Chinese Investors' FX Pile Hits $1 Trillion Amid Low Local Rates
Total foreign-currency deposits onshore rose to $1.02 trillion in June, the highest since March 2022, according to data from the People's Bank of China released Monday. The net increase in the first half of the year was $165.5 billion, the biggest jump in data going back to 2005.
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Business Insider
31 minutes ago
- Business Insider
FCMB rewards 3,016 customers in millionaire promo
First City Monument Bank (FCMB) has rewarded 3,016 customers in Season 10 of its ongoing Millionaire Promo. So far, 12 customers have won the top prize of ₦1 million each, while 3,004 others have received different cash rewards. The winners were selected through electronic draws held between January and June, ensuring broad participation. The promo is open to new and existing savings account holders and ends in September. During the fifth draw held on June 17, four additional customers won the star prize of ₦1 million each, with 112 others also receiving cash prizes. The latest millionaires include Ranti Badmos from Lagos, Wilson Onoezikome in Kaduna, Esther Obafemi in Ijebu-Ode, Ogun State, and Israel Oruma in Asaba, Delta State. Israel Oruma, a timber merchant, expressed his delight at winning, saying the prize would significantly support his business. "This is a pleasant surprise. I have been facing financial challenges recently. The ₦1 million will go a long way in assisting me. I'm investing it in my business and will encourage all my staff, family, and friends to open an account with the Bank. Thank you, FCMB." Adetunji Lamidi, Divisional Head of Personal Banking at FCMB, said the Millionaire Promo reflects the bank's broader mission to enable financial security and opportunity for everyday Nigerians. "At a time when many are facing economic pressure, savings-driven initiatives like this shift the focus from getting by to making progress. It gives people a reason to save, rewards loyalty, and shows that banking helps create real-life impact." Speaking on the integrity of the selection process, Oyinkan Kusamotu, Principal Legal Officer at the Lagos State Lottery and Gaming Authority, stated:"It's great to witness FCMB's commitment to compliance, fairness, and transparency throughout the draw process, which builds trust with customers and stakeholders." To qualify for Season 10 of the FCMB Millionaire Promo, customers must increase their account balance by at least ₦10,000 and maintain it for 30 days to enter the monthly and seasonal draws. Each additional ₦10,000 saved increases the customer's chances of winning. Dormant or inactive account holders can also participate by reactivating their accounts. Draws are held nationwide, giving everyone a fair opportunity to win.
Yahoo
32 minutes ago
- Yahoo
3 Tech Stocks You Can Buy and Hold for the Next Decade
ASML is a tech stock with a wide moat, as it's the only company that manufactures EUV lithography systems. Taiwan Semiconductor Manufacturing expects revenue to increase at a 20% CAGR, and the chipmaker is building new production facilities around the world. The Trade Desk helps advertisers get more bang from their buck with its AI-powered Kokai platform. 10 stocks we like better than ASML › The tech sector has bounced back from the stock market chaos in April. The Nasdaq Composite is up 7% on the year, and many of the biggest tech companies are at or near all-time highs, including market leader Nvidia, as well as Microsoft and Meta Platforms. Those are all quality companies, but they're far from the only good long-term investments in this market sector. Let's check out a few other tech stocks that should excel over the next decade. Semiconductor companies are a crucial part of the artificial intelligence (AI) boom. ASML (NASDAQ: ASML) supports the industry with the lithography equipment needed to manufacture semiconductors. This equipment uses light to transfer patterns onto a semiconductor's silicone wafer. The company's most advanced products are its extreme ultraviolet (EUV) lithography systems that are used for AI chips. ASML is also the only company to manufacture EUV lithography systems right now, and because of how complex these machines are, it's not a market a competitor could enter overnight. The biggest threat to ASML in this regard is China, which is investing in its own domestic EUV lithography machines. It's a valid concern, but making a commercially viable machine that matches the quality ASML offers could take several years or longer. ASML stock has fallen 25% over the past year as its earnings reports have been hit or miss. That's not unusual for its business model, though. The company sells extremely expensive products (EUV lithography machines start at $220 million) and doesn't move a high volume. Trading at a forward price-to-earnings (P/E) ratio of 29, ASML isn't overly expensive, and leadership is expecting 2025 and 2026 to be growth years based on conversations with its customers. The current dip gives new investors the chance to buy a wide-moat business at a fair price. Speaking of semiconductor companies, Taiwan Semiconductor Manufacturing (NYSE: TSM), or TSMC, is another business with a dominant market position. TSMC is the world's top semiconductor foundry, with a nearly 68% market share. Many leading tech companies, including Nvidia, Apple, and Advanced Micro Devices, rely on TSMC to make their chips. There's no shortage of reasons to be bullish on TSMC. Revenue and net income have both grown considerably -- up 134% and 110% over the past five years, respectively. Management projections are for revenue to increase at a 20% compound annual growth rate through 2029. TSMC's growth prospects also look promising because of its ambitious expansion plans. It's working on nine new production facilities this year in Taiwan, the U.S., Japan, and Germany. You don't need to pay a premium for this semiconductor stock, either. It's trading at a forward P/E ratio of 24, less than the Nasdaq-100. Given that semiconductors are an essential component of all kinds of technology, as well as the excellent revenue projections for TSMC, I'd say the current price is a bargain. The Trade Desk (NASDAQ: TTD) is a different type of AI stock than the first two companies on this list. Its business is advertising, and specifically, it's a demand-side platform (DSP). A DSP is a software that connects advertisers with digital companies that have ad space. Advertisers upload their ads and set a budget, companies with ad space put in their bid requests, and The Trade Desk's software acts as the middleman between the two. In 2023, The Trade Desk launched Kokai, a platform with AI tools to help advertisers with budget allocation, bid strategy, and audience targeting. According to the company's data analysis, campaigns on Kokai have delivered a 43% lower cost per unique household, 24% lower cost per click, and 27% lower cost per action on average. The Trade Desk's share price plummeted after it missed revenue expectations for the fourth quarter of last year. It's currently down 36% on the year, but that's arguably an overreaction. This was the first time The Trade Desk missed guidance in eight years, and it returned to form in the first quarter of 2025. Revenue grew 25% to $616 million and net income grew 8% to $51 million. Shares have never been cheap, and even after the recent downturn, The Trade Desk is trading at a forward P/E ratio of 41. But advertising is a rapidly growing industry, especially digital ads. Precedence Research forecasts that global digital ad spend will grow from $650 billion in 2025 to about $1.5 trillion in 2034. If you're looking for high-growth stocks, consider buying some shares. Before you buy stock in ASML, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and ASML wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $671,477!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,010,880!* Now, it's worth noting Stock Advisor's total average return is 1,047% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of July 14, 2025 Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Lyle Daly has positions in ASML, Nvidia, and The Trade Desk. The Motley Fool has positions in and recommends ASML, Advanced Micro Devices, Apple, Meta Platforms, Microsoft, Nvidia, Taiwan Semiconductor Manufacturing, and The Trade Desk. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy. 3 Tech Stocks You Can Buy and Hold for the Next Decade was originally published by The Motley Fool
Yahoo
33 minutes ago
- Yahoo
Chinese carmaker BYD launches smartphone-car connectivity feature
BEIJING (Reuters) -Chinese carmaker BYD said on Tuesday it had launched a smartphone-car connectivity feature across its lineup, compatible with phone brands including Huawei, Xiaomi, Oppo and Vivo. Sign in to access your portfolio
