U.K. wage growth records have sent fear down the spines of investors as they digest the possibility of a longer-term wild inflation
The rise in wages shows signs of inflation embedding, which means more monetary policies are needed over time.
U.K. wage growth has shaken the eurozone markets as the country battles wild inflation rates. Investors are digesting the report, which shows inflation could run wild for a little longer.
U.K. wage growth haunts the struggling economy
Economists now fear that the U.K. economy will keep being in trouble following a strong wage growth report. The report shows that U.K. wages have risen to a joint-record high in the three months ending May.
Price rises and wage growth is always negative in an economy struggling to fight inflation as it signifies embedding inflation. Embedded inflation happens when you see inflation expectations over the medium term rise to inconsistent levels. Embedded inflation arose in the 1970s when high inflation persisted for years, necessitating multi-year wage agreement changes.
As such, the sharp rise in U.K. wage growth is a negative factor in the battle against inflation. The country is also caught in other financial issues from inflations like high mortgages, almost sinking the housing sector. Over 2 million homes cannot afford to pay their mortgages on time and have defaulted.
Keep watching Fintech Express for more updates on this and other Fintech-related developments.
U.S. Treasury Secretary Janet Yellen is in China to take part in bilateral talks with the nation on their shared economic interests
Janet Yellen has become the second U.S. Cabinet member to visit the nation in a month as high-level communication continues between the two nations.
US’s Janet Yellen is in China for bilateral business talks as the relations between the two countries have become sour recently. Yellen is now the second member of the U.S. Cabinet to visit the Asian super economy in a month, among high-profile visitors who have been there for business purposes like Elon Musk and Apple’s Tim Cook.
Janet Yellen spearheads further economic talks with China despite fallouts
Janet Yellen’s visit to China will be followed by the Special Presidential Envoy for Climate, John Kerry’s in the coming days. These visits have been more frequent as the two nations seek to mend their relations which seem to have been falling further apart as days pass.
China has joined hands with Russia and other nations to form a breakaway economic bloc (BRICS+) that would see them cease using a ‘weaponized’ dollar in bilateral and multilateral trades among the member states. The US is also de-risking from China’s global supply chains and has called on its allies like the U.K. to do the same.
As such, the two nations have stood against each other, with the future looking to split them further. However, via Janet Yellen’s visit to China, the US has revealed that it doesn’t purpose to decouple from the Asian nation despite the existing hints.
Official statements from the two nations also show that there are plans for further talks between the two nations.
“Differences should not be a reason for estrangement, but rather a driver for strengthening communication and exchanges,” China’s Ministry of Finance said in a statement Monday about Yellen’s visit.
The Ministry of Finance indicated that China had asked the US to remove tariffs on Chinese goods and stop pressuring Chinese companies, among other things.
“My purpose is to make sure we don’t engage in a series of unintended escalatory actions that will be harmful to our economic relationship with one another,” Yellen said in an interview that aired Saturday on CBS News.’
She added that the events of the COVID-19 pandemic factored in the souring ties between the two nations. However, she believes steps should be implemented to prevent further escalation, and her trip seems to be doing much about it.
“And I think my trip has been successful in forging those relationships and creating the opportunity for a deeper set of more frequent contacts at our staff levels.”
Keep watching Fintech Express for more updates on US-China relations and other fintech-related developments.
Balaji Srinivasan, an ex-coinbase executive, has reacted to an Invesco research citing investors and Central Bankers flocking into gold.
The research spans 85 sovereign wealth funds, and 57 central banks, all collectively managing $21T in assets.
Balaji Srinivasan has reflected on central banks buying gold as fiat money continues to weaken globally as economic factions grow, showing worrying times ahead that inflation may continue for a while longer. He claims that the cited central bankers are relocating funds from riskier investments as a strategy to brace against a de-dollarisation impact.
Balaji Srinivasan sheds light on central banks flocking to gold
In his summary, Balaji Srinivasan cites ten points on central bankers’ actions.
1) Flight to gold. “Amid volatile [bond] yields, 2022 saw a flight to gold, questions around the US dollar’s future as the world’s reserve currency, and increased diversification of currency holdings.”
2) Gold hedges inflation. “Reserve portfolio managers identified inflation as a key risk…69% of central banks countering global inflation through gold allocations.”
3) Gold as a safe-haven. “96% of central banks increasing gold allocations cited its status as a ‘safe-haven’ asset”
4) Sanctions are a major factor. “A substantial percentage of central banks are concerned about the precedent set by the US freezing of Russian reserves, with the majority (58%) agreeing that the event has made gold more attractive.”
5) Physical gold in vaults only. “Consequently, central banks now prefer to hold physical gold rather than gold ETFs or derivatives…”
6) Not even London is trusted. “We…had it held in London…but we’ve now transferred our gold reserves back to our own country to keep it safe – its role now is to be a safe-haven asset” said one central bank based in the West.
7) Yuan rising as a trade currency, not a ‘reserve’ currency. “A considerable proportion do expect a shift towards renminbi (27% of central banks), but expectations differ based on the region.”
8) India now the #1 emerging market to invest in, over China. “India has now overtaken China as the most attractive Emerging Market for investing in Emerging Market debt.”
9) Dollar is being hedged with EM currencies (!). “While the US dollar is expected to retain its dominance, central banks are increasingly exploring diversification into Emerging Market currencies to hedge against volatility.”
10) Everyone wants to de-dollarize. “People have been looking for alternatives to the dollar and euro for a long time and they would’ve gone to them already if there were any suitable alternatives.”
CENTRAL BANKS ARE BUYING GOLD
Invesco just released its annual global survey of 85 sovereign wealth funds and 57 central banks, collectively managing $21T.
And what does it say?
1) Flight to gold. "Amid volatile [bond] yields, 2022 saw a flight to gold, questions around the US… pic.twitter.com/w3TPre6OKI
This report comes when the tension between economic powers is increasing. The United States has been under fire for their continued misuse of money and overprinting. As a result, nations are rising against the dollar, believing it is no longer the strong world reserve currency.
In June, the US hit its debt ceiling, resulting in emergency house proceedings to suspend it. That means the underlying problem was not addressed. A month later, the US spending has risen by a trillion dollars pushing the total debt to over $32.67T.
This debt trend has been discouraging to international economic powers. It has also worsened as the US has long been weaponizing the dollar against nations like China and Russia. As a result, these two nations and other 25+ interested ones have allied to develop the BRICS+ economic bloc.
BRICS+ will unveil a gold-backed currency that will replace the US dollar when the member states trade. The new report from Invesco shows that the reserve power that the US Dollar shortly held is being taken up by hard assets like gold and its alternatives (Bitcoin, now that even BlackRocks admits Bitcoin is a digital gold).
According to Balaji Srinivasan:
“The dollar is getting unbundled. When there’s an alternative in every situation, much of the dollar’s coercive power goes away. And that’s the theme of this report — sovereigns are seeking an exit from the dollar, and a hedge against its uncertain future”
Keep watching Fintech Express for more updates on finance and other fintech-related developments.
With fuel costs representing a significant portion of household budgets, finding ways to save on gas consumption can make a notable difference in overall expenses. By adopting fuel-saving strategies and making conscious choices, you can reduce your reliance on gasoline, save money, and contribute to a more sustainable future. In this comprehensive guide, we will explore various tips and techniques to help you maximize fuel efficiency and cut down on gas expenses.
Maintain Your Vehicle
Regular vehicle maintenance is crucial for optimal fuel efficiency. Follow these practices:
Replace air filters: Dirty air filters can restrict airflow to the engine, negatively impacting fuel efficiency. Replace them according to the manufacturer’s recommendations.
Use the recommended motor oil: Opt for the recommended viscosity grade of motor oil for your vehicle. The right oil reduces friction and enhances fuel economy.
Plan Efficient Routes
Proper route planning helps minimize unnecessary driving and saves fuel:
Combine errands: Group multiple errands into a single trip to reduce mileage and avoid unnecessary backtracking.
Utilize navigation apps: Utilize navigation apps to find the most efficient routes and avoid traffic congestion whenever possible.
Drive Smartly
Your driving habits play a significant role in fuel consumption:
Accelerate and decelerate smoothly: Avoid aggressive acceleration and sudden braking, as they waste fuel. Maintain a steady and consistent speed.
Observe speed limits: Higher speeds lead to increased aerodynamic drag, reducing fuel efficiency. Adhere to posted speed limits for better fuel economy.
Avoid idling: Turn off your engine if you anticipate a wait longer than 30 seconds. Idling consumes unnecessary fuel.
Use cruise control: When driving on highways or long, steady stretches, engage cruise control to maintain a constant speed and improve fuel efficiency.
Reduce Vehicle Weight
Reducing the weight of your vehicle helps improve fuel efficiency:
Remove excess items: Remove unnecessary items from your trunk or cargo space, as extra weight increases fuel consumption.
Avoid roof racks: Roof racks and cargo carriers create wind resistance and reduce aerodynamic efficiency. Use them sparingly.
Use Climate Control Wisely
Heating and cooling can impact fuel efficiency:
Park in shade: Park in shaded areas or use windshield sunshades to keep the interior cooler, reducing the need for excessive air conditioning.
Use air conditioning selectively: Use air conditioning at higher speeds and on highways, but consider opening windows at lower speeds to reduce fuel consumption.
Consider Carpooling and Public Transportation
Reducing the number of vehicles on the road is an effective way to save on gas:
Carpool: Share rides with colleagues, neighbors, or friends who have similar commuting routes.
Utilize public transportation: Explore public transportation options in your area, such as buses, trains, or light rail systems.
Embrace Alternative Transportation
Consider alternative modes of transportation for short trips:
Walk or bike: For short distances, opt for walking or biking instead of driving, promoting personal health and reducing fuel consumption.
Conclusion
By implementing these fuel-saving strategies, you can significantly reduce gas consumption and save money. Consistent vehicle maintenance, efficient route planning, smart driving habits, weight reduction, and mindful use of climate control contribute to increased fuel efficiency.
Additionally, exploring alternative transportation options and embracing carpooling or public transportation can further minimize reliance on gasoline. By adopting these practices, you not only save on gas expenses but also contribute to a greener and more sustainable future.
Grocery shopping is a necessity, but it can also be a significant expense for many households. However, with the right strategies and mindful planning, you can save money while still enjoying nutritious meals. In this comprehensive guide, we will explore thirty budgeting tips for grocery shopping, helping you stretch your dollars, make smart choices, and reduce food waste.
30 Tips for Budget-Friendly Grocery Shopping Experience
1. Create a Budget:
Start by setting a realistic budget for your grocery expenses. Consider your income, household size, and dietary needs to determine an appropriate allocation.
2. Plan Meals in Advance:
Map out your meals for the week, including breakfast, lunch, dinner, and snacks. This will help you create a grocery shopping list and avoid impulse purchases.
3. Make a Shopping List:
Write down all the items you need before heading to the store. Stick to your list and resist the temptation to buy unnecessary items.
4. Shop with a Full Stomach:
Avoid shopping on an empty stomach, as hunger can lead to impulsive and unhealthy purchases.
5. Compare Prices:
Compare prices across different stores or online platforms to find the best deals. Consider using price comparison apps or websites.
6. Shop in Bulk:
Buying non-perishable items in bulk can save you money in the long run. Be mindful of expiration dates and storage space.
7. Embrace Seasonal Produce:
Seasonal fruits and vegetables are often more affordable and fresher. Plan your meals around what’s in season to cut costs.
8. Clip Coupons and Use Apps:
Search for coupons in newspapers, magazines, and online platforms. Utilize grocery shopping store apps that offer digital coupons or rewards programs.
9. Purchase Generic Brands:
Generic or store brands often offer comparable quality to name brands at a lower price. Give them a try and see if you notice a difference.
10. Shop at Local Farmers’ Markets:
Support local farmers and find fresh produce at reasonable prices by visiting farmers’ markets. You might discover unique items and reduce transportation costs.
11. Avoid Prepackaged Foods:
Prepackaged and convenience foods tend to be more expensive. Opt for whole ingredients and prepare meals from scratch.
12. Minimize Food Waste:
Plan meals according to what you already have in your pantry and fridge. Properly store leftovers and use them in future recipes.
13. Take Advantage of Sales:
Keep an eye on weekly sales and stock up on items when they’re discounted. Just ensure you’ll use them before they expire.
14. Use Cashback Apps:
Explore cashback apps that offer rebates on specific grocery items. Scan your receipts and earn cashback rewards.
15. Shop at Discount Stores:
Consider doing grocery shopping at discount stores or warehouse clubs where you can find items at lower prices. Be cautious about bulk purchases and compare prices to ensure savings.
16. Don’t Shop Impulsively:
Avoid last-minute grocery shopping trips or wandering the aisles without a plan. Stick to your list and resist impulsive purchases.
17. Skip Packaged Snacks:
Snacks like chips, cookies, and prepackaged granola bars can be expensive and unhealthy. Opt for fresh fruits, nuts, or homemade snacks instead.
18. Prepare a Price Book:
Keep a record of commonly purchased items and their prices at different stores. This will help you identify the best deals and spot price fluctuations.
19. Freeze Excess Produce:
If you have surplus fruits or vegetables, freeze them before they spoil. Frozen produce can be used in smoothies, soups, or other recipes later on.
20. Join a Community Supported Agriculture (CSA) Program:
CSA programs allow you to receive fresh produce directly from local farmers on a regular basis. This can save you money while supporting sustainable agriculture.
21. Avoid Grocery Shopping on Busy Days:
Shopping during peak hours or weekends can be stressful and lead to rushed decisions. Choose quieter times to shop when you can take your time and make thoughtful choices.
22. Check Unit Prices:
Compare unit prices (price per ounce, pound, or liter) to determine the best value for money. Sometimes larger packages are more cost-effective, but not always.
23. Cook in Bulk and Freeze Meals:
Prepare larger portions of meals and freeze the leftovers in individual portions. This way, you’ll have ready-to-eat meals for busy days, preventing the need for takeout.
24. Try Meatless Meals:
Meat can be one of the most expensive items in your grocery budget. Incorporate more vegetarian or plant-based meals into your rotation to save money.
25. Utilize Loyalty Programs:
Sign up for loyalty programs offered by grocery stores to access exclusive discounts, promotions, or personalized deals.
26. Bring Your Own Bags:
Many stores charge for plastic bags or offer incentives for bringing your own reusable bags. Make it a habit to bring your own to save money and reduce waste.
27. Avoid Impulse Buys at the Checkout:
The checkout area is filled with tempting snacks and items. Stay focused on your list and avoid last-minute purchases that can quickly add up.
28. Monitor Expiry Dates:
Keep an eye on expiry dates to ensure you consume perishable items before they go bad. Properly organize your pantry and fridge to avoid waste.
29. DIY Cleaning and Personal Care Products:
Consider making your own cleaning supplies or personal care products using simple ingredients. This can save you money and reduce exposure to harmful chemicals.
30. Stay Mindful and Flexible:
Budgeting for grocery shopping requires discipline and adaptability. Be mindful of your spending habits, regularly review your budget, and make adjustments as needed.
Conclusion:
With these thirty budgeting tips for grocery shopping, you can take control of your expenses, save money, and make smarter choices. By planning meals, creating a shopping list, seeking out deals, and being mindful of waste, you’ll develop effective strategies to maximize your grocery shopping budget. Remember, small changes and conscious decisions can lead to significant savings in the long run, allowing you to maintain a healthy and economical lifestyle.
Twitter has received licenses to operate as a money transmitter in Michigan, Missouri, and New Hampshire.
The advancement is the first step for XCorp to become a global financial services provider.
Twitter has secured licenses to operate as a money transmitter in Missouri, New Hampshire, and Michigan, setting the stone rolling for its dream of becoming a financial service provider. Elon Musk disclosed this plan when taking over the social media giant last year to set it apart from the growing competition.
Twitter’s dream to be a financial services provider lives on
The objective of Elon Musk’s blue bird to become a financial services provider lives on as the company secured three US states money transmitter licenses. The company now only has to secure 47 more licenses to cover the US.
NEWS: Twitter has finally secured its first money transmitter licenses in several US states. pic.twitter.com/gziiRgelYU
— T(w)itter Daily News (@TitterDaily) July 5, 2023
This development comes as a win for Elon Musk as more competition grows among text-based social media companies’ niches. Yesterday, Mark Zuckerberg Meta launched Threads, a text-based social media app powered by Instagram and is a direct competitor to Twitter. Donald Trump also launched Truth Social, a text-based social media company, after getting banned on almost all social media platforms before Elon Musk’s Twitter takeover.
As such, Twitter has been in a tight spot to revitalize its activities and become more profitable. It is now turning to financial services provision to improve its business outreach. The newly acquired money transmitter license allows a company to provide transfer services or payment instruments in the area of jurisdiction. It, however, differs from the license to conduct sales services in that it’s there to ensure customer protection for businesses that transmit money from one party to another.
The company also intends to open up its financial services to cryptocurrency services. However, crude information has yet to be offered on how this will be achieved or the capacity the company will serve its users with. It has also been rumored that the company is set to launch its Twitter coin cryptocurrency.
However, all these remain to be seen after the company confirms how Twitter Pay will function. Keep watching Fintech Express for more updates on this and other fintech-related developments.
