Furthermore, the continued opening up of China's financial markets to foreign investors is another significant driver of the A-share market's future performance. The inclusion of Chinese A-shares in major global indices such as MSCI and FTSE has not only increased the accessibility of Chinese stocks to international investors but also enhanced the overall liquidity and transparency of the A-share market. As foreign capital flows into the market, it is likely to inject new momentum and vitality into the A-share market.Kagro in the Morning podcast (AUDIO): Friday, December 6, 2024
The Government has announced it is doubling funds to support workers and businesses affected by job losses at a giant Tata steel plant. Ministers said an extra £15 million will be made available for supply chain businesses and workers affected by changes at Tata’s Port Talbot site in south Wales. Welsh Secretary Jo Stevens said the move means a fund to support businesses across Wales heavily reliant on Tata steel will be increased to £30 million. She also announced that more businesses will be able to apply for the funds, and the value of individual grants is increasing to up to £250,000 for businesses to invest in equipment, property, technology. The Government said there has been “significant demand” on the existing funding, with almost 40 businesses employing 2,000 people having begun the application process. Grants worth millions of pounds are expected to be released in the new year. The increase in funding is in anticipation of more people leaving Tata in early 2025 through the company’s voluntary redundancy scheme. Ms Stevens said: “This Government is acting decisively to support workers and businesses in Port Talbot. “We are doubling the funding available to businesses and workers and widening access to grants to ensure we support as many people as possible. “In just four months we have announced more than £40 million in investment. We said we would back workers and businesses affected by the transition at Port Talbot and we are doing exactly that. “While this remains a very difficult time for Tata workers, their families and the community, we are determined to support workers and businesses in our Welsh steel industry, whatever happens.”Jonah Goldberg: What if most Americans aren't bitterly divided?
Evens as incentive pay pools grow, many bankers may not receive higher payouts. Adrien Veczan/The Canadian Press Banks at the top of the leaderboard in share price performance this year are handing out the biggest bonus increases, rewarding employees for a year of higher profits and bigger returns. Performance-based compensation at Canada’s biggest banks jumped 12 per cent to $23.75-billion on average this year, up from a 9 per cent increase in 2023. But the bonus pool increases range widely, from a 4 per cent rise at Bank of Nova Scotia to a 19 per cent hike at Canadian Imperial Bank of Commerce. “This is one of the cloudiest years we have seen,” Bill Vlaad, chief executive officer of executive recruitment firm Vlaad and Company, said. “Most of the time we have strong confidence that bonuses are going to be up or down fairly definitively. This year it is a little less certain. I think part of that is because different parts of the business have performed extremely differently.” Evens as incentive pay pools grow, many bankers may not receive higher payouts. “This is a year where investment banks will pay $1 more – and only $1 more – to keep their teams intact,” Dean Executive Search founder and president Adam Dean said in an interview. “Top senior people and stars will always be appropriately compensated. However, from the discussions we’ve had with group heads and senior investment bankers around the street and across regions, I would say that this will be an incrementalist year in terms of how they pay their people to retain.” Bonuses are based on performance, and most of that compensation is paid to capital markets employees, which include traders, analysts and investment bankers, whose pay is typically more variable depending on performance and market conditions. There are also disparities among different capital markets teams. “You’ve got areas like equity capital markets or the sales and trading desk on the equity side, which has laid a goose egg for the last year,” Mr. Vlaad said. “But you’ve got their brethren in the debt capital markets and the fixed income side who have done well.” Canadian Imperial Bank of Commerce CM-T increased its bonus pool by 19 per cent to $2.99-billion, a jump from last year’s 2.2 per cent increase and the largest percentage increase among the country’s top lenders. The increase in variable-based compensation was driven by growth across the bank as CIBC posted higher revenue, CIBC chief financial officer Robert Sedran said. CIBC’s stock has surged 47 per cent since the start of 2024 as revenue jumped 13 per cent and profit rose to $7.2-billion from $5-billion the 2023 fiscal year. While capital markets in 2024 saw only a slight uptick in net income, Mr. Sedran said the division performed well in a tough market as tax changes and market volatility put pressure on its global markets unit. “When we look at the performance of our capital markets business, they had a good year with our core clients, deepening client relationships, expanding internationally and navigating through some pretty volatile markets,” Mr. Sedran said Thursday discussing fourth-quarter results. Shares of Royal Bank of Canada RY-T and National Bank of Canada NA-T both climbed more than 30 per cent so far this year. Royal Bank of Canada allocated $8.8-billion for variable compensation, a 16 per cent jump year-over-year compared with a 6.7 per cent increase in 2023. Capital markets profit rose 10 per cent from last year to $4.8-billion. National Bank of Canada boosted variable compensation by 14 per cent to $1.5-billion. Last year, the lender increased bonuses by a slim 2 per cent. Toronto-Dominion Bank TD-T share price tumbled more than 14 per cent so far this year, plagued by anti-money laundering failings that prompted heavy penalties from U.S. regulators. On Thursday, the bank suspended its medium-term financial targets for 2025. While the bank’s total net income fell to $8.8-billion in the 2024 fiscal year, compared with $10.6-billion last year, profit in its capital markets unit jumped 20 per cent year-over-year. TD allocated $4.48-billion for incentive pay, a 10 per cent increase compared to 2023, but a significant drop from last year’s 23 per cent jump. Bank of Montreal BMO-T posted $3.74-billion in performance-based pay, a 5 per cent increase year-over-year, as capital markets profit declined. Bank of Nova Scotia BNS-T set aside $2.17-billion in performance-based pay, a 4 per cent increase year-over-year, as capital markets profit fell 5 per cent to $1.69-billion. In 2023, the bank also increased bonuses by 4 per cent. “It is not like every bank had a similar year,” Vlaad and Company president Mark Stipe said.. “Each bank made their money in different spots. RBC had a huge year in fixed income, TD last year had a big year in M&A. But if they don’t get [bonuses] right, you’re going to see large exoduses off of a couple of firms.”As the story of Mr. Li's repeated failures reverberated through online communities, it served as a reminder of the dangers of chasing superficial rewards at the expense of personal growth and integrity. The lesson learned from Mr. Li's journey is clear: true self-discipline cannot be bought with money; it must be cultivated through dedication, perseverance, and a genuine desire for self-improvement.