US unemployment benefit claims fell again last week, underscoring a labour market that remains broadly stable even as hiring momentum shows signs of cooling, according to data released by the Labor Department.Applications for jobless aid dropped by 10,000 to 214,000 for the week ended December 20, down from a revised 224,000 a week earlier, AP reported. The figure came in well below the 232,000 claims forecast by economists surveyed by FactSet. The weekly report was released a day earlier than usual due to the Christmas holiday.Initial claims are widely seen as a near real-time indicator of layoffs, and the latest reading remains within a range considered historically healthy.The data comes against a mixed backdrop for the US labour market. The government last week reported a net gain of 64,000 jobs in November, following a loss of 105,000 jobs in October. The unemployment rate rose to 4.6% in November, its highest level since 2021.October’s decline in payrolls was driven largely by a sharp fall of 162,000 federal jobs, as workers exited following fiscal year-end and administrative cutbacks under the Trump administration. Subsequent revisions also shaved 33,000 jobs off August and September employment figures.Since March, job creation has averaged about 35,000 a month, roughly half the pace seen in the year ended March, as businesses grapple with uncertainty around President Donald Trump’s tariff policies and the lingering impact of elevated interest rates following the Federal Reserve’s aggressive tightening cycle in 2022 and 2023.Earlier this month, the Fed cut its benchmark interest rate by 25 basis points for the third consecutive meeting. Fed Chair Jerome Powell said the move reflected concerns that the labour market may be weaker than headline figures suggest, adding that recent job data could be revised down by as much as 60,000.Several large companies, including UPS, General Motors, Amazon and Verizon, have announced job cuts in recent months, though such reductions often take time to be reflected in official data.The Labor Department’s report also showed that the four-week moving average of jobless claims slipped by 750 to 216,750, smoothing out week-to-week volatility. Meanwhile, continuing claims — the number of people receiving unemployment benefits — rose by 38,000 to 1.92 million for the week ended December 13.

While the pre-Christmas shopping frenzy peaks, 25 per cent of festive shoppers will delay buying some gifts until after Christmas Day, a survey has revealed.

This trend is largely due to the cost of living crisis, with many seeking savings in post-Christmas sales.

Two-fifths (41 per cent) of those surveyed for cashback website Rakuten see sales as a good way to economise.

Additionally, a third (32 per cent) believe money saved by delaying purchases justifies changing the tradition of opening gifts on Christmas Day. Men, the research notes, are more likely than women to postpone gift buying until after the festive period.

The survey indicated that shoppers expect to spend £163 on average in the Boxing Day sales.

The research also found that, apart from the financial savings, there were other advantages to leaving some gift-buying until after Christmas Day.

Some people hold off to avoid pre-Christmas stress and crowds, and some believe that buying gifts after Christmas Day helps to extend the festive atmosphere into the new year.

The survey also indicated that many gift recipients will not mind waiting until after 25 December to find something under the Christmas tree with their name on it.

For more than half (52 per cent) of those who celebrate Christmas, receiving a gift after Christmas Day is not a problem, according to the survey of 2,000 people across the UK carried out by OnePoll in October.

Rakuten’s savings expert, Bola Sol, said: “With prices slashed and discounts galore, waiting a few extra days can mean big savings. It’s a great way to stretch the present budget, especially for those who aren’t too fussy about receiving or giving gifts on Christmas Day.”

She suggested setting a Boxing Day sales budget, comparing prices, and combining gift budgets with friends and family members to give a more meaningful gift without overspending.

The Reserve Bank of India (RBI) has issued a draft proposal aimed at making cross-border payments more transparent and consumer-friendly. With this, the bank aims to address long-standing complaints about hidden charges and unclear pricing in foreign exchange transactions.A large number of individuals face difficulties while making overseas payments for education, living expenses, travel, investments or remittances, mainly due to complex processes and high service costs.In many cases, customers only discover the true cost of a transaction after it has been completed. This includes charges such as fees, margins and intermediary costs that are either bundled into exchange rates or deducted later without a clear explanation.To address these issues, the RBI has proposed new regulations that would require banks and other authorised dealers to disclose the total cost of foreign exchange transactions upfront, before a customer agrees to the deal. The move is intended to help customers compare charges across service providers and make more informed decisions, according to ET.

What the RBI has proposed

Under the draft circular, authorised dealers such as commercial banks and certain financial institutions will be required to clearly communicate all transaction-related costs in advance. This includes commonly used foreign exchange transactions such as:

The disclosure requirement will cover both foreign exchange transactions and related derivative contracts used by retail customers.The RBI observed that a similar step was taken in January 2024, when authorised dealers were mandated to disclose mid-market rates for forex and foreign currency interest rate derivatives. The new proposal builds on a similar framework by extending transparency to the full cost structure of transactions.What counts as “total transaction cost”Before entering into a foreign exchange transaction, authorised dealers will now have to provide a complete breakdown of costs. According to Hemal Shah, Partner and Leader – Treasury and Commodity Advisory, Risk Consulting, EY India, this would include:

Importantly, these details must not only be shared upfront but also included in the final deal confirmation, allowing customers to verify what they were quoted against what they were ultimately charged.Once finalised, the instructions will be applicable within three months from the date of issuance.

Problems faced by retail users

Retail customers have long flagged that international transfers feel far more expensive and opaque than domestic payments. Often, customers are shown only an exchange rate, while additional costs such as remittance fees, FX margins, SWIFT charges and intermediary bank deductions are revealed only later.Experts point out that banks frequently embed margins and multiple fees into a single quoted rate, making it difficult for customers to understand the actual pricing. Charges on the recipient side, such as correspondent bank fees or instances where beneficiaries bear costs instead of remitters, have also added to confusion, particularly for exporters.Another major concern is the lack of transparency around correspondent bank fees, which can vary significantly depending on routing and overseas banking arrangements. While banks often describe these as outside their control, the RBI has flagged this as a key area where disclosure standards need improvement.

How customers will benefit

By mandating upfront disclosure, the RBI aims to give retail users a clearer picture of the true cost of cross-border transactions. This will help customers better understand pricing mechanisms, dealer margins, and the differences between various forex products.“Enhanced visibility on the hidden charges allows retail users to make better decisions on the pricing offered by ADs,” said Shah.Vijay Mani, Partner and Banking and Capital Markets Leader at Deloitte India, added that the move can significantly improve trust and comparability, provided the disclosures are implemented in a clear and customer-friendly manner.The RBI has invited public comments on the draft circular. Feedback can be submitted until January 9, 2026, after which the central bank will review responses before issuing final guidelines.

Who do the rules apply to?

Authorised Dealers under RBI regulations include Authorised Dealer Category-I banks and Standalone Primary Dealers authorised under Category-III to conduct foreign exchange transactions.Customers are classified as retail or non-retail for the purpose of these rules. Non-retail users include large financial institutions, NBFCs, insurance companies, mutual funds, alternative investment funds and Indian entities with a net worth of Rs 500 crore or more or a turnover of Rs 1,000 crore or more. Non-residents, other than individuals, are also treated as non-retail users.Any customer who does not fall into these categories is considered a retail user and will directly benefit from the proposed transparency measures.