Rate hikes

Share to Twitter Share to Linkedin How Credit Cards Changed During the Pandemic and What to Expect in 2023 The last few years have been a roller coaster for both the travel industry and the market for rewards credit cards. In looking back over the last few years, some notable trends jump out as card issuers tried to react to customer sentiment and stay relevant in a highly dynamic environment. From shifting bonus categories to hefty welcome offers and an array of new product launches, here’s a look back at where we’ve been, and a possible glimpse at where the market is heading in 2023. [ The Points Guy ] Buy Now, Pay Later Sounds Too Good to Be True Because It Is Buy Now Pay Later companies often don’t do in-depth checks of consumers’ credit, meaning people wind up getting into debt they can’t pay. If someone screws up, they can be hit with late fees and see their credit scores dinged. And screwing up is easy to do if people are taking out … [Read more...] about This Week In Credit Card News: How The Pandemic Changed Credit Cards; The Dangers Of Buy Now, Pay Later

KEEPING THE LIGHTS ON The Baguio City Hall is aglow at night, as seen from the Burnham Lake on July 24, 2022. The city spares no expense in lighting up its buildings and streets but power cost will soon rise after the Energy Regulatory Commission allowed the National Power Corp. to recover from consumers its P2.6-billion shortfall in rural electrification subsidies. —NEIL CLARK ONGCHANCO BAGUIO CITY — Power consumers nationwide will face a rate hike after the Energy Regulatory Commission (ERC) granted a petition of the National Power Corp. (Napocor) to recover a P2.6-billion “shortfall” in rural electrification subsidies dating back to 2012. The ERC has required all electric cooperatives to collect P0.0239 per kilowatt-hour on top of the existing Universal Charge-Missionary Electrification (UC-ME) basic rate of P0.1561 per kWh billed on consumers, according to an August 4 resolution issued by Commissioner Alexis Lumbatan. The new addition to everyone’s power bills was meant to … [Read more...] about Power hike looms as ERC allows Napocor to recover P2.6-B subsidy deficit

The Philippine peso could again start depreciating against the US dollar if the Bangko Sentral ng Pilipinas (BSP) will go slow on increasing its key rates following improved economic data from the United States. Emilio Neri Jr., lead economist at the Bank of the Philippine Islands, said the peso was again the weakest currency among those in the five biggest emerging economies of the Association of Southeast (SE) Asian Nations. Citing data from Bloomberg, Neri said the peso had lost 7.6 percent of its value against the US dollar since the start of this year. The peso started 2022 at 51:$1 and closed spot trading at 55.61:$1 on Aug. 12. Over the past 32 weeks, the Vietnamese dong, Indonesian rupiah, Thai baht and Malaysian ringgit fared better than the local currency. During that period, “the Philippine peso underperformed due to the [BSP’s] dyed-in-the-wool dovish stance [although] an off-cycle hike and a shift in rhetoric has provided reassurance,” Neri said. On July 14 at an … [Read more...] about BSP urged to stay aggressive on rates

Share to Twitter Share to Linkedin The job market and the economy will be in bad shape for a while. With all the chatter about inflation and a recession, it's hard to understand what is happening. Let’s break it down. A combination of pent-up demand from the pandemic, supply chain disruptions , trillions of dollars flooded into the market from the Federal Reserve Bank, and massive fiscal stimulus packages from both the Trump and Biden administrations helped stoke inflation . Runaway inflation is ruinous to a country. The costs spiral out of control. The poor are disproportionately impacted, as they generally don't have emergency funds or the ability to earn more than the rising inflation rate to keep their heads above water. To decrease the adverse impact of inflation, Jerome Powell, the head of the Federal Reserve Bank, announced that he would raise interest rates to battle inflation and cool down the economy. If you have been looking to … [Read more...] about An Easy Explanation Of What Happens When The Federal Reserve Bank Raises Interest Rates

Gold, gold prices Gold prices were flat on Monday in the international markets after solid US jobs report last week boosted the prospect of aggressive interest rate hikes by the US Federal Reserve, lifting the dollar and bond yields. Spot gold was flat at $1,774.09 per ounce, as of 0121 GMT, after dropping 1 percent in the previous session. US gold futures were steady at $1,790.60. At 9:44am, gold contracts were trading 0.05 percent lower on the Multi-Commodity Exchange ( MCX ) at Rs 51,850 for 10 grams and silver added 0.07 percent at Rs 57,404 a kilogram. Precious metals gave up all the two days' consecutive gain as the US job report stood twice stronger than forecasted. US dollar, which moves opposite to gold prices, gained 0.82 percent on Friday may put pressure on precious metals today. However geopolitical tension between China and Taiwan may support the prices of gold at lower levels. Technically, after a marginal correction in precious metals, prices may rebound … [Read more...] about Gold Prices Today: Strong US jobs data to weigh in on yellow metal, support around Rs 51,500

- A + A KUALA LUMPUR (Aug 12): The GDP growth in second quarter of 2022 (2Q22), which came in at 8.9% year-on-year (y-o-y), has exceeded market consensus expectation of a 7% increase. Despite the "above expectation" economic growth, economists are warning that the pace of growth is likely to slow in the second half of 2022 (2H22) on possible weaker consumer spending and external uncertainties. RHB Bank said that it is anticipating a slower growth momentum into 2H22. "The momentum in consumer spending might be tapered towards the year end amidst weaker discretionary spending following the tightening of monetary conditions, higher costs of living due to intensifying inflationary pressures coupled with the expiry of some pandemic-related measures," said RHB Bank economist Chin Yee Sian and associate research analyst Wong Xian Yong. On top of that, Chin and Wong expect a slower momentum ahead for the gross fixed capital formation (GFCF) with downside risks from lower … [Read more...] about Economists see slower growth in 2H22 following stellar 2Q22 GDP data

Share to Twitter Share to Linkedin Topline Peloton Interactive laid off 800 employees Friday — the at-home stationary bike company’s second round of job cuts — making it the latest major U.S. company to undergo massive layoffs this summer, as CEOs fear soaring inflation could tip the economy into a recession. Timeline Aug. 12, 2022 Peloton , which gained popularity as gyms shut their doors during the pandemic, announced a sweeping round of layoffs in a memo to employees obtained by Bloomberg , six months after the New York-based company cut another 2,800 jobs. Aug. 12, 2022 Texas-based home health services company Signify Health laid off 489 employees, a cost-cutting move that comes days after health care giant CVS made a bid to purchase the company, multiple outlets reported (Signify did not respond immediately to an inquiry from Forbes ). Aug. 11, 2022 Meditation app Calm laid off 90 employees (20% of its workforce), … [Read more...] about Peloton Reportedly Lays Off 800 Employees — Here Are The Major U.S. Job Cuts As Recession Fears Grow

- A + A (Aug 12): Wall Street's main indexes rose on Friday, setting the S&P 500 and the Nasdaq for a fourth straight week of gains on increasing evidence that inflation may have peaked. The S&P 500 is up 16.8% from its mid-June low, with the latest boost coming from a slower-than-expected rise in consumer prices and a surprise drop in producer prices in July. The benchmark index crossed a closely watched technical level of 4,231 points, indicating it has recovered 50% of its bear market loss. It was headed for fourth straight week of gains, its best performance since November 2021. "We're seeing a market that is focusing on inflation peaking and so the rally is continuing, although volume is rather light," said Peter Cardillo, chief market economist at Spartan Capital Securities. "Investors are becoming more optimistic in terms of the Fed not being as aggressive as the market previously had expected." While policymakers remain firm about a further … [Read more...] about Wall St set for weekly gains on signs of cooling inflation

Roland Bala (Photo by Patrick Goh/The Edge) - A + A SUBANG JAYA (Aug 12): Heineken Malaysia Bhd has planned a capital expenditure of about RM140 million in 2022, according to its managing director Roland Bala. "We continue to expand our brewery based on future demand that we forecast. This year, we are spending something to the tune of RM140 million on expansion and upgrade of our brewery," Roland told a media briefing after the release of the group's financial results for the first half ended June 30, 2022. He said the ongoing expansion of its brewery, which started last year, will continue into 2023 but probably "take a breather in 2024". "As part of our expansion project, we are going to instal solar PV (photovoltaic) panels on all our roofs and that will help to generate renewable energy. "We have subscribed to the Malaysian Renewable Energy Certificate by Tenaga Nasional Bhd since March 2022," Roland said, adding that the company's carbon emissions in … [Read more...] about Heineken Malaysia plans RM140 mil capital spending in 2022

Share to Twitter Share to Linkedin It’s no secret that the urge to live in Utah is growing – and fast. Last year alone, almost 35,000 Americans migrated to Utah – 10,000 more than in 2020 and the most since 2005. The real secret is why. Even before COVID-19 hit, millennials and young Gen Xers had begun swapping their busy city lives for affordable suburban adventures with the opportunity to buy a house. The pandemic’s spike in remote work only catalyzed this movement. From July 2020 to July 2021, housing units grew faster in Utah than in any other state. Aside from its real estate value, a solid job market also drew people to Utah, which, with a current unemployment rate 1.5% below the national average, continues to do well. Then, statistics aside, there’s the fact that the state is just downright gorgeous. Of all the counties in Utah, it’s not difficult to understand why Tooele and Utah counties — roughly 30 minutes from Salt Lake City — are … [Read more...] about 5 Great Coffee Shops In Salt Lake City For Remote Workers