Latest news with #budgetDeficit
Bloomberg
09-07-2025
- Business
- Bloomberg
Turkey Raises Taxes on Lira Deposits and Funds to Bolster Budget
Turkey raised withholding taxes on lira-denominated deposits and mutual funds, tightening its grip on household savings as it seeks fresh revenue to ease the budget deficit. The tax on deposits with maturities of up to six months was increased to 17.5% from 15%, according to a presidential decree published on Tuesday. For deposits of up to one year it rose to 15% from 12%. Mutual fund earnings, excluding equity-heavy and long-term real estate or venture capital funds, will be taxed at 17.5%, up from 15%.
Yahoo
07-07-2025
- Business
- Yahoo
Why the CEO of the world's large sovereign wealth fund is worried about rising US debt
Listen and subscribe to Opening Bid Unfiltered on Apple Podcasts, Amazon Music, Spotify, YouTube, or wherever you find your favorite podcasts. The leader of the world's largest sovereign wealth fund is locked in on the United States' rising debt levels. 'We do observe that the budget deficit is quite large,' Norges Investment Bank CEO Nicolai Tangen told Yahoo Finance Executive Editor Brian Sozzi on a new episode of the Opening Bid podcast (watch above; listen below). 'That's not only the case in the US but across the world.' This embedded content is not available in your region. The Trump administration's 'big, beautiful bill,' signed on July 4, is anticipated to add as much as $3.3 trillion to the national debt in the coming decade. 'We are at roughly a hundred trillion dollars [in global debt] according to the IMF,' Tangen explained. 'The question is whether there will be a time where investors will certainly think, hey, we want a higher coupon for lending money to these various governments. And that's potentially when we could see an uplift in interest rate levels generally.' Although he considers the US to be in 'a bit of a special situation" due to its status as a reserve currency, "you never know when the point is coming where investors suddenly decide that the debt level is too high and want a higher price.' Tangen's take on the US debt level is of particular importance. The 1969 discovery of a reserve of oil off Norway's shores created a high-class dilemma about what to do with the resulting influx of cash. Norges Bank set up the nation's Global Pension Fund to shield the country's economy from the volatility of oil, according to Norges Bank's website. The fund invests only abroad and owns 9,000 global companies, which represent nearly 1.5% of all listed company shares globally. It also owns considerable amounts of real estate around the world and has around $1.9 trillion in assets under management. Tangen has held his position at Norges Bank since 2020 and is also the host of a popular podcast called "In Good Company," with a current run of 125 episodes that features the CEOs of companies the fund owns. Tangen's contract as CEO was reupped for another five years several months ago. The fund is bullish on many sectors, including tech, and owns large-cap names such as Alphabet (GOOGL), Microsoft (MSFT), Tesla (TSLA), and Meta (META). 'Microsoft is our biggest holding,' he explained. 'That's because it is a very, very large company. Now, what we are seeing is that we have a bigger concentration level in the portfolio than we've had in the past.' 'Our top 10 holdings account for 20% of the fund,' he added. 'Which, of course, is a different type of risk than we've seen in the past, in particular because the largest holdings typically are all tech-related.' Each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid Unfiltered. You can find more episodes on our video hub or watch on your preferred streaming service. Grace Williams is a writer for Yahoo Finance. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-07-2025
- Business
- Yahoo
Why the CEO of the world's large sovereign wealth fund is worried about rising US debt
Listen and subscribe to Opening Bid Unfiltered on Apple Podcasts, Amazon Music, Spotify, YouTube, or wherever you find your favorite podcasts. The leader of the world's largest sovereign wealth fund is locked in on the United States' rising debt levels. 'We do observe that the budget deficit is quite large,' Norges Investment Bank CEO Nicolai Tangen told Yahoo Finance Executive Editor Brian Sozzi on a new episode of the Opening Bid podcast (watch above; listen below). 'That's not only the case in the US but across the world.' The Trump administration's 'big, beautiful bill,' signed on July 4, is anticipated to add as much as $3.3 trillion to the national debt in the coming decade. 'We are at roughly a hundred trillion dollars [in global debt] according to the IMF,' Tangen explained. 'The question is whether there will be a time where investors will certainly think, hey, we want a higher coupon for lending money to these various governments. And that's potentially when we could see an uplift in interest rate levels generally.' Although he considers the US to be in 'a bit of a special situation" due to its status as a reserve currency, "you never know when the point is coming where investors suddenly decide that the debt level is too high and want a higher price.' Tangen's take on the US debt level is of particular importance. The 1969 discovery of a reserve of oil off Norway's shores created a high-class dilemma about what to do with the resulting influx of cash. Norges Bank set up the nation's Global Pension Fund to shield the country's economy from the volatility of oil, according to Norges Bank's website. The fund invests only abroad and owns 9,000 global companies, which represent nearly 1.5% of all listed company shares globally. It also owns considerable amounts of real estate around the world and has over $2.8 trillion in assets under management. Tangen has held his position at Norges Bank since 2020 and is also the host of a popular podcast called "In Good Company," with a current run of 125 episodes that features the CEOs of companies the fund owns. Tangen's contract as CEO was reupped for another five years several months ago. The fund is bullish on many sectors, including tech, and owns large-cap names such as Alphabet (GOOGL), Microsoft (MSFT), Tesla (TSLA), and Meta (META). 'Microsoft is our biggest holding,' he explained. 'That's because it is a very, very large company. Now, what we are seeing is that we have a bigger concentration level in the portfolio than we've had in the past.' 'Our top 10 holdings account for 20% of the fund,' he added. 'Which, of course, is a different type of risk than we've seen in the past, in particular because the largest holdings typically are all tech-related.' Each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid Unfiltered. You can find more episodes on our video hub or watch on your preferred streaming service. Grace Williams is a writer for Yahoo Finance. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-07-2025
- Business
- Yahoo
Why the CEO of the world's large sovereign wealth fund is worried about rising US debt
Listen and subscribe to Opening Bid Unfiltered on Apple Podcasts, Amazon Music, Spotify, YouTube, or wherever you find your favorite podcasts. The leader of the world's largest sovereign wealth fund is locked in on the United States' rising debt levels. 'We do observe that the budget deficit is quite large,' Norges Investment Bank CEO Nicolai Tangen told Yahoo Finance Executive Editor Brian Sozzi on a new episode of the Opening Bid podcast (watch above; listen below). 'That's not only the case in the US but across the world.' The Trump administration's 'big, beautiful bill,' signed on July 4, is anticipated to add as much as $3.3 trillion to the national debt in the coming decade. 'We are at roughly a hundred trillion dollars [in global debt] according to the IMF,' Tangen explained. 'The question is whether there will be a time where investors will certainly think, hey, we want a higher coupon for lending money to these various governments. And that's potentially when we could see an uplift in interest rate levels generally.' Although he considers the US to be in 'a bit of a special situation" due to its status as a reserve currency, "you never know when the point is coming where investors suddenly decide that the debt level is too high and want a higher price.' Tangen's take on the US debt level is of particular importance. The 1969 discovery of a reserve of oil off Norway's shores created a high-class dilemma about what to do with the resulting influx of cash. Norges Bank set up the nation's Global Pension Fund to shield the country's economy from the volatility of oil, according to Norges Bank's website. The fund invests only abroad and owns 9,000 global companies, which represent nearly 1.5% of all listed company shares globally. It also owns considerable amounts of real estate around the world and has over $2.8 trillion in assets under management. Tangen has held his position at Norges Bank since 2020 and is also the host of a popular podcast called "In Good Company," with a current run of 125 episodes that features the CEOs of companies the fund owns. Tangen's contract as CEO was reupped for another five years several months ago. The fund is bullish on many sectors, including tech, and owns large-cap names such as Alphabet (GOOGL), Microsoft (MSFT), Tesla (TSLA), and Meta (META). 'Microsoft is our biggest holding,' he explained. 'That's because it is a very, very large company. Now, what we are seeing is that we have a bigger concentration level in the portfolio than we've had in the past.' 'Our top 10 holdings account for 20% of the fund,' he added. 'Which, of course, is a different type of risk than we've seen in the past, in particular because the largest holdings typically are all tech-related.' Each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid Unfiltered. You can find more episodes on our video hub or watch on your preferred streaming service. Grace Williams is a writer for Yahoo Finance. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Yahoo
27-06-2025
- Business
- Yahoo
Redding group supporting sales tax hike on November ballot crosses first hurdle
A group of Redding community leaders turned in more than 9,500 signatures in their effort to put a 1 cent sales tax on the November ballot. Group spokesman Dennis Morgan, a local realtor, said organizers delivered 9,567 signatures to the city of Redding's clerk's office on June 18. The citizens group needs 5,816 verified signatures, which is 10% of the registered voters in Redding, to put the measure on the ballot, according to Redding City Clerk Sharlene Tipton. Morgan said he received an email from the city that said the signatures were delivered to the Shasta County Registrar of Voter's office on Wednesday, June 25. 'They have 30 working days to certify the signatures,' Morgan said of the county ROV. If the measure gets on the ballot and passes, the sale tax in Redding would go from 7.25% to 8.25%, generating an extra $30 million in annual revenue, City Manager Barry Tippin has said. This is the third attempt to raise the sales tax in Redding to help fund quality of life issues such as public safety. This latest effort would need a simple majority to pass and it comes as the city is facing an estimated $5 million budget deficit. Revenue generated from sales tax, property taxes and other sources hasn't for years been enough to keep up with repairs and improvements to streets, buildings, parks and Redding's two airports, Tippin has told the City Council. Morgan said supporters of a sales tax want to put the measure on the Nov. 4 ballot, which means it would be a special election for Redding voters. It took the group two months to collect the 9,567 signatures. 'We started at Kool April Nites, that Saturday, and we got them done pretty quickly,' Morgan said. Related: 3 Redding leaders pushing for sales tax come forward: Everything to know He said volunteers focused on community events like Kool April Nites and the Redding Rodeo, and commercial retail centers in their signature-gathering efforts. "The process has been good. Most people, they understand and are really for it. Because it's a specific tax, that really helps," Morgan said. Annual audits would be done to verify the funds are spent correctly. Too, the city council would appoint people to a citizens advisory committee to provide more oversight. Here is where the money would go: Roads: 30% spent on maintenance, repairs and improvements. Redding Fire Department: 13% allocated to construction and staffing of ninth fire station, upgrades and improvements to the other fire stations, equipment, and at least 3.5% of the fire department's cut to fire mitigation efforts like fuel reduction. Redding Police Department: 12% allocated to additional staffing, equipment and facilities. Shasta County Sheriff's Office: 12% allocated to address repeat offenders and jail capacity. Browning said the money would specifically go to the new alternative custody campus proposed by Sheriff Michael Johnson. Whether the money goes to the sheriff's office would hinge on an agreement between the city and Shasta County. If no agreement is reached within two years of voter approval, this portion of the money would go to Redding police. Parks: 9% spent on construction, improvements and maintenance, including Redding Sports Park, California Soccer Park, South City Park, Caldwell Park and Panorama Park. Redding Civic Auditorium, Redding Rodeo Grounds: 6% allocated to the former, 3% to the latter. Redding Regional Airport: 5% allocated toward building an additional terminal, staffing and general operations of all airport facilities. David Benda covers business, development and anything else that comes up for the USA TODAY Network in Redding. He also writes the weekly "Buzz on the Street" column. He's part of a team of dedicated reporters that investigate wrongdoing, cover breaking news and tell other stories about your community. Reach him on Twitter @DavidBenda_RS or by phone at 1-530-338-8323. To support and sustain this work, please subscribe today. This article originally appeared on Redding Record Searchlight: Redding sales tax supporters deliver signatures for ballot measure
