Finance news

No plans on handover day? SCMP breaks down Hong Kong’s biggest July 1 deals

Hong Kong is rolling out a series of discounts, shopping perks, giveaways and countless deals to celebrate the 29th anniversary of the city’s return to Chinese sovereignty on July 1. To get you in the public holiday spirit, the South China Morning Post unpacks what is on offer, from deals on food and drinks to retail goods and public transport. 1. Someone mentioned food? Restaurants are marking the 29th anniversary with a 29 per cent discount or special deals on selected menu items this...

Japan’s family firms turn to M&A when heirs are not so apparent

Diners at a sleek teppanyaki restaurant in Tokyo’s Asakusa district wait happily as chefs sear marbled Kobe beef over open grills. Expectations are high at Kisshokichi, one of the world’s largest Kobe beef chains. But behind the brand’s success lies a dilemma shared by businesses across Japan. Founder Kiyomi Akagi, now in his mid-sixties, faced a question confronting a growing number of ageing owners: who would take over? With no successor prepared to manage the company’s 50 restaurants, Akagi..

How Philippine ube farming can cash in on ‘purple gold rush’

Esmeraldo Maligsa, a farmer and president of the Bohol Ube Growers Association, harvests 2,000kg (4,400lbs) of ube, the purple tuber native to the Philippines, every seven months. He and the other farmers in his group manage a collective yield of between 5 tonnes and 8 tonnes, fetching prices of 90 to 100 pesos (US$1.50 to US$1.70) per kg. Such is the price the ubi kinampay, dubbed the “Queen of Philippine yams”, fetches. It is grown in Bohol province and nearby areas in central Philippines, and

Comment: The mudslinging between Trump and the Fed is entering the next round

The US President is not allowed to fire the monetary watchdog Lisa Cook immediately. At least not for now. With his attacks against the US Federal Reserve, he is pursuing a blatant goal.

Japan aims to catch up on drone warfare by tapping Ukraine’s experience

Japan is accelerating plans to acquire and develop drones for its military by stepping up cooperation with Ukraine and learning from Kyiv’s wartime experience against Russia as it seeks to deploy more unmanned systems across its territory in the Pacific. To complement this strategy, Japanese companies are boosting cooperation with their European counterparts to manufacture anti-submarine drones. “The entire international community has witnessed how warfare has changed since the outbreak of the..

Any downside to "tax-exempt" money market funds like MCSXX or FFTXX?

I'm wondering just generally if they come with more risk than the treasury or repo-backed ones. Does the NAV stay reliably pegged at $1? Do they have more uneven returns because they are muni-backed? But if you want the context, you can keep reading: I currently use TTTXX for my money market fund, because it is state-tax exempt. However, I'm in the 32% marginal federal bracket, 9.3% in my state, and my gains are subject to NIIT as well of 3.8%. The tax-exempt funds MCSXX and FFTXX both yield ~2.

Self-exiled Chinese billionaire Guo Wengui jailed for 30 years in US for fraud conviction

A self-exiled billionaire Chinese business tycoon once believed to be among China’s wealthiest men was sentenced on Monday to 30 years in a US prison for a massive financial fraud that a federal judge said cost over 1,000 people worldwide hundreds of millions of dollars. Guo Wengui, who fled China a decade ago and reinvented himself as a US-based Communist Party critic, was sentenced in a Manhattan courtroom packed with his supporters by Judge Analisa Torres. She said he “preyed on those seeking

Supreme Court rulings on Fed, FTC: What they mean for consumers

The Supreme Court issued a pair of highly anticipated rulings on Monday that have far-reaching implications for household finances.

Ukraine's Refinery Strikes Push Russia Into a Fuel Crisis

After weeks of trying to downplay the impact of Ukrainian drone strikes on Russian refineries, the Kremlin acknowledged this weekend that Russia faces fuel shortages and a fuel crisis that needs further government intervention to solve. A few weeks ago, regional governors across Russia rushed to downplay the fuel crisis, seeking to assure residents that supply is tight only at limited gas stations and there is no need to panic about shortages. Apparently, this narrative couldn’t be contained for

Trump laments 'tremendous loss' on mail-in ballots at Supreme Court, doubles down on voter-ID bill

Justice Amy Coney Barrett, whom Trump nominated in 2020, rejected arguments that federal laws preempt Mississippi permitting late-arriving absentee ballots.

Value stocks beat growth when inflation is high. Here are 13 stocks top newsletters are betting on now.

Many portfolio experts are wrong about what drives value outperformance. This single metric explains why.

Oil Rises as Peace Talks Resume

Crude climbed after the US and Iran signaled renewed diplomacy while investors monitored shipping through the Strait of Hormuz.

Laser weapons aren’t science fiction anymore — and they are flipping the math on defense stocks

Why Palantir and Elbit are top plays in the booming counterdrone market.

ECB: Lagarde on interest rate hike: “not a hedging measure”

The European Central Bank's latest interest rate decision is based on the current assessment of the situation. The ECB relies on improvements to its forecast models.

#003 | About HOT US inflation, BREXIT review and Rheinmetall! 🦆

Good evening on the floor! The Schnattersee 🦆 has produced new material! In this episode we talk about US inflation data, take a quick look back at Brexit, and talk about various issues at OpenAI, MicroStrategy and Rheinmetall. There is also a small insight into the quarterly figures for the current week. As always, we look forward to your feedback, your topic requests and thank you for listening :) submitted by /u/Alpha3K [link] [comments]

Christine Lagarde: Back to basics in an uncertain environment

ING: Oil Prices Have Overshot To The Downside

Global oil prices have collapsed back to pre-war levels, trading down near $70 per barrel, with a potential peace deal between the U.S. and Iran helping calm global markets and prompting the removal of massive war risk premiums from energy valuations. However, oil prices edged higher on Monday, with Brent crude for August delivery climbing 0.74% to trade at $72.54/bbl at 9.25am ET, with escalating military tensions between the United States and Iran sparking fresh fears of shipping disruptions i

Is Wall Street misreading the Fed? The hidden upside catalyst for tech and real-estate stocks.

Inflation isn’t as high as you think — and Fed Chair Kevin Warsh looks less hawkish than advertised.

US Supreme Court rejects Trump’s unprecedented bid to fire Fed governor Lisa Cook

The US Supreme Court refused on Monday to let President Donald Trump ⁠fire Federal Reserve Governor Lisa Cook as it stood firm to preserve the central bank’s cherished independence against an unprecedented challenge. The court, in a 5-4 ruling, blocked Trump’s bid to become the first president to remove a Fed official since Congress created the central bank in 1913. In his second term as president, ⁠Trump has tested the limits of presidential power in numerous other ways as well. Conservative...

The Navy can’t afford to slow-roll its new trainer, even as competitors drop

With Boeing and Lockheed both dropping out of the competition to replace the Navy’s T-45, service officials need to press ahead, columnist Robbin Laird writes.

Renewable fuels seem to be picking up steam. Is the space oversaturated or prime for consolidation by the big boys?

Seems like the perfect storm for renewable fuels is finally here, bipartisan support, X15N RNG engine adoption, high/sticky diesel prices, the big boys like chevron, BP, Loves, all seem to want in. I like Opal fuels myself they make pretty solid profits and they should continue to grow for the foreseeable future… but I also see so many small renewable fuel producers, is the space oversaturated or are the big boys about to go on a shopping spree? submitted by /u/Fwhometeam [link] [comments]

Philippines Becomes World's Top Solar Panel Buyer

Philippines to the highest in the world since the Iran war began, according to customs data cited by Reuters. Amid soaring electricity prices and a supply crunch in fossil fuels, many Filipinos have opted to install rooftop solar panels over the past three months. The spending on solar panels in the Southeast Asian country, which has been one of the worst-hit Asian economies in the energy supply crisis triggered by the Middle East conflict, topped $407 million between March 1 and May 31, per Chi

Supreme Court: Trump loses in Fed personnel dispute

Last year, Trump announced that he would dismiss economist Lisa Cook from her position on the board of the US Federal Reserve with immediate effect. Critics saw the independence of the central bank at risk. Now the highest court decided.

Insurers shifted roof-replacement costs onto homeowners thanks to a new federal rule — just in time for hail and hurricane season

Those who find extensive damage to their roofs might be stuck between two options: File an insurance claim, which could trigger a premium increase, or cough up the cash for the necessary repairs or replacement.

Supreme Court rules Trump cannot fire Fed Governor Lisa Cook for now

The ruling by the Supreme Court means that Lisa Cook will remain as a Federal Reserve governor as her lawsuit challenging Trump's effort to fire her proceeds.

Oil prices near pre-war levels — but persistent supply risks could spark a rebound, analysts warn

Commodity strategists warn that Iranian leverage in the Strait of Hormuz will continue to weigh on oil markets and shipping costs.

Central Bank: Setback for Trump: Court leaves Fed Chairman in office

Last year, Trump announced that he would remove Fed Chairwoman Cook from her position with immediate effect. But several courts stopped him. Now he has suffered another defeat.

Fed’s Lisa Cook can stay at central bank while challenging Trump’s attempt to fire her, Supreme Court rules

The Supreme Court refused to allow President Donald Trump to fire Federal Reserve governor Lisa Cook, in a move that strengthens the independence of the world’s most powerful central bank.

78 arrested as Hong Kong police bust HK$5 million online shopping scams

Hong Kong police have arrested 78 people in a citywide crackdown on online shopping fraud, solving 165 cases involving more than HK$5 million (US$637,565) in losses, including one victim who was cheated out of HK$1.2 million while seeking cheaper medicine. Officers arrested 59 men and 19 women aged between 15 and 73 during the operation code-named “Blacksword”, which ran from June 15 to 26. Of them, 69 were suspected holders of mule accounts used to transfer or process illicit proceeds, with the

European Central Bank: Lending to companies in the euro area is increasing

ECB data shows: Banks are granting significantly more corporate loans. What this means for interest rates and the economy in the euro area.