World

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. President Joe Biden's announcement regarding widespread student loan forgiveness freed an estimated 20 million borrowers from student loan debt, allowing borrowers to breathe a sigh of relief and begin thinking about their other financial goals. While political rhetoric has certainly picked up following the decision, there's still reason to rejoice for the millions of Americans who can finally move forward, focus on other financial priorities and start making major life decisions such as whether or not to get married, launch a business or star...

SEOUL/DETROIT: After grabbing the No. 2 spot in the US Electric Vehicle (EV) market with stylish, long-range models, Hyundai Motor and Kia are the automakers with the most to lose from new rules that halt subsidies for EVs made outside North America. These two companies, which make the popular Ioniq 5 and EV6 models, sold more than 39,000 EVs in the United States between January and July – doubling last year's sales and blowing past Ford Motor, Volkswagen AG and General Motors. But the Inflation Reduction Act signed into law by US President Joe Biden last month excludes Hyundai and its affiliate Kia from federal tax credits because they don't yet make EVs in North America, knocking their EV ambitions in the short term at least, a Hyundai official, parts suppliers, analysts and car dealer...

DUBAI :Iran made its first official import order using cryptocurrency this week, the semi-official Tasnim agency reported on Tuesday, a move that could enable the Islamic Republic to circumvent U.S. sanctions that have crippled the economy. The order, worth $10 million, was a first step towards allowing the country to trade through digital assets that bypass the dollar-dominated global financial system and to trade with other countries similarly limited by U.S. sanctions, such as Russia. The agency didn't specify which cryptocurrency was used in the transaction. "By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries," an official from the Ministry of Industry, Mine and Trade said on Twitter. The United States ...

BEIJING: China's export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-induced slump, but weakening global demand could start to drag on shipments in coming months. Exports rose 18 per cent in July from a year earlier, the fastest pace this year, official customs data showed on Sunday (Aug 7), compared with a 17.9 per cent increase in June and beating analysts' expectations for a 15 per cent gain. Outbound shipments have been one of the few bright spots for the Chinese economy in 2022, as widespread lockdowns hit businesses and consumers hard and the once mighty property market lurches from crisis to crisis. "China's export growth surprised again on the upside. (It) continues to help China's economy in a...

SINGAPORE: Heavy traffic through the Woodlands and Tuas Checkpoints is expected during the upcoming September school holiday period from Sep 2 to 11, said the Immigration and Checkpoints Authority (ICA) on Wednesday (Aug 31). Travellers should expect delays and are advised to adjust their travel plans, where possible, to avoid being caught in traffic congestion, it added. "We seek travellers’ understanding and cooperation to be patient, observe traffic rules, maintain lane discipline, and cooperate with officers on-site when using the land checkpoints." At the peak of the September school holiday in 2019, travellers departing and arriving by car via the land checkpoints had to wait up to one-and-a-half hours before they were cleared through immigration, said ICA. Additionally, ICA said...

JAKARTA: Indonesia's economic growth accelerated in the April to June quarter amid an export boom driven by rising commodity prices, official data showed on Friday (Aug 5), but monetary tightening, rising inflation and a global recession risk threaten the outlook. Second-quarter gross domestic product (GDP) was up 5.44 per cent on a year earlier, showing the fastest growth rate in a year, according to Statistics Indonesia data. That beat the median forecast of a 5.17 per cent rise in a Reuters poll and the first quarter's 5.01 per cent annual growth. Exports expanded nearly 20 per cent on a yearly basis, picking up pace from 16.22 per cent in the previous quarter, which the statistics bureau called "impressive". Indonesia, Southeast Asia's largest economy, is a major exporter of palm oi...

The major stock benchmarks all pulled back this past week, with the Nasdaq falling 2.6%, the S & P 500 off 1.2%, and the Dow Jones Industrial Average down fractionally. The S & P 500's weekly decline broke a four-week winning streak. Contributing to the pullback was a retail sales number that came in hotter than expected when excluding the impact of auto sales, and fears of more aggressive Federal Reverse tightening returned after the minutes from its latest meeting were out this week. Also adding fuel to selloff was likely the blow up in Bed Bath & Beyond (BBBY), the latest meme stock to wreck havoc in the market. As we noted on Friday , meme blowups often happen when the short squeeze — an event in which a stock is unnaturally bid higher by short sellers closing out positions — inevitabl...

SEOUL : FTSE Russell is likely to add South Korea to a watch list in coming weeks for inclusion in its World Government Bond Index, the country's vice finance minister said on Wednesday, heralding a move that could bring huge inflows of foreign funds. "We are closely working with FTSE Russell... and we've been receiving positive signs from them," Choi Sang-dae, second vice finance minister in charge of budget and treasury bond markets, said in an interview with Reuters. "We see a high chance of joining the watch list this September," said Choi, describing the progress South Korea is making toward inclusion in one of FTSE Russell's flagship indexes. The WGBI comprises of sovereign debt from more than 20 countries as global funds tracking the index is estimated at around $2.5 trillion, wi...

NEW YORK :Oil prices plunged around 2 per cent on Friday, on expectations that supply disruptions in the U.S. Gulf of Mexico would be short-term, while recession fears clouded the demand outlook. Futures, however, were still on track for a weekly gain. Brent crude futures fell $1.45, or 1.5 per cent, to settle at $98.15 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.25, or 2.4 per cent, to settle at $92.09 a barrel. Both contracts gained more than 2 per cent on Thursday. "We are pulling back a little bit after the big run up yesterday," said Phil Flynn, an analyst at Price Futures group. Brent gained 3.4 per cent this week after last week's 14 per cent tumble on fears that rising inflation and interest rates will hit economic growth and demand for fuel. WTI rose 3.5 p...

If there isn't one, single cardinal rule in personal finance, this one certainly comes in near the top of the list: If you want to save money on something, do it yourself. But sometimes, it's well worth the money to delegate. Paying someone to assemble IKEA furniture is a good idea if the assembly process always leads to a fight between you and your significant other. And if something went wrong with your plumbing, it would be cheaper to get under your sink with a wrench — but would you even know where to begin? The same applies to investing for retirement. The DIY route is your cheapest option. But if managing a portfolio sounds like a nightmare or if you don't understand the first thing about investing, there are plenty of people and companies able to help out. But then it becomes a ques...