Money

The net outflows of short-term foreign investments or “hot money” narrowed by 16.5 percent to $86 million in August from $103 million in July as continuously high inflation pushed up interest rates here and abroad, but made the US dollar an investment magnet. Net outflows in August was the narrowest in four months or since April, and was a reversal from net inflows of $12 million in the same month of 2021. The Bangko Sentral ng Pilipinas (BSP) said on Thursday the latest monthly result brought the cumulative amount of BSP-registered foreign investments in the first eight months of 2022 to net inflows of $539 million, a reversal from net outflows of $434 million in the same period last year. Last August, $878 million in BSP-registered short-term investments flowed out of the country while $792 million flowed in. Gross outflows in August increased by 12 percent or $94 million from $784 million in July. Close to three-quarters or 72.5 percent of foreign investments withdrawn … [Read more...] about ‘Hot money’ net outflow in Aug narrowed by 16.5% to $86M

Children form financial habits as early as ages 7 to 9, according to the National Financial Educators Council. However, their curiosity about money and how the economy works often starts even before that. Questions about the role of money in our lives can bring a panicked expression to the faces of some parents. They’re concepts that seem too complicated to explain or that you may not be entirely sure of yourself. Here are 10 common questions children are likely to ask you about finances—and some ideas on how to answer them like a pro. Key Takeaways Younger children, still learning the idea of money as a limited resource, are more likely to ask questions about why you can’t always just get more at the bank. As kids get older and ask about the price of various items, parents can introduce the basic concept of supply and demand. Teenagers are typically ready for more advanced financial concepts, such as how stocks work and the ways that people invest. Young Kids … [Read more...] about 10 Questions That Kids Ask About Money

BEIJING  – China’s foreign exchange regulator named and shamed 10 banks that had assisted illegal capital outflows, vowing to crack down on fake forex transactions in authorities’ latest effort to stabilise the sliding yuan. The State Administration of Foreign Exchange (SAFE) listed 10 “typical” cases of misdeeds in a statement on its website on Thursday, involving money flowing overseas illegally through bank businesses such as offshore loans, trade finance, and outbound investment. The misconduct involved local branches of 10 lenders that included some of the country’s top banks, between 2017 and 2020, the regulator said. SAFE said it will “strengthen the supervision of the forex market and crack down on illegal and unlawful behaviours with a focus on false and deceptive forex transactions.” Publishing the 10 cases is aimed at sending a warning to market players, the official Shanghai Securities News said on Friday, citing an unnamed SAFE official. China’s central bank said … [Read more...] about China forex regulator warns against illegal money outflows

- A + A LONDON (Sept 30): Tremors are continuing to ripple through the UK mortgage market despite the Bank of England's (BOE) intervention to calm financial turbulence on Wednesday. Higher borrowing costs for lenders means the average monthly cost of a two-year fixed-rate mortgage will rise by 70% by March from January this year, Bloomberg Economics estimated. The cost of a two-year fixed-rate mortgage on an average-priced home will rise to about £1,325 (RM6,848) at the end of the first quarter from about £779 last January, according to Niraj Shah, an economist at Bloomberg Economics . A dramatic rise in swap rates after markets were roiled by Friday's mini-budget suggested banks would have to substantially increase the cost of home loans in the coming weeks. Lenders have responded by pulling more than 1,620 mortgage products since Friday, the equivalent of 40% of the market, according to Moneyfacts Group plc. "There will be a continued period of short-term … [Read more...] about UK mortgage turmoil threatens a 70% surge in average costs

- A + A LONDON (Sept 30): The UK government has been spared the prospect of a summer recession after a surprise increase in second-quarter gross domestic product (GDP). The 0.2% growth in the three months to June was a sharp improvement on the previous estimate of a fall of 0.1% but was caused by revisions to earlier data, the Office for National Statistics (ONS) said on Friday. Output was still below pre-pandemic levels, making the UK the only Group of Seven not to have fully recovered. The current account deficit also improved, to £33.8 billion (RM174.9 billion) from a downwardly revised £43.9 billion, in the first three months of the year, beating forecasts. The expansion in the second quarter means the economy is not in a technical recession, as many thought. The slump is now likely to start in the third quarter when output probably contracted because of the extra bank holiday for Queen Elizabeth's funeral. Economists believe further declines are likely in … [Read more...] about UK economy averts immediate recession with 0.2% expansion

Monetary Authority of Singapore chief fintech officer Sopnendu Mohanty - A + A (Sept 30): A senior Singapore central bank official is repeatedly warning cryptocurrency firms that policymakers will clamp down hard on crypto players who fan speculation in the country. Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore (MAS) reminded the traders to be careful about how they lure customers. “Reduce your enthusiasm and be mindful of who you are selling to,” Mohanty said on Friday (Sept 30) at an office opening ceremony of Cobo, a digital asset custody provider. “Singapore is not a place to speculate. We will be very, very hard on this behaviour.” Less than 24 hours earlier, Mohanty had taken on crypto players at the Token2049 conference, calling out the many exhibitor booths set up around the site for what he saw as a lack of attention to the potential dangers of operating in the crypto space. “Look at what the advertisements say. None … [Read more...] about Singapore regulator warns crypto firms to curb their enthusiasm

- A + A SINGAPORE/HONG KONG (Sept 30): Grim milestones keep piling up for Chinese stocks listed in Hong Kong. As September draws to an end, the Hang Seng China Enterprises Index has lost 14% to rank as the worst performer among major equity benchmarks globally this month. Hovering around the lowest since the global financial crisis, it is now trading at 0.6 times book value, the cheapest ever. All but three stocks are down the year on the 50-member gauge, with property developers and tech companies at the bottom. China's largest builder Country Garden Holdings Co has lost almost three-quarters of its value and video-streaming firm Bilibili Inc is down about two-thirds. While the swoon is part of a global rout as central banks around the world step up rate hikes to tame inflation, Chinese stocks have been hit particularly hard as the Covid-Zero policy took a toll on the nation's economy and as Sino-American tensions worsened over Taiwan and Russia. Also, … [Read more...] about China shares plunge to lowest valuation on record in Hong Kong

Tengku Zafrul: “The keen interest demonstrates investors’ vote of confidence in Malaysia’s strong economic fundamentals and growth outlook for 2022”. - A + A KUALA LUMPUR (Sept 30): The Malaysian government has successfully tapped into the domestic capital market with an inaugural issuance of Sustainability Malaysian Government Investment Issues (Sustainability MGII) of RM4.5 billion in nominal value, despite the uncertain global economic outlook, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. Tengku Zafrul said the strong demand was evidenced by the Sustainability MGII’s oversubscription of 2.38 times and was successfully priced at a profit rate of 4.662%. He also said the total incoming bid of RM10.7 billion was the largest since July 2019 for a long duration (equal or more than 15 years) Malaysian Government Securities (MGS)/MGII auction. “The keen interest demonstrates investors’ vote of confidence in Malaysia’s strong economic … [Read more...] about Malaysia’s inaugural RM4.5 bil Sustainability MGII oversubscribed by 2.38 times, says Tengku Zafrul

Written by: Charles E. Buban While searching for an ideal home, we sometimes find ourselves having to choose between high-rise condominiums and mid-rise communities, especially if we’re looking for an abode within the city. While towering condos look beautiful and mesmerizing, one cannot overlook the benefits of living in structures with few floors. A mid-rise condo presents a perfect compromise between the exclusive amenities of sky-high condos and the grounded accessibility, affordable prices, and the low density of horizontal subdivisions. In recent years, Filinvest Land, a leading and fast-growing full-range property developer, has strengthened its leadership in this segment it refers to as smart-value condos. Futura Monte Naga offers studio, 1-bedroom, and 2-bedroom units Futura by Filinvest Making this possible is the developer’s Futura by Filinvest value-for-money brand of developments that now reaches 14 in total, composed of current and upcoming green, … [Read more...] about Filinvest Land strengthens leadership in smart-value condo segment

Exactly a year after the Tokyo Paralympic Games saw the participation of six Filipino Paralympians, the homegrown athletes continue to relish their achievements by striving to perfect their craft while enjoying the company of family. The Paralympic Games is an international multi-sport event for athletes with disabilities. The games intend to create a more inclusive world through Parasport and help paralympians achieve sporting greatness. As an ultimate test that builds courage, determination, inspiration, and equality, paralympians are considered champions the moment they step on the starting line. Recognizing the level of commitment that it takes to compete in an international sporting competition, no less the highly sought-after Tokyo Games which hallmarked the Philippines’ first gold medal win, Cebu Pacific (CEB) gifted the Olympic and Paralympic delegation with free flights that they can use for themselves and for friends and family. Furthermore, CEB is the only … [Read more...] about Cebu Pacific honors Philippine Paralympic Athletes with free flights