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The rupee rose 2 paise to 84.40 against the US dollar in early trade on Tuesday amid a recovery in domestic equity markets and a weaker American currency against major Asian rivals. Forex traders said, however, sustained outflow of foreign funds and an upward movement in crude oil prices put pressure on the local unit and capped its sharp gain. At the interbank foreign exchange, the rupee opened at 84.39 and slipped further to 84.40 against the greenback, trading 2 paise higher from its previous close. On Monday, the rupee recovered from its lowest level of 84.46 to settle 4 paise higher at 84.42 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.09 per cent at 106.10. Brent crude, the global oil benchmark, rose by 0.19 per cent to USD 73.44 per barrel in futures trade. On the domestic equity market front, Sensex was trading 271.42 points, or 0.35 per cent higher, at 77,610.43 points. The Nifty advanced 105.55 points, or 0.45 per cent, to 23,559.35 points. <keyword id="19932515" type="General" weightage="20" keywordseo="Foreign-Institutional-Investors" source="keywords">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 1,403.40 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms" target="_blank">Tata to buy a majority stake in Pegatron's iPhone plant in India</a><a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms" target="_blank">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms" target="_blank"></a> <a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms" target="_blank">JioStar announces plans starting at ₹15 – here’s everything you need to know</a>

Rupee rises 2 paise to 84.40 against US dollar in early trade

<ul class="summary-list"><li>Four therapists shared what their clients from different tax brackets discuss in sessions.</li><li>Money can be a source of stress for both those on lower incomes as well as the <keyword id="20766455" type="General" weightage="20" keywordseo="ultra-rich" source="keywords">ultra-rich</keyword>. </li></ul>We may think getting that big promotion with a hefty pay rise would solve all our problems, but would it? As Business Insider learned from interviewing therapists with clients across the socioeconomic spectrum —from <a target="_blank" class="" href="https://www.businessinsider.com/alices-dinks-henrys-fires-economy-guide-2024-6">ALICEs to HENRYs</a> and beyond — while it's easy to see why having a low income can cause stress — particularly with <a target="_blank" class="" href="https://www.businessinsider.com/wealth-inequality-so-bad-will-take-230-years-end-poverty-2024-1">growing wealth inequality</a> — rich people have their own worries. So what are people across the tax brackets discussing with their therapists? <h2>People on low incomes</h2>Anna Nathanson, a licensed clinical social worker and therapist based in New York, runs a website called Low-Cost Therapy NYC. She said that "financial instability really eats at people's souls." It affects not only people's physical well-being but also their interpersonal relationships and self-worth, which is linked to money for many. Clients might talk about <a target="_blank" href="https://www.businessinsider.com/personal-finance/rules-spender-saver-relationship-build-wealth-2021-9">arguing about money with their partner</a>, job hunting, having to rely on friends for childcare, or how their income affects their self-esteem, Nathanson said. She has also helped patients work through chronic trauma responses, such as depression or nightmares, that they have developed from repeatedly not having their basic needs met. <div type="image" title="A couple sat, arguing." height="1414" width="2121" msid="114215104" hostid="261"></div>Dr. Ashley Castro, a New York-based clinical psychologist who started Healwise, an affordable and accessible therapy nonprofit, said: "Poverty brings with it so many different kinds of stress." She added: "There is a lot that's out of their control that can be difficult emotionally. It's just a reality that life can be tough if you don't have a lot of money." <h2><keyword id="23623471" type="General" weightage="20" keywordseo="ALICEs" source="keywords">ALICEs</keyword></h2><a target="_blank" href="https://www.businessinsider.com/alice-living-paycheck-to-paycheck-without-government-assistance-snap-medicaid-2024-5">ALICEs</a> (Asset Limited, Income Constrained, Employed) are people who earn enough to sit above the federal poverty line but struggle with the cost of living. <div type="image" title="A birds-eye view of a woman typing on a calculator and looking at her bills" height="1414" width="2121" msid="114215097" hostid="261"></div>Traci Williams, a psychologist and certified financial therapist in Atlanta, said that people with little money can end up overspending and getting into debt because they might be "trying to live a life that they desire for themselves that they cannot yet afford." On the other hand, people who have become ALICEs — for instance those who have lost wealth or grew up in financially stable homes butdon't make as much as their parents — may develop <a target="_blank" href="https://www.businessinsider.com/personal-finance/money-anxiety-scarcity-mindset-generational-trauma-2022-6">scarcity mindsets</a>, Williams said. As such, while some ALICEs will discuss in therapy their need to hoard money others talk about wanting to "live it up" and spend recklessly when they are able, she said. <h2>HIFIs</h2><a target="_blank" href="https://www.businessinsider.com/americans-feel-financially-insecure-wont-stop-luxury-shopping-millennials-genz-2024-5">HIFIs</a> (<keyword id="23623474" type="General" weightage="20" keywordseo="high-income" source="keywords">High Income</keyword>, Financially Insecure) earn a high salary, but spend so much they end up living paycheck to paycheck. Just over half of people who make $100,000 or more live paycheck to paycheck, a 2023 report by PYMNTS, a data-analytics company, and LendingClub, a financial-services company, found. <div type="image" title="A woman in a green jumper, looking out a window and away from her phone." height="1086" width="1629" msid="114215098" hostid="261"></div>"That is not because they don't have enough, but it's often because they are overspending or not financially aware," Williams said. This may be due to the <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-causes-inflation">increased cost of living</a>, which has contributed to many people's <keyword id="22941859" type="General" weightage="20" keywordseo="financial-insecurity" source="keywords">financial insecurity</keyword>, she said. Many of Williams' clients say they also feel pressured to spend above their means in order to keep up with the lifestyles of their peers that they see on social media. <h2><keyword id="23623470" type="General" weightage="20" keywordseo="HENRYs" source="keywords">HENRYs</keyword></h2>Some <a target="_blank" href="https://www.businessinsider.com/henry-student-loans-six-figure-income-millennial-gen-z-retirement-2023-11">HENRYs</a> (High Earners, Not Rich Yet) might seem wealthy to others, but still worry about having enough money, Williams said, because "it's all relative." She gave the example of higher-earning clients who <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/how-to-invest-in-stocks">invest in stocks</a> and worry markets could crash at any time, despite that being unlikely. <div type="image" title="A stressed men looking a stock market graph on a laptop." height="1414" width="2121" msid="114215100" hostid="261"></div>HENRYs who didn't grow up with much money might tell Nathanson that they feel guilty being wealthy, she said. They might also talk about feeling uncomfortable receiving gifts because they don't feel deserving, she said. Or they may feel the reverse and have an unnecessary scarcity mindset. Such people often talk to Nathanson in therapy about feeling "really <a target="_blank" href="https://www.businessinsider.com/young-people-are-developing-money-dysmorphia-2024-7">nervous about spending</a> anything and feeling like they can't indulge in any way." Two HENRYs in a couple, meanwhile, might want to discuss tension in their relationship if they have different ways of thinking about shared wealth, she said. <h2>Ultra-high net worth individuals</h2>"The stereotype is that rich people problems aren't real problems, that they're just in therapy talking about really inconsequential trivial things," Castro said. "But my patients have real issues and they genuinely struggle." Dr. Paul L. Hokemeyer, a licensed marriage and family therapist and clinical consultant to <a target="_blank" href="https://www.businessinsider.com/what-ultra-high-net-worth-investors-are-buying-family-office-2024-6">ultra-high net-worth people</a>, based in Colorado, agreed with Castro. "At the core, people of wealth suffer from the same mental health and relational issues as the rest of humanity," he said. <div type="image" title="A man and woman sit far apart in a fancy apartment." height="1414" width="2121" msid="114215106" hostid="261"></div>For example, Hokemeyer helps people who feel "objectified" and "vilified" because of their wealth; who feel pressure to use it in productive ways; and who deal with the "highly stressful and chaotic" process of starting a business. Well-off children and teens, meanwhile, must often deal with the expectation that they will get into <a target="_blank" class="" href="https://www.businessinsider.com/extreme-moves-gifts-parents-use-get-kids-into-prestigious-preschools-2020-6">elite educational institutions</a> with intense workloads, Castro said. The pressure to achieve can cause problems with perfectionism and anxiety disorders, as well as depression from a lack of downtime and fun. Williams said that she sees a lot of guilt and hopelessness in her wealthier clients, because they realize they can't make as big a difference in the world as they would like to. And, as people live longer, she said that some worry about not having enough money to sustain their lifestylesas they get older. Wealth can also cause issues within families, she said, with disagreements over wills, estates, and spending on vacations. According to Hokemeyer, "wealth can be both a blessing and a curse," but, at the end of the day, "emotions are emotions, pain is pain." Correction: October 16, 2024 — An earlier version of this story misspelled the first name of a psychologist and financial therapist in Atlanta. Her name is Traci Williams, not Tracy. An earlier version also misstated the name of a financial-services company. It’s LendingClub, not LendingCompany.

From ALICEs to HENRYs, here's what people across the tax brackets discuss in therapy

<ul class="summary-list"><li>Trump wants to cut taxes on Social Security benefits, impacting current and future beneficiaries.</li><li>Experts warn these cuts could deplete the Social Security fund three years earlier than expected.</li></ul>Donald Trump plans to make changes to America's Social Security system with his return to the White Housein January. The president-elect promised on the campaign trail to <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tax-plan-social-security-retirement-medicare-2024-8">cut taxes on Social Security benefits</a> in his second term. "People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly," Trump told "Fox &amp; Friends" in August. For some baby boomers, lower <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security</a> taxes could mean larger monthly checks in the short-term. But experts predict that the <keyword id="23944791" type="General" weightage="20" keywordseo="Social-Security-tax-cuts" source="keywords">Social Security tax cuts</keyword>, along with other campaign promises made by Trump, could quickly drain the national Social Security fund. That would put benefits at risk for low-income retirees and younger generations, who may <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">rely on that income</a> as they age. "It's designed to help retirees, but the people it's going to hurt are people that rely on Social Security the most," Taylor Lee, a certified financial planner at Belmont Capital Advisors, told BI of Trump's Social Security tax cut. More than 72 million Americans receive Social Security and the estimated average monthly check is <a target="_blank" href="https://faq.ssa.gov/en-us/Topic/article/KA-01903">$1,92</a>4.35 a month, per the Social Security Administration. Americans can begin taking Social Security at age 62, or wait until their full benefits kick in at 67, the national retirement age. Trump's campaign promise comes as Business Insider has <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">heard from older adults</a> with limited retirement savings, many of whom are struggling to afford necessities like housing and groceries on their fixed Social Security income. Income taxes on Social Security apply to all beneficiaries with an annual household income above $25,000, and most pay taxes on at least <a target="_blank" href="https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html">50%</a> of their benefits. Lower-income beneficiaries pay less in taxes. <h2>Social Security tax cuts would hurt low-income retirees, younger generations</h2>US Social Security will be depleted<a target="_blank" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">in the next decade</a> without Congressional action. The fund is largely financed through payroll taxes that Americans contribute to throughout their career. <a target="_blank" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">A report</a> published in October by the nonpartisan Committee for a Responsible Federal Budget said that Trump's campaign promises — which alsoincludes ending taxes on tips, reducing <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">some income taxes</a>, expanding deportations, and imposing tariffs — would take a toll on the Social Security fund, making it "insolvent" within the next six years. That's three years earlier than the Congressional Budget Office's current estimation. Those policies would also lead to a 33% <a target="_blank" class="" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">benefit cut</a> in 2035, a 10% increase from what the Congressional Budget Office projects under the current law. Lee said that low-income boomers and younger generations are likely to feel the brunt of these cuts. Low-income boomers living on Social Security already pay less income taxes, so they wouldn't see the benefits Trump promised. Lee said that many don't have other <a target="_blank" class="" href="https://www.businessinsider.com/social-security-no-savings-snap-benefits-debt-boomers-experiences-2024-6">retirement savings </a>to fall back on if their benefits are slashed. He added that older Americans who are wealthy or middle class would feel less stress from Social Security cuts, and may benefit in the short term from Trump's tax plan. "It would help people in the middle class, people that have the luxury of having a 401(k) or an IRA and have multiple sources of retirement income," Lee said. "But the people that's going to hurt the most are people that don't have that traditional retirement income." Lee said it's possible that <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-social-security-insolvency-medicare-donald-trump-biden-mcconnell-2023-3">younger generations</a> will have lower Social Security benefits, requiring them to rely more heavily on retirement savings. To be sure, any changes Trump hopes to make the tax or Social Security systems would need to be approved by Congress. Working in his favor is that the<a target="_blank" class="" href="https://www.businessinsider.com/republicans-win-senate-election-majority-election-2024-11">Senate will have a Republican majority</a>.(Votes for House representatives are still being counted.) Lee added that tax funding is also not the only challenge facing Social Security: people are living longer, meaning that more benefits funding is required per person. As for other retirement finances, like <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k) accounts</a> and <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">investments</a>, it's unclear what impact a second Trump term will have. The president-elect plans to impose tariffs on foreign goods and make broad tax cuts, a move that is likely to drive inflation and make the cost of living <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">more expensive</a>. With the <keyword id="23944794" type="General" weightage="20" keywordseo="future-of-Social-Security" source="keywords">future of Social Security</keyword> uncertain, Lee said it's important for retirees to build a strong financial plan. "There's a lot of planning that we can still do," Lee said. "Government policy — we really can't affect that. So we just have to control what we can control." Are you relying on Social Security in retirement? Are you adjusting your retirement plans based on Trump's return to office? If so, reach out to this reporter at <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a>.

Trump's plan for Social Security will help baby boomers in the short term and cut benefits for anyone younger

Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1% stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49% shareholding. Vistara's last flight will take off tomorrow i.e. November 11, 2024. Singapore Airlines (SIA) Group on Friday said its consideration for the merger comprises the 49% interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1% equity interest in the enlarged Air India. Post-merger, SIA expects to recognize a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India's financial results. According to a release on Friday, the merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1% stake in Air India. "SIA's additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata's funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares. "Future capital injections will be considered based on Air India's requirements and available funding options," according to the release issued while announcing the airline's financial performance for the six months ended September 2024. The merger of Vistara with Air India will mark a major consolidation in the fast-growing Indian aviation space. SIA said the merged entity will have a significant presence across all key Indian air travel segments, including domestic, international, full-service, and low-cost operations. "This will strengthen SIA's multi-hub strategy, allowing it to continue participating directly in India's large and fast-growing aviation market," it added. Recently, Air India and SIA agreed to significantly expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

<ul class="summary-list"><li>Michael Johnston was making six figures in a remote job he enjoyed when his second child was born.</li><li>He fell in love with <keyword id="23944982" type="General" weightage="20" keywordseo="full-time-parenting" source="keywords">full-time parenting</keyword> and his wife, a successful editor, was keen to keep working.</li></ul>This as-told-to essay is based on a conversation with Michael Johnston, 41, a <keyword id="23944981" type="General" weightage="100" keywordseo="stay-at-home-dad" source="keywords">stay-at-home dad</keyword> who lives in Old Orchard Beach, Maine. Johnston's financial claims have been verified with documents. It has been edited for length and clarity. I graduated from Boston University in 2006 with a degree in mechanical engineering. I then got a job in the semiconductor industry. The role allowed me unlimited creative freedom and had crazy big budgets. Life was good. A few years into this amazing job, things shifted. The 2008 recession hit, and though I survived layoffs, everything changed. Money dried up for creative projects, and suddenly, I was doing paperwork all day. After my wife Maddie finished school, we wanted a fresh start. We moved coasts onto a ranch in California. I found a new role at KLA Corporation, in manufacturing, with much less paperwork. When my wife told me she was pregnant, I had a steady job with a manageable workload, but I traveled frequently to China, Taiwan, and South Korea. I was grateful for the income when our son Lincoln was born. <div type="image" title="Dad with baby in a carrier." height="4032" width="2268" msid="114981391" hostid="261"></div><h2>The impossible task of pandemic parenting</h2>Like many parents, March 2020 was a very difficult period for my family of three. Lincoln was around three years old, and suddenly my world narrowed to just four walls during lockdown. Instead of traveling and working in the office, my role was being permanently on the phone. I had meetings the entire day and would try to get my actual work done in the evening. Calls from around the world pushed late into the night. At some points, I worked almost 24 hours a day. Maddie, Lincoln, and I tried to maintain daily family life while we kept up with our careers. Now we were both fully remote, so we bought a beach house in Maine in 2020 and left California in 2021. But that wasn't the only reason we were moving back closer to home: our second baby was on the way. <div type="image" title="Michael Johnston and his kids." height="3357" width="1888" msid="114981168" hostid="261"></div><h2>Crunching numbers on <keyword id="21017792" type="General" weightage="20" keywordseo="paternity-leave" source="keywords">paternity leave</keyword></h2>I fully intended to go back to work after paternity leave. I was making six figures doing work that I loved — prior to the pandemic shift — and my team was great. But over 12 weeks of leave, I fell in love with being a full-time dad. If I was up at 3 a.m. I was comforting a sleepless kid, not fielding international calls. It was some of the best times we'd had as a family. My wife has a successful career in editorial work, and we began examining whether we could afford to be a one-salary family. We'd spent our early career days digging out of student and credit card debt from moving around. Right before kids, we'd finally paid off our debt, which was tough even with two incomes. Moving back to Maine was a major savings opportunity. We streamlined our spending on our mortgage, rental property, two cars, and everything else it takes to run a family in California. We no longer had to pay for flights back, preschool or daycare. We dug into what life would look like on one income, and my financial projections showed it was doable in Maine. We walk the kids to school and don't have a pricey commute. We no longer pay for any day care — a drastic change from the insanely California options at around $2,000 for one child. Maine also has free breakfast and lunch at school. <h2>Deciding to stay home</h2>It came down to how we viewed our work. After maternity leave, my wife was excited to see her coworkers and jump back into her job. I saw work as a means to an end. My future wasn't ever really tied up in my workplace. I'd missed so much of my first child's youngest years that I was determined not to repeat that with my second. On the work front, I'd used my degree for 17 years and accomplished what I wanted to. A week or two before the end of my leave, I set my team up for success and gave my boss my two weeks' notice. <div type="image" title="Michael Johnston and his family." height="1690" width="2253" msid="114981165" hostid="261"></div><h2>Settling into full-time dad life</h2>The first few months were awesome. We knew we'd made the right choice. I walked the kids to school every day and got to experience small moments I'd previously been too busy to enjoy. I did have misconceptions about stay-at-home parenting life. I thought I'd renovate our 1954 Airstream during naps. Instead, I get up at 5:30 a.m., make lunches, have a cup of coffee for 15 minutes in peace, and then get everyone ready for school. Once my oldest is at school, my new mission is potty training. I'm lucky to grab a shower during naptime. I clean and reset the house for the evening, getting dishes under control and dinner started. My wife and I always split the cores, her taking the mental labor of organizing school and social life comms and I did more physical chores. This is now just more official – I manage school runs and all the household tasks. When others find out I'm a stay-at-home dad, they always ask: "When are you going back to work?" Maybe I will, maybe I won't. If I do, I'll have different boundaries. I spent too long wrapped up in my job. We are trained to graduate, get a good job, work that job forever, then retire at 65. I plowed along for long enough. Now I know a corporate job isn't a mandatory trajectory. It was a choice. I'm happy doing something different. Correction: November 8, 2024 — A previous version of this story misstated that the Johnston family didn’t have a car. They do have a car in Maine.

I quit my 6-figure job to be a stay-at-home dad. After leaving California, we could afford to be a single-income family.

<ul class="summary-list"><li>China has chosen Saudi Arabia as the site for its next offering of US dollar bonds.</li><li>It's China's first such offering in three years, and shows deepening financial ties between the two nations.</li></ul>Investing ties between Riyadh and Beijing are growing harder to ignore.China has has chosen Saudi Arabia as the site for its first US dollar bond sales in three years, scheduled for next week, according to a Ministry of Finance statement.Saudi Arabia has embraced Chinese investment to help bankroll its juggernaut modernization plans. The country's so-called Vision 2030 project — an effort to turn Saudi Arabia into a greener, innovation-centered economy — recently reached <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-vision-2030-projects-trillion-value-neom-2024-9">$1.3 trillion in value</a>.Meanwhile, the kingdom's construction plans and emphasis on renewables have offered Chinese real estate developers and tech industries a fresh playing field.For instance, Saudi Arabia has been courting Chinese investors to fund its futuristic mega-city, Neom, the centerpiece of Vision 2030. The kingdom has had some success over recent years, and China has agreed to <a target="_blank" href="https://www.businessinsider.com/saudi-seeks-china-neom-mbs-investment-risk-vision-crown-prince-2024-6">various tech deals related to the project</a>.The Saudi Public Investment Fund — the nation's sovereign wealth vehicle — signed $50 billion worth of deals with Chinese lenders in August, according data compiled by the <a target="_blank" class="" href="https://www.ft.com/content/0d2a3dcc-9d1e-4741-84dc-8e5a81303a1b">Financial Times</a>.Tech-related investments have also kept up: in one telling example, Saudi Arabia has reportedly <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-china-ai-startup-openai-zhipu-ai-2024-6">backed a Chinese competitor to OpenAI</a> over the summer.At the end of October, Saudi Arabia <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-31/two-etfs-tracking-hong-kong-china-shares-debut-in-saudi-arabia">debuted</a> two new exchange traded funds to track markets in Hong Kong and China. These instruments will allow Saudi investors easier access to Chinese equity exposure.However, these deepening ties have also attracted US scrutiny. Earlier this year, the US offered Saudi Arabia tech and security deals on the condition that Riyadh rejects its new tech alliance with China.

The financial ties between China and Saudi Arabia keep getting deeper

<ul class="summary-list"><li>Many people who receive an inheritance don't spend it wisely, according to financial planners.</li><li>It's important to come up with a detailed financial plan when you receive an inheritance.</li></ul>Receiving a large amount of money from an <a target="_blank" href="https://www.businessinsider.com/estate-planning-how-to-handle-inheritance-assets-house-401k-ira-2024-10">inheritance</a> can be life-changing — but only if you take the right steps to handle it.It can be difficult to make big financial decisions, especially around an emotionally charged subject. According to financial advisors, many inheritors end up spending the money they receive — usually from a deceased parent or grandparent — in just a few years.Don't worry, though, if you're expecting or recently received an inheritance. You can prevent this situation by avoiding a few simple mistakes, according to Vimala Snow, head of wealth strategy at Cresset Capital, and Dave Jones, director of estate strategy at Bailard.Below are the most common mistakes they see clients make and how to avoid them.<h2 id="b00e9626-47f7-4359-b39e-a059e32d0222">Not having tough conversations early</h2>It's definitely not a comfortable conversation, but discussing estate planning early on will save you a lot of headaches later.Jones recommends starting small by talking about easier topics, such as the location of important documents."Just the location of documents can be a starting conversation. Sometimes parents don't want to talk about the exact plans yet," he said.Asking your parents about their retirement accounts, if they have an estate plan, and what sort of assets they're thinking of passing down are good starting points."Those are just really basic things that can then lead into a larger discussion about the estate plan," Jones added.It's much easier to clarify any confusion surrounding assets when the person passing their assets along is still alive, which is why these conversations are important, according to Snow. Inheritors should make sure they understand the values that parents have regarding money, as well as how certain assets should be managed.<h2 id="14519a89-2828-4b1a-924f-d01da5b20939">Not having a long-term plan</h2>This is a common mistake when it comes to financial planning in general, but it's especially relevant when a large amount of money is on the line, according to Jones."A lot of inheritors will spend the money, and they'll spend it quickly because they may not have had the best financial habits before the inheritance," Jones said.He recommends considering a few basic financial planning questions. Take a look at the type of assets you're inheriting — whether it be brokerage accounts, real estate, or others — and evaluate how these fit into your current financial goals.It depends on your personalized financial needs, but Jones recommends considering the following questions: "Do you need to generate income for yourself? Do you have an emergency fund? Do you have debts that you need to pay off?"Inheritors who establish concrete financial goals will set themselves up for success. "There's a much higher chance that the inheritance will benefit the inheritor for a long time," Jones said.<h2 id="1eee78ff-be04-43de-a777-3edbcdfaf8b3">Expecting to receive assets immediately</h2>When coming up with a financial plan, keep in mind that you won't receive your inheritance immediately, according to Snow.Estate administration can be a long legal process. The larger the estate, the longer the wealth transfer process will take, Snow said. It could take several months, or even years, for asset distribution to be completed.If estate taxes are due, then the tax return will need to be submitted nine months after the date of death, Snow added.The distribution process won't always be smooth. Complications can arise, especially over assets like a house, Jones said. If siblings inherit the family home but can't agree on what to do with the property, it could take a long time to figure out how to pass on the asset in a way that satisfies all the inheritors.<h2 id="a6fd722f-adb9-406d-ab55-78010263bfb4">Not working with an advisor</h2>Don't underestimate how complicated estate planning can be. It's often helpful to use the advice of a professional, especially during an emotionally turbulent time.It might take a team of legal and financial professionals to ensure the best outcome for your inheritance. Financial advisors, tax specialists, and estate planning attorneys can all offer assistance.Experts can help you come up with a long-term strategy for investing an inheritance. In more complicated cases, such as if the person died without a will, you may need to consult a probate lawyer to locate and value the deceased's assets. The laws governing estate taxes can also vary from state to state, so getting an expert opinion can help clarify confusion."Making sure that you're asking lots of questions and relying on your team is a really important part of the process rather than trying to do it yourself because it is pretty complicated," Snow said.

Avoid these 4 mistakes and misconceptions when receiving an inheritance, according to financial planners

<ul class="summary-list"><li>Nissan is cutting 9,000 jobs globally to reduce costs, the company said Thursday.</li><li>Sales fell to 1.6 million units due to higher costs, especially in the US.</li></ul>Nissan is cutting 9,000 jobs globally in an effort to cut costs, the Japanese automobile giant said in an earnings statement on Thursday.Nissan said that sales volumes decreased year-on-year to 1.6 million cars, hurt by higher selling and production costs, particularly from the US. That translated to much lower revenue: Profit for the quarter that ended in September was 32 million yen, or $208 million, falling far short of the $1.4 billion Nissan reported during the same period last year.Along with the layoffs, Nissan is cutting production capacity by 20%. CEO Makoto Uchida is also forfeiting 50% of his monthly compensation starting this month, among other executives who are taking a voluntarily pay cut.The company also installed Guillaume Cartier, currently the chair of Nissan's Africa, Middle East, India, Europe and Oceania unit, in a new role: chief performance officer, in which he will oversee sales and profit.Over the summer, Nissan started a voluntary severance program. At the time, a spokesman <a target="_blank" class="" href="https://www.autonews.com/manufacturing/nissan-offers-buyouts-cut-jobs-us-business-slides/">told</a> AutoNews that Nissan was not planning on layoffs. Nissan had 133,580 employees as of March 31. It was not immediately clear how the job cuts would be distributed among the company's global workforce.The company did not immediately respond to a request for comment.This is a breaking news story, please check back for updates.

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