US presidential candidates Donald Trump and Hillary Clinton have both promised to take steps that would encourage major companies to bring home more of the estimated $2.1 trillion in as-yet-untaxed income they hold offshore.That amount compares to the roughly $300 billion brought back in 2005 under George W Bush's Homeland Investment Act (HIA), which slashed the effective tax rate on repatriated funds from 35 percent to 5.25 percent.As this graphic tmsnrt.rs/2cymacf shows, the dollar...
Global equity prices advanced after weak US retail sales data undermined the argument that the Federal Reserve will raise interest rates next week. In the US debt market, the yield curve continued to steepen with the:2 year yield at 0.7298% , -3 BP 5 year yield 1.1836%, -2 BP 10 year yield 1.6977%, Unchanged 30 year yield 2.4688%, +2 BPCrude oil futures are trading at $43.82, +0.55%Gold is trading at $1313 down -0.70% The CRB index is up 0.66% on the day The US Treasury...
The Bankers Association of the Philippines (BAP) has hailed the Bangko Sentral ng Pilipinas’ ninth wave of foreign exchange liberalization as a way to boost convenience and security in the domestic financial system in line with global trends.In a briefing Wednesday, HSBC Philippines president Wick Veloso—who also chairs the BAP’s open market committee— said: “The country becomes a safer place to transact because it allows you to deal with financial institutions, makes it convenient...
* Fed's Brainard warns against Fed removing support* Sept. fed funds contract gains 1 basis point on Brainard comment* Dollar reverses gains vs riskier currencies* Yen gains on Brainard comments and BOJ speculation (Updates to afternoon trading, adds comments)The U.S. dollar fell against the safe-haven yen on Monday as uncertainty surrounding a potential Federal Reserve rate hike this month fueled a selloff in riskier currencies, while speculation of a less-dovish Bank of Japan...
The country’s forex reserves increased by USD 989.5 million to an all-time high of USD 367.76 billion on the back of a healthy increase in core currency assets, the Reserve Bank said today. The total reserves had declined marginally by USD 392.6 million to USD 366.77 billion in the previous reporting week. The reserves had touched an all-time high of USD 367.16 billion previously. Foreign currency assets (FCAs), a major component of the overall reserves, swelled by USD 952.2 million to USD 342.23...
PayPal wants to be your go-to payment option online and in stores, but it has a problem: banks and credit cards aren't a fan of its free bank transfers and other attempts to push online payment over the conventional variety. However, it's trying to make amends. In the wake of a Visa deal from July, PayPal has forged a partnership with Mastercard that gives the credit card firm higher prominence online in return for more of a retail footprint. PayPal will make Mastercard a "clear...
The Bank of Canada left the interest rate unchanged at 0.50% as widely expected. However, they expressed worries about the economy going forward.While the team led by Poloz do expect a rebound in H2 (the economy squeezed by an annualized 1.6% in Q2 2016), they are concerned. Compared with their July decision, they see lower forecasts, partially due to the weak first half.Also on their mandate, inflation, they see some tilt to the downside. Deflation is a global problem, even in Canada, where...
The dollar tumbled on Tuesday after economic data showed the U.S. service sector grew at its slowest pace since early 2010, which dimmed expectations for a near-term interest rate increase from the Federal Reserve.The dollar fell at least 1 percent against the yen, euro, Swiss franc, British pound and a number of other currencies, with the pound rising to its highest level against the dollar since mid-July.The Institute for Supply Management's non-manufacturing purchasing managers'...
The Central Bank of Nigeria on Wednesday said it had readmitted to the foreign exchange market banks that were suspended last week for non-remittance of $2.12bn belonging to the Nigerian National Petroleum Corporation.They are FirstBank of Nigeria ($469m); Diamond Bank ($287m); Sterling Bank ($269m); Skye Bank Plc ($221m); Fidelity Bank ($209m); Keystone Bank ($139m); First City Monument Bank Plc ($125m) and Heritage Bank ($85m).The CBN had last week suspended nine banks from the forex market,...
The Central Bank of Nigeria (CBN) has lifted a suspension of nine banks from foreign exchange trading for failing to remit some oil money to the government, an official said Thursday. "The erring banks have been readmitted into the inter-bank foreign exchange market after they presented their plans to pay back the money," the CBN official told AFP. The CBN suspended the nine banks last week for withholding $2.12 billion belonging to the Nigerian National Petroleum Corporation (NNPC) and...
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