Money

Trending:


Denver program offers free rent to fill empty storefronts

DENVER (AP) — It’s about 9:30 on a Thursday morning, and the buzz at Tea with Tae on Denver’s 16th Street Mall is comfortingly familiar. The espresso machine is going, soothing music is piping through the speakers, and there’s a clutch of people catching up on office chit-chat while they wait for their drinks. This is usually the busiest time of day, according to owner Tae O’Dorisio. “It could be the 7 o’clock to 8 o’clock hour or the nine to 10...


Meralco: 1.226M customers hit by momentary interruptions due to Typhoon Karding

The Manila Electricity Co. (Meralco) said power interruptions due to Typhoon Karding (international name: Noru) have affected over 1.226 million customers as of Monday morning. Meralco said momentary and sustained power interruptions affected 1.226 million customers across its franchise area since Sunday, September 25, 2022. As of 6 a.m. on Monday, there were some 51,773 customers affected by the interruptions, with the majority located in...


What U.K. Pound Sterling Slump Against U.S. Dollar Means for Americans

Investors jumped to U.S. markets after the pound slumped, with analysts anticipating the pound could plunge further to parity with the dollar in coming months


Inflation hits home for Mongolians struggling for basic goods

At Ulaanbaatar's Naiman Sharga money exchange market, elderly women stand in the street waving wads of money at passers-by, encouraging them to change foreign currency to Mongolian tugriks. Each transaction nets them a small profit -- but when the value of the tugrik fluctuates it makes that more difficult, and lately the currency has taken a dive.


NASA scraps Tuesday Moon launch due to storm

NASA has called off the scheduled Tuesday launch of its historic uncrewed mission to the Moon due to a tropical storm that is forecast to strengthen as it approaches Florida. "NASA is forgoing a launch opportunity... and preparing for rollback (from the launchpad), while continuing to watch the weather forecast associated with Tropical Storm Ian," it said on Saturday.


Fuel prices seen to roll back next week

Pump prices of petroleum products are expected to go down for the fourth straight week. In its fuel price forecast for September 27 to October 3 trading week, Unioil Petroleum Philippines said the price per liter of diesel may be slashed by P1.20 to P1.30. Gasoline prices, meanwhile, may go down by P1.50 to P1.60 per liter. Similarly, an oil industry source told GMA News Online that the pump price of diesel may decrease by P1.00 to P1.30 per...


'You cannot survive': Inflation bites as Thai election looms

Sheltering from rain near Bangkok's Grand Palace, scores of unemployed Thais queue alongside homeless people waiting for free meals as 14-year-high inflation sends living costs soaring -- causing a headache for the government ahead of a looming general election. "What we now need to look at is more targeted policy measures that would help alleviate the difficulty from rising living costs among Thai lower-income households," she said.


UK eyes big TikTok fine over child privacy lapse

Britain on Monday warned it could fine TikTok £27 million ($29 million) over a potential failure to protect children's privacy on the Chinese-owned video app. The watchdog has served the group with a notice of intent -- which is a legal document that precedes a possible fine -- over the possible breach of UK data protection law.


Pound hits record low versus dollar, markets hit by recession fears

The pound hit a record low against the dollar Monday on surging fears about the UK economy after the government unveiled a huge tax-cutting budget. It then extended the losses Monday to briefly touch an all-time low of $1.0350 in Asian trade after he said he intended to unveil further reductions, despite his budget causing ructions on London's markets.


Huge surplus leaves Georgia with $6.6B in cash to spend

ATLANTA (AP) — Georgia ran a surplus of more than $6 billion in the budget year that ended June 30, meaning the state's next governor and lawmakers could spend or give back billions. The State Accounting Office, in a Friday report, said Georgia ran a $6.37 billion surplus even after spending $28.6 billion in state taxes and fees in the 2022 budget year. Total state general fund receipts rose a whopping 22%. Even after filling its rainy day fund...


Parent Warned Not to Lend Cash to 'Broke' Friend Who's Terrible With Money

"Just say no. She doesn't value you as a friend so it doesn't matter if she gets offended," said one commenter on the viral post.


Pump prices down by over P1.00/liter Tuesday

Motorists will be greeted with lower pump prices of petroleum products this week, as oil firms announced another reduction to mark the fourth straight week of rollbacks for diesel and kerosene. In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Seaoil Philippines Inc. said it they will roll back the prices per liter of gasoline by P1.65, diesel by P1.25, and kerosene by P1.35. Cleanfuel, Eastern Petroleum Corp.,...


Asian stocks rally as Fed hike nears

HONG KONG: Asian markets enjoyed a much-needed bounce on Tuesday, tracking Wall Street's late rally as investors gird themselves for another big interest rate hike by the Federal Reserve (Fed) this week, though fears of a recession remain elevated. Global equities have taken a severe blow in recent weeks as central banks struggle to rein in stubbornly high inflation, Russia continues its war in Ukraine and China's economic woes darken the mood...


Employees Backed for Turning Tables on HR With 'Arbitrary' Aptitude Tests

Employees: 1. Human resources: 0.


Lights out, ovens off: Europe preps for winter energy crisis

FRANKFURT, Germany (AP) — As Europe heads into winter in the throes of an energy crisis, offices are getting chillier. Statues and historic buildings are going dark. Bakers who can't afford to heat their ovens are talking about giving up, while fruit and vegetable growers face letting greenhouses stand idle. In poorer eastern Europe, people are stocking up on firewood, while in wealthier Germany, the wait for an energy-saving heat pump can take...


Al Gore Calls Out ‘Greenwashing’ Risks as Funds Quit Green Club

Al Gore, the former US vice president turned climate activist, said investors are growing increasingly impatient with evidence of potential “greenwashing” amid signs that net-zero pledges made by some members of the financial industry weren’t credible.


PLDT rolls out new webpage for customer support

PLDT Inc. on Tuesday said their customers can now access a faster and easier way to request for tech support with their connections and other support concerns. In a statement, PLDT said that customers may report service issues with the newly improved PLDT Home Support Page (www.pldthome.com/support). It added that with just a few clicks, customers can inquire about their bills, request for after-sales support, file complaints or report service...


Musk faces deposition with Twitter ahead of October trial

WILMINGTON, Del. (AP) — Tesla CEO Elon Musk is scheduled to spend the next few days with lawyers for Twitter, answering questions ahead of an October trial that will determine whether he must carry through with his $44 billion agreement to acquire the social platform after attempting to back out of the deal. The deposition, planned for Monday, Tuesday and a possible extension on Wednesday, will not be public. As of Sunday evening it was not...


Most Migrants Crossing Into the US Are Now From Remote Countries

Undocumented crossings at the US southern border have long been dominated by people from Mexico and Central America -- but for the first time since at least the turn of the century, migrants from other nations made up the majority of those stopped by authorities.


Peso on a freefall, slumps to 58.49:$1

MANILA, Philippines — The peso continued its downward spiral yesterday, shedding another 49 centavos to settle at an all-time low of 58.49 to a dollar from Wednesday’s 58 to $1 after the US Federal Reserve unveiled a third straight huge 75-basis-point rate hike followed by a 50-basis-point increase by the Bangko Sentral ng Pilipinas (BSP). The peso opened weaker at 58.1 and strengthened slightly to hit an intraday high of 58. Volume jumped by 44...


Recession clouds gather in Germany, Europe's largest economy

FRANKFURT, Germany (AP) — Europe's largest economy is sending recession signals. Germany's key future indicator, the IFO survey of business confidence, pointed down for the fourth month in a row as high inflation fed by astronomical natural gas prices undermines consumer pricing power and imposes heavy costs on businesses. The index compiled by the Munich-based Ifo institute dropped to 84.3 in September from 88.5 in August, to its lowest level...


Hong Kong Businesses Push For Full Reopening to Revive City

Hong Kong’s dismantling of hotel quarantine for arrivals is being met by calls for the city to remove remaining travel restrictions to help bolster its fortunes as an international financial hub.


P83 billion released for social aid via Landbank

MANILA, Philippines — State-run Land Bank of the Philippines has released about P83.1 billion as of the end of August to vulnerable groups of society in a bid to ramp up the government’s social protection services. For the eight-month period of 2023, Landbank released the amount for various programs implemented by the Department of Social Welfare and Development (DSWD). The bulk of this amount was P63.3 billion, which went to the conditional...


World shares mixed; British pound slides on tax cut concerns

TOKYO (AP) — Global shares were mixed Monday while the British pound declined to an all-time low against the U.S. dollar on concerns over planned tax cuts. France's CAC 40 rose 0.2% in early trading to 5,795.88, while Germany's DAX added 0.2% to 12,311.57. Britain's FTSE 100 edged 0.1% higher to 7,025.51. The futures for the Dow industrials and the S&P 500 were 0.1% lower. In Asian trading, Japan's benchmark Nikkei 225 shed 2.7% to finish at...


World economy to slow, 'paying the price of war': OECD

The world economy will take a bigger hit than previously forecast next year due to the effects of Russia's war in Ukraine, the OECD said Monday. "The world is paying a very heavy price for Russia's aggression against Ukraine," OECD Secretary-General Mathias Cormann said in a news conference.


Amazon to hold holiday shopping event in October

Amazon said Monday that next month it will hold a second Prime Day-like shopping event, making it the latest major retailer to offer holiday deals earlier this year to entice cautious consumers struggling with tighter budgets. During the Oct. 11-12 event, Amazon Prime members will get early access to discounted items. The “Prime Early Access Sale” follows Amazon's annual Prime Day in July. The Seattle-based e-commerce giant has long used these...


Peso hits new record low at P57.48 against US dollar

THE Philippine peso fell to a new low of P57.48 against the United States dollar on Tuesday. According to the Bankers Association of the Philippines, the peso opened trading against the dollar at P57.4. The local currency also traded between P57.355 and P57.5, and lost 0.8 centavos from Monday's closing price of P57.4. Tuesday's total volume of transactions reached $967 million from $508.4 million Monday. The US dollar has surged even more after...


China Steps Up Yuan Support as Currency Nears Weakest Since 2008

China made it more expensive to bet against the yuan with derivatives, ramping up support for the currency as it slides toward the weakest level against the dollar since the 2008 global financial crisis.


Morgan Stanley Dealmaker Joins Tencent-Backed Airwallex, Sources Say

Airwallex, a payment platform startup, is hiring Morgan Stanley’s head of Southeast Asia technology investment banking, according to people with knowledge of the matter.


Banks suspend Luzon operations due to Typhoon Karding

Local banks closed several branches on Monday due to Typhoon Karding (international name: Noru), but maintained that online channels are available for their clients. Below is a list of the banks which have released advisories regarding Typhoon Karding: Bank of the Philippine Islands (BPI) All branches in the National Capital Region, the Cordillera Administrative Region (CAR), and Regions I, II, III, IVA (Calabarzon), IVB (Mimaropa), and V are...


Job Candidate Schools Interviewer On Why 'Nobody Wants to Work Anymore'

"They love to tout the virtues of capitalism until they fail to keep up with labor costs," one user commented.


BSP extends lower credit risk weighting for MSME loans

MANILA, Philippines — The validity of the lower credit risk weighting for loans for micro, small and medium enterprises (MSMEs) has been extended by another six months to further encourage banks to lend more to the sector badly affected by the COVID-19 pandemic, according to the Bangko Sentral ng Pilipinas. BSP Deputy Governor Chuchi Fonacier said the Monetary Board issued Resolution 1378 last Sept. 16 approving the amendments to the BSP relief...


World Economy Jolted by War With Recessions Now Seen Looming

The world as a whole has been jolted by the war in Ukraine, according to the OECD, which cut almost all growth forecasts for the Group of 20 next year while anticipating further interest-rate hikes too.


White House rebukes World Bank chief in climate row

The White House on Friday rebuked the head of the World Bank David Malpass, who is battling charges of climate denial for dodging questions on the role of man-made emissions in global warming. Asked on stage to respond to a claim by former US vice president Al Gore that he was a climate denier, Malpass declined multiple times to say whether he believed man-made emissions were warming the planet -- responding, "I'm not a scientist."


World markets plunge on growing recession fears

Stock markets tumbled, the pound crashed against the dollar and oil prices slumped Friday on growing recession fears after central banks this week ramped up interest rates to fight decades-high inflation. "A negative end to the week in Asia, and Europe has quickly followed as the prospect of much more tightening and a recession weighs on sentiment," said Craig Erlam, analyst at trading platform OANDA. The British pound tumbled to a 37-year low...


British pound plunges to new low as tax cuts spark concern

LONDON (AP) — The British pound fell to all-time low against the U.S. dollar early Monday after Treasury chief Kwasi Kwarteng pledged a sweeping package of tax cuts, fueling concerns about the government’s economic policy as the United Kingdom teeters toward recession. The pound fell as low as $1.0373, its lowest level since the decimalization of the currency in 1971, before rallying to above $1.08 in London early afternoon trading. The...


Meralco on standby as Karding intensifies

The Manila Electric Co. (Meralco) placed its systems and personnel on standby given the possible power outages due to Super Typhoon Karding (international name: Noru), the firm announced Sunday. In an advisory, Meralco, as a 24-hour service company, said its crews were on standby to attend to any issues which may hit its facilities in areas affected by the typhoon. Meralco Spokesperson Joe Zaldarriaga said the company also implemented steps to...


When Is Black Friday 2022 And How To Prepare For It?

Although Black Friday's official date is 25 November, experts predict sales will start a lot earlier this year.


Meralco expects 6% growth in Q3 energy sales

MANILA, Philippines — The Manila Electric Co. (Meralco) expects a six percent growth in energy sales for the third quarter, buoyed by the recovery of the commercial sector. Meralco first vice president and chief commercial officer customer retail services Ferdinand Geluz said the company’s energy sales during the months of July, August, and September recorded growth ranging from anywhere between six and eight percent per month. “For the third...


PSEi down 1.70% as Fed meeting looms

THE local market returned to 6,400 levels, dropping 111.35 points on Monday to close at 6,437.42. According to analysts, investors stayed at the sidelines as they anticipated the possible aggressive policy rate hike of both the US Federal Reserve (Fed) and the Bangko Sentral ng Pilipinas (BSP). "Also, a wider balance of payments deficit expectation of the BSP weighed on sentiment as this may weaken the peso further. We are now seeing the support...


Hedge Fund That Shorted The Pound Now Bets Against UK Stocks

Edouard de Langlade, founder of macro hedge fund EDL Capital, says the Bank of England will be forced to act to stabilize the UK’s currency and bond markets, which have cratered in response to the country’s tax cuts and fiscal policies.


Growth likely to hit target, fueled by higher consumer spending

MANILA, Philippines — The Philippine economy is expected to grow by 6.5 percent this year with domestic demand seen to remain strong despite high inflation, according to First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P) Capital Markets Research. In the Market Call report for September released over the weekend, FMIC and UA&P said they expect full year gross domestic product (GDP) growth to be at 6.5 percent, the...


Slower Q3 GDP growth seen

GROSS domestic product (GDP) growth for the Philippines in the third quarter this year is seen slowing down to the 5.9-percent to 6.6-percent range. The Bangko Sentral ng Pilipinas said in its latest Monetary Policy Report that the country's GDP growth would settle within the revised 6.5- to 7.5-percent target set by the Cabinet-level Development Budget Coordination Committee . Michael Ricafort, chief economist at Rizal Commercial Banking Corp.,...


House Prices Have Doubled in These 69 Areas Over 10 Years

San Jose homeowners became property millionaires as prices jumped an average of $266 per day, while Detroit saw its properties increase by 350 percent


Hong Kong’s Exports Plunge Most Since Pandemic First Began

Hong Kong’s exports contracted the most since the pandemic first began in early 2020, as global demand eased and shipments with mainland China were disrupted.


PSEi up 0.17% as US markets bounce back

Investors hunted for bargains near the 6,400 support levels on Tuesday, ending the Philippine Stock Exchange index's (PSEi's) five-day losing streak, as it gained by 11.04 points or 0.17 percent to close at 6,448.46. According to Philstocks Financial Inc. research associate Claire Alviar and Rizal Commercial Banking Corp. chief economist Michael Ricafort, the local bourse, along with other markets, took cues from the US markets' positive...


Marcos touts Philippine macroeconomic fundamentals, human capital

President Bongbong Marcos has cited the country's macroeconomic fundamentals and enabling policies as the main reasons for investors to come to the Philippines to invest. In his speech at the Asia Society in New York on Saturday morning (Philippine time), Marcos said the country’s economy as measured by gross domestic product (GDP) grew by 5.7% in 2021 and 7.8% as of the first half of 2022. "Growth was broad-based, driven not only by government...


MVP firm allots P1.5 billion for modern jeepneys

MANILA, Philippines — Manuel V. Pangilinan’s modern jeepney operator Byahe will spend more than P1.5 billion to acquire over 500 jeepneys to ply at least 35 routes nationwide by 2027, an official announced yesterday. Byahe chief executive officer Laurence Bahia said they are planning to increase the firm’s jeepney fleet by an average of 100 every year to own 530 e-vehicles by 2027. Of the number, Bahia said 40 percent of the jeepneys would be...


PNB removes clickable links on emails, SMS

MANILA, Philippines — Philippine National Bank (PNB) has joined the growing number of banks intensifying the drive against anti-cybercrime attacks as it has removed all clickable links in all its communications to clients. In an advisory sent to clients, the Lucio Tan-led bank said it would no longer send clickable links via email or direct messaging via Viber, SMS, among others. “Moving forward, any email or SMS asking you to click on a link or...


Philippines shuts trading floor as Super Typhoon Karding makes landfall

The Philippine Stock Exchange Inc. (PSE) over the weekend announced the suspension of trading on Monday, September 26, as the country faces Super Typhoon Karding (international name: Noru). In an advisory released Sunday evening, PSE president and chief executive officer Ramon Monzon said there will be no trading at the local bourse, and no clearing and settlement in the Securities Clearing Corporation of the Philippines. The latest weather...