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Americans who have long enjoyed the benefits of historically low interest rates will have to adapt to a very different environment as the Federal Reserve embarks on what’s likely to be a prolonged period of rate hikes to fight inflation. I’M CONSIDERING BUYING A HOUSE. WILL MORTGAGE RATES GO STEADILY HIGHER? They already have in the past few months, partly in anticipation of the Fed’s moves, and will probably keep doing so. HOW WILL THAT AFFECT THE HOUSING MARKET? If you’re looking to buy a home and are frustrated by the lack of available houses, which has led to bidding wars and eye-watering prices, that’s unlikely to change anytime soon. WHAT ABOUT OTHER KINDS OF LOANS? For users of credit cards, home equity lines of credit and other variable-interest debt, rates would rise by roughly the same amount as the Fed hike, usually within one or two billing cycles. That’s because those rates are based in part on banks’ prime rate, which moves in tandem with the Fed. WILL I BE … [Read more...] about EXPLAINED: How Higher Interest Rates Will Affect Americans’ Finances

Kim Byung-yeon The author is a professor of economics and head of the Institute for Future Strategy, Seoul National University. South Korea is looking at two ticking bombs — one is North Korean nuclear programs and the other is the low birthrate. South Korea’s viability hinges on its ability to remove the bombs before they blow up. Resolving the North Korean nuclear threat is not entirely an impossibility. There is a government office devoted to North Korean issues. But a solution to the demographic danger has not been found. There is no government office overseeing the affair, either. The government earmarked 43 trillion won ($33 billion) in budgetary spending last year alone to address low birthrates. From 2006, the cumulative spending exceeds 200 trillion won. But the total fertility rate fell to 0.81 last year from 1.48 in 2000. Without reversing the trend in birthrates, South Korea would entirely lose vitality. Innovation would become difficult and the growth rate in the … [Read more...] about Three keys to a higher birthrate

When making your travel budget, don’t assume that lodging and airfare will be your biggest expense. Now, more than ever, rental cars are shaping up to be one of the biggest — and stubbornly high — aspects of people’s vacation budgets. While airfare and lodging prices are certainly near all-time highs, rental cars are among the biggest price increases of all travel expenses. When comparing prices for July 2022 versus July 2019 (the last normal summer pre-pandemic), hotel prices are up 7% , according to the latest set of Consumer Price Index data released in August 2022. Airfares are up 16%. But rental cars are up a whopping 48%. WHEN DID RENTAL CAR PRICES GET SO HIGH? Like most travel costs, rental car prices sharply dropped in April and May 2020 as people began calling off vacations to stay at home. But things began to turn around at the beginning of 2021 when prices began increasing every month, building up to a record high set in July 2021. Road trips were especially hot … [Read more...] about Tips to take the sting out of 50% higher car rental prices

Even as the RBI’s MPC is raising the key repo rate in order to control inflation in the country, loans for borrowers are also getting costlier. Many banks have raised their interest rates on the loans amid the tight monetary policy regime in the country. However, there’s a way the borrowers can get relatively cheaper loans — good CIBIL score . CIBIL score is a credit score of an individual. It scales the credit discipline of the person between 300 and 900. The higher the score, the better it is. Generally, a score above 750 is considered good where the chances of loan approval become higher. The score gives an overall indication of the individual’s creditworthiness and history. Also, the CIBIL report (which has the CIBIL score as a part) reveals whether the person has ever defaulted on any repayment in the past. Apart from easy approval of the loans, the CIBIL score also helps the borrowers get cheaper loans. For instance, on home loans, State Bank of India (SBI) offers loan … [Read more...] about How High CIBIL Score Can Help You Get Cheaper Loans; Check Details

The race in the flagship segment has geared up thanks to the latest launches of the iQOO 9T and OnePlus 10T. We already gave you a glimpse of the new iQOO 9T in our first impression . The latest launch from the Chinese smartphone maker provides the customers with the option to choose between iQOO 9T and the OnePlus 10T. Let’s find out what all the new iQOO 9T has to offer! (Sign up to our Technology newsletter, Today’s Cache, for insights on emerging themes at the intersection of technology, business and policy. Click here to subscribe for free.) Design We got our hands on the Legend variant of the phone which comes with the strip of BMW to mark its association with the company. In terms of looks, the phone holds the quotient to catch the eye with the way the cameras are placed along with the strip. The new iQOO 9T has a tall and wide body design. The phone comes with a glass body on both the rear and the front sides. The phone is very easy to operate and possesses light … [Read more...] about iQOO 9T: Holds post with the competitor in fray

LONDON (AP) — Britain’s inflation rate rose to a new 40-year high of 10.1% in July, a faster pace than in the U.S. and Europe as climbing food prices in the United Kingdom tightened a cost-of-living squeeze fueled by the soaring cost of energy. The double-digit surge in consumer prices over a year earlier was higher than analysts’ central forecast of 9.8% and a jump from the annual rate of 9.4% in June, the Office for National Statistics said Wednesday. The increase was largely due to rising prices for food and staples, including toilet paper and toothbrushes, it said. Most economists believe worse is to come. The Bank of England says soaring natural gas prices are likely to drive consumer price inflation to 13.3% in October. It says that will push Britain into a recession that is expected to last through 2023. Those pressures persuaded the bank to boost its key interest rate by half a percentage point this month, the biggest of six consecutive increases since December. The … [Read more...] about UK inflation reaches 10.1% on soaring food, energy costs

India’s demand for petroleum products like petrol and diesel will grow by 7.73 per cent in 2022, the fastest pace in the world, an OPEC report said. India’s demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2021 to 5.14 million bpd in 2022, OPEC said in its monthly oil report. The growth in demand is the fastest in the world ahead of 1.23 per cent of China, 3.39 per cent of the US and 4.62 per cent of Europe. For 2023, the Organisation of Petroleum Exporting Countries (OPEC) projected a growth of 4.67 per cent in India’s demand to 5.38 per cent. This, however, will be lower than 4.86 per cent growth in China. India is the world’s third largest oil importing and consuming nation behind the US and China. The demand for petroleum products in India is supported by the healthy economic growth of 7.1 per cent, continuing economic reopening amid ease of COVID restrictions and easing of trade-related bottlenecks supporting both mobility and … [Read more...] about Petrol, Diesel Demand To Grow: India’s Oil Requirement To Rise 7.7% in 2022, Says OPEC

House prices in the UK are on average £20,000 more expensive than they were this time last year, despite showing signs that this growth is starting to slow. Average house prices increased by 7.8% in the year from May 2021 to June, according to the Office for National Statistics. This was down from an increase of 12.8% in May 2022. Experts say that a perfect storm is heading for the UK’s property market, a combination of increasing mortgage costs, record inflation levels and the steep cost of living . These factors will all continue to undermine demand levels in the coming months. But over the past 12 months, the story has been one of growth, driven by low property numbers, lots of available capital, low interest rates and a desire to change homes during the pandemic. Average prices increased over the past year to £305,000 in England, £213,000 in Wales, £192,000 in Scotland and £169,000 in Northern Ireland. More on Housing Greater Manchester residents … [Read more...] about House prices on average £20,000 more expensive today than 12 months ago

This is a carousel. Use Next and Previous buttons to navigate 12 NEW YORK (AP) — Stocks are opening lower on Wall Street Wednesday as traders absorb some discouraging news about how much Americans are spending. Major indexes were all lower in the first few minutes of trading after the government reported that sales at U.S. retailers were flat last month, even though forecasters were expecting an increase. Many households are spending more cautiously as inflation remains high and as interest rates rise. The S&P 500 was off 0.6%. The Dow Jones Industrial Average and the Nadsaq composite also fell. The yield on the 10-year Treasury rose to 2.88%. European markets were also lower. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — Wall Street pointed toward declines before the market opened Wednesday after Target reported a huge decline in profits on the same day … [Read more...] about Wall Street opens lower as retail sales numbers disappoint

The sharp decline in gasoline prices and a fall in sales of motor vehicle purchases left retail sales flat for July but consumer activity at other types of businesses picked up, a troubling sign for the Federal Reserve’s campaign to bring down inflation. Sales across the retail sector in July were flat with the prior month, the Commerce Department said Wednesday. Compared with a year ago, sales are up 10.1 percent. A big part of the flat-lining was due to falling sales as gas stations, similar to the way gas prices kept the headline inflation figure announced last week flat. Excluding gas stations, retail sales rose 0.4 percent in July. Sales of motor vehicles and parts were down 1.7 percent for the month, despite a big increase in the production of cars and trucks reported by the Federal Reserve Tuesday . Excluding autos and gasoline, sales were up 0.7 percent. Compared with year ago, retail sales minus gas and autos are up 9.3 percent. Retail sales excluding gas and … [Read more...] about U.S. Retail Sales Indicate The Fed Has A Lot More Work To Do To Bring Down Inflation