Headlines

Thailand’s central bank has joined the ranks of monetary authorities who are easing monetary policy, surprising markets with its first rate cut in over four years to help boost the economy, the Wall Street Journal reported. The decision wasn’t unanimous. The Bank of Thailand said Wednesday that its policy committee voted five to two to reduce the policy interest rate to 2.25% from 2.50%. The bank had kept its key rate at a decade-high since September last year, but has faced rising pressure to lower borrowing costs to lift an economy struggling with tepid demand.

Indonesia’s central bank kept its key interest rate steady as expected, pausing an easing cycle as external risks drag on the rupiah currency, Bloomberg News reported. Bank Indonesia left the benchmark BI-Rate unchanged at 6% on Wednesday, as predicted by 30 of the 41 economists surveyed by Bloomberg, with the rest expecting a quarter-point cut. Last month, the central bank surprised markets by initiating an easing cycle ahead of the Federal Reserve’s move.

The Philippine central bank cuts its policy rate for the second time this year as it looks to bolster its economy amid mounting uncertainty abroad, the Wall Street Journal reported. Bangko Sentral ng Pilipinas Gov. Eli Remolona said Wednesday that the central bank would deliver a 25-basis-point cut, lowering its benchmark overnight reverse repurchase rate to 6.00%. It will also cut its benchmark lending rate to 6.50% from 6.75%, he said.

Italy’s far-right government has approved a budget for next year of about 30 billion euros ($33 billion), which officials say will be partly funded by a levy on Italian banks and insurers, the Associated Press reported. Prime Minister Giorgia Meloni said late Tuesday that the government expected to raise some 3.5 billion euros from banks and insurance companies to ensure better public services, especially the country's struggling health service, and help the most vulnerable citizens.

The World Bank voted on Tuesday to change its internal lending guidelines, freeing up $30 billion in additional lending capacity over the next decade to help developing countries and emerging markets grapple with climate change and other global challenges, World Bank President Ajay Banga told Reuters.

Rhythm House, the iconic music store in South Mumbai’s cultural and heritage precinct Kala Ghoda, has found a new owner. Bhaane Retail, a subsidiary of Shahi Exports, India's largest apparel manufacturer, has emerged as the highest bidder for the property in an insolvency auction with a Rs 30-crore offer, the Economic Times of India reported. A cultural landmark since the 1940s, Rhythm House was a favourite haunt for music lovers and Bollywood icons including Kishore Kumar, Shammi Kapoor, Dharmendra, Nargis and AR Rahman before closing its doors in 2016 after nearly 70 storied years.

Hong Kong eased its mortgage rules to allow homebuyers to fork out lower downpayment, aiming to address a prolonged property slump in the city, Bloomberg News reported. The loan-to-value (LTV) ratio for all residential properties will be set at 70%, Chief Executive John Lee said in his policy address on Wednesday. The change will reduce the required downpayment for homes valued above HK$35 million ($4.5 million) which had a ratio of 60% previously. The LTV ratio for company-held properties will also rise to 70% from 60%.

The corporate regulator has released the Australian insolvency statistics for the period up to 29 September 2024, with the latest statistics indicating there was a 43 per cent increase in total insolvencies in the first three months of the 2024–25 financial year from the same period in the previous financial year, the Accounting Times reported. The statistics showed that for the period from 1 July to 29 September, 3,568 companies had entered external administration or had a controller appointed.

A local authority will run out of money before the end of the year without government help, its finance chief has said. Bournemouth, Christchurch and Poole (BCP) Council will have to make cuts and savings of more than 10% of its budget to avoid bankruptcy, a BBC investigation has found. Although funding for children with special educational needs and disabilities (SEND) is not included in the day-to-day budget, it is the council's biggest financial concern. Deputy leader Mike Cox told the BBC that without help the authority would "run out of cash".