Asian markets swing, dollar drops ahead of US inflation data

Asian markets fluctuated Tuesday as investors took a breather after the previous day's rally and as they gear up for the release of key US inflation data later in the week. The main focus on trading floors, however, is Friday's release of the US personal consumption expenditures (PCE) index -- the Federal Reserve's preferred gauge of inflation, which is forecast to have seen a slight slowdown in April from the previous month.

Woman Warned Not To Paint Her House White Amazes Internet With The Results

Mary Cole Wilson was so happy with her home's new look that she "heard angels sing" when she finally saw it.

Is There Mail on Memorial Day? Post Office Open Hours Today

Memorial Day will impact delivery service and store hours for the United States Postal Service, UPS and FedEx.

Bitcoin Retreats as Traders Mull Risk of Sales Linked to Mt. Gox

Bitcoin fell as traders monitored transfers by wallets belonging to the failed Mt. Gox exchange, whose administrators have been stepping up efforts to return a $9 billion hoard of the largest digital asset to creditors.

More people make 'no-buy year' pledges as overspending or climate worries catch up with them

NEW YORK (AP) — A 35-year-old Brooklyn resident gave up buying new clothes. A 22-year old in San Diego swore off retail therapy at Target. A 26-year old in England banned carbonated drinks from her shopping list. These three women, who don’t know each other, all started the year resolving to spend money only on necessary purchases, or what is popularly known as engaging in a no-buy challenge. The self-imposed rules of the challenge are simple:...

Safeway Is Removing Self-Checkouts in California

Self service kiosks have already been removed in one store.

What Is an Emergency Fund? How to Prepare for Unexpected Expenses

What is an Emergency Savings Fund? An emergency fund is money set aside for unexpected and unavoidable expenses. This includes medical expenses, home and auto repairs and unemployment. An emergency fund isn’t a nest egg for other long-term savings goals like buying a home or a retirement fund, and shouldn’t be used for non-discretionary expenses […] The post What Is an Emergency Fund? How to Prepare for Unexpected Expenses first appeared on...

Debt, suicide, fraud: South Koreans hit by real estate scams

For a decade, Park Hyeon-su lived in a windowless micro-apartment in Seoul, working double shifts and saving every penny for a deposit on a nice home. To repay his original bank loan, Choi took out high-interest credit card loans and sold off his stocks, working gruelling shifts in restaurants and living on cheap food to save cash.

Athlete Rights Startup Backed by Bill Ackman Raises $40 Million

The Winners Alliance, the for-profit arm of the Professional Tennis Players Association co-founded by Novak Djokovic, has raised a further $40 million from existing investors including billionaire Bill Ackman’s Pershing Square Foundation and Prysm Capital.

Argentina’s Milei Fires Cabinet Chief as Reform Bill Stalls

Argentine President Javier Milei fired his cabinet chief Nicolas Posse Monday as the government’s major economic reform bill has stalled in congress, marking the most high-level departure since Milei took office Dec. 10.

Major retailers are offering summer deals to entice inflation-weary shoppers

NEW YORK (AP) — Americans who spend Memorial Day scouting sales online and in stores may find more reasons to celebrate the return of warmer weather. Major retailers are stepping up discounts heading into the summer months, hoping to entice inflation-weary shoppers into opening their wallets. Target, Walmart and other chains have rolled out price cuts — some permanent, others temporary — with the stated aim of giving their customers some relief....

Russia’s Seaborne Crude Exports Drop Ahead of OPEC+ Meeting

Four-week average flows were down for a third straight week

Japan's Toyota shows 'an engine born' with green fuel despite global push for battery electric cars

TOKYO (AP) — “An engine reborn.” That's how Japanese automaker Toyota introduced plans to cast a futuristic spin on the traditional internal combustion engine. During a three-hour presentation at a Tokyo hall Tuesday, the car manufacturer giant announced it would offer lean compact engines that also run on so-called green fuels like hydrogen and bioethanol, or get paired with zero-emissions electric motors in hybrids. This comes as many...

Mester Says Fed Can Better Explain Officials’ Economic Views

Federal Reserve Bank of Cleveland President Loretta Mester said the US central bank should consider ways to better communicate to the public how economic conditions will affect future policy decisions.

Shanghai lifts home-buying curbs to boost property sector

Shanghai has relaxed rules on buying property in the city, as local governments across China aim to ease an agonising real estate crisis that is dragging on the economy. This month, Beijing cut the minimum down payment rate for first-time homebuyers to its lowest level in history and suggested the government could buy up unused commercial real estate.

Gasoline, diesel, kerosene prices up Tuesday

Motorists will have to pay more for fuel products this week, as firms are set to hike pump prices to mark the second straight week of increases for both diesel and kerosene. In separate advisories, Chevron Philippines Inc. (Caltex) and Shell Pilipinas Corp. said they will increase prices per liter of both gasoline and diesel by P0.40, and kerosene by P0.30. Cleanfuel and Petro Gazz will implement the same changes, excluding kerosene which they...

Elliott Takes $2.5 Billion Aim at Texas Instruments’ Cash Flow

Activist investor Elliott Investment Management has invested more than $2.5 billion in Texas Instruments Inc. and is pushing the company to improve its free cash flow.

Billionaire backlash shows the power of basic income

The success of basic income pilots in the US has been followed by efforts to kill such programmes. The rich are scared.

First of Bankman-Fried’s FTX Lieutenants Faces Sentencing

The first of Sam Bankman-Fried’s close associates to plead guilty to criminal charges in the wake of FTX’s implosion will be sentenced Tuesday, setting the tone for punishments to follow for other executives swept up in the multibillion dollar fraud.

NEDA chief not keen on oil, power subsidies

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Monday said he was not keen on providing subsidies for oil and electricity, as this would only benefit the rich who are the biggest consumers of such utilities. According to Balisacan, the government would rather give direct subsidies to the vulnerable sectors, as the experience with the Oil Price Stabilization Fund (OPSF), under which firms contributed when oil...

Stock market today: World shares are mostly higher after rebound on Wall St

Shares advanced in Europe and Asia ahead of Monday’s Memorial Day holiday in the United States. Oil prices also rose. European shares saw modest gains after the opening while Asian benchmarks gained upward momentum as the day wore on. Germany's DAX edged 0.1% higher to 18,713.43 and the CAC 40 in Paris rose 0.2% to 8,107.16. Markets in London were closed for a bank holiday. The future for the S&P 500 slipped less than 0.1% and that for the Dow...

Beirut design fair reborn after four years of economic crisis

A Beirut design fair has made a comeback after Lebanon's economic meltdown forced a four-year hiatus, with some pieces on display in spaces devastated in a deadly 2020 port explosion. Designers and creative workers have been among those Lebanese leaving for better prospects abroad, some spurred by the lack of primary materials or after their workshops were destroyed in the 2020 port explosion, he added.

Ramaswamy Urges BuzzFeed to Cut Jobs, Air More Conservative Voices

Former Republican presidential candidate Vivek Ramaswamy is calling for “large-scale” job cuts, three board seats and more conservative voices at BuzzFeed Inc. according to a letter to the company’s board that was reviewed by Bloomberg News.

Landbank says loans to rice farmers reach P2.5B

State-run Land Bank of the Philippines said Tuesday it has released P2.5 billion worth of credit assistance to rice farmers since 2019. In a news release, Landbank said that the amount was released through the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF). The ERCA-RCEF forms part of the RCEF, a P10 billion annual allocation for six years created under the Rice Tariffication Law. It is a P1 billion...

Stock market today: Wall Street drifts in quiet trading after returning from 3-day weekend

NEW YORK (AP) — Wall Street is listless on Tuesday, coming back from a three-day weekend, and is drifting near its record heights. The S&P 500 was 0.2% higher in early trading, just below its record set a week ago. The Dow Jones Industrial Average was down 115 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.5% higher after setting its latest all-time high. U.S. Cellular climbed 11.9% after T-Mobile said it will buy...

US consumer confidence rises in May after three months of declines

WASHINGTON (AP) — Consumer confidence in the U.S. rose in May following three straight months of declines, but Americans remain anxious about inflation and interest rates. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose in May to 102 from 97.5 in April. Analysts were expecting the index to decline again. The index measures both Americans’ assessment of current economic conditions and their...

McDonald's Prices Have Gone Up by This Much in Past Five Years

The increase in McDonald's prices shows the financial struggles many Americas are facing.

Texas House Prices Buck Nationwide Trend

Two Texas metropolitan areas were the only two in the country to experience price drops in the four weeks ending May 19, according to a recent Redfin report.

EQT-Backed Waystar Seeks as Much as $1.04 Billion in IPO

Health-care payments software maker Waystar Holding Corp. is seeking to raise as much as $1.04 billion in an initial public offering that would be among the year’s biggest.

DTI issues IRR for Tatak Pinoy Act

The Department of Trade and Industry (DTI) has issued the Tatak Pinoy Act implementing rules and regulations (IRR). In a statement released Friday, the DTI said Trade Secretary Alfredo Pascual signed the IRR of Republic Act No. 11981, also known as the Tatak Pinoy (Proudly Filipino) Act, on May 22. “We are positive about the implementation of the Tatak Pinoy (TP) Act. Through this law, we aim to address current challenges and improve the...

Full List of Brands That Have Announced Store Closures So Far This Year

Scores of much-loved businesses, from Red Lobster to Rite Aid, have filed for Chapter 11 bankruptcy protection and have closed sites across the country.

US company rejects Mexico's criticism, buy-out offer, says president's projects hurt the environment

MEXICO CITY (AP) — An American quarry company on Monday rejected the Mexican president's campaign of criticisms and closures, as well as his offer to buy its property on the Caribbean coast. In July, President Andrés Manuel López Obrador offered to buy the American company’s Caribbean coast property for about $385 million amid a bitter, years-long dispute. Alabama-based Vulcan Materials said in a statement Monday that offer “substantially...

T-Mobile to Buy US Cellular Assets for Roughly $2.4 Billion

T-Mobile US Inc., the second-largest mobile carrier in the US, has agreed to buy US Cellular Corp.’s wireless operations and some of its spectrum assets for roughly $2.4 billion.

Peso weakness ‘temporary’ — BSP official

The recent weakness of the Philippine peso is only temporary as the greenback is buoyed by developments overseas such as the stance of the Federal Reserve, a top official of the Bangko Sentral ng Pilipinas (BSP) said Monday. Speaking in a panel at the Philippine Economic Briefing, BSP Senior Assistant Governor Iluminada Sicat said the central bank continues to monitor developments in the currency market, with the recent sessions impacted by the...

T-Mobile to buy almost all of U.S Cellular in deal worth $4.4 billion with debt

T-Mobile is buying U.S. Cellular's wireless operations and certain spectrum assets in a deal valued at $4.4 billion, and further consolidating the industry. As part of the agreement, T-Mobile will get U.S. Cellular’s wireless operations and about 30% of spectrum assets across several spectrum bands. T-Mobile will also enter into a new master license agreement on more than 2,000 towers and extend the lease term for the approximately 600 towers...

Meralco ‘wrapping up’ feasibility study on nuclear power development

The Manila Electric Company (Meralco) is about to conclude its feasibility study on nuclear power development in the Philippines. At the company’s annual stockholders meeting on Tuesday, Meralco Chief Operating Officer Ronnie Aperocho said, “We're already wrapping up the feasibility study for the development of a micro-modular reactor with the US-based Ultrasafe Nuclear Corporation.” In November last year, Meralco and Ultrasafe signed a...

Angkas seeks recognition of informal sector workers

Motorcycle taxi provider Angkas, operated by DBDOYC Inc., is seeking formal recognition of informal sector workers to allow them access to benefits such as financial services that employees in the formal sector enjoy. In a news release, Angkas CEO George Royeca said informal sector workers "have long been contributing to the country's economy, but do not have the same access to benefits that members of the formal sector do." "The informal...

Maynilad inks P10B loan deal with Metrobank

West Zone concessionaire Maynilad Water Services Inc. has signed a loan deal with the Metropolitan Bank and Trust Company to bankroll its capital requirements for this year. In a statement, Maynilad said it tapped Metrobank for a P10 billion loan to boost its financial muscle in funding its water service improvement projects for 2024. The loan facility will mature in 10 years or 2034, the water concessionaire said. The additional funding will be...

Recto sees 20% drop in rice prices by September

Rice prices in the Philippines are expected to go down by as much as 20% in September due to an expected increase in production and the possible reduction in tariffs, Finance Secretary Ralph Recto said Tuesday. Speaking before a panel at the Philippine Economic Briefing, Recto said rice prices could go down starting in the third quarter. Market prices currently range from P45 to P66 per kilogram for local commercial rice and from P49 to P65 per...

Weight-Loss Drugs Are Coming to Bite a Sugar Industry in Denial

In a room filled with more than 800 sugar traders, Sally Lyons Wyatt, an executive at consumer researcher Circana, had an important message to deliver: Ozempic is coming for your industry.

Pork prices up due to increase in production cost, group says

The Pork Producers Federation of the Philippines Inc. (PPFP) has cited the increase in farm inputs and production costs for the rising pork prices observed in the markets. Interviewed on Dobol B sa G TV on Saturday, PPFP president Rolando Tambago said the farm-gate price of pork has increased to an average of P210 per kilo. “The farm-gate price increased because the costs of farm inputs rose,” Tambago said in Filipino. The PPFP chief also...

OpenAI Creates Oversight Board Featuring Sam Altman After Dissolving Safety Team

OpenAI has created a board committee to evaluate the safety and security of its artificial intelligence models, a governance change made weeks after its top executive on the the subject resigned and the company effectively disbanded his internal team.

Yellen Embraces Carbon Market Potential With Push for Integrity

The Biden administration is unveiling a framework for using carbon offsets to drive climate progress, with principles it says are meant to help ensure the trading regimes deliver real emissions reductions — not a green mirage.

After Year of Culture Wars, Bosses Are Talking Less About ESG

ESG was near the top of just about every top executive’s talking points just a few years ago.

AIIB approves $350-M first tranche financing for Bataan-Cavite bridge

China-backed Asian Infrastructure Investment Bank (AIIB) has approved its $350-million counterpart loan for the first tranche financing of the $3.91-billion Bataan-Cavite Interlink Bridge project. A project status update posted on AIIB's website showed that the multilateral lender approved the $350-million funding for the bridge project on May 15, 2024. The AIIB's approved $350-million loan completes the $1-billion first tranche financing for...

Social Security Early Payment to Go Out This Week

Supplemental Security Income (SSI) recipients will have received two payments in May.

Tempted to try a no-buy year? Here are tips from people doing it

NEW YORK (AP) — The rules of a no-buy challenge are self-imposed and simple: Make a list of the non-essential items you won't spend money on for a set period of time and stick to it. Easier said than done. Many people start such challenges at the beginning of the year and commit to keep going until the end of it. But any time can be the right one for those looking to tackle their credit card debt, declutter their homes or to spend less time...

Senate to review Meralco performance - Senator Gatchalian

Senator Sherwin Gatchalian, vice chairman of the Senate committee on energy, has said that the submission to the Senate of a bill renewing the franchise of Manila Electric Company (Meralco) will be an opportunity to scrutinize the power distributor’s performance. “My view always is that we have to use this opportunity to review the performance of the grantee. And that's a good way of putting accountability on the grantee,” Gatchalian said. “So,...

Maharlika focusing energy sector investments on island grid development

The Maharlika Investment Corp. (MIC), which manages the Philippines’ first sovereign wealth fund, is concentrating its planned energy sector investments on developing the transmission and distribution infrastructure of the country's off-grid islands. “Maharlika will be focused on lines, just the transmission lines. We do not see ourselves investing in the generation side or the distribution side…,” MIC president and CEO Rafael Consing Jr. said...

BSP: Monetary Board can function with five-member quorum

The Bangko Sentral ng Pilipinas (BSP) on Tuesday said the Monetary Board has “functioned as normal” and will continue to do so as long as there is a four-member quorum, following reports of ghost employees involving two board members. In a statement, the central bank responded to talks that there could be vacancies in the policy-setting Monetary Board, after six “ghost employees” could have been employed under the watch of board members. “In...