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Fed hikes its benchmark interest rate by 0.75 percentage point, the biggest increase Posted by: superadmin - 06-16-2022, 09:49 AM - Forum: Business, Economy and Investment - No Replies The Federal Reserve raised its benchmark interest rates three-quarters of a percentage point in its most aggressive hike since 1994. According to the “dot plot” of individual members’ expectations, the Fed’s benchmark rate will end the year at 3.4%, an upward revision of 1.5 percentage points from the March estimate. Officials also significantly cut their outlook for 2022 economic growth, now anticipating just a 1.7% gain in GDP, down from 2.8% from March. The Federal Reserve on Wednesday launched its biggest broadside yet against inflation, raising benchmark interest rates three-quarters of a percentage point in a move that equates to the most aggressive hike since 1994. Ending weeks of speculation, the rate-setting Federal Open Market Committee took the level of its benchmark funds rate to a range of 1.5%-1.75%, the highest since just before the Covid pandemic began in March 2020. Stocks were volatile after the decision but turned higher as Fed Chairman Jerome Powell spoke in his post-meeting news conference. “Clearly, today’s 75 basis point increase is an unusually large one, and I do not expect moves of this size to be common,” Powell said. He added, though, that he expects the July meeting to see an increase of 50 or 75 basis points. He said decisions will be made “meeting by meeting” and the Fed will “continue to communicate our intentions as clearly as we can.” - More -   Electric surcharge in July inevitable, but over 5 mil consumers spared: source Posted by: superadmin - 06-16-2022, 09:00 AM - Forum: Business. Economy and Investment - No Replies KUALA LUMPUR  – Some five million households are likely to be spared from an impending surcharge on electricity consumption that may come into effect next month. According to a source familiar with the matter, it is understood that consumers with bills of less than RM77 per month, or with a monthly consumption of 300 kilowatt hour (kWh) and below, may not be subjected to the surcharge. This pool of consumers, who are said to be mostly from the lower-income groups, is estimated to constitute about 70% of the 7.9 million of Tenaga Nasional Bhd’s (TNB) domestic consumer base. - More -   Malaysians likely to be okay with graft if they benefit from it, says Loke Posted by: superadmin - 06-16-2022, 08:55 AM - Forum: Stop Corruptions - No Replies PETALING JAYA: The public is more likely to tolerate corruption if they also benefit from it, a former minister said. But such an attitude, DAP secretary-general Loke Siew Fook warned, would destroy the country. - More -   YOURSAY | Hassan ‘brave’ in speaking out on Najib’s palace visit Posted by: superadmin - 06-16-2022, 08:50 AM - Forum: Stop Corruptions - No Replies Headhunter: MACC special committee member Hassan Abdul Karim, thank you for having the courage to spell out what is on the mind of most Malaysians. We certainly need personalities like you to speak up. Due to the respect we have for the Agong and fear for the powers that be, most of us chose to keep our mouths shut. After all, they think we are nobodies. Even the opposition is as quiet as a mouse. As you said, the Agong's advisers should know better. Unfortunately, this is not the first and neither will it be the last. As for former prime minister Najib Razak, we all know how desperate he is and he will do just about anything to save his own skin even when we all think his case is a foregone conclusion. - More -   Why do Americans Love Living in China? Posted by: superadmin - 06-15-2022, 07:41 PM - Forum: Travels - No Replies   Bitcoin plunges toward $20,000 as crypto meltdown continues Posted by: superadmin - 06-15-2022, 07:32 PM - Forum: Business, Economy and Investment - Replies (1) Bitcoin’s price plunged very close to $20,000 Wednesday as cryptocurrencies sank deeper into the red. Investors are worried about the impact of climbing inflation and aggressive rate hikes on the crypto market. There are fears a possible liquidation of crypto lending firm Celsius could bring down some other major players. The sell-off in cryptocurrencies deepened even further on Wednesday, with bitcoin sinking very close to the key level of $20,000. The price of bitcoin plunged 9% in 24 hours to around $20,208, according to data from Coin Metrics. The world’s largest digital currency is down more than 70% since the peak of the crypto craze in November 2021. Bitcoin and other digital tokens are in free fall as fears of climbing inflation, aggressive interest rate rises and liquidity issues at a key player in the crypto space have plagued crypto markets. The Federal Reserve is widely expected to hike rates by 75 basis points this week, a move that has spooked stocks and other risky assets — including crypto. - More -   Investors worry another possible crypto collapse will bring down other key players Posted by: superadmin - 06-15-2022, 03:11 PM - Forum: Business, Economy and Investment - No Replies Crypto lending firm Celsius on Monday paused all account withdrawals, sparking fears that it may be about to go bust. Investors are scared other parts of the crypto market could get floored if Celsius collapses. Many analysts agree any spillover effects from the debacle are likely to be limited to crypto. A liquidity crisis at cryptocurrency lending firm Celsius has investors worried about a broader contagion that could bring down other major players in the market. Celsius recently moved to pause all account withdrawals, sparking fears that it may be about to go bust. The company lends out clients’ funds similar to a bank — but without the strict insurance requirements imposed on traditional lenders. Bitcoin sank below $21,000 on Tuesday, extending sharp declines from the previous day and sinking deeper into 18-month lows. The total value of all digital tokens combined also dipped below $1 trillion for the first time since early 2021, according to CoinMarketCap data. - More -   China’s economic numbers come in better than expected, but ‘challenges' remain Posted by: superadmin - 06-15-2022, 03:04 PM - Forum: Business, Economy and Investment - No Replies China’s economic numbers come in better than expected, but ‘difficulties and challenges’ remain Industrial production rose mildly by 0.7% in May from a year ago, versus an expected 0.7% drop, according to analysts polled by Reuters. In April, industrial production unexpectedly fell, down by 2.9% year-on-year. Fixed asset investment for the January to May period rose by 6.2%, topping expectations of 6% growth. Still, China’s National Bureau of Statistics warned: “We must be aware that the international environment is to be even more complicated and grim, and the domestic economy is still facing difficulties and challenges for recovery.” EIJING — China released economic data for May that topped muted expectations for a month hampered by Covid controls. Industrial production rose mildly by 0.7% in May from a year ago, versus an expected 0.7% drop, according to analysts polled by Reuters. In April, industrial production unexpectedly fell, down by 2.9% year-on-year. Retail sales fell less than expected, down by 6.7% in May from a year ago. Retail sales were estimated to have declined by 7.1% in May from a year ago, according to the Reuters poll. In April, retail sales fell by 11.1% from a year ago. Fixed asset investment for the January to May period rose by 6.2%, topping expectations of 6% growth. - More -   Bitcoin’s plunge spells trouble for the dot-com era entrepreneur who went all in Posted by: superadmin - 06-14-2022, 09:50 PM - Forum: Business, Economy and Investment - No Replies A $4 billion bet on bitcoin by software firm MicroStrategy is in jeopardy after the cryptocurrency’s recent plunge. The dot-com bubble-era firm’s bitcoin stash is now worth $2.9 billion, translating to an unrealized loss of more than $1 billion. MicroStrategy is now faced with a possible margin call that investors fear could force the company to liquidate its bitcoin holdings. Having once lost $6 billion at the height of the dotcom bubble, software entrepreneur Michael Saylor is no stranger to volatility in the financial markets. In 1999, MicroStrategy, Saylor’s software firm, admitted to overstating its revenues and erroneously reporting a profit when it actually made a loss. The fiasco shaved over $11 billion off MicroStrategy’s stock market value in a single day. Now, more than two decades later, MicroStrategy is again facing questions over some of its accounting practices — this time in relation to a $4 billion bet on bitcoin. - More -   New Poll Shows China More Democratic than America (You Won't Believe This) Posted by: superadmin - 06-14-2022, 09:39 PM - Forum: Politics - No Replies Pages (1343): « Previous 1 … 831 832 833 834 835 … 1343 Next » Jump to page: