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Ariel Skelley | Digitalvision | Getty Images How would it feel to give your children an enormous leg up on saving for retirement while also helping them form healthy money habits? The answer could be opening a Roth individual retirement account for them. To start, a Roth IRA is a special retirement account that allows participants to receive tax-free income in retirement. There are no age restrictions; therefore, a child can have a Roth IRA account and get a great head start on both their retirement savings and wealth-building goals. It is important to know that a child must have some earned income to contribute to a Roth IRA, but anyone can also contribute on behalf of an eligible child. The IRS will consider earnings from a part-time afterschool job or summer working experience as elig...

China’s biggest tech firm, Huawei Technologies, has risen to global prominence as a leader in 5G, the much ballyhooed, next-generation wireless technology. It has also become a major target for the US, which has been trying to convince its allies to ban Huawei equipment from their national networks on spying concerns. In May 2022, Canada became the latest country to sign on to the American effort. Underlying the wrangling is the question of which country will take the lead in the nascent, "everything-connected" era, and who gets left behind. WHY DOES THE US HAVE AN ISSUE WITH HUAWEI? US government officials say Huawei is dangerous in part because it could use its growing share of the telecom equipment market to spy for the Chinese government. Already in 2012, a report by the US House I...

A new bipartisan proposal takes aim at Google and would force it to break up its digital advertising business if passed. The Competition and Transparency in Digital Advertising Act was introduced Thursday by a group of key senators on the Judiciary subcommittee on antitrust: the ranking member and chair, Sens. Mike Lee, R-Utah, and Amy Klobuchar, D-Minn., as well as Sens. Ted Cruz, R-Texas, and Richard Blumenthal, D-Conn. Advertising is a huge part of parent company Alphabet's business. In Q1, Alphabet reported $68.01 billion in revenue, $54.66 billion of which was generated by advertising — up from $44.68 billion the year prior. The bill would ban companies that process more than $20 billion annually in digital ad transactions from participating in more than one part of the digital ad ...

WASHINGTON/LONDON : European stocks slid to a one-month low and commodity prices dropped on Monday on renewed concerns about rising interest rates and China's sputtering economy, while Wall Street shares rose, reversing losses after Twitter agreed to be bought by billionaire Elon Musk. Fears over China's COVID-19 outbreaks spooked investors already worried that higher U.S. interest rates could dent economic growth. U.S. shares were lower throughout most of the session, extending last week's sharp declines. The CBOE Volatility index known as Wall Street's fear gauge, hit the lowest level since mid-March. Twitter Inc shares rose on news that Elon Musk, the world's richest person, clinked a deal to pay $44 billion cash for the social media platform populated by millions of users and global ...

NEW YORK :Oil prices rose modestly on Wednesday due to ongoing concerns about tight worldwide supply, underscored by another drawdown in U.S. distillate and gasoline inventories. The market rebounded late in the session after losing ground for most of the day, in part due to strength in the dollar and as China grapples with fresh coronavirus outbreaks that are sapping demand. However, Russia's move to cut off gas shipments to two European nations added to overall worries about tight energy supply. Brent crude futures settled up 33 cents to $105.32 a barrel, while U.S. West Texas Intermediate crude settled up 32 cents to $102.02 a barrel. The U.S. Energy Information Administration said crude stocks rose by just 692,000 barrels last week, short of expectations, while distillate inventorie...

WASHINGTON: Investigators looking into the crash of a China Eastern Airlines jet are examining the actions of the crew on the flight deck, with no evidence found of a technical malfunction, two people briefed on the matter said. In mainland China's deadliest aviation disaster for 28 years, the Boeing 737-800 crashed in the mountains of southern Guangxi on Mar 21, after a sudden plunge from cruising altitude, killing all 123 passengers and nine crew. The pilots did not respond to repeated calls from air traffic controllers and nearby planes during the rapid descent, authorities have said. On Tuesday, the Wall Street Journal said flight data from one of the black boxes indicated that someone in the cockpit intentionally crashed the plane, citing people familiar with the preliminary assess...

TOKYO: President Joe Biden arrived in Japan on Sunday (May 22) to launch a plan for greater US economic engagement with the Indo-Pacific, facing criticism even before the programme is announced that it will offer scant benefit to countries in the region. On the second leg of his first Asia trip as president, Biden is to meet with leaders of Japan, India and Australia, the "Quad," another cornerstone of his strategy to push back against China's expanding influence. Biden met with Japanese business leaders, including the president of Toyota Motor Corp, at the ambassador's residence in Tokyo shortly after arriving, said a person familiar with the matter. On Monday, he is to call on Emperor Naruhito before talks with Prime Minister Fumio Kishida. He and Kishida are expected to discuss Japan...

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. A recent survey from Fidelity asked women adult women to share their actions and attitudes around money management. According to the 2022 Money Moves survey, 36% of women above age 36 say their biggest financial regret is waiting too long to start investing for retirement. Lorna Kapusta, Fidelity's Head of Women Investors, echoes this. According to Kapusta, a staggering amount of women share one other common financial regret. "Women often also regret waiting to set up a financial plan," she explains. "Seventy-one percent of women said once th...

JAKARTA : Long lines of trucks trying to unload palm fruit formed outside Indonesian processing mills this week, illustrating the growing cost of a palm oil export ban by the world's biggest producer. The trucks were stuck for days as storage space for palm oil neared capacity and, with local crop prices slumping by 70 per cent, farmers took to the streets to demand a policy change. President Joko Widodo has now agreed to lift the export ban, despite a bid to flood the local market with palm oil failing to bring down the price of cooking oil to a government target. "Ultimately, an increasing realisation that the export ban was starting to hurt palm oil producers without benefiting the end-consumers all that much prompted the reversal," Wellian Wiranto, an economist at OCBC Bank in Singa...

SYDNEY: Asian shares slid and the dollar hit two-decade peaks on Monday (May 9) as US stock futures extended their decline on rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and recession. "A series of rate hikes and hawkish communication came against a backdrop of plummeting Chinese and European activity, new plans for Russian energy bans and continued supply-side pressures," warned analysts at Barclays. "This creates the gloomy prospect of persistent inflation forcing central banks to hike rates despite sharply slowing growth." Chinese trade data for April were not quite as bad as feared, with exports up 3.9 per cent on the year and imports flat. However, there was no let-up in China's zero-COVID policy with Shanghai tightening the c...