All posts by Ophir II

Posted On March 10, 2017By Ophir IIIn News

India Lost 11 Billionaires Last Year

India’s clampdown on cash lost the economy a few billionaires last year though the richest hardly saw their fortunes hit. India dropped one spot to No. 4 on the Hurun Global Rich List as the nation lost 11 billionaires in 2016 while the world added 69. However, the 18 Indians among the top 500 billionaires saw their wealth drop just 1.5 percent, according to the Bloomberg Billionaires Index. “The world today has 5,000 dollar billionaires, assuming that for every one we have found we have missed at least one,” RupertRead More

Posted On February 20, 2017By Ophir IIIn News

Venezuela: 75% of population lost 19 pounds amid crisis

Feb. 19 (UPI) — Venezuela’s Living Conditions Survey found that nearly 75 percent of the population lost an average of at least 19 pounds in 2016 due to a lack of proper nutrition amid an economic crisis. The survey, called ENCOVI, is a joint effort conducted by the Central University of Venezuela, the Andrés Bello Catholic University and the Simón Bolívar University, along with the Fundación Bengoa food and nutrition group and other non-governmental organizations. Venezuelans are not consuming the 2,000 recommended daily calories needed, the survey said. Venezuela’s extremeRead More

Posted On February 16, 2017By Ophir IIIn News

Property market to remain subdued up to 18 months

KUALA LUMPUR: The property market is expected to remain subdued for 12 to 18 months and this year will be a buyers’ market during a period of price consolidation. According to Rahim & Co.’s overall property review and 2017 market outlook released on Thursday,  affordable housing will continue to be popular. “The concerns are the over supply for the commercial sector. Low oil prices, a weakening ringgit and golbal uncertainties will result in tenants scaling down,” the report said. Hence, the absorption of new supply is expected to slow. ThisRead More

Posted On February 15, 2017By Ophir IIIn News

Germany reclaims gold in New York vaults

Germany’s gold has come home. The country’s central bank has completed a transfer of gold bars worth $13 billion from New York to Frankfurt, part of a plan to repatriate roughly half the reserves it keeps abroad. Germany has been bringing gold home from New York and Paris since 2013. So far, 642 tons has been transferred. With the latest transfer, the central bank has shifted a total of 330 tons of gold that had been stored with the New York Federal Reserve, deep in a subterranean vault that restsRead More
KUALA LUMPUR: Growth of trade dependent economies like Malaysia will be impacted this year by the potential protectionist US policies and the economic stability of the EU, says UOB Bank. Economist Julia Goh says Malaysia should continue to facilitate intra-regional exports through Asean and its trade partners and reinforce regional integration within Asia. “Malaysia should further diversify away from traditional export sectors towards higher value-added segments to support economic growth,” she said, in a report. The key growth driver for the Malaysian economy and its neighbouring Asean economies in theRead More

Posted On February 10, 2017By Ophir IIIn Articles

The New Face of American Unemployment

Even at so-called full employment, some 20 million Americans are left behind. They’re looking for work, out of the labor force but unhappy about it, or report working part-time when they’d prefer more hours, according to data released last week. Their plight comes even as the U.S. flirts with what economists consider the maximum level of employment for the first time since before the recession, having added 15.8 million jobs since the start of 2010. While some of America’s jobless are simply between gigs, those persistently stuck out of workRead More

Posted On February 8, 2017By Ophir IIIn News

Malaysia’s Ringgit Crackdown Spooks Overseas Investors

Malaysia’s crackdown on currency speculators has come at a cost. While it has successfully reduced ringgit volatility, it is threatening to discourage overseas investors. The central bank’s steps to curb trading in offshore non-deliverable forwards last year made it harder for global funds to hedge their exposure to Malaysia, according to Macquarie Bank Ltd. Global funds cut holdings of Malaysian debt by a combined 25.2 billion ringgit ($5.7 billion) in November and December, the biggest two months of outflows since 2008, central bank data show. The difference between onshore and forward pricesRead More
China’s gold imports from Switzerland soared at the end of last year when Beijing was struggling to defend the yuan and incoming US President Donald Trump was casting grave doubts about Sino-US economic ties. The Swiss Federal Customs Administration said in January that its gold bullion exports to China rose to 158 tonnes in December from 30.6 tonnes in November, according to GoldSeek.com, a website for gold investors. Switzerland owns the world’s major gold refineries, with India and China its top export destinations. The Swiss customs data did not revealRead More
This time last year, Vancouver was one of world’s hottest housing markets as buyers turned up throughout the winter for bidding wars and sales reached an all-time high. Today, the Real Estate Board of Greater Vancouver reported transactions in Metro Vancouver plunged 40 percent in January over a year earlier as both buyers and sellers hover on the sidelines. That’s the seventh straight month of declines, according to data compiled by Bloomberg. The ratio of sales to listings — used by the industry as a harbinger of prices — is alsoRead More
Zimbabwe’s crippling cash shortage has left a black hole in the financial system that’s crushing the rest of the economy. “We deposit the cash and it becomes theoretical, ephemeral,” Mohamed Salam, who owns several small stores selling building supplies in Harare, the capital, said in an interview. “My bank balance says it’s there, but it isn’t. I can make payments electronically to local suppliers, but I can’t pay foreign suppliers.” The liquidity squeeze has left companies unable to pay their workers in cash and foreign suppliers, driving many out of business,Read More