WASHINGTON, United States -A senior US central bank official said Tuesday that she expects another interest rate hike would be needed to lower inflation further, even as officials held rates steady at their latest meeting. The Federal Reserve’s decision last Wednesday to hold interest rates at a 22-year high has fueled hopes that policymakers may be done lifting rates. But Fed Governor Michelle Bowman said in prepared remarks in Ohio: “I continue to expect that we will need to increase the federal funds rate further to bring inflation down ...
The Bangko Sentral ng Pilipinas (BSP) and the Japan International Cooperation Agency (Jica) have jointly launched the Credit Risk Database Scoring Model to help lenders better assess the creditworthiness of small and medium enterprise borrowers, including those without credit history or adequate collateral. According to BSP Governor Felipe Medalla, this latest tool for banks was intended to bridge the funding gap for micro, small and medium enterprises (MSMEs) while enhancing the credit risk management of financial institutions using a data-dri ...
The urgent need to end stunting and involuntary hunger is finally getting the long-awaited national attention with the projects and initiatives from the public and the private sectors. Successive political administrations have tried to reduce the severity of malnutrition and child stunting in the Philippines, but the needle hardly moved and even worsened. Addressing malnutrition and child stunting requires a whole-of-nation approach and that means interventions must not only tackle the palliatives – i.e. feeding programs – but should also c ...
UBS Group AG has says four countries "slow" in granting regulatory approvals which it needs to complete its takeover of Credit Suisse.
UNITED NATIONS — The United Nations issued a somber global economic forecast for 2024 on Thursday, pointing to challenges from escalating conflicts, sluggish global trade, persistently high interest rates and increasing climate disasters. In its flagship economic report, the U.N. projected that global economic growth would slow to 2.4 percent this year from an estimated 2.7 percent in 2023, which exceeds expectations. But both are still below the 3 percent growth rate before the COVID-19 pandemic began in 2020, it said. ...
ZURICH, Switzerland -Swiss banking giant UBS posted a larger-than-expected loss in the third quarter on Tuesday, the first quarterly drop since 2017 as it integrates fallen rival Credit Suisse. ; UBS said the net loss in the third quarter stood at $785 million (732 million euros). Analysts surveyed by the AWP news agency had been expecting a smaller loss of $430 million. ; The last time Switzerland’s largest bank was in the red was in the fourth quarter of 2017. ; UBS, however, said that it had “now stabilized Credit Suisse and continued to grow our franchise” as it raked in $22 billion in net new money into its wealth management business in the quarter.
Union Bank of the Philippines (UnionBank) embarked on a digital transformation journey in 2016, long before the COVID-19 pandemic underscored the importance of digital readiness. This forward-thinking approach has enabled UnionBank to position itself as a digital trailblazer in the financial sector, allowing them to scale their operations efficiently and stay ahead of the curve. One of the most striking aspects of UnionBank’s digital transformation is the overhaul of their customer touchpoints. The bank has gone the extra mile to provide a se ...
Small business credit cards can help with short-term debts.
Business line of credit rates can vary widely depending on the lender and your business financials. Our guide on the average business line of credit interest rates has everything you need to know.
The Philippines dropped 10 notches in the Global Innovation Index (GII) 2014, now ranking the 100th most innovative economy in the world out of 143 economies surveyed this year. Based on the results of the GII 2014, the Philippines’ scores and rankings declined in five of the seven main indicators, namely human capital and research, infrastructure, business sophistication, knowledge and technology outputs, and creative outputs. The country, however, managed to advance its rankings under instit...