Quote:
“No one can tell how deep the adjustment will be or what is the appropriate level of adjustment.”
Paul Chan, financial secretary of Hong Kong, on the potential correction in the local property market
Emirates NBD launches new overdraft facility
Customers can get up to two months’ salary with Flexicash, a new overdraft credit facility from Emirates NBD to meet short-term or emergency financial needs.The overdraft is linked to a customer’s current account and is also designed to serve as a cheque bounce protection. Part or full withdrawals of the approved overdraft limit is permitted and customers can choose to pay back the credit with monthly repayments ranging from 20 per cent every month to the full amount, plus interest on the utilised portion. FlexiCash can also be taken against a customer’s fixed deposits at interest rates starting at 4 per cent per annum.
45.8
Households in Britain have become more worried about the outlook for their finances in the 12 months ahead as rising inflation puts a squeeze on their spending power, a survey showed on Monday. IHS Markit said its index measuring how households feel about their personal finances fell to 45.8 in June from 47.1 in May, the most pessimistic in three months and one of the lowest readings since the end of 2013.
New vehicle sales jump in Australia
Australian sales of new vehicles rose by the most in 11 months in May to hit the highest on record, a promising sign for a pick-up in consumer spending in the second quarter. Monday’s data from the Australian Bureau of Statistics showed national sales rose a seasonally adjusted 2.9 per cent in May, from April when they edged up 0.3 per cent.
Egyptian expats remit more
Remittances from expatriate Egyptians rose by 11.1 per cent between the currency float in November and the end of April, the central bank said, with economists suggesting recent reforms have begun restoring confidence in the banking system. Expatriate remittances from November until the end of April have reached $9.3 billion.
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