Iraq Central Bank Increases Overseas Dollar Transactions via SWIFT System to Combat Currency Black Market
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#178231ef ver:0.11
As the year 2023 draws to a close, the forex market is set to be influenced by various factors. One of the key factors is the policies of central banks, which have a significant impact on currency values. The decisions made by central banks, such as the Federal Reserve in the United States, can affect the strength or weakness of the US dollar. Additionally, geopolitical tensions in the Middle East are also expected to play a role in shaping the forex market. Conflicts and uncertainties in the region can lead to fluctuations in currency values. Another important factor to consider is the diverging economic growth trajectories of different countries. For example, the US and the UK may have contrasting economic performances, which can impact their respective currencies. Traders and investors ...
#newstr #Iraq #CentralBank #DollarTransactions #SwiftSystem #CurrencyBlackMarket
HSBC Launches $1 Billion Asean Growth Fund to Support Digital Platform Businesses in Southeast Asia
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#f676f111 ver:0.14
HSBC has launched a $1 billion Asean Growth Fund to help scale up digital platform businesses in Southeast Asia. The fund aims to support 'new-economy names', established corporates, and non-bank financial institutions by assessing operating metrics tied to their cashflow-generative asset portfolio, rather than relying solely on traditional financial metrics. The bank has a presence in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, and the fund will be looking to support businesses in these countries. HSBC's South and Southeast Asia head of commercial banking, Amanda Murphy, highlighted the region's potential for growth, with a digitally native working population that is increasing in size and poised to consume more goods and services, particularly in e-commerce. T...
#newstr #Hsbc #DigitalPlatformBusinesses #SoutheastAsia #AseanGrowthFund #VentureDebtFund #Singapore
Gold Prices Correct from Lifetime High as Traders Monitor Dollar Index
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#bc063816 ver:0.18
Gold prices in India have corrected from their lifetime high as traders monitor the dollar index. MCX April gold futures were trading at Rs 66,140 per 10 grams, up by Rs 26 or 0.04%. May silver futures were trading at Rs 74,450 per kg, lower by Rs 68 or 0.09%. Gold has corrected by Rs 803 from its lifetime high of Rs 66,943. In the international market, gold prices had surpassed the $2,220 per troy ounce mark. On the daily chart, MCX April gold contracts have formed an inverted hammer candlestick pattern, indicating potential bearishness. Traders are advised to sell MCX April gold futures at Rs 66,100 with a stop loss of Rs 66,500 and a price target of Rs 65,600. For MCX May silver futures, traders can sell at Rs 74,500 with a stop loss of Rs 75,500 and a price target of Rs 72,500. Analyst...
#newstr #Gold #Trading #MarketAnalysis
Gold Prices Edge Lower as Dollar Strengthens
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#025720c3 ver:1.17
Gold prices edged lower as the dollar strengthened, with spot gold down 0.1% at $2,176.29 per ounce and U.S. gold futures also edging 0.1% lower to $2,175.20. The dollar index strengthened 0.2% against its rivals, making gold more expensive for other currency holders. Gold prices have risen more than 5% this year and hit a record high last week. Traders are pricing in a 72% probability that the Fed will begin cutting rates in June. SPDR Gold Trust reported a 0.62% decrease in holdings to 830.15 tons. Spot silver was steady at $24.42 per ounce, platinum eased 0.1% to $902.15, and palladium fell 0.6% to $988.15.
Gold prices reached a record high of $2,222 per ounce before stabilizing around $2,203 per ounce. The US stock market indices rose to record highs after the Federal Reserve indicate...
#newstr #Gold #Dollar #FederalReserve #Investors #Economy
Asian Currencies Hit Multi-Month Lows Against US Dollar; Stocks Mixed
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#f3745d94 ver:0.09
Currencies across Asia remained rangebound as traders awaited fresh cues on the interest rate outlook. The Indonesian rupiah, South Korean won, Malaysian ringgit, and Thai baht all remained within a narrow range. The Taiwan dollar edged down about 0.2%. The Indonesian stock market, however, hit another record high, with the Jakarta index advancing as much as 0.7%. Foreign investors have purchased $1.1 billion Indonesian equities in the first two months of the year. Market participants are also closely watching U.S. economic data, including retail sales, ahead of the Federal Reserve's policy meeting next week. The dollar index was at 102.88 at 0655 GMT. The CME's FedWatch Tool indicates a 65% chance of a rate cut in June, down from 71% earlier in the week. The central bank governor of Taiwa...
#newstr #AsianCurrencies #UsDollar #Stocks
Chinese President Xi Jinping Meets with US Business Representatives in Beijing to Discuss Economic Cooperation and Address Concerns
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#dda14a4e ver:0.32
Chinese President Xi Jinping met with representatives of US businesses in Beijing's Great Hall of the People on Wednesday, March 27, 2024. The meeting, proposed by Evan Greenberg, the chief executive of U.S. insurer Chubb, aimed to address concerns about China's business environment and strengthen business ties between China and the United States .
The meeting included representatives from the US business community and academia, as well as prominent figures such as Apple CEO Tim Cook and other top executives. The CEOs extended their stay in China after receiving a last-minute invitation to meet with President Xi Jinping. The meeting provided an opportunity to discuss trade and investment issues and express concerns about the slow recovery of China's economy post-pandemic and the busines...
#newstr #China #XiJinping #UsBusinessRepresentatives #ForeignInvestment #UsCompanies #Economy #ChinaDevelopmentForum #TimCook #EconomicGrowth #PropertysectorCrisis #YouthUnemployment #GlobalSlowdown #ChinausEconomicRelationship #Technology #Trade #HumanRights #Taiwan #SouthChinaSea #IntellectualProperty
BlackRock CEO Larry Fink Warns of 'Snowballing Debt' and Urges Action to Stimulate US Economy
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#9efc32af ver:0.23
BlackRock CEO Larry Fink has expressed serious concerns about the urgency of the US public debt situation, emphasizing it as unprecedented in his experience. In his annual letter, Fink highlighted the insufficiency of relying solely on taxes and spending cuts to manage the escalating debt crisis. He warned of a potential future mirroring Japan’s economic stagnation in the late '90s and early 2000s, marked by austerity and minimal growth. Fink called for capital markets to help grow the economy through infrastructure investments, especially in the energy industry. Fink's warning comes as investors are becoming wary of traditional financial markets and may turn to cryptocurrencies as a decentralized solution. The rise in US debt also increases the risks of government-led debasements, further...
#newstr #LarryFink #BlackrockInc #UsPublicDebt #DebtCrisis #EconomicStagnation #CapitalMarkets #InfrastructureInvestments #EnergyIndustry #CryptoMarkets
AUD/USD: Australian Dollar Steady Amid US Data and Economic Optimism
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#5e795900 ver:0.1
The AUD/USD pair traded flat at 0.6533 as traders awaited the release of the US Federal Reserve's Core Personal Consumption Expenditure (PCE) Price Index . Recent US durable goods orders exceeded expectations, but consumer confidence dipped slightly . Federal Reserve officials have expressed divergent views on rate cuts, with Atlanta's Fed Raphael Bostic foreseeing just one rate cut for 2024, while Lisa D. Cook warns that easing policy too soon increases the risk of inflation becoming entrenched . Chicago Fed President Austan Goolsbee expects three cuts on the dovish spectrum but says he needs more evidence of inflation 'coming down' . Traders are now turning their attention to Australian CPI data for further direction .
The release of Australia's inflation data is awaited during the Asia...
#newstr #Aud/usd #UsDollar #EconomicOptimism #AustralianEquityMarket
Oil prices fall for a second day as US crude inventories increase
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#12d86ea3 ver:0.44
Oil prices were broadly steady on Thursday, supported by a surprise drop in US crude stock and the US Federal Reserve's commitment to rate cuts. Brent crude futures for May decreased by 0.4% to $85.64 a barrel, while US West Texas Intermediate (WTI) futures for May fell by 0.4% to $80.97 a barrel. Crude inventories in the US declined for the second consecutive week, dropping by 2 million barrels to 445 million barrels in the week ending March 15. Gasoline inventories also fell for the seventh week, down by 3.3 million barrels to 230.8 million. The market was also influenced by concerns over Ukrainian attacks on Russian refineries impacting global petroleum supplies.
Oil prices settled slightly lower on Thursday, with Brent crude futures for May settling down 17 cents, or 0.2%, to $85.78 ...
#newstr #OilPrices #UsCrudeInventories #Opec+ #OutputPolicy #BrentCrudeFutures #Opec #Russia #Iraq #OutputCuts
Indian Rupee Weakens Slightly as Asian Peers Fall, Forward Premiums Rise
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#19e6c8d0 ver:0.56
The Indian rupee weakened slightly on Wednesday, pressured by a fall in Asian peers. The USD/INR exchange rate was at 83.3225, compared to its previous close at 83.28. The dollar-rupee overnight swap rate rose to 0.26 paisa after trading close to or below 0.10/0.12 paisa levels since March 19. The improvement in the overnight swap rate also lifted near and far forward premiums, with the one-year implied premium up 5 basis points at 1.61%. The rupee is expected to see sideways price action between 83.20 and 83.40, with the Reserve Bank of India expected to defend the currency from hitting all-time lows .
Despite the slight weakening, the Indian rupee has shown signs of recovery. It appreciated 29 paise to 83.32 against the US dollar in early trade on Tuesday. India's forex reserves also in...
#newstr #IndianRupee #AsianCurrencies #ForwardPremiums
Wall Street Retreats from Record Highs Amid Mixed Reports on Economy
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#124f9b71 ver:0.65
US stock index futures rose in evening deals on Tuesday, signaling some recovery on Wall Street after equities clocked three straight days of losses amid uncertainty ahead of more cues on inflation and the Federal Reserve. S&P 500 Futures rose 0.2% to 5,274.0 points, while Nasdaq 100 Futures rose 0.2% to 18,485.0 points by 19:40 ET (23:40 GMT). Dow Jones Futures rose 0.2% to 39,758.0 points. Wall Street indexes fell into a holding pattern after clocking record highs last week, with traders now seeking more cues on the path of inflation and interest rate cuts. The focus is now on PCE price index data, due on Friday, when markets will be closed for the Good Friday holiday. Top Fed officials, including rate-setting committee member Mary Daly, are also set to speak separately on Friday, offeri...
#newstr #WallStreet #StockMarket #S&p500 #DowJones #Nasdaq #Tesla #Alphabet #Nvidia #KrispyKreme #Mccormick #TrumpMedia&TechnologyGroup #FederalReserve #TreasuryYields #Economy #BondMarket
BRICS Alliance Explores Expansion Amid Concerns of India and China's Influence
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#bddbf015 ver:0.34
BRICS, consisting of Brazil, Russia, India, China, and South Africa, is gaining international attention as it currently accounts for one-third of the world's GDP and represents 40% of the global population. The term BRIC was coined in 2002 by British economist Jim O'Neill. However, BRICS still lacks a well-organized organizational structure and political convergence. The New Development Bank, founded in 2014, aimed to compete with the IMF and the World Bank but has not achieved its goals. The BRICS countries can be divided into two groups based on their economic structures: Russia, Brazil, and South Africa rely heavily on raw material exports, while India and China exhibit industrializing tendencies. India and China were less affected by the 2009 crisis and have sustained GDP growth rates ...
#newstr #Brics #GlobalEconomy #Expansion #Dedollarization #InternationalTrade
Russian Oil Firms Face Payment Delays as China, UAE, and Turkey Increase Bank Scrutiny
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#2cc3db6d ver:0.19
Greek-owned oil tankers headed to Russia have decreased by 25% this month, following a 60% decline since mid-2023. The decrease in shipping activity comes after the US Treasury sent letters to Greek ship owners inquiring about their compliance with the G7's $60 per barrel price cap on Russian oil. The US is cracking down on efforts to bypass the price cap, and some vessels have already faced sanctions. Western shipping companies, including those from Greece, are now being more cautious as the US is expected to further restrict Russia's oil revenue. This reduction in Greek oil tankers shipping to Russia could have significant implications for both Russia's oil trade and the Greek shipping industry, which is the world's largest. India has also refused to allow a sanctioned vessel to dock, si...
#newstr #Russia #OilPayments #China #Uae #Turkey #BankScrutiny #Sanctions #SecondarySanctions
Top Stories on HERE.news in this hour...https://imagedelivery.net/665GHToRzycMVwZ9VsJNfA/cdfc3d64-1063-4785-d291-ae1ec7ccaa00/screenshot
Small Business Hiring Woes Ease as Economy Remains Strong
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#adeca620 ver:0.13
In January 2024, small businesses in the United States continue to face challenges in the labor market and regulatory landscape. During the CO— Small Business Update event, Neil Bradley, Executive Vice President, Chief Policy Officer, and Head of Strategic Advocacy at the U.S. Chamber of Commerce, discussed the current state of the U.S. labor workforce. The U.S. unemployment rate is at 3.7%, leading to recruitment and staffing shortages for small businesses. Factors such as the COVID-19 pandemic, early retirements, and generational shifts have contributed to the smaller applicant pool .
To address the labor shortage, Bradley suggested that small businesses prioritize legal immigration to add more workers to the workforce. He also emphasized the importance of leveraging the natural benefit...
#newstr #SmallBusiness #Hiring #Economy #Employment #Cbiz #UsEconomy
Global Stock Markets Mostly Rise as US Data Comforts Rate Outlook
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#5e43e797 ver:0.12
Global stock markets mostly rose as US data comforted expectations that the Federal Reserve will be able to cut interest rates. US durable goods orders rebounded slightly more than expected in February, but by much less than the fall in January. US consumers' assessment of their current situation improved in March, but they became more pessimistic about the future and their expectations to buy big-ticket items, autos, and homes in the coming six months fell further. Recent guidance from the Federal Reserve pointed to three interest rate cuts before the end of the year. Investors are also gearing up for the first-quarter earnings season, with some observers warning that profit expectations may have gone too far and disappointing reports could spark a pullback in equities. Oil prices steadie...
#newstr #StockMarkets #UsData #InterestRates #FederalReserve #DurableGoods #ConsumerAssessment #EarningsSeason #OilPrices #CocoaPrices #Atos
India's Current Account Deficit Declines to 1.2% of GDP in Q3 2023-24
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#719f7845 ver:0.12
India's current account deficit (CAD) declined to $10.5 billion, representing 1.2% of GDP, in the October-December quarter (Q3) of 2023-24. This is a decrease from the CAD of $16.8 billion, or 2.0% of GDP, recorded in the same quarter of the previous fiscal year. The decline in CAD reflects a strengthening of the macroeconomic fundamentals of the Indian economy. Services exports grew by 5.2% on a year-on-year basis, and net services receipts increased both sequentially and from a year ago, helping to cushion the current account deficit. Private transfer receipts amounted to $31.4 billion, a 2.1% increase compared to the corresponding period a year ago. Foreign direct investment (FDI) recorded a net inflow of $4.2 billion, while foreign portfolio investment saw a net inflow of $12.0 billion...
#newstr #India #CurrentAccountDeficit #Gdp #Q3202324
Cargo Ship in Baltimore Bridge Collapse Passed Inspections, Singapore Officials Say
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#733809cc ver:0.43
Six people, believed to be part of a road construction crew, are missing after Baltimore's Francis Scott Key Bridge collapsed this morning. The collapse occurred after a 984-foot cargo ship, the Dali, hit the bridge's pillar. Two of the missing workers are from Guatemala. The ship's crew issued a 'mayday' call before the collision, allowing authorities to stop traffic. The US Coast Guard is examining damaged containers on the ship, some of which hold potentially hazardous materials. The bridge collapse has halted the flow of ships in and out of Baltimore, impacting the local economy and supply chains along the US East Coast. Dive teams from various state and local agencies were involved in the rescue operations, which have now transitioned to a recovery phase. The National Transportation S...
#newstr #Baltimore #BridgeCollapse #ShipInspections #Singapore
The Clash of Legal Giants in the US Antitrust War: Brandeis vs. Bork
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#f6254fcc ver:0.1
The ongoing power struggle between Washington, D.C. and Big Tech has intensified with the United States government's legal actions against major technology companies. The Biden administration's lawsuit against Apple, accusing the company of building a monopoly with the iPhone, is a significant development in the battle to rein in the power of Big Tech. Similarly, the government's accusations against Google for abusing its monopoly power in the search engine and digital advertising markets highlight the concerns about the dominance of these tech giants. The FTC's lawsuit against Meta for reducing competition through its acquisitions further underscores the regulatory efforts to address monopolistic practices in the tech industry. The European Union has now joined the United States in target...
#newstr #Antitrust #Us #DepartmentOfJustice #AppleInc #AlphabetInc #MetaPlatforms #EuropeanUnion #LouisBrandeis #RobertBork #Monopoly #InformationbasedEconomy #SupremeCourt
Thai and Philippine Economies Show Mixed Growth in Q1 2024
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#7dec7653 ver:0.1
South Korea's economic growth in the third quarter weakened slightly, with high borrowing costs affecting consumer spending and slow export recovery. GDP for the July-September period is projected to have grown 0.5% quarter-on-quarter on a seasonally adjusted basis. However, the fragile global outlook remains a drag on offshore demand and on Asia's fourth-largest economy .
Similarly, Thailand's economy grew less than expected in the third quarter, mainly due to weak exports. GDP grew 1.5% on-year in July-September, lower than the forecasted 2.2% by the National Economic and Social Development Council (NESDC). The decline in exports was cited as the main reason for the lower growth. The NESDC now expects the economy to grow at the low end of the forecasted range for the year .
Thailand's ...
#newstr #ThaiEconomy #PhilippineEconomy #Q12024Growth #InfrastructureSpending #Exports #ConsumerSpending #Covid19 #ManufacturingSector #SupplyChainDisruptions #RisingCosts #SmallAndMediumEnterprises #GovernmentSupport