Bank of Japan ‘Must Increase Interest Rates,' Suntory's CEO Says
'It will be the governor's responsibility,' if the Bank of Japan falls behind in responding to changing economic conditions, Niinami said at a news conference Tuesday, where he was speaking as the head of the influential business lobby group. Earlier, on Bloomberg TV, he called for policymakers to increase the benchmark interest rate.
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Yahoo
6 minutes ago
- Yahoo
Singapore Pools Toto sees 1 winning ticket land $12.8m jackpot for 31 July
SINGAPORE — The latest Toto draw on 31 July delivered big for one lucky winning ticket which pocketed $12,827,485 as the sole Group 1 winner for the jackpot. Thursday's draw was a cascade draw as the jackpot had swelled or snowballed from about $1.2 million on 21 July to over $10 million following three consecutive draws without a Group 1 winner. The winning numbers on Thursday evening were 7, 19, 20, 21, 22 and 29 while the additional number drawn was 37. According to Singapore Pools, the Group 1 winning ticket was bought through its account betting service under the QuickPick Ordinary Entry. There were also 20 winning tickets for the Group 2 prize which had a share amount of $73,408. You can find out more details of where the winning Group 2 tickets were purchased on the Singapore Pools website. Thursday's $12.8m jackpot is one of the largest Toto payouts for a single ticket. In October 2023, a record $13,077,918 was won from a single ticket. The figure was surpassed in May 2024 when $13,123,509 was awarded to a sole Group 1 winner. What is Toto? Toto was launched in 1968 as the first lottery game in the history of Singapore Pools. The game got its name from a combination of the words 'Totalisator' and 'Lotto'. The current format of Toto sees six winning numbers and one additional number drawn from 49 numbers (1 to 49) every Monday and Thursday. The jackpot sum begins from $1,000,000. A snowballing feature, which allows for the prize to increase if there are no winners, was introduced to the game in 1981. The System Entry option, where you can pay to be able to pick more numbers, was added later that year. What is the prize structure for Toto? Singapore Pools says that 54% of sales in each draw are added to the Toto prize pool. Your winnings from the pool is dependent on which prize group you land in after the draw reveals the winning numbers. Prize group Matching numbers Prize Group 1 (Jackpot) 6 winning numbers 38% of prize pool (Minimum guarantee of $1,000,000) Group 2 5 winning numbers + additional number 8% of prize pool Group 3 5 winning numbers 5.5% of prize pool Group 4 4 winning numbers + additional number 3% of prize pool Group 5 4 winning numbers $50 Group 6 3 winning numbers+ additional number $25 Group 7 3 winning numbers $10 What are the odds of winning Toto? The odds of winning the Toto jackpot (6 winning numbers) are one in almost 14 million, according to Singapore Pools. Prize group Matching numbers Odds of winning Group 1 6 winning numbers 1 in 13,983,816 Group 2 5 winning numbers+ additional number 1 in 2,330,636 Group 3 5 winning numbers 1 in 55,491 Group 4 4 winning numbers+ additional number 1 in 22,197 These figures are available on the Singapore Pools website. How do I calculate my Toto prize? Singapore Pools has a prize calculator for Toto which you can find here. How big can the Toto prize snowball to? The Group 1 prize amount will not snowball beyond the fourth consecutive draw. If there is no Group 1 winner at the end of four consecutive draws, the final jackpot amount (38% of the fourth draw's prize pool plus snowballed amount from the three preceding draws) cascades, i.e. it will be paid to the next prize group with winner(s) and shared equally. Prize amounts for Group 2, 3, and 4 will snowball until it is won. What are the largest jackpot prizes and winning shares in Toto history? Statistics from Singapore Pools includes lottery draws from 9 October 2014 onwards when Toto was updated to the current 6-out-of-49 format. According to their data, the biggest jackpot prize was $19,416,913 which was drawn on 11 February, 2022. The $19.4 million jackpot had eight winning shares which means the winning share amount worked out to over $2.4m each. A nice sum but nowhere close to the biggest winning shares in Toto history which came in at over $13m on two separate occasions. This happened first on 2 October in 2023 when a single winning share took home $13,077,918. In May last year, another lucky individual had the sole winning share of a very cool $13,123,509 jackpot. Help is available If you are facing stress due to gambling problems, the National Problem Gambling Helpline & Webchat are available daily from 8am to 11pm. Call 1800-6-668-668 or visit for support.
CBS News
8 minutes ago
- CBS News
Should you renew a maturing CD account with interest rates paused?
Interest rates are going to remain on hold a bit longer. That was the big takeaway on Wednesday after the Federal Reserve announced a continued pause in its interest rate cut campaign. After issuing three cuts in the final months of 2024, the central bank has left its benchmark rate frozen at a range between 4.25% to 4.50%, with the next hope for a cut coming when the bank meets again in mid-September. While this was undoubtedly frustrating news for the millions of American borrowers contending with higher rates, it extends an opportunity for savers, especially those with certificates of deposit (CD) accounts. Interest rates on CDs remain comfortably over 4% currently and, now, with rates on hold, they're likely to remain in that range for the foreseeable future. But what if you currently have a CD account that's approaching its maturity date? Should you renew a maturing CD account with interest rates paused? Or are you better off shifting your savings strategies? Below, we'll detail what to consider before taking the next steps. Start by seeing how much money you could be earning with a new CD here. In a low-rate climate, such as the one borrowers experienced at the start of the decade, renewing a maturing CD account, even if rates are paused, doesn't make sense. In these circumstances, savers are often better served by shopping around for alternative ways to grow their savings, even if it may require riskier options like stocks. However, the interest rate climate of August 2025, while not the same as last summer, is far different from what it was in August 2020, too. Savers can still secure a CD rate over 4% right now, and with rates on pause and banks and lending institutions in a holding pattern until September, there's time to shop around to find accounts with high rates and attractive terms. Some savers may even want to explore long-term CDs, which have maturity dates longer than one year, with a goal of locking today's high rates for an extended period (and, thus, growing their money as much and for as long as possible). There's an argument to be made that renewing a maturing a CD when high interest rates are on pause is actually an ideal time to do so. That's because banks can, and often will, reduce rates ahead of any predicted formal Fed rate-cutting action. But with that unlikely to happen in the weeks ahead, savers don't have to move as rapidly as they otherwise may. Still, if your CD is set to mature soon, be prepared to act now. Most banks will provide a limited grace period in which you can take action before the CD is automatically rolled over into a new account, potentially one with a much lower rate. To avoid that happening, contact the bank that holds your CD account now to let them know about your intended next steps. With rates on pause and plenty of high-rate options available with online banks, you'll want to effectively utilize this opportunity while it's still available. Don't let it renew unless the rates and terms match the elevated ones you can find on your own. Compare your current CD account offers here to see which makes sense next. A continued Fed rate pause may not be the news many Americans were hoping for this week, but savvy savers can still use it to their advantage, especially if they have a CD account approaching a maturity date before the central bank meets again this September. It wasn't that long ago that CD rates were barely over 1% and, inevitably, rate cuts will be issued again. So, consider renewing a maturing CD account now as it may not be worth doing the next time your maturity date appears on the calendar.
CBS News
8 minutes ago
- CBS News
5 top questions to ask before hiring a debt relief company
It can be tough to find a path out of debt in any economic climate, but for many borrowers, things are especially difficult right now. Part of the issue is that credit card balances are currently hitting record highs, with the average American household carrying nearly $8,000 in high-rate credit card debt. Meanwhile, inflation has made it harder than ever to find room in the budget for monthly payments, leaving millions of people feeling like they can only afford the minimum payments, which keep the account current but barely touch the principal. So, it's no wonder that debt relief companies are experiencing a surge in demand as people search for ways out. It's important to understand, though, that debt relief companies aren't one-size-fits-all, and some may be more reputable than others. While the right debt relief company can genuinely help you get your finances back on track, the wrong one may do more harm than good. That means before you hand over your financial future to any debt relief company, you need to do your homework. Asking a few smart questions up front is essential to protect yourself and find real relief. Find out more about how to start the debt relief process today. Before you decide which debt relief company to hire, be sure to ask the following questions: This should be your very first question, and the answer will tell you a lot about whether you're dealing with a legitimate company. Under federal law, debt relief companies cannot charge you any settlement fees until they've successfully settled or reduced at least one of your debts. If a company asks for money up front or wants you to pay them a fee before they've done any work, that's a major red flag. Legitimate companies typically set their fees as a percentage of the amount of debt you enroll in their program. This fee structure aligns their interests with yours, as they only get paid when they deliver results. Be wary of companies that are vague about their fees or refuse to put their fee structure in writing. Get everything in writing before you sign anything, and make sure you understand exactly what you'll pay and when. Explore your debt relief options and find the right solution to your debt problems now. Not all debt relief companies are created equal, and some states require specific licenses to operate in this industry. Ask to see proof of any required licenses, and check with the attorney general's office in your state to verify the company's status. Look for accreditation from reputable organizations as well, as that can signal that you're working with a debt relief company that prides itself on doing things the right way. Just as important as credentials is the company's track record. So, ask questions about specific statistics. What percentage of their clients successfully complete the programs they offer? What's the average amount of debt reduction they achieve? How long does the typical program take? A reputable company should be able to provide this information readily. And, be sure to also check their Better Business Bureau rating and read recent customer reviews to get a sense of their reputation. Debt relief comes in numerous forms, and a good company should take time to understand your unique financial situation before recommending a strategy. Some companies focus on debt settlement, meaning that they negotiate with creditors to try and settle for less than what you owe, while others might recommend debt management plans, consolidation strategies or other approaches. Be wary of any company that immediately pushes one solution without thoroughly reviewing your finances. They should ask detailed questions about your income, expenses, types of debt and financial goals before coming up with a plan to help address your debt. A legitimate company will also explain the pros and cons of different approaches and help you understand which option makes the most sense for your specific circumstances. Debt relief is rarely a quick fix, despite what some advertisements might suggest. Most legitimate programs take anywhere from two to four years to complete, depending on how much debt you have and how much you can afford to set aside each month. So, ask clear questions about how long the process could take, and be wary of companies that promise unrealistically fast results. A good company should provide you with a realistic timeline and explain what will happen at each stage of the process. They should also be upfront about potential consequences, such as the impact on your credit score or the possibility that some creditors might not agree to settle. Make sure you also understand what's expected of you during the process and what kind of communication you can expect from the company. This question separates the honest debt relief companies from the ones just trying to make a quick sale. Debt relief programs come with real risks and consequences that you need to understand before committing. Your credit score will likely take a hit, at least temporarily, and some creditors might refuse to negotiate and could pursue legal action. There might also be tax implications if forgiven debt is considered taxable income. A reputable company will be upfront about these risks and help you weigh them against the potential benefits. They should also explain what steps they'll take to minimize negative consequences and what kind of support they'll provide if problems arise. If a company glosses over the risks or makes it sound like there are no downsides, consider that a warning sign. Hiring a debt relief company is a big decision — one that shouldn't be taken lightly. While the right company can help you reduce or manage your debt more effectively, the wrong one can cost you time, money and credit damage you didn't anticipate. By asking these essential questions, though, you'll be in a much better position to spot trustworthy professionals, avoid scams and take meaningful steps toward financial freedom.
