
Expensify Expands Global Support For Company Cards, Languages, Billing, And Reimbursements
PORTLAND, Ore., June 26 (Bernama) -- Expensify, Inc. (Nasdaq: EXFY), the financial management superapp for expenses, travel, and corporate cards, today announced a sweeping expansion of international support across its platform. The launch includes support for corporate card import from 10,000+ more banks worldwide, multilingual capabilities, Euro-based billing, international reimbursements in New Expensify, and beta access to the Expensify Card across the UK, EU, and soon Canada.
These updates mark a milestone in Expensify's global strategy, enabling businesses across the world to manage expenses and cards faster and more seamlessly than ever before—all within a single platform.
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New Straits Times
42 minutes ago
- New Straits Times
Asia shares track Wall St gains before payrolls test
SYDNEY: Asia shares firmed on Monday as seemingly unquenchable demand for technology companies lifted S&P 500 futures to another all-time peak, while the dollar dipped on concerns US jobs data will show enough weakness to justify larger rate cuts. Investors were also keeping a wary eye on the progress of a huge US tax-cutting and spending bill slowly making its way through the Senate, with signs it may not make it by President Donald Trump's preferred July 4 deadline. The Congressional Budget Office estimated the bill would add US$3.3 trillion to the nation's debt, testing foreign appetite for US Treasuries. There was no doubting the demand for the US tech sector and megacap growth stocks including Nvidia, Alphabet and Amazon. Nasdaq futures rose another 0.3 per cent, while S&P 500 e-minis added 0.2 per cent. The bullish sentiment spilled over into Japan's Nikkei which rose 1.0 per cent, while South Korean stocks gained 0.5 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.1 per cent. A holiday on Friday means US payrolls are a day early, with analysts forecasting a rise of 110,000 in June with the jobless rate ticking up to 4.3 per cent. The resilience of the labour market is a major reason the majority of Federal Reserve members say they can afford to wait on cutting rates until they can gauge the true impact of tariffs on inflation, so a weak report would stoke speculation of a rate cut in July rather than September. "While initial jobless claims retreated somewhat from their recent high, continuing claims jumped higher yet again," noted Michael Feroli, head of US economics at JPMorgan. "Consumers' assessment of labor market conditions also deteriorated in the latest confidence report." "Both of these developments suggest that the unemployment rate in June should tick up to 4.3 per cent, with a significant risk of reaching 4.4 per cent." The latter outcome would likely see futures push up the chance of a July easing from the current 18 per cent and price in more than the present 63 basis points of cuts for this year. DOLLAR DOLDRUMS Fed Chair Jerome Powell will have an opportunity to repeat his cautious outlook when he joins several other central bank chiefs at the European Central Bank forum in Sintra on Tuesday. The prospect of an eventual policy easing has helped Treasuries weather worries about the US budget deficit and the huge amount of borrowing it entails. Yields on 10-year Treasuries were steady at 3.27 per cent, having fallen 9 basis points last week. The dollar has not fared so well, in part due to concerns tariffs and chaotic policies from the White House will drag on economic growth and erode the country's claim to exceptionalism. The euro was near its highest since September 2021 at US$1.1731, having climbed 1.7 per cent last week, while sterling stood near a similar peak at US$1.3719. The dollar was down a fraction at 144.48 yen, after losing 1 per cent last week, while the dollar index dipped to 97.163. James Reilly, a senior markets economist at Capital Economics, noted the dollar had fallen by more at this stage in the year than in any previous year since the US moved to a free-floating exchange rate in 1973. "At this point, further weakness could become self-reinforcing as underhedged European/Asian portfolios chase the move," he added. "So, we suspect that this could be a pivotal period for the greenback – either it turns around here or there is another 5 per cent or so fall around the corner." In commodity markets, the general revival in risk sentiment has undermined gold, which slipped to US$3,266 an ounce and further away from April's record top of US$3,500. Oil prices continued to struggle on concerns about plans for increased output from OPEC+, which contributed to a 12 per cent slide last week. Brent dropped a further 55 cents to US$67.22 a barrel, while US crude eased 68 cents to US$64.84 per barrel.


The Sun
an hour ago
- The Sun
Trump says ‘very wealthy' group to buy TikTok
WASHINGTON: President Donald Trump said Sunday a group of buyers had been found for TikTok, which faces a looming ban in the United States due to its China ties, adding he could name the purchasers in two weeks. 'We have a buyer for TikTok, by the way,' Trump said in an interview on Fox's Sunday Morning Futures with Maria Bartiromo. 'Very wealthy people. It's a group of wealthy people,' the president said, without revealing more except to say he would make their identities known 'in about two weeks.' The president also said he would likely need 'China approval' for the sale, 'and I think President Xi (Jinping) will probably do it.' TikTok is owned by China-based internet company ByteDance. A federal law requiring TikTok's sale or ban on national security grounds was due to take effect the day before Trump's inauguration on January 20. But the Republican, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause. In mid-June Trump extended a deadline for the popular video-sharing app by another 90 days to find a non-Chinese buyer or be banned in the United States. Tech experts quickly described the TikTok kerfuffle as a symbol of the heated US-China tech rivalry. While Trump had long supported a ban or divestment, he reversed his position and vowed to defend the platform -- which boasts almost two billion global users -- after coming to believe it helped him win young voters' support in the November election. 'I have a little warm spot in my heart for TikTok,' Trump told NBC News in early May. 'If it needs an extension, I would be willing to give it an extension.' Now after two extensions pushed the deadline to June 19, Trump has extended it for a third time. He said in May that a group of purchasers was ready to pay ByteDance 'a lot of money' for TikTok's US operations. The previous month he said China would have agreed to a deal on the sale of TikTok if it were not for a dispute over Trump's tariffs on Beijing. ByteDance has confirmed talks with the US government, saying key matters needed to be resolved and that any deal would be 'subject to approval under Chinese law.


Malaysian Reserve
2 hours ago
- Malaysian Reserve
China fund beats 97% of peers by buying Pop Mart, dumping Moutai
A 30-YEAR old Chinese fund manager is trouncing peers this year with a portfolio stocked with Gen Z-favored names like Pop Mart International Group, betting that new-age shopping trends can help his fund overcome the country's economic sluggishness. Xie Tianyuan's Penghua Selected Return Flexible Allocation Mixed Fund has returned 24% this year, ranking in the top 3% among roughly 2,300 peers, data from fund tracker East Money Information Co. show. That's a turnaround from its recent past when holdings in traditional sectors like alcoholic beverages and farming dragged performance. A gauge for Chinese stocks listed in Hong Kong has risen 20% this year. The Shenzhen-based fund manager, who took over early 2024, wasted little time in replacing what was then the fund's top holding Kweichow Moutai Co., a baijiu distiller, with the maker of smash-hit Labubu dolls, Pop Mart. His repositioning for the fund, which has about $7 million in assets under management, reflects how cultural shifts — brought on by digital influence and youth spending — are creating opportunities for Chinese investors navigating broader challenges in the world's second-largest economy. His conviction strengthened after witnessing the popularity of the toy maker's products in Thailand, which, he says, signaled 'non-linear growth with every metric showing breakout potential.' Growing up immersed in Japanese anime culture — his desk is adorned with Dragon Ball Z figurines — Xie said he developed an eye for identifying promising characters or designs, called 'IP brands,' by mixing personal fandom and online research. That he himself is demographically a member of Generation Z, the driving force behind China's new 'emotional spending' consumption trend, helps him understand what may resonate beyond advertising and go viral. 'Opportunities in the sector in the years to come will be on the single stock level as the population dividend comes to an end,' he said. 'I pick companies that have breakthrough products, new business models and innovative sales channels — products that are both visually appealing and fun.' His top pick, Pop Mart, accounted for 10.5% of the fund's total assets as of March, the top end of its maximum ownership in a single stock allowed, filings show. Other big bets include Mao Geping Cosmetics Co., up 83% this year, as well as Chongqing Baiya Sanitary Products Co., and Yantai China Pet Foods Co. Xie's strategy lies firmly in targeting the Gen Z consumption trend, where purchase decisions are driven by emotional triggers and hobby interest. Despite looming threats from Donald Trump's proposed tariff hikes, this behavioral change fueled rallies in pockets of China's stock market, especially after the momentum from artificial intelligence began to fade. Shares of the companies at the heart of this trend — including Pop Mart and Laopu Gold Co., known for distinctive gold pendants — have staged wild gains this year. Laopu is up more than 2,000% since its initial public offering in Hong Kong a year ago. The rally has expanded to include sectors like medical aesthetics, pet foods and even vape products. Another potential area for Xie: tapping into the rising popularity of sparkling yellow wine. 'The line between what is considered 'old' and 'new' consumption is blurring and more companies will join the new consumption pool once they realize that there's no future for them eking out a survival in their comfort zones,' Xie said. 'Even old trees can sprout new shoots.' Still, the consumption-driven rally is showing cracks. Pop Mart tumbled after a People's Daily commentary on June 20 that called for stricter regulation of 'blind-box' toys — products in sealed packaging designed to conceal content and induce surprise and greater desire to collect them. Laopu faces greater selling pressure after the lock-up period from its IPO expired Friday. Meanwhile, many Gen Z stocks are near or above their average price targets, and in turn, driving analysts to constantly find reasons to bump up their outlook. Xie acknowledged that valuations in the sector may be getting ahead of fundamentals, with some stocks already pricing in earnings three to five years ahead. Still, he remains overall bullish, particularly on the stocks he's heavily invested in. 'The gains may look incomprehensible to some people, but it's actually all rooted in earnings,' he says. 'Growth for some is underestimated, while others are just in the early stages of their life cycle.' –BLOOMBERG