Jun 1, 2023

Japanese Firms Ramp Up Capital Spending More Than Expected HSBC Explores Deals in ESG Debt Market That Credit Suisse Built New York’s MTA Strikes Tentative Labor Deal With Transit Union Bangladesh Readies Higher Taxes in Budget in Test of IMF Reforms Debt-Limit Bill Overcomes Key Hurdle With House Passage in Sight Global Money Is Fast Chasing Alternatives in Asian Equities as China Anxiety Grows South Korea Export Slide Eases for Second Month as Demand Thaws Peru May Issue Sol Bonds Again This Year After $2.5 Billion Deal Hong Kong’s Crypto Ambitions Get a Guarded Reception From Digital-Asset Companies Hong Kong Telco HKBN’s Sale Stalls Again on Valuation, Sources Say New Zealand Offers to Buy Out Owners of Homes Damaged by Cyclone Peso Looks to Race Ahead in Southeast Asia Once Rate Cuts Begin Fintech Brex’s Revenue Surges After Regional Bank Turmoil Currency-Hedged ETF Focused on Japan Set For Best Month of Flows Since 2017 Oil Drops for a Third Session on Signs of Higher US Inventories China Slowdown Fear Is Starting to Show Up in Korean Markets UK Executives Not Yet Convinced Worst is Over, Survey Finds How a Covert Relationship With the Taliban Backfired for US Ally Pakistan China Woos Dimon, Musk as Pressure Builds on Xi to Boost Economy How to invest globally without taking on a world of risk: Dale Jackson How improving your financial literacy can help ease stress in a tough economy Considering tenant insurance? Here's what you need to know first How to be the model driver, and get a break on car insurance Pattie Lovett-Reid: Protecting yourself financially from the risks of dementia Fixed income investors can breathe easier as inflation recedes: Dale Jackson Summer on a shoestring budget: Tips for surviving summer break as camp costs rise Why re-investing your tax refund is the smart option Owe money to the CRA this tax season? Here are some repayment options PSAC: Will Canada's tax deadline be moved due to the strike? How claiming income from side gigs can lower your tax bill Paper filing is dying but free income tax software lives on: Dale Jackson Tax deadline: Strike not a major issue for most Canadians, expert says 'Give yourself time and space': How to manage your finances during times of grief Experts explain how to cope with money stress Experts share effective ways to tackle student debt As thousands flock to day trading during lockdown, experts urge caution Dual income, no kids: Why some young Canadians are choosing this lifestyle 'Ask a lot of questions' before deciding what to do with your tax refund: experts Mixed uses and office conversions: A possible future for urban cores? Billionaire Perot Warns of Real Estate Recession as Loans Dry Up San Francisco’s Mayor Boosts Police, Homelessness Funds to Lure Companies Back US Economy Has Signs of Cooling as Hiring and Inflation Ease, Fed’s Beige Book Shows Fed’s Jefferson Signals a Rate Pause Is on the Way But More Hikes Could Follow Canadian Economic Growth Tops Forecasts, Boosting Rate-Hike Odds British Land Poised to Lose FTSE 100 Position After Two Decades Fed’s Bowman Says Real Estate Rebound Affects Inflation Fight SBB Woes Deepen After Holding Company Skips Hybrid Bond Payment Hedge Fund Veteran Deepak Narula Says Agency MBS Offer Rare Opportunities Now Australia’s House Prices Rise Sharply in May, Driven by Sydney Wells Fargo CEO Says ‘There Will Be Losses’ From US Office Loans US Mortgage Rates Hit Near Seven-Month High During Debt Impasse Billionaire Kretinsky's Plan to Rescue Casino Would Spare $4 Billion of Creditors Former BOE Policymaker Says UK’s Most Painful Period Is Still Ahead China’s Home Sales by Top Developers Slow as Rebound Falters ECB’s Inflation Fight Exposes Fragilities in Financial System Deutsche Bank Executive Sees Housing Risk in German CO2 Target Wanda Weighs Selling Payments Permit for About $141 Million Japan Seeks Security Clearance System in Line With US Allies Japanese Firms Ramp Up Capital Spending More Than Expected HSBC Explores Deals in ESG Debt Market That Credit Suisse Built New York’s MTA Strikes Tentative Labor Deal With Transit Union Bangladesh Readies Higher Taxes in Budget in Test of IMF Reforms Global Money Is Fast Chasing Alternatives in Asian Equities as China Anxiety Grows South Korea Export Slide Eases for Second Month as Demand Thaws Peru May Issue Sol Bonds Again This Year After $2.5 Billion Deal Hong Kong’s Crypto Ambitions Get a Guarded Reception From Digital-Asset Companies Hong Kong Telco HKBN’s Sale Stalls Again on Valuation, Sources Say Walmart Is Sticking With Pride Merch Despite Target Controversy New Zealand Offers to Buy Out Owners of Homes Damaged by Cyclone Fintech Brex’s Revenue Surges After Regional Bank Turmoil China Woos Dimon, Musk as Pressure Builds on Xi to Boost Economy Britain’s Electric Cars Cut Deeper Into £32 Billion Fuel Duty World’s Biggest Gold Producer to Invest $540 Million in Argentina Mine Crypto Exchange Gate.io Rejects Rumors That Sank Related Token Lazard’s Incoming CEO Says Debt Limit Provides Little Discipline C3.ai Tumbles on Underwhelming Sales Outlook After Rallying on AI Hype South Korea Export Slide Eases for Second Month as Demand Thaws New Zealand Offers to Buy Out Owners of Homes Damaged by Cyclone Oil Drops for a Third Session on Signs of Higher US Inventories Britain’s Electric Cars Cut Deeper Into £32 Billion Fuel Duty World’s Biggest Gold Producer to Invest $540 Million in Argentina Mine Trans Mountain pipeline gets extra government support as costs balloon Bitcoin Faces First Monthly Drop of 2023 as Crypto Revival Cools OPEC Excludes Bloomberg, Reuters and WSJ Reporters From Meeting Equinor Delays Canadian Offshore Oil Project as Costs Rise Billionaire Gilinski Wins Big and Upends Colombia’s Old Guard Italy Starts €1 Billion Sovereign Fund for Key Supply Chains Zimbabwe Central Bank Sees FX Rate Converging With Black Market Nexamp Secures $400 Million for Solar Projects in 6 States Saudi Arabia Amps Up Global Food-Security Push With Brazil Poultry Deal Kenya Inflation Unexpectedly Ticks Up as Sugar Prices Surge LME Plans Changes That Would Make Contracts More Algo-Friendly Copper Output Dips in Chile for Potential Boost to Demand-Hit Market Johnson Matthey Is Said to Plan Sale of Medical Device Business UK’s Biggest Sale of Solar Farms Kicks Off After Toucan Collapse What the latest GDP report means for a Bank of Canada rate hike What slowdown? Economy continues to outperform ​Household credit card debt rises for third consecutive month The Daily Chase: Canada's economy expands in Q1; National Bank beats earnings expectations Dearth of skilled workers, funding dents tech adoption by manufacturers: survey The Daily Chase: United Conservative Party wins Alberta election Technology could be key to future wildfire prevention, fighting: companies Wednesday's GDP data will be key for Bank of Canada rate decision: Strategist Canada's immigration system should prioritize workers from in-demand industries: Expert Oilpatch restarts production that was shut in due to Alberta wildfires The Daily Chase: U.S. debt deal clears major hurdle; Alberta election day Scotiabank economist explains his call for another Bank of Canada interest rate hike StatCan report casts clouds on claims of a widespread labour shortage in Canada Canadian companies adopt 'stay interviews' as workers rethink careers, needs Credit unions trending towards greater unity as tech pressures mount TSX recap: Index finishes 0.74% higher amid broad-based gains Federal government posts $41.3 billion deficit for 2022-23 fiscal year Quebec opens door to more immigrants - if they speak French The Daily Chase: Glencore reportedly eyes Bunge; Canadian Western Bank misses expectations New Zealand Offers to Buy Out Owners of Homes Damaged by Cyclone DeSantis Hits the Campaign Trail in Iowa as Alternative to Trump Macron Says Putin Revived ‘Brain-Dead’ NATO With Electroshock Contaminated Drugs, Shredded Papers: US FDA Uncovers Failures in India Pharma Factories Debt-Ceiling Risks Abate Further as Congress Races to Complete Deal Mike Pence Plans to Launch Presidential Campaign on June 7 in Iowa Texas Governor Names Interim AG After Paxton’s Impeachment Moldova Sees EU Entry by 2030 Along With Russian-Occupied Region Bill Ackman Says Jamie Dimon Should Run for President in 2024 Poland’s Leader Pushes Back Against US Rebuke of Russian Probe Trump Stays Quiet on McCarthy's Debt Deal as Other 2024 GOP Contenders Trash It Kosovo Leader Snubs US Call to Back Down in Standoff With Serbs US and EU Narrow Gap on China But Remain Split on Trade Tactics Iran Steps Up IAEA Cooperation Even as Uranium Stockpile Surges Philippines Moves Closer to Wealth Fund Plan After Senate Nod Turkmenistan in Talks With US to Tackle Giant Methane Leaks Quebec firm to pay $10M to avoid charges over bribes promised to Philippine officials Jailed Kurd Politician Who Backed Erdogan’s Rival Quits Politics Ukraine’s Allies Push Back on Striking Targets in Russia Japan Seeks Security Clearance System in Line With US Allies Global Money Is Fast Chasing Alternatives in Asian Equities as China Anxiety Grows South Korea Export Slide Eases for Second Month as Demand Thaws Hong Kong’s Crypto Ambitions Get a Guarded Reception From Digital-Asset Companies Hong Kong Telco HKBN’s Sale Stalls Again on Valuation, Sources Say Fintech Brex’s Revenue Surges After Regional Bank Turmoil China Woos Dimon, Musk as Pressure Builds on Xi to Boost Economy Crypto Exchange Gate.io Rejects Rumors That Sank Related Token C3.ai Tumbles on Underwhelming Sales Outlook After Rallying on AI Hype Korea Creates Software to Boost Its $1.8 Trillion Stock Market Salesforce Gives Forecast for Slowing Sales Growth in Push for Profit Apple Tests New High-End Macs With M2 Max and M2 Ultra Chips Ahead of WWDC AI Tech Rally Masks ‘Violent Rotations,’ RBC’s Silverman Says Pet Retailer Chewy Soars as Recurring-Purchase Program Drives Sales Bitcoin Faces First Monthly Drop of 2023 as Crypto Revival Cools 'Strive harder': Amazon workers protest company's climate impact, return-to-office mandate Amazon Workers Walk Out to Protest Climate, Office Return Policy Meta starts testing paid verification for Canadian Facebook, Instagram creators Slack Co-Founder Butterfield Sees a Turning Point for Tech The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. HKEX Looks to Move Away From Fax Machines By Automating ETF Platform Cathie Wood Says Software Stocks Are Next AI Bet After Nvidia Stock Traders Turn to Options for Desperate Chase to Catch the Tech Rally Erdogan’s Win Puts Focus on New Cabinet, Policies: Reaction Wrap Cathie Wood Defends ARKK’s Decision to Dump Nvidia, Citing Chip-Cycle Risks There's a New King in Chip ETFs After Record $805 Million Inflow Traders Are Duped by Bear-Market Rally, Morgan Stanley’s Wilson Says Think Nvidia’s Move Is Wild? Check Out the Leveraged ETP AI-Focused ETF Assets Could Triple to $35 billion by 2030 Cathie Wood’s ARKK Dumped Nvidia Stock Before $560 Billion Surge BlackRock’s $9 Billion Quant ETF Set to Lean in on Nvidia, Tech What’s Causing the FOMO Drought in US Equities? Goldman Says Stocks Risk ‘Elevator Down’ With Quants Near Max Long Wave of Corporate Spinoffs Fills a Void of Large US Listings AI Intrigues ETF Managers as Both Investment and Tool Investors Should  Prepare for Dividend Stock Rebound, Goldman Strategists Say AI-Powered ETF Getting Left Behind by an AI-Powered Stock Rally Fund Boss Who Beat 91% of Peers Says ESG Is Key to Making Money BlackRock Bond Chief Rick Rieder’s First ETF Is All About Income BCE You are now being redirected to the BCE.ca website (Bell Canada Enterprises), where you can view our Accessibility plan, and submit your feedback using our Accessibility webform. Arun Devnath, Bloomberg News , Source: Ministry of Finance (Bloomberg) -- Bangladesh is expected to propose raising taxes and boosting spending in its annual budget Thursday that will serve as a test of Prime Minister Sheikh Hasina’s prudent policymaking over populism ahead of elections due next year. Trying to balance the budget is not a choice for Hasina, but a requirement from the International Monetary Fund, which in January approved $4.7 billion to the South Asian nation. The funds tied to conditions such as widening tax revenue, reforming the financial sector and removing subsidies couldn’t have come at a more delicate time for the 75-year-old leader — who faces elections that analysts and critics say she’s likely to win though discontentment over rising living costs remains a risk. Hasina insisted last week that Bangladesh was in a position to pay back the IMF loan, saying the lender only gives assistance to countries that can repay their bill. Not all share that confidence. Just days before Finance Minister AHM Mustafa Kamal’s budget presentation, Moody’s Investors Services cut Bangladesh’s credit rating deeper into junk territory, citing concerns of “heightened external vulnerability and liquidity risks” along with institutional weaknesses. Here are issues and indicators to watch for in Thursday’s budget: Fiscal Deficit Bangladesh is expected to target a fiscal deficit of 5.2% of gross domestic product for the year starting July 1 — narrower than the current year’s shortfall that was originally pegged at 5.4% of GDP. Moody’s expects the fiscal deficit to remain around 5%-5.5% over the next few years. Tax Targets Under the IMF program, Bangladesh has to raise the revenue-to-GDP ratio by 1.5 percentage points by the 2025-26 fiscal year to boost spending on social, development and climate projects. The Washington-based lender also set a goal for the nation’s tax revenue to rise to 3.46 trillion taka ($32 billion) by June. However, the government has managed a collection of only 2.47 trillion taka in the 10 months through April. Subsidy Cuts Subsidy cuts are a major requirement for the IMF program and the budget could provide more hints. Subsidies accounted for 12.2%, or 827.45 billion taka of this year’s budget and usually cover electricity, food and agriculture. The government has already hiked electricity prices three times this year and Hasina has said there’s more to come. Inflation Path Consumer prices rose 9.24% in April, surpassing the government’s target 5.6% for this fiscal year and making the case for Kamal to set a higher estimate of 6.5% for the new year. While the new target takes into account the gradual removal of subsidies, higher inflation could well become a political headache for Hasina and her government. The largest opposition group, the Bangladesh Nationalist Party, continued street protests for months over the soaring costs of living, blaming it on the government’s economic mismanagement and demanding that Hasina step down to make way for a caretaker government. Growth Goals The budget will seek a path for the economy to expand by 7.5% next fiscal year, and eventually graduate from being a least developed country in 2026. The government had initially targeted that pace of growth this year, but pared it to 6.5% as Russia’s prolonged war in Ukraine raised food and fuel costs and weakened the global economy. --With assistance from Eltaf Najafizada. ©2023 Bloomberg L.P.