glass ceiling: ex-Goldman strategist

More Japan women are working but there’s glass ceiling: ex-Goldman strategist

Japan has seen a marked increase in female participation in the workforce — surpassing the U.S. and Europe in terms of percentage — but there’s still a glass ceiling for women in leadership roles, says Kathy Matsui, a former vice-chair and strategist at Goldman Sachs Japan. Matsui is widely recognized as the one who coined the term “womenomics” in 1999, which became a key pillar of former Prime Minister Shinzo Abe’s economic reforms aimed at helping Japan boost its economy by bringing women into the workforce. Japan has made significant progress on that front due to a tight labor market and...

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Brent breaks $70 after Houthis attack Saudi Arabia’s oil facilities

Brent breaks $70 after Houthis attack Saudi Arabia’s oil facilities

Oil tanks at an oil processing facility of Saudi Aramco, a Saudi Arabian state-owned oil and gas company, at the Abqaiq oil field. Stanislav Krasilnikov | TASS via Getty Images International benchmark Brent crude futures popped during Asian trading hours Monday, moving above $70 a barrel for the first time in more than a year. The surge in oil prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday. A Houthi military spokesman claimed responsibility for the attacks. Brent jumped 2.65% to trade at $71.20, while U.S. crude futures rose 2.56% to $67.78....

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Why this rate-driven sell-off is hitting tech stocks hardest

Why this rate-driven sell-off is hitting tech stocks hardest

A Model X is on display at a Tesla showroom on February 13, 2021 in Beijing, China. VCG | Visual China Group | Getty Images What’s behind the drop in tech stocks? A model Wall Street uses to value stocks is flashing caution. Tech stocks are in a correction. The Nasdaq 100, the largest 100 nonfinancial stocks in the Nasdaq, is 10% off the historic high it hit just three weeks ago, but many big names are down close to 20%. Tech in correction(% from 52-week high) Xilinx 23% PayPal 22% AMD 21% Nvidia 19% Apple 17% What’s going on?...

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