Five things you should know before starting your day on Aug. 10
A pleasant summer morning to you!В Shari Kulha bringing you a snippet of world-changing Canadian history. It started in 1874 in Brantford, Ont., when Alexander Graham BellВ worked outВ the technical principles of telephony. In September 1875,В he wrote draft specifications for a patent for the telephone (now said to be the most valuable patent ever).В During the next summer, Bell made several very local calls with the help of jerry-rigged wiring. And on Aug 10, 1876, he received the first-ever long-distance call, from 13km away in Paris, Ont.В On the other end was his father, but Bell couldnвЂ™t reply verbally, as it was only a one-way contraption at the time, so he telegraphed back on a separate line that his invention was a success. He was not yet 30 years old. And age is a perfect segue to my first story selection of the day:
WHO ARE YOU AND HOW CAN I SELL TO YOU
Millennials are old news вЂ” now itвЂ™s Gen ZвЂ™s turn to kill industries.В The millennialsвЂ™ murderous whims took out malls, print magazines, cash and, soon, even American football.В But the GenZs? TheyвЂ™re true digital natives who report being online вЂњalmost constantly,вЂќВ influence their familyвЂ™s spending, and are showing aВ shift toward extrinsic values вЂ” money, fame and riches вЂ” rather than to intrinsic values of relationships and community feeling.В Businesses are scramblingВ to understand their desires.
FLY ON THE WALL, ANYONE?
Saudi Arabia says its quarrel with Canada will not stop oil shipments. Its energy minister,В Khalid al-Falih, calmed feathers yesterday by saying thatВ oil sales are not affected by politics as there is a вЂњfirm and longstanding policy that is not influenced by political circumstances.вЂќ The ruffling began suddenly on Monday whenВ Saudi ArabiaвЂ™s assertive 32-year-old Crown Prince Mohammed bin Salman took offence at CanadaвЂ™s offence at the kingdomвЂ™s treatment of political activists.
RIGHT GOAL, WRONG PLAN
OntarioвЂ™s basic income plan was the welfare state on steroids вЂ” but it didnвЂ™t have to be, this opinion piece says. While the Liberal scheme was a disaster, many basic income supporters have the right goal: replacing bureaucracy, lowering welfare costs for taxpayers and freeing people to earn independence and reclaim control over their own lives.В There was nothing new in the proposal other than giving more money to more people, and it would not replace a single program, bureaucrat or strand of red tape.
How much money will you need after you retire? Likely less than you think.В One study found that even people who started retirement with less than $200,000 had 75% of their cash assets 18 years later. You start retirement with the вЂњgo-goвЂќ years, where spending is higher to fulfil bucket-list items. Then, вЂњslow-goвЂќ years are just that вЂ” less travel, less spending. And then, the вЂњno-goвЂќ years, where you think youвЂ™ll save money by staying put, but in reality, spending is generally high.
UP, DOWN LIKE AN OLD-SCHOOL PISTON
Tesla stock plunged yesterday, wiping out all the gains it reaped on Wednesday from Elon MuskвЂ™s tweet about taking the company private.В Doubts mounted about MuskвЂ™s ability to do that, sending the stock tumbling 4.3 per cent. As he owns 20% of Tesla, heвЂ™d need 80% to be financed, to the tune of about US$70 billion. No one has come forward to say that yes, indeed, they were game for such a gamble.В The SEC is investigating what was said and how factual it was.