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- A + A MANILA (May 19): The Philippine central bank raised interest rates for the first time since 2018 on Thursday, joining peers around world in a rush to stem intensifying inflationary pressures that could derail the domestic economy's recovery. The central bank also said the strong rebound in domestic economic activity and labour market conditions during the first quarter "provides scope for (the central bank) to continue rolling back its pandemic-induced interventions", signalling further tightening could be expected. The Bangko Sentral ng Pilipinas (BSP) lifted the overnight reverse repurchase facility rate by 25 basis points to 2.25%, as expected by the majority of 17 economists in a May 12-16 Reuters poll. The rates on the overnight deposit and lending facilities were likewise raised by 25 bps to 1.75% and 2.75%, respectively. The BSP slashed interest rates by a cumulative 200 basis points in 2020 to help revive an economy that had plunged into recession … [Read more...] about Philippines kicks off tightening cycle with first rate hike since 2018

The average 15-year fixed mortgage rate nationwide is 4.87% and the 15-year jumbo mortgage rate is 4.82%, as of May 18, 2022. These rates are not the teaser rates you may see advertised but, based on our methodology, should more accurately represent what customers can expect to get depending on their qualifications. You can learn more about what makes our rates different in the Methodology section of this page. Just because it’s common for homeowners to take out a 30-year mortgage doesn’t mean you need to. Borrowers who score the best 15-year mortgage rates will be able to save tens of thousands of dollars in interest over the lifetime of the loans. While it does come with a higher monthly payment, those who plan properly will be able to take advantage of lower interest rates and will build home equity much faster. Even so, you’ll want to make sure your financial situation is rock-solid enough to afford the large payments. To help you with your decision, we’ve compiled a list … [Read more...] about Best 15-Year Mortgage Rates for 2022

- A + A BENGALURU (May 19): The Philippine peso firmed on Thursday after its central bank raised rates for the first time in more than three years, while Asian shares tumbled on concerns around surging inflation, its impact on retail demand, and the threat of a recession. Stocks in Manila fell 1%, while the Philippine peso edged up 0.2%. The Philippine central bank raised its benchmark interest rate by 25 basis points, as expected, to address rising inflationary pressures. "With the recovery in hand and price pressures surging, Bangko Sentral ng Pilipinas (BSP) finally decided to join the rate-hike club... The bigger development was the quick walk-back of pandemic support with BSP closing the provisional advance and tweaking the bond purchase window," said Nicholas Antonio Mapa, senior economist at ING. Equities in the region also tracked weakness on Wall Street overnight as retail giant Target Corp warning of a bigger margin hit due to rising fuel and freight … [Read more...] about Philippine peso firms after rate hike, Asian stocks fall on growth fears

FILE PHOTO: Commission on Elections (Comelec) acting spokesperson, Atty. John Rex Laudiangco. MANILA, Philippines — The 1.2 percent mismatch rate that a poll watchdog has recorded in its parallel vote counting was due to “misencoding.” This was according to Commission on Elections (Comelec) acting spokesperson John Rex Laudiangco, who disclosed Thursday that the Parish Pastoral Council for Responsible Voting (PPCRV) has already encoded more than 60,000 of the nearly 80,000 physical copies of election returns (ERs) that it has received to date. “Right now, PPCRV has received almost 80,000 election returns and out of the 80,000 election returns, ang kanila pong (their) match rate doon sa encoded na, na (with the already encoded) over 60,000 ay (is) 98.88 percent,” Laudiangco said in a press briefing. “Again, the 1.22 percent that is being accounted for, ang (their) projection po nila (is) it’s on account of misencoding,” he stressed. READ: PPCRV finds 1.6% mismatch in … [Read more...] about Comelec official: 1.2% mismatch rate in PPCRV count due to ‘misencoding’

India is 80% dependent on imports for meeting its oil needs and retail rates adjust according to the global movement in crude prices. (Representative Image) Prices of petrol and diesel have remained steady for over 40 days now. Since the end of a four-and-a-half-month-long stop in rate revision on March 22, rates of petrol and diesel have increased by Rs 10 a litre each through 14 revisions. Fuel prices were last hiked on April 6 by 80 paise a litre each. According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 a litre and diesel Rs 96.67 a litre. In Mumbai, petrol and diesel prices are at Rs 120.51 and Rs 104.77 respectively. In Chennai, petrol costs Rs 110.85 and diesel Rs 100.94 . In Kolkata, petrol is at Rs 115.12 and diesel Rs 99.83. Oil marketing companies (OMCs) began to raise retail prices of fuel on March 22. In March, the hike was Rs 6.40 a litre each and in April the hike was Rs 3.60 a litre each. In May, there has been no … [Read more...] about Fuel Prices on May 19: Check out petrol, diesel rates in Mumbai, Delhi and other cities

A super slide for stocks, bonds, and cryptocurrencies rolled all the way into last week, right up until Friday, when the Nasdaq posted its strongest one-day gain since November of 2020. Despite Friday's gains, the major averages posted losses for the week, with the Dow closing down more than 2% and posting its first seven-week losing streak since 2001. The S&P 500 fell 2.5% and hit its longest weekly losing streak since 2011, while the Nasdaq fell 2.8%. It's been a rough, rough year across capital markets. A full $35 trillion in global market value has been erased since the beginning of the year. That's 14% of all global wealth, including a trillion dollars of losses in cryptocurrencies. To put those losses in perspective, 2008 saw a 19% decline in global market value, and that doesn't include non-financial assets such as housing. Still, perspective is everything, especially for investors who have been invested in the U.S. stock market for at least five years. Believe it or not, … [Read more...] about Keeping it Real with Real Vision’s Raoul Pal

Wan Razly as seen speaking at a press conference in conjunction with the official collaboration of AFFIN x MYTHEO on Thursday (May 19). (Photo by Kenny Yap/The Edge) - A + A KUALA LUMPUR (May 19): Affin Bank Bhd expects its loan growth to expand to 12% compared with 11% last year amidst a challenging economic and operating environment, according to the banking group’s president and chief executive officer Datuk Wan Razly Abdullah Wan Ali. Speaking at a Thursday (May 19) press conference in conjunction with the official collaboration of AFFIN x MYTHEO, Wan Razly said the bank had recorded good loan growth for the first quarter. However, he does not rule out the loan growth tapering off as things will become more expensive for borrowers and they would want to borrow less as they try to minimise their cost with the anticipation of overnight policy rate (OPR) hikes. “For us, we always look for ways to optimise our net interest margin (NIM) with the biggest … [Read more...] about Affin Bank optimistic on loan growth despite its expectation for another potential OPR hike this year

This article first appeared in The Edge Malaysia Weekly, on May 9, 2022 - May 15, 2022. - A + A DATUK Ahmad Nazim Abdul Rahman, who joined Lembaga Tabung Angkatan Tentera (LTAT) last June, is its third CEO in two years. With his experience as CEO of Pelaburan Mara Bhd, he seems comfortable discussing investment and asset allocation strategies. But given the short stints of his predecessors, the question remains whether he will stay on long enough at the retirement fund to carry out the reforms that have been put in place. Following are excerpts of The Edge’s interview with Nazim. The Edge: LTAT’s main task is to give good dividends to its members. Since 2018, that has come down quite a bit. Are we going to go back and see the good days of 12% to 15%? Datuk Ahmad Nazim Abdul Rahman : It would not be sustainable to go back to that teen-per cent dividend returns. I’m happy to mention we recently announced a dividend of 4.1%, and that is the highest … [Read more...] about Cover Story: Rehabilitating a RM10 billion portfolio

- A + A LONDON (May 19): Heavy falls in European and Asian stock markets followed Wall Street's worst day since mid-2020 on Thursday, as stark warnings from some of the world's biggest retailers underscored just how hard inflation is biting. Bond markets rallied in the dive for safety and on bets that interest rate rises may get recalibrated, but it was the gloom striking down equities after Wednesday's US$25 billion wipeout in US retailer Target's shares that dominated the action. Europe opened down 1.8%, led by a 2.2% fall in its retail sector, while scarlet red US futures and some sharp overnight drops in China tech firms put 1½-year lows back in focus for MSCI all-country world. "Target and Walmart coming out with disappointing numbers has really, really spooked people," said Close Brothers Asset Management's Chief Investment Officer Robert Alster. "We are going to see a raft of downgrades to US GDP (forecasts) now... it really looks like we are running into … [Read more...] about Shares slump as retailer warnings fuel stagflation fears

- A + A LONDON (May 19): Britain's pound inched up against the dollar on Thursday, but stayed clear of recent two-week highs as soaring inflation combined with a murky growth outlook prevented a stronger rebound. At 0850 GMT, sterling was up 0.4% at $1.2395. However, the currency stayed off highs of $1.25 seen earlier this week, having tumbled on Wednesday after data showed UK inflation rising to a 40-year record and concerns flared about a sharp economic slowdown given the pain inflicted on consumers. "The key debate we’re having, and the Bank of England is having, is to what extent should they be responding to the pick-up in inflation and to what extent the rise in inflation is putting downward pressure on future growth, so limiting the need to tighten policy," said RBC Capital Markets chief currency strategist Adam Cole. "We're kind of on a bit of a knife edge at the moment over which one dominates." An easing in the safe-haven dollar aided the pound's … [Read more...] about Britain’s pound inches up, but growth fears dominate