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Economist
a day ago
- Economist
Cash-trapped (part 1): saving amid a property crisis
Open up the balance sheet of a typical Chinese household, and you will see plenty to worry about on both sides of the ledger. Household debt is higher than it was a decade ago, while savings are concentrated in bank deposits or bricks and mortar. This conservative approach to saving may have worked in the past—but now it's showing signs of strain amid a faltering property market, stagnant wages and growing debt distress. In a two-part series, we're asking Chinese families, young professionals and business owners about their money troubles. This week, Jiehao Chen, The Economist 's China researcher, and Simon Cox, our China economics editor, explore how the dream of security through home ownership became a nightmare.
North Wales Live
4 days ago
- North Wales Live
Samsung finally cracks the code with its latest foldable smartphones
Foldeable smartphones are gimmicky. An example of style over substance, flashy tech over real-world usability. Or so I have always thought. You wouldn'f blame me, the excitement I felt everytime I got my hands on one only lasted an hour or so. By the end of the first day, I'd be reaching back for my old iPhone. Samsung, though, is obviously committed to the form factor. Year after year, it has put out foldables. Making slight improvements here and there every time. Until this year. I've been able to try out the Galaxy Z Fold7, the Flip7 and the Flip7 FE, and I'm here to tell you that with one of these smartphones, in particular, Samsung has made a major breakthrough. Earlier this year, I reviewed the Galaxy S25 Edge and found it a bit 'meh'. Sure, it was thin but that's all I took away from it. But it's now obvious Samsung engineers' focus on thinness had a dual motive. The Fold7 is marvellously slim, so much so that when folded the thickness is not far off your typical smartphone. It made me laugh in amazement just by looking at it. This is important because out and about, you'll probably want to keep it shut. In that form, it's just a great mobile phone. It can do everything you'd expect, and while the front screen can feel a little narrow, I never felt it hampered the experience. So far so good, but now you're sitting comforably it's time to crack this baby open. The Fold, err, unfolds to reveal a gorgeous 8in screen that is just fantastic to use. It's like you've been carrying a tablet around in your front pocket. The extra space is manipulated very well by the operating system, but what I was most impressed by is just the wonderful experience of surfing the web, watching videos or checking my emails. Just these simple tasks are taken to the next level by the added real estate. One sacrifice has been made in getting the screen so thin is that Samsung has dropped support for the S Pen. For me, I never saw the point of having a stylus for a mobile phone (as Steve Jobs once said, 'yuk!'), however I know it has hardened fans. Another small caveat is that I wouldn't say that the battery is amazing for any of the foldeable line-up but it's good enough and you'll get through a typical day with plenty of power to spare. Now let's address the elephant in the room: the crease. Yes, the crease is there but only if you really squint or catch it a particular angle. In real-life use, you're not going to notice it. I know this puts some people off, but honestly it shouldn't be a deal-breaker. As with all new Samsung phones, you get One UI 8, based on Android 16, which is now the gold standard. Easy to use but highly customiseable, even if you're a lifelong Apple fan you'll be up and running in no time. You also get all the latest AI thrown in, including Gemini. To be honest, I've never found much use for AI after an initial play. But your experience might well differ. What's not up for debate, however, is that the Fold7 is a technological marvel that blows any rival our of the water for sheer enjoyment. It's the best foldeable phone. And in my eyes, it can stake a strong claim to simply being the best phone out there at the moment (and that's coming from a long-time iPhone user). However, all this amazing tech is going to cost you. Prices start at an eye-watering £1,799. You can get that price down considerably, though, if you have a half-decent phone to trade in. So, what about the Flip7 then? Unlike its older brother it comes in two versions - the Flip7 and the cheaper Flip7 FE. It's a more traditional flp phone, in that it mimics the old Star Trek communicator. Using the Flip7 you will be flipping it a lot as most of your use will be when it is opened up. I've seen a few people complain about that, but isn't flipping your flip phone half the enjoyment of owning a flip phone? When closed, you get some functionality with widgets and notifications, but it does feel like a wasted opportunity. I understand you can customise the front screen with help from a seperate Samsung app, but that may well be beyond your average user. However, I can easily imagine the Flip phones are going to be perfect for one particular type of user - the content creater. Specifically, those who take selfies or vlogs. Because of the way it folds over, you can take those selfies using the main camera - while at the same time seeing what you are capturing on the outside screen. Not only does this mean you're taking images with a way better camera than you'll be used to, but it's also very quick and easy, so perfect if you need to capture something in a rush. You can pick up the Flip7 for £1,049. The FE is a paired-down version of the Flip, with a slightly chunkier form factor and a smaller front screen. Crucially, you get the same front camera and all the software bells and whistles so it's well worth a look if you're looking to save money. You're still getting a lot for a device that starts at £849. As usual with Samsung, there are plenty of decent deals to be had. You can get up to just under £1,000 off the Fold7 when you trade in your old smartphone, and more than £400 off the Flips. Samsung is also being very smart as I think it has realised the best way to market these foldables is to get them out there. At the moment, you can send the phone back within 100 days of purchase if it's not for you and get your money back, no questions asked. The Fold7 is a great smartphone, and the Flips are the same for selfie-lovers, but what I will say is that before you shell out any money, I'd try to get one in your hands first. For most, I'd wager, it will be love at first sight. What the reviewers say: Fold7 PC Mag: Now in its seventh generation, the Samsung Galaxy Z Fold 7 is even better thanks to its excellent hardware, expansive and gorgeous displays, powerful multitasking software, and Galaxy AI. Its only drawbacks are its exorbitant high price and just-average battery life. Reboxed: If you're a power user, multitasker, or just want the best foldable Samsung's ever made, this is it. It's more refined, lighter, and more capable than ever, but it does come at a price. Flip7 The Guardian: Samsung's seventh-generation Flip phone trims the fat, gains a bigger cover screen on the outside and a larger folding display on the inside, but fundamentally doesn't reinvent the wheel.
Telegraph
4 days ago
- Telegraph
‘Why does anybody need to inherit £100m? I'm giving it all away'
Britain's 'it-wedding' this summer was a lavish affair: the celebrity-studded takeover of a Cotswolds hotel, a performance from Elton John and a guest list teeming with royals, athletes and other A-listers. Yet while there seemed to be no expense spared for the wedding of Eve Jobs and Harry Charles, reportedly a £5m affair, the daughter of Apple founder Steve will not be starting her married life with endowed riches. Steve Jobs, who died from pancreatic cancer in 2011, left his fortune to his wife, Laurene – making her at the time the 35th richest person in the world, worth $27.5bn. He purposefully excluded his children from his multibillion-dollar estate. Five years ago, Laurene told the New York Times: 'I'm not interested in legacy wealth building, and my children know that... Steve wasn't interested in that. If I live long enough, it ends with me.' Such is the mantra among many ultra high net worth individuals, who are choosing to cut off their kids so that they might make their own way in life. Relatives of Nicola Peltz, wife of Brooklyn Beckham, have reportedly accused his family of being 'tight with money' when it comes to their eldest. Daniel Craig, Sting, Nigella Lawson and Gordon Ramsay have also spoken out about passing down little cash to their offspring. For some, it's a point of principle – 'it's definitely not going to them, and that's not in a mean way; it's to not spoil them,' Ramsay said in a 2017 Telegraph interview. Others believe their money can be put to better use elsewhere. That's the case for entrepreneur and philanthropist Barrie Wells, 85. 'Why does anybody need £100m to be left to them? I think it's far better off being used for things in society,' he says. In 2008, Wells sold his insurance company Premierline for several million pounds, prompting a discussion with his two children about how the family finances were to be arranged. At that stage, Wells had been solely focused on building businesses from scratch – the idea of disseminating his wealth had never crossed his mind, he says. 'It really was a complete step change when I just thought, 'Why am I creating more and more businesses? Why don't I do something for society instead?'' An enthusiastic amateur runner, he set up the Barrie Wells Trust, a charity that has pumped millions into sponsoring athletes including Katarina Johnson-Thompson, Jessica Ennis-Hill and Keely Hodgkinson, and Box4Kids, which gives seriously ill children tickets to private boxes at major sports and entertainment venues. Wells does not harbour concerns about making sure there is enough wealth left over to pass on to his children, now 48 and 50 – a fact that they have come to accept. When he told them of his plans, his son looked at him 'long and hard for a while, and then he thought it was a good idea,' he says. 'I do things I want to do, and give it all away. They've seen me gradually giving the money away over the last 17 years and they're onside as well.' While there may not be a hefty sum awaiting them on his passing, he feels they have had plenty. 'I've provided them with an education, paid for driving lessons, bought their first car, [given a] deposit for their first house. They've had holidays all over the world with me; they've got access to my network of friends. How much more could I give them?' Bill Samuel is another who believes his wealth can do more today than passed on tomorrow. A member of the Foyles bookshop dynasty (he, along with his three sisters, were each gifted a 2pc share of the business), he has spent much of any would-be inheritance on memorable experiences with his three children, grandchildren and great-grandchild. The conversation first cropped up 20 years ago in discussion with his daughters. 'They said, 'Dad, we don't want money from you, we want memories of you'. And from that was born the idea of each year, taking one of them on a nice holiday.' They've since visited the Galapagos Islands, Borneo, Tanzania, Kenya, Sri Lanka and many more. 'It's enabled me to get to know my grandchildren rather better than I would have otherwise done, plus given us some fabulous memories.' Samuel, 84, is not against inheritance per se; after all, he has benefitted from it himself. ' Family businesses rely on inheritance, and I'm a very strong advocate of family businesses.' A qualified chartered accountant, he joined the board of Foyles, the bookshop founded by his grandfather, in the late 1990s after his aunt died. A necessary distinction, he believes, is that 'inheritance brings with it responsibility, rather than entitlement. And I think that that's the key to making inheritance acceptable'. His standpoint isn't unique. Among his peers, Samuel says, 'by and large there's no intention to leave large chunks of money to their children'. Prioritising giving now, while house prices remain high and taxes are on the rise, is a far better way of helping out than leaving cash that can only be accessed once you're gone. Of course, it can also be more tax-efficient to give away money during a lifetime, as estates are subject to inheritance tax at 40pc. The UK is currently in the midst of the great wealth transfer, with £7tn expected to pass between generations by 2050, and the wealthiest 10pc expected to net half a million apiece (with many receiving much more). In England and Wales, offspring have no legal right to family wealth because of 'testamentary freedom', which allows a testator to leave their estate to any beneficiary they choose in their will. However, children of the deceased can take up a case where they believe they have not received reasonable financial provision. Reasons for disinheriting a child vary – estrangement, financial spats and disagreements over lifestyle choices can be factors – and 'these disputes are on the increase,' says Mark Keenan, senior partner at law firm Mishcon de Reya. 'Undoubtedly the fact that we have more complicated family dynamics (second and third marriages) does increase the likelihood of disputes.' Another factor is Britain's ageing population, which means health may be wavering by the time of late-stage changes to wills. Keenan has previously represented clients such as Christine Gill, whose mother's will stipulated that the £2.4m family farm should be given to the RSPCA, ultimately winning the case on the basis that illness had affected her ability to comprehend its contents. 'We also see some cases where families of significant wealth prefer not to leave vast fortunes to their children outright or at all and tell them that so that their children are encouraged to find their own way in life,' says Keenan. 'We tend to see this more now perhaps because families have seen and experienced how sudden vast wealth can be a destabilising force for children.'
