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Depositors are withdrawing billions of dollars from the traditional banking system, according to a new report from the Federal Deposit Insurance Corporation (FDIC). Domestic deposits fell by $197.7 billion in the second quarter of this year, according to the agency’s new quarterly banking profile. This was a 1.1% decline and a reversal from the first quarter, when U.S. banks increased deposits by $190.7. The flight from savings comes as historic sums continue to pile up in recent years in money market funds, which offer highly competitive interest rates compared to traditional bank savings accounts. Investments in money market funds have…

Plus Agency’s real estate agents Fiona Yang and Peter Li sell to many global investors. Photo: Sam Ruttin Australia has become the most popular destination for Asian property investors, despite recent government moves to tighten regulations on foreign buyers. A recent report from global real estate technology group Juwai IQI declared Australia to be the “epicenter” of a surge in cross-border transactions by Asia-based buyers post-pandemic. This means Australia has surpassed the US and Canada to become the market with the most buyer inquiries. The report says the country’s large intake of immigrants helps it attract the attention of foreign…

If you don’t start saving for retirement by age 40, you may need to rethink your long-term plans.At that age, simply pouring more money into retirement investment accounts may not be enough to live out your retirement years the way you imagined, says Retirement Expert and author of Your Best Financial. says Anne Lester, author of “Life: Save Smart Now for.” The future you want. ”Now, at 40, “I have to start thinking seriously about solving this challenge, not just thinking about how to save more,” she told CNBC Make It. “You either have to keep making money, you have…

Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 11, 2024 in New York City.Angela Weiss | AFP | Getty ImagesOn Friday, the S&P 500 index set a new record, heading into its fifth winning week as banking giants get off to a strong start to third-quarter earnings season.The composite index rose 0.6%, and the Dow Jones Industrial Average rose 340 points (0.8%). The Nasdaq Composite Index rose 0.3%, even as Tesla stock fell 7% due to the weak Robotaxi event.”What we’re seeing is an expansion of the market, which I think…

BEMIDJI — United Way of Bemidji Area, in partnership with Beltrami County, is soliciting proposals from organizations for a Housing Trust Fund program to address critical housing needs in the community.This fund is designed to support housing programs that improve the availability, affordability, and accessibility of housing for individuals and families in Beltrami County. The goal is to positively impact the residential landscape and improve the overall well-being of local residents, according to the release. Additionally, pre-applications for Housing Trust Fund construction/development projects will open later this year, providing further opportunities for developers to contribute to expanding and improving housing…

(Bloomberg) — Ecopetrol is using a loan from Sumitomo Mitsui Banking Corporation to repay other debt this week after postponing a bond sale on the international market.Most Read Articles on BloombergColombia’s state-run energy company said in a regulatory filing Thursday that it will use an existing $250 million loan with Sumitomo Mitsui to repay half of a $1 billion loan due in 2030. Then he announced. The rest will come from cash on hand.The announcement comes after an eventful week that started with Ecopetrol launching a $1.75 billion dollar bond offering early Tuesday morning. The plan was to use the…

Snyderville Basin Cemetery District board members on Wednesday submitted a report to the Summit County Council on their intent to levy a property tax in 2025 to carry out their mission.The tax would generate $495,000 to establish and operate public cemeteries in unincorporated areas. The annual tax bill is $25.70 for a principal residence with an average assessed value of $2,032,000 and $46.74 for a business with the same assessed value.Currently, there are no property taxes levied in the cemetery district.Snyderville Basin residents voted to create the district in 2012 because Park City Cemetery restrictions prevent most people who live…

ORLANDO, Fla. — AAA is offering insurance tips to Florida residents affected by Hurricanes Helen and Milton.First, it’s important to know that insureds do not have to pay multiple hurricane deductibles. AAA said claims related to hurricane wind damage only require one annual deductible payment. This means policyholders who suffered damage from Hurricane Helen and then also from Milton won’t have to pay more than once.Read: Flooding along the St. Johns River remains a major concern after Hurricane MiltonThis rule does not apply to flood damage claims. AAA said most businesses require different deductibles for each of these events.Policyholders are…

Rick Hendrick has a succession plan in place, but has no plans to retire just yet. Getty Images Hendrick Motorsports owner Rick Hendrick spoke about the racing team in an “extensive interview” for the latest Sports Legends of the Carolinas series, according to a Q&A with Scott Fowler of the Charlotte Observer. talked about the future. Questions and answers have been edited for clarity and brevity.Q: If you retire, will former driver Jeff Gordon replace you as head of Hendrick Motorsports? Hendrick: Yes, Jeff, and my son-in-law Marshall Carlson, now president of Hendrick Motorsports. And my grandson Hendrick, who loves…

ipopba/iStock.comTo be clear, billionaires are by no means avoiding investing in stocks, but you may be under the impression that Wall Street is the primary way they grow their wealth. . The richest 1% own an estimated 43% of the world’s financial assets, and while they have plenty of options to diversify beyond the stock market, there are many other areas where their money is concentrated. There are.Read next: 5 alternative investments recommended by experts: How they work and when to investSee more: 6 subtle genius moves that all wealthy people make with their moneyThe world’s financial elite is diversifying…