Latest news with #YCC
Hamilton Spectator
5 days ago
- Business
- Hamilton Spectator
Yukon Chamber of Commerce could shut down before summer's end
The Yukon Chamber of Commerce (YCC) could dissolve by the end of June. In a email bulletin shared May 27 with the News, the chamber's board of directors said that a motion to close would be advanced at its next annual general meeting (AGM) on June 11. YCC membership will have the opportunity to vote for or against the motion. In the email, the chamber said the rationale for the potential closure is finances. 'With great staff and Board turnover, the conclusion of a program contract, a pending recession, and more, it's time for significant change,' reads the bulletin. 'The current operational model is no longer sustainable, and difficult discussions need to be held.' The office has been cancelling subscriptions, selling unused technology and working to reduce office rent over the past few months as part of a slate of austerity measures, as per the bulletin. If members at the AGM support the motion and hence the closure of the YCC, an interim board will be elected to deal with all outstanding accounts payable. It's expected it would take three months or less for the chamber to be dissolved. Should members vote against dissolution, a new board would be elected. They would be responsible for determining the chamber's next steps, including becoming an advocacy organization or innovating a new model with new leadership. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
NDTV
28-05-2025
- General
- NDTV
"Mini-Library" At Manipur Relief Camp A Huge Success Story Of Youth Power
Imphal: A group of young people installed three metal shelves filled with some books at a relief camp in Manipur in July 2024. They called it a "mini library". A rectangular plywood table, unpainted, and some plastic chairs served as the reading area in the centre of the otherwise spartan room. Nearly a year later, from a few textbooks like IIT JEE Physics, Chemistry, Biology, NEET sample papers and NCERT titles, the mini library has grown larger with books donated by the public. The small room at the relief camp that housed the three metal shelves sees more visitors, most of them students, today. "We formed the group in April 2024 to help students living in relief camps with books and any skill matters that would be within our ability to train or provide," a member of 'Youth Connect - The Champion for Change' (YCC) told NDTV. "It has been over a year, and looking back we are glad we took this up ourselves," the YCC member said, adding many of the members are PhD students and candidates of competitive exams. The library has approximately 500 books at present, another YCC member said. A majority of them are textbooks of all subjects for Classes 9 to 12, some sample test papers for Staff Selection Commission (SCC), Joint Entrance Exam (JEE), National Eligibility cum Entrance Test (NEET), etc. There are few novels. The YCC handed over the responsibility of running the mini-library and day-to-day tasks to a small team comprising students living at the relief camp in Imphal West district's Lamboi Khongnangkhong. In the meantime, the YCC reached out to the public with information about the initiative. While some came forward to donate used books, others bought the latest textbooks in bundles and donated them. Members of 'Youth Connect - The Champion for Change' (YCC) who are running the mini-library at a relief camp in Manipur's Imphal West district Independent filmmaker and Manipur University assistant professor Meena Longjam was among those who visited the relief camp to donate books. The titles she gave included 'Wings of Fire', the autobiography of former President Dr APJ Abdul Kalam, and 'Great Stories for Children' by Ruskin Bond. YCC said the mini-library works as a community-based bookshelf from where students can borrow books and study material, and in the process help in creating a positive vibe and give hope. They have also regularly held play sessions, football games, and other activities for children living in relief camps. The ethnic violence in Manipur that began in May 2023 led to the displacement of at least 50,000 people. The clashes killed over 260. Thousands from the Meitei community and the Kuki tribes are still living in relief camps across the state. While the government has from time to time announced the steps it has taken to help internally displaced persons (IDPs), individuals from both the affected communities have taken it upon themselves to help as many IDPs as possible by forming small coordination groups. The scale may not be large due to limited resources; however, many small groups whose members are mostly common working professionals have shared success stories of their interventions despite their busy schedules and work commitments, such as funding the education of a few meritorious students outside the state, providing scholarships for higher studies, etc. For YCC, the latest milestone happened when a Shillong-based graphic design firm took interviews of candidates at the mini library on May 26. From three thin shelves of textbooks, the mini library at the relief camp in Imphal West has come a long way, but still has a ways to go for the shelves to run out of space.
Economic Times
26-05-2025
- Business
- Economic Times
The divergence between US treasury yields and the dollar index: A crisis of confidence
ADVERTISEMENT For decades, US Treasury securities have stood as the cornerstone of global finance, considered risk-free assets, deeply liquid, and a gauge for global investor sentiment. Movements in US Treasury yields have traditionally signalled shifts in economic momentum, monetary policy direction, and global capital flows. As yields rose, they typically attracted foreign capital, strengthening the US dollar in tandem. The historic correlation: Yields up, dollar upHistorically, rising yields reflected economic strength or expectations of monetary tightening, drawing capital inflows and boosting the dollar. ADVERTISEMENT The logic was straightforward: higher returns on dollar-denominated assets attracted global investors, reinforcing demand for both Treasuries and the U.S. dollar. ADVERTISEMENT In 2025, however, this historic relationship has shown divergence. As 10-year Treasury yields surged past 4.60%, while the Dollar Index declined sharply, falling against all major G10 currencies. Usually, when the Yield rises it indicates a strong economic this time, rather than a reflection of strength, the yield surge is now being interpreted as a symptom of stress—signaling investor unease over the United States fiscal health, policy direction, and geopolitical standing. ADVERTISEMENT 1. Demand and supply dynamics: Consequently, unchecked government spending is expected to significantly widen the US fiscal deficit. Given the historical tendency for aggressive monetary intervention during economic downturns, both the deficit-to-GDP and debt-to-GDP ratios are poised to climb further. As these fiscal metrics deteriorate, investor concerns over US creditworthiness deepen—prompting demands for higher yields on Treasury yields, in turn, raise borrowing costs across the broader economy, affecting everything from mortgages and auto loans to corporate debt. To contain this upward spiral in yields, the Federal Reserve may be compelled to implement Yield Curve Control (YCC)—a strategy involving large-scale purchases of long-term bonds to cap rates. ADVERTISEMENT On May 16, 2025, Moody's downgraded the U.S. sovereign rating from Aaa to Aa1, following in the footsteps of S&P (2011) and Fitch (2023). The downgrade was not just symbolic—it highlighted:• A projected federal deficit widening to 9% of GDP by 2035• A debt-to-GDP ratio expected to exceed 134%• Interest payments potentially consuming 30% of federal revenues by 2035 (from 18% today)This sparked a sharp sell-off in Treasuries, pushing yields higher and undermining confidence in the hawkish turn—driven by sticky inflation—has triggered expectations of further rate hikes and a reversal of the yen carry trade. With Japan and China reducing their holdings of U.S. Treasuries, foreign demand for U.S. debt is softening, adding further upward pressure on yields and downward pressure on the Broader impact: From bonds to the real economyMore than 55% of U.S. debt—roughly $5.1 trillion—is set to mature before July 2025. Refinancing this debt at elevated yields will dramatically increase interest costs, especially with the fiscal burden already worsened by over $4.5 trillion in tax cuts and sluggish revenue borrowing rates rise in tandem with Treasury yields, corporations—especially those with lower credit ratings—have significantly reduced their debt issuance. In April 2025, low-rated U.S. companies issued less than $1 billion in bonds, marking the lowest level in at least four years. High-yield corporate bond and leveraged loan issuances have plunged to nearly one-tenth of what they were during the same period last sharp decline in corporate borrowing signals reduced investment in expansion and growth initiatives, which in turn weakens revenue prospects. As companies brace for slower earnings, they are likely to cut costs—resulting in job reductions and slower wage developments are expected to dampen consumer spending, which remains a key pillar of U.S. economic activity. As a result, the broader economy faces increased risk of stagnation or divergence between surging U.S. Treasury yields and a weakening Dollar Index underscores a deepening crisis of confidence in U.S. fiscal prudence. Despite elevated yields, the dollar is losing ground as investors grow wary of rising deficits, potential monetization of debt, and fading foreign appetite for these factors, the Dollar Index is likely to face strong resistance around the 100.50–101.00 zone. From the current level of 99.70, it may decline towards 97.50 levels. Simultaneously, the S&P 500 faces growing headwinds from higher refinancing costs, shrinking credit availability, and deteriorating corporate margins. With tighter financial conditions and slowing economic momentum, equities are vulnerable to correction—unless a dovish policy pivot or credible fiscal reform revives investor sentiment. Given these factors, the S&P 500 is expected to face strong resistance in the 5,950–6,000 range. From current levels, it is likely to decline to 5,540 the DJI is facing resistance around 43,000 and from the current levels is likely to move towards 40,800, with further downside potential towards 40,250.(The author is MD, CR Forex Advisors) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of
Time of India
26-05-2025
- Business
- Time of India
The divergence between US treasury yields and the dollar index: A crisis of confidence
US treasuries: The global benchmark For decades, US Treasury securities have stood as the cornerstone of global finance, considered risk-free assets, deeply liquid, and a gauge for global investor sentiment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Linda Kozlowski, 67, Shows Off Her Perfect Figure In A New Photo Investructor Undo Movements in US Treasury yields have traditionally signalled shifts in economic momentum, monetary policy direction, and global capital flows. As yields rose, they typically attracted foreign capital, strengthening the US dollar in tandem. The historic correlation: Yields up, dollar up Live Events Historically, rising yields reflected economic strength or expectations of monetary tightening, drawing capital inflows and boosting the dollar. The logic was straightforward: higher returns on dollar-denominated assets attracted global investors, reinforcing demand for both Treasuries and the U.S. dollar. The 2025 break: A divergence emerges In 2025, however, this historic relationship has shown divergence. As 10-year Treasury yields surged past 4.60%, while the Dollar Index declined sharply, falling against all major G10 currencies. Usually, when the Yield rises it indicates a strong economic condition. However, this time, rather than a reflection of strength, the yield surge is now being interpreted as a symptom of stress—signaling investor unease over the United States fiscal health, policy direction, and geopolitical standing. What led to the divergence? 1. Demand and supply dynamics: Consequently, unchecked government spending is expected to significantly widen the US fiscal deficit . Given the historical tendency for aggressive monetary intervention during economic downturns, both the deficit-to-GDP and debt-to-GDP ratios are poised to climb further. As these fiscal metrics deteriorate, investor concerns over US creditworthiness deepen—prompting demands for higher yields on Treasury securities. Elevated yields, in turn, raise borrowing costs across the broader economy, affecting everything from mortgages and auto loans to corporate debt. To contain this upward spiral in yields, the Federal Reserve may be compelled to implement Yield Curve Control (YCC)—a strategy involving large-scale purchases of long-term bonds to cap rates. 2. Moody's downgrade: A structural blow On May 16, 2025, Moody's downgraded the U.S. sovereign rating from Aaa to Aa1, following in the footsteps of S&P (2011) and Fitch (2023). The downgrade was not just symbolic—it highlighted: • A projected federal deficit widening to 9% of GDP by 2035 • A debt-to-GDP ratio expected to exceed 134% • Interest payments potentially consuming 30% of federal revenues by 2035 (from 18% today) This sparked a sharp sell-off in Treasuries, pushing yields higher and undermining confidence in the dollar. 3. Global repositioning: Japan and China retreat Japan's hawkish turn—driven by sticky inflation—has triggered expectations of further rate hikes and a reversal of the yen carry trade. With Japan and China reducing their holdings of U.S. Treasuries, foreign demand for U.S. debt is softening, adding further upward pressure on yields and downward pressure on the dollar. The Broader impact: From bonds to the real economy 1. Rising Refinancing Costs More than 55% of U.S. debt—roughly $5.1 trillion—is set to mature before July 2025. Refinancing this debt at elevated yields will dramatically increase interest costs, especially with the fiscal burden already worsened by over $4.5 trillion in tax cuts and sluggish revenue growth. 2. Weak Economic Growth As borrowing rates rise in tandem with Treasury yields, corporations—especially those with lower credit ratings—have significantly reduced their debt issuance. In April 2025, low-rated U.S. companies issued less than $1 billion in bonds, marking the lowest level in at least four years. High-yield corporate bond and leveraged loan issuances have plunged to nearly one-tenth of what they were during the same period last year. This sharp decline in corporate borrowing signals reduced investment in expansion and growth initiatives, which in turn weakens revenue prospects. As companies brace for slower earnings, they are likely to cut costs—resulting in job reductions and slower wage growth. These developments are expected to dampen consumer spending, which remains a key pillar of U.S. economic activity. As a result, the broader economy faces increased risk of stagnation or contraction. Outlook on DXY and S&P 500 The divergence between surging U.S. Treasury yields and a weakening Dollar Index underscores a deepening crisis of confidence in U.S. fiscal prudence. Despite elevated yields, the dollar is losing ground as investors grow wary of rising deficits, potential monetization of debt, and fading foreign appetite for Treasuries. Given these factors, the Dollar Index is likely to face strong resistance around the 100.50–101.00 zone. From the current level of 99.70, it may decline towards 97.50 levels. Simultaneously, the S&P 500 faces growing headwinds from higher refinancing costs , shrinking credit availability, and deteriorating corporate margins. With tighter financial conditions and slowing economic momentum, equities are vulnerable to correction—unless a dovish policy pivot or credible fiscal reform revives investor sentiment. Given these factors, the S&P 500 is expected to face strong resistance in the 5,950–6,000 range. From current levels, it is likely to decline to 5,540 levels. Similarly, the DJI is facing resistance around 43,000 and from the current levels is likely to move towards 40,800, with further downside potential towards 40,250. (The author is MD, CR Forex Advisors) ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Mid East Info
22-05-2025
- Business
- Mid East Info
Rising Yields, Soaring Yen: why Japan's fiscal crisis isn't sinking its currency
By Daniela Sabin Hathorn, senior market analyst at Japan is currently grappling with significant fiscal challenges, highlighted by Prime Minister Shigeru Ishiba's recent statement to parliament that the country's fiscal situation is worse than Greece's during its 2010 crisis. This alarming comparison has intensified scrutiny of Japan's debt structure; however, the yen has been rising. Japan's debt crisis: A growing concern: Japan's public debt is among the highest globally, with a debt-to-GDP ratio exceeding 260%. As of December 2024, the central government's long-term debt stood at approximately ¥1,136 trillion, with local governments adding another ¥179 trillion, bringing the total to around ¥1,315 trillion. Historically, Japan has managed this massive debt burden through ultra-low interest rates and the Bank of Japan's (BoJ) yield curve control (YCC) policy. However, recent monetary policy shifts have driven yields higher, escalating the cost of debt servicing. Adding more fuel to the fire, on Tuesday Japan's 20-year government bond auction experienced its weakest demand since 2012. This reflects investor concerns over Japan's fiscal health and the BOJ's tapering of bond purchases. Longer-term bonds have also been affected. The 30-year yield has risen to 3.19%, and the 40-year yield reached a record high of 3.61%. These increases indicate a significant shift in investor sentiment and a re-evaluation of the risks associated with Japanese government bonds. Past performance is not a reliable indicator of future results. Impact on the yen: safe haven demand trumps fundamentals In theory, the rising yields and fiscal concerns should exert downward pressure on the Japanese yen. However, the currency has been steadily rising since last week. The chart below shows the performance of the yen against a basket of currencies, which is up 2.5% since May 14. Past performance is not a reliable indicator of future results. The move seems counterintuitive but there are several factors at play. In times of global financial uncertainty, the Japanese yen often benefits from its long-standing status as a safe-haven currency. Recent events such as the U.S. credit rating downgrade and renewed volatility in global bond markets have led investors to seek refuge in traditionally stable assets, including the yen. Another factor supporting the yen is capital repatriation by Japanese institutional investors. With bond yields rising in countries like the U.S. and the UK — and volatility increasing — Japanese pension funds and insurers are bringing funds back home. This flow of capital into Japan boosts demand for the yen, putting upward pressure on the currency even if domestic fundamentals are shaky. Expectations around the Bank of Japan's policy are also playing a role. While the BoJ has long maintained ultra-loose monetary policy, rising inflation and bond market disruptions have fuelled speculation that it may shift to a more hawkish stance. Even modest expectations of rate adjustments can cause traders to unwind short positions in the yen, further driving its strength. Lastly, it's important to remember that currency movements are relative. While Japan has fiscal issues, other major economies are also facing economic and monetary headwinds. In that context, the yen may appear comparatively attractive. So, while Japan's fiscal worries are real, global investors are currently weighing broader risks and finding reasons to hold the yen — at least in the short term. Conclusion: While Japan's fiscal woes are serious and escalating, the yen's recent appreciation highlights the nuanced nature of global currency markets. Safe-haven flows, repatriation of capital, and shifting policy expectations are outweighing domestic weaknesses — at least for now. USD/JPY technical analysis: The USD/JPY pair has been locked in a downtrend for eight sessions, erasing gains seen earlier in the month. The dollar's recent weakness — fuelled by growing concerns about the U.S. economic outlook — has added to this downward pressure. On Thursday, the pair attempted a modest recovery from its intraday low. While the broader bias remains bearish, a break above resistance at 144.40 could spark short-term buying interest. However, without a significant reversal in USD sentiment, gains are likely to be capped near 145.50. USD/JPY daily chart Past performance is not a reliable indicator of future results.
