Ghana Moves to Hedge Gold Price to Preserve Build-Up of Reserves
Increased production and higher prices have helped Africa's top gold miner to boost gross international reserves to $11.1 billion, Asiama said in the capital, Accra on Tuesday. The buffer is enough to cover 4.8 months of imports, he said.
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Yahoo
34 minutes ago
- Yahoo
European Union assumes its faces 15% tariffs in the US from Friday. But a key text still isn't ready
BRUSSELS (AP) — The European Union is working on the assumption that the United States will impose a 15% tariff on most EU exports from Friday, even though the two sides have yet to complete a key document clarifying how the agreement will operate. Last weekend, U.S. President Donald Trump and European Commission President Ursula von der Leyen reached a political agreement that would see 15% duties imposed on around two-thirds of EU produce, worth around 380 billion euros ($434 billion). The tariffs are set to enter force on Friday, but as of Thursday the two sides were still working on a joint statement that would lay out the terms of their understanding, European Commission spokesman Olof Gill said. The document wouldn't be legally binding. 'It is the clear understanding of the European Union that the U.S. will implement the agreed across the board tariff ceiling of 15%,' Gill said. The commission negotiates trade terms on behalf of the the EU's 27 member countries. Carve outs were agreed for a range of 'strategic' goods like aircraft and aircraft parts, certain chemicals, some drug generics or natural resources. Gill said that 'it is also our clear understanding that the U.S. will implement the exemptions to the 15% ceiling.' 'The U.S. has made these commitments. Now it's up to the U.S. to implement them. The ball is in their court,' Gill said. European wine and spirits won't escape the 15% levy on Friday, but may do later as negotiations on additional exemptions to the new tariff regime continue, he said. Before Sunday's meeting, Trump had threatened the bloc with 30% tariffs, which the EU's top trade official said would effectively mean the end of trade between them. Over the last three months, the commission drew up retaliatory measures worth tens of billions of euros to enact should the talks fail. Those countermeasures are due to take effect on Aug. 7, but Gill said that 'if everything goes as expected,' they would be frozen. 'If we have reached a deal, we don't need the retaliatory tariffs,' he said. Lorne Cook, The Associated Press Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
34 minutes ago
- Yahoo
10 States Where You Pay Taxes on Groceries
In 2024, Oklahoma eliminated its sales tax on food and food ingredients, according to Oklahoma Tax Commission. In 2025, Kansas followed suit, per the Kansas Office of the Governor. Both policy shifts were part of a years-long pattern. Kiplinger reported that the states have trended toward ending their sales tax for grocery purchases, reducing it or offsetting it with tax credits since 2020, when the Center on Budget and Policy Priorities urged more states to join the 33 (including Washington, D.C.) that gave their residents a tax-free supermarket experience. However, the below 10 states still levy at least some sales tax on grocery purchases. For You: Trending Now: Alabama Alabama recently passed legislation that lowered its sales tax on groceries from 3% to 2%, according to the state's official website. It's scheduled to take effect on Sept. 1. Check Out: Arkansas In April, Arkansas Gov. Sarah Huckabee signed a bill that eliminated the state's 0.125% tax on grocery sales, per its official website. The Grocery Tax Relief Act goes into effect on Jan. 1, 2026. Hawaii According to Kintsugi, Hawaii doesn't levy a direct sales tax, but its general excise tax adds 4% to the cost of most services and products, including groceries — and some counties tack on an additional 0.5% surcharge. However, a tax credit tied to income offsets some of the burden for qualified residents. Idaho Idaho levies its full 6% sales tax on groceries, one of the highest in the nation, according to Idaho Education News. However, a tax credit averaging $120 per person allows individuals to enjoy tax-free food shopping on $2,000 worth of purchases, per Idaho State Tax Commission. Illinois In 2024, Illinois House Bill 3144 ended the state's 1% grocery tax, which was already markedly lower than its 6.5% general sales tax, per the Illinois General Assembly. The repeal takes effect on Jan. 1, 2026, but the legislation allows counties to impose their own 1% tax on grocery receipts, according to Avalara. Mississippi Mississippi residents recently got some relief from paying one of the highest supermarket surcharges in America when lawmakers lowered the state's grocery tax from 7% to a still-bruising 5%, per the Mississippi Department of Revenue. The City of Moss Point, Mississippi's website states the reduction went into effect on July 1. Missouri Missouri taxes groceries at a reduced rate of 1.225%, 3% lower than its 4.225% general sales tax, according to Zamp. However, the reduced rate applies only to all SNAP-eligible purchases. South Dakota A ballot bill called Measure 28 would have exempted grocery purchases from South Dakota's 4.2% sales tax, which is slated to return to 4.5% in 2027, as reported by South Dakota Public Broadcasting (SDPB). However, the state's official website shows voters overwhelmingly rejected the measure on Nov. 6, 2024. Tennessee Depending on where they live, some Tennesseeans pay one of the highest grocery taxes in the nation, according to the state's official website. Although, per Wate 6 News, the state recently lowered it by 20% from 5% to 4%, local taxes can push it up to the 7% that Mississipians paid until recently — or even more. Utah Utah levies a combined 3% sales tax on groceries, per Hands Off Sales Tax (HOST). It's the combination of a 1.75% state sales tax and a 1.25% local tax. More From GOBankingRates 6 Hybrid Vehicles To Stay Away From in Retirement This article originally appeared on 10 States Where You Pay Taxes on Groceries 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
CNBC
36 minutes ago
- CNBC
Should you use home equity to pay for a wedding?
Couples who got married in 2025 spent an average of $36,000 on their wedding, according to Zola, up from $33,000 in 2024 and $29,000 in 2023. While many people save up for the big day, nearly a third (31%) charge their wedding expenses. With credit card interest rates sailing past 21%, the bride and groom (or their parents) might be tempted to find other ways to finance the big day. Home equity loans and home equity lines of credit (HELOCs) have lower rates than cards and allow you to borrow a lot more money. You'll also have a lot more time to pay off the debt. But is it a smart move to tap your home equity for a wedding? We asked the experts. Home equity is the percentage of your home you own outright, versus your outstanding mortgage balance. If you pay for your home in cash, for example, you'll start with 100% home equity. If you put 20% down, you'd have 20% home equity at closing. Your home equity grows as you make mortgage payments, but it can also increase if you make home improvements or property values increase. One of the benefits of home equity is being able to leverage it to take out a home equity loan or HELOC. Because the debt is secured by your house, you can usually get a better rate and terms than other kinds of financing. But that also means your lender could foreclose if you fail to make on-time payments. Experts encourage homeowners to think twice before tying up their home equity to fund their big day. "The most clear downside is that you're putting your home at risk for this one-time event," Jovan Johnson, founder of Atlanta's Piece of Wealth Financial Planning, told CNBC Select. "It can be 20 years, or even more, before you pay off that debt." You're also taking a substantial financial risk at the very start of your life together, Johnson added."Life happens. You have to plan for the worst-case scenarios," he said. "If you have to relocate, or something happens and you have to sell your home, that's equity you lose out on." If you're determined to borrow money to pay for your wedding, Johnson said, "I would always start by asking you to consider less risky options — preferably something without your house being collateral." More than one in ten couples use personal loans to finance their wedding, according to Zola. Because of their intended use, they're often referred to as "wedding loans." Here's how a wedding loan compares to home equity financing: If you opt for a wedding loan, LightStream guarantees it will beat competitors' rates and Upstart accepts applicants with credit scores as low as 300. Both made CNBC Select's list of best lenders for wedding loans. 6.94% - 25.29%* APR with AutoPay Debt consolidation, home improvement, auto financing, medical expenses, and others $5,000 to $100,000 24 to 144 months* dependent on loan purpose Good None None None Terms apply. *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose. 7.8% - 35.99% Debt consolidation, credit card refinancing, wedding, moving or medical $1,000 to $50,000 36 and 60 months Credit score of 300 on at least one credit report (but will accept applicants whose credit history is so insufficient they don't have a credit score) 0% to 12% of the target amount None The greater of 5% of last amount due or $15, whichever is greater Terms apply. If you're approved for a home equity loan or HELOC, you can use the funds for nearly any reason, including paying for a wedding. You'lll get a lower interest rate than with a personal loan or credit cards, and you'll have a single debt rather than numerous credit card bills. But experts advise caution because it requires using your house as collateral and could risk foreclosure. If you're determined to borrow from your home equity to pay for a wedding, a HELOC may make more sense. Interest rates can be lower and you can borrow exactly how much you need, rather than paying for financing you didn't use. You can determine your home equity by subtracting your outstanding mortgage balance from your house's current market value. If your property is worth $500,000 and you have $200,000 on your mortgage, you have 60% equity ($300,000). Reach out to a realtor or appraiser to understand your home's market matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
