Finance news you need to know today

HERE are eight things making news in business and finance today.

1. SYDNEY — The Australian stock market is set to open flat as brewing tension between the US and North Korea weighs on investor sentiment. At 0700 AEST on Tuesday the share price futures index was unchanged at 5,852.

2. SYDNEY — The Australian dollar is trading higher against its US counterpart, which has come under some pressure due to the geopolitical tensions over North Korea. At 0700 AEST on Tuesday, the Australian dollar was at 75.89 US cents, up from 74.81 cents on Thursday.

3. SEOUL/PYONGYANG — U.S. Vice President Mike Pence put North Korea on notice on Monday, warning that recent U.S. military strikes in Syria and Afghanistan showed the resolve of President Donald Trump should not be tested.

4. PARIS — French centrist Emmanuel Macron is set to top the voting in the first round of France’s presidential election ahead of far-right leader Marine Le Pen, and their leads over conservative Francois Fillon and leftist Jean-Luc Melenchon have widened, a poll showed on Monday.

5. BRASILIA — Brazilian President Michel Temer said on Monday some of his cabinet ministers are likely to resign after being placed under investigation in a massive corruption probe, as he seeks to draw a line under a scandal threatening his sweeping fiscal reforms.

6. SAN FRANCISCO — Netflix is on the verge of surpassing 100 million global subscribers, a testament to how much the video streaming service has changed the entertainment landscape since its debut a decade ago.

7. NEW YORK — Arconic said Monday that Klaus Kleinfeld has agreed to step down as CEO and chairman after the company’s board of directors discovered that he sent a letter to its largest shareholder without telling them.

8. MOSCOW — Alphabet Inc’s Google will open up its popular Android mobile operating system to rival search engines in Russia as part of a deal to settle a two-year dispute with Russian competition authorities. — Alphabet Inc’s Google will open up its popular Android mobile operating system to rival search engines in Russia as part of a deal to settle a two-year dispute with Russian competition authorities.

Finance news you need to know today

  HERE are five things making news in business and finance today.

 

1. SYDNEY — The Australian market looks set to open flat, mimicking international markets with investors heading for safer bets amid perceived greater geopolitical risks with increasing tension over Syria and North Korea. At 0700 AEST on Tuesday, the share price futures index was down two points, or 0.03 per cent, at 5,899.

 
2. SYDNEY — Meanwhile, the Australian dollar has crept just above 75 US cents, but remains vulnerable against a generally stronger greenback despite the US dollar index dropping 0.2 per cent on the day. The local currency was trading at 75.02 US cents at 0700 AEST on Tuesday, from 74.88 on Monday.

 
3. ROME — The new US administration of Donald Trump has scuppered efforts by the Group of Seven industrialized countries to reach a common stance on energy by asking for more time to work out its policies on climate change.

 
4. CHICAGO — Video of police officers dragging a passenger from an overbooked United Airlines flight is sparking uproar on social media.

 
5. NEW YORK — The New York Daily News and Pro Publica have won the Pulitzer Prize for public service journalism for coverage of police abuses that forced mostly poor minorities from their homes.

For More Information:- news.com

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Duterte tax reform may be passed in first half finance official

MANILA – The first part of President Rodrigo Duterte’s tax reform package may be passed in Congress as early as the first half of this year, a finance official said.

This includes lower income taxes for the middle class, which will be offset by higher rates for the “ultra rich” and the removal of some value added tax exemptions.

“We plan to do this by simplifying our tax system, making it more progressive and making it more efficient,” finance undersecretary Bayani Agabin told ANC.

Agabin said the finance department uncovered some 100 VAT exemptions. “Every time you give exemptions, this gives rise to tax leakages. We are seeking to plug that,” he added.

Duterte is also seeking higher excise taxes on fuel and car purchases under the reform push.

“I do believe that passage of this reform will signal a very strong change, both the political will in our system as well as a signal that the economic team is trying to do the right thing relative to collections versus spending,” Philippine Stock Exchange president Hans Sicat said.

For More Information:- ABS-CBN News

The Buzzword Finance Loves and Hates

You’ve heard it at conferences, in meetings and maybe even bandied about at dinner parties. Ever since a wave of financial technology startups emerged after the 2008 subprime mortgage crack-up, "fintech" has become shorthand for a digital revolution that could sweep away antiquated banking practices. But its definition has become so elastic that it’s hard to know precisely what it is, let alone what it augurs for a global financial industry in dire need of innovation. Here’s a primer.
 

1. What, exactly, is fintech?

It’s a catch-all label applied to companies using the internet, mobile phones, cloud computing and open source software to make banking and investing more efficient. It’s divided into two spheres: consumer-facing companies that offer digital tools to improve the way individuals borrow, manage money and finance startups, and back-office ventures that help financial institutions streamline their operations behind the scenes.
 

2. Why all the buzz?

Fintech could reshape the financial industry and disrupt some of its biggest players. Already, peer-to-peer lenders use the web to match borrowers with investors, a model that’s shortened loan approvals to hours versus weeks at traditional banks. Online U.S. loan volume is expected to reach $120 billion by the end of the decade, up from $20 billion in 2015, according to Morgan Stanley. In investment management, giants such as BlackRock Inc. and Vanguard Group Inc. are using algorithms called "robo-advisers" to automatically adjust portfolios in accordance with a customer’s risk preferences. Some hedge funds are experimenting, with varying degrees of success, with artificial intelligence to make algorithms self-learning. In the capital markets, startups as well as stalwarts such as Goldman Sachs Group Inc. and the Bank of England are experimenting to see if blockchain, the freely available database that underpins the digital currency bitcoin, can replace existing methods of transmitting assets and currencies. Scores of institutions are also racing to use blockchain to simplify the way securities are traded, settled and recorded. All these endeavors fall under the fintech umbrella.
 

3. Who’s policing all this?

Watchdogs around the world have generally welcomed fintech because it promises to make financial transactions easier, cheaper and more transparent. Janet Yellen, chair of the U.S. Federal Reserve, has said blockchain technology could help improve the creaky global payments network, the system that links banks so they can move money around the world. Mark Carney, governor of the Bank of England, said fintech could fundamentally change how banks, companies and consumers manage credit, spending and saving. But regulators, he said, must also consider how these technologies might affect the financial system’s safety and soundness.
 

4. What threat could fintech pose?
While fintech companies offer an array of financial services -- online mortgages, auto loans and retirement accounts of all kinds -- the convenience may lure some consumers into commitments they don’t understand or can’t keep. Fintech could also supplant neighborhood brick-and-mortar banks, leaving low-income households without access to checking and savings accounts or credit cards. Some high-flying firms have also stumbled. In May 2016, LendingClub Corp., the San Francisco-based pioneer of peer-to-peer lending in the U.S., ousted Chief Executive Officer Renaud Laplanche in a corporate governance scandal. Its shares lost half their value in five trading days.
 

5. What are regulators doing so far?

They’re in the early stages of figuring out how to protect consumers and the financial system without stifling innovation. The U.S. Office of the Comptroller of the Currency in December said it would begin issuing modified charters to fintech firms that would require them to follow some federal banking rules. Britain’s Financial Conduct Authority runs a "sandbox" program that works with early-stage startups to ensure they comply with regulations. Some fintech companies, meanwhile, are looking to limit regulatory scrutiny and expand their influence in Washington under President Donald Trump by forming and joining lobby groups.
 

6. Are investors betting on fintech?

Yes, big-time. Venture-capital firms plowed more than $17 billion into fintech startups globally in 2016, a sixfold jump from 2012. Last year, China overtook the U.S. as the top destination for fintech investment. Singapore alone has more than 100 fintech startups. Only a handful of ventures have gone public, so investors are anticipating a wave of share offerings and acquisitions as banks hunt for technology they can use and fintech startups mature.

For More Information:- Edward Robinson