China bookstore growth fueled by visible enchantment, social media visitors

Visitors take photos and read books in Shenzhen on November 13, 2021 at a Zhongshuge bookstore, a chain known for interior design.

VCG | Visual China Group | Getty Images

BEIJING – Social media is so important to Chinese consumer goods companies that visual appeal tends to be a priority for a number of new bookstores.

Elaborate interior designs – sometimes reinforced by mirrors – not only have caught the attention of “Architectural Digest” but also young Chinese looking for new experiences.

“The Chinese consumer, especially the post-90s [generation]”They want convenience, they want new things,” said Derek Deng, partner at Shanghai-based Bain & Co. who heads the company’s consumer goods practice in Greater China.

“They covet the products [that] not only satisfying their functional needs, but also addressing their emotional needs, “he said,” whether it is something you can show your colleagues, something you always find joy in, or something you simply need makes it easier for you to blend in. “

Shopping malls noticed. Instead of signing contracts with large department stores to make them the main draw for customers, malls have turned to coffee and tea shops, finely crafted bookstores, Showrooms for electric cars and other trendy stores, said Jacky Zhu, research director for western China at JLL.

“You can increase pedestrian traffic. You can increase pedestrian traffic for a specific customer, ”he said. This is so much the case, he added, that malls make bookstores pay a third or a quarter of the rent of a clothing or cosmetics store.

In addition to visually appealing interiors, many bookstores in China sell coffee, stationery and gift items. Nostalgia for the China of past decades is a popular topic.

One of Mia Huang’s favorite bookstores is a shop in a traditional four-walled Beijing courtyard. The shop displays a lot of historical items like bicycles and door signs, and has a public reading area, she said.

Huang, of the post-90s generation, said she quit her job at an internet tech company in 2019 to become a full-time travel blogger – and share comments, photos, and videos about her experience.

This building in Beijing, China, was built in 1907 as the city’s first Anglican church, but has long since lost its religious functions and was converted into a bookstore before this photo was taken on June 21, 2019.

Jason Fan | Barcroft Media | Getty Images

Another of Huang’s favorite bookstores is one converted from a church building in Beijing.

“A lot of people go there to ‘check in,’” she said in Mandarin, referring to a trend where people visit places they’ve seen on social media and then take their own photos to prove they are were there.

Going to bookstores isn’t really intended for buying books, she said, noting that many of the stores have turned into tourist attractions or cozy places to take a break.

Some bookstores in China have become so popular that thousands of people are ready to go hike to remote areas, according to a report by the state-run online publication Sixth Tone from 2019. A village location of the hipster bookstore Librairie Avant-Garde brought, according to a. revenue of 1.5 million yuan ($ 234,375) for the year ended mid-November Report from the state newspaper China Daily.

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What is less clear is whether the rising interest in visually appealing bookstores means that stores actually benefit from selling books.

Store stock selection often focuses on art and design, while non-book gift items can take up a significant portion of retail space, the reporter’s observations.

In China, tight government control means that titles published or sold in the country do not conflict with censorship. Books by or about Chinese President Xi Jinping are prominently displayed at many bookstore entrances, while the state operates its own nationwide chain of bookstores.

Locals read books at Xinhua Bookstore in Handan, Hebei Province, China on June 13, 2021.

Cost photo | Barcroft Media | Getty Images

Shops called bookstores are still open.

According to Qichacha, a company database, more than 40,000 new bookstore-related businesses have registered in the country every year since 2017. For that year through November, 39,000 new bookstores have registered – a 6% increase over the previous year, the data showed.

These new openings still outperform the annual closings of around 10,000 or more bookstore-related stores, the database shows.

A model walks the catwalk at the LEDIN collection show by Chinese designer Wang Dongyang during China Fashion Week 2020/2021 A / W Collection at Page One Bookstore on May 6, 2020 in Beijing, China.

Sheng Jiapeng | China Intelligence Service | Getty Images

However, in the digital age, bookstores have never been easy business, and the prestigious bookstore chain Yanyouji faced financial difficulties this fall Started an online discussion about the future of photogenic bookstores. It reflects the difficulty of running a business even after it has gained prominence on social media, and exemplifies a trend in the fast-growing Chinese consumer market.

Of the 46 Chinese consumer brands launched in 2018, only 17 are doing well this year, analysts at Bain and Kantar Worldpanel found in a report released earlier this month. In the makeup space, 30% of the brands launched in 2016 have been phased out, the report said.

China’s new consumer brands in recent years have tended to use online e-commerce and social media channels to make a first wave of traffic, Deng said. He found that digital data on consumer trends is helping new brands quickly test and customize their products.

A look inside TSUTAYA bookstore on March 29, 2021, Xi’an City, Shaanxi Province, China.

Cost photo | Barcroft Media | Getty Images

However, it is more difficult for these newcomers to find a second growth channel, which usually requires expansion into the more complicated world of physical business and local sales, Deng said.

“What has always been missing is once you’ve recruited [consumers] If they are first buying your product, how can you make sure they keep staying with you? “He said.” The repeat purchase rate has become a major factor for these insurgent brands on the first wave of successes to more sustained growth . “

For a novelty bookstore, that means the photographers will come back and spend money – even if they do Retail sales were sluggish.

Some are bringing in specialist supermarkets, hairdressers, and book authoring events to create a community that can cater to the needs of an entire family or a specific population group, said Zhu of JLL. “From my point of view, I believe the bookstore can survive,” he said. “They can survive because of their changing strategy to adapt to the changing retail market.”

Why the largest job wage growth post-pandemic is blue collar

Businesses across the country are in dire need of workers as economic reopening collides with a tight labor market, but the boom in wage growth for manual workers is ahead of the pandemic.

Donna Kauffman, co-owner of a landscaping and construction company in Colleyville, Texas, said a tight labor market had raised her starting wage to $ 13.75 an hour, compared to lower wages in previous years.

Economic forecasters like Gary Shilling have seen an upward trend in wages for manual workers and manual services in recent years, growing faster than white collar wages and a trend reversal that has persisted for the past 30 years, according to the US Bureau of Labor Statistics.

“In general, at the worker level, you’re likely to see higher real incomes,” Shilling recently told CNBC.

Schilling says “work share” – the amount of GDP that is paid out in wages, salaries and benefits – what was in decline has been trending upwards for decades, while the “capital share” – the amount of national income from invested capital – is trending downwards.

For workers in labor industries such as construction, transportation and manufacturing, as well as workers in manual service sectors such as hospitality, leisure, hospitality, and beauty and health services, they have seen the highest wage leaps in recent years. These wages continue to rise after the pandemic.

On July 7, 2021, in San Rafael, California, a sign reading “Now Hiring” was posted in the drive way of a McDonald’s restaurant.

Justin Sullivan | Getty Images

Gad Levanon, head of the Labor Institute at the Conference Board, said the economy will depend on the reopening of manual jobs and the recent wage hike is due to labor shortages in these industries as the country continues to grapple with the aftermath of the ongoing pandemic.

The June Non-Agricultural Payroll Report showed a rise Average hourly wages in all industries, with employment growth of 343,000 in leisure and hospitality professions, more than half of which are in the hospitality industry. But employment in areas such as construction, transportation and manufacturing remained low.

Levanon says that despite the rise in wages, it is taking longer to find workers in these industries as these positions are usually filled with workers from lower socioeconomic status who are still affected by the pandemic. These jobs require personal interaction and practical skills that pose potential health risks to workers, and many of these workers will either not return to their jobs or will not be able to return to work due to factors such as lack of access to childcare and continued state unemployment benefits.

The discussion about why workers do not return to work remains highly controversial. Some say unemployment benefits deter workers, others say Advantages don’t matter. Some say rising vaccination rates will encourage workers to come back, but others say the risks for vulnerable populations are still high.

Zoom In Icon Arrows pointing outwards

US Bureau of Labor Statistics

Some experts consider the wage increases to be here to stayand it is up to companies to compensate for labor costs when more workers return.

“America is first and foremost a service economy,” said Daniel Zhao, Senior Economist at Glassdoor. “So with the economy reopening, I expect greater demand for personal services, and this will add to the coming boom in service roles and work.”

Sportswear company Under armor increases his Minimum hourly wage for its retail and sales reps from $ 10-15, while restaurants like MC Donalds and Chipotle are increase their wages, and in April the White house increased the minimum wage to $ 15 for government contractors, including jobs for construction workers and mechanics.

Zhao says when companies like McDonald’s and Chipotle raise their minimum wages, it means they are realizing it Labor shortages and wage inflation as long-term problems.

“If they only perceived this as a temporary pandemic lack of time, they would only be relying on one-time bonuses or recruitment bonuses,” Zhao said. “But the fact that they are raising wages shows that there are employers who believe the recruitment challenges will continue for a long time.”

Workers willing to do manual work are falling

While every industry is currently suffering from work constraints, Kauffman said she has seen a steady decline in workers willing to do practical work over the past 20 years.

44 percent of the companies currently have vacancies for skilled workers, see above a June poll by the National Federation of Independent Business, and 66% of construction companies said they were not hiring enough skilled or skilled workers.

One reason workers aren’t returning to these jobs quickly is because of their bargaining power, says Gregory Daco, chief US economist at Oxford Economics. Employers must continue to meet higher wage and employment requirements in order to attract this workforce back.

A member of the Ironworkers Local 7 union installs steel beams on a skyscraper under construction during a summer heatwave in Boston, Massachusetts on June 30, 2021.

Brian Snyder | Reuters

The labor market for manual activities has been shrinking since the years leading up to the pandemic, according to Levanon, as older generations retire and there are fewer people doing these jobs. This trend will continue in the years to come.

“Retired baby boomers are people with lower education who do these worker and manual service jobs,” Levanon said. “And the majority of the younger generation it replaces are better educated and less willing to work in such professions.”

Kauffman said her landscaping company used to hire young adults, either high school students or out-of-college young adults, but gradually as high schools in her area started pushing college for more students and ending agricultural education programs, she has potential workers lost.

Daco says that while workers’ desire to perform these roles is an issue, there are more direct reasons for labor shortages and wage increases in both manual and manual service occupations. On average, there are enough people to do these jobs, he says, given the 6.4 million people who are not currently working but want a job, according to the June payroll report.

Skills shortages and job shortages in the place of residence of workers contribute to recruitment difficulties.

“They have workers, but they may not be in the right place at the right time,” said Daco. “Perhaps there are rural areas where people have to work in services, leisure or hospitality, but fewer people want to live there.”

Infrastructure spending can drive wages higher

While the debate in Congress and the White House over a draft federal spending and infrastructure bill continues, bipartisan support for strengthening physical infrastructure across the country, including adding and expanding roads, bridges, and highways, should meet the demand for workers and wages keep high pressure on employers.

The details of any specific plan passed by Congress are crucial, but Levanon says companies will continue to face extremely difficult recruitment barriers for construction workers and manual workers.

As federal spending plans become clearer, Daco expects increased pressure to fill these positions, which will drive wages higher, but not suddenly. He predicts a more gradual increase towards mid-2022 when infrastructure plans become a reality. And while current wages represent a starting point for the future, he does not see this as a starting point for a sustained surge in the wage boom for workers.

“I don’t think this is the start of wage inflation as wages will continue to rise at the same rate as they are indefinitely,” he said.

—MacKenzie Sigalos of CNBC contributed to this report

New Britain to Host Nice American Increase Drive-In Model Fireworks Tonight – NBC Connecticut

The 4th of July is here and hardly any other holiday is so synonymous with fireworks! Some of these shows were canceled last year due to COVID-19, but many are back in action this year.

One show that lights up the night sky is the Great American Boom in New Britain.

The show kicks off at 9:15 a.m. tonight with parking for the event, which opens at 7:30 a.m. and closes at 9 a.m.

During the show, guests are expected to stay in their vehicle except to go to the bathroom.

Officials encourage those who wish to see fireworks to come and watch instead of setting them off themselves.

Most fireworks are not legal in the state of Connecticut, and the list of illegal actions is much longer.

You cannot buy or sell fireworks without a license. It’s also illegal to buy fireworks in another state and bring them back to Connecticut – this includes fireworks and sky rockets. None of them should be used unless in the hands of a professional.

So what is legal? Sparklers and fountains are legal, but the fire department says you should still use caution when using them.

“It’s much more dangerous because of the projectile and the shooting,” said Groton City Fire Department chief Edward Sargent.

“Only adults should handle it. Children shouldn’t handle them. They should be outside, away from buildings. Get away from the woods because they can still start a fire, “added Sargent.

If the fireworks rains tonight, the rain date will be set for tomorrow night.

On The Cash: Breaking down Biden’s $1.8T American Households Plan | Powell voices confidence in Fed’s deal with on inflation | Wall Road basks in ‘Biden increase’

Have a nice Wednesday and welcome back to On The Money, where we prepare for something else shared session experience. I’m Sylvan Lane, and here’s your nightly guide to everything to do with your bills, bank account, and bottom line.

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THE BIG DEAL – This is what Biden’s $ 1.8 billion plan for American families says: President BidenJoe BidenTulane adds Hunter Biden as a guest speaker on media polarization Trump on the resumption of MAGA rallies: report Biden’s inevitable foreign policy crisis MORE On Wednesday, the American Families Plan will be unveiled, an ambitious package that includes $ 1 trillion in new spending and $ 800 billion in tax credits aimed at increasing access to preschool and community colleges, as well as childcare and Extend health care significantly.

  • Biden will explain the proposal in a speech to a joint congressional session where he is expected to set his agenda for the coming months.
  • The centerpiece of the speech will be the Family Plan, which will be rolled out less than a month after Biden unveils a $ 2.3 trillion infrastructure proposal.

But we already have details of what Biden will propose tonight.


  • The American Families Plan has a $ 200 billion program that provides universal pre-kindergarten for all three- and four-year-olds.
  • $ 109 billion for a tuition-free community college for any American who wants it.
  • $ 85 billion to increase Pell grants for low-income and minority students.
  • More than $ 4 billion in major scholarships, certification, and support programs for teachers.

Tax credits:

  • The plan would build on the provisions of the American Rescue Plan by indefinitely extending the Affordable Care Act tax credits and making the extension of the childless worker tax credit permanent.
  • It would make the child tax credit permanent fully available to the families with the lowest incomes, while other aspects of credit expansion, such as increasing the loan amount, will expand through 2025.

The proposal includes the creation of a national program for paid family and sick leave, more funding for catering programs for children and low-income families, and reform of unemployment insurance. The Hill’s Brett Samuels and Morgan Chalfant break it open here.

The tax increases: All of these new investments will be accompanied by a number of proposed high income tax hikes which, on their own, could be a major political boost.

The Naomi Jagoda of the Hill leads us through Biden’s tax plan here.

Read more about the American Families Plan:

  • President Biden will speak to Congress on Wednesday evening tense terms with the business community for proposals to increase the corporate tax rate and nearly double the capital gains tax for high-income Americans.
  • Key Democratic lawmakers said Wednesday they would keep pushing for that full expansion The Presidential Tax Credit (CTC) is set to be permanent after President Biden released a proposal that would only cement part of the expansion.
  • The Treasury Department on Wednesday announced more details on President Biden’s proposal to increase IRS funding Strengthen compliance According to tax laws, these initiatives would generate net sales of $ 700 billion over a decade.

Run the day

Powell is confident the Fed can get inflation under control: Federal Reserve Chairman Jerome Powell said Wednesday that rising inflation will offset itself as one-off, pandemic-related statistical quirks and supply chain disruptions subside.

During a press conference, Powell argued that the recent spike in the rate of price increases is almost entirely due to economic activity picking up after the collapse during the coronavirus recession outbreak.

“We’ll likely see some upward pressure on prices,” Powell said after the Fed announced that it would keep rates near zero percent and maintain the current rate of bond purchases in the reopening process. ”I Explain why here.

The background:

  • The US is expected to grow between 6 and 8 percent in 2021 as it contains the spread of COVID-19 and brings millions of people back to work.
  • Critics fear Biden’s recent $ 1.9 trillion in economic aid, plans for future spending, and loose monetary policy from the Fed will boost inflation as the US is already booming.
  • The consumer price index (CPI), a closely watched indicator of inflation, rose 2.6 percent between March 2020 and last month, and minus food and energy costs 1.7 percent.

However, Powell said Wednesday that summer inflation would continue to rise due to two short-term factors: The statistical effect of comparing a fall in demand with a sharp surge in demand and congestion caused by the reopening of the global economy.

“An episode of one-off price increases in the reopening of the economy is not the same as and is unlikely to result in sustained higher inflation year over year into the future,” he said.


  • The Senate Banking Committee will hold a hearing on “The Dignity of Work” at 10 a.m.
  • The Senate Finance Committee holds a social security hearing at 10 a.m. during the COVID-19 pandemic
  • A House Financial Services subcommittee will hold a hearing at 12:00 noon to close the racial and gender wealth gaps
  • A House Ways and Means subcommittee will hold a hearing on infrastructure investments at 1:30 p.m.



Dogecoin increase is a retail phenomenon pushed by Powell giving cash to all people, Novogratz says


Central Banks to Pour Money Into Economy Despite Sharp Rebound

(Bloomberg) — The aggressive rebound in global economic growth still isn’t enough for most of the world’s central banks to pull back on their emergency stimulus.In Bloomberg’s quarterly review of monetary policy covering 90% of the world economy, the Federal Reserve, European Central Bank and Bank of Japan are among the 16 institutions set to hold interest rates this year.The outlook suggests officials still want to guarantee the recovery from last year’s coronavirus recession by maintaining ultra-low borrowing costs and asset-buying programs. That may require them to accept any accompanying bounce in inflation.Six central banks, most of them in emerging markets, are still predicted to hike, including Brazil, Russia and Nigeria. Turkey is the only one of those monitored which is forecast to cut borrowing costs this year.What Bloomberg Economics Says:“For advanced economies, continued virus uncertainty, deep labor market scars, and a recognition that past decisions erred on the side of deflationary preemption will conspire to keep policy looser for longer. In many emerging markets, currency stress means central banks don’t have that luxury.”–Tom Orlik, chief economistHere is Bloomberg’ quarterly guide to 23 of the world’s top central banks:GROUP OF SEVENU.S. Federal ReserveCurrent federal funds rate (upper bound): 0.25%Bloomberg Economics forecast for end of 2021: 0.25%A key question for Fed Chair Jerome Powell and his colleagues is when to start talking about scaling back their massive bond purchases if the economy continues to recover as they expect.Officials have vowed to keep buying $120 billion of Treasuries and mortgage-backed bonds every month until they see “substantial further progress” on inflation and employment. That test could be met sooner than anticipated if the U.S. labor market continues to perform as it did in March, when a better-than-expected 916,000 new jobs were added.Powell has so far avoided putting any time frame around when he thinks it’ll be appropriate to slow bond buying, but promises to give investors plenty of advance warning. The Fed has also signaled it expects to keep rates near zero through 2023.Officials at their meeting in March maintained that dovish message, according to a record of their discussion released on April 7, while Powell continues to stress the recovery remains incomplete and uneven.Part of its hesitancy to talk publicly about bond purchases stems from harsh experience: The Fed wants to avoid a repeat of the 2013 taper tantrum, when unexpected news that it was thinking about slowing bond buying roiled financial markets and hurt the economy.What Bloomberg Economics Says:“The U.S. economy may be launching into the fastest growth since 1983, but the Fed is firmly resolved to not only maintain the current stance of policy accommodation deeper into the recovery, but also to retract it more gradually under their new outcome-based framework for achieving its dual mandate. While Fed officials previously talked of seeing the ‘whites of the eyes’ of inflation before responding through policy tightening, the new framework is more akin to waiting to see inflation’s coattails — as the central bank is prepared to endure a ‘transitory’ overshoot of their 2% inflation target.”–Carl RiccadonnaEuropean Central BankCurrent deposit rate: -0.5%Bloomberg Economics forecast for end of 2021: -0.5%The ECB has pledged to keep financing conditions for governments, companies and households “favorable” until the coronavirus crisis phase is over, using its 1.85 trillion-euro ($2.2 trillion) Pandemic Emergency Purchase Program to keep bond yields low, and dishing out ultra-cheap loans to banks.PEPP is due to run until at least the end of March 2022 and while policy makers say they won’t spend the full amount unless needed, most economists expect them to do so. The euro-area recovery has been delayed by a slow vaccination rollout, and ECB President Christine Lagarde has repeatedly warned of the dangers of ending support too early.The scene is set for a vibrant debate toward the end of the year on when and how to scale back emergency aid and what should replace it. In the meantime, the ECB is urging governments to hurry up with their 800 billion-euro joint recovery fund.What Bloomberg Economics Says:“The ECB will continue buying bonds through its Pandemic Emergency Purchase Program throughout 2021. We expect acquisitions to be front-loaded in 2Q to tackle the rise in government borrowing costs before reverting to a slower pace for the remainder of the year.”–David PowellBank of JapanCurrent policy-rate balance: -0.1%Bloomberg Economics forecast for end of 2021: -0.1%The Bank of Japan is likely to be keep its main policy settings on cruise control after its biggest policy review since 2016 in March. The review gave the BOJ more scope to reduce its asset buying after a fine-tuning it characterized as a shoring up of its stimulus framework for the longer term.Despite fears of inflation elsewhere in the world, a quarterly outlook report in April is expected to show that the BOJ doesn’t see price growth reaching a stable 2% before Governor Haruhiko Kuroda steps down in April 2023. That will help back up the institution’s argument that it had to take a more flexible approach to policy.Investors and economists will closely scrutinize how the changes will affect the BOJ’s market operations including its pace of bond and ETF buying, and how quickly it will step in to stop any jumps in 10-year yields after clarifying that its target range reaches up to around 0.25%.BOJ watchers will also be looking to see if the bank extends its special pandemic funding measures from the current September expiry date. With bankruptcies falling and bank lending growing, there appears little reason to add to the measures supporting businesses. Still, with only about 1% of the population vaccinated in early April, uncertainties for the economy remain with virus cases ticking up again in some major cities.What Bloomberg Economics Says:“The BOJ is preparing to shift from emergency pandemic support back to its long-elusive goal of 2% inflation. Adjustments to its yield curve control and ETF purchases add flexibility and endurance. It will be a protracted fight — even the BOJ sees inflation falling short of target over its three-year forecast horizon. It’s set to stay on hold for the time being — though it may need to accommodate more JGB issuance if the government steps up fiscal stimulus this summer.”–Yuki MasujimaBank of EnglandCurrent bank rate: 0.1%Bloomberg Economics forecast for end of 2021: 0.1%Bank of England Governor Andrew Bailey is firmly on the fence about whether his next move is to administer another dose of stimulus or monetary tightening to the U.K. economy. Financial markets already have priced out the prospect of negative rates, moving gilt yields and the pound higher than they were a year ago.After the worst recession in three centuries, the U.K. is headed for a sharp rebound after one of the world’s most successful coronavirus vaccination programs. Debate at the central bank is about whether the recovery will absorb all the workers left out of a job during the crisis and push up inflation, or leave scars that require further care.While the latest data including a boom in house prices suggest upside risks, companies are increasingly concerned that Britain’s exit from the European Union has choked back trade, leaving the prospect of a painful restructuring of the economy after the pandemic clears. At the institution’s next decision on May 6, policy makers will weigh whether to ease the pace of bond-buying, which at 4.4 billion pounds ($6 billion) a week would, unless adjusted, deliver more than the target for 150 billion pounds of stimulus this year.What Bloomberg Economics Says:“The year started with speculation rife that the BOE could take the historic step of reducing rates below zero. While the central bank looks like it will formally adopt negative rates as a tool in 3Q, a rapid rollout of the vaccine and a fiscal boost in the budget have greatly reduced the chances of them being used. We expect the BOE to stay on hold for the remainder of the year, emphasizing its higher-than-usual bar for tightening policy.”–Dan HansonBank of CanadaCurrent overnight lending rate: 0.25%Bloomberg Economics forecast for end of 2021: 0.25%The Bank of Canada is signaling it will be one of the first Group of Seven central banks to start paring back monetary policy support as the nation’s economic recovery from the Covid-19 crisis accelerates.Analysts anticipate next steps to pare bond purchases will come as early as a policy decision on April 21, while a so-called taper in the U.S. isn’t expected until next year.Canada’s central bank has been buying a minimum of C$4 billion ($3.2 billion) in government bonds each week, accumulating more than C$250 billion of the securities over the past year. That pace is likely no longer warranted with an outlook that appears to improving dramatically by the week, helped by a recovery in commodity prices and a robust housing market.The central bank, however, has sought to ease any worries of an imminent change to its benchmark overnight rate — currently at 0.25%. Officials have pledged to keep it there until economic slack has been fully absorbed — expected well after the quantitative easing program ends.What Bloomberg Economics Says:“A positive reassessment of the growth outlook will drive only a limited shift in BoC communications in April. The labor market is still a long way from full recovery, a factor that will increasingly dominate thinking about the inflation mandate. In turn, a near-term pickup in prices will be treated as transitory. Nonetheless, an announcement to reduce QE purchases at the April meeting would be consistent with prior communications, even if a rate hike is still more likely to be an early-2023 event, in our view.”–Andrew HusbyBank of Canada DashboardBRICS CENTRAL BANKSPeople’s Bank of ChinaCurrent 1-year best lending rate: 3.85%Bloomberg Economics forecast for end of 2021: 3.85%The PBOC cut lending rates and deployed various quantitative tools to inject liquidity into the pandemic-hit economy last year, on top of asking banks to increase loans. That helped to shore up growth but also pushed debt levels to a record high, fueling concerns of property bubbles and financial risks. With the economy’s recovery now well on track, the central bank is seeking to rein in its stimulus without derailing that rebound.The PBOC is likely to normalize policy by moderating credit expansion rather than hiking rates, economists say. Officials have said they want to match the growth in money supply and credit with the expansion in nominal GDP this year, and stabilize the debt-to-GDP ratio. The PBOC recently asked banks to curtail loan growth for the rest of 2021 to keep new advances at roughly the same level as last year.What Bloomberg Economics Says:“Robust growth, yet with pockets of weakness, suggest little need to the central bank to move the rate either way in 2021. In the meantime, the central bank will continue to tamp down on credit growth in a gradual taper to head off financial risks. It’s also likely to keep up targeted support for small private companies — an area of persistent weakness in the recovery.”–Chang Shu and David QuReserve Bank of IndiaCurrent RBI repurchase rate: 4%Bloomberg Economics forecast for end of 2021: 4%India’s central bank formally embarked on the path of QE in early April, pledging to buy an assured amount of sovereign bonds this quarter as it fights to keep borrowing costs low and support a recovery in Asia’s third-largest economy. While the RBI already had been buying government securities in the secondary market, April’s meeting marked the first time the central bank committed upfront to buy a specified amount.Hamstrung by underlying price pressures that could gather pace in coming months, Governor Shaktikanta Das and five other members of the monetary policy committee voted to keep the repo rate unchanged at 4%. However, Das pledged to maintain a dovish stance if economic conditions deteriorate as a number of provinces including Maharashtra, home to the financial capital of Mumbai, grapple with lockdowns amid a fresh wave of Covid-19 cases.What Bloomberg Economics Says:“The RBI is likely to look through above-target inflation in the near term, with its primary focus on securing a durable recovery in growth. We see it holding the repo rate at 4% through the fiscal year ending March 2022. Sovereign bond purchases in its new QE program will be its main easing tool in the quarters ahead and should help tamp down longer-term yields to keep borrowing costs low to support the economy.”–Abhishek GuptaCentral Bank of BrazilCurrent Selic target rate: 2.75%Bloomberg Economics forecast for end of 2021: 5.5%Brazil’s central bank has begun paring back monetary stimulus as inflation surges despite a new wave of the pandemic that threatens the economic recovery. Policy makers raised the benchmark Selic rate by 75 basis points in March, the most in a decade, and signaled that a second move of the same magnitude is on the way at their next decision in May.Despite the institution’s assurances that price shocks are temporary, futures traders are betting even bigger hikes are in the pipeline. Driven by higher fuel costs, annual inflation blew past the upper limit of the central bank’s target range in March, hitting a four-year high.What Bloomberg Economics Says:“Recent actions and communications suggest the BCB will try to right the fiscal wrong with monetary policy. Fiscal uncertainties were an important driver of the currency meltdown in the first quarter; their likely persistence suggests that the real may remain misaligned with Brazil’s robust external fundamentals. In the meantime, the BCB is set to continue to raise the policy rate, fearful of the inflationary impacts of the weaker currency, and regardless of economic slack. The real may close the year at 5.30 per U.S. dollar, and the Selic at 5.5% — still below the neutral rate (estimated to be 6% to 7%).”–Adriana DupitaBank of RussiaCurrent key rate: 4.5%Bloomberg Economics forecast for end of 2021: 5.5%The Bank of Russia surprised markets by starting its rate-hiking cycle earlier than expected. The inflation spike proved to be more prominent than policy makers thought before, Governor Elvira Nabiullina said after the board raised the key rate by 25 basis points in March and signaled more increases. The central bank will start publishing forecasts for the key-rate range starting their next meeting on April 23.The ruble dropped in value after the U.S. imposed sanctions on Russian sovereign ruble bonds at the primary market. It recovered some of the losses but the risk of additional steps is weighing on the currency. The U.S. has also warned of “consequences” if jailed opposition leader Alexey Navalny dies. These heightened geopolitical tensions are providing another argument for a bigger rate hike this week.Inflation peaked in March at the level last seen in late 2016, fueled by food prices and the weaker ruble. President Vladimir Putin made the cost of living a political issue when he told the government in December to put caps on prices of certain goods. Since then, Russia increased export duty on grain and negotiated with producers to set limits on some food staples. All administrative steps to curb prices are distorting the market signals and Russia needs to move away from that, Nabiullina said recently.What Bloomberg Economics Says:“Spiking inflation and a swift rebound in demand caught the Bank of Russia by surprise. Higher yields and fresh sanctions are layering on risk. Policy makers have turned hawkish, signaling significant tightening in 2021. We expect a steady pace of quarter-point hikes in the near term, which will give the central bank some room to maneuver in the second half of the year.”–Scott JohnsonSouth African Reserve BankCurrent repo average rate: 3.5%Bloomberg Economics forecast for end of 2021: 3.5%The South African central bank’s next move will be to tighten as it projects inflation will tick up to around the 4.5% mid-point of its target range. Still, the timing of the first hike is uncertain.The implied policy rate path of the MPC’s quarterly projection model in March indicated two increases of 25 basis points in the second and fourth quarters of 2021. Last week, Governor Lesetja Kganyago said the central bank is in no rush to take the benchmark back to where it was before the pandemic and that it would likely maintain an accommodative monetary policy stance to support the economy as long as the inflation outlook gives it room to do so.Forward-rate agreements, used to speculate borrowing costs are pricing in only one 25 basis point increase by year-end. Most economists are less hawkish and see the rate remaining at its record low until the end of 2021.What Bloomberg Economics Says:“The coronavirus is likely to keep spreading until there’s a significant ramp up in the governments vaccination program. As such, the economy is will remain fragile and highly unpredictable this year. This, together with the benign inflation outlook should keep rates on hold this year.”–Boingotlo GasealahweMINT CENTRAL BANKSBanco de MexicoCurrent overnight rate: 4%Bloomberg Economics forecast for end of 2021: 4%Mexico’s central bank held its benchmark rate at 4% in March, amid an inflation surge that is leading many economists to predict its monetary easing cycle has drawn to a close. Led by rising fuel costs, consumer prices rose 4.67% last month from a year earlier, jumping above the ceiling of the institution’s target.Governor Alejandro Diaz de Leon still didn’t close the door to additional rate cuts, saying that officials will continue taking a data-dependent approach to monetary policy. Consumer prices, he said, have been pressured by supply shocks, a weaker peso, and a shift in demand for goods instead of services, but the Mexican economy is likely to have a negative output gap “for some time.”Banxico, as the bank is known, expects annual inflation to peak during the second quarter, before slowing toward the end of the year.What Bloomberg Economics Says:“We expect Banxico to hold its benchmark rate at 4% in 2021. The rate remains high relative to peers and previous economic downturns, but resilient high inflation due to lingering shocks offset disinflationary pressure from ample economic slack and limit room for more accommodation.”–Felipe HernandezBank IndonesiaCurrent 7-day reverse repo rate: 3.5%Bloomberg Economics forecast for end of 2021: 3.75%Rising global bond yields have all but shut Bank Indonesia’s window for further easing this year. Governor Perry Warjiyo is turning his attention to preserving the country’s interest-rate differential from the U.S. to stem foreign outflows and protect the battered rupiah, which he considers “very undervalued.” Targeted macroprudential measures, such as the recent relaxation of home and auto loan rules, will likely be Warjiyo’s main lever to revive bank lending and aid growth.The central bank insists it won’t unwind monetary support for the economy anytime soon, with demand and inflation still weak. The institution also has signaled that when it is time to tighten, it could focus on restricting liquidity before raising rates.That will be one less thing for investors to worry about as they keep an eye on growing political pressure for BI to work more closely with the government. President Joko Widodo has called for the central bank’s mandate to be expanded to include employment and economic growth, even as he pledged to respect BI’s autonomy.What Bloomberg Economics Says:“Bank Indonesia appears limited in its ability to cut rates further this year, even though still-sluggish domestic demand is likely to justify more easing. Instead, heavy capital outflows — linked to U.S. reflation and concerns about new constraints put on BI’s independence — may require rate hikes to support the rupiah, instead of more concerted FX intervention that depletes reserves. Other measures would likely be deployed to counter the drag on domestic demand.”–Tamara HendersonCentral Bank of TurkeyCurrent 1-week repo rate: 19%Forecast for end of 2021: 16%Installed after President Recep Tayyip Erdogan abruptly fired his market-friendly predecessor following a bigger-than-expected rate increase, new Governor Sahap Kavcioglu is under pressure to reduce borrowing costs to boost growth.Turkey’s central bank left its benchmark rate unchanged in Kavcioglu’s first monetary policy meeting. While the decision matched market expectations, the institution omitted an earlier pledge to keep monetary policy tight and even deliver additional hikes if needed. Although Kavcigolu has said he would not rush to loosen the stance he inherited, the changes in the rates statement prompted further speculation that cuts might be imminent.Meantime, Erdogan, who holds the unorthodox view that high rates cause inflation, continues to express his determination to both reduce price growth and reduce borrowing costs to single digits.What Bloomberg Economics Says:“The recent firing of the central bank governor sends a clear message about the direction of policy: growth at all costs will be pursued. But rising U.S. yields, higher oil prices and lira depreciation will prevent rate cuts in the short term. If global conditions warrant tightening, it’ll be delivered through the backdoor.”–Ziad DaoudCentral Bank of NigeriaCurrent central bank rate: 11.5%Bloomberg Economics forecast for end of 2021: 13%The Nigerian central bank is inching closer to hiking its benchmark rate for the first time since July 2016. In March, three of nine MPC members who attended the policy-setting meeting voted to tighten by at least 50 basis points, a shift from January when the panel was unanimous in its decision to hold.Governor Godwin Emefiele said at the time the central bank can only effectively shift to taming inflation that’s at a four-year high once the recovery of Africa’s largest economy from last year’s recession has reached a comfortable level. Since then the International Monetary Fund has increased its projection for the country’s 2021 output growth to 2.5% from 1.5%. That would be the fastest expansion since 2015.A rebound in oil prices could improve the prospects for growth further, giving the central bank room to focus on taming inflation, even if it’s only from the second half of the year. Higher rates will also help support the naira, which was devalued twice in 2020.What Bloomberg Economics Says:“Nigeria’s inflation rate continues to surge, and has been stuck above the central bank target range for the past five years. However, the Central Bank of Nigeria has overlooked the recent uptick, choosing instead to support the economy with a 200 basis point rate cut. We expect it to hike rates again this year, when the recovery has gathered pace and the policy focus shifts back to inflation.”–Boingotlo GasealahweOTHER G-20 CENTRAL BANKSBank of KoreaCurrent base rate: 0.5%Bloomberg Economics forecast for end of 2021: 0.5%The Bank of Korea is expected to maintain a long hold as its optimism over the economy is tempered by continued uncertainty over the outlook and a slow vaccine rollout. The central bank sees faster-than-previously expected growth in the mid-3% range as exports surge on global tech demand and recoveries in China and the U.S. But Governor Lee Ju-yeol has played down talk that a tightening of policy is anywhere near the horizon.Keeping the BOK cautious is a renewed uptick in domestic virus cases. The resurgence is pushing the government to consider ramping up public restrictions on activity. A shortage of vaccines is also making it increasingly unlikely that the country will achieve its goal of herd immunity by year-end. If things take a turn for the worse, the central bank doesn’t have much room to go the other way and reduce its benchmark rate further after 75 basis points of cuts last year. Rising household debt poses a risk to the country’s financial stability and Lee has said the rate is already near its lower bound.For the time being, standing pat appears the institution’s best option for safeguarding the recovery while ensuring financial imbalances don’t accumulate further. The majority of economists surveyed by Bloomberg see the BOK holding its policy rate at the current level until the third quarter of next year.What Bloomberg Economics Says:“The Bank of Korea has likely reached the end of its easing cycle. While uncertainties surrounding the pandemic remain high, South Korea’s economy is poised to rebound in 2021 and the central bank remains concerned about growing financial risks. The BOK has cautioned that the government’s large borrowing plans could lead to bond market imbalances, but it will continue using ad-hoc bond purchases to contain yields rather than shift to QE.”–Justin JimenezReserve Bank of AustraliaCurrent cash rate target: 0.1%Bloomberg Economics forecast for end of 2021: 0.1%With the RBA targeting unemployment in the low 4% range and pledging rates won’t rise until inflation has sustainably returned to the 2-3% target, monetary stimulus will be in play for some time.The central bank has reinforced the economy’s rapid recovery by holding down borrowing costs through a firm defense of three-year debt — its variant of yield curve control. That has also helped weaken the currency a touch in combination with QE that targets 5-10 year securities outside the YCC framework.Key decisions over whether to roll over the yield target to the November 2024 maturity, and whether to extend QE when the current round expires in September/October will likely be influenced by the economy’s resilience to a withdrawal of government stimulus.While the RBA has also said it will “carefully” monitor surging home prices, any action to stem gains is likely to come from tighter bank lending rules, not monetary tightening.The RBA has learned from its experience in 2009, when it led the world in raising rates. This time round it will wait for other major economies to move first to avoid renewed currency strength choking off the expansion.What Bloomberg Economics Says:“Last year was a consequential one for the RBA — it ventured into yield curve control and QE. This year it will be less active, focused more on fine tuning. A pressing task will be to curb appreciation in the local currency. Another, working with other regulators to reinstate macro prudential policy restraints to restrain a resurgent housing market. Labor market slack is set to damp inflation, and keep the cash rate unchanged, for several years yet.”–James McIntyreCentral Bank of ArgentinaCurrent rate floor: 38%Bloomberg Economics forecast for end of 2021: 38%Argentina has relied on a mix of orthodox and unconventional policies to maintain its currency market relatively calm. While largely refraining so far this year from the mass money printing of 2020, policy makers have amplified price controls and slowed a crawling peg depreciation in a bid to cool inflation, currently around 40% a year. In order to absorb liquidity, the central bank has allowed financial institutions to pile into its short-term debt, with the amount of outstanding repo notes rising to over 1.5 trillion pesos ($16.2 billion) from 125 billion pesos a year ago.Monetary policy in the medium term remains clouded by the uncertainty surrounding negotiations with the IMF. The government has indicated a deal is unlikely to happen before mid-term elections in October, and Central Bank President Miguel Pesce has stayed on the sidelines of talks. While foreign reserves have slightly rebounded this year, they hover near a four-year low. The government’s strict currency controls, once labeled temporary measures, have no expiration date in sight.What Bloomberg Economics Says:“The IMF will probably require Argentina to adjust its policies in exchange for an Extended Fund Facility deal. Until then, however, we expect the BCRA to stay put. The policy rate will likely be on hold at 38% even as inflation accelerates, and the peso will likely depreciate at a pace slightly below inflation. Once a deal is struck — likely after the October mid-term legislative elections — the BCRA will probably bring real rates to positive territory and to reduce the currency misalignment.”–Adriana DupitaG-10 CURRENCIES AND EAST EUROPE ECONOMIESSwiss National BankCurrent policy rate: -0.75%Median economist forecast for end of 2021: -0.75%The SNB’s monetary policy consists of negative rates and currency-market interventions.In light of the small local bond market, the strategy is the most effective, SNB President Thomas Jordan has said. Data also indicate the intensity of interventions has diminished in recent months, as the franc dropped versus the euro.Having slumped the most in decades due to the pandemic, the Swiss economy is due to return to its pre-crisis level in the latter half of this year. Still, inflation also remains weak.Sveriges RiksbankCurrent repo rate: 0%Bloomberg Economics forecast for end of 2021: 0%Sweden’s central bank remains focused on bond purchases to keep rates low and stabilize markets. Still, Some policy makers are highlighting the option of a rate cut to stimulate demand and restore confidence in the Riksbank’s 2% inflation target.The central bank kept rates unchanged at its last meeting, and maintained its QE program at 700 billion kronor ($82 billion). Policy makers agreed that it was too soon to discuss withdrawing monetary support despite signs of economic stabilization and an uptick in consumer prices.Governor Stefan Ingves has signaled he prefers QE to rate cuts, and said last month he sees no risk of above-target inflation “in the foreseeable future.” Meanwhile, the property market soaring to record price levels is an increasing worry for Ingves, who said Sweden’s high level of household debt “will become problematic sooner or later.”What Bloomberg Economics Says:“A rebound in global trade is benefiting export-oriented Sweden and the economy has recouped more of the pandemic loss than expected by Riksbank. Short-term risks from new virus measures and a weak outlook for inflation due to modest wage growth still means policy makers won’t be in any hurry to withdraw support. The Riksbank has extended its bond-buying scheme until end-2021. We expect Ingves to stay on hold as the recovery takes shape.”–Johanna JeanssonNorges BankCurrent deposit rate: 0%Bloomberg Economics forecast for end of 2021: 0.25%Norway’s central bank is expected to be the first among wealthy western nations to tighten policy after its economy took a smaller hit than most in 2020. Its March forecast implies that the likelihood of a rate increase is split 50/50 between September and December.While soaring house prices signal financial imbalances are building up, Governor Oystein Olsen has said substantial uncertainty still remains regarding the recovery.Norway’s economic resilience has been boosted in part by an effective lockdown strategy and billions of dollars in government support backed by the country’s $1.3 trillion sovereign wealth fund. Still, restrictions to fight the spread of the more contagious strains of Covid-19 this year have hampered the recovery, with a deeper contraction in the first two months than the central bank had forecast.What Bloomberg Economics Says:“A quick rebound from the pandemic slump, sharply rising house prices and above target inflation during the past year give the central bank reason to think about leaving zero rates behind. But not yet. We expect extended virus restrictions to weigh on domestic demand until late in the second quarter. Norges Bank will likely wait until 4Q before lifting off.”–Johanna JeanssonReserve Bank of New ZealandCurrent cash rate: 0.25%Bloomberg Economics forecast for end of 2021: 0.25%New Zealand’s red-hot housing market has been driving the outlook for monetary policy this year after the government changed the RBNZ’s remit, forcing it to take house prices into account. After an initial flurry of bets that the central bank could start raising rates in 2022, the emerging consensus is that the cash rate will stay at its record low for longer. That’s partly because a raft of new government measures to cool the property market have taken the pressure off the RBNZ to act.While New Zealand’s successful handling of the pandemic initially enabled its economy to stage a V-shaped recovery, it now faces the possibility of a double-dip recession as its closed border hurts its tourism sector. The opening of a long-awaited travel bubble with Australia in April may help alleviate the pain, but support for the economy is still needed to ensure the recovery stays on track this time. Governor Adrian Orr has also made clear he wants to see a sustained inflation pickup before he considers removing stimulus.What Bloomberg Economics Says:“The RBNZ looks set to keep rates on hold this year. It’s likely to use other tools — the Funding for Lending program and asset purchases — if needed to add more support or to sustain maximum downward pressure on the currency. Its immediate attention is likely to remain on surging house prices, which have elevated financial stability risks. It’s already taken macro prudential policy steps, alongside government measures to rein in investor demand. The risks lie with further macro prudential tightening over 2021.”–James McIntyreNational Bank of PolandCurrent cash rate: 0.1%Median economist forecast for end of 2021: 0.1%Poland’s central bank intends to keep its benchmark rate at a record low until at least early next year, when the term of the Monetary Policy Council ends.The economy shrank for the first time in nearly three decades in 2020, and offficials responded by introducing a QE program and reducing the key rate from 1.5% in three steps between March and May.The EU’s biggest eastern economy is set to rebound this year, though the outlook has recently become more uncertain on the third wave of the pandemic.Even as neighboring central banks in the Czech Republic and Hungary are seen taking a less accommodative approach, their policies “play no role whatsoever” in monetary policy in Poland, according to Governor Adam Glapinski.Czech National BankCurrent cash rate: 0.25%Median economist forecast for end of 2021: 0.5%The Czech central bank has been telegraphing monetary tightening for over half a year but the prolonged coronavirus crisis is set to delay the first rate increase until the third quarter.Government programs to protect jobs are driving wages up and deferred consumption is set to fuel inflation once shops and services reopen after one of the world’s deadliest Covid-19 outbreaks. Still, policy makers agreed in March that a “longer-lasting pandemic-induced downturn” will probably mean a slower pace of monetary tightening than outlined in the institution’s forecast, which assumed three rate hikes for this year.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Digital artwork by Beeple sells for $69.four million amid NFT growth | Leisure

This undated photo, released by Christie’s on Thursday, March 11, 2021, shows a digital collage titled “Everydays: The First 5,000 Days” by an artist named Beeple. Christie’s says it auctioned a digital collage by an artist named Beeple, whose real name is Mike Winkelmann for nearly $ 70 million in an unprecedented sale of a digital work of art that made more money than physical works by many better-known artists. The piece sold for $ 69.4 million in an online auction and “positions it among the top three best valuable living artists,” Christie’s said Thursday via Twitter.


By KELVIN CHAN AP Business Writer

LONDON (AP) – Christie’s says it auctioned a digital collage by an artist named Beeple for nearly $ 70 million. This was an unprecedented sale of a digital artwork that made more money than physical works by many well-known artists.

The piece, entitled “Everydays: The First 5,000 Days,” sold for $ 69.4 million in an online auction and “positions him among the top three most valuable living artists,” Christie’s said Thursday via Twitter.

Christie’s also said it was the first time a major auction house has offered an exclusively digital work of art with a non-fungible token as a guarantee of its authenticity, and the first time cryptocurrency has been used to pay for a work of art at an auction.

Beeple, real name Mike Winkelmann, responded to the sales result with an expletive on Twitter.

“For over 20 years artists have used hardware and software to create works of art and distribute them on the Internet, but there has never been a real way to actually own and collect them,” Beeple said in a statement released by Christie’s That Has Now changed. I think we are at the beginning of the next chapter in art history, digital art. “

Christie’s has not identified the buyer of the artwork, which is made up of 5,000 individual digital images that Beeple has been piecing together since May 2007 – one every day.

Present Me the Cash: Online game growth

Video games are currently more popular than ever. But they’re more than just fun. You can actually make money in several ways.

One in three people around the world plays video games.

“We’re one of those rare industries where there are many different industries in one. We are both artistic and scientific, and we program and design, ”said Stanley Pierre-Louis, President and CEO of the Entertainment Software Association.

He says that all of these games have a really positive effect on the economy.

“We are an industry that not only creates jobs and economic performance, but also has an impact on others. Today we create 143,000 jobs, but that spill-over effect is helping to create three times as many 428,000 jobs. “

The gaming industry can have an impact on other unrelated industries like engineering, e-commerce, and even healthcare in what is known as spillover.

Video games grossed $ 40 billion in 2019. If you add the spillover, that number goes up to $ 90 billion.

While many companies suffered from the pandemic, the gaming industry flourished.

“People loved playing games, but they also loved being connected. What has really driven the growth of our industry is that people can play together – and because of that, more people have had to play together, but also more people are learning about games in new ways, ”said Pierre-Louis.

Show Me The Money: Online Money Management For Seniors

“During this time, many people are unemployed. If you are someone who loves playing games, is this an industry? Is this an industry to get into? You have to be really good because there are a lot of great players out there, but this is one of those industries where we are opening new avenues for job growth and job creation, ”said Pierre-Louis. “Esports is one of them, but there are people who comment on the games. So you have e-casters talking about what’s going on in the game. They have a whole ecosystem around the video game. Some in creating the games, some in playing the games, and some in all industries and creating components. “=

Indeed, your child’s love for games could be real set them up for success.

Girls who play video games are three times more likely to get a STEM graduate degree.

“People want to know what’s going on behind the game and that sparks a lot of excitement about tech, coding and the like.”

And the possibilities aren’t just limited to playing.

“More and more games are part of children’s education in history science. it can lead to a career in many areas. “

It’s also important to remember – with the advent of sport, gambling is even leading to college scholarships.

If you know where to look, you can make money playing games.