Money

Share to Twitter Share to Linkedin “It is the preoccupation with possessions, more than anything else, that prevents us from living freely and nobly.” – Bertrand Russell The relationship between money and happiness is complex. Some studies have found that having more money is associated with a greater sense of well-being and fulfillment. This makes sense. Money provides greater security against the unknown, more options and opportunities, and a greater sense of control over our lives. However, other research concludes that, beyond a certain level of income, money does little to increase happiness. One study found that emotional well-being correlates with income only up to about $75,000 a year (about $90,000 in current dollars). This also makes sense. Once we have met our basic needs plus a little discretionary income, other things become more important to how happy we are. This apparent conflict occurs because people differ vastly in what they care …

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House Minority Leader Nancy Pelosi implored cable companies last week to support a privacy measure that would vastly restrict their business, and would, consequently, give Pelosi’s own big-time donors a critical edge online. Pelosi sought responses from businesses like Comcast, Verizon, Sprint and AT&T, to see if they support the repeal of pending Obama-era privacy regulations mandated by the Federal Communications Commission (FCC) in October of 2016. Pelosi worried that undoing the new rules through the Congressional Review Act would allow internet service providers (ISPs) to package and sell people’s personal browsing data to advertisers. Companies not mentioned in the the letter include Google and Facebook. Both not only make enormous amounts of money connecting ads to consumers, but also contribute financially to Pelosi. Google is expected to make $72.69 billion in ad revenues in 2017, while Facebook is estimated to make $33.76 billion, according to market …

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T he campaign for a retired congressman told the Federal Election Commission last month that it needed to stay active to receive restitution from its former treasurer, who pleaded guilty to embezzlement 10 years ago. In mid-October, the Federal Election Commission asked the campaign for former Rep. Frank LoBiondo (R-N.J.) for an update on its status, given that the candidate has been out of office for two years. LoBiondo’s campaign informed the commission that it “must remain open as it continues to receive court-ordered payments resulting from a prior embezzlement .” Subscribe to Forbes’ Checks & Imbalances newsletter for an in-depth look at the politicians, businesses and money sloshing around Washington, D.C. In 2011, the campaign’s one-time treasurer, Andrew McCrosson, pleaded guilty to embezzling more than $450,000 from LoBiondo’s campaign accounts. McCrosson was sentenced to 30 months in jail and ordered to pay $458,000 in restitution. Ten …

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- A + A ISTANBUL/ANKARA (Dec 1): Turkey’s central bank fought to shore up the plunging lira, directly intervening in foreign-exchange markets for the first time in seven years. The central bank sold foreign currencies, including the US dollar, to combat “unhealthy price formations” in the market, according to a statement, which didn’t provide specific figures. People familiar with the matter put the sales at around US$1 billion. The lira initially surged after the announcement, climbing as much as 8.5% against the dollar, only to pare gains later in the session. The monetary authority’s surprise decision to sell from its dwindling reserve of assets shows policymakers are worried about the currency in freefall. The big question remains: how much longer can Turkey rely on its reserves to support a plunging currency? Still, despite dismal opinion polls and rising discontent, President Recep Tayyip Erdogan has continued to defend his demands for lower borrowing …

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As the dust settles from the COP26 climate summit, the results are becoming more clear. Despite its resulting document—the Glasgow Climate Pact—being the most ambitious international agreement to date, scientists still warn we are heading towards 2.4℃ warming, far surpassing the 1.5℃ goal of the Paris Agreement (though consider that pre-Paris warming was expected to be closer to 4.0℃). While the commitments fell short, every nation agreed to return to COP27 in Cairo with more aggressive goals, keeping the 1.5℃ goal alive—barely advertisement advertisement For nearly 200 countries to reach multiple important agreements, all the while harboring entirely different goals and necessities, is no small feat. In this light, the Glasgow pact is a good step that can be improved going forward. More progress than reported While this COP did not produce the headline-grabbing commitments we have seen in the past, the participants made real progress. For example, …

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EJ Obiena (right) and Vitaly Petrov discuss strategy during a break in competition in the qualifying round of the Tokyo Olympics pole vault competition. —FRANCIS T. J. OCHOA MANILA, Philippines—EJ Obienia’s legendary pole vault coach Vitaly Petrov not only clarified that he was paid his dues but also cleared any misunderstanding that he it was him who approached the Philippine Athletics Track and Field Association regarding his stipend. Petrov delivered a strong rebuke of the allegations against Obiena, saying he never approached Patafa regarding his pay nor did he complain about his athlete regarding the issue of money. The Ukrainian coach added that Patafa president Philip Ella Juico “directly approached and heavily questioned him” along with former pole vaulter Sergey Bubka that pressured him into giving answers the sporting official would like to hear. “I have never proactively complained to anyone on EJ and payments, specifically never to Patafa or any other …

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Country’s top chess prospects test their mettle over the board after a two-year hiatus in the Philippine National Juniors Championships starting Friday at Philippine Academy for Chess Excellence building in Quezon City. FIDE Master Alekhine Nouri in the boys’ side and Vic Glysen Derotas in the girls’ event banner the field of qualifiers who made the cut after a nine-round tournament online. The four-day event featuring 20 players—10 boys and 10 girls—dangle prize money and berths to next year’s Philippine National Championships plus a chance to represent the country in international tournaments. “This our first over-the-board tournament after holding online tournaments in the last two years due to the COVID-19 pandemic so everybody is just excited to play,” said NCFP chief operating officer Grandmaster Jayson Gonzales. Jeremiah Luis Cruz, Karlycris Clarito, Jr., Khent Darylle Delig, Adrian Othniel Yulo, Jarvey Labanda, Christian Marcelo Olaybal, Israelito Rilloraza, Johnmari …

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SCAM TARGET Mobile phone users have been advised to be paranoid in dealing with text messages from unknown senders who may be stealing sensitive information by offering nonexistent job opportunities via SMS. —NIÑO JESUS ORBETA MANILA, Philippines — The National Privacy Commission (NPC) on Wednesday said that it has formally launched an investigation of telecommunication companies and their transactions with data aggregators amid the plague of SMS scams. “The National Privacy Commission (NPC) has formally launched an investigation into whether telcos exercised due diligence and accountability in transacting with data aggregators linked to the sending of texts offering spurious jobs and investment schemes to millions of Filipinos,” the Privacy commission said in a statement. As the NPC explained, data aggregators could be legal entities tapped by companies such as global brands to act on their behalf and deal with telcos in blasting promotions and other company messages to their …

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MANCHESTER, England (Reuters) - The British government's review of English football has recommended the creation of an independent regulator to deal with the game's finances, club ownership and corporate governance. The move would weaken the powers of the Premier League and other leagues and the Football Association to govern the game themselves and introduce a series of new regulations. Tracey Crouch, a lawmaker in Britain's parliament, conducted what she called a "fan-led review" with experts looking into problems in the game following fan protests over lower league clubs going into administration and controversial plans from the top clubs like the proposed breakaway European Super League. "The main recommendation is for a new Independent Regulator for English Football (IREF) established by an Act of Parliament, which will be focused upon specialist business regulation adapted to the football industry," Crouch said in the foreword to her report. "This would operate a …

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SINGAPORE - It is a light show with a cause, with the month-long display at the Marina Bay Promontory launched on Wednesday night (Dec 1) to raise funds as it shines the spotlight on local ground-up initiatives. Shine A Light, which features 60 moving beams of light mounted on the floor of The Promontory, will take place nightly till Dec 31. The event is into its second year but has a new focus this year, with philanthropic organisation The Majurity Trust leading a campaign to raise $1.2 million in total by the end of the month. The money will go towards providing grants to five funds that target different beneficiaries. The Silver is Gold fund, for instance, aims to help the elderly in Singapore, especially for those living with dementia. Migrant workers and youth mental health are among the focus of other funds. Donors can make a donation of any amount, or "adopt" a light beam for $20,000. Minister for National Development Desmond Lee, who launched the campaign at an event …

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