Pet Market in China Grows 20% Per Year

Both Chinese and foreign animal feed companies. Expansion of investment in China To support the expansion in the pet market. Which is a new trend in China.

Reuters reported that. Singapore's Temasek Investment Company and Private Equity Hosen Capital recently reached an agreement to acquire Australian animal feed mill Real Pet Food Co valued at US $ 1 billion recently to feed the brand into the Chinese market.

Prices of Chinese feed manufacturers, such as Shanghai Bridge Petcare and Yantai China Pet Foods, have risen 60% in the past month.



Euromonitor Research estimates that by 2022, Chinese will spend about $ 7 billion in the pet industry. Or about 20% per year, which is fast growing. Compared to the US pet market. Growing by 2% per year

This is because of the rise of the middle class. Immigration to the city And other demographic changes, such as the aging population. This is a major cause of Chinese livestock. And be ready to spend more on pets.


cr. https://money.sanook.com/535257/

Japan moves ahead for digital currency

Cryptocurrency, or both, is investing in bitcoins in the past few years.

In particular, it is expected to increase nearly 20 times the unit price within 1 year, as of today (January 26) is stabilized at approximately $ 11,328.

Nikkei Asian Review Annual Report of the Nikkei Asian Review The Nikkei Asian Review reports that the current confidence index of nickel Asia is China and many countries are purging the exchange of information in Myanmar and the currency. Violence is higher than expected. It has become one of the countries with the highest bitcoin trading in the world.

By 40% of the whole world exchange.

It is expected that the growth rate of the population in the country will decrease significantly. The government sleeps too much to protect against the volatility of the same amount of money to maintain the interests of traders. The general consumer and the economy of the country.

INTERIORIZATION (THAILAND) PUBLIC COMPANY LIMITED announces the list of Internet Service Providers Tokyo-Mitsubishi UFJ and Sumitomo Mitsui / Hino Holdings, a provider of transportation services / including Bic Camera, electronic products supplier.

In addition to being a hub for digital currency exchange. There are also plans to expand into a payment gateway. Or digital currency payment service providers. Available October.

Meanwhile, LINE is the most popular messaging application in Japan. Currently, there are 168 million users in Japan, Taiwan, Thailand and Indonesia. It is also a leader among other applications in this country. It is trying to integrate the company's new business model into digital currency innovations.

Crypto News Bytes reported that in the near future. We will see the cooperation of LINE and South Korean digital currency exchange company UpBit.

It is another way to build on the compelling options available as a financial platform. In addition to the current Line Pay service, no digital currency will be created. Due to what the lineup is doing, it is joining hands with companies that provide services related to Blockchain and digital currency.


cr. https://money.sanook.com/541709/

South Korea's Kimchi deficit rises to record high

Korea's kimchi trading last year hit the highest deficit Kimchi is a symbol of Korean cuisine and is available in almost every meal. While making kimchi is also an important annual ceremony for many Korean families. But the trading market has been experiencing difficulties from Chinese manufacturers in recent years. That is what is called. "Kimchi deficit"

South Korea imported more than 275,000 tonnes of kimchi last year and 99% of that amount comes from China. With exports of just over 24,000 tonnes, the deficit was $ 47.3 million ($ 1,500 million), based on market prices. The deficit increased 11% from last year and was the highest since the first data collection in 2000.

Believe The commodity price is a key factor in the trade. The Kori-Agrifood & Food Trade Corp reported that in 2016, imports were only $ 0.50 per kilogram (about 15 baht). The main market in Japan is the average price of $ 3.36 ($ 107) per kilogram.

The Kimchi World of South Korea reported that 89.9% of kimchi imported from South Korea in 2016 was imported from China. The kimchi deficit was first reported in 2006


cr. https://money.sanook.com/540033/

'Nestle' sells candy business to 'Ferrero'

Nestlé announces that Ferrero has sold $ 2.8 billion worth of confectionery to Italy ($ 89 billion), making Ferrero the third largest confectionery manufacturer in the United States.

Giovanni Ferreira, CEO of Ferrero, said: After the completion of this merger. Ferreo Group "It's going to be a lot bigger and we can offer more quality products to our customers in the United States."

As Mark Schneider, President of Nestlé, said: This agreement "Nestle invests and innovates in a variety of categories where we grow strongly and is a market leader, such as animal care, bottled food and baby food."

News reports. Nestlé began targeting the company since its inception last year at Schneider. Former President Freezes The German health care company is managing this giant from Switzerland.


cr. https://money.sanook.com/540169/

PTT increases diesel price by 40 satang

PTT increases diesel prices by 40 satang per gallon Gasohol is still in effect tomorrow at 05.00 hrs.

PTT Public Company Limited raised its diesel retail price by 40 satang / liter to be effective tomorrow (Jan 9) at 5:00 am, resulting in new prices as follows:

Petrol 95 is at 35.06 baht per liter.
Gasohol 95 is at 27.95 baht per liter.
Gasohol 91 is at 27.68 baht per liter.
E20 is at 25.44 baht per liter.
E85 at 20.64 baht per liter
Diesel is at 27.59 baht per liter.

The prices do not include local tax of each province


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Ministry of Commerce prepares to negotiate US request for exemption on steel tax

The reporter. The case of the United States Presidency of the United States of America announced the increase of import duties under Article 232 of the Trade Expansion Act, by imposing a 25% steel tax and 10%

Mr. Thaksin Shinawatra, Minister of Commerce, said that the negotiations with the United States. To request the exception of such measures are listed. It will wait for the exemption rules that the United States will announce on March 19, and will use the negotiating platform of the Council under the framework of Thailand-US Trade and Investment. In April Discuss this issue. During this time, we will work closely with the private sector to provide information.

Mr. Somchai noted that the short-term 1-3 months of steel exports have not affected. If steel prices in the US rise. And Thai steel is taxed. But in the long term, Canada and Mexico are privileged to benefit from other exporters, including Thailand.

The Thai Iron and Steel Association (TAMC) Requesting the Office of International Trade Promotion in Washington to negotiate with the US Trade Representative To request the exception of the tax on steel products in Thailand. It also offers to exporters negotiate with US importers. Negotiations with related organizations request for exemption of import duty on steel products from Thailand.

The use of steel in Thailand in 2017 was 16.6 million tons, of which 11.3 million tons were imported, the rest is domestic production. Total value of over 300 billion.


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Fruits and vegetables sold in Vietnam are not standardized.

Mr. Plalak Panthong, Chairman of the Food Safety Management Board in Ho Chi Minh City, on December 21st, 2017, agreed on this. Exports to foreign countries will amount to US $ 3.5 billion. Domestic consumers are still concerned about cleanliness and residues.

Mr. Lan added that fruits and vegetables from Vietnam can be exported to countries that require high quality products, and the United States has shown that the quality level of these products. The Commission will work with officials and the private sector to monitor the quality / cleanliness of fruit and vegetables sold in the city. Ho Chi Minh to be more concise.

Mrs.Vatawat Kimhah, President of Vietnam Association of Manufacturers, is of the opinion that this is a high quality organization to monitor and promote products. Domestic consumers

According to the January-November report, fruit and vegetable exports were worth more than $ 3.18 billion, an increase of 44 percent compared to the previous period. China (+ 2.4 billion square miles, up 54.9 percent), Japan (US $ 117 million, up 70 percent) and the United States (21.2 percent).


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Mekong Delta region with investment opportunities, food processing

The Mekong Delta Food Investment Promotion Seminar in Can Tho City, organized by the Ministry of Industry and Trade of Vietnam, together with the People's Committee of Can Tho City on December 12, Many experts agree that the region has the potential to invest in food production to develop as a major source of rice. Luke's

Nguyen Phuong Lam, deputy director of the Chamber of Commerce and Industry (VCCI) of Can Tho, pointed out that the region is very open to both domestic and foreign investors. Currently, the region has a population of 20% of the country. The average income per capita is $ 2,700 / year. In addition, the region exports US $ 13-15 billion annually. Most of them are 50 percent or 6.5 - 7.5 billion dollars a year. It is an agricultural product and produces from agriculture and fisheries such as rice, seafood and fruit.

In addition, the region has been recognized by both local and international as one of the most potential areas for agricultural development. 90% of the country's total rice exports come from the region. And can export Panamanian fish. In the past, more and more businesses have invested in agricultural processing projects, which have benefited from a large number of resources. There are only 35 projects in the region, worth only US $ 550 million.

Mr. Vu Ba Phu, Director General, Department of Trade Promotion The Ministry of Trade and Investment pointed out that the provinces in the region have given importance and policy to offer investment privileges to interested investors. However, the value of agricultural products and agricultural products is still low. The This is what investors should focus on. And provinces. Investors are more likely to invest in this sector.

Mr. Oleg Marinov, Commercial Advisor to the Bulgarian Embassy Comment Vietnam's export of agricultural products to the EU is experiencing problems. Because many products are not standard.



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Ho Chi Minh City and surrounding provinces will become the largest economic hub in ASEAN.

On 23 January 2018, the Ministry of Construction Together with the People's Committee of Ho Chi Minh City and surrounding provinces. Convened master planning conferences for the development of the Ho Chi Minh City Economic Area and the surrounding area until 2030, and established a vision until 2050, which was approved by the Government in accordance with Resolution No. 2076 / QD-TTg dated 12th. December 1960. The meeting agreed to develop and upgrade the area for Ho Chi Minh City and surrounding provinces. contain with Longan Province Province Tainan Province Yuan County Binh Phuoc Province Binh Phuoc Province And the province of Vina - Vung Tau. The total area is 30,404 square kilometers.

The development of Ho Chi Minh City's economic area and surrounding provinces The meeting planned to raise 3 factors: (1) development of economic area. To be modern and sustainable. (2) International integration. It is the economic, financial, scientific and industrial center of the country. And (3) the development of facilities and infrastructure and the management of environmental issues.

In addition, the plan will focus on upgrading facilities and infrastructure such as the freeway and ring road system. The Expressway HCM City - Thu Dau Mot - Chon Thanh Expressway HCM City - Moc Bai Dau Giay - Da Lat Expressway Ring Road No. 3 and 4 Trang Bom - Sai Gon Railway Bien Hoa - Vung Tau Railway, HCM City - My Tho - Can Tho Railway and HCM City - Tay Ninh Railway, all of which are scheduled to be completed by 2030.

Ms. Phan My Linh, Deputy Minister of Construction, said that the Master Plan for Economic Development By the way, it helps. Relevant provinces benefit from the development of facilities and infrastructure. This will enable the surrounding provinces to connect with Ho Chi Minh City in all dimensions and be able to connect with the surrounding economic areas. Provinces in the Mekong Delta Province in the Central Plateau In the future, there are plans to expand the area to the east and the northeast.

By 2030, the economic area. About 18 to 19 million people live in urban areas and between 6 and 7 million live in rural areas. The city has a growth rate of 90 percent and will become a center of economic, cultural, educational, technological and scientific training. And the largest medical center in ASEAN.

In addition, the government and relevant provincial administrations established the Ho Chi Minh City Economic Development Board and surrounding provinces. To research and implement projects in accordance with the joint planning framework with the government. It also serves as a special advisor to the government to monitor the progress of the project.


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Thi Vai International Port officially opened.

On 22 January 2018, the Thi Vai International Port Authority held the opening ceremony of the Thi Vai International Pier in Vientiane, Vung Tau Province. Officially The port covers an area of ​​42,000 square meters. It can accommodate vessels with a container size of over 50,000 DWT and punts of 5,000 DWT that can be picked up by large vessels. The port is 300 meters long and 27 meters wide, which can handle up to 20,000 tons per day.

Thi Vai International Port has been licensed by the Ministry of Planning and Investment since May 1997, but the project has encountered many problems, such as investment problems. It takes more than 20 years to activate. The port project is a joint venture between Japanese and Vietnamese investors.

Nguyen Dinh Viet, Deputy Director General of the Port Authority of Vietnam, said Thi Vai International Port will have a capacity of 3.5 million tons per year. The project will attract both domestic and foreign investors, as well as part of the development plan for the Ba Ria-Vung Tau Province. The target is to support the delivery of 101 - 109 million tons per year by 2020.


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Vietjet Airlines launches 3 additional routes

On December 15, 2017, Vietnam Airlines was the first low cost airline to officially open the new route. Route 3: Vietnam and Ho Chi Minh City - Ho Chi Minh City Phuket and Bangkok - Dalat, hoping to meet the needs of tourists and trade between the two countries by Manop Chai. Ambassador of Thailand to Hanoi and Mrs. Urasarat Pruk, Consul-General of Ho Chi Minh City attended the opening ceremony.

Ho Chi Minh City - Phuket will have four flights a week. On Wednesdays, Fridays and Sundays, it takes about 2 hours. Depart from Ho Chi Minh City at 10:15 am and travel to Phuket. 12.10 am. Departure from Phuket time 13.05 hrs and departure time 15.10 hrs.

Ho Chi Minh City - Chiang Mai will have 4 flights a week, also on Tuesday, Thursday, Friday and Sunday, take about 2 hours flight time from Ho Chi Minh City at 11:15 am. Arrive in Chiang Mai at 13.30 hrs. Departure at 14.20 hrs.

The Bangkok-Dalat route will have four weekly flights on Mondays, Wednesdays, Fridays and Sundays, with an hour and a half 45 minutes from Bangkok at 10.45 am and departure from Dalat to Bangkok at 12.45.

With the opening of three flights to VietNam, direct flights to six routes to Vietnam and flights with Bangkok as the new tourism hub and Haiphong City.


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The tax revenue of Ho Chi Minh City in the year 2017 has increased significantly.

The customs office of Ho Chi Minh City will be able to collect import and export taxes in 2017 of over 109,000 trillion dong (US $ 4.8 billion), an increase of 7.75 per cent from 2016. VAT is charged at 49 million yuan, 118.8 percent of the target and an increase from 2016 to 326 percent. Code of Conduct reached 1,598 details in the invention of the insignia.

Mr. Nguyen Xuan Binh, Director of World Vision, Nakhon Ratchasima Governor, Nakhon Si Thammarat Governor In addition, the volume of imported oil through ports in Ho Chi Minh City is likely to decline as well as importers of equipment / vehicles. Taxes are not required if conditions meet government requirements.

Mrs. Vu Thi Chiang, Deputy Minister of Finance, praised Ho Chi Minh's Customs Office for the past year. However, all parties should cooperate in the fight against smuggling and trade fraud. Should be Increased monitoring of customs procedures, data collection and other processes.

Ms. Mai has also been asked by the Office of Health Promotion and Navigation.

Mr. Tran Vinh Tuyen, Vice Chairman of the Ho Chi Minh City People's Council will hold a discussion on the problems with the state. And export through the port in Ho Chi Minh City to be more convenient.

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Khong Ngai proposed solution to Dung Quat oil drilling project

The Provincial People's Committee received a letter from the Ministry of Foreign Affairs on the collection of oil and natural gas in various forms, petroleum and petrochemical companies. Petroleum Binh Son (BSR) pioneer oil drilling from Dung Quat has been reduced.

During the period from 2018 to 2020, the BSR drilling capacity was reduced by 0.7 - 3.8 trillion dong (30.83 - 167.34 million). The sale of oil and natural gas to the buyer of diesel and Natural gas in China 10 years

To find out more about BSR, please click here to read more. No need to respond to the needs of the domestic market.

It is interesting to invest in BST Bank Corporation Limited and BIDV and VietinBank to lend only to projects that are guaranteed by the government.

Currently, BSR has submitted a list of 22.6 trillion dollars in Pathumthani Province, accounting for 90 percent of the province's total budget.


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The export sector of Ho Chi Minh City relies on foreign investors.

In the past, Ho Chi Minh Ho Chi Minh was regarded as a country with sustainable development. Minh also relies on a large number of foreign investors.

Information of Ho Chi Minh City Office of Industry and Trade 2560 were approximately 35.2 billion baht, increased by 15.1 percent compared to last year. Oil exports will reach $ 30 billion, an increase of 12 per cent over the previous year. Ho Chi Minh City's industrial production index increased from 7.25 per cent in 2016 to 8.48 per cent in the year. The 2560 represents a leap forward in economic development.

Oil and Food Industry Public Company Limited Annual Report FY 2008 Greater than 99%

Problems with foreign investment and foreign investment. There are many international networks and funds available.

Problems with private sector in countries with shortage of working capital cost with foreign logistics companies with large networks and capital.


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Thanachart Bank's outstanding performance. Loan growth new profit.

Thanachart Bank Public Company Limited announces its operating results for the year 2017 with a 3% loan growth of Bt13,810mn or a growth of 11% yoy. Main Bank Reinforcing the Bank's core business growth

Mr. Somjate Moosirilert, President and Chief Executive Officer, Thanachart Bank Public Company Limited said, "In 2017, the bank's loans increased by 3% from the previous year, mainly due to the expansion of hire purchase loans. To 7%. Net profit of Thanachart Bank and its subsidiaries for the year 2017 amounted to Baht 13,810 million, an increase of 11% yoy and 3 consecutive years or 12 quarters. together As a result, the NPL ratio of the Bank and its subsidiaries was similar to that of the previous year at 2.3%. In line with loan growth, the Bank's capital funds remained high. Tier 1 capital increased to 14.8% from 13.3% at the end of last year. And total capital to risk assets (CAR) at 18.9%. "

Mr. Somjate Moosirilert added that "The success of the bank is due to the importance of customer centric, the focus on quality service in every channel, and the development and introduction of new innovations. For the year 2018, the Bank will focus on strategy. Increase the number of customers. And expand the relationship with the customer. Customer Focused Strategy Combined with the growth of the Bank's core businesses. As a result, the bank can generate a strong operating performance. "The Bank of England is the only bank in the world that has the potential to compete in the banking industry."


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Foreigners use the tourist guide service in Thailand. Business income reduced drastically.

Thailand is famous for its attractions, food and culture. Thailand is one of the world's most important landmark destinations for foreign tourists. In recent years, Thailand has been ranked as one of the top destinations in the world. This is part But you know? Even the tourism is bustling. But the business of tour or tour of Thailand is a trend. After foreign tourists turn back, they do not care about the guide anymore.

Currently there are 150 million tourists a year to Thailand and is expected to increase to 160 million people this year. While there are about 2,400 domestic tour operators, only 10 million tourists visit the tour, or 8% of the total tourist arrivals.

The government wants measures to encourage more tourists to use the service, such as tax breaks. In particular, the industry can bring staff training seminars in the country. The bill can be reduced one time and tax relief in tourism. Secondary city apart from Bangkok, Chiang Mai or Chonburi.

On the other hand, business travel in foreign countries like Korea and Japan. Grows well Because of the better economy. Thai baht strengthens And low cost airline business from the competition. As a result, Thai people are more popular to travel abroad.

However, with the advent of technology, data can be easily accessed across the Internet. Many travelers make this way to find information for tourism. To save on tours



cr. https://www.marketingoops.com/news/biz-news/thailand-tour-business/

Renewable Energy Development Project is facing problems.

Currently, the project for the development of renewable energy plants in Vietnam is experiencing problems because there are many investors wanting to withdraw their investment in the development of alternative power plants due to uncertainty in the policy of investment promotion in such projects and uncertainty. It can be profitable in the long run.

Prime Ministerial Announcement 11/2017 / QD-TTg dated April 11, 2017 on the increase in the purchase price of electricity from the Electricity of Thailand (EVN). Wind power produced on land will be purchased at a price of 8.77 cents / kWh. Wind power generated by the sea will be purchased at a price of 9.97 cents / kWh and solar energy will be purchased at a price of 9.35 cents / kWh. In addition, the announcement also provides many benefits to investors such as tax benefits. And access to finance.

However, Sonia Lioret, head of Renewable Energy Projects of the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) in Vietnam, said that by the end of August, all solar power plants in Vietnam had been in operation. Approved with a combined capacity of 19,000 MW and investors interested in developing solar power projects. The Vietnam more than 100 people, mainly the province plans to invest Doug plug. Province of Bangui Toin County Province of Chiang Mai Kut And Bac Lieu province. But in fact. Investors are not confident in investing. Because there is no clarity in the law. Many projects are not approved for investment because there are many similar projects in the same province. The government can not allow all investments because of duplication of investment. In addition, the announcement applies to projects that reached an agreement with EVN for August 2017 - June 30, 2019. It is unclear whether the project was built. Will it sell at that price later?

According to Mr. Phuong Hoang Kim, Director-General of the Department of Energy and Renewable Energy Since August 2017, 50 wind power projects have been approved and more than 3,000 MW in capacity. However, only five projects are in operation. With a combined capacity of only 190 MW

From the National Energy Development Plan The government aims to have 850 MW and 12,000 MW of solar power plants by 2020 and 2030 respectively, and the government aims to have wind turbines capable of producing electricity. Electricity is 800 MW 2,000 MW and 6,000 MW by 2020, 2025 and 2030, respectively.

* 1 kW = 100,000 MW


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Thai tamarind is gaining popularity in southern Vietnam.

Currently, the consumption of tamarind imported from Thailand and Cambodia is very popular among consumers in southern Vietnam. Can be seen from the shop. In Ho Chi Minh City, it is more expensive and more expensive than tamarind grown in the country. The price is around 130,000 - 240,000 D / kg (about 200 - 360 Baht) depending on the import / export season.

Interviews with Tamarind Importers in Ho Chi Minh City Points out that Vietnamese consumers prefer to eat tamarind because it has a sweet taste and is not too sour like tamarind grown in Vietnam. And better quality. And bigger. In addition to tamarind, many fruit shops in Ho Chi Minh City also import fruits from Thailand such as durian and mango because of the good response. From the consumer for a long time.

In addition to selling tamarind by setting up a shop. There are also a number of vendors that sell tamarind through online channels. In recent years, Tamarind imported from Cambodia has also entered the consumer market in southern Vietnam as well. But not much market share.



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How High Levels of Debt Could Impact the Economy

Both interest rates and stocks soared after the U.S. election. This is because everyone seems to agree that the new administration will spend a lot, collect less in taxes and cut back financial regulations. This is a mix that could fuel the economy and be good for stocks. But not so with bonds. We are likely to see higher interest rates as inflation rises, the Fedfights it with higher policy rates and firmer economic activity pushes market rates higher.

And these policy and market changes could also backfire on stocks if high inflation and higher wages actually drag economic activity down. Furthermore, higher U.S. rates relative to rates abroad are sure to push up the U.S. dollar, hurting exporters and manufacturers. This could also weaken the economy, bring down corporate revenue and dim prospects for stocks. (For more, see: Managing Risk Instead of Trying to Beat the Market.)

This would be a worst case scenario of higher nominal rates and a decelerating economy. It is known as stagflation, and it has a reserved spot next to deflation as a nightmare scenario for policymakers.  

Also, the economic policies that the new administration has so far hinted at are radically different from what has been the norm in the past few decades. This guarantees that they will face strong headwinds before they can be implemented, including congressional opposition. There is a chance that the consensus scenario may never materialize, may be watered down or may take far longer than the market is willing to wait. So the optimism about stocks can prove to be short lived.

Private Debt and the Market

Regardless of whether stocks go up or down, it is quite likely that interest rates will remain above the historically low levels of last year or climb even higher. This could exacerbate vulnerabilities in the economy that have so far gone relatively unnoticed. One such issue, and a well-known trigger of past crises, is a large accumulation of private debt.

Debt is a key factor in lubricating economic activity. Households use it to buy homes or cars that could not otherwise afford, businesses use it to finance investments or fulfill orders in advance of payment, municipalities use it to pave roads and lay out utilities and so on. Without debt, growth would be slow, halting, and ultimately impossible. Households, businesses and governments always carry debt on their balance sheets and constantly take new debt to replace the one that comes due. When rates go up, the cost of rolling over debt goes up as well. That is why higher rates tend to dampen economic activity, which is a normal swing in the business cycle.

But when indebtedness becomes too large, the balancing act of renewing old debt with new becomes more difficult to pull off for reasons other than cost. Lenders start questioning the sustainability of the process, especially if rates go up sharply, and sources of funding dry up. Large debt accumulation then leads to a liquidity crisis, just when access to financing is needed the most.

The last few years of ultra-low interest rates sparked a massive increase in U.S. business debt. The opportunity to borrow at some of the lowest rates in recorded history was too good to pass up. But the new debt has not been used primarily to invest in the economy – much went to build cash reserves and some more to buy back stocks or increase dividends. In the last couple of years, private domestic investment has gone down while the stock of private debt continued to grow. (For more, see: Why Bonds Collapse and What You Can Do About It.)

Corporate Debt Levels

The earnings-to-net-debt ratio for S&P 500 corporations – a key measure of borrowers’ ability to reduce their debt levels – is at its lowest level in at least a decade, according to the research firm Factset. And while some analysts find comfort in the fact that corporate cash is also very high at $1.75 trillion, the reality is that much of it is concentrated in just a few technology companies: Google (Alphabet Inc.), Apple, Microsoft, Cisco Systems and Yahoo account for a third of all U.S. corporate cash.

The below chart shows that there has never been a larger or faster four-year accumulation of non-financial business debt. Not surprisingly, prior surges of indebtedness ended in tears.

This is not solely a U.S. problem. China, most pointedly, has seen an explosive ballooning of private, non-financial corporate debt that just reached an eye-popping 170% of gross domestic product (GDP).

Some early signs of a brewing debt crisis would include an increase in corporate credit rating downgrades, Chapter 11 restructurings, liquidity problems in the bond market, and so on. So far, these symptoms are not evident, but conditions could turn optimal for a debt crisis if interest rates rise quickly, budget deficits get out of control, and economic activity does not pick up.

Even without a sudden crisis, it remains to be seen how the mountain of global corporate debt can be gracefully wound down without anyone getting hurt. History shows that large debt accumulations rarely end up well. Close attention to any early warnings will be crucial to navigate through the rest of 2017 and beyond.

What Can Investors Do?

We believe that portfolio management focused on measuring and managing risk can be very effective at creating a sensible balance between risk and return, partly by measuring financial and investment conditions often and adjusting portfolios through a well-defined process. (For related reading, see: Why You Should Diversify and Rebalance.)

cr. https://www.investopedia.com/advisor-network/articles/011917/how-high-levels-debt-could-impact-economy/

Is It Possible to Create Tax-Free Income for Life?

Now that you’ve read the somewhat salacious headline of this article, the real question becomes: “Is there any truth to it?" A second question might be similarly: “What’s the catch?" Well, I hate to disappoint you but there is no catch and it is possible to create a tax-free income stream for life. But how? It is done with an asset that has been around for literally ages - bonds.

In particular, this strategy can be executed successfully by using tax-free, non-alternative minimum tax (AMT) municipal bonds. Most investors shy away from bonds because they yield (or return) less than equities and tend to be more complex in nature. However, the global bond market is larger than the global equity market by $30 trillion, although the portion we will discuss in this article is much smaller at just shy of $4 trillion. So, why might you want to invest in municipal bonds to create a tax-free income stream? (For more, see: The Basics of Municipal Bonds.)

What Are Municipal Bonds?

First, municipal bonds represent an “IOU” issued by a governmental entity - usually state or local. They get their “tax-free” status because the money raised by the bond issue is usually for a “public good or service” like schools or roads. Money raised for these type of bonds are labeled as “general obligation” bonds and are backed by the full, faith and credit of the issuing entity’s taxing power. Generally speaking, the more taxing power, the better the backing. 

The idea behind tax-free interest from the bondholder comes from the fact that many schools and roads are usually funded by a large portion of taxpayer dollars.  Thus, tax-exempt interest was born to give incentive to the public to keep paying their taxes to fund projects. Okay, seems like a good deal, so why not use bonds in 100% of your investment portfolio?

There’s Still No Free Lunch

Like it’s been said before “there is no free lunch” and it is no different for municipal bonds. The rules of asset diversification apply even in the compelling case of tax-free income. Bonds have historically had little correlation to equities except in market crisis situations, so creating a portfolio of both equities and bonds makes a whole lot of sense as a long-term investor. 

But when considering other fixed-income vehicles like annuities or real estate, which both generate taxable portfolio interest, individual municipal bonds make a good alternative. Take the case with your typical annuity (fixed or variable) that carries an average 2-3% annual expense charge when you consider  administrative, mortality and expense, and mutual fund costs. And although you may not see it, don’t forget there will be a commission paid to the broker that sold you the annuity. First year charges can easily exceed 8%. (For more, see: 5 Reasons to Invest in Municipal Bonds When the Fed Hikes Rates.)

Finally, you still have to pay taxes on the annuity income stream on all gains beyond your cost basis. Alternatively, you can invest the same amount into a diversified municipal bond portfolio and pay no taxes and receive tax-free income until the bonds are called or mature. As an added bonus, your estate will receive a step-up in basis at your date of death greatly reducing any potential capital gains.

Why Not Use a Bond Fund?

This is a good question and the short answer is that individual bonds are actually cheaper and a much more effective way of achieving “tax-free income.” Similar to annuities, bond funds have both explicit and implicit expenses. The explicit expenses like marketing, administrative, sales loads, etc. show up in the annual expense ratio. Granted, you can find a really low cost index fund but like actively-managed funds, they have implicit costs which are not in the annual expense ratio.  

For example, what happens when the fund manager receives new capital in the fund and is compelled to buy bonds in an expensive market, or alternatively faced with selling bonds into a cheap market. This is referred to as liquidity premium (the former) or discount (the latter). There is also “cash-drag” where the fund manager may hold extra cash just to satisfy potential fund redemptions. Being a former portfolio manager myself, I realize not all bond fund managers effectively navigate these risks which translate to lower returns for fund investors. 

Buy and Hold

Not the sexiest, but the “buy and hold” strategy for individual municipal bonds is by far the smartest. Here’s a brief example of the power of compounding in this article. Not only do you save the costs and expenses mentioned above, you also greatly reduce many of the risks that that run off several other investors thereby creating a golden opportunity for the patient and savvy investor. (For more from this author, see: The Importance of Finding Your Financial Literacy.)

cr. https://www.investopedia.com/advisor-network/articles/it-possible-create-taxfree-income-life/

7 Ways to Grow Your Savings Account Balances

One of the common top concerns that I hear from individuals is how they're not able to save. A consistent savings plan helps you build a solid financial foundation.

But where do you begin? Here are seven ways to help you grow your account balances. Your strategy starts with your spending plan. (For more, see: 3 Smart Ways to Update Your Investment Plan.)

1. Create a budget (or spending plan)

Living beneath your means is the first step to building wealth. In addition to living beneath your means, it is equally important to identify where your money is being spent. By tracking your spending you can identify areas where you can potentially redirect money to fund your goals. Your spending plan should include goals for savings including your 401(k) and/or IRA contributions.

2. Set up a savings plan

Setting up a savings plan is key to building a solid financial foundation. You should keep at least three to six months living expenses in a liquid account such as an FDIC-insured savings account or money market for emergencies. Set a monthly amount to have transferred to your savings account.

You can also boost your savings by opening either a CD or an online FDIC-insured savings account.

3. Consider opening a CD

You may have goals where you want to fund but have a one- to five-year time horizon, such as saving for a car or down payment on a home. One of the best ways to increase your yield over a money market or savings account is to open an FDIC-insured CD. You can still keep funds fairly liquid. However, in order to get a higher yield, the account minimums on a CD are fairly high.

4. Consider opening an online FDIC-insured savings account

Typically, rates on online savings accounts are higher than traditional banks. It is a good idea to compare rates and terms. You can compare rates on websites such as www.nerdwallet.com or www.bankrate.com. (For related reading, see: 5 Emotional Mistakes That Hurt Your Financial Plans.) 

Here are three ways to increase your 401(k) or IRA savings:

5. Maximize your contributions

Take advantage of your employer’s 401(k) or other employer-sponsored retirement plan by contributing the maximum you can to the plan. If you cannot contribute the maximum, just start with what you can afford and build from there. A good strategy is to increase your contribution each time you receive a raise until you reach the maximum contribution. If you receive bonuses, use part of them to contribute to an IRA.

6. Consolidate your retirement accounts

You should consider consolidating multiple IRAs and rolling over 401(k)s from previous employers. If you are no longer with the company, your money shouldn’t be there either. By consolidating into an IRA, it gives you more flexibility in terms of investment options and gives you a better picture of your portfolio.

7. Invest early and often

The younger you are when you start contributing to your retirement plans, the less you need to save. The key is to just start with what you can afford and contribute on a regular basis by setting up an automatic transfer from your account or paycheck to fund your IRA or 401(k).

You are in control of your financial future. Careful planning and a savings strategy can go a long way towards building a solid financial foundation and helping you achieve your long-term goals.

cr. https://www.investopedia.com/advisor-network/articles/110316/7-ways-grow-your-account-balances/

How Active Investing Leads Investors to Index Funds

Is the continued flow away from active funds and into index funds the result of passive activities or the result of many active investment decisions and an active analysis of the evidence? In late 2016, a series about index investing ran in The Wall Street Journal titled "The Passivists” (Here are five compelling charts that make a strong case for index funds). I enjoyed the articles, but I wonder if the lead should have been, “Active Investing Leads Investors to Index Funds.”

Many articles are written about the various investment choices that investors have. Investing in index funds, however, is consistently called passive investing. Why? As the founder of a firm whose research often leads us to invest in index funds on behalf of our clients, I take some issue with the use of the word “passive." Passive, according to the dictionary, means “inert” and has synonyms such as “acquiescent,” “submissive,” “compliant” and “docile.”

Why Are Index Funds Called Passive?

First, those who know me well know that I have 100% of my family money in index funds and are probably cracking up at the thought of anyone describing me as compliant or docile. More importantly though, how is it that the “passive index" moniker came to be? Did the marketing team that coined emotional words such as “alpha” and “active” to describe stock-picking management, and make it easier to sell, also come up with the term “passive” to discourage index funds? (For related reading, see: The Lowdown on Index Funds?)

Do you want your portfolio managed by the star, active or alpha generating manager or the passive and submissive one? Charles Ellis, who was the chair of Yale’s investment committee for nine years alongside David Swensen, was asked at a recent family office conference: “What is the biggest risk you face when you invest in index funds?”

His answer?  “Being called passive.”

At this same meeting, the chief investment officer of Exxon’s $30 billion+ pension plan also spoke. When the moderator asked him to explain his current equity portfolio, everyone leaned in to hear the latest hot tip, sector or manager.

Jaws dropped, and he could have dropped the microphone, after he basically said the following: “Simple, two index funds...one total market U.S. equity index fund that we run in-house for approximately 0.01% and one total international fund (developed and emerging markets) that we outsource to a leading index fund manager for 0.03%. That’s it.”

Why?

“We feel like we have a moral responsibility to find the best investments on behalf of our employees. It hasn’t been easy to resist the literally thousands of great presentations we have heard from managers and consultants, but we have yet to see evidence that justifies deviation from our simple strategy.”

Powerful stuff, and yes he really did say that he thought it was his moral responsibility to actively focus on just the evidence.

Over the past 30 years or so, I’ve also seen legions of excellent pitch books designed by talented professionals for most every type of investment product you can imagine. In addition, for many years I made a living as a successful advisor, marketer and, yes, salesperson of many stock-picking managers, alternative strategies and complex investment models. (For related reading, see: Is Stock Picking a Myth?)

Believe me when I say that the industry knows that it’s much easier to acquiesce to the excitement of the holy grail presentation than it is to endure the fear of missing out. Choosing index funds takes fortitude and carries with it the risk of being criticized for being passive.

Index Fund Management Activities

Are these activities passive?

• Actively resisting Wall Street sales presentations and short-term trading presentations
• Actively listening to clients and constructing customized goal-based portfolios anchored on long-term investment policy statements and guidelines
• Avoiding the temptation of the latest new product, sales incentive, prognostication or PhD.-driven, but opaque, investment model or hypothetical
• Analyzing the success and failure of different types of investments over various time periods and market cycles
• Carefully selecting a mix of investments based on the evidence, not emotion
• Managing, monitoring and rebalancing allocations and investment funds to stay anchored on long-term goals

Investors (individuals and institutions), who many call “passive,” do all of what is listed above and more. Where has this led them? To actively invest in index funds.

(For more from this author, see: Hedge Fund Returns and Taxes.)

cr. https://www.investopedia.com/advisor-network/articles/how-active-investing-leads-investors-index-funds/

Achieve Your Financial Goals With a Financial Plan

Someone much wiser than I once said, “A goal without a plan is just a wish.” They were right! 

When asked, most people will tell you they have goals, but when you dig a little deeper you’ll find out that many people struggle to plan around achieving their goals. Some of us naturally have more discipline than others, but regardless, everyone can benefit from exercising his or her planning muscle.

The key to financial planning is having more awareness about your finances—you don’t need to be an expert. A simple way to get started is by taking inventory of all your financial assets—bank accounts, real estate, retirement and investment accounts. Then track down all the things that you owe, such as school loans, credit cards, mortgages and other debt. When you take everything you own and subtract everything you owe, you’ve essentially come up with your net worth. (For related reading, see: Why Save for Retirement in Your 20s?)

Financial Plan Kickoff

The best financial advice that I share with people is that it’s not how much money you make, but rather how you save and spend it that’s most important. The key to successful financial planning is increasing awareness of how you use money and other financial resources. Naturally, the next step is tracking your budget. There are plenty of online tools and apps that can make this easy. Most importantly, you need to find a method that works for you, even if that means paper and pencil. So do it. Figure out how much you spend and what you’re spending it on.

If you stop here and don’t go any further, congratulations because you’re already ahead of the pack. Being diligent about these two steps can help you build a solid financial foundation.

When you’re ready for the challenge to move forward, it’s time to think more about your goals. I highly recommend using the SMART Goals method, and you’ll need to prioritize them. Sometimes you’ll find that your goals are related, or that several other goals must be completed before you can accomplish a much larger goal. This is good, and is a critical element to planning because prioritizing your goals will dictate actions you must take to achieve them and in what order.

A recent Gallup poll found that only 38% of investors had a written financial plan. The poll went on to ask those with no written financial strategy why they lacked one, and more than a quarter responded by saying they “hadn’t taken the time” or “hadn’t thought about it.” That’s unfortunate, and it’s something we all have the power to change. (For related reading, see: Why the Financial Industry Is Still Broken.)

How to Save and Invest

Many of us have financial goals related to saving money, I sure do. This could be for things like buying a house, retirement, college or other goals. But saving without investing usually isn’t enough. Money in savings accounts barely grows because interest rates are so low, it may not even keep up with inflation. Instead, many people choose to invest, which involves the trade-off of putting money at risk for the potential of it growing. Over time investments benefit from compounding interest, and that can really help your money grow for the long term.

Smart investing requires planning. Lots of people invest with a general idea of growing their wealth, but lack an overall game plan, or what we call an investment policy statement. We’ve all heard the old adage “buy low and sell high”—simple right? But without a plan in place, very few people actually follow this advice, and in many cases do the opposite.

Whether you have goals related to family, finances or something else, with a plan in place you are more likely to achieve them. The best day to start planning is today because every journey begins with taking the first step. Your future self will thank you! (For related reading, see: Questions to Ask When Choosing a Financial Advisor.)

cr. https://www.investopedia.com/advisor-network/articles/102516/achieve-your-financial-goals-financial-plan/

How Financial Mistakes Can Lead to Future Success

Sometimes I feel like we are scared of a good fight. I’m not talking about fisticuffs. I’m talking about the everyday struggle that we all have.

I’ve learned that when you start a business, there are days when you wonder why you didn’t start earlier and there are days you wonder if you’ve made a mistake. I’ve been fortunate that most days are positive, but I’ve also learned that there is value in the days of struggle. It might not feel like it when it’s happening, but learning to embrace the days when things aren’t going well is an important part of becoming a better person.

When creating your financial plan, you’re bound to realize you’ve made a few missteps along the way. When you make a mistake, instead of letting it affect the future of your financial plan, think about how you can do better next time. How can you change the way you do things, so you don’t make that mistake again? I’ve always believed that mistakes are free lessons on how to improve. When it comes to creating your financial plan, it’s not your ability to avoid mistakes that is going to make you successful; it’s your ability to learn from them. (For related reading, see: The Way You Think About Money and Your Finances.)

Financial Planning Is Not Always About the Numbers

You can’t have a financial plan without numbers, but you are able to choose how important those numbers are to you. When we become too fixated on the numbers, we forget the reason for having a financial plan. When you make financial decisions based only on the numbers instead of the outcome you wish to accomplish, you open yourself up to mistakes.

Here are some questions to ask yourself when making financial decisions:

1. Is this something that is an important part of who I am and who I want to be?
2. Will using these resources provide me with greater satisfaction and happiness in the long run?
3. Will this decision get me closer to what I value most in life?

By asking yourself these questions, not only will you learn from your previous mistakes but you will avoid making those mistakes again.

When I first started my career as a financial advisor in 2006, I had to pay to get my securities licenses. I gladly maxed out my credit cards to do so. I didn’t think about what that meant for the future, or if this was something that I wanted to do long term. I just wanted to be able to say that the four years I spent getting my education at Northern Michigan University meant something. That I had a real job and the success that came with it.

What I soon realized was that short-term thinking caused me a lot of long-term suffering. It took me over a year to pay off those bills, and there were times when they weren’t getting paid at all. It was a mistake that I vowed not to make again, but it was also a mistake that I wouldn’t erase.

Learning Financial Mistakes the Hard Way

Sometimes we make the same mistakes over and over again. It’s not that we don’t know that we shouldn’t make those mistakes, it’s that we haven’t learned a better way.

No one enjoys budgeting, saving money, or controlling spending. Some of us do it out of obligation and some of us don’t do it at all. To understand our feelings towards money, we need to look back to when we first learned about money. By understanding how we developed our feelings about money, we can begin to learn from our mistakes. (For related reading, see: The 3 Most Important Tips for Your Financial Plan.)

Here are some questions to help you understand your earliest feelings about money:

1. What is your first memory of money?
2. What money lessons did you learn from you father?
3. What money lessons did you learn from your mother?

The things we learned about money from a young age often lead us into making mistakes as adults. By understanding why you make mistakes, you can start to learn the valuable lessons to move forward.

Mistakes as Part of a Brighter Financial Future

When it comes to changing your money habits, I am a big fan of goal setting. We need a deep understanding of your values and experiences to start building your financial plan. By setting goals tied to what you value most in life, you give yourself the ability to learn from your mistakes. It also becomes easier to make the changes necessary to achieve those goals.  

Having more money doesn’t solve most problems. It’s what you do with the resources you have that leads to a rich and fulfilling life. By viewing your mistakes as learning experiences to create a better life, you better your chances of accomplishing the goals you have set. (For related reading, see: Make Better Financial Decisions With These 3 Tips.)

cr. https://www.investopedia.com/advisor-network/articles/010617/how-financial-mistakes-can-lead-future-success/