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Counterintuitive? Here’s why advisors may urge retirees to load up on equities

Counterintuitive? Here’s why advisors may urge retirees to load up on equities

Finance
Slocan Lake, BCIra T. Nicolai | Stone | Getty ImagesIt's not every day that you'd tell a retiring client to ratchet up their stock exposure, but if she has some guaranteed income, it just might make sense.That's because pension income, Social Security benefits and income annuities all provide retirees with a measure of safety, said Michael Finke, professor of wealth management at The American College. "If you have a safety net, the consequences of risk aren't as severe for you," he said, speaking at the American Institute of CPAs Engage conference in Las Vegas. "If you have significant guaranteed income, your portfolio is more skewed toward safety," Finke said.That means these pre-retirees can afford to take additional risk in the form of higher allocation toward stocks.Three portfoliosFin...
Shoe giants urge Trump to end trade war

Shoe giants urge Trump to end trade war

World
Some of the world's biggest footwear firms are urging Donald Trump to end the US trade war with China, warning of a "catastrophic" effect on consumers.In a letter signed by 170 companies, including Nike and Adidas, they said the President's decision to lift import tariffs to 25% will disproportionately impact the working class. They also warn that higher levies threaten the future of some businesses. "It is time to bring this trade war to an end," the firms urged.Mr Trump lifted levies on $ 200bn worth of Chinese imports into the US from 10% to 25% more than a week ago after Washington and Beijing failed to reach a deal on trade.China retaliated by announcing plans to raise levies on $ 60bn of US imports from 1 June. US-China trade war: What could Beijing...
Business groups urge MPs to avoid no-deal after PM's Brexit defeat

Business groups urge MPs to avoid no-deal after PM's Brexit defeat

Business
By John-Paul Ford Rojas, business reporter Business groups have urged MPs to avoid a no-deal Brexit after the prime minister suffered a further Commons defeat.The CBI called for politicians on all sides to "stop this circus" while the City of London Corporation said the country was now "staring down the precipice". Opponents of Theresa May's Brexit deal defeated it by 149 votes a day after she claimed victory as she hailed legally binding new changes to backstop arrangements with the European Union.The pound, which had initially rallied sharply following Mrs May's last-ditch Strasbourg talks, fell sharply on Tuesday as it became clear she had not done enough to secure a Commons victory.But it later partly recovered as speculation turned to the prospect of...
Lords urge tougher rules for tech firms

Lords urge tougher rules for tech firms

Technology
Tech firms, such as Google and Facebook, must improve their "inadequate" responses to privacy and data breaches and anti-social content, a House of Lords report says.The House of Lords Communications Committee wants a digital authority to help laws keep pace with technology.Content moderation used by tech firms was "unacceptably slow," it said.The Internet Association, whose members include Twitter and Amazon, said firms were committed to keeping users safe."Our members work hard to keep their services free of some of the most serious issues that the report mentions - from strong terms and conditions; to investment in hiring teams and improving systems for removing inappropriate content," a spokesman from the lobby group said.The...
Regulate social media to protect children, MPs urge

Regulate social media to protect children, MPs urge

Technology
Social media companies should have a legal "duty of care" to children, the UK Parliament's Science and Technology Committee has recommended.The group's report said social media had helped facilitate bullying and online grooming of children.It called for a regulator to be established to take "enforcement action" if apps broke the law.A number of privacy and data scandals have led to calls for social media companies to be regulated.Facebook's new vice-president Sir Nick Clegg has already pledged to do "whatever it takes" to make the company's platforms safer for young people.Sir Nick was responding to the case of 14-year-old Molly Russell, who took her own life after viewing distressing self-harm images on Instagram in 2017. ...