World

BANGKOK: Myanmar is limiting the number of foreign staff allowed to work in domestic banks, a move that industry sources warn could further impede financial development in a country that had seen a boom in foreign investment before the military coup. A letter dated Aug 2 and posted on the central bank's website said major banks can now employ no more than 25 foreign staff, 15 at a medium-sized bank and eight at small lenders. In addition, a bank must obtain authorisation 30 days before hiring a foreign national and some senior posts must be held by local citizens, it said. Military authorities replaced the central bank's leadership after the Feb 1 coup against the elected government of Aung San Suu Kyi, which sparked almost daily protests and fighting between the army and newly formed p...

Few tourists are gazing at the Mona Lisa or wandering the streets of Paris this summer, dashing hopes that the top tourist destination would see brighter days after last year's pandemic-linked desertion. The City of Light has seen between 3.6 million and 4.7 million visitors between June and August, down from 10 million in 2019, before the coronavirus emerged and wrecked international travel, according to tourism office figures. Only 2.6 million tourists visited Paris last year. "With clients from afar not coming, the impact is considerable," Didier Arino, director of the travel firm Protourisme, told AFP. France eased its travel rules ahead of the summer season, putting countries in a red, orange and green colour-coded system that determines if visitors need to take a COVID-19 test be...

Global press freedom is under spectacular pressure. More journalists than ever were in jail last year and the number of media workers killed rose by a third compared to 2019, with Asia accounting for nearly half of those murdered. With a crackdown on the world’s press comes a more challenging business landscape for investors. Restricted information flows can mask political and regulatory problems as well as potential fraud and corruption, raising the risks of doing business — particularly in more volatile emerging markets where good-quality information may already be scarce. ​ Yet in an era when environmental, social and governance investing is increasingly in the spotlight, press freedom is still low on most investors’ list of concerns. “The suppression of human rights surely catches u...

LONDON: World share markets were back on form on Thursday as the U.S. Federal Reserve signalled it was in no rush to taper stimulus and reassurances from Beijing saw beaten-up Chinese stocks leap off the canvas. There was also some promising news on the long-awaited U.S. infrastructure bill as the Senate voted overnight to move ahead on the US$1.2 trillion deal, as well as it being a packed day of earnings and economic data. The rebound in China's markets included a 10per cent bounce in tech giant Tencent - its second biggest in nearly a decade - after reports that regulators had called banks overnight to ease concerns about the recent crackdown on sectors like tech and education, and on overseas listings. Chinese blue-chip shares bounced 1.9per cent. The main tech index jumped 3.2per c...

PARTNERSHIP WITH SOUTHEAST ASIA Ms Harris urged nations throughout the Indo-Pacific to join the US in this effort, saying that she hopes the region will look back at this moment years from now and realise they joined together to "improve the lives of all people". "I hope that we will be able to point to our partnerships between the United States and Singapore, between the United States and Southeast Asia, and throughout the Indo-Pacific, as the partnerships that made this shared vision of the future possible," she added. Ms Harris said she believes the growth of the US economy can benefit its partners, especially as its economy "shares so much" with Southeast Asia, from supply chains to a steady flow of two-way trade. "Collectively, the nations of Southeast Asia, represent our nation's...

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners. Credit scores typically range from 300 to 850, with 300 considered "poor" credit and 850 considered "exceptional" credit. Thankfully, a perfect 850 credit score isn't necessary for most people to have when it comes to approval for personal loans or credit cards. But there are some other guidelines and requirements you should be aware of before applying for a personal loan. Below, Select breaks down what a personal loan is, why your credit score matters when applying for one and tips for increasing your chances of approval. What is a personal loan and why might you co...

Hero Images | Getty Images At some point, individuals who are charitably inclined might determine that writing checks here and there to various nonprofits is no longer cutting it. For those who want a more permanent way to help the greater good during their lifetime, and perhaps beyond, options include either a private foundation or a donor-advised fund. While they are similar, there are some differences that can help you figure out whether either (or maybe both) is right for you. "They are both devices that let you donate money now and give it out over time," said certified financial planner Mitchell Kraus, cofounder of Capital Intelligence Associates in Santa Monica, California. "The biggest difference is that a donor-advised fund is more a simplistic solution … but doesn't allow for a...

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners. Your credit score is one of the most important indicators of your financial health, especially in the eyes of lenders who have the ability to extend you credit for some of the biggest purchases of your life — like a mortgage for a home or a loan for a car. And while you may have several different credit scores because there are many different scoring models, the FICO score is the most important one because it gets used in 90% of lending decisions. Therefore, it's important to make sure you're taking steps to keep your FICO score in a healthy range, which is usually co...

NEW DELHI : India is considering slashing import duties on electric cars to as low as 40per cent, two senior government officials told Reuters, days after Tesla Inc's appeals for a cut polarised the country's auto industry. For imported electric vehicles (EVs) with a value of less than US$40,000 - including the car's cost, insurance and freight - the government is discussing slashing the tax rate to 40per cent from 60per cent presently, the officials told Reuters. For EVs valued at more than US$40,000, it is looking at cutting the rate to 60per cent from 100per cent, they said. "We haven't firmed up the reduction in duties yet, but there are discussions that are ongoing," one of the officials said. India is the world's fifth-largest car market with annual sales of about 3 million vehic...

SINGAPORE -Oil prices rose on Wednesday after industry data showed U.S. crude and product stockpile dropped more than expected last week, bolstering expectations that demand will outpace supply growth even amid a surge in COVID-19 infections. Brent crude futures rose 28 cents, or 0.4per cent, to US$74.76 a barrel at 0506 GMT, after shedding 2 cents on Tuesday in the first decline in six days. U.S. West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.5per cent, at US$71.98 a barrel, reversing Tuesday's 0.4per cent decline. "Crude oil prices are steady ahead of the U.S inventory data from EIA on Wednesday as traders balance the spread of Delta variant coronavirus cases against tight supplies," said Avtar Sandu, a senior commodities manager at Singapore's Phillips Futures. D...