Share to Twitter Share to Linkedin Interest Rates On The Rise With interest rates on the move, due to the Fed’s latest rate hike , there are winners and losers galore. One of the areas we haven’t paid much attention to for years is our savings accounts. For most of us, we have been beaten into submission, simply accepting the laughable interest we’ve been getting. If you’ve been with a traditional bank the savings interest rate has been, well, insulting. Some banks have been paying as low as 0.1% on some of their savings accounts. How Your Savings Account May Change What has changed is with the Fed’s announcement of a .25% rate increase, banks will have to adjust to keep up. Of course, lending rates will increase as well, but the big winner here is your cash savings rates. When the Fed increases their rates, banks in lockstep will increase what they are paying to park money at their bank, generally speaking. Essentially, it is exactly the outcome the … [Read more...] about What Rising Interest Rates Mean For Your Savings Accounts
Bank of england exchange rates
Forget a four-day workweek, bank employees in India want a five-day week
State Bank Of India As the world debates the pros and cons of adopting a four-day workweek, hundreds of thousands of bank employees in India are demanding a five-day system. At least nine unions of bank employees will go on a day’s strike on June 27 to press their demand. They want time off every Saturday and Sunday, saying the technology at the disposal of banks would allow a smooth transitioning to a five-day workweek. “We have been talking to all stakeholders for the last seven years. But things have not moved as desired. A five-day work week is a basic demand from us and it’s for the betterment of health, and work-life balance of bank employees,” C.H. Venkatachalam, general secretary of the All Indian Bank Employees Association (AIBEA), told Moneycontrol. “Nearly 900,000 bank employees will shun work and protest on 27 June to drive this message and a few other demand points,” Venkatachalam said. Bank employees in India are still working six days a week when other … [Read more...] about Forget a four-day workweek, bank employees in India want a five-day week
RBI will take interest rates to a neutral zone and stop there
The Reserve Bank of India (RBI) headquarters, center, in Mumbai, India, on Saturday, Feb. 5, 2022. Investment activity is thus expected to strengthen, driven by rising capacity utilisation, government’s capex push and deleveraged corporate balance sheets. Manish Banthia The monetary policy for the last two years was largely crisis management given the pandemic times. However, post 2021, as growth started to recover, it was required for the Reserve Bank of India to normalize interest rates. Given that fiscal support in India was not as large in comparison to the US, the recovery seen in India was gradual. With the crisis behind us now, it is imperative we move to a more neutral stance in terms of... … [Read more...] about RBI will take interest rates to a neutral zone and stop there
Oil And Banking Billionaire George Kaiser Says Market Bottom Is Still Far Off
Share to Twitter Share to Linkedin The Oklahoma mogul spoke to Forbes about how he's protecting his investments ahead of the “near certainty” of a recession. With the S&P 500 entering a bear market last week , many of America’s billionaires are convinced that a recession is in the offing . George Kaiser , one of the wealthiest people in Oklahoma with an estimated $9.5 billion fortune, is one of them. Kaiser, 79, told Forbes that a “recession seems a near certainty” and that he expects the economy to tip into a downturn in the first two quarters of 2023, with a prolonged dip in the stock market. The timing of the market bottoming out—the point at which the stock market hits a low and begins rising again—is still far off, according to Kaiser. “Historic analogies would suggest a 35% total drop from the peak, but that history is largely irrelevant since so many of the factors are unique,” he said. Kaiser, who has appeared on the Forbes … [Read more...] about Oil And Banking Billionaire George Kaiser Says Market Bottom Is Still Far Off
Wall Street rallies as traders dial back rate-hike bets
Wall Street's main indexes rose over 1% on Friday as signs of slowing economic growth and falling commodity prices tempered expectations over how high the Federal Reserve will raise interest rates to rein in inflation. Global financial markets have been roiled this month on worries that rapid rate hikes by major central banks could cause a recession, with the benchmark S&P 500 (.SPX) confirming a bear market last week as it recorded a 20% drop from its January closing peak. The three main indexes on Friday looked set to notch their first weekly gain in four, boosted by megacap growth stocks and defensive sectors such as healthcare and utilities seen as safer bets during times of economic uncertainty. "Conversations about the U.S. economy likely slowing which could lessen the hawkishness of the Fed, combined with lower commodity prices and bond yields - these are reasons investors are mentioning to justify why we could experience a near-term bounce," said Sam Stovall, … [Read more...] about Wall Street rallies as traders dial back rate-hike bets
Thai inflation seen back to target in Q2 2023, says central bank; economy expected to grow by 3% in 2022
BANGKOK, June 25 (Reuters): Thailand's inflation will remain elevated this year but should fall back into the central bank's target range of 1-3% in the second quarter of next year, a bank official had announced, South-East Asia's second-largest economy is expected to return to its pre-pandemic level late this year or early next year, Sakkapop Panyanukul, a senior director at the Bank of Thailand, told a trade seminar. The BOT predicts headline inflation of 6.2% this year and 2.5% next year. Thailand's economy is expected to grow by 3% this year and 3.7% next year, driven by exports, increased domestic demand and a recovery in tourism, the state planning agency had said earlier. Exports, a key driver of growth, still had momentum despite the impact of Russia's invasion of Ukraine on the global economy, Danucha Pichayanan, head of the National Economic and Social Development Council, told a business seminar. "The Russia-Ukraine issue is a risk but it's also an opportunity, … [Read more...] about Thai inflation seen back to target in Q2 2023, says central bank; economy expected to grow by 3% in 2022
To Put The G7 Back In Business, Strike A New Deal On The Dollar
Share to Twitter Share to Linkedin Rarely have the stakes for a Group of Seven summit been so sky-high and the expectations for success so deep in the mud. Even the agenda for the June 26-28 confab in the Bavarian Alps suggests the G-7’s worldview is currently a million miles wide and one inch deep. Look, it’s grand that the host, Chancellor Olaf Scholz of Germany, has put together a multifaceted program for the leaders of key industrialized democracies. Few can quibble with discussions on helping Ukraine and additional Russian sanctions. Topics from climate change to food security to gender equality are very worthy of focus. But the G-7’s best shot for impact and relevance on June 29, the day after the summit, is something almost completely absent from the pre-summit conversation: a grand deal on currencies. Granted, foreign-exchange issues tend to be handled a bit lower down the political food chain, by finance ministers and central bank … [Read more...] about To Put The G7 Back In Business, Strike A New Deal On The Dollar
MC Pro Weekender | A new narrative
(Representative image: Reuters) Dear Reader, A whiff of change wafted through the markets this week. The focus shifted from worrying over inflation to concerns about growth. The advance Purchasing Managers Indices (PMIs) for the current month for the US and the Eurozone showed slowing growth, but while they indicated inflation was cooling in the US, it continued to rise relentlessly in the Eurozone. They also reflected stalling demand and falling business confidence. The New York Fed’s economic model predicted an 80 percent chance of a hard landing for the US. UK consumer confidence hit a record low. In China, housing starts and property transactions reached extreme lows. The worries over an imminent recession in the US, the UK and the Eurozone sent commodity prices sharply lower. Copper prices have moved down dramatically. My colleague Ravi Ananthanarayanan wrote about the dark clouds hovering over steel . Crude oil prices too fell. That dissipated some of the … [Read more...] about MC Pro Weekender | A new narrative
Zomato board approves deal to acquire Blinkit for Rs 4,447 crore
Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × The board of food delivery company Zomato on June 24 approved the acquisition of quick commerce company Blinkit for Rs 4,447 crore in an all-stock deal. Also, Zomato ’s restaurant supplies subsidiary Hyperpure will acquire the warehousing and ancillary services business of Hands on Trade Private Limited for Rs 60.7 crore. While the Blinkit deal value was earlier estimated to be upwards of $700 million, the drop in Zomato’s stock price has reduced it to $568 million at current exchange rates. “Quick commerce has been our stated strategic priority since the last one year. We have seen this industry grow rapidly both in India and globally, as customers have found great value in quick delivery of groceries and other essentials,” said Zomato CEO Deepinder Goyal. “This business is also … [Read more...] about Zomato board approves deal to acquire Blinkit for Rs 4,447 crore
Eateries in desperate bid to woo workers
Reports by IMRAN HILMY, FATIMAH ZAINAL and SHARON LING PETALING JAYA: Battered by a shortage of workers, desperate restaurant owners are turning to robot waiters or even offering Malaysians expensive iPhones if they stay in the job for six months. Some 1,500 restaurants around the country have been forced to pull their shutters down. Food and beverage business owners said that to cope with the severe labour crunch, it also had to reduce operating hours and cut menu items. To make things worse, F&B workers are being lured with better offers to work in other sectors, like the plantation industry. ALSO READ : Make hiring of foreign workers easier, govt urged The shortage was largely caused by the exodus of a large number of foreign workers at the start of the pandemic. They have not been able to come back as the government had banned the entry of new foreign workers. While the hiring of migrant workers was re-approved recently, the process is slow, said the … [Read more...] about Eateries in desperate bid to woo workers