The Chinese national flag fluttering with the Lujiazui Financial District in the background.Vcg | Visual China Group | Getty ImagesFinancial institutions are rethinking their China calls after a surprise trade truce between Washington and Beijing, raising both the country’s growth forecasts as well as stock market outlooks.On Monday, the U.S. and China reached an agreement to temporarily halt the majority of tariffs on each other’s products for 90 days. Under the deal, mutual tariffs will be reduced from 125% to just 10%.This marks a significant easing of tensions between the two countries after the tit-for-tat that ensued following U.S. President…
Author: usaeverydaylife
The app icons for Revolut and Monzo displayed on a smartphone.Betty Laura Zapata | Bloomberg via Getty ImagesFinancial technology firms were initially the biggest losers of interest rate hikes by global central banks in 2022, which led to tumbling valuations.With time though, this change in the interest rate environment steadily boosted profits for fintechs. This is because higher rates boost what’s called net interest income — or the difference between the rates charged for loans and the interest paid out to savers.In 2024, several fintechs — including Robinhood, Revolut and Monzo — saw a boost to their bottom lines as…
The ceremony to honor Pope Leo XIV in the Peruvian city where he served as bishop for roughly eight years began on Saturday night with a procession of altar boys and priests. It ended long past dark with dancers in devil costumes swirling on the steps of his former church.In between, there was a Mass, communion, many hymns, a student band, a chorus, fireworks, a musical performance by one of the priests — cheered like a rock star in a white robe — and chant after chant about the “papa Chiclayano,” the pope from Chiclayo.Chiclayo, in northern Peru, is the…
A drone view shows Tesla electric vehicles waiting for shipment outside the Tesla gigafactory in Austin, Texas, U.S., May 2, 2025. Eli Hartman | ReutersRepublicans in the U.S. House of Representatives on Monday proposed killing the electric vehicle tax credit and repealing fuel efficiency rules designed to prod automakers into building more zero-emission vehicles as part of a broad-based tax reform bill.The proposal, which is set for a House Ways and Means Committee hearing on Tuesday, would repeal a $7,500 new-vehicle tax credit and a $4,000 used-vehicle credit on Dec. 31, although it would maintain the new-vehicle credit for an additional year for automakers that have not yet sold 200,000 EVs.The president of the Electric Drive…
Asia is home to more than half of this summer’s top 15 emerging travel destinations, according to a report released Monday by the Mastercard Economics Institute.Tokyo and Osaka topped the list, which compared summer flight bookings for 2024 and 2025 to find the places experiencing the most growth in travelers.The ranking shows continued interest in Tokyo, which ranked No. 2 on last year’s list.Paris is No. 3 on the list, reflecting a drop in travelers during the summer of 2024 caused by the Summer Olympic Games, followed by Shanghai at No. 4.Beijing, Seoul and Singapore round out the top 10…
Data from the U.S. National Library of Medicine suggests that 85% of genomics studies have been conducted in individuals of European descent.Singapore-based project GenomeAsia 100K is working to address this representation disparity.Almost a decade ago, it set the goal to sequence 100,000 Asian human genomes and create a genetic representation of Asian human variation.”The project has two parts. Step one is to understand the genetic makeup of Asians as a whole entity, but then the second one is to find out which of those genetic markers that we newly discover are actually ethical markers and are not disease markers, as…
Toys made by Mattel, Hasbro and others are seen at a Macy’s store in New York.Staff | ReutersShares of major toy makers rallied on Monday after the U.S. agreed to temporarily reduce tariffs on China.The agreement will pause most tariffs and other trade barriers for 90 days, including reducing the 145% levy President Donald Trump had in place on Chinese imports to 30%.Shares of Mattel jumped more than 10% Monday, Hasbro traded up 6.5%, Jakks rose more than 15% and Funko soared a whopping 46.4%.The rally pushed shares of Hasbro above their trading level from early April, before Trump first…
The Palestinian Authority said late Monday that it would lift a ban on the broadcaster Al Jazeera in the West Bank that it put into effect after accusing the outlet of “inciting sedition” and “interfering in internal Palestinian affairs.”The ban, which the Palestinian Authority’s attorney general, Akram Khatib, instituted on Jan. 1, had been indefinite. Palestinian officials said that it would last until Al Jazeera, which is funded by Qatar, “corrected its legal status,” though they did not detail the accusations against the broadcaster.Mr. Khatib told The New York Times on Monday that the authority had decided to lift the…
For many millennials and Gen Zers, financial security remains out of reach — even as their net worths grow on paper.”We’re living in two separate economies,” said Freddie Smith, an economics content creator who talks about the different financial realities between generations. “The middle class, unfortunately, is dead for millennials and Gen Zers. Or, best-case scenario, the goalpost has just moved and it’s still obtainable, but you have to make over six figures to have that middle-class life.”Rachel Schneider, CEO of emergency payment fintech company Canary and co-author of “The Financial Diaries,” describes a large portion of Americans as living…
Chinese President Xi Jinping and President Donald Trump at the G-20 Summit in Osaka on June 29, 2019.Brendan Smialowsi | AFP | Getty Images Over the weekend, both the U.S. and China agreed to reciprocally slash tariffs on each other for 90 days from 125% to 10%. That’s much more than expected, as Trump on Friday has said that an 80% tariff on China “seems right!” The U.S. is still keeping its 20% fentanyl-related levy on China, so the total duty on Beijing adds up to 30%.While high, 30% is a far cry from 145%. Investors were ecstatic, and sent…
