Containers are piled up at an inland container depot in Gyeonggi on Thursday. [YONHAP] Korea posted a current account surplus for the second consecutive month in October, but the amount was much smaller than the previous year amid expanded imports and outbound travel, central bank data showed Friday. The country's current account surplus came to $880 million in October, according to the preliminary data from the Bank of Korea (BOK). This marked the second straight month of a surplus, though the surplus was nearly halved from the previous month's $1.58 billion. It also represented a sharp fall from a year earlier when the country logged a surplus of $8.01 billion. The decline came as import bills grew fast amid high-rise costs of raw materials, while outbound travel increased, bolstered by eased Covid-19 restrictions. During the January-October period, the country's cumulative current account surplus stood at $24.99 billion, sharply down from a surplus of $75.42 billion … [Read more...] about Korea posts current account surplus for 2nd straight month but sharply smaller than year earlier
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Share to Twitter Share to Linkedin A lot has changed since the late 1960s, when the Federal Aviation Administration (FAA) first began requiring that airplanes can be evacuated in 90 seconds or less. But perhaps most crucial is that, over the past half-century, the average American adult has become a couple of inches taller, a half-dozen inches wider and more than 30 pounds heavier, while plane seats have become smaller and more tightly packed. A new piece of legislation from U.S. Senator Tammy Duckworth (D-Ill.) being introduced Thursday calls on the FAA to be more transparent about its long-held safety standard. “Evacuation standards need to do a better job of taking real life conditions into account to ensure all types of passengers can safely evacuate in an emergency,” according to a draft of Duckworth’s Emergency Vacating of Aircraft Cabin (EVAC) Act seen by Forbes . In the past two decades, the width of the average airplane seat has … [Read more...] about The FAA Says Planes Can Be Evacuated In 90 Seconds. New Legislation Calls For A Reality Check.
Representative image. Neo-banking solutions provider CredoPay ties up with Oman's largest business conglomerate The Zubair Corporation to start operations in Middle East Chennai, Tamil Nadu, India Business Wire India Leading neo-banking and unified payment acquiring solution provider CredoPay today announced its foray into Middle East. The leading fintech enabler launched its services under the brand name SalisPay in Muscat, capital of Oman, last week. SalisPay is a joint venture with Oman Computer Services LLC, a 100% subsidiary of Oman’s largest business conglomerate The Zubair Corporation (TZC). TZC has businesses in a wide range of industries including technology, infrastructure, investments, real estate, tourism, real estate, telecommunications, energy and education. SalisPay will be a one-stop solution for unified acquiring, multi-channel payment processing and connected banking solutions to banks, neo-banks, payment facilitators, merchant acquirers, fintech companies … [Read more...] about Fintech Firm CredoPay Forays into Middle East
Share to Twitter Share to Linkedin Credit Card Delinquencies, Charge-Offs Rise on Path to Normalization Credit card delinquencies and charge-offs rose for all six major U.S. card issuers in October. Bank executives said such a trend is expected as credit normalizes after stimulus aids wane and people come out of pandemic lockdowns. Delinquency and charge-off rates were still well below pre-pandemic levels as consumers continue to show resilience despite inflation, high interest rates and a looming economic recession. All six major card issuers tracked by S&P Global Market Intelligence posted higher charge-off rates in October, both sequentially and year over year. American Express, Bank of America, Capital One, Citigroup, Discover and JPMorgan Chase posted an average credit card annualized net loss rate of 1.15% in October, up from 1.04% in September and 0.90% in October 2021. However, the October figure was about half of the 2.32% recorded in February … [Read more...] about This Week In Credit Card News: Apple, Walmart Go Big Into Financial Services; Delinquencies, Charge-Offs Rise
No fuel is more essential to the global economy than diesel. It powers trucks, buses, ships and trains. It drives machinery for construction, manufacturing and farming. It’s burned for heating homes. And with the high price of natural gas, in some places it’s also being used to generate power. Within the next few months, almost every region on the planet will face the danger of a diesel shortage at a time when supply crunches in nearly all the world’s energy markets have worsened inflation and stifled growth. The toll could be enormous, feeding through into everything from the price of a Thanksgiving turkey to consumer bills for heating homes this winter. In the US alone, the surging diesel cost will mean a $100 billion hit to the economy, according to Mark Finley, an energy fellow at Rice University's Baker Institute of Public Policy. “Anything and everything that gets moved in our economy, diesel is there,” Finley said. “Moving stuff around is one thing. People … [Read more...] about World’s Most-Crucial Fuel Heads for Shortage Touching Everything
Share to Twitter Share to Linkedin In its bankruptcy filing last week, New Jersey-based BlockFi attempted to paint itself as a responsible lender hit by plummeting crypto prices and the collapse of crypto brokerage FTX and its affiliated trading firm, Alameda . But a closer look at the company’s history reveals that its vulnerabilities likely began much earlier with missteps in risk management, including loosened lending standards, a highly concentrated pool of borrowers and unsustainable trading activity. Like so many digital asset companies, crypto lender BlockFi let itself get swept up in the 2021 crypto frenzy. As bitcoin’s price rose sharply that year, BlockFi started expanding aggressively to meet investor demand. As of March 2021, BlockFi’s assets under management swelled to more than $15 billion, up from $1 billion the year before. In the first six months of 2021, it hired an average of more than 75 people per month, according to LinkedIn data, … [Read more...] about BlockFi Employees Warned Of Credit Risks, But Say Executives Dismissed Them
Vista Global founder Thomas Flohr aims to almost triple its number of private jets to 1,000 aircraft by 2030 amid soaring demand in Asia and the U.S. P rivate jet leasing firm Vista Global Holding is seeing Asian demand soar for its VistaJet service as the region’s celebrity A-listers—such as K-pop stars Lisa of Blackpink and V from BTS, who posted photos of their trip to Paris in June on board a VistaJet—tycoons and corporate highflyers seek to avoid chaotic airports and infection risk amid a post-pandemic travel boom. The lift is expected to boost the company's Ebitda by 86% to $621 million this year, according to a forecast by ratings agency Moody's Investors Service. (Privately held Vista doesn’t release financial figures). Dubai-based Vista saw a 77% on-year jump in flights to and from the region in the first half of 2022. In the third quarter, the company sold 139% more flight hours across Asia, making it the company’s second-fastest-growing region next to the … [Read more...] about Swiss Aviation Tycoon Set To Expand Vista Global’s Private Jet Fleet As Travel Rebounds