Bangko Sentral ng Pilipinas. (File photo / Philippine Daily Inquirer) MANILA -Expectations that the Bangko Sentral ng Pilipinas (BSP) will not raise its policy rate again in May are gaining ground with Monetary Board (MB) member and Finance Secretary Benjamin Diokno chiming in while Fitch Solutions added their voice to those who are expecting an additional increase of 25 basis points (bps). With the division firming up, the pause forecast is no longer an outlier with erstwhile lone voice Pantheon Macroeconomics joined by ING Bank and Goldman Sachs. Miguel Chanco, Pantheon Macroeconomics’ chief economist on emerging Asian markets, said the BSP’s move last week to raise its key rate to 6.25 percent represented a slowdown from two previous increases of 50 bps or 0.5 percentage point each. Chanco said the downshift was made possible by the slightly slower average 8.6-percent inflation in February, “which confirmed the peak of the headline rate in January.” As expected, … [Read more...] about Pause in BSP rate hikes seen
Monetary policy how it works
Stocks rebound as banking crisis fears ebb, rates increase
A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2434.94 points on Tuesday, up 1.07 percent, or 25.72 points, from the previous trading day. [NEWS1] Seoul shares rebounded Tuesday from a two-day loss on the back of the eased banking crisis in the wake of tightening monetary policies in major economies. The won rose against the dollar. The Kospi advanced 25.72 points, or 1.07 percent, to close at 2,434.94 points. Trading volume was moderate at about 516 million shares worth about 8.6 trillion won ($6.6 billion), with gainers outnumbering losers 689 to 190. Institutions bought a net 322 billion won, while foreigners sold 43 billion won and retail investors offloaded 278 billion won. The key stock index recovered its two-day losses from concerns about a banking crisis in the United States and Germany, sparked by unprecedented rate hikes in major economies. Investor concerns eased on news that regional First Citizens BancShares has agreed to buy … [Read more...] about Stocks rebound as banking crisis fears ebb, rates increase
People in Thailand spend too much time on their backsides, a new report reveals
People in Thailand spend too much time sitting on their backsides, a new study reveals. The Ministry of Public Health (MOPH) revealed that 76% of Thai people spend seven hours or more sitting down, underlining the need for the nation’s population to get off their arses and engage in more physical activity to improve their health and wellbeing. MOPH director-general Suwanchai Wattanayingcharoenchai reported that the study was jointly conducted in 2021 by Thailand’s health department, and the office of International Health Policy Programme (IHPP). Suwanchai announced that the report is now finished. Related news Thai man brutally murders ex-girlfriend in restaurant after failing to win her back 15 mins ago Koh Chang Karp emerges as southern Thailand’s stunning new diving spot 42 mins ago The study analyzed health information from 78,717 people across 77 provinces in Thailand. The results showed that Thai people have become … [Read more...] about People in Thailand spend too much time on their backsides, a new report reveals
The Diminishing Returns Of Tighter Fine Particle Standards
Share to Twitter Share to Linkedin Justice Stephen Breyer warned in 1993 that “well-meaning, intelligent regulators, trying to carry out their regulatory tasks sensibly, can nonetheless bring about counterproductive results” by trying to exorcise the “last ten percent” of a pollutant, even as the costs of doing so soar. The Environmental Protection Agency’s (EPA) recent proposal setting National Ambient Air Quality Standards (NAAQS) for fine particles (PM 2.5 ) may be the poster child for that warning. It chases diminishing marginal returns while constraining investments in activities important for other goals, including modernizing infrastructure and combatting climate change. Section 109 of the 1970 Clean Air Act requires EPA to set primary NAAQS at a level that is ‘‘requisite to protect the public health” with “an adequate margin of safety.” The statutory language Congress penned more than 50 years ago is less than 700 words long, but it has spawned … [Read more...] about The Diminishing Returns Of Tighter Fine Particle Standards
PSEi slips as investors weigh possible end of interest rate hikes
MANILA –The benchmark Philippine Stock Exchange Index (PSEi) tilted lower on Monday after Finance Secretary Benjamin Diokno said the Bangko Sentral ng Pilipinas (BSP) could pause its aggressive monetary tightening during its next policy meeting in May. The PSEi slipped 0.11 percent, or 7.14 points, to 6,595.03 while the broader All Shares index shed 0.08 percent, or 2.65 points, to 3,514.07. Diokno, a member of the BSP’s policymaking Monetary Board, expressed his personal views during the weekend, saying he favored “nonmonetary” measures to ease inflation moving forward. Last week, the BSP raised its benchmark policy rate by 25 basis points to 6.25 percent. Philippine central bank raises key policy rate by 25 bps Investors were mostly on the sidelines on Monday as 390.14 million shares valued at P3.63 billion changed hands. Foreigners were net sellers amounting to P11.92 million, stock exchange data showed. PSE subsectors mining and oil led gainers, climbing 0.35 … [Read more...] about PSEi slips as investors weigh possible end of interest rate hikes
U.S. Regulator Says That Binance Illegally Helped Americans Trade On Its Exchange
Share to Twitter Share to Linkedin The Commodity Futures Trading Commission (CFTC) today issued a complaint against Binance, the largest crypto exchange in the world, alleging that the firm put profits over compliance and committed “numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations.” Also mentioned were Changpeng Zhao, the Binance founder and CEO, and former Chief Compliance Officer Samuel Lim, who is cited widely throughout the complaint and allegedly orchestrated much of the malfeasance. Today’s filing is the latest in a series of questionable behaviors by the company. However, while the CFTC is seeking disgorgement of profits, civil monetary penalties, registration bans and a permanent injunction against violations of the CEA and CFTC regulations, the long-term impact of this filing is unclear. Specifically the document, filed today in the federal courthouse in Chicago, alleges that the company offered crypto derivatives, … [Read more...] about U.S. Regulator Says That Binance Illegally Helped Americans Trade On Its Exchange
Beijing Tells The Faithful What Its Leaders Want
Share to Twitter Share to Linkedin Earlier this month, Beijing hosted the so-called “Two Sessions” gathering of officials from all over the country. There were some 3,000 delegates of the National People’s Congress (NPC), the country’s nominal legislature, plus an additional 2,000 members of the Chinese People’s Political Consultive Conference (CPPCC), an advisory body. Though mostly a rubber stamp for the decisions of Xi Jinping and the close allies he put into place earlier, the announcements made in the last few weeks make clear Chinese leadership’s priorities and plans. President Xi talked a lot about putting people first. All leaders do, communist or elected. He described the people as the decisive force for building China. He added that by people he meant all peoples and ethnic groups in China. Despite this predictable boiler plate, the plans he and his fellow speakers advanced placed their emphasis elsewhere – on the military and on what could be … [Read more...] about Beijing Tells The Faithful What Its Leaders Want
The Earthquake In Syria And Türkiye: How IOM And Its Partners Are Delivering Urgent Relief To Millions
Share to Twitter Share to Linkedin At a time when deadly global events like earthquakes, flooding, and hurricanes are on the rise we need solidarity in the international community to ensure that aid reaches those who are most vulnerable. Unfortunately we have a shortfall in global solidarity that needs strong leadership to overcome. Some organizations are standing up and setting an example for others to follow. It has been over a month since the earthquakes in Turkiye and Syria killed over 52,000 people and displaced over 5.9 million others. The massive scale of damage has left hundreds of thousands of families in need of shelter, healthcare, water and food, as well as emergency assistance. Thousands of buildings have been reduced to rubble. Hospitals - if they are still standing - are overwhelmed; food and water are scarce. In the first days following humanitarian crises, we often ask ourselves "what can I do to help?". Organizations can help address … [Read more...] about The Earthquake In Syria And Türkiye: How IOM And Its Partners Are Delivering Urgent Relief To Millions
CFTC Sues Binance for “Willful Evasion” of Federal Law; CEO Unfazed
The Commodity Futures Trading Commission filed suit Monday against Binance CEO Changpeng Zhao (CZ) and three entities that operate the Binance platform, charging them with numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations. Key Takeaways According to a suit filed by the CFTC in the U.S. District Court for the Northern District of Illinois, Binance solicited U.S. users for millions in revenue. The complaint names Binance, its CEO Changpeng Zhao, and its former compliance officer Samuel Lim. Prices of both Bitcoin and BNB dropped after the lawsuit was announced. CEO Changpeng Zhao appears unfazed. In its complaint, the derivatives regulator said Binance failed to comply with its obligations by not registering properly. As part of the complaint, Binance's former compliance officer, Samuel Lim, is charged with aiding and abetting Binance's violations. The CFTC has been investigating Binance since at least 2021 for failing to prevent … [Read more...] about CFTC Sues Binance for “Willful Evasion” of Federal Law; CEO Unfazed
Who Supports ESG Investing And Who’s Against It (And Why)
Share to Twitter Share to Linkedin With President Biden’s veto of the Congress’s bipartisan joint resolution , ESG has been one of the hottest news stories in the financial world. Beyond the politics of it, proponents and opponents of the ESG push have their own reasons for staking out their positions. Would it surprise you to learn that self-interest plays a role? What is ESG and how does it work? At its most basic core, ESG is merely an extension of placing portfolio restrictions based on subjective, rather than accounting, factors. “Explained in simplest terms, ‘ESG’ stands for environmental, social and governance which is an investing strategy that takes into account a business’s environmental and social risks as part of a broader financial analysis,” says Rob Reilly, finance faculty at the Providence College School of Business and investment consultant at North Atlantic Investment Partners in Boston. How you use ESG will depend on how you … [Read more...] about Who Supports ESG Investing And Who’s Against It (And Why)