With Clarity CEO Anubh Shah and Clarity COO Slisha Kankariya on how the company's business model takes the pressure out of shopping for engagement rings.
With Clarity CEO Anubh Shah and Clarity COO Slisha Kankariya on how the company's business model takes the pressure out of shopping for engagement rings.
(Bloomberg) -- The husband-and-wife duo that ran private lender Bridging Finance Inc. has been fired by a court-appointed receiver as Canada’s main securities regulator investigates the firm over alleged mismanagement and self-dealing.PricewaterhouseCoopers, which took control of Bridging at the request of the Ontario Securities Commission, fired David and Natasha Sharpe from the firm they co-founded almost a decade ago. The move came less than a week after the regulator said it was investigating the executives at the firm, which had about C$2 billion ($1.7 billion) in assets under management as of December.“The decision of the receiver is regrettable but not surprising,“ David Sharpe said in an emailed message. “Notwithstanding our termination, we will cooperate with the receiver to the extent possible in the interests of investors while we address the OSC’s misguided allegations.”The Toronto-based firm lends to small and mid-sized companies involved in everything from milling flour to delivering groceries. It attracted a following in particular among high-net-worth individuals with promises of steady gains from its loan portfolio. Those investments are now frozen, and it’s unclear how much will be recouped after the company emerges from receivership.In court documents made public last weekend, the OSC alleged the firm and senior executives mismanaged funds and failed to disclose conflicts of interest.Among the alleged conflicts, David Sharpe received C$19.5 million in undisclosed payments into his personal checking account from a company controlled by entrepreneur Sean McCoshen, the commission says in documents. During that same period, Bridging’s funds had lent more than C$100 million to other companies of McCoshen’s, the commission said in the documents.According to an affidavit by OSC forensic accountant Daniel Tourangeau, much of the undisclosed money was moved into David Sharpe’s personal investment accounts.The OSC said Friday that Bridging and some of its directors and officers, including David Sharpe, may have taken actions “which they knew or reasonably ought to have known perpetrated a fraud on unitholders” of the funds. They may have made statements that were “misleading or untrue” to the regulator, according to an OSC document. Bridging may have also “failed to deal fairly, honestly and in good faith with its clients.”Another central accusation is that Bridging misappropriated about C$35 million “to complete an acquisition for its own benefit” -- a deal with investment manager Ninepoint Partners LP for an interest in an income fund the two firms had been jointly operating.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.
Stocks traded mixed Friday as investors digested a disappointing April jobs report, which showed the U.S. economy added back far fewer jobs than expected last month despite easing stay-in-place restrictions.
(Bloomberg) -- Global central banks are starting to wind down the trillion-dollar money printing machines set in motion to rescue their economies in 2020. Getting ahead of them is becoming this year’s biggest currency trade.Early changes to bond-buying programs from Canada and Britain have been rewarding for foreign-exchange players. Meanwhile, Norway, which hasn’t needed to deploy more unconventional policy such as asset purchases, is already talking about raising rates. The trio’s currencies are leading the Group of 10 this year, posting gains of more than 4%.Yet that acceleration may already be losing momentum now that those policy makers have shown their hands. That has left traders on a mission to identify economies that are heating up too fast for comfort -- and those where tightening is a far-flung prospect -- in order to pick the next winners and losers.One strategy is to follow the commodity boom and bet on exporters such as Australia and New Zealand, where growth is roaring back. Another playbook involves buying the currency of a country likely to hike rates, while selling that of a country committed to ultra-low rates.“Some central banks outside the Fed like the Reserve Bank of Australia and the Reserve Bank of New Zealand may find themselves in a position similar to the Bank of Canada, where they could be tightening much sooner than what they’ve initially indicated,” said Mazen Issa, senior FX strategist at TD Securities. Canada’s move “may give a little bit more confidence to the policy community to begin making little tweaks to their own policy outlooks as well,” he added.Balancing ActLife in developed nations is returning to normal thanks to vaccines that have arrested the spread of coronavirus. But for central bankers, extricating themselves from the programs that staved off economic collapse last year is a delicate balancing act.The Federal Reserve, often called the central bank of the world, is taking a softly-softly approach toward policy normalization designed to avoid market chaos reminiscent of 2013’s taper tantrum. Ditto the European Central Bank, whose chief Christine Lagarde recently said talk of tapering is “premature.” But waiting as growth roars back runs the risk of falling so far out of step with economic reality as to provoke a policy overshoot.“The challenge for the Fed is that it should not wait too long because they may have to move faster, and that may shock the market,” said Athanasios Vamvakidis, head of G-10 FX strategy at Bank of America Corp. “It all depends on data.”The latest data may justify the Fed’s steady hand: April’s disappointing jobs report Friday recast inflation and rate-hike expectations.Tapering BeckonsWhether or not central bank chiefs are ready to talk about it now, tapering is drawing closer. Asset purchases from the Fed, the ECB, the Bank of Japan and BOE will likely slide to around $3.4 trillion this year from almost $9 trillion in 2020, before falling to just $400 billion in 2022, according to Bank of America.Traders are going all-in at signs of forthcoming policy tweaks: the euro gained Friday after ECB Governing Council member Martins Kazaks said the institution could decide to scale back its emergency bond-buying program as early as next month.“Growth is clearly accelerating in the G-10 countries, with vaccination campaigns picking up momentum. said Philippe Jauer, global head of FX at Amundi Asset Management. “This means policy could accelerate more than anticipated by the market.”North Meets SouthWhile those debates roll on, FX investors may get more joy betting that central banks Down Under take the lead of their northern Commonwealth peer.At Robeco Institutional Asset Management, fund manager Bob Stoutjesdijk cashed out of the Canadian dollar after the BOC’s taper last month. He’s got Australia and New Zealand on his radar, though he’s wary of lingering border controls that will sap tourism revenues and mixed signals from their central banks.Speculative investors, including hedge funds, held bullish bets on the New Zealand dollar for a sixth consecutive week through May 4, according to the latest data from the Commodity Futures Trading Commission. They increased net longs on the Aussie dollar for the first time in three weeks. Meanwhile, net shorts on the yen held near the most in two years. The divide between currencies backed by central banks taking steps toward pulling back support and those that are further off is also palpable in the options market.Sentiment on the Australian and New Zealand dollars versus their Japanese peer has turned less pessimistic this year, as seen in risk reversals. The premium on options betting on declines in the Aussie and kiwi against the yen has narrowed across the curve from end-2020 levels, for tenors starting at one-week all the way up to a year.There’s room for upside in the Canadian dollar versus the yen, and in the Norwegian krone against the Swiss franc and euro, given the contrast in their policy paths, according to Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist.The Aussie and kiwi dollars are likely to outperform based on higher yields alone, she said, even if their central banks have resisted adjusting to more hawkish policy language so far.While the RBA has been adamant that it will keep pumping monetary support into the economy until it is fully repaired, its most recent outlook showed upbeat trajectories for growth and jobs, showing it’s on track to drive faster pay gains and inflation back toward its target. Rising inflationary pressures and house prices have also been highlighted by the RBNZ.“No central banks want to shock the market, but they will have to watch data. If the data is strong, we would expect the Fed to normalize the policy. We expect the same for RBA and RBNZ,” said Vamvakidis at Bank of America. “They will be the ones to watch because of their potential to surprise to the upside.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.
While some technology stocks got a boost Friday after a disappointing U.S. jobs report, some portfolio managers say that blow-out earnings from several large technology companies over the last few weeks are not enough to keep making outsized bets on the sector. Instead, those fund managers say that they are continuing to rotate into value and cyclical stocks - whose fortunes are closely tied to economic conditions - in anticipation that the economic recovery will be longer and more gradual than originally anticipated. The notion that the U.S. jobs recovery has not yet peaked was reinforced by data from the Labor Department on Friday that showed U.S. employers hired far fewer workers than anticipated.
(Bloomberg) -- EXAMPLEDiscover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here.In the pandemic’s second year, some familiar worries -- about inflation, capital flight or public debt -- are starting to surface across the developing world. Except in one corner.In Asia, policy makers aren’t too preoccupied with these classic emerging-market problems. Their economies look increasingly like they’ve emerged.That’s largely down to lessons learned from the traumas of the past three decades –- from the late-1990s regional meltdown to the global crash of 2008 and the so-called “taper tantrum” of 2013 -- and the defenses put in place as a result.“Asian countries have used past crises to learn and build resilience,” said Sonal Varma, an economist at Nomura Holdings Inc. in Singapore.Their economies now boast hefty foreign-exchange reserves, stronger financial systems and an unassailable place as the world’s manufacturing powerhouse. Their stock markets, like those in the developed world, have posted gains during the pandemic while other emerging regions lost ground.In India, which is battling the world’s worst Covid-19 outbreak, the central bank chief has cited the buffer provided by its foreign exchange reserves, which have grown more than tenfold since 2000. “This gives us the confidence to deal with global spillovers,” Governor Shaktikanta Das said Wednesday as he introduced new support measures.Similarly, Indonesia and Thailand’s reserves are holding near records after expanding more than five- and seven-fold, respectively, over that period.All of this has left the region’s policymakers largely unfazed by the great inflation scare roiling many of their peers.With U.S. bond yields on the rise and the prices of food, energy and raw materials soaring, emerging nations like Brazil, Russia and Turkey have been forced into interest-rate hikes this year -– even though their economies are still recovering from Covid-19.By contrast, central bankers in Asia sound more like the Federal Reserve’s Jerome Powell -- arguing that any price increases will likely be modest and transitory. No emerging Asia economy has raised their benchmark interest rate so far in 2021, and only Pakistan is forecast to do so by year-end, according to Bloomberg.The region is likely to undershoot inflation targets this year like it did in 2020, TD Ameritrade analysts said in an April 19 report.Lessons LearnedAt the start of the Asian crisis in 1997, policymakers responded with fiscal consolidation and higher interest rates. The ensuing slump cost the region hundreds of billions of dollars in lost output and triggered a profound rethink of how economies should be managed.When the global crash of 2008 arrived, Asian economies were more resilient “because they responded with countercyclical fiscal and monetary stimulus,” according to a report this year by the United Nations Economic and Social Commission for Asia and the Pacific. And there’s been no major debt crisis in the region since the 90s, “thanks in part to the rapid growth of local currency bond markets.”The markets for government and corporate debt in emerging Asian economies were worth more than $20 trillion last year, up from less than $1 trillion two decades earlier.Some countries also moved to impose long-term restraints on spending -- like Indonesia, which enshrined a budget-deficit cap equal to 3% of GDP in law. When the rule was broken during the pandemic, investors broadly accepted the assurance that it would be reinstated when the emergency was past.On debt vulnerabilities and other metrics, Asian economies generally rank the strongest in Bloomberg’s emerging-market scorecard.Trade has given Asia an extra buffer throughout the pandemic, as its exports bounced back relatively fast. South Korea and Taiwan, the key suppliers to a tight global market for semiconductors, are in an especially strong position.For some analysts, those economies -- where per-capita economic output is around $30,000 -- are too wealthy to be considered emerging markets anyway. That highlights a wider problem with the term, which evolved to describe a class of financial assets and doesn’t capture distinctions between economies and societies.The group known as Emerging Asia often includes giant but poorer economies like India, as well as much richer ones like Taiwan. Others on the widely-used MSCI EM Asia index include Indonesia, South Korea, Malaysia, Pakistan, Philippines and Thailand -- as well as China, which many in the financial world place in a category of its own.‘Sigh of Relief’Whatever the labels, the proximity of the world’s fastest-growing large economy has been a boon for neighbors, especially in the pandemic.Around the middle of last year, many Asian companies “were facing sudden stops in orders and liquidity,” said Taimur Baig, chief economist at DBS Bank Ltd. in Singapore. “As China’s factories began to hum, a sigh of relief percolated through Asia’s elaborate supply chain.”Many emerging-market investors already treat Asia differently. Ian Samson, a fund manager at Fidelity International in Hong Kong, says it’s in effect a separate bloc.“In terms of the fundamentals -- whether it’s structural growth or fiscal balances -- Asia has been outperforming Latin America” and emerging markets in Europe, Africa and the Middle East, Samson said. Asia is especially dominant in emerging-market equities, accounting for the large majority of total investment, he said -- partly because it has bigger companies, and partly because more of them are in high-growth sectors like technology.Paul Sandhu at BNP Paribas Asset Management sees Asian out-performance continuing “for the foreseeable future” -- and he points to strengths that go beyond economics to include governance. In the early phases of the pandemic, Asia “handled it better than any other economy, whether in emerging markets or developed markets,” he said.To be sure, Asia has its share of problems. Beyond India’s deadly second wave of Covid-19 infections, there have been resurgences in Thailand and the Philippines too, while vaccination campaigns are lagging.Other economic challenges include escalating private debt and longer-run question marks over central-bank independence -- issues that trouble some developed economies too. And the growing tensions between the U.S. and China create headaches for countries seeking to stay on good terms with both.Still, the region’s economies generally have more room for error than most of their counterparts, according to Baig at DBS.“No emerging economy in Asia at present is characterized by debt sustainability concerns or a dramatic collapse in investor sentiment, which seems to be the case in a number of emerging economies elsewhere,” said Baig.(Updates to add Indonesia and Thailand foreign currency reserves in seventh paragraph.)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) -- Fears of rising interest rates and warnings over bond valuations have made junk- and investment-grade rated bonds a popular short bet among hedge funds.Speculators are predicting fresh pain for the bond market, especially for longer-dated bonds with sovereign yields being tipped to rise due to an increase in inflation forecasts. This comes amid warnings from market experts regarding the “over-extended” valuations of CCC-rated bonds, the riskiest class of debt.Global high-yield bonds worth as much as $55 billion are on loan to traders seeking to profit if prices drop, according to data from IHS Markit Ltd., by a narrow margin the largest balance since the fall of 2008. This compares with about $35 billion at the start of the year.In the euro-denominated investment-grade market, roughly $30 billion equivalent of bonds have been borrowed, the largest loan balance since early 2014.“I would expect that list to get bigger as spreads tighten and/or people get worried about rates rising,” said Tim Winstone, a portfolio manager at Janus Henderson, which oversees 294 billion pounds ($409 billion). “At these levels of valuations, I’m not surprised more people, such as hedge funds, are setting shorts.”Bond investors including Pacific Investment Management Co. have been cutting down on broad-brush bullish bets lately, citing expensive valuations after a rally that has run for over a year.The trend is having an impact on the performance of deals in the secondary market. Almost one out of four high-yield bonds sold this year is indicated below the price it was issued at, based on data compiled by Bloomberg.The trend has been attributed to so-called fast money from hedge funds that seek to sell the debt quickly at a profit, or with an interest to short.A 275-million-euro deal by Standard Profil Automotive GmbH fell four cents on the euro just days after pricing in the primary market last week. The deal is one of the worst performers among 2021 issues, trailing only two notes from retailer Iceland and packaging group Kloeckner Pentaplast.Investors are building up defenses against a potential scaling back of central-bank support. While the Federal Reserve maintains it isn’t ready to discuss a tapering of asset purchases yet, investors bet the U.S. central bank will come under pressure to do so later this year. Meanwhile, the European Central Bank could decide to prune its emergency bond-buying program as early as next month if the euro-area economy doesn’t deteriorate.On Thursday however, the Bank of England said it doesn’t intend to tighten until there’s clear evidence of rebound. Yields on 10-year U.K. government bonds have fallen for four of the past five weeks and risk premiums in sterling company debt traded near post-financial-crisis lows.Yet, investors are also seeking to taper-proof their portfolios with the turbulence of 2013 still fresh in their minds. The Fed warned Thursday that rising appetite for risk is stretching valuations and creating vulnerabilities in the U.S. financial system.Read More: Fed Warns of Peril for Asset Prices as Investors Gorge on RiskSome say the shorting strategy is premature.Kshitij Sinha, a portfolio manager at Canada Life Investments, which oversees 41 billion pounds ($57 billion), doesn’t see scope for significant repricing yet.“Shorting cash corporate bonds just for spread widening is very expensive,” he said. “You are better off expressing that view through CDS, either in single names or indices.”EuropeEuropean credit risk is in focus after macroeconomic data from the world’s largest economies showed a recovery is well under way.Credit Agricole joined regional peers in posting a strong trading performance, as 1Q profits jumped and it booked lower-than-anticipated charges to cover potential loan lossesSome German companies also reported promising earnings numbers, with Adidas raising its 2021 sales forecast and Siemens increasing expectations for its 2021 net; BMW reaffirmed its outlook for the year and said its automotive Ebit margin will come at the upper end of its forecastThe primary credit market is expected to slow down today as the week draws to a close; Erste plans to offer an inaugural sustainability bond, while FMO could bring a USD 5Y securityMeanwhile, the European Central Bank could decide to scale back its emergency bond-buying program as early as next month if the euro-area economy doesn’t deteriorate, according to Governing Council member Martins Kazaks.AsiaIssuers from the aviation industry were in focus in Asia’s primary dollar bond market on Thursday with BOC Aviation offering 3-year notes and Cathay Pacific mandating banks for dollar debt sale which would be its first since the 1990s.The bond from BOC Aviation came after the aircraft financing company raised more than $1 billion so far this year, data compiled by Bloomberg showsAsian investment-grade dollar bond spreads widened as much as 1 basis point, traders said, as investors assessed factors including the latest pandemic setbacks. But they remain down on the year and near the lowest since early 2020Naver Corp. received over $650 million of orders for its $300 million notesU.S.EQT agreed to acquire all of the membership stake in Alta Resources Development’s upstream and midstream subsidiaries for about $2.925 billion, to be funded with cash on hand, drawings under our revolving credit facility and/or through one or more debt capital markets transactionsThe Reddit army’s meme-packed campaign to boost GameStop stock price has now resulted in one of the most conventional victories on Wall Street: a credit-rating upgradeInternational Business Machines Corp. was downgraded by S&P Global Ratings one notch to A-. The ratings firm said an acquisition spree adds doubt to the tech company’s time line for reducing debt(Updates with reference to Pimco’s positioning in fifth paragraph)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.
There was a slight pullback in oil prices following Wednesday’s highs, but the rally is still very much on and bullish sentiment is palpable as summer driving season nears
(Bloomberg) -- Copper soared this week to an all-time high, continuing a sizzling rally that’s seen prices double in the past year.The previous copper record was set in 2011, around the peak of the commodities supercycle sparked by China’s rise to economic heavyweight status — fueled by massive amounts of raw materials. This time, investors are betting that copper’s vital role in the world’s shift to green energy will mean surging demand and even higher prices. Copper futures rose as high as $10,440 a ton in London on Friday. What’s the big deal about copper?Through human history, copper has played a critical role in many of civilization’s greatest advances: from early monetary systems to municipal plumbing, from the rise of trains, planes and cars to the devices and networks that underpin the information age.The reddish brown metal is mostly unrivaled as an electrical and thermal conductor, while also being durable and easy to work with. Today, a vast array of uses in all corners of heavy industry, construction and manufacturing mean it’s a famously reliable indicator for trends in the global economy.The copper market was one of the first to react as the Covid-19 coronavirus emerged in Wuhan, with prices slumping by more than a quarter between January and March last year. Then as China’s unprecedented steps to control the domestic spread of the virus started to yield results, copper rapidly rebounded -- and it hasn’t looked back since.But it’s not just China driving the rally. While the country accounts for half of the world’s copper consumption and has played an integral part in copper’s surge, demand there has actually softened this year. Yet prices continue to drive higher.Why is copper surging now?It’s partly due to evidence of recoveries in other major industrial economies, with manufacturing output surging in places like the U.S., Germany and Japan. But investors have also been piling into copper on a bet that global efforts to cut carbon emissions are going to mean the world needs a lot more of the metal, putting a strain on supply. New mine production may be slow to arrive, as mines are hard to find and expensive to develop.Electric vehicles contain about four times as much copper as a conventional car, and vast amounts of copper wiring will be needed in roadside chargers to keep them running. Bringing electricity from offshore wind farms to national power grids is also a copper-intensive exercise.Governments around the world have announced ambitious infrastructure investment plans, much of which involves construction, green energy, or both.Are things that use copper getting more expensive?Increasingly, yes. Major manufacturers have been hiking prices for air-conditioning units and fridges over the past few months, and they’re warning there may be more to come.Still, copper is often used in small quantities in complex consumer goods, and so the doubling in prices over the past year won’t be nearly as painful for consumers as an equivalent jump in food or fuel prices would be. Similarly, governments rolling out big spending programs might not be too worried about a rise in copper alone.But with other raw materials rising too, there are growing signs that they’ll get less bang for their buck as the cost of big-ticket items like wind turbines rise.What does it mean for the economy?There are mounting concerns that the broad rally in everything from lumber to steel will force central bankers to step in to stop inflation in raw-materials markets spiralling out of control.In turn, the stellar economic rebound that’s driving the commodities rally may start to stall as businesses are hit by higher interest rates, compressed margins, and waning demand from consumers. The key question for policymakers at the Federal Reserve — and traders on Wall Street — is whether the broad spike in commodities prices will be temporary.Could the rally fizzle out?In the case of copper, there are some signs that spot demand is starting to cool, particularly in China, and some analysts and traders say the record prices aren’t justified by today’s fundamentals.The view among policymakers is that the rise in commodities prices will prove short-lived, as consumers will focus their spending on services and experiences as economies open up, easing the strain on demand for commodities-intensive items such as second homes, electronics and appliances seen during lockdown.For copper though, it’s not just about strong demand today. In fact, a lot of expected spending on renewables and electric-vehicle infrastructure is yet to really materialize. When it does, it could transform the outlook for copper usage in countries such as Germany and the U.S.How high could copper go?Trafigura Group, the world’s top copper trader, and Goldman Sachs Group Inc. both say prices could hit $15,000 a ton in the coming years, on the back of a global surge in demand due to the shift to green energy. Bank of America says $20,000 could even be possible if drastic issues arise on the supply side.The copper market itself may also be facing a big shift. Trafigura predicts that demand growth in China will be eclipsed by rising consumption in the rest of the world over the coming decade, in a dramatic reversal of the recent trend. That could help underpin a new “supercycle” in the copper market, driving prices higher for years on the back of a step-change in global demand.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.
How you can take your health insurance into your own hands.
Barry Silbert, a power player in the digital-asset sector, said he's betting against dogecoin and is urging investors in one of the hottest trades in 2021 to convert their doge holdings into bitcoin.
It takes every cent I earn to get by and pay debt service. If I were to retire today, I would draw $1,200 a month in Social Security, or $1,400 a month if drawing against my ex-husband’s account (we were married 23 years). See: Confused about Social Security — including spousal benefits, claiming strategies and how death and divorce affect your monthly income?
Ethereum has outperformed major digital currency rivals this year, bolstered by the surge in decentralized finance (DeFi) and the anticipation of a technical adjustment this summer, but it faces hurdles that could stall its rise. With a jump of more than 350% in its price this year, ethereum has the second-largest market capitalization after bitcoin, but not as much cache and perhaps more operational challenges that could prevent it from eclipsing its major rival. In the crypto world, the terms "ethereum" and "ether" have become synonymous.
Families can get up to $50 off their bill to stay connected during the pandemic.
U.S. stock funds now are riding a river of new cash from investors — and that is not a bullish sign. In fact, fund flows are a contrarian indicator: the U.S. stock market in the past has performed better when there is a net outflow of cash. The evidence is summarized in the chart below, which plots net inflows of cash to U.S. stock funds (both open-end and exchange-traded funds) by year over the past decade.
Everyone has a different idea of what wealth is. You could ask 20-somethings what they think wealth is, and they might describe extravagant houses or a private jet. Someone older might mention lucrative investments. Everyone seems to have a different … Continue reading → The post What Is the Financial Definition of Wealth? appeared first on SmartAsset Blog.
The 39-year-old landlord, who was born and raised in Toronto, Canada, reached $1 million Canadian dollars, or approximately US$791,000, in 2019, though he felt he had reached financial independence even sooner. Chad found the FIRE Movement, made it to $1 million CAD before 40, and became a firefighter and sheepherder along the way. The former network administrator and his partner, Catherine, who is a Ph.D. student and research coordinator, save between 50% and 80% of their income every year and live off of $27,000 in annual expenses.
As the US economy continues to open up, the April jobs report from the US Bureau of Labor Statistics shows the boom in delivery jobs has taken a tumble. The industry covers workers who deliver and pick up packaged good, employed by companies like Amazon, Fedex, and DHL. When the Covid-19 pandemic halted the world and people stayed home, the demand for online retailers, online grocers, delivery firms shifted into high-gear.
The residential construction sector is pumping the brakes, judging by April's jobs numbers, despite the strong demand for homes.
A mass of attention has been brought to semiconductor companies as supply-chain constraints have reduced the availability of everything from cars to laptops to gaming consoles. The largest chipmakers and foundries — Intel (INTC) Nvidia (NVDA) Advanced Micro Devices (AMD) Taiwan Semiconductor Manufacturing (TSM) Globalfoundries and Qualcomm (QCOM) — have gotten most of the headlines. As the challenges are sorted out, it has become clear that semiconductors are a hot commodity, and for investors, that could be considered an opportunity.
Tech investor Cathie Wood tells CNBC she isn't unsettled by the popular ARK Innovation ETF's rough start to May.