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Save for what makes you feel good in 2022

Laura McMullen

AP – You probably know to plan and save for the big and boring expenses, also known as financial needs. But what about the fun stuff? Expenses that don’t put a roof over your head, but do provide joy, rejuvenation and other hard-to-quantify benefits are worth saving for, too.

In fact, they deserve their own account, said Los Alamitos, California-based certified financial planner Delia Fernandez.

“Figure out what keeps you going, what makes all of this worthwhile to you, and put money aside to make that happen,” she said.

WHAT KINDS OF EXPENSES ARE WE TALKING ABOUT?

When it comes to feel-good expenses, each person has their own preferences, said New York-based financial therapist and licensed mental health counsellor Aja Evans. For example, some people would find an intense cycling class to be energising and confidence-boosting.

Others would rather do pretty much anything else.

Consider which goods, services and activities typically bring you joy. Yes, your budget will determine what, exactly, you can afford. But, for now, reflect. Fernandez asked: “What’s going to get you through these times? And what makes your life valuable? What refreshes you; what inspires you?”

A few ideas: services like massages; goods like fresh flowers; activities like vacations and date nights.

A consumer uses a Discover card in Madison, Mississippi. In 2022, dedicate a financial account to goods, services and activities that bring you joy. Perhaps this fund would cover monthly massages or weekly smoothies, or it could be used to save up for a vacation. PHOTO: AP

WHY SHOULD I SET UP A FEEL-GOOD ACCOUNT?

Earmarking money for these kinds of expenditures may help you be more intentional with spending. For example, say you put USD25 from each paycheque in a vacation fund. With that money safely stashed, you can’t mindlessly spend it on impulse purchases.

You’re also protecting that money from financial demands. Otherwise, if all your available money were in one bucket, Evans said your self-care spending would likely be the first to cut when money is tight.

By devoting money to a specific kind of expense – be it a mortgage or manicure – you’re creating a budget. And budgets help prevent you from overspending.

Say you have up to USD50 to spend each month on brunch with friends, and you’ve already spent USD35. This weekend, maybe you still enjoy brunch but skip the special drinks that would put you over the USD15 you have left.

Ideally, this plan also hedges any potential guilt about spending money on yourself. As Fernandez said: “You put it aside for that purpose.”

HOW DO I SWING THIS IN MY BUDGET?

Hopefully you’ve been convinced to treat yourself in the New Year. Now plan for those treats.

One way to determine how much you can afford to spend is to apply the 50/30/20 rule to your monthly take-home income.

The goal of this budget method is to split your money as such: 50 per cent toward needs, 30 per cent toward wants and 20 per cent toward savings and debt repayment. If you follow that framework, your new feel-good fund would come from that “wants” category.

Not trying to officially budget at this point? Here’s another approach: Start with your monthly income, then subtract all the necessary expenses (needs), which include housing, food, transportation, basic utilities, insurance, child care and other expenses that enable you to work, as well as minimum loan payments.

Next, subtract contributions toward savings goals (like an emergency fund), as well as payments toward retirement accounts and debts.

What’s left is your discretionary money. Decide how much of that to regularly contribute to your new fund. “That could be USD10. That could be USD50. That could be USD100,” Evans said. “The main point is that you’re actually setting aside the money.”

Ideally, these contributions go directly from your paycheques to a new fund, Fernandez said. (Work with your employer to set up a new direct deposit.) If that method is unavailable, set up recurring automatic transfers from your everyday checking to the new account.

WHERE DO I KEEP THIS MONEY?

Fernandez recommended keeping this fund in a savings account, in which you’ll likely earn interest. Use it for your monthly spa visit, for example. Or watch your savings grow as you collect cash for a trip or large purchase.

If you plan to use this fund often – say, for frequent morning smoothies – opt for a chequing account. Open it at a financial institution you don’t already use, so the new account isn’t too easy to tap for everyday expenses.

WHAT’S NEXT?

Enjoy the stuff for which you saved. Then regularly revisit your plan, Fernandez said. You may want to change how much you contribute – perhaps more after a raise or less after an emergency expense.

What you save for could change, too. Maybe you wind up preferring drawing lessons over cycling classes.

“We all have to have a plan,” Fernandez said, “but we all have to update it and change it when the facts change.”

Why was holiday-season flying such a nightmare?

David Koenig

A forecast of better weather means that the worst may finally be over for tens of thousands of air travellers who were grounded by flight cancellations that skyrocketted over the New Year’s Day weekend.

January usually means fewer people flying, and that will be even more true in 2022 because many business travellers haven’t returned to the skies.

The lighter crowds should buy airlines time to prepare for the next big onslaught, around spring break. That, however, won’t help the hundreds of thousands of flyers whose December plans were scrambled by airline staffing shortages and wintry weather.

Here’s a look at the factors that snarled flights for so many people during holiday season, and what the next few weeks are likely to bring.

WHAT HAPPENED?

Airlines were prohibited from furloughing employees as a condition of receiving USD54 billion in federal pandemic aid from taxpayers. But that didn’t stop them from encouraging tens of thousands of workers to quit or take long-term leaves of absence after the pandemic torpedoed travel in 2020.

Winter weather and crew members infected with COVID-19 have forced airlines to spike thousands of United States flights over the past week, complicating travel plans during the busy holiday season. PHOTO: AP

Airlines that got caught with shortages of pilots, flight attendants and other workers last summer and fall – think Southwest, American, Spirit and Allegiant – thought they had time to beef up for the winter holidays. They went on hiring sprees.

That wasn’t enough, though, when the highly contagious Omicron variant of COVID-19 struck, knocking out flight crews just as holiday crowds began to pack airports. United and Delta were among the first to get hit just before the December holidays, blaming cancelled flights on a lack of crew members because of the surging virus.

Then storms packing snow and high winds lashed the Pacific Northwest, the Rockies, the Midwest and finally the mid-Atlantic region, creating waves of cancellations that resembled dominoes falling.

The global spread of omicron meant that widespread flight cancellations weren’t limited to the United States (US) Airlines in Europe and Australia reported similar problems with crew shortages.

WHEN WILL THINGS IMPROVE?

After more than 3,200 US flight cancellations on Monday, the number for Tuesday was down to 1,400 at midday – better, although still very high. A storm that crippled Reagan National Airport outside Washington, DC, and Baltimore/Washington International the day before had moved on, although there were residual cancellations because planes weren’t able to get into those airports sooner.

Airlines should get a break, with January and February usually being slow months for travel. Senior flight expert at Scott’s Cheap Flights Willis Orlando said airlines should have more ability to trim routes, reassign pilots and tap reserve staff. JetBlue has already reduced its schedule until mid-January and possibly longer.

Also, airline crews can return to work sooner after catching the coronavirus. Last week, US health officials changed their guidance and cut in half – to five days – the time they recommend that people should quarantine if they catch the virus but have no symptoms.

Delta and JetBlue lobbied for the change, although the largest flight attendants’ union criticised the move, saying it compromised the health of cabin crews.

On the negative side, new cases of COVID-19 are continuing to mushroom in the US, Canada, Australia and much of Europe. The seven-day rolling average for daily new cases in the US has more than tripled over the past two weeks, to 480,000 on Monday, according to figures from Johns Hopkins University.

SHOULD AIRLINES HAVE HAD MORE STAFF?

Although Congress did forbid airlines from laying off workers, lawmakers did nothing to prevent the large-scale staffing cuts that airlines made by paying people incentives to quit after travel collapsed in early 2020.

That left airlines short-staffed when travel recovered more quickly than expected during summer 2021. It takes time to retrain pilots and bring them back from long-term leave. Compounding the labor shortage, airlines like Southwest and American added flights to bring in more revenue.

Airline-consumer advocate and former airline employee Kurt Ebenhoch said travellers would still be seeing cancelled flights now even if carriers had avoided those mistakes, “but not in this high of a number”.

“Why did Southwest, American and Spirit run into such terrible operational problems and Delta, United and others did not?” Ebenhoch said. “The difference was in management decisions… Carriers that were more aggressive in resuming their schedule, getting closer to pre-COVID capacity faster and left little margin for error in their schedules experienced more operational problems, and their customers suffered.”

Airlines are trying to match staffing levels to passenger numbers, and travel has not fully recovered as the pandemic drags on. In December, the number of people going through airport checkpoints in the US was 16 per cent lower than during the same month of 2019.

IS THIS RUN OF CANCELLATIONS UNUSUAL?

Bad weather – from winter blizzards to summer thunderstorms – can always snarl air travel.

So can technology outages and other hiccups. And that risk grows during the holidays, when more people are flying. The holiday season in late 2013 was a particularly painful one for travellers, with airlines cancelling about 10,000 flights – and that was long before anyone had heard of COVID-19.

COULD THE AIRLINES HAVE PREVENTED THIS?

Even critics of the industry gave the airlines some slack, noting that scope and speed of Omicron’s spread was a shock to just about everyone. Other industries were also affected by employees contracting the virus and needing to isolate.

President of the consumer-advocacy group FlyersRights.org Paul Hudson said airlines should have planned better and the federal Transportation Department should have required the airlines to have ready reserves of people and equipment, “but the Omicron variant high infection rate is primarily to blame in the holiday season disruptions.’’

The airlines have been hiring. According to the latest figures from the Transportation Department, US passenger airlines employed the equivalent of about 409,000 full-time workers in October. That was down nearly 10 per cent from the same month in 2019, before the pandemic, but up more than 43,000 jobs, or 12 per cent, from October 2020.

Mourn, or move on?

WASHINGTON (AFP) – A year after the mob of Donald Trump supporters stormed the United States (US) Capitol, lawmakers are trying to heal the deep rifts left behind by the insurrection that sought to overturn the election results.

“January 6, 2021 will be forever remembered as a day of enduring infamy, a permanent blemish in the story of American democracy,” said top Democrat in the Senate Chuck Schumer, a few days before the anniversary.

“This was aimed at undoing our democracy. Thank goodness, they failed,” Schumer added.

“They,” in this case, being the crowds of demonstrators in helmets and carrying flags emblazoned with the name ‘Trump’, and who a year ago stood in the same spot in the Capitol where Schumer was delivering his sober words.

The now infamous QAnon guru with his bison headdress and bare chest was among them, brandishing a megaphone.

A few steps away, a television set has been installed to show the commemorations of the fateful day today. US President Joe Biden is due to speak, one of a series of elected officials sharing their memories of the ordeal.

ABOVE & BELOW: Elected officials close to former president Donald Trump have tried to push quite a different story to the one being told by the Democrats; and a Trump supporter hanging from a wall in the Senate during the storming of the US Capitol. PHOTOS: AFP

A conversation between historians is also planned, with the aim of “establishing and preserving the story” of January 6.

Because even within the institution that was stormed, what actually happened is the subject of heated debate.

In recent months, elected officials close to former president Trump have tried to push quite a different story to the one being told by the Democrats. They said that January 6 was just a symptom of all that has gone wrong, and that those arrested after the assault are “political prisoners”.

With less than a year until crucial mid-term elections, some of their colleagues are making half-hearted pleas to move on.

“We have constituents back home that we need to be working for, our focus needs to be there,” said Republican Joni Ernst, many of whose colleagues have decided to shun today’s events.

On social media, in press releases and even in the corridors of this venerable institution, the multiple and conflicting stories spark angry debate. The wounds of January 6 are still very much alive.

“I think there’s still a lot of hurt and harm, but a lot of good has already come,” Democratic Senator Corey Booker told AFP.

The imposing wooden planks covering some of the windows for months have been removed and the broken panes which until recently reminded everyone of the violence of that day in January have finally been replaced.

The US Congress is safe, the Capitol Police chief insisted during a rare press conference on Tuesday.

In the snow, the dome of the Capitol begins to gleam again.

No beach weather: Florida Panhandle get snow dusting

SHALIMAR, FLORIDA (AP) – Parts of the Florida Panhandle got a dusting of snow early Monday after temperatures dropped dramatically from the previous day when the thermometer was at typical beach weather.

The Okaloosa County Sheriff’s Office posted a video of a deputy captured on patrol showing falling snowflakes bathed in the light of a lamppost in a store’s parking lot. Only 12 hours earlier, the temperature had been 23.8 degrees Celsius, the post said.

“Well how’s this for a temperature change? “From 75 degrees at 3 in the afternoon to snow at 3am,” the post said. “Bundle up out there!”

Michele Nicholson, a spokeswoman for the Okaloosa County Sheriff’s Office, said in an e-mail that the snow didn’t stick so it didn’t cause any problems. The county is home to two popular beach destinations, Fort Walt Beach and Destin.

Don Shepherd, a senior forecaster for the National Weather Service in Mobile, Alabama, said in a phone interview that the dusting was “just a few little flurries.”

 

Thailand’s consumer inflation up 2.17pc in December 2021

BANGKOK (XINHUA) – Thailand’s consumer price index (CPI), a main gauge of inflation, rose 2.17 per cent year-on-year in December 2021, led by higher costs of energy and vegetables, its Ministry of Commerce said yesterday.

The pace of growth eased from a rise of 2.71 per cent registered in November last year.

The core CPI, which excludes raw food and energy prices, edged up 0.29 per cent year-on-year in December 2021 and was up 0.05 per cent from the previous month.

For the full year of 2021, the country’s CPI climbed 1.23 per cent year-on-year, while the core CPI rose 0.23 percent.

An official with the commerce ministry Ronnarong Phoolpipat, said the increase in inflation throughout 2021 stemmed not only from increasing energy prices but also rising vegetable prices due to lower productivity from the impact of floods.

Significant growth in Brunei, Malaysia bilateral trade

James Kon

Despite the COVID-19 pandemic, restrictions and closure of borders between Brunei and Malaysia as well as economic slowdown, the bilateral trade between both countries have shown a significant increase, with MYR6.4 billion recorded from January to October in 2021, compared to MYR3.9 billion recorded in the same period in 2020.

The upward trend of bilateral trade between Brunei Darussalam and Malaysia was shared by Malaysian High Commissioner to Brunei Darussalam Dato’ Raja Reza bin Raja Zaib Shah at a Networking High Tea held by Tourism Malaysia yesterday.

“I am optimistic that for 2022, the outlook for bilateral trade between Brunei and Malaysia will be equally impressive and promising,” he said.

On the hope of re-opening the border with Brunei, the Malaysian high commissioner said, “ Malaysia has commenced discussions to establish Vaccinated Travel Lane (VTL) with its neighbouring countries including Indonesia, Thailand and Brunei, which will pave the way for the gradual, safe and systematic re-opening of the borders. This, in turn, will revive the ailing tourism sector and boost the economy.”

However, he also noted that the way in which pandemic has developed over the last few weeks, gives all the reason for concern and to again put public health above everything else.

FROM LEFT: Director of Tourism Malaysia office in Brunei Haji Ibrahim Seddiqi bin Talib; and Malaysian High Commissioner to Brunei Darussalam Dato’ Raja Reza bin Raja Zaib Shah. PHOTOS: JAMES K0N

According to Tourism Malaysia statistics, arrivals to Malaysia from Brunei has seen a tremendous decrease in the last two years during the covid-19 pandemic.

In 2019, tourist arrival to Malaysia from Brunei by air was at 1,216,123 and in 2020, dropped to 136,020, a decrease of 88.8 per cent.

Meanwhile, from January to June 2021, the tourist arrivals to Malaysia was only at 392, compared to 135,593 in the same period in 2020.

This showed a tremendous decrease of 99.7 per cent. Meanwhile, about 2.5-million people travelled by land between Sarawak and Brunei before the border restriction was imposed.
On the question of shortage of food products imported from Malaysia, Dato’ Raja Reza said,“ The border closure has restricted movement especially bringing of food items from Malaysia.

Seventy per cent of trade from Malaysia to Brunei comprises food items and we will continue to be the biggest food suppliers to Brunei.

“We are also grateful that the Brunei Government continues to allow the transportation of goods from Sarawak to Brunei and transit to Sabah in accordance to necessary approval and requirements.”

Director of Tourism Malaysia office in Brunei Haji Ibrahim Seddiqi bin Talib was also present, along with representatives from the local tourism industry.

James helps Lakers rally over Kings, Morant catches fire against Cavs

LOS ANGELES (AFP) – LeBron James made several clutch baskets in the waning minutes of the fourth quarter as the Los Angeles Lakers rallied from a late seven-point deficit to beat the Sacramento Kings 122-114 on Tuesday.

James scored 14 of his team-high 31 points in the final quarter as the Lakers won for the fourth time in the last five games.

Los Angeles’ Malik Monk also had a strong final quarter, scoring 11 of his 24 points in the last seven minutes of the contest in front of a crowd of 17,900 in Los Angeles.

Monk drained six three pointers in the game and James and Russell Westbrook put the finishing touches with layups in the final moments. Westbrook finished with 19 points.

Reserve Talen Horton-Tucker also scored 19 points for the Lakers, who beat a Pacific Division team at home for the first time this season.

De’Aaron Fox scored 30 points and Buddy Hield added 26 with seven three-pointers for the Kings.

LeBron James of the Los Angeles Lakers scores on a layup. PHOTO: AFP

In Cleveland, Ja Morant scored the go-ahead basket with 22 seconds left in the fourth quarter to lift the Memphis Grizzlies to a 110-106 win over the Cleveland Cavaliers.

Morant scored six of his 26 points in the final minute as the Grizzlies won their sixth straight game.

“I don’t fear nobody,” said Morant. “If you are seven-foot-seven I don’t care, I am coming straight at you.”

Morant hit a short jump shot to give the Grizzlies a 106-104 lead, then stole the ball from Cavs Brandon Goodwin for another score with 22 seconds remaining.

Morant then sealed the win by hitting a pair of free throws as the Grizzlies won for the 10th time in the last 11 games on the road.

The Grizzlies were coming off a 118-104 win over the Brooklyn Nets on Monday.

“We came in knowing we had back-to-back games. We just had to lock in defensively and find a way. We came up with some key stops at the end of the game to get the win,” Morant added.

Morant also added six assists but his franchise-record run of 30-point games was halted at five.

Elsewhere, Devin Booker scored 33 points and Chris Paul finished with 11 points and 15 assists as the undermanned Phoenix Suns beat the New Orleans Pelicans 123-110.

Mikal Bridges scored 23, Cameron Johnson added 18, Bismack Biyombo had 16 and Jalen Smith had 12 in the win.

The Suns were without head coach Monty Williams. They were also missing starters Deandre Ayton and Jae Crowder, and reserve players JaVale McGee and Abdel Nader, all because of COVID-19 measures.

Devonte’ Graham scored 28, Jonas Valanciunas had 25 points and 16 rebounds, Brandon Ingram scored 16 and Josh Hart had 15 points and 11 rebounds for the Pelicans.

In Toronto, Fred VanVleet scored 24 of his 33 points in the first half as the Toronto Raptors won their third straight game with a dominating 129-104 victory over the San Antonio Spurs.

VanVleet also had seven assists and was seven of 14 in three-point attempts at Scotiabank Arena.

VanVleet has scored at least 30 points in the past three games as the Raptors improved to 17-17 to reach .500 on the season.

He’s the first Toronto player to score 30 or more in three straight since Kawhi Leonard did it in four straight in 2019.

“You recognise when you’re in rhythm and you just try to hold on as long as possible because it’s not always like that,” VanVleet said.

“I try to keep my floor a little higher but when you’re hot, you’ve just got to be aggressive and ride it out as long as you can.”

Pascal Siakam added 18 points, 12 rebounds and five assists, Gary Trent tallied 21 points, OG Anunoby and Justin Champagnie each scored 14 points in the win.

Myanmar has ‘ingredients for civil war’: ASEAN chair

SINGAPORE (AFP) – Myanmar has “all the ingredients for civil war”, Cambodia, chair of Southeast Asia’s regional bloc, has warned ahead of a visit by Prime Minister Hun Sen to the crisis-wracked country.

Myanmar has been in chaos since a coup last year, with more than 1,400 people killed in a crackdown on dissent by security forces, according to a local monitoring group.

Hun Sen, whose country this year holds the rotating chairmanship of the Association of Southeast Asian Nations (ASEAN) bloc, will visit Myanmar tomorrow and on Saturday to defuse the crisis.

But Cambodian Foreign Minister Prak Sokhonn warned the outlook was dire.

“The political and security crisis in Myanmar is deepening, and has led to (an) economic, health and humanitarian crisis,” he said.

“We feel that all the ingredients for civil war are now on the table.

Protesters reacting after police fired tear gas during a demonstration against the military coup in Mandalay, Myanmar. PHOTO: AFP

“There are now two governments, there are several armed forces, people are undergoing what they call the civil disobedience movement and (there is) guerrilla warfare around the country.”

He was speaking at a lecture Monday organised by Singapore-based think-tank the ISEAS-Yusof Ishak Institute.

The event was held under the Chatham House Rule, which means the speaker must give permission before his comments are reported to facilitate candour.

Cambodia’s Foreign Ministry on Tuesday gave permission for AFP to report his comments.
Hun Sen, one of the world’s longest-ruling strongmen, yesterday called for a ceasefire, saying “all relevant parties must stop violence”.

“Whether or not we reach a deal in negotiations, I ask for a ceasefire first because it has the benefits to flesh and blood – don’t let people die or be injured,” he said at a ceremony in Phnom Penh.

In a joint statement, more than 250 anti-coup resistance groups in Myanmar condemned the visit and urged Hun Sen to cancel.

Prak Sokhonn rejected criticism that Hun Sen’s visit would legitimise the junta, and said the kingdom’s “immediate attention is on improving the situation in Myanmar”.

Efforts would remain focussed on a peace roadmap and the “five-point consensus” agreed on by ASEAN leaders last year, he said.

The visit aims “to pave the way for progress” by “creating a conducive environment for inclusive dialogue and political trust among all parties concerned”.

Since the coup, there has been little sign of progress.

A visit by an ASEAN special envoy to Myanmar has been delayed after the junta refused to allow him to meet with ousted civilian leader Aung San Suu Kyi. In response, the bloc excluded Myanmar’s junta leader from a high-level October summit, a rare rebuke by a group often criticised for being toothless.

Myanmar’s crisis has bad implications for “regional stability… ASEAN’s image, credibility, unity”, Prak Sokhonn added.

Nevertheless, he said Cambodia was making efforts to allow Myanmar’s junta chief to resume attending meetings of the bloc again.

Should you go for an all-white décor?

    Tasfia Ahmed

    ANN/ THE DAILY STAR – Rooms with a lot of natural lighting usually tend to be the ideal candidate for all-white walls and ceiling.

    Natural light supplements a room’s ambience with comfort and warmth, making it crucial for any room with all-white decor.

    When white interior decoration is executed right, it possesses a distinct combination of chic
    and grandeur. On the other hand, uninformed design choices can easily lead to a room appearing sterile and dreary. Here are some tips to keep in mind while planning out the colourless room of your dreams, without compromising its liveliness.

    ADD DEPTH WITH COMPLEMENTARY WHITES

    We often forget that there are more shades of white than off-white. Each colour on the spectrum has a white version of it. To add more depth to a room, you can use a palette of distinct but harmonising hues of white together. A couch with the faintest shade of blue can be paired with pillows which exhibit barely noticeable hints of grey.

    Using the lightest shades of different colours will help you forge a white palette which holds depth and gradation.

    LAYER TEXTURES

    The incorporation of a wide range of striking textures can help substitute the lack of colour.
    Be it with the inclusion of a velvet upholstered bed, ivory wood panelled walls or an alabaster sisal rug, textures can forge the appearance of colour without the inclusion of any real non-whites.

    CONTRAST WITH ACCENTS

    It is inevitable to end up with a dull all-white room without the use of contrasting accents.

    Add sparse splashes of colour with accents in shades which complement the white. It may be through the addition of a summery rattan basket, a coastal coloured throw or a jewel toned chevron rug. Accents can also be in the form of metal. Brass appliances and fixtures go well with warmer toned white rooms, while chrome accentuates cooler ones. If you prefer an earthy feel, replace metal accents with wood. Make sure to use accents sparingly so attention is not diverted from the white.

    MAKE IT MORE ORGANIC

    Indoor house plants like bold green calatheas and striking red fittonias not only add natural accents to white rooms, but they also add liveliness in the most literal form. If indoor gardening is not your thing, artificial plants can still add a metaphorical breath of fresh air to a room which feels barren.

    Bowie estate sells songwriting rights to Warner

    NEW YORK (AFP) – David Bowie’s (AP, pic below) estate has sold the publishing rights to his “entire body of work” to Warner Chappell Music, the company said on Monday, the latest massive deal in a roaring song rights purchasing boom.

    Warner Chappell did not reveal financial terms of the agreement, but according to trade publications the price tag is estimated at upwards of USD250 million.

    Recent years have seen a series of blockbuster music rights acquisitions by corporations – including from superstars Bruce Springsteen, Bob Dylan and Tina Turner – a trend driven by the anticipated stability of streaming growth combined with low interest rates and dependable earning projections for time-tested hits.

    The Bowie deal includes hundreds of songs spanning the glam rock pioneer’s six-decade career, including Space Oddity, Changes, Life on Mars? and Heroes.

    “All of us at Warner Chappell are immensely proud that the David Bowie estate has chosen us to be the caretakers of one of the most groundbreaking, influential, and enduring catalogues in music history,” said Head of WCM Guy Moot in a statement.

    “These are not only extraordinary songs, but milestones that have changed the course of modern music forever.”

    Warner now houses Bowie’s work as a songwriter as well as a recording artiste.

    The owners of a song’s publishing rights receive a cut in a number of scenarios, including radio play and streaming, album sales, and use in advertising and movies. Recording rights govern reproduction and distribution.

    Warner Music Group has handled much of Bowie’s recorded catalogue since 2013, last year adding his recordings from 2000 to 2016 to the fold. The announcement comes days before Bowie’s birthday on January 8, when he would have turned 75, and the sixth anniversary of his death on January 10.

    Music catalogues have always changed hands but the current publishing sales frenzy has escalated rapidly, with financial markets increasingly drawn to lucrative music portfolios as an asset class.

    Bruce Springsteen’s publishing and recorded music rights recently went to Sony for a staggering USD500 million, with Bob Dylan also selling his full publishing catalogue to Universal for hundreds of millions of dollars.

    The past year has seen other major acquisitions including from Stevie Nicks, Paul Simon, Motley Crue, The Red Hot Chili Peppers and Shakira.

    The flurry of sales comes amid a wider conversation over artists’ ownership of the work, amplified in large part by Taylor Swift, who has found resounding success as she makes good on her vow to re-record her first six albums so she can control their master recording rights.

    “If I’m a successful artiste right now, I’m looking to own everything I could possibly own so I could sell everything off at some later date,” music analyst Alan Cross told AFP, while also defending older artiste’ rights to cash in on their own work.

    Such sales are useful for estate planning and perhaps more lucrative in the long-term, Cross said: in the United States, making a lump-sum sale also means artistes are taxed at the capital gains rate, which is much lower than the income tax they or their estates would pay on regular royalty cheques.

    Jeff Jampol, whose company manages legacy artistes and their estates including the Doors and Janis Joplin, said the right moment to cash in is of course a gamble, as most catalogues “gain value over time”.

    “It is cyclical – but if you’re in your 70s, or you’re making succession plans, do you want to wait for the next cycle?” he told AFP.

    But could such sales alter how fans engage with the music of these artistes?

    Maybe temporarily, Jampol said, but “long term? I don’t think so.”

    “Music encompasses and encapsulates memories and feelings,” he said. “And those things don’t change.”

    The company that’s publicised a large share of the recent explosion in sales is Hipgnosis Songs Fund, a British investment and management company.

    In its interim report released in September 2021, Hipgnosis said its rights vault has grown to 146 catalogues and 65,413 songs – a value the company places at USD2.55 billion.

    For Jampol, the concern that looms largest over the recent flurry of transactions is that hedge funds, pension funds, and private equity firms now own seminal art.

    “What do they know about soul and poetry and art and what are they going to commit to from an artistic point of view?” he said.

    “It’s not just numbers on pages,” Jampol continued.

    “It’s music that created very special feelings & emotions – and those shouldn’t always be for rent to the highest bidder.”