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The Fed said the U.S. economy was enjoying "modest growth" and "robust" job gains, with policymakers still "highly attentive to inflation risks" as it seeks to tighten financial conditions and reign in high prices. Markets have been pricing in the possibility of a rate cut by the Fed in the back half of the year. On Wall Street, U.S. stocks were choppy after the Fed announcement but rebounded to turn positive as Chair Jerome Powell began to speak. "The key thing the Fed is focused on is wages and we are seeing wage inflation continue to ameliorate if you look at both average hourly earnings and the employment cost index which just came out, wages are beginning to soften, but they are not softening enough to get inflation down to that 2% target," said Ellen Hazen, chief market strategist at F.L.Putnam Investment Management in Wellesley, Massachusetts. "They had a very slightly dovish change in the language where they previously had talked about determining the pace of future … [Read more...] about Stocks rise, dollar falls after Fed hikes as expected

People shop for food at a market in Aceh - westernmost province of Indonesia. (Photo: AFP/VNA) Jakarta (VNA) – The Indonesian government plans to spend 476 trillion Rp (31.8 billion USD) on social assistance protection as the country is transitioning from the COVID-19 pandemic to the endemic disease phase. Indonesia’s President Joko Widodo said that his government will not abruptly revoke the massive spending on social programmes aimed at helping the people and businesses cope with the devastating economic impact of the pandemic over the last three years. Speaking at a recent meeting of the National Committee for COVID-19 Handling and National Economic Recovery (PC-PEN), Joko Widodo said that after lifting restrictions at the end of 2022, Indonesia is in an interim phase in which it must maintain caution, especially in deciding on economic measures. In contrast to other nations that have recently experienced high inflation, according to the President, Indonesia has … [Read more...] about Indonesia to spend nearly 32 billion USD on post-pandemic social protection

ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer application in history, according to a UBS study on Wednesday. The report, citing data from analytics firm Similarweb, said an average of about 13 million unique visitors had used ChatGPT per day in January, more than double the levels of December. "In 20 years following the internet space, we cannot recall a faster ramp in a consumer internet app," UBS analysts wrote in the note. It took TikTok about nine months after its global launch to reach 100 million users and Instagram 2-1/2 years, according to data from Sensor Tower. ChatGPT can generate articles, essays, jokes and even poetry in response to prompts. OpenAI, a private company backed by Microsoft Corp, made it available to the public for free in late November. On Thursday, OpenAI announced a $20 monthly subscription, initially for … [Read more...] about ChatGPT sets record for fastest-growing user base: analyst note

Illustrative image (Photo: AFP) Hanoi (VNS/VNA) - Climate change is one of the world’s biggest threats, and reducing emissions is the priority for all countries in the world and the lodestar for investment trends. Warmer temperatures are altering weather phenomena and disrupting the balance of nature, directly affecting human activities. The devastation caused by extreme weather disasters like typhoons, floods, and heat waves is worsening in many nations. And the economic damage caused by climate change is also increasing in line with global temperatures. Major storms destroy crops, costing billions of dollars, while rebuilding after each storm and flood requires a huge amount of money. The more extreme the climate, the more it damages economies. It is a positive sign that many countries have joined the fight for net zero emissions by 2050. Many people worry that it is unrealistic given the standard pace we have already set. However, an expert in the industry believes … [Read more...] about Financing’s role in reaching net-zero emissions

According to Lao Cai Border Gate Customs Branch, from January 1 to 23 (the second day of the Lunar New Year), Vietnam exported more than 37,000 tonnes of fruit to China, with a turnover of more than $45 million. In 2022, China's zero-COVID policy significantly affected the sales of fruit and vegetable products in Vietnam. Throughout last year, the export of fruit and vegetables to China reached $1.5 billion, down 19.8 per cent on-year. However, at the end of 2022, the Chinese government began loosening its coronavirus restrictions, allowing Vietnam’s exports to increase. In the second half of 2022, Vietnam and China signed deals to export durian, banana, sweet potato, and bird's nests to the Chinese market. This opens up new opportunities for products to penetrate a market with more than 1.4 billion people. After one month of durian being exported to China, in October, exports reached nearly $50 million, an increase of more than 4,000 per cent compared to the same period in 2021. … [Read more...] about Fruit exports to China increase sharply

The race of interest rate hikes among commercial banks is showing signs of cooling down as many banks have adjusted down the rate by several percentage points per year after the Lunar New Year (Tết) holiday and have set stricter conditions for customers to enjoy the high rates. A Techcombank transaction office in Hanoi. Techcombank currently lists the highest deposit interest rate at 9.2 per cent per year, against 9.5 per cent per year before Tết. — Photo Techcombank At Techcombank, the highest deposit interest rate at the bank is currently 9.2 per cent per year, against 9.5 per cent per year before Tết. To enjoy the 9.2 per cent interest rate, depositors must be a VIP customer with minimum savings of VNĐ3 billion over 12 months. For regular customers, the rate for 6-month deposits at the bank is also down to 8.5 per cent per year from more than 9 per cent before Tết. At Sacombank, the highest interest rate before Tết was 9.8 per cent per year. However, … [Read more...] about Banks lower saving interest rates right after Tết