Asia stocks mostly fell Tuesday as markets brace for a sharp US interest rate hike and similar moves by other central banks as they struggle to control inflation, with traders increasingly worried about another possible recession.
Surging prices, moves to tighten monetary policy, China’s Covid lockdowns, the Ukraine war and a stronger dollar have come together in recent weeks to cause a massive headache for investors, sending them running to the hills.
All eyes are on the conclusion Wednesday of the Federal Reserve’s two-day policy meeting, where it is expected to lift borrowing costs 0.5 percentage points for the first time since 2000.
However, while officials see a hawkish move as necessary to control 40-year high inflation while still allowing for economic growth, there is a growing unease that they could knock the fragile pandemic recovery off course and even cause a recession.
Meanwhile, the policy board is also expected to discuss offloading the trillions of dollars worth of bonds bought to help keep prices subdued in the past, a move known as quantitative easing.
“With a 50 basis point hike… all but certain, the (post meeting) press conference will provide important colour around the prospects of a soft landing, the neutral fed funds rate and balance sheet normalisation,” said SPI Asset Management’s Stephen Innes.
“One question on everyone’s mind: Are 75 basis point increments on the table?”
Forecasts for a swift run-up in rates this year have hammered tech firms who are reliant on debt to fund growth, though dup-buying helped them record a much-needed gain Monday in New York.
However, Asian traders were unable to track the positive lead with liquidity thinned out by public holidays around the region.
Hong Kong returned from a long weekend break to lead the retreat, shedding more than two percent at one point before paring those losses, following a more than four percent surge Friday.
Sydney also fell ahead of an expected interest rate hike by the Reserve Bank of Australia later in the day, while Taipei and Wellington were also down. Still, Seoul edged up slightly.
Tokyo, Shanghai, Mumbai, Singapore and Jakarta were closed.
Investors are also reeling from a sharp slowdown in Chinese activity caused by lockdowns in key parts of the country including financial hub Shanghai, and strict containment in Beijing.
The measures, and leaders’ refusal to shift from their zero-Covid policy, have hamstrung the world’s number two economy and figures in other countries including the United States suggest they are now having a global impact.
The strife in China continues to weigh on oil prices owing to fears about the impact on demand from the biggest crude importer.
That has offset bets on a European Union ban on
Oil prices edged up as European Union chiefs discuss a possible embargo on shipments from Russia linked to its invasion of Ukraine.
A sanctions plan is being put together by the European Commission that could be put to member states Wednesday, sources, adding that the ban would be introduced over six to eight months to give countries time to diversify their supply.
– Key figures at around 0220 GMT –
Hong Kong – Hang Seng Index: DOWN 0.5 percent at 20,980.03
Tokyo – Nikkei 225: Closed for a holiday
Shanghai – Composite: Closed for a holiday
Euro/dollar: UP at $1.0524 from $1.0506 on Monday
Pound/dollar: UP at $1.2521 from $1.2489
Euro/pound: DOWN at 84.05 pence from 84.09 pence
Dollar/yen: DOWN at 130.05 yen from 130.16 yen
West Texas Intermediate: UP 0.3 percent at $105.46 per barrel
Brent North Sea crude: UP 0.3 percent at $107.90 per barrel
New York – Dow: UP 0.3 percent at 33,061.50 (close)
London – FTSE 100: Closed for a holiday
10 tips for managing payroll for small business owners
It’s essential to closely manage company payroll in a way that best suits your specific business needs and supports your employees. Given the complexities of state and federal taxes and the importance of paying your staff on time, keeping good records sets you up for success as your business grows—whether you’re bootstrapping a startup or managing a team.
Buddy Punch leveraged a collection of expert sources to compile a list of ways small business owners can create and maintain a bulletproof payroll system. Central to these insights is the goal of building a secure and accessible payroll system that protects data and allows employees to access their personal information.
Small businesses may have to outsource specific parts of their payroll systems to experienced professionals to ensure compliance, while smaller companies can delegate these tasks to an individual. Keep reading to learn more about wise management of payroll systems, from picking the right software to staying in compliance.
Kaspars Grinvalds // Shutterstock
Select appropriate payroll software
Payroll software is far from one-size-fits-all, and there are several factors at play to keep in mind while shopping around.
From the ease of use and features to integrations and support, there are plenty of options to choose from. It’s wise to start by considering the number of employees at play before making a decision. Will you or your team be able to keep up with the demand for updating employee records? Remember that if you have remote employees, you’ll be responsible for their state and local taxes.
In addition to the number of employees, small business owners should consider what benefits are offered, when payroll will be executed, and who will administer it. Other factors—including the payroll budget itself—are worth keeping in mind to ensure the system you select will be right for your company.
Rawpixel.com // Shutterstock
Create a payroll calendar
No matter which kind you use, calendars are part of our daily lives—and there’s no exception for a small business. A payroll calendar considers the pay periods and can track important IRS tax filings. Knowing what is due at a particular time allows payroll managers to plan and schedule payments to the government promptly and effectively.
Using a payroll calendar also helps a business manage available funds for payroll each pay period. If you decide to DIY your payroll calendar, consider using a template to organize employee pay and tax filings.
Rostislav_Sedlacek // Shutterstock
Hire a payroll administrator
While some small businesses can get by managing their own payroll, there are times when outsourcing or hiring a payroll specialist or administrator may be necessary. A payroll administrator will keep the business up to date on tax regulations and employee changes and updates.
When hiring for this role, look for people knowledgeable about payroll laws, regulations, and taxes. Knowing when to hire a payroll administrator will depend on how many employees you have and if you support remote workers. Whether you decide to outsource or do it yourself, you’ll need someone to provide quality checks on your processes.
Natee Meepian // Shutterstock
Keep payroll and operating expenses in separate accounts
The adage “Don’t put all your eggs in one basket” applies to managing payroll for your small business. Keep your bank account for payroll separate from your general operating expenses. Doing so will help your accountant track transactions and keep records updated.
See if your current bank can add another account for payroll with no added costs. While it may appear easier to keep all of the accounts connected, you’ll have more to manage as your business grows. Start out with a payroll clearing account to maintain financial security and allocation.
mavo // Shutterstock
Never dip into payroll tax funds
There are huge implications with the IRS for not paying payroll taxes. Although some businesses may need the money to take care of other business expenses, it’s never a good idea to borrow from your business’s tax funds. One option that small business owners may consider is taking out a loan to cover miscellaneous expenses rather than using payroll funds and risk missing important tax payments.
If your company uses payroll tax funds to pay for other operations, it may be time for a business audit. Consider creating a rainy day fund for your business to discourage any payroll account dipping.
docstockmedia // Shutterstock
Document your payroll process
Sweat the small stuff. No matter the size of your small business, keeping good records will serve your business well in the long run.
From one employee to multiple, it’s critical to keep meticulous records. The IRS expects you to maintain payroll records for at least three years. A well-documented process will help your business comply with tax laws and keep track of your employees’ pay and updates.
If you are the sole employee of your business, make it a habit to record everything: This process will allow you to see the overall health of your business and allow for future planning.
RAGMA IMAGES // Shutterstock
Develop a thorough timekeeping system
Setting up a good digital system to track your employees’ time is crucial in making your business more efficient. Accurate timekeeping will help with accounting and payroll records—and there are plenty of resources that make the process easier.
Some low-cost options work with other business tools to streamline the process of payroll compliance. Consider outsourcing payroll timekeeping to meet the demands of your growing workforce.
Andrey_Popov // Shutterstock
Talk to employees about what works and what doesn’t
For young businesses, polling employee preferences can help settle certain payroll options. Some workers prefer biweekly pay periods, but others—often hourly employees—may prefer to be paid weekly. Take the opportunity to ask your employees what works for them and structure your system accordingly.
NIKCOA // Shutterstock
Keep employee info well-organized and secure
Protecting small-business payroll data is just as important as protecting data files, and secure systems will do both. Employees can access their payroll system to update records and view pay stubs, which should be made available through payroll system training. Ensure the integrity of your business by protecting your employees’ data. Implementing a strong payroll system includes limiting who has access to sensitive employee data.
JIM WATSON // Getty Images
Keep up with state, local, and federal payroll rules
Staying updated on payroll rules can keep your business running smoothly without the stress of audits or fines. Payroll systems will manage this for you.
For a business without the capacity or expertise to track local and federal changes, business owners should consider outsourcing this work to a contractor who can. Subscribing to local and federal mailing lists may be useful to stay abreast of new updates.
This story originally appeared on Buddy Punch and was produced and
distributed in partnership with Stacker Studio.
Are the days of ‘Big Tech’ on their way out?
“These are cost-cutting measures, but if you talk to people in tech, they’re sort of emotional, cultural resets as well,” explains tech reporter Peter Kafka in podcast.
Silicon Valley is having a bit of a rough go lately.
Layoffs at some of the biggest tech companies — 10,000 at Amazon and 11,000 at Meta for starters — have hit the sector hard, and there’s an air of downsizing all around. This means that in addition to letting staff go, even all those perks that many startups and long-established companies alike have used to lure top tech talent — think offices with stocked fridges, gyms, and shuttle services — have been reined in.
A recent episode of Vox’s podcast Today, Explained dove into what’s happening in the tech world, speaking to Peter Kafka, a tech reporter at Recode.
Here are three highlights from the conversation:
On the current landscape as an “existential shift”
I think most people who are working in tech have only been there during boom times. The last real deflation in tech was all the way back in 2000, 2001. There’s almost no one working in tech now who was around for that. So if you’ve been working in tech, you’ve only known things going up and to the right. You got paid a lot. There were always companies who wanted to hire you away from the company you were at, so you got paid even more. You knew that you could leave Facebook or Google and go to a startup, and if that startup didn’t work, maybe it would get bought by Facebook or Google.
And all of that comes to a record-scratch stop this year.
On the lack of growth in the sector
Yes. There’s a bigger story that goes back a couple of decades. These tech companies, Google, Facebook, Amazon, and Apple all had crazy, crazy, crazy growth. They were selling tons of ads. They were selling tons of iPhones. They reflected a big change in the way the world used technology. They were at the front of that. They got rewarded for that.
But those companies aren’t growing at the same rate anymore. Many of them are pretty old now — or their main product is pretty old. The iPhone is 15 years old. Google’s main search ad business is 20 years old. YouTube is 15 years old, more or less.
On the “fable and myth” of Silicon Valley
Yeah. I don’t want to be pollyannaish about this because people are losing jobs. And people are going to have a harder time paying rent or mortgages or feeding their families. But it’s part real and part fable of Silicon Valley to have this creative destruction where old things get taken down. New, cool things get built in their place. It’s part of the fable and myth of Silicon Valley that has a great deal of truth to it as well.
And so there’s lots of folks saying, “All right, we’re going to go make something new. By the way, we made a bunch of money in the last couple of years, the last 10 years. We can afford to not be working at a Big Tech company for a while. Let’s go cast around for a new idea.”
DX Journal covers the impact of digital transformation (DX) initiatives worldwide across multiple industries.
Jobs where you’re most likely to be single at 40
Ever felt like your job was holding you back from meeting that special someone? You may be right.
To determine jobs where you’re most likely to be single at 40, Stacker analyzed data from the 2021 American Community Survey, powered by the Census Bureau. The percentage of never-married respondents was calculated by dividing the number of respondents who had never been married by the total respondents for a given occupation; this metric ranks the list.
Similarly, the percentage of single respondents was calculated by dividing the sum of the respondents who reported they were never married, widowed, divorced, or separated into the total respondents for a given occupation. Inevitably, there is overlap between those who said they were never married and those who are considered “single.”
Perhaps not surprisingly, many of these occupations are in the service industry, likely because employees in the service industry work long hours, evenings, and weekends and may not have time outside of work to find a partner. However, some blue-collar jobs also made the list.
The reality is that more people than ever are choosing to remain single longer, regardless of occupation. The Centers for Disease Control and Prevention found that the marriage rate fell from 8.2 marriages per 1,000 people in 2000 to 5.1 marriages per 1,000 people in 2020. People delay marriage for numerous, wide-ranging reasons, from feeling unprepared financially to not wanting to settle down.
Meanwhile, the number of unpartnered people continues to grow. The Pew Research Center found in 2019 that nearly 1 in 3 adults between 40-54 were unpartnered, compared to 1990 (almost 1 in 4).
Keep reading to discover the jobs where you’re most likely to be single at 40.
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– Percent never married: 56.96%
– Percent single: 70.45%
#29. Food servers, nonrestaurant
– Percent never married: 57.27%
– Percent single: 70.38%
– Percent never married: 57.5%
– Percent single: 73.1%
#27. Tour And travel guides
– Percent never married: 58.19%
– Percent single: 66.59%
Olena Yakobchuk // Shutterstock
#26. Transportation service attendants
– Percent never married: 58.91%
– Percent single: 69.92%
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#25. Cleaners of vehicles and equipment
– Percent never married: 59.14%
– Percent single: 71.05%
Yevhen H // Shutterstock
#24. Parking attendants
– Percent never married: 59.37%
– Percent single: 70.06%
Jacob Lund // Shutterstock
#23. Stockers and order fillers
– Percent never married: 60.3%
– Percent single: 71.93%
#22. Veterinary assistants and laboratory animal caretakers
– Percent never married: 60.84%
– Percent single: 67.19%
Tyler Olson // Shutterstock
#21. Ushers, lobby attendants, and ticket takers
– Percent never married: 61.38%
– Percent single: 73.53%
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– Percent never married: 61.45%
– Percent single: 74.78%
ephyr_p // Shutterstock
#19. Helpers, construction trades
– Percent never married: 62.48%
– Percent single: 70.51%
DenisProduction.com // Shutterstock
#18. Food preparation workers
– Percent never married: 62.52%
– Percent single: 75.17%
Bumble Dee // Shutterstock
#17. Military-enlisted tactical operations and air/weapons specialists and crew Members
– Percent never married: 62.8%
– Percent single: 67.08%
#16. Food preparation and serving-related workers, all other
– Percent never married: 63.76%
– Percent single: 70.03%
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– Percent never married: 65.88%
– Percent single: 78.08%
#14. Recreation workers
– Percent never married: 66.2%
– Percent single: 75.92%
#13. Dining room and cafeteria attendants and bartender helpers
– Percent never married: 66.83%
– Percent single: 77.07%
#12. Solar photovoltaic installers
– Percent never married: 67.%
– Percent single: 76.26%
– Percent never married: 67.04%
– Percent single: 72.93%
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Mangostar // Shutterstock
#10. Unemployed, with no work experience in at the last 5 years or more
– Percent never married: 68.88%
– Percent single: 79.78%
Note: This refers to those unemployed with no work experience in the last five years or earlier or those who never worked
#9. Waiters And waitresses
– Percent never married: 69.95%
– Percent single: 79.64%
Evgeniy Kalinovskiy // Shutterstock
#8. Dancers And choreographers
– Percent never married: 70.63%
– Percent single: 78.34%
– Percent never married: 70.95%
– Percent single: 81.66%
Oleksandr Nagaiets // Shutterstock
#6. Other entertainment attendants and related workers
– Percent never married: 71.16%
– Percent single: 79.38%
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#5. Umpires, referees, and other sports officials
– Percent never married: 71.62%
– Percent single: 77.28%
FXQuadro // Shutterstock
#4. Residential advisors
– Percent never married: 80.53%
– Percent single: 87.76%
#3. Fast food and counter workers
– Percent never married: 82.68%
– Percent single: 87.63%
#2. Hosts And hostesses, restaurant, lounge, and coffee shop
– Percent never married: 83.88%
– Percent single: 89.06%
Bigflick // Shutterstock
Protective service workers
– Percent never married: 90.1%
– Percent single: 92.13%
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