Philippines to Tap GCash to Sell Bite-Sized Bonds to Attract More Investors
The government will sell Treasury bills for a minimum 500 pesos ($8.80) net of fees, and retail Treasury bonds for minimum 5,000 pesos, Treasurer Sharon Almanza said on Thursday.
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Yahoo
29 minutes ago
- Yahoo
Fact check: Sharia law administrator job ad was for role with private employer
A widely shared post on social media claimed that 'the UK Government is hiring' while sharing a screenshot of a job advert for a 'Shariah law administrator'. Another post said that 'the role is for the Department of Work and Pensions' alongside a screenshot of the same webpage. Evaluation The advert was not for a Government job. The administrator was being hired using money a mosque said it had raised through donations. The job was advertised on a portal run by the Government, which is open to private employers to post on. The facts The Find a Job service was launched by the Department for Work and Pensions (DWP) in 2018 as a replacement for Universal Jobmatch. It links thousands of employers with potential candidates. Employers who want to post on the site must be verified in order to ensure that the job adverts are genuine. They are also checked to make sure they meet minimum wage, accessibility and Welsh language rules. The Find a Job service is used to advertise both Government jobs and those offered by charity and private sector employers. This was the case with the job advert in the screenshot shared on social media. The – now deleted – role for a 'Shariah law administrator' was advertised by Manchester Community Centre. The job description says the successful candidate will 'provide all admin and secretarial work for Manchester Shariah Council'. Following online discussions about the job advert, the Islamic Centre Manchester released a statement on Facebook through the Didsbury Mosque on July 28. It said: 'This is not a government-funded post; the mosque pays for it out of community donations. The DWP advertises many jobs to help people obtain employment.' The statement added: 'We have withdrawn the job in question and have asked the DWP to remove it from its website. The job advert will be reworded to avoid future misunderstanding.' Data from the Charity Commission suggests that Manchester Community Centre has never received income from Government grants or contracts. The Islamic Centre (Manchester) received Government grants in the year ending September 2021 and September 2022, although nothing in the year ending September 2023 – which is the latest available data. The Manchester Community Centre, the Islamic Centre Manchester and the Didsbury Mosque all use the same address. Links Post on X (archived) Second post on X (archived) – New 'Find a Job' service to support thousands of jobseekers into work (archived) – How we're helping people to Find a job (archived) Head of Detect and Response – Home Office Cyber Security (archived) Shariah Law Administrator (archived) Didsbury Mosque post on Facebook (archived) Charity Commission – Manchester Community Centre (archived) Charity Commission – The Islamic Centre (Manchester) (archived) Companies House – Manchester Community Centre (archived) Charity Commission – The Islamic Centre (Manchester), contact information (archived) MIC & Didsbury Mosque – Contact us (archived)
UPI
31 minutes ago
- UPI
Trump opens new golf course, meets with Scottish first minister
July 29 (UPI) -- President Donald Trump opened his latest golf course and held talks with Scottish First Minister John Swinney as he concluded his trip to Scotland on Tuesday. Appearing at the Trump International Golf Links in Aberdeen with his sons Donald Jr. and Eric, and Swinney, Trump spoke with the media before cutting the ribbon to mark the grand opening. Trump noted that after playing the course, he would head back to the United States to "put out fires all over the world." "We did one yesterday, as you know, we stopped the war," he said Tuesday in reference to a cease-fire that had been arranged between Thailand and Cambodia, despite Thailand announcing Tuesday that Cambodia violated that cease-fire only hours later. "That's much more important than playing golf," Trump added. "As much as I like it, it's much more important." It was Trump's second day of golf on this trip, as he played Monday at his resort in Turnberry, Scotland, where he had met with U.K. Prime Minister Keir Starmer. Swinney was reportedly seeking to speak with Trump about the 10% tariff levied by Trump on U.K. exports to the United States, specifically in regard to the alcoholic beverage Scotch. Scotch makes up 25% of all the U.K.'s food and drink exports, according to the Scotch Whisky Association. The BBC reported Tuesday that Trump and Swinney discussed whisky "at length," and that a Scottish government source said there was a "window of opportunity" between this visit Trump's next scheduled visit to the U.K. in September to make progress on shrinking the tariff.
CNBC
3 hours ago
- CNBC
Bessent, Warsh, Hassett are the leading contenders to get Fed chair job, CNBC survey finds
It's a virtual three-way tie to replace Fed Chair Jerome Powell as Fed chair when his term expires. The CNBC Fed Survey found 24% of respondents saying President Donald Trump will replace Powell with Treasury Secretary Scott Bessent and 24% saying it will be former Fed Governor Kevin Warsh. Close behind is Kevin Hassett, director of the president's National Economic Council with 22%. More distant is current Fed Governor Chris Waller at 14%. Trump repeatedly has called for Powell's resignation, saying he's been late to cut interest rates, and has considered firing him. He's also accused the Fed chair of mismanaging a $2.5 billion renovation of its headquarters and a separate building, a charge Powell has denied and for which the president has provided no evidence beyond the cost overruns. After a recent visit to the construction site, the president appeared to ease off on his criticism of the project and the Fed's monetary policy and suggested he would not fire Powell. Powell's term as chair concludes in May 2026 though he can stay on as governor if he wishes until 2028. In the survey, 84% said the president would not fire Powell before his term ends in May. The 37 respondents include fund managers, economists and strategists. "With the jockeying going on to become the next Fed chair already appearing inside the Fed, it is clear the Fed's independence has already been compromised," economist Joel Naroff wrote. "This has elevated long rates and weakened the dollar. There is little to believe that would change, especially given the expectation that the next Fed chair will be a Trump loyalist." Overall, respondents gave Powell a grade of B -, up from C+ when CNBC last asked the question in 2023. He received solid B's on leadership, transparency, market knowledge and communication, but a C- on economic forecasting (up from a D in 2023). Respondents graded Powell with a B- on economic and regulatory expertise. Former Fed Chair Ben Bernanke left office with a final grade of B and Janet Yellen's final grade was a B+. The president's pressure on the Fed to cut rate is believed by some respondents to be having the opposite effect. While 56% say it's having no impact on policy, 42% believe it makes rate cuts less likely. Just 3% say it makes cuts more likely. No respondent forecasts a rate cut at this meeting, although 27% believe the Fed should cut. There could be two dissents at the meeting as two Trump-appointed governors have said they supported lower rates in July. But survey respondents see those cuts coming, with 65% expected one in September and another one likely before year end. That would bring the funds rate down to about 3.9%. Further cuts are forecast for 2026, with the average respondent putting the funds rate at 3.5%, though that will remain above the average neutral rate of 3.3%. Tariff uncertainty remains the No. 1 threat to the expansion, followed by overall uncertainty about the president's policy and continued high inflation. But overall, some of the uncertainty sparked by administration's policies have eased. Uncertainty around the economic impact of tariffs fell to 62% from 71% in June. And 65% expect a trade deal with China, up from 54%. A 51% majority now believes tariffs will result in only one-time price increases, rather than broader inflation, an 8-point gain from June. "Trumpian uncertainties on the economy and policies are settling down," wrote Allen Sinai, chief global economist/strategist at Decision Economics. "That is clarifying and very positive for equities. But there are still big, big societal, political, geopolitical, and non-economic uncertainties." Along with less uncertainty has come a modest boost in the economic outlook. The probability of a recession in the next year has fallen to 31% from 38% in June and 53% in May after the president announced sharply higher "reciprocal" tariffs. GDP is forecast to rise 1.4%, up from 1.1% in June, though still below the more optimistic 2.4% in January. The outlook remains for a recovery next year with an average 2.2% GDP forecast in 2026. Unemployment is seen rising only slightly from the current rate of 4.1% to 4.4% this year and remaining stable at that level in 2026. But there are widespread concerns about the labor market slowing. "Employment is not as good as some believe," said Drew T. Matus, chief market strategist, MetLife Investment Management. "This, combined with housing issues and ongoing volatility, is likely to prompt a significant slowing in activity as we approach year-end." For most respondents, employment looks to be the key to whether Fed is in the right place. "The labor market is slowing, and the housing market is deflating. Ultimately this will force the Fed to cut interest rates," said Troy Ludtka, senior US economist at SMBC Nikko Securities Americas. But Jack Kleinhenz, chief economist, National Retail Federation, wrote, "A relatively balanced labor market, the recent rise in the [personal consumption expenditures price index], and the potential for tariffs to push up inflation in the coming months justifies the cautious pace by the Federal Reserve. Even though uncertainty continues, the economy is expected to grow." Despite better growth and less uncertainty, respondents are cautious about the stock market this year. The average respondent puts the year-end S&P 500 level at 6,344, below the close on Monday. It's forecast to rise to 6,936 next year, a 9% increase. But there's also greater concern about overvaluation, as 84% see stocks as somewhat or extremely overvalued, up from 58% in June, and the highest in a year.
