The release of Vanguard’s annual report, How America Saves 2024, sheds light on the current state of Americans’ retirement savings. While the report shows that investors are saving more than in the past, there is still a need for increased savings to ensure a comfortable retirement. With the median 401(k) balance of those nearing retirement
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In a recent panel at the World Economic Forum’s “Summer Davos” meeting in Dalian, China, Wan Gang, the man behind China’s electric car strategy, expressed his belief that Chinese investment in the European electric vehicles industry could benefit both sides amid ongoing trade tensions. He highlighted the potential for combining investment with commodity trade as
The Biden administration recently announced its plan to implement inflation penalties on 64 prescription drugs for the third quarter of this year, aimed at reducing costs for older Americans enrolled in Medicare. This move is part of President Joe Biden’s broader agenda to lower U.S. drug prices, particularly for Medicare beneficiaries over the age of
Artificial intelligence has become a centerpiece in the financial sector, allowing companies like Morgan Stanley to innovate and streamline operations. The investment giant is taking a significant leap forward with the introduction of Debrief, an AI assistant designed to revolutionize the way financial advisors conduct meetings and interact with clients. The adoption of generative AI
Europe’s approach to artificial intelligence (AI) has been focused heavily on regulation rather than innovation, according to Prince Constantijn of the Netherlands. He expressed his concerns that Europe’s ambition seems to be limited to being good regulators, which may hinder the region from becoming a leader in AI development. While regulation is necessary to ensure
FedEx experienced a significant surge in its share price, jumping over 15% after reporting stellar financial results that surpassed analysts’ expectations in both earnings and revenue. The company’s fiscal fourth-quarter performance exceeded Wall Street projections, with earnings per share coming in at $5.41 adjusted versus the expected $5.35, and revenue hitting $22.11 billion compared to
In recent years, China has been striving to increase the global use of its currency, the yuan, also known as “renminbi” or “RMB.” The dominance of the U.S. dollar in the international financial market has pushed Beijing to promote the yuan as an alternative. The CEO of Hong Kong Exchanges and Clearing Limited, Bonnie Chan,
The housing market in April of 2024 saw yet another record high in home prices, despite rising mortgage rates and an influx of homes for sale. Traditionally, in such scenarios, prices would start to weaken. However, the current state of the housing market is unparalleled in recent times. The S&P CoreLogic Case-Shiller National Home Price
As individuals approach retirement with significant pre-tax 401(k) balances, it is crucial to have a comprehensive plan in place to manage future tax implications. According to financial experts, diligent savers could potentially encounter a “tax time bomb” once required minimum distributions (RMDs) come into play during retirement. Certified financial planner Scott Bishop highlights the impact
The U.S. auto industry has seen a modest 2.9% increase in sales in the first half of the year compared to the previous year. However, experts are wary of the industry’s ability to sustain this growth trajectory for the remainder of the year. Various factors, including escalating vehicle inventory levels, rising incentives, and a sense