Christmas cheer for remittances to the Philippines
Xpress Money has launched an early Christmas promotion for its Filipino customers with beneficiaries of Overseas Filipino Workers (OFWs) receiving money from the UAE, Qatar and Saudi Arabia able to win cash prizes. While 100 people can win 5,000 Philippine pesos each (Dh379.92), 10 beneficiaries will win a grand prize of 50,000 pesos. The offer runs until December 8, with all transactions sent from these countries to the Philippines eligible for the draw.
Hong Kong property prices soar
Hong Kong home prices surged in September for the sixth consecutive month to hit the highest level in nearly a year, according to government data released on Monday. Private domestic home prices in September rose 2.78 per cent compared to the previous month and reached their highest level in 11 months, according to an index compiled by the Rating and Valuation Department.
Quote:
It’s a critical point, 2018 to 2019.
It was tricky enough getting Carney into the job in the first place. In 2019 the challenge will be just as great.”
– Philip Shaw, an economist at Investec in London, on the UK central bank governor Mark Carney's decision to stay in the job until mid-2019.
10%
Mexico’s peso could plunge more than 10 per cent to a record low against the dollar in a matter of weeks if Donald Trump wins the US presidential election next week, according to a Reuters poll of currency strategists. Strategists who replied to an extra question on the peso outlook in the weeks following the election projected the currency to strengthen to 18.10 per dollar if Hillary Clinton wins or weaken to 21.50 per dollar if Mr Trump wins.
US consumer spending on the increase
US consumer spending rose more than expected in September as households boosted purchases of motor vehicles and inflation increased, which could bolster expectations of an interest rate hike in December. Consumer spending increased 0.5 per cent after a downwardly revised 0.1 per cent drop in August.
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