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Banks pressure Dow ahead of long weekend – Stock Exchange



Banks pressure Dow ahead of long weekend - Stock Exchange

On the eve of a long weekend, as Wall Street is closed on Monday for Martin Luther King Jr. Day, the S&P 500 and Nasdaq were able to return to gains, but the Dow did not catch its breath.

The Dow Jones industrial index fell 0.56% to 35,911.81 points. On January 5 last year, it reached a level that was not there before, at 36,952.65 points.

Standard & Poor’s 500 added 0.08% to 4662.85 points. In intraday trading on January 4, it reached its highest value ever – 4818.62 points.

For its part, the Nasdaq Composite Technology Index added 0.59% to close at 14,893.75. Recall that on November 22 it reached a historical maximum of 16,212.23 points.

Banking was one of the Dow’s worst performers as investors were disappointed by JPMorgan Chase’s nearly 15% drop in Q4 2021 earnings compared to the same period in 2020.

Shares of JPMorgan fell 6.15% to $157.89.

Citigroup pcs. BlackRock, which also reported their accounts today, also fell in price by 1.25% and 2.19, respectively.

Wells Fargo turned out to be a bright spot in the bank, climbing 3.68% after announcing – also this Friday – better-than-expected results.

The techs, who had been punished in the last few days, were able to recover in the middle of the session. They still opened lower this Friday under pressure from a fresh signal for an imminent rate hike, but reversed the trend with some optimism to get back into the market.

At the beginning of the day, all US indices were in the red, still digesting the words of the head of the US Federal Reserve, Lael Brainard, who assured this Thursday that the central bank is ready to interest rate hike in Marchif the measure is necessary to fight inflation.

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“Lael Brainard explicitly mentioned that the main priority of the Fed is to bring inflation down to values ​​that are accepted as maximum, that is, at the level of 2%. A rise in the cost of living of three times that amount, with little sign that it could fall sharply in the first quarter, has led investors to speculate that central bank members’ thinking is now much more hawkish, not least because new members Joe Biden appointees, including Brainard, have more to do with a hawkish mentality than those who leave,” said Marco Silva, a consultant at ActivTrades, in his daily analysis.

Brainard’s position is consistent with what he said Fed President last Tuesday before the Senate. Jerome Powell said at his confirmation hearing that the Federal Reserve will be able to bring down inflation as long as the US economy recovers.

The Fed chairman said he would not hesitate to take action if necessary to contain price pressure. “If over time we have to raise interest rates more often, we will do it,” he stressed.

Retail sales data released today also did not improve investor sentiment. They fell 1.9% in December from the previous month, after seasonal adjustment. It was the first drop since the summer, largely due to an increase in cases of infection with the omicron variant of the coronavirus in the country.

In July, which was the last month of the drop in retail sales, this drop coincided with an increase in delta infections.

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The market movement ended with a correction in favor of growth, in the case of the S&P 500 and Nasdaq, mainly due to the consolidation of positions before the holiday.

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Are we close to the end of physical money? Coins and banknotes are practically disappearing in these countries — Executive Digest



Are we close to the end of physical money?  Coins and banknotes are practically disappearing in these countries — Executive Digest

At present, the number of payment alternatives in addition to physical money such as credit cards, payment with applications or mobile phones is increasing, and well-known coins and banknotes are gaining ground.

However, ElEconomist explains, there is evidence that, despite the apparent growth of other forms of payment, physical money continues to hold. According to the European Central Bank (ECB), almost half of all payments, 48%, are made using banknotes. In the US, the US Federal Reserve has noted that money in circulation has even reached an all-time high.

There are countries that are discussing this issue, and some countries are testing formulas for moving to a fully digital model. A Spanish website has compiled a list of cases where money could be on the brink of extinction.


Despite having the oldest central bank in the world, it has been leading the fight against physical money since the beginning of the last decade. Between 2011 and 2020, Swedish citizens reduced their use of cash from 39% to 9%. With companies, banks and other institutions refusing to accept payments in coins or banknotes, Sweden would be quite willing to move away from cash if rural areas didn’t resist its decline.

At the same time, the Swedish government is at the same time trying to slow down the transition by asking citizens to keep money at home.


Norges Bank, the country’s central bank, has released figures that Norwegians only use banknotes or coins for 3 to 4% of their transactions, and the lack of physical liquidity in the country is a concern, so although they are about to achieve full digitization, they are trying to stop this is.

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The Norwegian Consumer Protection Agency has already received complaints about the inability to pay for bus tickets or cafes in cash in the center of the capital, and the country’s Pensioners’ Association has also warned of the concerns this raises among a less digitized population.


It is one of the countries not only in Europe but also in the world with the most development in this aspect, with a share of cash payments below 24% compared to 52% in 2005, 40% in 2011 and 30% in 2015. . . .

Data from the Dutch Payments Association shows that card usage for payments now exceeds 75%, with mobile payments up 30% last year.

In this case, banks are the biggest drivers of total digitalization to cut costs at branches and ATMs. In the Netherlands, 89% of customers are already digital, compared to the European average of 60%.


The country is becoming so digitized in this regard that the People’s Bank of China is imposing fines on public and private institutions that refuse to accept cash payments in order to “protect citizens’ rights to use cash.”

The latest survey by the region’s central bank shows that 66% of payments in the region are made using a mobile phone, compared to 23% in cash. At the same time, the percentage of card payments is even less: only 7% of transactions.

South Korea:

Since 2016, the country has been trying to digitize payments, which is why cash in circulation is only 40% of the total, which is an all-time low. Of the total number of transactions in the country, only 17% are made in physical money.

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In the country led by Justin Trudeau, Visa said citizens are “ready to move away from cash” as Canada “has one of the highest penetration rates of credit card payments in the world (70%)”. As a percentage of total transactions in 2021, only 17% were made with physical money. Cards make up 60% of transactions and electronic payments 12%.


The latest report from The Global Payments explains that the country is accelerating its transition to cash, which will account for just 2% of all transactions by 2025. From 75% in 2007 to around 30% in 2019.

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Vinted has been targeted by online scammers | Internet



Vinted has been targeted by online scammers |  Internet

Platform online Wynted was attacked by tell jokes. According to Portal da Queixa, a Lithuanian company that buys, sells and exchanges goods has received several complaints from Portuguese users who have been deceived by fraudulent schemes.

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How Asia’s richest woman lost half her fortune in a year



How Asia's richest woman lost half her fortune in a year

60 minutes / YouTube

For years, Yang Huiyan’s fortune has been at the center of headlines, comments, and calculations outside of China.

Yang Huiyan, who is only 41 years old, is not only the richest woman in her country, but also the most the richest in all of Asia.

FROM inherited a real estate empire from his father over ten years ago, his fortune continues to grow. But in 2022, everything changed: last year it suffered a real decline.

According to Bloomberg Billionaires Index calculations, Yang saw his net worth drop more than 52% last year.

In 2021, Bloomberg estimated the fortune of a business woman at about $33.9 billion (about 33 billion euros), which fell to around $16.1 billion (about €15.7 billion) in July last year.

Economic analysts saw this not only as a grim sign of the state of the Chinese housing market, but also as a serious warning that The future of the world’s second largest economy.

This comes as the country’s real estate sector has been hit hard by falling home prices, declining buyer demand and a bad debt crisis that has affected some major property developers since 2020.

The situation has reached the point where some banks ran out of moneywhich caused protests in some cities of the Asian country.

And although Yang remains the richest woman in Asia, her position has begun to falter.

Yang is followed by chemical fiber entrepreneur Fan Hongwei, who also has an estimated net worth of around $16 billion, according to Bloomberg.

But who is Yang Huiyan and how did he make one of the biggest fortunes in the world?


Born in 1981 in Shuntak, a district of Foshan City, Guangzhou Province, in southern China, Yang is the daughter of one of the richest people in the Asian country: Yang Guoqiang.

Raised in one of China’s most influential families, she received an excellent education and was sent to the United States at the time of youth. In 2003, he graduated from the Faculty of Arts and Sciences at The Ohio State University.

Returning to China, he inherited from his father in 2007. most actions Country Garden Holdings, China’s largest real estate company.

Founded in 1992 in Guangzhou, Country Garden Holdings has been successful since its Hong Kong IPO and has raised about $1.6 billion, about the same as Google’s since its 2004 US IPO.

Although Yang is known for staying out of the public eye and living a low key lifestyle, center of countless headlines inside and outside of China.

One of the most high-profile cases occurred in 2018, when legal documents known as the “Cyprus Papers” were leaked and revealed that he had obtained Cypriot citizenship in 2018, despite China not recognizing dual citizenship.


Chinese market researchers describe Yang as a creative woman with business acumen.

In June last year, the International Hospitality Institute recognized it in its ranking the most influential people in the global hotel industry.

However, his business was already showing signs of weakness.

The situation in the real estate market in the country since 2020 has become more complicated not only because of the coronavirus pandemic, but also because the Chinese authorities tried to curb over-indebtedness in real estate.

This resulted in large builders facing payment struggles and forcing them to renegotiate a contract with your creditors.

The crisis worsened when Evergrande, the most indebted Chinese real estate company, defaulted on its dollar-denominated bonds in late 2021 after months of liquidity problems.

Since then and this year, several other major groups, including Kaisa and Shimao Group, have also applied for creditor protection.

The crisis has escalated in recent weeks after news of a “buyers’ strike” after thousands of people stopped paying their mortgages due to the delay in starting construction work on the houses. Due to the delay in the delivery of houses, companies did not start receiving mortgage payments on time.

All this led to the fact that Zagorodny Sad, which felt good in the first months of the pandemic, also faced liquidity problemto such an extent that last July he had to sell shares at a discount of almost 13% to raise funds.

And the long-term picture doesn’t look good for Young, his fortune, or the company he represents.

In a July report last year, ratings agency S&P estimated that real estate sales in China may fall by a third this year because of the mortgage strikes, a collective movement in which buyers decided to put mortgage payments on properties that were behind schedule.


Meanwhile, Capital Economics, an independent London-based economics research firm, predicted that “without sales, many other companies will fail, which is financial and economic threat“for China.

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