B.C. gives Vancouver $1 million for proposed Chinese-Canadian museum
The B.C. government is giving the City of Vancouver $1 million to help establish a Chinese-Canadian museum with the goal of creating hubs in other communities to share the history and experience of Chinese immigrants across the province.
The province says this so-called hub-and-spoke model is inspired by feedback from public meetings earlier this year.
How much you'll need to invest each month to retire with $5 million at age 20, 30, 40 and beyond
Five-million dollars sounds like a lot of money.
And for the 22% of Americans who say they have less than $5,000 set aside for retirement, saving that much may seem like an impossible goal.
But what if you could retire with $5 million by the time you were 67? The good news is that it is possible with persistent monthly saving.
Personal finance site NerdWallet crunched the numbers, broken down by age group, to demonstrate how much you'll need to stash away every month.
First, let's go over how it got there. The math assumes you are starting with no money in savings, that your investments will earn 6% annually and that you retire at 67.
You will need to take advantage of tools like your employer's 401(k), which is a tax-advantaged retirement savings account, or a Roth individual retirement account or traditional IRA. Investment options include low-cost index funds.
Now let's dive into the figures. This video takes a look at how to make it happen.
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Here are the two funds you need — before and after retirement
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Target-date funds (TDFs) can be fantastic retirement savings tools. Many are well-diversified, cost-effective, and automatically reduce risk for investors as they approach retirement.
There’s a problem though. Most hold bonds in their early years when young investors are protected from portfolio balance declines by relatively large contributions to accounts with relatively small balances. They also rarely include meaningful amounts of small-value asset classes which historically have improved returns over the long haul.
To offset this over-conservatism, we proposed a simple solution: multiply the investor’s age by 1.5 and use that as a percentage to invest in a TDF, then put the rest into an all-equity fund. In backtesting, this approach outperformed a pure TDF approach in more than 99% of the 576 overlapping 40-year periods tested, and only increased dips in portfolio balances (drawdowns) by 2% to 6%. Here’s the summary data from that study. Please see that article for detailed descriptions.
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Tea industry looks to start-ups to learn marketing
Entrepreneurs share tricks of their trade to market the brew
Close on the heels of the Tea Board of India hosting a meeting of young tea entrepreneurs to hear their success stories, the Tea Association of India broke new ground by inviting a tea start-up to its annual general meeting, to learn new ways of marketing the age-old brew.
Speaking as a guest of honour, Kausshal Dugarr, founder and CEO of Tea Box, said that the Indian tea industry was facing the challenge of rising costs amid stagnant values. Pointing out that value-realisation was not difficult to achieve, he narrated the seven-year-old start-up’s experience in successful marketing of its tea through story-telling, product innovation and bringing to a halt the tradition of treating tea only as a commodity.
He mentioned one of Tea Box’s products, an infusion of Nilgiri teas and imported rose petals — Mountain Rose, which had sold well. “There is huge demand and focus on premiumisation,” he said, adding, “It is, after all, the world’s second-most consumed brew after water.”
Arun Kumar Ray, Deputy Chairman, Tea Board of India, said the government would continue to help the industry, but the nomenclature of subsidy had now been changed to ‘assistance’.
Earlier, Tea Board Chairman P.K. Bezboruah wondered aloud about the pros and cons of the government disassociating itself from the functioning of the industry.
Ashok Leyland net dips
Profit plummets 93%; auto sector slump hits performance
Commercial vehicle manufacturer Ashok Leyland Ltd. reported a 92.6% dip in standalone net profit to ₹38.87 crore for the second quarter ended September 2019, from ₹527.74 crore a year earlier.
Revenue from operations slumped 48.43% to ₹3,929.50 crore due to a drop in total industry volume.
“The industry has witnessed a 53% decline in volumes. Volumes for Ashok Leyland also witnessed a significant drop in this quarter; despite this, we have been able to achieve an EBITDA (earnings before tax, depreciation and amortisation)margin of 5.8%,” said Dheeraj G. Hinduja, chairman, Ashok Leyland Ltd. “Some of the cost management programmes initiated early this year have yielded benefits and are reflected in the results,” Mr. Hinduja added.
Focus on cost reduction
“We commenced our productivity drive and cost reduction programme well in advance,” said Gopal Mahadevan, whole time director and chief financial officer, Ashok Leyland Ltd.
“These initiatives have gained momentum and have helped us achieve a sizeable reduction in costs. We are closely watching the developments in the industry,” Mr. Mahadevan added.