How a Strong Dollar Affects the Economy and Your Wallet
“My first salary was Rs12,000 in 1996 when a dollar was equal to Rs34. The first salary in the same brokerage industry today is about Rs50,000, even though the dollar rate is higher than Rs228,” said Asif Qureshi. Asif Qureshi is the chief executive of the brokerage Optimus Capital Management. It means that the first […]
Global Investors Sell Most of China Government Bonds in June
Foreign investors cut their holdings of Chinese sovereign bonds by the largest amount on record in June. It is reflecting a surge in capital outflows as global central banks raise rates as Beijing eases. Foreign investors reduced their positions in China’s onshore sovereign bonds by 55.9 billion yuan ($8.3 billion) last month, the most since […]
IMF Seeks Guarantees on Saudi Financing to Pakistan
The International Monetary Fund is seeking to assess Saudi Arabia’s commitment to funding Pakistan, before the multilateral lender disburses fresh funds to the South Asian nation, according to people familiar with the matter. The Washington-based lender wants to make sure Saudi Arabia goes ahead with up to $4 billion in funding to Pakistan to ensure […]
$1.17 billion tranche to be released in three to six weeks: IMF
The International Monetary Fund (IMF) has said its deal with Pakistan would lead to an “immediate” disbursement of $1.17 billion to the country. “It’s an agreement on a combined seventh and eighth review of the program. This will result in the disbursement of some $1.17 million to Pakistan. Pretty much, right away,” IMF Communications Director […]
China’s Real Estate Sector Remains the Biggest Drag on the Economy
China’s housing slowdown showed little sign of improvement in the three months to June. Its output contracting for the fourth straight quarter and clouding growth prospects for the rest of the year. Output in the real estate industry, a key economic contributor, contracted 7% in the second quarter from a year earlier. Found in the […]
Pagani to continue releasing V12 Hypercars after scrapping EV plan
Pagani has no plans to make electric cars after conducting a four-year study on whether they would be suitable for the brand. The head of the company, Horacio Pagani, thinks that electric vehicles are too heavy and lack emotion. That most of the energy they use is not produced. He also believes that the climate […]
Bank Indonesia mandate is in the spotlight as lawmakers debate finance law
Indonesian lawmakers are resuming discussions on the financial sector reform bill that risks eroding the autonomy of their central bank. Indonesia has sought to renew its financial sector laws since 2020. Talks stalled due to the pandemic and investor concerns about the central bank’s independence. Since then, Parliament’s finance committee has revived meetings. They have […]
The US and South Korea to Share Data on Crypto Cases
The U.S. and South Korean governments have reportedly agreed to share data on ongoing crypto cases. It includes the case surrounding Terraform Labs CEO Do Kwon and the collapse of the terra cryptocurrency (LUNA) and stablecoin terrausd (UST). The U.S. and South Korea to Share Data on Crypto Research South Korean Justice Minister Han Dong-hoon […]
The Perfect Cheap and Cheerful Motorsport
“The Wacky Races cartoon from the late 1960s featured exciting competition, with characters like Mean Machine piloted by Dick Dastardly and Muttley taking on the mighty Turbo Terrific driven by Peter Perfect.” Infinitely fun and ultimately harmless, it was a tempting yet unrealistic first taste of motorsport for budding petrol heads. But does any real-world […]
Hong Kong stock market sees uncertain future as China grows
Under Chinese rule, Hong Kong’s stock market has more than tripled. That’s still below Shanghai. Hong Kong’s benchmark stock index has earned a total return of more than 230 percent since delivery in July 1997. That compares with 320% of the Shanghai Composite Index and 580% of the S&P 500 Index in the United States. […]