By Samuel Shen and Vidya Ranganathan SHANGHAI/SINGAPORE (Reuters) -China cut benchmark lending rates as anticipated at the monthly fixing on Monday, following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy. The one-year loan prime rate (LPR) was lowered by 25 basis points to 3.10% from 3.35%, while the five-year LPR was cut by the same margin to 3.6% from 3.85% previously. The lending rates were last cut in July. People’s Bank of China (PBOC) Governor Pan Gongsheng told a financial forum last week lending rates will decrease by 20…
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Defined contribution (DC) plans are among the most common ways for US workers to save for retirement. US DC plan programs totaled $9.6 trillion in assets as of the third quarter of 2023 when they represented 22% of all US retirement assets. This creates tremendous responsibility for plan sponsors as they provide and manage retirement benefits on behalf of their employees. To help plan sponsors, we curated seven topics that we believe they should make top priorities for their retirement programs in 2024. 1. Complete a Comprehensive Target Date Fund (TDF) Review Target date funds (TDFs) are a distinguishing feature of…
Text size UN chief Antonio Guterres on Sunday appealed to nations gathered at a biodiversity summit in the Colombian city of Cali for “significant investment” in a fund set up to conserve and restore nature. “We must leave Cali with significant investment in the Global Biodiversity Framework Fund (GBFF), and commitments to mobilize other sources of public and private finance,” the secretary-general said in a video played to delegates to the COP16 biodiversity conference that officially starts Monday. The GBFF was created last year to help countries achieve the goals of the so-called Kunming-Montreal Global Biodiversity Framework adopted in Canada…
Nvidia has been one of the most hyped and closely followed stocks in recent memory as the fortunes of the broader market increasingly hinge on the AI chip leader.At one point this year, the stock accounted for more than a third of the S&P 500’s gains, and some investors even held watch parties for Nvidia’s earnings release.Nvidia’s astronomical run to a $3 trillion company has also been somewhat divisive as many on Wall Street have doubted that the stock can sustain further gains while others see the AI boom fueling more upside.That’s left investors asking, “should I buy Nvidia stock…
Investing.com– The People’s Bank of China cut its benchmark loan prime rate by slightly more than expected on Monday, with the cut coming amid a flurry of measures from Beijing to shore up economic growth. The PBOC cut its to 3.10% from 3.35%, slightly more than expectations it would cut the rate to 3.15%. The , which determines mortgage rates, was cut to 3.60% from 3.85%, against expectations for a cut to 3.65%. The PBOC had last cut rates in July. The LPR is determined by the PBOC based on considerations from 18 designated commercial banks, and is used as…
Investing.com– U.S. stock index futures rose slightly in evening deals on Sunday, with focus squarely on a string of key earnings from the technology sector and more that are due in the coming days. Futures steadied after Wall Street clocked a positive session on Friday, with indexes remaining in sight of recent record highs amid signs of resilience in the U.S. economy and positive earnings. But momentum now appeared to be somewhat stalling, as anticipation of an upcoming Federal Reserve meeting and a hotly contested U.S. presidential election kept investors wary. Stretched valuations among U.S. stocks also raised the possibility…
By Sam Tobin LONDON (Reuters) – A hearing in a lawsuit against BHP over Brazil’s worst environmental disaster, the 2015 collapse of the Mariana dam, will begin at London’s High Court on Monday, with claimants seeking up to 36 billion pounds ($47 billion) in damages. More than 600,000 Brazilians, 46 local governments, and around 2,000 businesses are suing BHP over the collapse of the dam in southeastern Brazil, which was owned and operated by BHP and Vale’s Samarco joint venture. The collapse of the dam, which held mining waste known as tailings, unleashed a toxic wave that killed 19 people,…
Introducing Mastercard (NYSE:) Move Commercial Payments to power near real-time commercial cross-border payments 24 hours a day, 365 days a year BEIJING & PURCHASE, New York–(BUSINESS WIRE)–Mastercard introduced a new product innovation, Mastercard Move Commercial Payments, that will enable banks to facilitate near real-time, predictable and transparent commercial cross-border payments. The new solution, revealed in Beijing at the annual Sibos conference, aims to simplify operations, optimize liquidity, reduce counterparty risk and provide end-to-end visibility for banks and their customers. Cross-border payments have been growing at double-digit rates, according to data from McKinsey, as businesses expand their supply chains and operations…
Liquidity conditions at China’s non-bank financial institutions have tightened this month as traders redeemed cash to ride the upswing in local shares. Source link
(Bloomberg) — Most Asian stocks are poised to rise in early trading Monday after Wall Street finished last week on fresh highs.Most Read from BloombergAustralian shares opened higher, with equity futures in Japan and mainland China also pointing to gains. US contracts rose after the S&P 500 notched up a sixth straight weekly increase, the best streak this year following a slew of corporate results and signs the world’s top economy remains robust. Hong Kong contracts signal declines.Traders will be closely watching China ahead of an expected 20 basis point reduction in the one-year and five-year loan prime rates on…