分类： 银行考试

Sometimes our children can ask the toughest questions about wealth. Sometimes they don’t ask at all. One way or another, they will find answers. To help put them on the right path for life, surely we want to be the ones who shape our children’s understanding of wealth. The challenge: How do we do that—and do it well? 

Here, we share a story about a client and his child, who suddenly asked a question his dad didn’t quite know how to answer. This is followed by expert commentary from Michael Liersch, cognitive psychologist and Head of J.P. Morgan’s Goals-Based Advice & Strategy.

Client story

When I’m driving my kids to school, we often have interesting, meaningful discussions.

One morning, my 10-year-old boy asked: “Daddy, are we rich?” His twin sister perked up and waited with her brother for my answer.

Surprised, I punted: “That is a very good question.”

Then I tried my best. “We are fine,” I said. “We have enough money to live in a nice house, send you to great schools, do fun activities and take trips together. We always have food and stuff. But even though we have money, we always want to be sure to make good choices about what we spend on—because Mommy and Daddy both work very hard to earn that money.”

“Does that make sense?” I asked.

Their response was swift and matter-of-fact. “Yes,” said my son, and moved on to his next question: “Are we going back to Florida this winter?”

The discussion turned immediately to the upcoming winter break.

I wonder if the fly-by-the-seat-of-my-pants answer was good enough. Mostly, I wanted to make sure they knew they were safe, and to let them know my wife and I are glad to work for what we earn.

The jury is out—wish us luck.

Expert commentary
 

This is not a surprising question, but actually a very common one for curious students to ask—or wonder about, even if they do not ask directly.

Other-aware

As children become more aware of others and increasingly seek group acceptance among their peers, they naturally want to understand where they fit in. This is the age at which they are trying to find their place.

The father’s answer in this story is positive in that it describes both parents as income earners and joint decision makers. His answer also seems effective in both providing comfort—alleviating potential existential fears—while emphasizing thoughtful decision making about financial choices.

The “right” answer

In the future, the father doesn’t have to feel pressured to immediately provide the right answer—or even any answer at all—to big questions. His first response could be an inquiry along the lines of: “Interesting, why do you ask?” Not only does answering a question with a question buy parents more time to compose good answers, it also could yield very valuable insights into the child’s state of mind. Is the child reacting to idle schoolyard talk about who has how much? Or is the child concerned for some reason about having enough? And, if so, why?

Most of all, take comfort in knowing that one response in a single point in time, no matter how worded, does not define your children’s understanding. Their comprehension of money matters is created cumulatively over time by verbal and nonverbal cues alike.

Clients have long asked J.P. Morgan advisors for guidance on how to help children develop skills to be better prepared for a complex financial world. In our Teaching your children about wealth series, we have gathered best practices from our global team of advisors and a leading financial educator, Susan Doty, President of the National Association of Economic Educators, to help parents, grandparents and other caring family members empower children, ages 3-22, in money matters.  

For additional insights into how to teach children about wealth, please contact your J.P. Morgan advisors. They are available to help you and your family with all your financial needs.  

---

Customer Redress Review Program related to Wells Fargo’s Retail Sales Practices, Renters and Simplified Term Life Insurance Referrals, Collateral Protection Insurance, Guaranteed Asset/Auto Protection & Mortgage Interest Rate Lock.

As part of our ongoing efforts to build a better bank, we are looking across our entire company to identify and fix problems, be transparent and open about what we find, and make things right. In December 2018, we announced that we reached an agreement with all 50 state Attorneys General and the District of Columbia regarding previously disclosed retail sales practices, auto collateral protection insurance (“CPI”) and Guaranteed Asset/Auto Protection (“GAP”), and mortgage interest rate lock matters. We are in the process of providing remediation to customers related to all of these issues and understand that customers may have questions about what happened, the remediation plans, and the notices and remediation they receive. This website has been designed to answer your questions and to provide you with contact information for customer care teams that can assist you with any additional questions you may have about the following issues:

• Retail Sales Practices Remediation Program:  Customers who may have had an account or service opened without their consent or without being fully informed of the details of the account or service may be eligible for compensation.  Please select this link for more information and the contact information for our designated Customer Care Team.
• Renters and Simplified Term Life Insurance Referrals Remediation Program:  Customers who may have had a renters or simplified term life insurance policy opened by Wells Fargo without their consent or solely for purposes of helping a Wells Fargo team member obtain incentive pay may be eligible for compensation.  Please select this link for more information and the contact information for our designated Customer Care Team.
• Collateral Protection Insurance (“CPI”) Remediation Program:  Customers who have had an auto loan contract with Wells Fargo and were charged for collateral protection insurance may be eligible for compensation.  Please select this link for more information and the contact information for our designated Customer Care Team.
• Guaranteed Asset/Auto Protection (“GAP”) Remediation Program:  Customers who had a GAP product on their auto loan contract with Wells Fargo and paid off their auto loan contract early or had their vehicle repossessed may be eligible for a refund of any unearned portion of the amount they paid for GAP.  Please select this link for more information and the contact information for our designated Customer Care Team.
• Mortgage Interest Rate Lock Remediation Program:  Customers applying for a mortgage loan with Wells Fargo who paid a fee for a rate lock extension requested between September 16, 2013 and February 28, 2017 may be eligible for compensation.  Please select this link for more information and the contact information for our designated Customer Care Team.

If you have any questions about any remediation you have received or your eligibility for future remediation regarding the issues covered by the settlement agreement, we encourage you to contact the responsible Wells Fargo Customer Care Team. Contact information for the Customer Care Teams is provided below.

The December 2018 agreement with the Attorneys General includes a redress program. What is that?

Wells Fargo has designated customer care teams who have been specially trained to help customers with the issues covered by the agreement – sales practices (including retail sales practices and sales practices related to renters and simplified term life insurance referrals), auto CPI and GAP, and mortgage interest rate lock matters. The redress program means we’ll keep these teams in place and maintain this website in order to help answer customer questions for at least one year after the satisfaction of the remediation programs discussed below.

What is the Retail Sales Practices Remediation Program?

In September 2016, Wells Fargo entered into agreements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney to address allegations that some of our retail customers received products or services they did not request. Customers that may have had an account or service opened without their consent or without being fully informed of the details of the account or service may be eligible for remediation.  Additional details regarding the remediation that Wells Fargo has provided in the past or is in the process of providing is outlined below.

Third Party Account Analysis

In August 2017, Wells Fargo completed an expanded third-party review of retail banking accounts to identify potentially unauthorized accounts and fees and charges paid by customers related to those accounts.  The accounts and services included in the review were Wells Fargo consumer or small business checking or savings accounts, credit cards, unsecured lines of credit, and online bill pay services.

Specifically, Wells Fargo conducted a review of data associated with these accounts and services opened from January 2009 to the end of September 2016. Wells Fargo has provided refunds and credits to customers for potentially unauthorized accounts and online bill pay enrollments identified during this review for which customers paid fees and charges.

Customer Complaints and Mediation Claims

In addition, Wells Fargo has provided refunds and credits to customers of fees and charges associated with potentially unauthorized accounts and online bill pay services that were identified in response to customer complaints and mediation claims.

Class-action Settlement – Jabbari v. Wells Fargo

Customers may also receive compensation under the $142 million class-action settlement for accounts dating back to 2002 if the customer submitted a claims form before the July 7, 2018 deadline or if they complained to Wells Fargo in the past about an unauthorized account.  Customers who complained to Wells Fargo about an unauthorized account during the January 1, 2011 to March 23, 2017 time period were automatically enrolled as participants in the class-action settlement.  Please consult WFSettlement.com for the status of settlement payments.

After plaintiffs’ attorneys’ fees and costs of administration, the class-action settlement will provide reimbursement of fees not already refunded and compensation for increased borrowing costs due to credit-score impact associated with a potentially unauthorized account. Remaining funds will be distributed to the participants in the class on a per account basis.

The class-action settlement agreement covered all persons who claim that Wells Fargo opened an unauthorized consumer or small business checking or savings account or an unsecured credit card or line of credit. The settlement also covers customers who enrolled in certain identity theft protection services between May 1, 2002 and April 20, 2017 (details are available online at WFSettlement.com).

Continuing Efforts

Wells Fargo continues to work with any customers who contact us with any sales practices concerns, including customers who did not participate in the remediation described above. Customers who may have had an account or service opened without their consent or without being fully informed of the details of the account or service may be eligible for compensation, correction of credit bureau information caused by the unauthorized account, and, among other things, an opportunity for no-cost mediation if the company is unable to resolve an issue related to an unauthorized account directly with the customer.

If you have any questions about your Jabbari class-action settlement claim, please contact the settlement administrator at 1-866-431-8549 or consult WFSettlement.com. If you have questions about other potentially unauthorized accounts or services not already addressed in your Jabbari settlement claim, we encourage you to contact our Customer Care Team at 1-844-931-2273.

What is the Renters and Simplified Term Life Insurance Referrals Remediation Program?

In the past, Wells Fargo’s team members referred customers to third-party insurance companies for renters and simplified term life insurance products.  Following an internal review, Wells Fargo identified renters and simplified term life insurance policies opened with third-party insurance companies that may have been referred by our team members without the customer’s consent or solely for purposes of helping a Wells Fargo team member obtain incentive compensation. The policies were opened with American Modern Home Insurance Group, Inc., Assurant, Inc., Great West Life & Annuity Insurance Company, Prudential Insurance Company of America, Pruco Life Insurance Company, and Pruco Life Insurance Company of New Jersey. Wells Fargo stopped referring customers to third-party insurance companies for renters and simplified term life insurance products in December 2016.

Wells Fargo has paid refunds of premiums and bank fees to eligible customers with applicable renters and simplified term life insurance policies, among other potential compensation. We have provided remediation to eligible customers with policies opened between December 3, 2008 and November 30, 2016. Wells Fargo has worked to identify and provide remediation to all customers who may have been affected. Eligible customers will receive this remediation automatically and are not required to take any action.

If you have any questions about a notice or refund check you received or have not heard from Wells Fargo and believe you may be eligible for compensation related to a renters or simplified term life insurance referral, we encourage you to contact our Customer Care Team at 1-800-255-2338.

What is the Collateral Protection Insurance (“CPI”) Remediation Program?

Customers’ auto loan contracts required them to maintain comprehensive and collision physical damage insurance throughout the term of their loan. As commonly permitted under those contracts, Wells Fargo Dealer Services (“Dealer Services”) would purchase CPI from an insurance company on the customer’s behalf if our vendor was unable to confirm — from either the customer or an insurance company — that the customer already had the required insurance.  As of September 30, 2016, Wells Fargo stopped placing CPI.

Wells Fargo has identified issues related to the CPI policies placed for Dealer Services customers who had the necessary physical damage insurance for the entire time or for a portion of the CPI policy period, which we refer to as “duplicative CPI” coverage.

Eligible Dealer Services customers for whom we have records indicating duplicative CPI was placed between October 15, 2005 and September 30, 2016 will automatically receive any compensation due to them under our remediation plan.  This may include a refund of duplicative CPI interest and/or CPI premium charges, to the extent not previously refunded.  It may also include a refund of fees (such as late fees) assessed to the customer’s account during the time when duplicative CPI may have caused the fee to be assessed, among other potential compensation.  Eligible customers should receive this remediation automatically and are not required to take any action.

All Dealer Services customers who had CPI policies placed in five states within defined time periods, whether those policies were duplicative or not, will receive a full refund of CPI premium and interest, to the extent not already refunded, among other potential compensation.  The customers eligible for this compensation had a CPI policy placed in Arkansas between July 30, 2012 and September 30, 2016; in Michigan between July 30, 2011 and September 30, 2016; in Mississippi between July 30, 2014 and September 30, 2016; in Tennessee between July 30, 2011 and September 30, 2016; or in Washington between July 30, 2011 and September 30, 2016.  Again, eligible customers should receive this remediation automatically andare not required to take any action.

In addition, eligible Dealer Services customers who experienced a repossession or charge-off that may have been caused by duplicative CPI or a CPI policy placed within one of the five states in the timeframes referenced above may receive additional compensation and/or account credits under our remediation plan.  Where we determine that a repossession was caused by duplicative CPI, in accordance with our remediation plan, the customer will receive a monetary reimbursement for estimated out-of-pocket transportation and non-transportation expenses, a refund or credit for repossession costs assessed to the account, and in some cases a payment for the customer’s lost equity in the vehicle, among other potential compensation.  These customers also will receive the compensation outlined above for duplicative CPI.  Again, eligible customers should receive this remediation automatically and are not required to take any action.

For each of these categories, Wells Fargo will also work with the credit bureaus to correct customers’ credit records, if applicable.

Finally, Dealer Services customers who had CPI placed and where our records reflect the customer needed the CPI for the entire coverage period will receive a letter asking them to provide more information if the customer in fact had their own separate physical damage insurance overlapping with the CPI policy.

We are processing and sending remediation payments and related letters to customers included in the remediation as soon as we can.  Because of the magnitude and complexity associated with our CPI remediation, some Dealer Services customers may not receive correspondence or payments until later in 2019.

In addition to our Dealer Services CPI remediation outlined above, we are evaluating potential remediation to customers who had CPI placed through Wells Fargo Auto Finance (“Auto Finance”), which was a business unit previously operated separately from Dealer Services.  We will update this website with further details on any CPI remediation available to Auto Finance customers when those details are available.

This remediation is ongoing and eligible customers should be receiving notices and remediation automatically. If you have any questions about the CPI remediation plan, please contact our CPI Customer Care Team at 1-888-228-9735 or email at info@WellsFargoCPIPayments.com.

What is the Guaranteed Asset/Auto Protection (“GAP”) Remediation Program?

GAP is an optional product offered by automobile dealerships to customers at the time they purchase a vehicle. GAP products offer customers additional protection beyond a standard automobile insurance policy in the event that their vehicle suffers a total loss (for example, if the vehicle is in an accident or is stolen).  When this happens, GAP may help pay off the loan balance not covered by the customer’s primary auto insurance. GAP may be purchased in full or financed as part of the motor vehicle financing agreement with the dealership.

Wells Fargo Auto (“WF Auto”) customers who pay off their financing agreement early or whose vehicle is repossessed may be eligible for a refund of any unearned portion of the amount they paid for GAP.  In the states identified below, state law requires indirect auto lenders such as WF Auto to ensure that a refund is issued. Wells Fargo has determined that some customers whose loans originated in the following states may not have received a refund, and Wells Fargo plans to provide remediation to these customers: Alabama, Colorado, Indiana, Iowa, Massachusetts, Nevada, Oregon, Texas, Vermont, and Wisconsin.

Eligible customers are not required to take any action to receive this remediation and should be receiving notices and remediation automatically.  The first remediation payments were mailed in December 2018 and additional mailings are ongoing.

We are continuing to evaluate our GAP remediation plan. We will update this website with further details regarding the remediation plan when the plan is finalized. 

This remediation is ongoing and eligible customers should be receiving notices and remediation automatically. If you have any questions about the GAP remediation plan, please contact our GAP Customer Care Team at 1-844-860-6962.

What is the Mortgage Interest Rate Lock Remediation Program?

Wells Fargo offers prospective borrowers the ability to lock in an agreed upon interest rate for a period while their mortgage loan application is pending. Depending on the circumstances, if a residential mortgage loan does not close during the defined rate lock period, Wells Fargo may charge the customer a fee to extend the rate lock period.

On October 4, 2017, Wells Fargo announced that after an internal review, we determined that our mortgage rate lock extension fee policy was, at times, inconsistently applied during the period of September 16, 2013 through February 28, 2017. As a result, some borrowers were charged fees for rate lock extensions when Wells Fargo was primarily responsible for the delays that caused the need for the extensions. Effective March 1, 2017, Wells Fargo changed how we manage the rate lock extension process by establishing a centralized review team that reviews all rate lock extension requests for consistent application of our policy.

Between November 2017 and July 2018, Wells Fargo reached out to all home lending customers who paid rate lock extension fees for extensions requested between September 16, 2013 and February 28, 2017. While we believe many of the rate lock extension fees during the period in question were appropriately charged under our policy, Wells Fargo offered refunds (plus interest) to all customers who paid rate lock extension fees for extensions requested during this time frame.

If you have any questions about a notice or refund check you received or have not heard from Wells Fargo and believe you may be eligible for compensation related to a mortgage interest rate lock extension fee, we encourage you to contact our Rate Lock Customer Care Team at 1-866-385-5008.

What if I have questions regarding other issues not mentioned above?

We want to ensure that you only experience the very best customer service from us. If you have any questions that are not addressed above, please visit us in one of our branches or call our 24/7 toll-free number at 1-800-TO-WELLS (1-800-869-3557).

Preparing to buy a house in six steps

Shopping for a house can be stressful for anyone, but these tips from Wells Fargo Home Lending can help ensure a successful homebuying experience.

---

Buying a home can challenge anyone’s patience, especially during spring and summer — typically the busiest time of the year, when competition can be fierce.

Still, by doing your homework, learning the market, and following a few basic steps to fine-tune your financial health, you can boost your chances of homeownership success.

Homeowner Chiquita Millender said she brought rookie enthusiasm to her first homebuying experience, but quickly learned it took more than that to succeed. Millender had student loans and other debt problems from college that had hurt her credit, and she and her husband couldn’t afford the house they wanted in the Atlanta area based on his income alone.

“I got so discouraged I wanted to quit,” said the 31-year-old restaurant manager and Wells Fargo customer. “Finally, though, I told myself to be a big girl and start again.”

With help from Wells Fargo, Millender put herself on a disciplined financial plan, reduced her debt, improved her debt-to-income ratio, and saved enough for a down payment. Her credit score rose about 200 points. Eventually, she and her husband found the home of their dreams and were approved for $150,000 more in financing than they had initially sought.

“Homeownership is something I appreciate so much,” she said. “It’s definitely an accomplishment I’m proud of. I was the first in my family to go to college and the first to buy a home. Now I can teach my sisters and brothers, even my mother, how to attain homeownership. It really feels great.”

Six tips for a successful homebuying experience

Before scrolling through listings and sharpening your negotiation skills, potential homebuyers need to take some important preliminary steps, said Michael DeVito, head of Wells Fargo Home Lending.

“When buying a home, it helps to be prepared — including understanding what you can afford,” he said. “First-time homebuyers are often surprised to learn about all of the programs in place to help them with the purchase process. Talk to an expert and follow these key steps to make the path to homeownership a great experience.”

Read text version

1. Know your credit: Your credit report holds detailed information about your past use of credit. That data then gets calculated into a number representing your creditworthiness — your credit score. Once a year, you may obtain a free copy of your credit report from each of the three credit reporting companies at annualcreditreport.com, the official site for free credit reports. Wells Fargo also provides online and mobile customers free access to their FICO^® Credit Score.
2. Manage your debt: Your debt-to-income ratio can also play a key role when buying a home. Try to keep your total debt level at or below 36 percent of your gross monthly income, allowing for a potential new mortgage payment.
3. Have cash available for a down payment: Many people believe you need 20 percent of the home purchase price for a down payment, but that is no longer reality. Some programs allow qualified buyers to put down as little as 3 percent. Certain community initiatives, like Wells Fargo’s NeighborhoodLIFT^® program, offer down payment assistance.
4. Demonstrate proof of income: Home mortgage financing programs are available for a range of incomes. The key is demonstrating your ability to repay the loan. Lenders will review your income history and require current W-2s, tax returns, or similar documentation.
5. Have a rainy day fund: Lenders want to see that you have savings or a cushion to handle the unexpected expenses that come with homeownership, such as a leaky roof or failing appliance.
6. Get preapproved: Getting preapproved is a good way to understand what kind of home loan product or program you may qualify for and may help you negotiate price against competing offers.

Additionally, there are other resources that may be available to prospective homebuyers through their banks. Wells Fargo customers, for example, may qualify for the yourFirst Mortgage^SM program, which offers financial education and housing counseling to help guide them through the buying process. Wells Fargo also provides online and mobile customers a number of homebuying tools, including a debt-to-income calculator.

Taking on the competition

Homebuying is a lot tougher than many people realize — you have to do your homework and be prepared for whatever is going on in the marketplace, because “it’s a whole new real estate world out there,” said Rachel Hartman in an article for the National Association of Realtors^®.

Homebuyers may encounter a range of hurdles, including bidding wars, all-cash offers, dubious home staging, and sketchy online promotions, she said.

“You will face an onslaught of tough competition and more that will require you to hone your homebuying skills more than ever,” said Hartman. “But knowing what awaits you is half the battle.”

The Vision, Values & Goals of Wells Fargo details the enduring principles that guide all Wells Fargo team members in the work they do every day — in serving customers and helping each other.

Our vision

We want to satisfy our customers’ financial needs and help them succeed financially.

This unites us around a simple premise: Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs.

Our values

Five primary values guide every action we take:

• What’s right for customers. We place customers at the center of everything we do. We want to exceed customer expectations and build relationships that last a lifetime.
• People as a competitive advantage. We strive to attract, develop, motivate, and retain the best team members — and collaborate across businesses and functions to serve customers.
• Ethics. We’re committed to the highest standards of integrity, transparency, and principled performance. We do the right thing, in the right way, and hold ourselves accountable.
• Diversity and inclusion. We value and promote diversity and inclusion in all aspects of business and at all levels. Success comes from inviting and incorporating diverse perspectives.
• Leadership. We’re all called to be leaders. We want everyone to lead themselves, lead the team, and lead the business — in service to customers, communities, team members, and shareholders.

Our goals

We want to become the financial services leader in these areas:

• Customer service and advice. After listening to and understanding our customers and their financial goals, we want to provide exceptional service and guidance to help them succeed financially.
• Team member engagement. Our team members are our most valuable resource. We want to be the employer of choice — a place where people feel included, valued, and supported; everyone is respected; and we work as a team.
• Innovation. Through innovative thinking, industry-leading technology, and a willingness to test and learn, we create lasting value for customers — and increased efficiency for our operations.
• Risk management. While working to set the global standard in managing all forms of risk, we want to serve customers’ needs and protect their assets, information, and privacy.
• Corporate citizenship. We make a positive contribution to communities through philanthropy, advancing diversity and inclusion, creating economic opportunity, and promoting environmental sustainability.
• Shareholder value. We want to deliver long-term value for shareholders through a balanced business model, strong risk discipline, efficient execution, and a world-class team.

May 28, 2019

NEW YORK — J.P. Morgan today announced selections for the firm’s 20th anniversary edition of its annual Summer Reading List. Featuring 10 inspiring nonfiction titles ranging from current events and leadership to global gourmet and travel, this is the most diverse collection of topics and authors since its inception.

“Every year, our teams look forward to curating summer reading collections that offer clients distinctive opportunities to explore new worlds, new tastes and new ideas,” said Darin Oduyoye, Chief Communications Officer for J.P. Morgan Asset & Wealth Management. Now – two decades in – we continue that tradition hoping to spark curiosity and conversation with an eclectic mix of books meant to educate, motivate and inspire.”

The annual summer list was launched in 2000 and has grown each year to reflect cultural shifts and interests of the firm’s client base. Advisors from J.P. Morgan offices around the globe submitted and reviewed hundreds of titles to ultimately curate the 20th anniversary list of 10 books.

To explore this anniversary list and celebrate past years, visit jpmorgan.com/readinglist2019. The 10 titles selected for the 2019 J.P. Morgan Summer Reading List are:

Out of the Gobi: My Story of China and America, by Weijian Shan. At a time when two of the world’s largest and most influential nations—China and the United States—face off in a delicate and tense economic showdown, one man’s journey sheds a revealing light on both countries and their current interactions. Weijian Shan shares his inspirational first-hand account of overcoming immense hardship during the Cultural Revolution in China, as well as his journey become the ultimate American dream success story. Through a deeply detailed and insightful narrative, Shan offers a unique view of his homeland and the country he now calls home.

The Age of Living Machines: How Biology Will Build the Next Technology Revolution, by Susan Hockfield.As our global population surges, climate change and new extremes loom, healthcare costs rise, countries and communities worldwide face unprecedented challenges. World-renowned neuroscientist Susan Hockfield asserts the next generation of technological advances to address these issues will be rooted heavily on biology. From bionic limbs to computer engineered agriculture, new biology-rich innovations offer an exciting glimpse at our future.

Hilma af Klint: Paintings for the Future, by Tracey Bashkoff. A visionary artist whose work predates some of the more recognizable trailblazers of the abstract movement, Hilma af Klint created graphic, high-impact paintings and works on paper that offered a uniquely spiritual and esoteric take on art. Perhaps aware that her pieces were not of her time, the artist stipulated that the entirety of her life’s work should remain unseen by the public for 20 years following her death in 1944. Accompanying the artist’s first major exhibition in the United States at the Guggenheim Museum, this catalogue delves into the thematic evolution of her artistry, the influences within her life, and the impact she has had on modern art—ensuring the artist and her work are a secret no more.

The Moment of Lift: How Empowering Women Changes the World, by Melinda Gates. As the modern world increasingly shifts toward gender equality, women still face critical challenges that are continue to impact society. Melinda Gates, one of the most inspiring and influential philanthropists of our time, shares the stories of the remarkable women she has encountered from around the globe. Gates eloquently weaves key lessons with inspiring anecdotes of women overcoming pressing challenges. The book is a reminder of both the power of story and the need for change, and proof that when women succeed, we all succeed.

Literary Places (Inspired Traveller’s Guide), by Sarah Baxter and Amy Grimes. Reading often transports us to new worlds and unexplored places—that is part of the magic of a memorable book and its charming illustrations. In Literary Places, travel journalist Sarah Baxter takes us on a journey to locales around the world through some of the most celebrated and emotionally impactful oeuvres of modern history. From the labyrinth of markets and mosques of medieval Cairo in Naguib Mafouz’s Palace Walk to the sun-drenched plains of Don Quixote’s La Mancha, the tangled streets of Victor Hugo’s Paris to the moody sites of New York City in J.D. Salinger’s Catcher in the Rye, Baxter offers a distinctive and informative guide through time, geography, and the human experience with our surroundings.

The Prosperity Paradox: How Innovation Can Lift Nations Out of Poverty, by Clayton Christensen, Efosa Ojomo and Karen Dillon. Co-authors Clayton Christensen, Efosa Ojomo and Karen Dillon tackle one of the world’s most enduring and intractable issues: Poverty. Despite seemingly altruistic intentions of development and billions of dollars of resources, many countries on the receiving end of aid from the developed world have, in fact, become even poorer. Addressing the multitude of factors for this frustrating contradiction, Christensen, Ojomo, and Dillon offer an alternative route to sustainable development, using innovative proven models from around the world.

My Mexico City Kitchen: Recipes and Convictions, by Gabriela Camara. Celebrated restaurateur and chef Gabriela Camara has helped transform the food scene in Mexico City with her modern, fresh take. Her acclaimed restaurants—Contramar in Mexico City and Cala in San Francisco—have become wildly popular, a testament to her creativity. In My Mexico City Kitchen, Camara presents the stories and “how to” for some of her most delectable dishes, seamlessly blending the expected (enchiladas and tacos) with the imaginative (savory corn pudding and tuna puff pastries) for global gourmets.

Range: Why Generalists Triumph in a Specialized World, by David Epstein. Specialization from an early age in athletics, music, art and science is often touted as the key to becoming an elite master of industry. David Epstein’s research turns this theory on its head. In Range, he shares the secrets of how generalists are succeeding at every age. His work spotlights the fact that it is not necessarily when we start, but more often how starts, failures and restarts fuel our agility, determination and ultimate success. ”Don’t feel behind” is this author’s advice—and with deep insights at the point of where sport, science and technology cross, it’s advice worth following.

D-Day Girls: The Spies Who Armed the Resistance, Sabotaged the Nazis, and Helped Win World War II, by Sarah Rose. Before the invasion of Normandy signaled a turning point in World War II, Allied forces faced a seemingly unstoppable Germany. The situation demanded unprecedented action on the part of the Special Operations Executive—a move to recruit women as spies. Thirty-nine women would go on to serve in a program of sabotage, disruption and espionage that would pave the way for an Allied victory at D-Day. As we approach the 75th anniversary of this historic day, Sarah Rose has rigorously researched their stories and pointed a much-needed spotlight on some of the unsung heroines of the war. Her gripping accounts evoke the drama and action of a spy-novel—except they’re all true.

Atlas Obscura: Explorer’s Guide for the World’s Most Adventurous Kid, by Dylan Thuras and Rosemary Mosco. Spanning 47 countries and all seven continents, Atlas Obscura is an illustrated guide to some of the most magical and strange places known to man—all with an eye to the young explorer. Glowing caves, massive tree houses, an ice cream shop with 900 flavors and more will captivate and charm readers young and old. This globe-trekking guide is a perfect blend of consumable facts, illuminating history, geography and culture—seasoned with a sense of fun and excitement. Bon voyage!

Bank of India Offer Shoppers Stop.com

The Offer is valid till 31 March 2020.

DBS Bank Debit Card Users’ Guide

Risk Disclosure for Use of Debit Card
Terms and Conditions on Debit Card
1 General Provisions
2 Application
3 Account
4 Usage of Debit Card
5 Password
6 Loss report
7 Customer Service Hotline
8 Account Reconciliation
9 Retention of Debit Card
10 Cancellation of Debit Card
11 Account Terms and Conditions
12 Fees and Charges
13 Rights of Cardholder
14 Obligations of Cardholder
15 Rights of Card Issuing Bank
16 Obligations of Card Issuing Bank
17 Miscellaneous
Restrictions of Debit Card Service

DBS Bank Economics Research : China’s slowdown shadows return

China’s slowdown shadows return

May 16, 2019

China’s domestic demand saw broad-based easing in April. More pro-growth policies are expected.

Photo credit: AFP Photo
China’s domestic demand saw broad-based easing in April. The NBS Manufacturing PMI fell from 50.5 in March to 50.1 in April. Advances of retail sales decelerated from 8.7% YoY to 7.2%, the slowest growth since May 2003. Industrial value-added also fell to 5.4% in April from 8.5% in March. Fixed asset investment (FAI) moderated to 6.1% YoY YTD from 6.3% pending the effect of accelerated infrastructure spending to surface.

Private consumption sentiment has remained cautious. Sales performance of cosmetic, furniture, and daily use goods decelerated noticeably. Non-necessity such as automobile registered on-year decline for 12th consecutive month. Supply of automobiles production also fell 15.8%, down significantly from -2.6% in March. Gold, silver and jewelry rebounded to positive territory modestly (Chart 2). Consumption sentiment was dampened by weaker expectation of future income growth alongside a weakening labour market.

The employment PMI for both manufacturing and the non-manufacturing had remained in contraction zone. Unemployment rate is standing above 5.0% for over 8 months despite mild retreat seen lately (Chart 3), exerting downward pressure on wage. Also, negative wealth effect from the slumping equity market is likely to weigh on spending power. CSI 300 fell from its 13 months high of 4,121 points to 3,680 of late (down 10.2%).

Industrial production has already weakened in tandem with sluggish export performance. It fell 2.7% in April, down from an increase of 13.8% in March. China decided to retaliate on USD60bn US imported goods over the weekend. The US is also planning to raise tariffs to 25% for the rest (USD325bn) of the Chinese shipments (mainly consumer goods), which will be an unambiguous negative for exports. Deterioration in industrial activities will weigh on GDP growth. According to our estimation, 25% tariffs on USD 200bn Chinese exports would shave 1.0ppt on GDP growth this year. Tariffs impositions on all of China’s exports to the US would impact about 1.5 ppt (see “RRR cut signals PBoC still supportive”).

Hence more pro-growth policy is expected. Meanwhile, the impact from VAT cut effective in April (RMB800bn corporate tax saving) and social security fee cut effective in May (>300RMB) will feed through into growth momentum.

More large-scale domestic stimulus is also needed to boost the industrial activities. On a positive note, real estate investment went up by 2.4ppt to 11.9% YTD. Yet, investment appetite in manufacturing sector remained particularly conservative (Chart 4). Infrastructure investment decelerated further since early 2019. The downtrend may reverse course ahead. More projects will be rolled out by NDRC. In fact, there was appreciable improvements in commodities imports such as oil, copper and coal due to increased demand from infrastructure projects (see “Stimulus is working; more coming”). Local government bond, as main source of funding for infrastructure, has been rising steadily (Chart 5). Its cumulative issuance jumped 16.1% from March.

Premature policy normalization could risk choking off growth momentum. Tightening monetary condition seen in April, is therefore not likely to sustain (Chart 6). FAI should rebound down the road. Currently, FAI was mainly driven by state-owned enterprises (SOEs) (Chart 7). The authority will continue to impose targeted measure to unclog funding channels to private enterprises (POEs) who are more affected by the China-US trade war.

In fact, bank loan dropped from 13.7% to 13.5% in April. The corporate loan as percentage of total loan shrank (Chart 8) mirroring weakening loan demand. Therefore, PBoC extended CNY267.4 bn to commercial banks in April via its targeted medium-term lending facility (TMLF). Reserve requirement ratio (RRR) cut will release RMB280bn for small to medium size banks, exerting downward pressure on interest rates. Yield of 10-year government bonds dropped from 12.4bps from a year-high of 3.435% to 3.311% of late.

Re-leveraging will eventually add downward pressure to CNY exchange rate. CNY has depreciated towards 6.9 from 6.7 against the USD (Chart 9). Our back-of-the-envelope calculations showed that if the US increased tariffs to 25% from 10% on USD 200bn of China’s goods, USD/CNY could rise to 7.30. A full-blown trade war which entails a 25% US tariff on the rest of China’s goods could propel USD/CNY to 8 (see “Effective link between tariffs and CNY”, December 13, 2018). A relatively strong US economy may dissipate the dovish stance of Fed, thereby also adding downward pressure on CNY.

3+3+6 Mortgage Repayment Plan

DBS introduces 3+3+6 mortgage repayment plan to help you manage your monthly mortgage installments with greater convenience!

Program Details:

• Preferential deposit rates to mortgage customers with lump sum deposit amounting to 12months of monthly installments
• The lump sum deposit will be divided in the ratio of 3:3:6 and placed in savings account, a 3-month time deposit and a 6-month time deposit respectively
• Deposit rates annualized for this program are as follow: 

Currency	Savings	3-month	6-month
USD	0.05%	2.00%	2.10%
HKD	0.01%	1.00%	1.10%
RMB	0.35%	1.485%	1.75%

Terms & Conditions：

1. To be eligible for the preferential deposit rates under this program, 12 months of mortgage installment amount must be deposited in one lump sum with DBS Bank (China) Company Ltd. (the “Bank”), and the value dates of the time deposits must be the same.
2. Customer bears the responsibility to ensure sufficient balance for repayment should there be any loan interest rate adjustment. The bank undertakes no responsibility for penalty arising from the before mentioned.
3. No auto renewal is allowed upon expiry of the time deposit which is placed at the preferential rate hereunder.
4. The Bank reserves the right to alter from time to time applicable preferential rate hereunder according to market conditions, and actual rates are subject to the latest rates offered by the Bank at the time of deposit placement.
5. In case of any inconsistency between these Terms and Conditions and other promotional materials relating to this program, these Terms and Conditions shall apply and prevail.
6. To the extent permitted by relevant laws and regulations, the Bank reserves the final right of interpretation of this program, and the Bank also reserves the right to revise the program or to pre-maturely terminate this program without prior notice.
7. These terms and conditions shall be governed by and construed in accordance with the laws of the People’s Republic of China.
8. The English version (if any) of these Terms and Conditions is for reference only. In case of any inconsistency between the Chinese version and the English version hereof, the Chinese version shall prevail.
9. In case of any doubt, please contact your relationship manager or our customer service hotline at 400-820-8988.

Greater Bay Area: In-depth Study by DBS Bank Group Research

Group Research / May 15, 2019

Our analysts took a deep dive to examine opportunities and challenges to come as the Greater Bay Area (GBA) embarks on its journey to become China’s newest innovation and technology hub.

Despite strong economic growth over the past decades, the Greater Bay Area (GBA) – excluding HK and Macao – is still being viewed as a manufacturing- driven economy. This explains why its wealth level is only 25% to 50% of other global bay areas. We expect the services sector to lead economic growth going forward, with its GDP contribution to rise from 57% (66% incl. Hong Kong and Macau) to 72% (and 76%) by 2030. With this transformation, we estimate that population in the region will expand from 70m currently to over >100m in 2030; GDP per capita is estimated to double and catch-up with Tokyo Bay area, creating tremdous opportunities for companies in this area.

We have performed an analysis to identify the potential of each industry in the GBA region, based on near-term (2022) and long-term (2030) growth (CAGR). Our rankings show that high value-added manufacturing such as new energy vehicles (NEV), smart appliances, consumer Internet of Things (IoT) hardware and environmental products will lead near-term growth. In the long-term, growth will also be driven by online ads, finance services, healthcare, warehouse, office and education services; similar to global peers as the services industry flourishes.