“Transport Working Group”, a joint meeting that brings together government agencies and the private sector
Ajman Chamber reviews the current situation of the transportation sector and its proactive solutions.
Ajman Chamber reviews the current situation of the transportation sector and its proactive solutions.
The Ajman Chamber of Commerce and Industry (ACCI) held a joint meeting of its “Transport Working Group” to discuss the current situation of the transportation sector and develop proposals and proactive solutions to overcome the sector’s challenges in a way that supports the continuity and growth of private sector businesses.
The meeting was attended by H.E. Salem Al Suwaidi, Director General of the Ajman Chamber, and Mohamed Ali Al Janahi, Executive Director of the Member Support Services Sector at the Ajman Chamber. The Ajman Transport Authority, the Department of Municipality and Planning – Ajman, the Department of Economic Development in Ajman (Ajman DED), the Ajman Free Zone (AFZ), the Department of Port and Customs – Ajman, and officials and representatives of a group of private sector establishments (construction companies, transportation companies, and factories) also participated in the meeting.
At the beginning of the meeting, H.E. Salem Al Suwaidi welcomed the attendees and pointed out that the Ajman Chamber is keen to keep pace with all economic decisions and circulars at the federal and local levels. He stressed that the Ajman Chamber is diversifying its channels to increase cooperation and partnership between the government and private sectors to support the local economy and enhance the position of the Emirate of Ajman as a leading investment destination.
The meeting addressed the challenges of the transportation sector and its direct impact on all fields and reviewed a set of solutions and proposals that ensure business continuity and the sustainability of private sector establishments. It also reviewed the government’s efforts to prevent any increase in the prices of construction and transportation materials after postponing the implementation of the Cabinet’s decision regarding weights and dimensions of heavy vehicles.
For his part, Al Janahi stressed that the Ajman Chamber aims, through its working groups, to achieve its goals aimed at establishing a participatory approach that ensures the development of flexible future policies and strategies that enhance the contribution of the various sectors in increasing the emirate’s domestic product, protecting commercial and industrial interests, and enabling the various sectors to keep pace with the accelerating changes in the business environment and the dynamism of the markets.
The participants stressed the importance of the meeting and the role of the Ajman Chamber in convening specialized working groups and opening direct communication channels between government agencies and the private sector, which unites efforts and visions to ensure business continuity, economic sector growth, and sustainable development.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The program reflects IHC’s commitment to shareholder value enhancement and confidence in future growth.
International Holding Company (ADX:IHC), the global diversified Abu Dhabi-based conglomerate, announced the launch of its AED 5 billion Share Buyback Program, beginning with an initial tranche of AED 1.8 billion, representing 36% of the total program. The first tranche is scheduled to commence on Monday, November 18, 2024. This strategic initiative underscores IHC’s commitment to enhancing shareholder value and optimizing capital allocation.
The Share Buyback Program, approved at IHC’s General Assembly on June 20, 2024, and subsequently endorsed by the Board, will span one year with the possibility of extension pending regulatory approval. The program will be executed in tranches on a monthly or quarterly basis, with multiple purchases within each tranche. Each tranche will be disclosed in alignment with ADX’s strict market transparency requirements. International Securities LLC, a licensed brokerage firm and IHC’s appointed financial institution, will exclusively manage and execute the purchases.
Syed Basar Shueb, CEO of IHC, commented: “Launching the Share Buyback Program reaffirms our commitment to generating long-term value for our shareholders. With our robust cash flow and strong balance sheet, we are well positioned to implement this strategic initiative that reflects our confidence in IHC’s ongoing growth and market potential. This program marks a significant step in optimizing our capital structure while strengthening our position as a leader in sustainable value creation and growth.”
This program represents a proactive approach to reinforcing shareholder value and maintaining an efficient capital structure, while reflecting confidence in the Group’s financial resilience and sustained growth outlook. As IHC continues to strengthen its portfolio and expand its market presence, the share buyback program will play a crucial role in enhancing shareholder returns and supporting the Group’s long-term vision.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Strategic initiative reaffirms Emirates NBD’s position as a trusted partner to clients for the years to come.
Emirates NBD has launched its bespoke Next Generation program, an exclusive initiative conceptualized and designed to cater to the needs of the next generation of elite and affluent clientele. The first-of-its-kind strategic initiative by Emirates NBD Private Banking bridges the gap between legacy and leadership, ensuring a seamless transition for future leaders.
As intergenerational wealth transfer becomes increasingly pivotal in today’s wealth management landscape, it indicates a significant shift in generational wealth and assets that impacts families and businesses, while also shaping global economies. It is estimated that approximately USD 68 trillion will be transferred from baby boomers to their heirs over the next two decades in the United States alone, representing one of the largest wealth transfers in history. Similar trends are occurring globally, and it is expected that by 2028, an estimated AED 3.6 trillion is projected to transition between generations in the Middle East alone, underscoring the critical need for strategic planning and leadership development in the region.
This unprecedented movement of wealth emphasizes the pressing need for initiatives such as the Next Generation program, which are designed to ensure clients are well-prepared to continue their family’s legacy with confidence. Further, the program is also in line with the UAE Government’s strategy to empower future business leaders in the region.
Emirates NBD Private Banking hosted the inaugural Next Generation program titled “From Legacy to Leadership”, in London for some of the bank’s most prestigious clients. In collaboration with esteemed experts from INSEAD Business School, this bespoke program empowers the heirs and future leaders of the bank’s distinguished Private Banking clients.
Over an intensive three-day experience, participants engaged in transformative sessions focused on self-leadership, family dynamics and governance, and strategic decision-making. This program not only imparted invaluable insights but also reinforced the bank’s commitment to nurturing enduring relationships with its next generation clientele, solidifying the Emirates NBD Private Banking’s position as their trusted partner for the future.
Shayne Nelson, Group CEO at Emirates NBD, commented: “This dynamic program is pivotal for us, as it empowers the youth of our merchant families and transforms them into future leaders of their companies. It also provides them with invaluable insights into wealth management and strategy, but most importantly, it helps cultivate essential leadership skills.”
Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, commented: “Many high-net-worth families in the country are facing their first intergenerational wealth transfer, poised to reshape the economic and social landscape. As integral members of the UAE ecosystem where family businesses play a vital role in driving GDP, we at Emirates NBD, recognise our Next Generation programme as a pivotal initiative. It seamlessly aligns with our Private Banking strategy, dedicated to safeguarding and enhancing wealth for our esteemed clients and their enterprises.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
This report showcases Bahrain’s readiness to adapt to the changes in global trends when it comes to the Fintech sector.
The Labour Fund “Tamkeen” announced the release of the Fintech Sector Skills Report, in collaboration with “Bahrain Fintech Bay.” The report aims to analyze current and future skills within the fintech sector, drawing from insights provided by sector representatives and labor market data.
The report serves as an essential reference for individuals, institutions, and professionals seeking to enter this vital sector or who are currently employed within it in addition to demonstrating the emerging trends in the fintech sector, highlighting the evolving nature of job roles and career opportunities. It also identifies the core skills needed to align the workforce’s capabilities with market needs through a comprehensive overview of educational pathways and training programs available for those interested in joining or advancing within the fintech field.
Amer Marhoon, Managing Director of the Skills Bahrain initiative, said, “This report represents an essential step in strengthening Bahraini talent within the fintech sector by providing an in-depth analysis of future trends and required skills. This report will also assist us at Tamkeen in developing specialized programs and initiatives that align with the sector’s market needs and skills required, hence enabling Bahrainis to become more future ready.”
Bader Sater – Chief Executive Officer of Bahrain FinTech Bay, added, “Our collaboration with Skills Bahrain initiative on this report emphasizes our commitment to driving innovation and skill development within the fintech sector. We look forward to seeing this report serve as a beneficial tool for guiding individuals and institutions towards a future focused on innovation and sustainability.”
This report showcases Bahrain’s readiness to adapt to the changes in global trends when it comes to the Fintech sector. It provides insights and data to identify challenges associated with these shifts in the sector, offering comprehensive perspectives on future skills and job roles. It also aims to enhance the ability of individuals and institutions to adapt to and leverage these changes to strengthen their competitiveness both locally and globally.
Skills Bahrain is an initiative that operates under the umbrella of the Labour Fund “Tamkeen” and aims to fill the skills gap of local talent resulting from the constant changes and development in the global labor market. Skills Bahrain works closely with employers, education & training providers, and the government, to bridge the skills gap by providing stakeholders with the necessary intelligence, sector-specific data, and necessary tools. Skills Bahrain contributes to the transition from education to employment, and provides a clear path towards career development, therefore developing skilled and globally competitive Bahraini talent.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
The OPEC report confirms that the UAE’s economic diversification efforts are paying off
The UAE continues to demonstrate impressive economic resilience, particularly in non-oil sectors, according to the latest report from the Organisation of Petroleum Exporting Countries (OPEC). Released in November, the report highlights notable growth in the UAE’s non-oil economy, with the central government’s financial performance showing strong momentum.
In the second quarter of 2024, the UAE saw a significant year-on-year increase in government revenues, rising by 9.1% compared to the 4.3% growth in the first quarter. This boost is attributed to higher tax revenue, a reflection of both the country’s dynamic economic activities and the successful introduction of new tax reforms. In total, tax revenues reached AED95.5 billion (around $25.9 billion), contributing to a total revenue of AED143.2 billion ($38.9 billion).
Furthermore, the report noted an expansion in compensation and social benefits, underscoring the continued strength of the UAE’s economic foundations. This growth is evident across various sectors, including the booming tourism industry, with Dubai welcoming 11.9 million international visitors between January and August 2024. This marks an increase from the same period in 2023, when the emirate attracted 11.1 million visitors.
Ongoing positive trends are also reflected in the UAE’s purchasing managers index (PMI), which reached 54.1 in October, an improvement over the previous month’s 53.8. This indicates robust expansion, fueled by rising demand and an increase in new work orders.
The OPEC report confirms that the UAE’s economic diversification efforts are paying off, with the nation achieving growth in both the public and private sectors, even as it moves away from oil dependency.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Through Tabby, shoppers at Brands For Less stores can now take advantage of interest-free payment plans.
BFL Group, one of the leading off-price retailers in the Middle East is pleased to announce its new partnership with Tabby, the MENA’s leading shopping and financial services app. With this collaboration, customers can now enjoy Tabby’s flexible payment solutions across all Brands For Less stores in the UAE, offering greater convenience and flexibility to their shopping experience.
Through Tabby, shoppers at Brands For Less stores can now take advantage of interest-free payment plans, allowing them to split their purchases into four easy payments with no added interest or fees. While Tabby has already been available online, this marks the first time it is being introduced in stores. The new addition enhances the treasure hunt shopping experience, making it even more convenient and enjoyable for customers.
This partnership taps into the latest retail trends in the UAE, where consumers are increasingly seeking flexible payment solutions. The collaboration reflects BFL Group’s ongoing commitment to continuously enhancing customer satisfaction by offering services that align with their needs and meeting the evolving needs of today’s shoppers
Toufic Kreidieh, Executive Chairman of the Board, and Group CEO of BFL Group, commented on the partnership: “At BFL Group, we have always prioritized making shopping flexible for our customers. By partnering with Tabby, we’re taking this a step further by introducing the flexible payment option in our stores, giving customers the ability to buy what they need without worrying about paying everything upfront. We’re making in-store shopping more accessible and enjoyable for our consumers, and this is just one more way we’re making sure our customers have the best experience with us.”
Hosam Arab, CEO and Co-founder of Tabby added, “At Tabby, we are committed to empowering customers with flexible payments and more control over their spending – working alongside retail partners like Brands For Less makes us proud and enables us to bring this mission to life.”
Customers are encouraged to stop by any of the Brands For Less UAE stores to explore the newly introduced BNPL service powered by Tabby and discover how it can enhance their shopping experience.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This initiative aims to provide unique experiences both within the art and specialty coffee community.
Infracorp has announced their partnership with GALLERY B·R and Café 668. This initiative aims to provide unique experiences both within the art and specialty coffee community.
The agreement with Gallery B·R is part of the company’s efforts to add distinctive experiences within their projects, with Bahrain being the first branch of the global art exhibition series to be opened outside of Europe. It will also be the first permanent art gallery located in the Bahrain Harbour, emphasizing the company’s strategy to create a new destination for art exhibitors, following its successful series of local and regional art installations and exhibitions in recent months.
GALLERY B·R offers an immersive art experience that inspires and allows visitors to explore a unique collection of diverse artworks. The gallery features a selection of custom-designed art pieces, including modern furniture inspired by mid-century styles, contemporary paintings, and classical sculptures. The gallery aims to enhance culture and art in the region.
Furthermore, this announcement coincides with a leasing agreement signed with Café 668, which is set to launch within the upcoming months. The 668 brand was a key factor leading the company to sign this agreement, with its notable success and rise to popularity since its inception. This branch is part of a chain of outlets that have seen remarkable success since their initiation in the Kingdom in 2018.
On this occasion, Ms. Amani Al Alawi, Director of Leasing and Business Development at Infracorp, stated: “We are pleased to announce the introduction of a diverse mix of tenants in the Bahrain Harbour community, which will undoubtedly enrich the experience for visitors and residents. This project elevates the site to a different level, enhancing its position as a leading, integrated destination. The global ‘GALLERY B·R’ reflects our commitment to providing an immersive art experience and exclusive cultural diversity, while Café 668 will also be a unique place for coffee enthusiasts.”
She added: “In light of changing market dynamics and emerging trends, we believe that adding a diverse mix is a key element in attracting more distinctive brands. The signing of these agreements aligns with our leasing strategy aimed at providing a variety of options for this prime location in the heart of the capital. This underscores Infracorp’s commitment to developing a vibrant and sustainable living environment, embodying our continuous pursuit of this goal through our current and future projects, where Bahrain Harbour represents a comprehensive community combining modern infrastructure with cultural experiences.”
Infracorp is a company specialized in investing in infrastructure and sustainable development, established with a capital of up to USD 1.2 billion. The company manages a portfolio valued at approximately USD 3 billion in infrastructure assets, including 250 million square feet of spaces designated for sustainable economic and social infrastructure across the GCC, North Africa and South Asia.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Marking a 4.36% increase from QR 243.534 billion in October 2023.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The strategic partnership will introduce new Mall Gift Cards delivering seamless payment experiences across all outlets within the mall.
Beyon Money, part of the Beyon Group and a leading provider of retail fintech solutions, and City Centre Bahrain, a popular lifestyle and shopping destination in the Kingdom of Bahrain have announced a strategic partnership to introduce new Mall Gift Cards delivering seamless payment experiences across all outlets within the mall, while also enabling personalized offers to boost customer engagement.
Roberto Mancone, CEO of Beyon Money, expressed enthusiasm about the partnership, stating, “We are thrilled to join forces with City Centre Bahrain to support the introduction of innovative retail fintech solutions that elevate the shopping experience at the mall. This collaboration underscores our commitment to empowering businesses with value-added services that cater to evolving consumer needs.”
City Centre Bahrain Mall Director Duaij Al Rumaihi commented on the new partnership, saying: “We are delighted to partner with Beyon Money to enhance our state-of-the-art payment solutions to our visitors. City Centre Bahrain is dedicated to setting new standards in retail innovation and customer service. This collaboration reflects our ongoing commitment to offering our shoppers the best possible experience. We look forward to introducing even more digital solutions in the near future that will further augment convenience and personalisation for our valued customers.”
City Centre Bahrain is moving forward with digital transformation and innovation within its ecosystem and leveraging Beyon Money’s expertise is an important step in this direction. As Bahrain’s retail landscape continues to evolve, collaborations like this pave the way for enriched convenience, choice, and satisfaction for all stakeholders.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Key sectors like transportation, technology, tourism, and finance were very important in driving this progress.
Dubai’s economy continues to demonstrate remarkable growth, with a 3.3% year-on-year GDP increase in Q2 2024, reaching AED116 billion. This announcement by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, underscores the emirate’s steady economic progression, built upon in the visionary framework set by H.H. Sheikh Mohammed bin Rashid Al Maktoum. Guided by the ambitious Dubai Economic Agenda D33 and the Dubai Social Agenda 2033, Dubai is moving toward its goal of establishing itself as a global hub for sustainable economic growth and investment.
Key sectors like transportation, technology, tourism, and finance were very important in driving this progress. Notably, the transportation and storage sector posted a significant 7.8% growth compared to Q2 2023, contributing 13.6% to the GDP and accounting for 31.3% of overall growth. Enhanced air travel demand, reflected by a 4.5% rise in passenger numbers, underscored the sector’s momentum, driven by both public and private sector cooperation.
The information and communication sector demonstrated a growth rate of 5.6%, contributing 4.4% to Dubai’s GDP. This growth aligns with Dubai’s broader goal of becoming a leading global hub for digital innovation, further supported by emerging technologies that enable strategic foresight and economic productivity.
Tourism and hospitality also thrived, with the accommodation and food services sector growing by 4.7% and contributing 3% to the GDP. The emirate welcomed 9.3 million international visitors in H1 2024, a 9% increase from the previous year, which is a testament to Dubai’s strengthened position as a world-class tourist destination, thanks to collaborative public-private partnerships.
The finance sector saw a 4.6% increase, reaching AED13.16 billion and contributing 11.3% to the GDP, driven by increased bank credit volumes (up 8.2%) and deposits (up 13.3%), according to Central Bank data. The wholesale and retail sector, which remains Dubai’s largest sector by value, reached AED28.68 billion, a 2.2% increase, and contributed 24.7% to the GDP.
Additional sectoral growth included the real estate sector, which saw a 2.6% increase, contributing 8.7% to the GDP. Real estate sales rose by 38% year-on-year, as more investors recognized Dubai’s appeal as a premier global investment destination. The manufacturing sector, meanwhile, grew by 2.5%, with a total value of AED10.6 billion, contributing 9.1% to the GDP.
According to Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism, “Dubai’s exceptional GDP growth in the first half of 2024 stands as a testament to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the direction of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai. This growth has been fueled particularly by key sectors—logistics, technology, and tourism—which are at the core of the Dubai Economic Agenda D33.
“These sectors underscore our city’s ability to leverage strategic foresight, innovation, and cross-sector collaboration, to build a resilient and sustainable economy. The D33 strategy is already bearing fruit, consolidating Dubai’s position as a global economic leader, attracting investment, and fostering an ecosystem ripe for entrepreneurship and talent.”
“As we move forward, our focus will continue to be on accelerating innovation, embracing future technologies, and creating an inclusive, thriving business environment that aligns with our long-term goal of doubling Dubai’s economy over the next decade and the unwavering commitment to global competitiveness and sustainable development,” Almarri said.
Hamad Obaid Al Mansoori, Director General of Digital Dubai, stated: “The second-quarter statistics of 2024 signal a new and promising chapter in Dubai’s journey, one driven by a dynamic economy that attracts investment, a thriving community, and a government that is leveraging the latest digital technologies to improve the lives of its citizens. This progress is underpinned by a wise leadership committed to making Dubai a global capital and an inspiring model for future cities that offers its people all the conditions needed for success, prosperity, and sustainable growth.
The economic development we see today across various sectors is the result of the spirit of collaboration between Dubai’s diverse industries, with achievements driven by the collective success of both government and private institutions. Everyone benefits from advanced infrastructure, legislative frameworks, positive competition, and government excellence that paves the way for the future through ambitious digital transformations.”
Al Nasser stated, “The true value of our economic data lies in its ability to provide an accurate picture of each sector’s contribution to comprehensive development. This is crucial for decision-makers in every organisation as they plan and strategise for the future, driving successes aligned with our overarching goals. These goals include positioning Dubai as a global hub for the new economy, grounded in sustainable development, digitization, smart city solutions, and optimizing the use of data as a key resource.”
Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC), the economic development arm of the Dubai Department of Economy and Tourism (DET), said: “Under the visionary leadership of Dubai, our exceptional economic growth in 2024 stands out globally, overcoming economic headwinds and outperforming many markets. This success is driven by coordinated efforts to attract investment, foster key sectors and advance innovation as part of the Dubai Economic Agenda D33. By streamlining processes for businesses, nurturing start-ups, and forging public-private partnerships, Dubai is accelerating sustainable and inclusive growth. As we progress, we remain committed to solidifying our position as a leading global hub for talent, investment, and technological advancement.”
This positive trajectory in Q2 2024 also reflected steady year-on-year gains across multiple sectors, with H1 2024 GDP reaching AED231 billion—a 3.2% rise from H1 2023. The steady growth reaffirms Dubai’s commitment to strategic investments and long-term economic objectives, ensuring the emirate’s continued role as a leading economic center on the global stage.
H.H. Sheikh Hamdan captured Dubai’s enduring ambition, stating, “Dubai today is more than a success story; it is an inspiring model for progress.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
It could reduce Asia-Pacific’s gross domestic product by 17% in 2070, ADB says.
Countries in Asia-Pacific will need to spend big to adapt to climate change. But the cost of inaction could be higher, according to a new report by the Asian Development Bank.
Left unchecked, climate change could punch a 17%-sized hole in the region’s economic growth over the next decades, the Manila-based bank said Thursday.
“The window to stay within the 1.5°C target of the Paris Agreement is rapidly closing,” the ADB said.
The international treaty aims to limit the average rise in global temperatures to that threshold, beyond which experts expect climate change to have increasingly disastrous consequences. In the nine years since the agreement was adopted, inaction has put that goal nearly out of reach, the multilateral bank said.
With greenhouse-gas emissions reaching record highs, nations need to dramatically increase—and immediately start delivering—efforts to get on track for 1.5°C, a United Nations Environment Programme report said last week. Failure to do so will lead to debilitating impacts to economies, the report said.
Asia-Pacific’s position in the climate crisis is a tricky one: it’s both home to some of the most vulnerable economies and a major polluter, contributing over 50% of global GHG emissions.
If emissions breach critical levels, ADB estimates climate change could reduce Asia-Pacific’s gross domestic product by 17% in 2070. Rising sea levels threaten coastal assets and populations, while heat waves would sap labor supply and productivity, and climate-dependent sectors like agriculture, forestry, and fisheries face shocks that will stifle output.
Estimates from the Deloitte Economics Institute calculate that about 75% of Asia-Pacific’s GDP is at high risk of climate disruption. This stands to affect at least half of the world’s labor force, which is in the region and in vulnerable industries. Climate inaction could lead to regional economic losses of about $96 trillion by 2070, the institute said in a report.
Asian countries have made strides toward decarbonising, but just maintaining policies implemented so far will lead to dangerous levels of global warming, the ADB said.
Taking the right type of action won’t come cheap. Estimates for Asia vary widely, in part due to different geographical definitions, but consensus is that funding is well below where it needs to be.
The ADB report estimates Asia-Pacific needs to invest anywhere from $102 billion to $431 billion annually to adapt to climate change. That far exceeds the $34 billion committed over 2021-2022.
Globally, the U.N. calculates the net-zero transition needs $0.9 trillion to $2.1 trillion a year between 2021 and 2050. That “is substantial but manageable in the broader context of the close-to-US$110 trillion global economy and financial markets.”
It remains technically possible to get on a 1.5°C pathway, as solutions like solar and wind power hold promise for fast, sweeping emissions cuts, the U.N. report said.
Getting back on track could be a big boost for Asia-Pacific economies.
The region is well-placed to benefit from the energy transition, the ADB said. It has massive potential for renewable-energy generation and can produce some of the world’s cheapest renewable electricity, it said. Advantages like fast-growing economies, a large workforce and strong manufacturing base equip Asia to develop the technologies needed for global decarbonisation.
That presents a wealth of opportunities for investors.
If governments formulate consistent policies and build climate-oriented financial systems, that can draw the private capital that’s key to plugging the funding gap, ADB said.
Policy uncertainty over could deter investment, particularly in the case of a change of political administrations. Investors hold more sustainable assets when countries adopt climate laws, and misaligned policies reduce incentives for private investors, ADB said.
That is particularly relevant in a year that has seen elections across Asia, including in India, Indonesia and Japan. The upcoming presidential election in the U.S. is in especially sharp focus as the outcome has implications for climate-change efforts.
That’s because of the U.S.’s role as a key player in green innovation and international cooperation on climate commitments and financing, as well as a major trading partner, said ADB principal economist Shu Tian.
Policy uncertainty from a key player can significantly affect the international climate agenda, she said.
“The U.S.’s stance on climate action influences the low-carbon transition through market mechanisms, affecting consumers, suppliers, and investors,” she said. “This, in turn, could impact climate investments across the [APAC] region.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
General government deficit will reach 2.6% of GDP in fiscal 2025, Fitch said
SYDNEY—Fitch Ratings affirmed Australia’s AAA sovereign credit rating with a stable outlook, even as it highlighted that the country’s high debt relative to countries with similar ratings.
Fitch said the country retains a commitment to the same rules for fiscal sustainability that helped to underpin close to 30 years of economic expansion before the pandemic.
“Australia’s rating is underpinned by the country’s high income per capita and sound medium-term growth outlook, as well as strong institutions and an effective policy framework,” Fitch said in a statement on Monday
It warned that Australia’s fiscal metrics are set to weaken modestly in the next two years. But it anticipated deficits and overall debt would be contained over the medium term, supporting the stable outlook.
The affirmation of the top rating comes despite ongoing concerns about the pace of spending over the past year as the federal government deals with an explosion in costs linked to the national disability insurance scheme while at the same time cutting income taxes.
Government spending measures aimed at cushioning the rising cost of living on households, and falling commodity prices, will put pressure on the budget, Fitch said.
Australia’s general government deficit, which consolidates federal, state and local governments, will reach 2.6% of GDP in the 12 months through June, 2025, from 1.6% in fiscal 2024 and 0.8% in fiscal 2023, Fitch said.
“Aggregate state deficits have been high over the past couple of years, offsetting surpluses at the federal level,” Fitch said. “We also forecast deficit reduction at the state level to be gradual, given a still-large infrastructure development pipeline.”
Rising aged care and the NDIS will continue to pressure the budget, though efforts are under way to contain these costs, it added.
Fitch forecasts economic growth to slow to 1.1% in 2024, from 2.0%, but expects a gradual acceleration in activity from late this year, driving growth to 1.7% in 2025 and 2.1% 2026.
“A recovery should be supported by income tax cuts, probable monetary easing in 2025 and a healthy labor market, which should buoy household balance sheets,” the ratings agency said.
Fitch expects the Reserve Bank of Australia will start to cut interest rate cuts in February, with the policy rate reaching 3.50% by the end of next year, after being on hold at 4.35% since November 2023.
Underlying inflation appears set to trend down to the RBA’s 2%-3% target band by end-2025, from 3.5% in the third quarter, the ratings agency said.
“Still, risks tilt toward delayed cuts given persistent services inflation and a still-tight labor market, with brisk employment growth, low 4.1% unemployment rate and a record participation rate in September 2024,” it added.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
A member of the Hermès family says his fortune is gone. Was it the handyman? The consigliere? Someone else?
FERRET, Switzerland —Nicolas Puech, an heir to the Hermès fortune and long considered one of Europe’s richest men, lives much of the year in one of the dozen houses that make up this tiny village in the Swiss Alps.
In the winter, it’s not accessible by road, so locals use snowshoes to trek into the nearest town for provisions. Few residents know anything about their reclusive neighbour, who has been reported to be worth roughly $13 billion.
“I know he’s very rich,” said Jean-Jacques Éleaume, who is in his 70s and moved to the village because his wife’s ashes were scattered there. “How or why, no idea.”
Mila Fedele, who owns a small mountain inn in the village where hikers stop for the night on their way around nearby Mont Blanc, said Puech usually came in about once a year for a coffee.
“I didn’t even know his name,” she said. “Now, of course, I’ve read like everyone else, I’ve seen the name in the newspapers….”
Puech, who is 81 years old and doesn’t have any children, is in the newspapers due to a stunning claim he made last year: He said he was out of money. As for his stake in Hermès, the luxury giant controlled by his family, he said he didn’t own the shares anymore, and he didn’t know who did.
It’s a mystery tale that could only unfold among the ultra wealthy, in the opulent settings of Italian palazzos and sprawling chalets in the Alps. At stake are 6 million shares in an iconic luxury brand famed for its colourful silk scarves and Birkin and Kelly handbags cherished by socialites. A massive inheritance that was once earmarked for philanthropy now could be lost forever.
Puech’s revelation has spawned questions being whispered about from Paris to Geneva. Did his one-time financial adviser, as Puech has contended, sell the shares and take the proceeds? Is Puech claiming they are lost as part of a plan to leave his wealth to a one-time employee without paying inheritance taxes, as the former adviser has claimed? Could Hermès archrival Bernard Arnault shed light on the situation, as Puech has requested?
Eric Freymond, who worked for decades as Puech’s financial adviser, filed a report with Switzerland’s child and adult protection authority in November 2023, alleging that the employee and his partner, who both live with Puech, had come to control the heir’s life to their own financial benefit. To circumvent his estate plan—laid out in a binding contract that is different from a will—Puech was also trying to legally adopt the man, Freymond alleged.
Puech, for his part, says Freymond himself pilfered the shares as part of a “gigantic fraud,” which could have started as far back as 25 years ago, when he assisted Bernard Arnault, the owner of Hermès rival, LVMH , in his efforts to covertly build a large stake in Hermès.
Even Hermès is in the dark. The company’s chief executive told analysts earlier this year that it can’t say for sure whether Puech still owns his shares.
Complicating the matter is the fact that Puech was issued so-called bearer shares in Hermès, a type of stock that does not need to be registered under a specific person or business and where the ultimate owner is unknown to the company. Dividends for bearer shares are typically paid through the financial intermediaries that hold them on behalf of the owner, which can sometimes lead to challenges in tracing ownership. The rest of the Hermès family hold “registered shares” which are issued in their names.
“Of course at least someone must know where they are,” says Nicolas Borsinger, who runs Puech’s private foundation, to which Puech had planned to leave his fortune until abruptly trying last year to cancel that commitment.
On a late summer day, horned cows grazed through roadside meadows when a Wall Street Journal reporter visited Puech’s big yellow house, by far the largest in the village. A small sign in the window had the word “Privé”—private—scrawled in red marker.
Before the reporter could knock, Puech emerged from the side of the house, appearing in good health and good spirits. He was friendly, and responded affirmatively when asked if he had a nice summer.
Asked if he could talk about the mystery surrounding his fortune, Puech said it wasn’t the right moment and climbed into a small white SUV. A trim middle-aged woman who was driving the car interjected that the reporter should contact their lawyer. The two drove off.
When contacted by the Journal, the lawyer representing Puech, Jörn-Albert Bostelmann, said he wouldn’t comment in depth on what he called a “murky affair” and a criminal matter.
“My client has no intention of going into the details,” he said. “He’s an 81-year-old man who prefers for things to unfold peacefully.”
A lawyer for Freymond said his client denied wrongdoing and disputes Puech’s version of events. “My client is tired of having to defend himself against unreal defamatory allegations that have no substance and are not supported by any proof,” he said.
This account is based on court records as well as interviews with people familiar with the matter.
Puech, pronounced “pwesh,” was born on Jan. 29, 1943, in Neuilly-sur-Seine, France. He is a great-grandson of Thierry Hermès, who founded the company in 1837 when he opened a workshop in Paris.
Over the years, the Hermès family split into three branches, one of which was the Puechs. Most of the Puech cousins weren’t involved in the business, enjoying quiet lives funded by increasingly sizeable dividends.
From the late 1980s, Nicolas Puech spent much of his time at his farm located about an hour from Seville, in the south of Spain. The property, whose name means Four Winds in English, is secluded, and Puech enjoyed spending time among the eucalyptus and cork oaks, surrounded by his horses, pigs, goats, and his Labrador, called Nectar. He didn’t work.
“Horses are his passion,” said a person who has known him for decades. “Architecture, interior design, history, travel. I would say he leans more toward the artistic…. He has always been a bit frustrated, I think, growing up in a family where numbers were valued more than art.”
In 1993, Hermès went public, but the family kept a 74% ownership stake. Three years later, Puech inherited around 5% of Hermès when his mother died, making him one of the company’s largest individual shareholders. He inherited another 1% stake in the company when his sister died several years later.
In the absence of a partner or children, Puech set up a foundation and in 2017 named Nicolas Borsinger as chief executive to run it. Puech himself came up with the name, the Isocrates Foundation, in honour of the ancient Athenian orator who promoted the use of rhetoric as a solution to societal problems.
Borsinger, a quiet Swiss national who had a distinguished career working for the International Committee of the Red Cross, was told he would eventually have billions of dollars to distribute to causes including investigative journalism and other ways to combat misinformation and conspiracy theories.
Puech attended board meetings, as well as annual staff retreats. In September 2022, they convened at the Tuscan mansion of Puech’s wealth manager, Freymond, who was also a foundation board member.
Two people who were there said Puech seemed pleasant, engaged and happy.
Upon returning to his house in Geneva, Freymond found a letter in his mailbox. Puech was firing him, effective immediately.
Freymond had known Puech since the 1980s and considered him a friend as well as a client. Now Puech was dismissing him without even confronting him in person.
Then last fall, Borsinger, the head of the foundation, received his own letter.
In slanted handwriting across the top of the letter, Puech wrote: “Annulation pacte successoral.”
Translation: “Cancellation inheritance agreement.”
“I irrevocably declare the cancellation of this agreement in its entirety,” Puech wrote. “Not only because I was mistaken in believing that this agreement, in favor of my…foundation, could protect me and my assets, but also because I intend to make other testamentary arrangements.”
“We were shocked,” Borsinger recalls. “To start with, we didn’t even believe it was possible, and quite often I still can’t believe it.”
Beneath Puech’s signature, he stated that it had been written in the office of his new lawyer, Bostelmann, and in the presence of Jadil Butrak, a Moroccan national, and Butrak’s partner, Maria Paz.
Weeks later, Freymond filed a report to the Swiss welfare agency in which he claimed that Puech, or those around him, were taking steps to try to transfer Puech’s fortune to Butrak and Paz. Butrak had been hired by Puech many years earlier as a “laborer / gardener,” the report said, and Paz had also worked for him. It alleged that Butrak and Paz exerted more and more influence over Puech during the Covid-19 pandemic, when the heir lived in fear of catching the disease.
“They have—to everyone’s surprise—managed to make themselves ‘emotionally’ indispensable to him,” the report stated.
A section of the report titled “gradual isolation and extravagant spending,” detailed how Butrak and Paz received more than 54 properties from Puech over the years, including homes in Spain, Portugal and Montreux, Switzerland.
Finally, Freymond claimed that Puech, Butrak, and Paz had submitted an adoption request, so that Puech could legally become Butrak’s father.
Adopting Butrak would allow Puech to forgo most of the inheritance taxes on his wealth. It also would allow him to cancel giving his Hermès shares to his foundation as he had agreed. A bequest to children, even recently adopted ones, was one of the few ways Puech could unilaterally cancel the contract that laid out the original plan to give his holdings to the foundation.
“The obvious goal of this approach is to capture the ownership of the Hermès shares,” the report stated.
The lawyer for Puech, Bostelmann, said that Freymond’s allegations were “absurd” and that gifting dozens of properties would represent only 1% of Puech’s wealth. He said Puech, Butrak, Paz and her two children “have been living in a shared community, domestically, and happily together for around two decades.”
Many in the Hermès family—including Nicolas Puech himself—suspected that clues to his fortune’s whereabouts could lie decades in the past.
And they suspect one person might have helpful information: Bernard Arnault, the chairman of Hermès’s archrival, LVMH.
In 2001, Arnault was on the hunt for acquisitions, having recently lost out in a battle for Gucci. And in June of that year, an LVMH employee in Geneva reached out to Freymond to ask whether the he would be “willing to assist and partner with LVMH in the goal of acquiring Hermès,” according to a lawsuit later filed by Freymond against LVMH and Arnault seeking to get a commission for his efforts. The lawsuit was later withdrawn.
Freymond respected Arnault, seeing him as a genius who was Europe’s answer to entrepreneurs like Bill Gates . He agreed to help by leveraging his relationships with the various Hermès heirs to acquire shares in secret, which he was able to do in part because he had so-called “discretionary management mandates” on Puech’s accounts and later a number of LVMH-affiliated accounts as well, according to the lawsuit.
The lawsuit alleged that Puech agreed to the plan, but “was unaware of the finer details of the trades and did not wish to know them, as long as his portfolio was managed in his best interest.”
Starting in June 2001, Freymond steadily built the Arnault stake up to just under the disclosure threshold of 5%.
In September 2006, Freymond met with Arnault at Château d’Yquem, LVMH’s wine property in Bordeaux, to talk about how to build the stake even bigger without being detected. Puech joined them for the first time, according to Freymond’s lawsuit.
Over a series of meetings, they came up with a complex plan to use equity swaps and collateral-backed trades to effectively disguise the transfer of Hermès shares into LVMH hands. According to Freymond’s lawsuit, some 13 million Hermès shares were transferred to banks and then on to LVMH in this way. Almost all of these transited through Puech’s bank accounts, the lawsuit states.
The multiyear operation didn’t become public until Oct. 23, 2010, when LVMH declared that it held 14.2% of Hermès and would increase this percentage to 17% in the following days. It later increased its stake to 23%.
Arnault and LVMH insisted that they had no intention of taking control of Hermès or seeking board representatives. But the Hermès family considered it an assault on family unity.
Hermès Chairman Bertrand Puech , Nicolas Puech’s late brother, told the French daily Le Figaro, “With friends like these, who needs enemies?”
Swiftly, the Hermès family set up a holding company to pool its shares. Those who participated relinquished their rights to sell the shares for several decades, making it impossible for anyone to take over the fashion house.
Nicolas Puech was one of the few family members who refused to participate.
He registered to vote for the May 2011 Hermès annual meeting as the personal holder of more than 5 million shares. His foundation was listed in the shareholder documents as owning an additional 900,000 shares.
The takeover thwarted, Arnault’s LVMH was fined 8 million euros for not properly disclosing its purchases of Hermès shares. The luxury giant agreed to distribute its Hermès shares to LVMH shareholders and promised in writing not to purchase further shares of the company for the next five years.
Still, some family members and Hermès executives suspected that Puech had betrayed them and sold his stake to Arnault. How else could they explain that Arnault had amassed such a large amount of shares, given that only about a quarter of the company’s shares were publicly available?
Despite taking credit for the subterfuge, Freymond has consistently claimed—and reiterated to the Journal—that the LVMH stake did not include Puech’s inherited family holdings, and that he never managed those shares.
In 2012, Hermès chairman Henri-Louis Bauer flew to Biarritz to confront Puech directly. He denied selling shares to LVMH, saying they were in a bank account in Geneva. Bauer said he followed up a few months later, and Puech promised to double check.
In 2014, Hermès asked Puech for a bank statement confirming how many shares he owned. He refused. Hermès stopped stating how many shares Puech owned in its annual report.
In October 2015, Hermès lodged a criminal complaint in Paris against an unnamed individual for “forgery and use of forged documents” stating the number of shares he held. The unnamed individual, according to people familiar with the matter, was Puech.
Investigators later broadened the case to include Freymond.
Puech at the time denied the allegations, writing to a judge in 2018 that he had “personally, on several occasions” verified his Hermès holdings.
Some people close to Puech say that he believes he was being truthful in all of his previous attestations to owning the shares, and only came to believe otherwise after his split with Freymond.
In 2023, a year after revoking Freymond’s mandates as financial adviser, Puech filed three lawsuits against him in Geneva, accusing his former adviser of “massive fraud.” The lawsuits also target another board member of the foundation, along with “all other individuals involved in the offenses described.”
One of the lawsuits says that in 2021, but mostly in 2022, Puech began to ask Freymond more questions about his wealth as he was trying to organize his estate.
“I blindly signed all the documents that Eric Freymond asked me to sign, without any further explanation, given the complexity of managing such a large fortune,” Puech wrote in the lawsuit. “Eric Freymond’s strategy was aimed at stripping me of my fortune. Me, his supposed friend.”
In his lawsuit, Puech called on the court to solicit testimony from Arnault and raid his house in Paris’s seventh arrondissement, as well as LVMH headquarters, to determine what he knows about the fate of the shares.
He asked the same for Freymond and his wealth-management firm in Geneva.
Arnault and LVMH didn’t respond to requests for comment.
For now, both sides continue to fight on the legal front. In throwing out Puech’s lawsuits, the court cited Puech’s inattention to his own financial affairs.
Switzerland’s child and adult protection authority has dismissed Freymond’s report without taking any action.
The foundation is in a holding pattern and hasn’t received any money.
Puech wrote in one of the lawsuits that he believed Freymond had created a trust or some other entity abroad that was now holding either the Hermès shares or the proceeds from their sale. He attached bank statements, including one from Panama, for accounts that he said he only learned about recently.
The documents he provided, he said, “likely represent only the visible tip of the iceberg.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
We discovered all sorts of things we are paying for that we don’t really need or use. But there’s one cost we’re not ready to face.
The first couple of years in retirement are often the most difficult. But they also can set the stage for how you’ll fill the years ahead—both financially and psychologically. Stephen Kreider Yoder, 67, a longtime Wall Street Journal editor, joined his wife, Karen Kreider Yoder, 68, in retirement in late 2022. In this monthly Retirement Rookies column, they chronicle some of the issues they are dealing with early in retirement .
“Um, Karen?” Steve said without looking away from his computer. He was using the unnaturally neutral tone that means he’s trying not to sound judgmental.
“Oh, no,” I responded. “What is it?”
His screen showed the month’s credit-card statement. “What’s this bill for $28?” he asked. Then, after a few clicks: “Hmm, looks like it’s each month since August last year.”
We were in the study pouring over our spending records to smoke out what we call “parasites”—recurring costs that quietly suck dollars and give little or nothing in return.
I had no idea what the $28 was for, I said, racking my brain for several minutes. “Oh, wait. Yes, last August was when my sewing machine stopped working.” I had found a website that promised advice on how to fix my Bernina Sport 802. It didn’t help, I took the machine to an expert and I forgot about the advice site.
Here it was, much later, leaching a monthly fee. I must have used the credit card thinking it was a one-off.
Parasites like this were also infesting us back when we were working. But ever since our salaries stopped, each dollar seems to have grown in value. And retirement has given us the time to finally ferret out the freeloaders and to analyse what a drain they are on our wallets.
We decided to review every credit-card transaction and bank debit of the past year—and cancel as many recurring charges as we can.
Some parasites are unwitting, like the help-site bill. Others are for services we once wanted and don’t use anymore—like our Netflix account, which we’d been talking about canceling for two years. It was just $15.49 a month, so did we really want to lose it? Yes. We pulled the plug in October. (Sorry, kids, if you were still tapping in.)
Some sponges aren’t obvious from our statements alone. I recently realised that boxes of our eco-friendly dishwasher detergent were piling up. I thought I was buying online when we ran out but had mistakenly OK’d a monthly subscription instead.
Even where a service is useful, there are sometimes free alternatives. I was paying $14.95 a month for audio books. I canceled and now borrow them free of charge from the San Francisco Public Library. We’ll save nearly $180 a year.
We began looking for leaches more broadly and identified a subspecies: the lost-opportunity parasite. After we retired, we began riding city buses and local rail more often, pulling out adult-rate transit cards we’d accumulated. Then it occurred to us that we were leaving money on the table by not getting half-price senior passes: $1.25 for the bus instead of $2.50. Duh!
More lost opportunity awaited in a stack of gift cards I had rubber-banded together in my desk drawer including several from Barnes & Noble bookstores and Peet’s Coffee. I took a bus to the nearest Barnes & Noble, learned there was $30 on the cards and did some early Christmas shopping. All together, the gift cards were storing $225.
The $28-a-month parasite tracing to my sewing machine proved easy to exterminate. I called the customer-care number, negotiated a partial refund of $84 and canceled the subscription.
That will save $336 a year, enough to pay an expert to fix my Bernina several times over.
There’s a parasite down in the garage, it occurred to me after a bill came in the mail from the DMV.
The letter asked for $162 to renew the registration on my vintage Honda CB750 for a year. I nearly paid it, as I’ve done annually, each year vowing to tune the bike up and get it back on the road within months.
It’s one of two old Honda motorcycles that I’ve written about before—how they once brought me joy in the restoring but now are mostly garage gewgaws.
Our anti-parasite crusade forced me to get honest with myself last month. I could no longer use the excuse that I’ll get to the 750 after I retire. I’ve had two years, and I’m not likely to get to it next year.
So I registered the bike for non operation at $27, saving $135. Now I need to phone our insurer and back out of the $436-a-year policy on the bike. Between those two parasitic bills, I have probably paid more than the value of the bike over the seven years that I haven’t ridden it.
Maybe I can get the other bike on the road, the CB350F. If not, I’ll assign non operational status to it when the DMV bills me for it.
Still, the hardest parasite to face may be the biggest one of all: our house.
We love being retired in San Francisco, and our thriving neighbourhood has proved to be the perfect environment for a couple of aging city slickers. We are walking distance to restaurants, shops, libraries, parks and pickleball courts, and a 20-minute bike ride to the beach or nearly any other place in a city full of vibrant districts. Circles of friends are nearby.
Our home is a Victorian museum piece with a classic San Francisco feel that makes us feel even more part of our city.
But it’s too big, and it is increasingly becoming a financial and psychological drain. What we dish out in mortgage payments, home and earthquake insurance, utilities and property taxes could rent us a decent house in the Midwest with money left over to travel half the year.
There’s also the constant maintenance, the bane of a vintage-house owner. Tourists and residents alike love this city’s Painted Ladies, but we owners must fight constant entropy to keep them made up with paint jobs and preserved detail.
That’s not to mention the costs within. A decrepit old breaker box had been nagging at me from the garage wall for years, silently reminding me every time I walked past that we needed to replace it with a higher-amp box that was up to modern code.
I put off the task because of the cost. I could do it myself when I had time, I imagined, and avoided thinking about it—easy to do when life was busy with workplace and family demands.
I finally hired an electrician, who came in September to replace the breaker box and the wiring that fed it. There’s still the balky ancient redwood gutter to fix, and some plumbing issues.
We’re not ready to sell out and move to the Midwest, which we might eventually do when we’re in our slower years. And we can’t stomach the pain of looking for a smaller place in San Francisco.
So we’ll live with this big parasite for now, the elephant in the room as we hunt down smaller leaches.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
Rare banknotes can yield big bucks, if you know what to look for
Even as the world increasingly moves toward digitised commerce, where transactions are conducted with the tap of a credit card and billions of dollars are moved electronically between banks, there is one group of people for whom hard cash is still king: collectors.
As an alternative asset class, collectible banknotes offer significant potential value to investors, and the market for these paper artefacts is thriving. Aris Maragoudakis , director of world currency auctions at Stack’s Bowers Galleries in Costa Mesa, Calif., estimates the hobby sees annual trade of well over $500 million globally.
In fiscal year 2016, the World Paper Money department at Stack’s recorded about $4 million in sales. By fiscal year 2024, this figure had risen to $14.5 million. The company reported an 18% increase in sales for world paper money (which doesn’t include U.S. paper-money numbers) in fiscal year 2023, followed by 25% growth in fiscal year 2024.
Elsewhere, the Noonans Mayfair London realised £5 million, or about $6.5 million, in world banknote sales in 2023, up from £2.5 million the previous year, a representative said.
The rise of digital technology has helped broaden the base of collectors. Online auctions, forums and databases have made it easier for collectors to connect, trade and research. Greater access to information about collectible money, as well as to collectible banknotes themselves, have transformed the hobby from a game of chance to a strategic pursuit where enthusiasts can actively search for and acquire valuable pieces.
“The advent of social media such as Instagram and WhatsApp have brought in a spate of new collectors, especially youngsters,” says Rezwan Razack , a specialist in vintage banknotes and chairman of the Indian chapter of the International Bank Notes Society, or IBNS.
While social media has made more people aware of older paper currencies and their histories, the declining use of physical banknotes has made them even more alluring and fascinating to collectors.
Banknotes routinely become obsolete due to political shifts, security upgrades, monetary policies and technological advancements. The question is: Which ones are worthy possessions?
A plethora of factors underpin the desirability of collectible paper money. The major ones are:
• Condition: The condition of a piece can have a significant impact on its value. “There are bills that sell for $1,000 with a fold or two, but finding one free of any folds, stains, or tears could be worth several times that,” says Maragoudakis.
The condition of a bill is evaluated based on a 30-point scale ranging from poor to uncirculated crisp. Within each condition, a bill is given a number grade; a higher number—on a scale typically from 1 to 70—means the banknote is in better shape.
For example, a 10,000-yuan note issued in 1951 by the People’s Bank of China, graded Very Fine 20, sold for $150,000 at a Stack’s Bowers auction. Three years later at another Stack’s Bowers auction, a similar note in better condition, graded Almost Uncirculated 50, fetched $358,500.
• Serial number : Banknotes with striking serial numbers are often worth more to collectors than those without. On eBay, a rare polymer £20 bill with the serial number AA44 444444 received 16 bids and sold for more than £317.
A set of four exceptionally rare Chinese 1953 10 yuan notes from the People’s Bank of China recently sold for $432,000 because in addition to their quality, they were consecutive in serial number.
• Scarcity : The appeal and worth of banknotes, as with other collectibles, are often tied to their rarity.
For instance, high-value banknotes were often printed in limited quantities due to their significant purchasing power, says Hakim Hamdani , director at large and a collector at the Netherlands branch of the IBNS. When these high-denomination notes are discontinued, many people cash them in rather than keeping them as collectibles.
Take the 1921 10,000-shilling note from British East Africa (now Kenya and Tanzania), of which few were printed and issued. At that time, it was equivalent to about $2,000, a substantial sum in 1920s colonial Africa. When they were demonetized, most were redeemed, making the few remaining in private hands highly desirable.
Dennis Hengeveld , president of World Banknote Auctions in Sacramento, Calif., says that depending on the condition, some of these notes have fetched between $35,000 and just over $100,000 at auctions.
A rare $500 Canadian bill from 1911 brought C$528,750 (about $386,400) at a recent auction, the largest sum ever paid for a Canadian banknote. The specimen features the image of Queen Mary and is one of only four of the bills known to exist.
• Error notes : Governments often withdraw banknotes from circulation to deter counterfeiting, but also due to printing anomalies such as incorrect signatures, numerical discrepancies, misprints and typographical errors. Such deviations can elevate their value among enthusiasts.
In the U.S., double denominations—such as a front displaying a $10 bill and the reverse displaying a $20 bill—are the most prized error notes. The value of some of these pieces could top $85,000, according to Heritage Auctions.
Despite the potential for a lucrative return, experts say the primary motivation for building a collection should be enjoyment and an appreciation of the history that banknotes provide. It would be best to build a collection with the idea of having fun, says Hengeveld of World Banknote Auctions, which was recently acquired by Stack’s Bowers.
Of course, it’s essential to do your due diligence to avoid fraud. Always buy notes from established dealers and confirm their authenticity with reputable grading services. Independent grading companies such as Paper Money Guaranty and Professional Coin Grading Service provide authentication and grading to ensure notes are genuine and their condition accurately assessed.
Auction houses and local dealers offer currency notes in different price ranges. Online retailers (eBay, Amazon.com, Collectibles & Currency), dealers and galleries (Certified Coin Exchange, George H. LaBarre), and numismatic shows (the MIF Paper Money Fair and World’s Fair of Money) are other useful sources.
As well, there is no shortage of stories where people discovered highly valuable collectible banknotes in attics, books, dressers and photo frames of deceased family members. In Ontario, a rare Canadian $500 bill from 1911 was discovered among the personal belongings of a deceased individual. The nearly discarded banknote, one of only three in existence, brought $322,000 at auction.
Those looking to dip their toes into collectible money may find valuable insights in trade magazines including Bank Note Reporter and the Greensheet, or books such as the U.S. Error Note Encyclopedia and Standard Guide to Small-Size U.S. Paper Money.
Additionally, Paper Money Guaranty, the Smithsonian Learning Lab and other websites can offer a wealth of information on various aspects of grading, collecting and how to properly care for banknotes.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The Dow surges to biggest gain in two years, with bond yields and bitcoin also posting sharp climbs
Donald Trump ’s election victory powered the Dow Jones Industrial Average to its biggest gain in two years, with a broad market rally lifting shares of banks, industrial companies and small-cap firms that are expected to benefit from continued economic expansion.
The gains were widely distributed as Wall Street bet that Trump’s promises of deregulation and tax cuts will further ignite an economy that already has posted strong gains in recent years. But sectors that were expected to benefit from Democratic policies, such as electric-vehicle companies and clean-energy related industries, declined sharply.
The promise of four years of Republican rule drove the latest rise in Treasury yields, reflecting expectations of stronger growth and inflation, while gold prices fell as fears that the election results would be contested and spark social unrest weren’t realised.
“The markets are now trading full-on Trump trade,” said Stephen Dainton , a senior executive at Barclays who oversees the lender’s investment bank including its large trading division.
Big winners included banks, which investors bet were poised to benefit from reduced regulation and a fresh acceleration in growth. Shares of JPMorgan Chase , the nation’s largest lender, climbed 11% to a new record. Wells Fargo and Goldman Sachs both rose more than 12%.
The prospect of lighter regulation and protective tariffs helped drive gains in industrials, with equipment maker Caterpillar rising more than 8% to a new all-time high and 3M adding 5%. Domestic steelmakers Nucor and Steel Dynamics gained 16% and 13%, respectively. Railroads, including Norfolk Southern and CSX , surged.
Bitcoin rose as much as 9% and flirted with $75,000, topping a previous record from March. Trump has said that he wants to make the U.S. the “crypto capital of the planet” and has pledged to create a “strategic bitcoin reserve.”
At the same time, traders also sought out companies and assets they expect to suffer during a second Trump administration.
Fears of trade wars drove down shares of ocean freight firms, including Denmark’s A.P. Moller-Maersk and Germany’s Hapag-Lloyd . Copper prices had their worst day in more than two years, dropping 5.1% as metals traders in New York reconsidered demand forecasts that hinge on the Chinese economy and the clean-energy boom.
Investors’ belief that Trump may break with the Biden administration’s push into renewable energy and electric vehicles hit companies as far away as South Korea. LG Energy Solution fell roughly 7%, as did other local EV battery makers, and Hanwha Solutions, which makes solar panels, dropped by more than 8%. In the U.S., First Solar fell 11% while Enphase Energy lost 17%.
Shares of Tesla , the electric-vehicle maker helmed by Trump ally and donor Elon Musk , bucked the trend, climbing 15%.
Investors sold bonds, driving yields higher and widening the gap between yields on ordinary Treasurys and those on inflation-protected Treasurys. That is a sign they think that the policies of a second Trump term could put upward pressure on inflation.
Many investors also believe that Trump’s tax-cut-heavy policies will add to the deficit, with the threat of a larger supply of Treasurys helping push down bond prices. The yield on the 10-year Treasury topped 4.4% for the first time since July.
That hit firms and investments that are sensitive to higher bond yields. The S&P 500’s consumer-staples sector declined 1.7% and the utilities segment lost 0.6% The real-estate sector sank 3.4%. The country’s largest home builder, D.R. Horton , dropped nearly 5% and Zillow Group fell about 7%.
Surging yields intensified a climb in the U.S. dollar, which was also boosted by the prospect of rising tariffs. Economists say tariffs can lift the U.S. currency by hurting the economies of foreign countries and discouraging Americans from spending on imported goods.
The WSJ Dollar Index, which measures the U.S. dollar against a basket of 16 currencies, rose around 1.3%. The Mexican peso lost as much as 3.4% against the dollar to its lowest level since August 2022, according to Dow Jones Market Data, before recovering. Trump recently said he could impose 200% tariffs on vehicles made in the country. The potential for tariffs also drove down the Chinese yuan.
Early wins by Trump in key states assuaged fears that it could take days or weeks for the election to be called. The Cboe Volatility Index—known as the VIX, or the market’s fear gauge—plunged to its lowest level since late September.
The relative calm had investors hoping more gains lie ahead. The S&P 500 had already risen 21% through Election Day, its best performance in a presidential election year since 1936, when Franklin Roosevelt was in office. The Dow Jones Industrial Average was up 12%, its best election-year performance since 1996, when Bill Clinton was in the White House.
“There’s a lot of relief that there’s a clear-cut outcome and that markets can move on to things that are quite frankly more important than who sits in the White House,” said Ross Mayfield, investment strategist at Baird.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.