International emergency response

In a statement, Moody's said the rupee has depreciated around 4.5 per cent since the start of the year. (Representative image) Moody's Investors Service on Thursday said global credit conditions have turned more negative amid rising borrowing costs, protracted Russia-Ukraine conflict and slower economic growth. It said the surge in energy and food costs spurred by the conflict in Ukraine is weakening the purchasing power of households, raising input costs for companies and dampening investor sentiment. Among sovereign debt issuers, debt sustainability will be especially challenging for many frontier market sovereigns as their borrowing costs climb, while their economies still have not fully recovered from the COVID-19 pandemic crisis, it said. "Global credit conditions have turned more negative and will be tighter for the rest of the year amid rising borrowing costs, the prospect of a protracted military conflict between Russia and Ukraine, materially slower growth of the … [Read more...] about Global credit conditions more negative amid rising borrowing costs, slower economic growth: Moody’s

In May, the employee was paid Rs 1.42 crore (165,398,851 Chilean pesos) instead of his salary of Rs 43,000 (500,000 pesos). (Representative Image) The rupee touched a record low, sliding near 79 to a dollar, on June 29 as foreign investors continued selling local equities and crude oil prices rose. Experts say the sharp fall of the rupee can be attributed to the strength of the greenback and lower forward premiums, among others. Moneycontrol explains the reasons for the rupee’s depreciation. How much did the rupee depreciate? The rupee opened at 78.85 per dollar and slid to 78.95, an all-time high, during intra-day trade on Wednesday. On a weekly basis, the currency has depreciated 1.2 percent. Close Why is the rupee in a free fall? Central banks led by the US Federal Reserve tightening interest rates globally, increases in crude oil and commodity prices, lower forward premiums and weakening forex reserves are some of the reasons experts cite for … [Read more...] about MC Explains | Will RBI let the rupee adjust to new lows?

- A + A MOSCOW (June 30): Western fashion brands are conspicuous by their absence at a gleaming new shopping centre on the outskirts of Moscow - and customers say they scarcely miss them. Following Moscow's decision to send thousands of troops into Ukraine at the end of February, international fashion brands from Adidas to Zara have paused operations in Russia, while Nike is one of the handful to commit to a definitive exit from the market. "I am neutral on this, whether we have them or not," shopper Alexandra Moskunova told Reuters at the mall in Khovrino. "I can happily do without them." Another customer, Irina Stakhanova, said: "I only really liked H&M and another one that I can't remember. It's not that I need foreign things, I just need something that fits me and looks good, to lift the mood." There are few overt signs in the Russian capital that the mood needs lifting. Buskers sing and play, restaurant terraces spill onto the pavement and, as … [Read more...] about Moscow mall opens for Russian business after big brand exodus

- A + A (June 30): All emerging Asian currencies were set for half-yearly losses on Thursday, with the South Korean won set to lose the most, as policy tightening by the US central bank and concerns over global economic outlook spurred selling in Asian assets. The won dropped 8.4% so far this year, while the Philippine peso and Indian rupee were on track to post half-yearly losses of 7.3% and 5.8%, respectively. Emerging markets in the six-month period were battered by capital outflows due to the US Federal Reserve kicking off its tightening cycle, Russia's invasion of Ukraine, and inflation from higher commodity prices. Among local drivers, China's insistence on a zero-Covid policy also spurred selling as the country's repeated imposition of restrictions means a slower economic recovery for the region's largest economy. "The broader market ... they need some more convincing because I think at the back of their mind, they've still got this hesitancy due to the … [Read more...] about Asian currencies set for half-year losses on rate hikes, inflation woes

Share to Twitter Share to Linkedin Topline : House speaker Nancy Pelosi warned President Donald Trump that he is “not above the law” after the White House refused to cooperate with what the Trump administration says is a “constitutionally illegitimate” impeachment inquiry. In a combative letter , Pat Cipollone, White House counsel to the president, accused House speaker Nancy Pelosi of carrying out the proceedings “in secret” and of abandoning due process rights, by launching the impeachment inquiry without a full house vote. The letter read: “Given that your inquiry lacks any legitimate constitutional foundation, any pretense of fairness, or even the most elementary due process protections, the Executive Branch cannot be expected to participate in it.” Cipollone also labelled impeachment efforts a “naked political strategy” to overturn the results of the 2016 election and influence next year’s poll. In response, Pelosi said … [Read more...] about Trump Administration Refuses To Cooperate With ‘Constitutionally Invalid’ Impeachment

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A ALL eyes are on RHB Banking Group’s newly minted group managing director (MD) and group CEO Mohd Rashid Mohamad as he steers the fourth-largest banking group by assets forward in a tough operating landscape. “It’s very challenging, especially now in a fast-changing market environment, and as we face potential risks such as geopolitical and inflationary,” acknowledges Rashid in his first exclusive interview as group MD/CEO. Competition has intensified, given new entrants into the market, which are not just new banks but also technology companies that compete for the same pie. Rashid adds that this has partly affected the profitability of the industry, along with many other factors. He notes that banks globally no longer see “high ROEs” as before. For RHB Bank Bhd, its return on equity (ROE) in the past 10 financial years hit a high of 13.4% in FY2012 before … [Read more...] about Cover Story: RHB’s Game Plan in ‘fast-changing’ new normal

President Xi Jinping talks on Tuesday with community workers, Party members and volunteers during an inspection tour of Wuhan, the capital of Hubei province, and hears about local efforts in the prevention and control of COVID-19 outbreaks. | XINHUA via China Daily/Asia News Network BEIJING — President Xi Jinping has reiterated that the dynamic zero-COVID policy has proved to be “correct “and “effective” in the nation’s response to COVID-19 outbreaks, saying that the “herd immunity “approach would cause unimaginable consequences in such a populous country as China. Xi, who is also general secretary of the Communist Party of China Central Committee, made the remarks on Tuesday during an inspection tour of Wuhan, the capital of Hubei province. The city reported the first case of COVID-19 in China. He visited a residential community and a high-tech enterprise in Wuhan, and highlighted the importance of coordinating the COVID response and socioeconomic development, as well as … [Read more...] about Xi Jinping: China’s dynamic zero-COVID policy works

Flying Fourth of July weekend or later this summer? Pack your patience and this game plan. Y ou know travelers are in for a bumpy Fourth of July weekend when airlines and the U.S. government begin pointing fingers at each other in the days ahead of the holiday. For months, travelers have been dealing with above-normal levels of flight delays and cancellations, with airlines chopping more than 15% of scheduled summer flights due to staffing shortages and other operational issues. Unfortunately, experts see more of the same on the horizon. “Looking at the past few weeks, I don't think there's any reason to think that things are going to go especially smoothly this weekend,” says Scott Keyes, co-founder of Scott’s Cheap Flights , an airfare deals newsletter with more than two million subscribers. “With 11 million travelers expected to fly over July Fourth, we are expecting a busy holiday weekend and travelers should be prepared for potential disruptions,” says Hayley … [Read more...] about The Smart Traveler’s Survival Playbook For Summer Flight Cancellations

LONDON: OPEC+ enters a second and final day of meetings on Thursday with sources saying the group is unlikely to decide imminently to pump more barrels to the market beyond August. At its last gathering in early June, OPEC+ decided to raise output each month by 648,000 barrels per day (bpd) in July and August, compared with a previous plan to add 432,000 bpd over three months. OPEC+ consists of the Organization of the Petroleum Exporting Countries and allies such as Russia. Washington welcomed the producers' decision in June that followed months of pressure from the West on OPEC+ to raise production to help lower oil prices. International prices hit their highest since the record levels of 2008 after the West imposed sanctions on Russia over its invasion of Ukraine begun on Feb. 24, which Moscow calls "a special military operation". They have eased since this year's March peaks, but rose above $115 a barrel this week because of tight supply and concern OPEC has little ability … [Read more...] about Opec+ meets with little prospect of pumping more oil

KUALA LUMPUR: KSK Land today announced the structural completion of Tower B at 8 Conlay’s twin branded residence, YOO8 serviced by Kempinski (YOO8). KSK Group chief executive officer and KSK Land managing director Joanne Kua said following the structural completion of YOO8 Tower A late last year, the Group is extremely delighted that 8 Conlay continues to progress steadily and have now topped out and completed the YOO8 Tower B structure. "We wanted to celebrate the structural completion differently by stirring the imagination and to present a glimpse of Kuala Lumpur as you have not seen it - from over 800 feet above the ground," she said in a statement today after the topping-out ceremony of YOO8 Tower B. To commemorate the milestone, a unique photo series featuring panoramic views of Kuala Lumpur’s iconic landmarks were undertaken, set in two actual units from one of Tower B’s top floors. Titled ‘Height of Anticipation’, the stylish photo series marked a moment of celebration … [Read more...] about KSK Land: 8 Conlay charts steady progress, secures RM30mil penthouse buyer