Wealth Preservation

Jeff Bezos’ Blue Origin aims to fly first passengers on its space tourism rocket as early as April

Jeff Bezos’ space company Blue Origin on Thursday completed the fourteenth test flight of its New Shepard rocket booster and capsule.
CNBC has learned that NS-14 also marked one of the last remaining steps before Blue Origin flies its first crew to space, with Thursday’s flight the first of two “stable configuration” tests.
Blue Origin aims to launch the second test flight within six weeks, or by late February, and the first crewed flight six weeks after that, or by early April, people familiar with the company’s plans told CNBC.

Dow rises more than 150 points as market tries to reclaim record highs in final days of 2020

Disney and Caterpillar rose 3.3% and 2.3%, respectively, to lead the Dow higher. Energy was the best-performing sector in the S&P 500, jumping nearly 2%.

Wednesday’s move higher came after a British regulator approved a coronavirus vaccine developed by the University of Oxford and AstraZeneca for emergency use. The approval followed the discovery of a new Covid strain in the U.K., which has also been confirmed in the U.S.

Trump brags about Dow 30,000 at surprise news conference, leaves after a minute

President Donald Trump briefly emerged to tout the Dow Jones Industrial Average breaking 30,000 for the first time ever, and then vanished after a minute without taking questions.
The president’s brief appearance came less than a day after his administration took a major step toward the transition to Joe Biden’s presidency.
Trump, three weeks after Election Day, still has not conceded the race to Biden.

Dow rebounds more than 300 points on stimulus hope to end first losing month since March

Stocks cut gains in the final hour of trading after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to strike a coronavirus aid deal. The pair will continue talks as they try to craft a fifth package that could pass both chambers of Congress. The market soared earlier in the session after Mnuchin said lawmakers were giving the bill “a serious try.”

Porsche is upbeat on China sales as automakers bet on luxury electric vehicles

The coronavirus pandemic has generally affected wealthier segments of the Chinese population less, while altering some consumer habits that are driving demand for luxury car brands such as Porsche.
Electric vehicles in the high-end segment are particularly in demand, several executives say.
However, Thomas Ingenlath, CEO of premium electric vehicle brand Polestar, says that even with growth in China, he expects the market will remain less than half of global sales.

Vanguard shifting prime money market fund to safer U.S.-backed investments

Next month, Vanguard will transition its $125.3 billion Prime Money Market Fund into a government money market fund and rename it the Vanguard Cash Reserves Federal Money Market Fund.
Prime fund investors will be eligible for lower fees, as Vanguard will reduce the investment minimum for its Prime Admiral Shares from $5 million to $3,000, effective Aug. 27.
Vanguard isn’t alone. Northern Trust also closed a money market fund earlier this year.

Indonesia has a ‘surprising’ way to fund a larger government deficit — but its currency suffers

Indonesia’s currency, the rupiah, is the worst-performing Asian currency so far this year partly due to investor concerns over its central bank helping to finance a larger government deficit.
The “debt burden sharing” arrangement involves the central bank buying 397.6 trillion Indonesian rupiah ($26.97 billion) worth of government-issued bonds to fund increased spending to fight the coronavirus.
The program has been likened to an unconventional tool called quantitative easing, which has until recently been used only by major central banks in developed economies such as the U.S. and Europe.
Indonesia, Southeast Asia’s largest economy, recorded its first economic contraction in more than two decades as it struggles to contain the coronavirus outbreak.