Author: Money Mechanics

Key Takeaways Your smartphone could replace your wallet sooner than you think, as 20 states now accept mobile driver’s licenses at airports and federal agencies.Unlike physical cards, digital IDs can’t be counterfeited, and changes (like a suspended license) can appear instantly.Most states still require you to carry physical IDs because many venues don’t have the systems ready to verify their digital versions. In many places across the U.S., you can use your smartphone to legally prove who you are. Twenty-one states have already launched mobile driver’s licenses, allowing residents to board flights, purchase alcohol, and present proof of identity to…

KEY TAKEAWAYS Taiwan Semiconductor Manufacturing Co. said the U.S. has pulled its authorization to ship essential U.S. chip-making tools to a key site in China, disrupting its manufacturing base in the Asian country.The world’s largest contract chipmaker said that it was informed of the removal of its “validated end user” status for its Nanjing site effective Dec. 31.TSMC’s loss of the waiver to ship key tools to China follows similar removals of such authorizations for South Korean chipmakers Samsung Electronics and SK Hynix last week. Taiwan Semiconductor Manufacturing Co. (TSM) said the U.S. has pulled its authorization to ship essential…

Question: I’m 58 and just sold some stock to lock in gains and reduce risk. I made a killing, but will I have a big tax bill?Answer: Despite a steep market decline that occurred in April on the heels of President Trump’s tariff announcement, it would be fair to say that the typical investor is probably quite pleased with their portfolio’s year-to-date performance. In fact, many people have been sitting on significant gains since January.You may, however, be looking to capture some of those portfolio gains before the market takes a turn for the worse — something it’s historically done…

When other investors start to lose interest in certain stocks, Fidelity International Growth Fund (FIGFX) manager Jed Weiss says, “my ears perk up.” He favors firms with good long-term growth prospects, attractive stock prices and solid moats around their businesses.Over the past three, five and 10 years, he has outpaced his peers (foreign large-company growth funds) and the fund’s benchmark, the MSCI EAFE Growth Index.But in recent years, FIGFX – a member of the Kiplinger 25, our favorite no-load mutual funds – has not kept pace with the broader MSCI EAFE Index, which includes growth and value stocks. From just…

Key Takeaways 77% of Gen Z and millennials booked last-minute trips in 2024. Spontaneous travel takes flexibility and quick decision-making. Deals on flights and hotels often pop up two to three days before check-in. Many travel sites are built to help you find these last-minute deals. Generation Z, born between 1997 and 2012, is often called the “loneliest generation,” thanks to the time they spend online. But they’re also the most educated and tech-savvy. They apply logic and tech-savvy to travel—like deciding on Monday to visit Madrid and landing by Thursday, all without spending too much. Gen Z’s Travel Preferences…

(Oil Price)– Saudi Arabia’s budget deficit is growing this year as oil prices are down from last year’s levels and well below the $90 per-barrel price the Kingdom is estimated to need to balance its budget. Brent Crude oil prices have declined by about 8% since the beginning of the year, at around $69 a barrel as of early Tuesday, additionally straining Saudi Arabia’s public finances, which rely the most on oil income to have more money to spend on projects to diversify the economy. Earlier this year, Saudi Arabia’s revenues from oil exports crashed in April by 21% from a year earlier…

Executive summary:Large caps make new highsMajor digital asset legislation signed during “Crypto Week”Earnings season kicks off with a strong startU.S. Dollar rallies on increasing trade dealsFOMC holds rates steadyJuly continued the strong run for stocks seeing the S&P 500 up for the third month in a row, and the Nasdaq for the fourth. Interestingly, the S&P 500 didn’t have any significant moves of 1% in either direction, which hasn’t happened since July 2023. The VIX, a measure of market volatility, stayed relatively calm, ending the month around 17. Big tech stocks were the stars of the show, but other sectors…

Key Takeaways MIT research reveals that 95% of generative AI pilots fail to deliver measurable return on investment. This is creating what experts call a “GenAI Divide” between companies stuck with basic chatbots and those using smarter systems that actually learn. Organizations fail not because of model quality or infrastructure issues, but because most workplace AI tools forget everything after each conversation and fail to adapt to a company’s specific needs. The window to improve offerings, deliver on demands, and compete in this high-growth space is narrowing, experts say. Companies are investing billions in AI tools like ChatGPT, aiming to…

Key Takeaways More than eight in 10 companies are expanding their use of AI, with most leaders betting on productivity and innovation gains. Three in four employees are fine with AI as a coworker, but just 30% are okay with it acting as their boss However, they don’t want to be managed by AI or for the technology to make decisions about recruitment, pay, and compliance. The consensus among employees is that the technology is best served helping humans to do a better job rather than telling them what to do. People have accepted working with artificial intelligence (AI) and…

We’re living in a world that can often feel out of control and headed in a direction that is less democratic, inclusive and compassionate.If you’re feeling powerless, it’s good to remember that nothing speaks louder than your dollars.I’ll explore three things you can do with your money to help bring about a more just and sustainable world for all. From just $107.88 $24.99 for Kiplinger Personal Finance Be a smarter, better informed investor. CLICK FOR FREE ISSUE Sign up for Kiplinger’s Free Newsletters Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more…