Author: IA PressRoom

A security officer wearing a face mask walks in front of the Shanghai Stock Exchange building in … [+] 2020. Genrix listed there today. (AP Photo)ASSOCIATED PRESS Chinese pharmaceutical industry billionaire Jiang Rensheng added to his fortune today with the start of trade at the Shanghai Stock Exchange by Chongqing Genrix Biopharmaceutical, a supplier of antibody drugs. Jiang’s estimated fortune of $9.3 billion on the Forbes Real-Time Billionaires List before today mainly came from a 48% stake in Shenzhen-listed Chongqing Zhifei Biological Products, a supplier of vaccines that he chairs. Jiang, however, also directly owns 90% of Zhirui Investment, which…

First-time buyers are struggling to access mortgages as rapidly rising interest rates have cut the number of products for borrowers with small deposits by more than 40 per cent over the past year.According to data provider Moneyfacts, there were 199 products on offer over the weekend for would-be buyers looking to borrow up to 95 per cent of the value of the property, down from 347 at the start of June 2022. The average interest rate on a two-year fixed 95 per cent loan-to-value mortgage jumped by more than 3 percentage points to 6.49 per cent over the same period,…

© Reuters. FILE PHOTO: Office workers cross a street in Sydney, Australia, September 4, 2017. Picture taken September 4, 2017. REUTERS/Steven Saphore/File Photo SYDNEY (Reuters) – Australia’s unemployment rate needs to rise to help contain inflation and avoid higher interest rates and a deep recession, a top central banker warned on Tuesday, after data showed little loosening in a still drum-tight labour market. Reserve Bank of Australia (RBA) Deputy Governor Michelle Bullock said the jobless rate would need to rise to about 4.5% from the current rate of 3.6% to bring the economy back into balance, a rate still well…

© Reuters. A woman walks past a branch of the Australian health insurer Medibank Private in Sydney October 20, 2014. REUTERS/David Gray/File Photo (Reuters) -Australia’s largest private health insurer Medibank Private on Tuesday confirmed that a file containing names and contact details of staff members had been compromised after its building manager faced a cybersecurity breach. Medibank in an emailed response to Reuters said one of its property managers that uses file transfer software MOVEit faced a cyberattack, which included a file with employee names, email addresses and phone numbers. The company added that the file did not include employee…

Bitcoin (BTC) shows promising signs of a bullish trend as it forms a three-white soldiers pattern on the price chart. This pattern, characterized by three consecutive bullish candlesticks, indicates a potential reversal from a downtrend to an uptrend. In addition, BTC has successfully crossed above a downward trendline at $26,400, further strengthening its bullish case. The relative strength index (RSI) and moving average convergence divergence (MACD) indicators are both in the buying zone, suggesting a positive outlook for Bitcoin’s price. Traders and investors are now eagerly anticipating the next target for BTC as it continues its upward trajectory.Bitcoin PriceBitcoin is currently trading at $26,921,…

China cuts lending benchmarks to prop up slowing economy

Passengers stranded at Terminal 3 of the Ninoy Aquino International Airport in Manila after a power … [+] outage disrupted flights on January 1, 2023.Kevin Tristan Espiritu for AFP via Getty Images The Manila International Airport Consortium said it will spend as much as 267 billion pesos ($4.8 billion) to upgrade the country’s congested main international gateway amid a post-pandemic tourism boom. The consortium—backed by the country’s biggest conglomerates including billionaire Andrew Tan’s Alliance Global Group, and Filinvest Development and JG Summit—partnered with U.S.-based Global Infrastructure Partners, which has interests in airports across London and Sydney, to modernize the Ninoy…

© Reuters. People walk on a zebra crossing in front of the buliding of Bank of Korea in Seoul, South Korea, July 14, 2016. REUTERS/Kim Hong-Ji/FILE PHOTO SEOUL (Reuters) – South Korea will gradually unwind relaxed regulations on banks from the second half of this year, the country’s financial regulator said on Tuesday. In a statement, the Financial Services Commission (FSC) said it would normalise the loan-to-deposit ratio requirement on lenders from July. The ratio had been eased to 105% from the usual 100% late last year in response to a credit crunch in domestic financial markets and extended early…

© Reuters. Investing.com– Oil prices retreated in Asian trade on Tuesday as investors weighed another interest rate cut in China against increasing pessimism over its economic prospects this year, while caution over U.S. monetary policy also persisted. fell 0.3% to $75.86 a barrel, while fell 0.6% to $71.08 a barrel by 22:28 ET (02:28 GMT).  Both contracts retreated on Monday after concerns over China largely offset signs of tighter supply from Saudi Arabian production cuts and dropping U.S. oil rig numbers.  Chinese economic concerns weigh on oil Growing concerns over a Chinese economic recovery weighed on oil prices this week,…

SYDNEY — The Reserve Bank of Australia’s move to raise the official cash rate in June was “finely balanced,” amid increasing evidence that pressure is building quickly under wage growth, the main trigger for the increase that surprised many in financial markets. In minutes of its June 6 policy meeting published Tuesday, the RBA stressed that it will do what is needed to bring inflation back to the 2% to 3% target band over a reasonable timeframe. “The board affirmed that its priority is to return inflation to target within a reasonable timeframe. The recent data suggested that inflation risks…