Shares in Next PLC NXT -1.71%decrease; red down pointing triangle jumped after the U.K. clothing retailer maintained its fiscal-year sales-growth expectations, despite warning that the Iran war could affect costs, prices and consumer demand.

The group said Thursday it had accounted for 15 million pounds ($20 million) in additional costs—including fuel and air freight—tied to the Middle East conflict. The costs didn’t affect Next’s guidance since they have been offset by savings, it said.

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BlackRock CEO Larry Fink discussed possible Social Security reforms that would allow more Americans to benefit from the growth in the stock market while also ensuring the program is strengthened so it can survive to serve future generations.

Fink’s recently released annual chairman’s letter touched on how Social Security is “one of the most effective poverty-prevention programs in history” and that while it provides stability, it “doesn’t allow most Americans to build wealth in a way that grows their country.”

“Today, the system operates largely on a pay-as-you-go basis. Payroll taxes are used to pay current retirees, and the Social Security trust fund is invested primarily in U.S. Treasury bonds. In effect, workers lend money to the government and receive defined benefits in return.”

“The structure, designed as a social insurance program, emphasizes stability and predictability. What it doesn’t do is let people grow their benefits along with the broader economy. The question is whether the Social Security system could allow both,” Fink said. 

NEW PROPOSAL WOULD CAP SOCIAL SECURITY BENEFITS AT $100K FOR WEALTHY COUPLES

He said that this could be accomplished by asking whether a portion of the system could be invested “carefully, broadly, and over decades” like other long-term pension systems.

“This would not mean privatizing Social Security or putting it all into the stock market,” Fink wrote. “It would mean introducing a measure of diversification, similar in principle to the federal Thrift Savings Plan, which manages retirement savings for millions of federal employees.” 

“The goal would be to strengthen the system over time while preserving its core guarantees,” he added.

SOCIAL SECURITY’S MAIN TRUST FUND FACES DEPLETION IN 2032, TRIGGERING BENEFIT CUTS

Fink noted a bipartisan proposal from Sens. Bill Cassidy, R-La., and Tim Kaine, D-Va., that would create a new investment fund that operates parallel to the existing trust fund rather than replacing it while investing in a diversified mix of stocks and bonds to generate higher returns.

The proposal would require an initial investment of about $1.5 trillion and would be given 75 years to grow, and during that period the Treasury would continue covering Social Security benefits. 

Once the fund matures, it would repay the Treasury and then supplement payroll taxes going forward to help close the gap between what the Social Security system takes in and what it pays out – while no one on Social Security or nearing retirement would see a change to their benefits.

Fink also noted that about six million Americans who are employed by state and local governments don’t currently contribute to Social Security and instead rely on public pension systems that invest in diversified portfolios.

BUDGET DEFICIT HITS $1 TRILLION FOR FIRST FIVE MONTHS OF FISCAL YEAR: CBO

Ticker	Security	Last	Change	Change %
BLK	BLACKROCK INC.	933.66	-34.51	-3.56%

Other examples of alternative pension systems can be found overseas, with Australia’s superannuation system representing an approach that invests retirement contributions in the financial markets. Fink said that a “similar, carefully structured approach could be considered to strengthen Social Security.”

“I understand why any talk of changing Social Security makes people uneasy. Social Security is a core promise, and people rightly believe it should be honored. But under the current system, doing nothing could very well break that promise,” he said.

“Current projections show the trust fund won’t be able to pay full benefits by 2033. Many young Americans doubt they’ll ever fully see theirs,” he explained. “Addressing that gap will likely require multiple solutions. But thoughtful, long-term investing could be one of them.”

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An analysis by the nonpartisan Committee for a Responsible Federal Budget (CRFB) noted that when Social Security’s main trust fund reaches insolvency – which is projected to occur in 2032 – federal law requires benefits be cut to match revenue from payroll taxes, which would amount to a roughly 24% cut for beneficiaries.

Fink noted that his chairman’s letter two years ago was focused on rethinking retirement and generated criticism for suggesting that Social Security was in need of reforms. He acknowledged that the latest letter may do the same, but said it’s a conversation that needs to be had.

“In my 50 years in finance, if there’s one thing I’ve learned, it’s that the problems we don’t talk about are the ones that should worry us most. And that’s exactly why we need the conversation now – because the cost of waiting is only getting higher,” he said.

QuantumScape’s (QS) recent board appointment may prove more important than the headline suggests.

According to the company’s March 5 announcement, QuantumScape added Ross Niebergall to its board, an executive with deep ties across the defense industrial

New Delhi: Commerce and industry minister Piyush Goyal and US Trade Representative Jamieson Greer on Friday discussed next steps in negotiations for a proposed bilateral trade agreement on the sidelines of the 14th ministerial conference of the World Trade Organization in Yaounde, Cameroon.

Goyal also met his Chinese counterpart Wang Wentao.

This was their first in-person meeting since the US Supreme Court on February 20 struck down reciprocal tariffs imposed under the International Emergency Economic Powers Act (IEEPA).

The US subsequently imposed a 10% tariff on all countries for 150 days from February 24.

“Had a very productive discussion with @USTradeRep Jamieson Greer on the sidelines of the WTO Ministerial Conference. Exchanged views on the #WTOMC14 agenda, next steps in the India-US BTA negotiations and explored ways to further deepen our economic cooperation and bilateral trade ties,” Goyal said on X.

The two sides had announced a trade deal on February 2, with a target to sign it by March. In a joint statement on February 7, the US withdrew a 25% penal tariff on India for buying Russian oil, with the remaining 25% tariffs to be reduced to 18%.
Goyal discussed bilateral trade issues with his Chinese counterpart. “Met Mr. Wang Wentao, Minister of Commerce of China, on the sidelines of the #WTOMC14. Exchanged views on the MC-14 agenda and discussed bilateral trade matters,” Goyal said in a social media post.The meeting comes as India’s trade deficit with China crossed $100 billion during the first 11 months of the current fiscal year.

New Delhi: Finance minister Nirmala Sitharaman on Friday said the government will step up efforts to mobilise additional resources and remain vigilant in managing the fiscal deficit, even as it shields consumers from a surge in crude oil prices.

She ruled out any plan to impose a lockdown amid the West Asia conflict and urged political leaders to avoid spreading rumours and fear. “Going forward, we will continue to ramp up our efforts in mobilising additional non-tax revenues, and our government will remain on its toes to carefully manage the country’s fiscal position,” she said while replying to a discussion on the Finance Bill in the Rajya Sabha. The House later passed the Finance Bill by voice vote, returning it to the Lok Sabha and completing the budget process for the fiscal year beginning April 1.

Sitharaman said retail fuel prices have remained unchanged despite global crude prices rising from $70 to $122 a barrel within a month. “We are making sure that people of India don’t suffer,” she said, adding that the government’s broader strategy is to shield citizens while sustaining growth.

The government on Friday cut excise duty on petrol by Rs 10 per litre and reduced diesel duty to zero, while imposing export taxes on refiners to ensure domestic availability. The minister said the government is actively responding to the evolving situation and that Friday’s duty cuts are aimed at preventing the global price surge from feeding into domestic inflation and volatility. The duty cuts will lead to a revenue loss of about ₹7,000 crore, she said. Sitharaman said the move was necessary as oil marketing companies were incurring losses of about ₹24 per litre on petrol and ₹13 per litre on diesel.

New GDP series

On criticism of the new GDP series, Sitharaman said “these are routine exercises” and have been undertaken nine times since Independence. She said the new series, based on more than 300 data sources and 1,400 variables, integrates GST data, digital financial flows and labour surveys to improve accuracy and real-time tracking of economic activity.