Aurelia Butler

When you think of those most likely to get scammed online, what kind of person comes to mind?You might automatically think of Baby Boomers, many of whom are above 60 and are typically not as tech-savvy as younger generations. But that stereotype is wrong.Members of Generation Z are more than three times as likely as Boomers to have fallen for an online scam in the past year, according to a new report from consultancy Deloitte. “When we looked at why, it was because scams are being tailored to that generation,” says Tanneasha Gordon, a principal at Deloitte who leads the firm’s Data & Digital Trust business. This backs up separate reports from the Federal Trade Commission, which has found that younger generations are 34% more likely to report losing money to fraud compared to those 60-plus.EXTREMELY ONLINEUsers of popular apps like Instagram, TikTok, WhatsApp or Snapchat are often in their teens or twenties, which is what comprises Gen Z (those born between 1997-2013).Since that generation is basically online all the time, there is simply more time and opportunity to encounter shopping scams like counterfeit goods or nonexistent products, bogus giveaways, fake storefronts that just want credit-card info, impersonation or romance scams plus phishing e-mails to gain access to financial accounts.”Cyber criminals follow the numbers and will try to compromise new, emerging platforms that the younger generation might be quicker to embrace,” says Dr. Jessica Barker, co-founder of security firm Cygenta and author “Confident Cyber Security.” The Better Business Bureau recently warned of a growing TikTok “money-flipping” scheme being reported in its Scam Tracker service. Scammers promise to multiply your money many times over by investing in crypto or the stock market, but first you have to send them cash via services like Zelle or Venmo, or even send them cryptocurrency directly. Of course, those promised gains never materialize.For parents of teenagers or young adults who are headed off to college and may be steering their own financial lives for the first time, the blizzard of online scams is a worrisome trend. Here are a few pointers to help keep them (and you) safe:SET UP MULTIPLE SECURITY DEFENSESThere is no one solution to keeping your kids safe from scams, so use every last tool in your toolbox.“Some of the things we are recommending for younger consumers: Enable two-step authentication, turn off location-based services on your phone and turn off cookie tracking,” says Deloitte’s Gordon. “Delete accounts you’re not using, change your passwords, stop using apps that have security concerns, and don’t click every link texted to you.”DON’T PAY PEOPLE WHO PROMISE JOBSGen Z can be susceptible to too-good-to-be-true job offers, which promise to jump-start their young careers. Just remember that “no honest employer will ever make you pay for a job,” advises the FTC.Some job scams will even send you a check to cover supposed costs like training or supplies, and instruct you to send back whatever cash is left over. Of course, that check turns out to be bogus.BEWARE GUARANTEED CRYPTO RETURNS Whatever your view on the legitimacy of cryptocurrency, there is no denying that scammers are rife in the sector, and they are targeting the young.Younger adults were “four times more likely than older adults to report a loss on an investment scam,” writes the FTC in a December 2022 report. “Most of these were bogus cryptocurrency investment opportunities.”WATCH OUT FOR THE UNEXPECTEDAlmost everyone on Instagram has been offered the opportunity to be a “brand ambassador” by some firm that supposedly loves your account and content. That is exactly the kind of out-of-the-blue approach that should raise your defenses.“I advise everyone to look out for communications which are unexpected, make you feel something, and ask you to do something,” says Cygenta’s Barker. “That’s a toxic combination which suggests someone is trying to manipulate you.Some other practical advice from Barker: Use unique passwords that are not based on known words and phrases; never share two-factor authentication codes and keep devices up-to-date so that known security bugs are fixed before cyber criminals can take advantage of them. (This story has been refiled to remove an extraneous word in the headline) More

Despite Ghana’s projected growth, it lags behind other Sub-Saharan nations such as Nigeria and Ivory Coast, which have growth rates of 3.2% and 6.6%, respectively. Ghana faces economic challenges including high debt, inflation, and currency instability. To address these issues, the IMF has proposed initiatives like a contentious domestic debt exchange program. This program, however, has sparked public concerns due to its potential impact on the nation’s economy.Despite these difficulties, key figures such as Dr. Ernest Addison and Finance Minister Ken Ofori-Atta remain confident in the government’s ongoing reforms and fiscal policies. These are aimed at restoring investor confidence and achieving sustainable growth in the country.Turning to the UAE, the IMF and World Bank also anticipate a reduction in the country’s current account balance from representing about 8.2% of GDP in 2023 to approximately 7.7% in 2024.The economies across the Middle East and Central Asia are expected to grow by 2% in 2023 and 3.4% in 2024. Saudi Arabia’s economy is projected to stand out with a growth rate of 4% within this period. The growth rates for oil exporting and importing nations are also predicted to rise, hitting 2.2% and 1.8%, respectively, in 2023.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The iShares’ 20+ Year Treasury ETF has suffered a substantial drop of 46% since 2020. Meanwhile, 10-year Treasury yields have seen a significant leap to 4.72% from their previous level of 0.92%. This situation has led BlackRock to steer clear of long-term US bonds due to the expectation of further term premium and yield increases.Several financial experts, including Bank of America strategists, billionaire investor Ray Dalio, and ING strategists, agree that this is the most severe bond bear market in US history. Dalio has warned of a “classic late, big-cycle debt crisis,” while ING strategists predict that 10-year Treasury yields could reach mid-2007 levels of 5%.The annual inflation rate has climbed to 3.7%, further intensifying the financial landscape. Over the past decade, US government debt has doubled, reaching a record-breaking $33 trillion.Despite these challenging conditions, BlackRock shows preference for short-dated US bonds like two-year Treasuries. These bonds offer high yields with relatively lower risk compared to their long-term counterparts. This perspective aligns with economist Nouriel Roubini’s concerns about the current financial situation.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Countries like Angola, Nigeria, and South Africa are facing reduced growth projections. On the other hand, Kenya, Tanzania, and Senegal are set for increased growth despite regional upheaval including violent protests in Ghana and Kenya. The IMF anticipates that annual inflation across the region will reach 16.2% by the end of 2023 before falling to 10.5% by the end of 2024.In a parallel report from the World Bank’s Africa’s Pulse October 2023, it was revealed that a persistent debt crisis has led over half of Sub-Saharan African countries to revise their 2023 growth estimates downwards. Larger economies that are underperforming are negatively impacting the region’s economic health, further worsened by conflict, violence, and climate-related disasters.Out of the total 48 countries in the region, growth prospects for 28 have been downgraded and 21 face a high risk of external debt distress. Inflation rates exceed central bank targets in most nations, with nearly 18 dealing with average annual inflation rates of double digits or higher in 2023 due to escalating food and fuel costs and weakening domestic currencies.Despite signs of economic progress, the region continues to be challenged by insufficient job creation and slow poverty reduction. The urban employment share for the working-age population has stagnated at roughly 22-23% for the past two decades. These economic challenges underline the need for comprehensive policy measures to address the region’s persistent hurdles to growth and development.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Here is how the fund – which reflects Ireland’s success in attracting major companies with its low corporate tax rate – is going to work:SIZE OF THE SOVEREIGN WEALTH FUND- For each year from 2024 to 2035, the government will be mandated by law to invest 0.8% of nominal gross domestic product, currently equivalent to 4.3 billion euros, into the new Future Ireland Fund. If extra resources are available, they can be added.- With accumulated contributions set to total 70 to 75 billion euros, the finance ministry estimates that the fund is likely to grow to around 100 billion euros by 2035, taking account of the estimated 4% return on investment.- The fund will be initiated with 4.1 billion euros from the dissolution of Ireland’s current rainy day fund.RULES ON WITHDRAWALS, USE- The fund will be maintained over the long term and planned legislation will stipulate that it cannot be accessed until 2040 when it is envisaged that investment income, but not the capital, can be drawn down to support government expenditure.- There will be mechanisms included in the legislation to stop or slow payments into the fund if the economy goes into a downturn and the forecast large budget surpluses are missed.- While the fund can help with the anticipated costs of aging, climate change and other fiscal challenges, the legislation will not tie it to any specific area and it will be up to the government of the day to decide how it is spent.SECOND FUND TARGETING INFRASTRUCTURE AND CLIMATE- A second, smaller ‘Infrastructure, Climate and Nature Fund’ will also be set up with a target of reaching 14 billion euros in size. It will be available to catch up on targets to cut greenhouse gas emissions and act as a buffer against capital spending cuts in future downturns.- The fund will be seeded with the remaining 2 billion euros from the rainy day fund with annual contributions of 2 billion euros to follow from budget surpluses between 2025 and 2030.- A quarter of the fund can be used to protect infrastructure spending in a year where there is deemed to be a significant deterioration in the public finances. In such a downturn, the climate change provision will be suspended.- In normal times, up to 22.5% of the fund can be spent in a given year on climate-focused projects that cut emissions, up to a cumulative value of 3.15 billion euros by 2030.OPERATION OF THE FUNDSThe funds will be put under the ownership of the finance minister of the day and managed by the National Treasury Management Agency (NTMA) which oversees the country’s debt. The NTMA operates the existing 15 billion-euro Ireland Strategic Investment Fund (ISIF) which will continue to be commercially invested in Ireland.The Infrastructure, Climate and Nature Fund is expected to invest in high-quality, short-term liquid instruments while the bigger sovereign wealth fund will focus on longer-term, riskier instruments. Both funds will be invested mainly outside Ireland.DEBT REDUCTIONAny budget surplus remaining after the planned investments into the two funds will be used to pay down debt. The finance ministry forecasts that Ireland’s general government debt will fall to 200 billion euros by 2030 from 225 billion euros, or around 79% of modified gross national income last year.($1 = 0.9438 euros) More