Latest news with #MPC
Borneo Post
14 hours ago
- Business
- Borneo Post
TAK Group eyes stronger Sarawak–Brunei links via Muara Port
Teo (right) presents a token of appreciation to Fazilah. MIRI (June 28): Malaysian developer TAK Group is eyeing to forge closer ties between Sarawak and Brunei, following a high-level meeting with Muara Port Company (MPC) in the sultanate on Friday. TAK Group founder and chairman Teo Ah Khing and MPC chief operating officer Fazilah Yassin met up for a two-hour session, which also involved officials from the Brunei Economic Development Board (BEDB). In the meeting, Teo highlighted TAK Group's flagship project, Kenyalang Smart City, currently being developed here through its subsidiary, IMASA Dinasti Sdn Bhd. 'This project aligns with Sarawak's Post-Covid-19 Development Strategy (PCDS) 2030, which aims to create jobs and grow the economy through innovation, sustainability, and digital transformation. 'Kenyalang Smart City is a smart idea built in Miri City. 'As Miri and Brunei economies become more connected, especially in the oil and gas sector, Muara Port will play a bigger role in moving goods and people between both sides,' he said. After the meeting, MPC brought the TAK Group delegation on a guided tour of its port facilities to showcase its operations and explore how future trade and logistics might run through the port. The MPC is Brunei's main port operator. It is a joint venture between Darussalam Assets Sdn Bhd and Beibu Gulf Holding (Hong Kong) Co Ltd. The company took over full management of Muara Port in July 2018, and has since played a central role in the sultanate's import-export and logistics systems. The Kenyalang Smart City is an ambitious new township in Miri designed to be sustainable, green and technology-driven. It will feature smart infrastructure like intelligent transport systems, renewable energy, and digital public services. In addition to business and residential areas, the city will include cultural and civic hubs such as the Kenyalang Convention and Exhibition Centre (KCEC), a Performing Arts Centre, and a Cultural Heritage Museum. brunei Muara Port Company TAK Group
India.com
2 days ago
- Business
- India.com
India's GDP Projected To Grow At 6.2% In FY26 With Inflation Around 4%: Report
Mumbai: India's GDP is projected to grow at 6.2 per cent in FY26, with CPI inflation around an average 4.0 per cent, a report showed on Friday, adding that it does not expect any further rate cuts from the RBI 'unless downside risks to growth materialise'. The Current Account Deficit or CAD (as per cent of GDP) is projected at 1.0 per cent in FY25 and 0.9 per cent in FY26, while the fiscal deficit is estimated at 4.4 per cent, according to a CareEdge Ratings report. 'The 10-year G-Sec yield is expected to range between 6.0 per cent–6.2 per cent by the end of FY26, and the USD-INR exchange rate is projected to trade between 85 and 87 by the end of FY26,' the report mentioned. In the recent MPC, RBI signalled prioritising growth amid easing inflation concerns. In a significant liquidity measure, the RBI also announced a phased 100 bps CRR cut starting September, which is expected to inject approximately Rs 2.5 lakh crore of durable liquidity into the system by December 2025. For FY26, the RBI retained its GDP growth forecast at 6.5 per cent, while lowering the CPI inflation projection to 3.7 per cent from 4.0 per cent. Meanwhile, crude oil prices surged sharply in June amid heightened Middle East tensions, touching around $79 per barrel — the highest since January 2025 — before easing by 14 per cent as tensions subsided. CareEdge Ratings expects Brent to average $65–70 per barrel in FY26, assuming no further escalation in tensions. These levels do not warrant changes to their FY26 forecasts for India's growth, inflation, fiscal deficit, CAD or the rupee. 'Nonetheless, the conflict in the Middle East remains a key monitorable, especially as the Strait of Hormuz accounts for over a quarter of global seaborne oil trade,' said the report. India's diversified crude oil import basket also provides some buffer. Based on quantity imported, Iran's share in India's POL (petroleum, oil and lubricants) imports fell to just 0.1 per cent in FY25 (from 5.2 per cent in FY15). While the Middle East remains a major supplier, its share has declined to 50 per cent from 60 per cent over the past decade. In contrast, imports from other countries like Russia surged to 28.5 per cent in FY25 from just 0.2 per cent in FY15.
The Guardian
2 days ago
- Business
- The Guardian
Growing signs of slowdown in UK jobs market, says Bank of England governor
There are growing signs that the UK jobs markets is slowing as employers respond to higher national insurance contributions (NICs) by cutting hiring and offering weaker pay rises, the governor of the Bank of England has warned. Andrew Bailey said the combined effect of lower employment and weaker wages growth would be considered by the Bank's nine-member monetary policy committee (MPC) when it next meets in August to set interest rates, which now stand at 4.25%. Bailey, who voted to keep rates on hold at the last meeting earlier this month, appeared to be softening his stance after further signs that the economy is faltering following a surprise acceleration in growth earlier in the year. Speaking in London at the British Chambers of Commerce trade conference on Thursday, Bailey said he was hearing 'a bit more evidence' that companies were adjusting pay and employment levels after the rise in employer NICs announced in the last budget. 'In recent months, the evidence that slack is opening up has strengthened, especially in the labour market.' He added: 'The latest data on pay settlements and pay expectations point to a significant decline in wage growth in the year ahead.' The UK economy grew by 0.7% in the first three months of the year before contracting by 0.3% in April. Employment dropped by more than 100,000 in May, marking the largest monthly fall in PAYE payrolls since the same period in 2020 during the first Covid lockdown. Annual earnings in the private sector grew by 5.1% in the three months to April, down from 5.9% in the three months to January. Bailey said: 'The latest intelligence from the Bank's agents continue to suggest average pay settlements for 2025 of 3.5 to 4.0%, closer to levels consistent with the inflation target.' Earlier this month six members of the MPC voted to keep rates on hold while three supported a reduction to 4%. The split was widely seen as an indication of the pressure growing for a rate cut in August. Financial markets expect two further cuts in interest rates this year to 3.75%. Bailey said the underlying growth of the economy was weak and likely to remain subdued for the rest of the year while businesses coped with the uncertainty created by US import tariffs. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The governor cautioned that 'there remain uncertainties around the overall balance between supply and demand in the economy as well as the remaining inflation persistence in the system'. He said strong rises in some categories of food showed that inflationary pressures had not gone away. 'The prices of meat, chocolate and non-alcoholic drinks have gone up the most, consistent with higher wholesale prices for beef, cocoa beans and coffee. These price increases are to an extent idiosyncratic, with reports of reductions in cattle herds and climate-related disruptions to coffee and cocoa production. 'But our agency intelligence also highlights labour costs and costs related to new packaging regulation as wider factors at play. And, like energy prices, food prices are salient to consumers. We have to make sure that these increases do not feed through to second-round effects either.' Bank officials have been concerned that high levels of wages growth and extra costs on employers from higher taxes will feed through into higher prices, maintaining inflation above 3%. The consumer prices index edged down to 3.4% in May from 3.5% in April.
Yahoo
3 days ago
- Yahoo
Skip long customs lines this summer: How to use Mobile Passport Control for faster U.S. entry
Upon touching down in the United States after traveling internationally, a slow-moving customs line can make a long trip feel even longer or, worse, can cause you to miss a connecting flight. But did you know that even if you don't have Global Entry, you can still get through customs quickly. The trick is to use the free Mobile Passport Control app to help 'skip the line' essentially. About 1.8 million travelers used Mobile Passport Control in 2023, according to U.S. Customs and Border Protection. Still, at some airports across the U.S., the lines at Mobile Passport Control are often significantly shorter than the regular lines and, depending on the airport, MPC users can often clear customs as quickly as Global Entry members. This is especially helpful during the busy summer travel season, when airports swell with vacationers returning from tropical escapes, European getaways, and family reunions abroad. With peak international travel happening between June and August, Mobile Passport Control can be a serious time-saver at notoriously congested airports. If you're headed to Europe for a summer adventure or coming back from a Caribbean cruise, keep in mind that summer return flights often arrive in the late afternoon—prime time for long customs waits. Using MPC could mean the difference between making your evening connection or scrambling to rebook. Here's everything you should know about Mobile Passport Control ahead of your next international trip. Mobile Passport Control is a free app that's available to download on both the Apple App Store and the Google Play Store and is among some of the lesser-known travel tricks that helps reduce airport stress. After you download the Mobile Passport Control (MPC) App, you can create a profile with your passport or Lawful Permanent Resident card information. If you're traveling by plane, you'll select your arrival airport and then will be prompted to ask a series of Customs and Border Protection questions. The app will then ask you to snap a photo of yourself. Once you submit your application, you'll receive an electronic receipt with a QR code and you can skip ahead of the regular line and go into a line that's marked with the Mobile Passport Control sign. Oftentimes, it's shorter than the regular line and more on par with the Global Entry queue. Pro tip: While you can fill out your application ahead of time and save it, don't submit it until you land—otherwise it could expire before you get to the customs line. You will need cellular data or a Wi-Fi connection to submit your application, but you can complete your profile without being connected. Mobile Passport Control users still present their physical passport to a CBP officer for inspection once they enter the United States. 'Always make sure your phone is charged before landing, as you'll need to show the QR code to customs officers,' says Sam Charlton CEO of Fast Passports & Visas. For families, the app is a time-saver because it allows grouping multiple members under one submission—just make sure every family member's profile is updated in advance, Charlton says. Mobile Passport Control is available to U.S. citizens as well as lawful permanent residents, Canadian travelers entering with a B1 (business) visa or B2 (tourism) visa, as well as returning Visa Waiver Program (VWP) travelers. When you download the app, you can create up to 12 profiles for family members and upon arrival in the United States, households can submit one MPC transaction. Mobile Passport Control may sound too good to be true. It's a free app and can cut down on the time you spend in line at customs. But, yes, Mobile Passport Control is legit. 'The use of MPC streamlines the traveler's entry process into the United States by reducing passport control inspection time and overall wait time,' said Marty C. Raybon, Director of Field Operation for U.S. Customs and Border Protection's (CBP) Detroit Field Office, in a press statement last summer when the program expanded to the Detroit Metropolitan Wayne County Airport (DTW). Americans are traveling abroad more than ever before, according to the U.S. Customs and Border Protection which says the Mobile Passport Control app is designed to help make entry back into the U.S. easier and more efficient by cutting down on some of the administrative tasks before you get in line. 'Using Mobile Passport Control is a no-brainer, and its benefits are certainly hard to pass up: Free and immediate use, expedited CBP lanes, and it's remarkably little-known,' says travel expert and journalist David Yeskel, 'The Cruise Guru.' Yeskel, who has been covering the cruise industry for 25 years, is in the air almost as much as he's at sea, and while he uses Global Entry for his frequent travels, he recommends Mobile Passport Control to others who don't want the up-front hassle of acquiring Global Entry, including the wait time, cost, and in-person interview. One drawback, he points out, is travelers do need to populate the app with current trip information for each arrival. Mobile Passport Control is available at 52 locations, including 14 Preclearance airport locations, four seaports, and 34 U.S. international airports. You can see the full list of locations here. These are the U.S. international airports where the Mobile Passport Control program is available: Atlanta Hartsfield-Jackson International Airport (ATL) Baltimore/Washington International Thurgood Marshall Airport (BWI) Boston Logan International Airport (BOS) Charlotte Douglas International Airport (CLT) Chicago O'Hare International Airport (ORD) Dallas/Fort Worth International Airport (DFW) Denver International Airport (DEN) Detroit Metropolitan Airport (DTW) Dulles International Airport (IAD) Fort Lauderdale-Hollywood International Airport (FLL) Honolulu Daniel K. Inouye International Airport (HNL) Houston George Bush Intercontinental Airport (IAH) Houston William P. Hobby International Airport (HOU) John F. Kennedy International Airport (JFK) Kansas City International Airport (MCI) Las Vegas Harry Reid International Airport (LAS) Los Angeles International Airport (LAX) Miami International Airport (MIA) Minneapolis-Saint Paul International Airport (MSP) Newark Liberty International Airport (EWR) Oakland International Airport (OAK) Orlando International Airport (MCO) Philadelphia International Airport (PHL) Phoenix Sky Harbor International Airport (PHX) Pittsburgh International Airport (PIT) Portland International Airport (PDX) Sacramento International Airport (SMF) Salt Lake City International Airport (SLC) San Diego International Airport (SAN) San Francisco International Airport (SFO) San Jose International Airport (SJC) San Juan Airport (SJU) Seattle-Tacoma International Airport (SEA) Tampa International Airport (TPA) The Mobile Passport Control app is also available at preclearance locations, allowing users to clear the CBP inspection process before boarding flights headed to the United STates. MPC is available at all 14 Preclearance airport locations including Abu Dhabi; Aruba; Bermuda; Dublin and Shannon, Ireland; Nassau, Bahamas; and Calgary, Edmonton, Halifax, Montreal, Ottawa, Toronto, Vancouver, and Winnipeg, Canada. Mobile Passport Control is free to download and free to use. Unlike Global Entry, Mobile Passport Control doesn't require pre-approval or a background check. While Global Entry and Mobile Passport Control can both provide a fast track to clear customs, they are separate programs. Global Entry is a trusted traveler program that expedites clearance for low-risk travelers who have been vetted with a background check and gone through an interview. Global Entry is best for frequent international travelers who take four or more trips a year, according to Homeland Security. Global Entry costs $120, but it comes with TSA PreCheck enrollment, and the membership lasts five years. Members of Global Entry breeze through customs by scanning their passports or legal permanent resident cards at kiosks, which will ask them if they have any goods to declare and provide a receipt that they can take to the exit control. The Mobile Passport Control app, on the other hand, is often a great option for those who aren't frequent international travelers or for others who haven't gotten around to scheduling a Global Entry interview or are waiting on approval into the trusted traveler program.
Business Times
4 days ago
- Business
- Business Times
BOT holds rate, raises growth forecast despite risks
[BANGKOK] The Bank of Thailand (BOT) held its key interest rate unchanged and unexpectedly raised its growth forecast for 2025, even as it assessed risks ranging from US tariffs to the conflict in the Middle East. The central bank's seven-member Monetary Policy Committee voted 6-1 to maintain the one-day repurchase rate steady at 1.75 per cent at Wednesday's (Jun 25) meeting as predicted by 15 of 21 economists surveyed by Bloomberg. The rest forecast a quarter-point cut. The BOT now sees 2025 economic growth at 2.3 per cent, a slight improvement from the range of 1.3 per cent to about 2 per cent forecast in April. The revision was mainly due to improving exports and manufacturing in the first-half of the year, due to frontloading on tariff concerns, BOT assistant governor Sakkapop Panyanukul said at a briefing after the decision, with 2025 growth unlikely to slow to below 2 per cent if there is no major shock. 'Looking ahead, the economy is expected to slow down in the second half of 2025, as merchandise exports are facing headwinds from US tariffs and private consumption will moderate in line with weakening income and consumer confidence,' the MPC said. Growth will likely slow to 1.7 per cent in 2026. Following the first back-to-back cut since 2020, Wednesday's decision to hold the key rate reflected 'high uncertainty and limited policy space,' the MPC said. Governor Sethaput Suthiwartnarueput had warned in May that the BOT had limited policy 'ammunition' after 75 basis points of rate cuts since October. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Previous policy rate cuts have already provided some cushion against the prevailing risks, the MPC said. 'The committee deems that monetary policy should be accommodative to support the economy looking forward.' The baht gained 0.2 per cent versus the dollar to 32.612 as of 2.30 pm in Bangkok on Wednesday, strengthening in tandem with the Malaysian ringgit and the Indonesian rupiah as jitters about hostilities in the Middle East eased. The benchmark Stock Exchange of Thailand Index traded 0.5 per cent higher after the decision. Last week's fracture in the ruling coalition adds to risks for South-east Asia's economy, just as the government holds talks to avert a threatened 36 per cent tariff on exports to the US. Continued attacks in Israel and Iran are also spurring global oil prices higher, posing a risk to Thailand, which imports for its fuel needs. Also underlining the improved full-year outlook is the BOT's view that the trade war could be less severe. The BOT's base case assumes an 18 per cent tariff rate will be applied to Thailand – half the rate announced in April – and 10 per cent for other countries. Still, consumption is also softening, the number of foreign tourists is on the decline, and businesses are facing challenges from cheaper imports, the BOT said. UBS Group has downgraded Thai stocks to neutral from overweight on concerns over policy direction and investor sentiment. Meanwhile, price pressures are seen remaining modest. Headline inflation is estimated to remain low at 0.5 per cent this year and 0.8 per cent in 2026, below the central bank's 1 per cent to 3 per cent target. The BOT also sees the core gauge coming in at 1 per cent in 2025 and 0.9 per cent in 2026. 'The Committee assesses that the economic outlook remains highly uncertain,' it said. 'It stands ready to adjust monetary policy as appropriate in response to future trends and risks concerning both the economy and inflation.' Thailand remains one of South-east Asia's economic laggards, though exports surged the most since early 2022 in May as companies rushed to stockpile goods before US tariffs hit. Authorities have begun long-delayed talks with the US in a bid to reduce the Trump administration's threatened levy. Today's decision is one of the last under Governor Sethaput Suthiwartnarueput, who will complete his five-year term on Sep 30. An independent selection panel shortlisted Vitai Ratanakorn, president of the Government Savings Bank, and BOT Deputy Governor Roong Mallikamas from a list of six applicants who were interviewed on Tuesday. BLOOMBERG
