Market Archives - Page 24 of 46

17Jun

By Online DeskNo Comments

Asia, Market, USA, World

US July 2024 visa bulletin: Big leaps for Indians in Green Card category

The July Visa Bulletin has brought a notable shift in various visa categories. The US State Department has retrogressed the EB-3 All Other Countries category. In the EB-1 category, India has moved forward by 11 months, now at February 1, 2022. This is a big change, marking significant progress for applicants in this category. On the other hand, the EB-2 category for India has advanced by two months, reaching June 15, 2012. What is the US Visa Bulletin? The Visa Bulletin lists priority dates, essentially placeholders in the green card application line. Each month, the US Department of State calculates how many applications are waiting in each category, helping them estimate when different applicants might be able to move forward. These dates in the Visa Bulletin indicate the earli...

17Jun

By Online DeskNo Comments

Asia, Market, World

Six imperatives for credit unions to secure their future

Credit unions in the United States are at a crossroads. Their membership ranks are aging, and young people don’t always see credit unions’ offerings as a good value. That means credit unions need to work harder to attract younger members, or risk fading into irrelevance. (For more details on credit unions—what are they exactly and who can join one—see sidebar, “A brief history of credit unions.”) US credit unions have had a strong run in recent years. Since 2018, loans at credit unions have grown 8.8 percent a year, on average,1 compared with 8.0 percent a year for bank loans,2 while deposits at credit unions have risen 9.0 percent, compared with 8.9 percent for bank deposits. Despite these positive trends, 2023 was a difficult year for US credit unions, as ROA for the sector fell 23.5...

13Jun

By Online DeskNo Comments

Asia, China, Market, World

June 2024 Fed meeting: Fed maintains current policy rate and sees only one rate cut in 2024

Key takeaways During its June meeting, the Federal Reserve (Fed) unanimously voted to hold policy rates steady for the seventh consecutive time, leaving the Fed Funds Target Rate unchanged at 5.25% to 5.50%. The much-anticipated Summary of Economic Projections (SEP) broadly met expectations with a higher inflation forecast for 2024 and less easing this year; The median FOMC member called for one 25 basis point cut by the end of this year and four 25 basis point cuts in 2025. Within the Fed’s economic projections, the most significant update was the expectation that core inflation will move to 2.8% for year-end from 2.6%. This increase is likely due to strong first quarter inflation. Chair Powell underscored that the Fed’s decision on the direction of rates continues to b...

13Jun

By Online DeskNo Comments

Market, USA, World

US Fed holds key rates elevated at 23-year high, expects single 0.25% reduction in 2024; 5 key takeaways

The US Federal Reserve announced its fourth interest rate decision for 2024 on Thursday, after a two-day Federal Open Market Committee (FOMC) meeting, where it unanimously voted to leave the key benchmark interest rates unchanged at 5.25 per cent - 5.50 per cent for the seventh straight meeting, which was broadly in line with Wall Street estimates and market analysts. The US central bank has maintained its key overnight interest rate at the 23-year high-mark since July 2023. Despite US inflation falling further to the target range in recent months, the Fed does not expect to reduce interest rates until it has “gained greater confidence” that inflation is moving sustainably towards its two per cent level. Fed policymakers also slightly raised the US core inflation forecast for this ...

11Jun

By Online DeskNo Comments

Asia, Market, World

Global Growth Is Stabilizing for the First Time in Three Years

WASHINGTON, June 11, 2024—The global economy is expected to stabilize for the first time in three years in 2024—but at a level that is weak by recent historical standards, according to the World Bank’s latest Global Economic Prospects report. Global growth is projected to hold steady at 2.6% in 2024 before edging up to an average of 2.7% in 2025-26. That is well below the 3.1% average in the decade before COVID-19. The forecast implies that over the course of 2024-26 countries that collectively account for more than 80% of the world’s population and global GDP would still be growing more slowly than they did in the decade before COVID-19. Overall, developing economies are projected to grow 4% on average over 2024-25, slightly slower than in 2023. Growth in low-income economies is ex...

6Jun

By Online DeskNo Comments

Asia, Market, Singapore

India attends Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial meeting in Singapore

Indian delegation led by Secretary, Department of Commerce, Shri Sunil Barthwal participated in the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial meeting held in Singapore on 6 June 2024. The IPEF Ministerial Statement of 14 November 2023 declared substantial conclusion of negotiations for Clean Economy, Fair Economy, and the overarching Agreement on the Indo-Pacific Economic Framework for Prosperity. Pursuant to this, the IPEF partners completed legal review of the text for these agreements and domestic approval processes. Today, IPEF members signed these agreements which are first-of-their-kind approaches to addressing 21st century challenges and strengthening economic engagement across a critical region. India actively participated in the signing proceedings a...

<strong>Business closures surge as Foreign Capital flees China</strong>

6Jun

By Michael SmithNo Comments

Asia, China, Market

Business closures surge as Foreign Capital flees China

China is currently facing a significant economic challenge. Foreign capital, once a major driver of the country’s growth, is rapidly withdrawing. This shift is triggering a domino effect, leading to widespread business closures. Furthermore, salary cuts across various sectors are becoming increasingly common, adding to the mounting economic pressure.Foreign capital is withdrawing and a wave of business closures is sweeping across the country accompanied by a further spread of salary cuts and wager arrears within the system throughout China. By late May public servants in various parts of the Mainland told new Tang Dynasty television that waves of layoffs, salary cuts or job losses have become common place in State owned Enterprises leaving many without a guaranteed livelihood. Miss Xiao, ...

3Jun

By Online DeskNo Comments

Asia, Market, World

World Economic Situation and Prospects: June 2024 Briefing, No. 181

Enhanced global economic outlook amid persistent vulnerabilities Global macroeconomic outlook The global economic outlook has improved since the previous forecast released in January 2024. Despite the most aggressive monetary tightening in decades, a hard landing scenario of the United States economy has largely receded. Most major economies have managed to bring down inflation without increasing unemployment and triggering a recession. However, the outlook is only cautiously optimistic as higher-for-longer interest rates, debt difficulties, and escalating geopolitical risks will continue to challenge stable and sustained economic growth. Ever-worsening climate shocks continue to pose additional challenges to the global economic outlook, threatening decades of development gains, esp...

31May

By Online DeskNo Comments

Asia, China, Market, World

Has investment banking lost its appeal among graduates from China’s elite schools?

In April, six months into an internship at an investment firm in Beijing, 24-year-old Wang Xuan (pseudonym) was told by Human Resources (HR) that he would not be offered a full-time position. Wang was unexpectedly calm when he got the news, remarking: “I anticipated this.” Signs of trouble emerged last year. He had come across reports of job cuts within the sector and got wind of discussions in the pantry regarding unpaid bonuses from the previous year. Senior colleagues openly expressed a desire to “lie flat” and resign themselves to the possibility of being laid off. Wang sighed, “Longtime employees might receive a retrenchment package of up to a million RMB. With that sum, they can afford to take a gap year and recharge. But for fresh graduates like us, it’s all about facing the ...

29May

By Online DeskNo Comments

Asia, China, Market, World

China hands rare death sentence to former senior banker for taking US$151 million in bribes

Former manager Bai Tianhui is the second China Huarong official to receive the ultimate penalty, after his former boss was executed in 2021No mention was made of Bai’s intention to appeal the court’s ruling, which is unusually severe in Chinese corruption cases A court in eastern China delivered a rare death sentence on Tuesday, after finding that a former senior banker accepted bribes worth more than 1.1 billion yuan (US$151 million) in his role with one of the country’s top four state asset managers. Bai Tianhui, former general manager of China Huarong International Holdings (CHIH), took advantage of his position to aid others in the acquisitions and financing of projects in exchange for the huge sums, the court found. A report on the Secondary Intermediate People’s Court of Ti...

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