Japan’s Nikkei Jumps Above 13,000 on BOJ Stimulus
(BANGKOK) — Japan’s benchmark stock index surged above 13,000 for the first time in more than four years Friday, a day after the country’s central bank announced aggressive action to lift the economy out of an extended slump. The Bank of Japan unveiled plans Thursday to pump huge amounts of money into the financial system in order to spur spending and borrowing in an economy that has suffered from growth-crippling deflation for years. The central bank’s announcement dragged down the yen, giving a boost to shares of Japan’s powerhouse manufacturers. A cheaper currency makes Japanese goods less costly for Americans and other foreigners and raises the value of repatriated profits. The Nikkei 225 in Tokyo soared 3.8 percent to 13,109.58, its highest level since August 2008. The dollar rose to 97.06 yen from 96.13 yen late Thursday. The dollar was at about 92.80 before the BOJ’s two-day policy meeting ended with its dramatic announcements Thursday. (MORE: Japan Central Bank Revamps ...
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Goldman partner Barg moves to New York from Asia in new role
HONG KONG - Goldman Sachs Group Inc has appointed Steven Barg to a newly created role in New York, moving the veteran Asia equity capital markets banker to the firm's headquarters less than six months after he took on a senior role in Singapore.
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Reuters
The Best Way to Teach Kids About Money? Slip It Into Math and English Classes
A global consensus is forming around how to teach kids about money in school. The answer: Embed personal finance lessons in the courses they already take. That’s the approach in the U.K., which this month agreed to make financial literacy lessons mandatory throughout its school system in 2014. Concepts like budgeting and compound interest will be explored in math classes as well a new “citizenship” course. Perhaps a dozen other countries in Europe and Asia embrace this approach as well. Now the U.S. is hopping on board. In the next couple months, the Treasury Department will go live with a website likely to be found at moneyasyoulearn.org. This site will offer teachers ready-made personal finance lessons that fit neatly into existing math and English courses. In time, the website will expand to include personal finance lessons suitable for social studies, history, and science classes too. The effort aligns with the Common Core Standards initiative that 46 states and the District of ...
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McDonald’s Sales Fall Again Amid Weakness in Asia
NEW YORK — McDonald’s says a key sales figure dropped again in January as the world’s biggest hamburger chain faced ongoing weakness in Japan and sales in China were hurt by a food scare and the timing of a holiday. The Oak Brook, Ill.-based company said global sales at restaurants open at least 13 months dropped 1.9 percent for the month. The figure is a key metric because it strips out the volatility of newly opened and closed locations. After years of outperforming rivals, McDonald’s has been struggling amid intensifying competition and challenging economic conditions around the world. Late last year, the company ousted the head of its U.S. business after the sales figure dropped for the first time in nearly a decade. CEO Don Thompson, who took the top spot this summer, has vowed to add business by emphasizing value while planning a series of new limited-time offers to attract customers. (MORE: How Fast Food Restaurants Tempt You into Breaking New Year’s Resolutions) But Thompson ...
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McDonald’s Ekes Out Higher Profit with Value Menu
NEW YORK (AP) — McDonald’s Corp. eked out a higher profit in the fourth quarter with the help of its Dollar Menu and the McRib, but the world’s biggest hamburger chain also warned that a key sales figure is expected to drop this month. The negative forecast reflects the intensifying competition and changing dining habits McDonald’s is facing. Traditional rivals such as Burger King, Taco Bell and Wendy’s have been revamping their menus and posing a bigger threat to the Golden Arches than they have in recent years. In addition, people are increasingly heading to chains such as Chipotle and Panera that offer restaurant quality food for slightly higher prices. (MORE: Target Introduces Six New Brands…That You Can’t Buy in Stores) To bolster slumping sales, McDonald’s made a series of moves in recent months such as returning its focus on its Dollar Menu, shifting the introduction of its McRib from October to December and pushing franchisees to stay open on Christmas. In November, ...
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