Filters: ESG

Weekly Impact Investment Market Update: October 26, 2018

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Impact Investing & ESG
 

Overheard at SOCAP18: The Alpha in Impact, Billions to Trillions, Women-Led Solutions, Elite Charade?
The full spectrum of impact investing was on display on Day Three of the annual SOCAP conference. ImpactAlpha’s team fanned out to catch the conversation.

3 Ways to Create a Climate Change Investment Strategy
The United Nations released a sobering report on climate change this month, stating that the Earth is warming faster than even scientists thought and that without far-reaching action, the planet is likely to warm to a dangerous level by 2040.

New Investment App Targets Millennials to Change Business with Their Dollars
Newday Impact Investing is a wealth advisory firm targeting millennials, not millionaires. Backed by senior managers from firms like BlackRock and Stone & Youngberg, the San Francisco-based startup is hoping to change the face of financial investment by shifting capital flows to “do good” companies on a massive scale.

BlackRock Bets Big on ESG Investing
The world’s largest asset manager has introduced a core ESG ETF portfolio, new ESG funds and more extensive disclosures on ESG metrics.

A Big Splash in the ESG Fixed Income Space
To date, a massive percentage of the exchange traded funds extolling the virtues of environmental, social and governance (ESG) investing have been equity-based funds.

Institutional Investors Seeks ESG Opportunities via Fixed-Income Vehicles
RBC Global Asset Management recently published its third annual Responsible Investing Survey, and My-Linh Ngo, ESG investment specialist for the firm’s London-based BlueBay Asset Management division, offered PLANADVISER her take on the results.

How to Use Donor-Advised Funds to Make Impact Investments
There’s a vast missed opportunity to use DAFs for making impact investments in support of market-based solutions to the UN Sustainable Development Goals.

Changing the Status Quo: How Women are Leading the Charge on Impact Investing
“It’s the first time in history that women in the U.S. control more assets, or are allocating more assets, than men,” said Barnet. “So I think the biggest shift will be in client demand and what clients are looking for, and individuals and leaders will adjust their strategies and products to adapt to that. Companies that don’t get that shift right won’t be around anymore.”

 

United States & Europe
 

U.S. Economy Grew at a 3.5 Percent Rate in 3rd Quarter
The economy expanded at a 3.5 percent annual rate in the third quarter, the Commerce Department said Friday. That’s slower than the second quarter’s blockbuster 4.2 percent, but it puts the economy on pace for the fastest annual growth in 13 years.

 

Developing Economies
 

Emerging Market Debt: Into the Wild
It’s been a volatile year for emerging market debt, but conditions have settled down over the last month or two. That said, institutional investors looking to take advantage of the diversification and return possibilities that the asset class can offer need to fully understand the potential risks from fiscal, monetary and political perspectives — and they need to be patient.

Weekly Impact Investment Market Update: October 19, 2018

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Impact Investing & ESG
 

IFC Releases Draft Impact Investment Guidelines
Investors have welcomed new guiding principles for impact investing intended to turbocharge the sector — but some question whether the International Finance Corporation, which developed the rules, is the right institution to be leading the effort.

Why Companies Must Manage Environmental, Social, and Governance Risks
Wharton’s Witold Henisz, Katherine Klein and Sherryl Kuhlman discuss how ESG risks impact companies’ bottom lines.

The Politics of Impact
An excerpt from Jed Emerson’s The Purpose of Capital: Elements of Impact, Financial Flows, and Natural Being

Why ESG is Not a Flash in the Pan
As a concept, ESG investing has been around for some time. Every so often it has had its moment in the spotlight before disappearing into the shadows along with other so-called ‘investment fads’.

Demand Grows for SEC Rules on ESG Disclosure
As investors routinely push public companies to address ESG in terms of long-term shareholder value, a determined group of institutional investors and ESG advocates think the time is right for the Securities and Exchange Commission to mandate a uniform approach to how companies disclose and manage potential risks.

Third-Party ESG Ratings Evolving for Investor Needs
As institutional investors increasingly demand that money managers integrate environmental, social and governance factors into portfolios, third-party ratings used to inform decisions are under development, evaluation and in some cases reconstruction.

ESG Wake-Up Call for Pension Laggards
Policymakers are trying to steer more UK schemes towards sustainable investing.

How Investors Can Save the World, One Dollar at a Time
Sustainable investing allows you to invest with your conscience: You embrace companies that promote social and environmental good, while avoiding businesses that don’t share the same ethics.

 

United States & Europe
 

US Named the World’s Most Competitive Economy
The U.S. is ranked most competitive economy for the first time in a decade.

Europe’s Most Stable Economy Says It’s Time to Share the Wealth
The Czech Republic must distribute its growing wealth more widely, and even a cooler economy won’t stop higher social expenditure and investment, according to the country’s finance chief.

 

Developing Economies
 

Five Reasons to Buy Emerging Markets
While the U.S. stock market remains overvalued, emerging markets have become cheap.  With the divergence in performance between U.S. stocks and emerging market stocks in 2018, the risk/reward profile of owning emerging market stocks rather than U.S. stocks has rarely looked so attractive.

Kenya: Economic Growth Looking Up – World Bank
Kenya’s economy is projected to grow by 5.8 per cent next year supported by strong remittance inflows and rising household income from agriculture harvests and lower food prices.

Kenyan Workers Ranked Fourth in Africa, World Bank
The future of Kenya’s workforce seems bright with the country’s future personnel ranked the fourth on the continent.

Worldwide: Economy on the Rise in Latin America
The United Nations along with the Economic Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC) has issued the 2018 Economic Survey of Latin America and the Caribbean.

 

Weekly Impact Investing Market Update: October 12, 2018

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Impact Investing & ESG
 

Ensuring that the Trillions Have Impact: New Global Minimum Standards for Credible Impact Investing
The International Finance Corp (IFC) set global minimum standards for credible impact investing today at the annual meetings of the International Monetary Fund (IMF) and the World Bank Group in Bali, Indonesia by releasing a draft of its Operating Principles for Impact Management.

Fix Boomers’ ESG Dilemma with Bonds
Older investors have the lion’s share of investible assets, but their age or need for current income could limit their interest in ESG equity investments

Millennials and Impact Investing: A Striking Pair for a Broadening Sector
Go to any social impact conference, and you will probably hear, “Soon, there will be no ‘impact’ investing. It will simply be investing.”

U.S. Institutional Investors Changing Views of ESG Investing
A global survey of institutional investors found more in the U.S. said ESG factors can be a source of alpha and risk mitigation, and more institutional investors overall said incorporating ESG factors into their investment approach is part of their fiduciary duty.

Three Ways Politicians can Turbo-Charge the Impact Revolution
Politicians and policymakers around the world are desperately seeking solutions to pressing challenges like improving access to quality healthcare, reducing carbon emissions and regenerating underserved communities. Impact investors share these same goals, and are developing a set of scalable financial tools that can help to achieve them.

First-of-its-Kind-Certification Introduced for SRI Investing
The College for Financial Planning has partnered with US SIF: The Forum for Sustainable and Responsible Investment to introduce the first certification for sustainable, responsible and impact investing.

 

United States & Europe
 

A New Bioeconomy Strategy for a Sustainable Europe
Today the Commission has put forward an action plan to develop a sustainable and circular bioeconomy that serves Europe’s society, environment and economy.

 

Developing Economies
 

Investors Don’t Hold Enough Emerging Market Assets – UBS
The world’s largest wealth manager says investors are mistaken – despite current market angst – in not putting enough money into emerging economies, given long-term trends.

Singapore Joins Regional Monetary Tightening Rush
Inflation spurs central bank’s second move this year despite GDP slowdown.

Weekly Impact Investment Market Update: October 5, 2018

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Impact Investing & ESG
 

What Global Megatrends Can Teach Us about Impact Investing
Impact investing has been gaining traction in large part because global sustainability megatrends are getting more attention.

How Women are Bringing Impact Investing to the Mainstream
Profits, meet purpose. Companies are being asked to serve a social purpose, here’s how women are positioning impact investing as a mainstream strategy.

Gender Equality: A Potential Driver for ESG Funds
There is plenty of work to be done when it comes to gender equality and investors should favor that work being done because various data points and studies confirm that companies with women occupying c-level executive positions and/or several board spots outperform their less gender diverse counterparts.

Impact Investing: The Billionaires Building Change
Eleven years ago, at a small gathering at the Rockefeller Foundation’s Bellagio Center in Italy, the term “impact investing” was coined. It was not a new idea, but it finally had an official name.

Responsible Investing: Southeast Asia Top Destination for Impact Investments
“Southeast Asia has been the fastest growing impact investing market in the world for the past five years. The region offers dynamic business environments, with increasing entrepreneurial and investment activity focused on ensuring inclusive and sustainable economic development,” says GIIN director of research Abhilash Mudaliar in a media statement.

 

United States & Europe
 

The US Economy is Doing so Great that the Markets are Worried
September was the 96th consecutive month of job gains, the longest on record. The two previous months were revised to show 87,000 more jobs were added that previously reported.

 

Developing Economies
 

These Comfort Charts Signal Year-End Recovery for EM
After a rally from mid-August gave way to another sell-off through early September, emerging-market investors would be forgiven for being wary of new signs that calm is returning.

Goldman Forecasts South Africa Economic Rebound in 2019
Goldman Sachs (GS.N) expects South Africa’s economy to grow almost 3 percent next year, helped by President Cyril Ramaphosa’s reforms and strong global growth, the bank’s sub-Saharan Africa head told Reuters.

Asia’s Economic Ties Strengthen Amid Gathering Global Storm
As reported by the Asian Development Bank, Asia’s (including South Asia) intra-regional trade in 2016 as a percentage of total reached 60%, surpassing that of NAFTA’s 56% (comprising of Mexico, the U.S. and Canada), and is second only to the EU’s 27 member countries at 69%.

World Bank Sharply Cuts Malaysia’s 2018 Growth View
The World Bank Thursday sharply cut its 2018 economic growth forecast for Malaysia to 4.9% from 5.4% and said the expansion pace could steadily decelerate through 2020.

Weekly Impact Investing Market Update: September 28, 2018

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Impact Investing & ESG
 

Champions of Impact Investing
The Rockefeller Foundation coined the term “impact investing” in 2007 to describe private investments that generate a financial return alongside social or environmental impact.

Advocates of Sustainable Investing Puts Climate Change in U.N. Spotlight
As world leaders meet in New York City this week for the United Nations General Assembly, advocates are drawing attention to how climate change should influence investment decisions.

What Holds Investors Back from ESG Investing
ESG adoption level in Asia is still low even though reports and findings have shown that sustainable investing does not hurt returns

How Impact Investors Can Better Serve Communities: Ask Them What They Need
Impact Experience brings investors, foundations, and thought leaders to marginalized communities to find out what the communities think would help.

 

United States & Europe
 

How to Fill the Gaps in the U.S. Economy
What do the internet, nuclear power, GPS, cloud computing, voice recognition and artificial intelligence all have in common? They were all developed with the help of the U.S. government.

 

Developing Economies
 

Kenyan Economy Expands at Fastest Pace in 2 Years on Farming
Kenya’s economy expanded 6.3%, outpacing central bank’s 6.1% estimate. The agriculture sector grew 5.6% in quarter from 5.2% in first 3 months.

Southeast Asia Could Hit $5 Trillion Growth Mark: McKinsey’s Lin
Southeast Asia’s been home to almost half of the biggest growth drivers in the past half-century. To keep investors interested, it’ll have to make the right moves across technology, education and infrastructure, according to Diaan-Yi Lin, a senior partner at McKinsey & Co.

Emerging-Market Rebound Depends on China and India
This year’s sell-off in emerging-markets assets has abated in recent weeks and valuations are tempting, but it’s too soon to say things have bottomed. The key to any rebound is China and India, two economies where the outlook has deteriorated in recent weeks.

Chile Central Bank Considered Increasing Interest Rate
Ultimately policymakers kept the key rate stable at 2.5 percent amid a sustained recovery in the economy under the center-right government led by President Sebastian Pinera.

 

Weekly Impact Investment Market Update: September 21, 2018

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Impact Investing & ESG
 

Why Foundations Should Step Up their Game in Impact Investing
There’s a growing number of people in the world of social entrepreneurship focused on not just building impact-oriented companies, but on creating a more fundamental systemic change.

Impact Investment: Private Equity Puts Its Money Where Its Mouth Hasn’t Been
Impact investing would seem an unlikely business for avaricious private equity funds. But many are embracing what they see as a new opportunity. Should we be skeptical or see private equity’s buy-in as proof of the impact investment concept?

Paving the Way for Greater Impact Investing in Asia-Pacific
While Asia-Pacific foundations are intrigued by impact investing, they combine a range of approaches to create impact in different ways.

Impact Investors Need to Think Big – And It’s Not What They Think it Means
As an industry, impact investing too often gets hung up on creating personalized, perfect impact.

UBS Study: Wealthy US Investors Lag Behind on Sustainability
Wealthy US investors had the slowest rate of adoption in the sustainable investing landscape compared to the rest of the world, according to UBS. The multinational investment bank and financial services company released the latest edition of its Investor Watch report this week.

Investing with a Purpose
Responsible investing, though not a new concept, has only recently gained popularity among a meaningful portion of the investment community.

Is Fixed Income ESG Investing the New Frontier?
ESG investing goes beyond picking the right equities; fixed income ESG can round out an investor’s socially responsible portfolio.

Climate Change, Paris Accords Driving ESG Strategies: Report
ESG’s popularity is taking off, but a significant gap exists between investors’ good intentions and action.

 

United States & Europe
 

Slew of Positive Reports Show U.S. Economy Still on Solid Track
A string of reports on Thursday showed the labor market is getting stronger, consumers are increasingly optimistic and manufacturers are expanding, adding to signs that GDP remains on track for a solid performance in the 3rd quarter.

 

Developing Economies
 

Emerging Markets –Recovery Strong, Hong Kong Dollar Goes Wild
Emerging markets extended their recovery on Friday, as what looked set to be a marquee week for South Africa’s rand and the best day for Chinese stocks in over two years helped sweep away some of the recent gloom.

Emerging-Market Debt Issuance on Ice after Turbulent Summer
Emerging-market debt issuance is on hold after a summer of volatility, with the market effectively closed for borrowers like Turkey and Russia, although Asian and Middle East issuers can still get their bonds to market.

The Future is in Africa, and China Knows It
Fast population growth offers some great investment opportunities, but the West is missing out.

Kenya Ranked Fifth Wealthiest in Africa
Kenya is the fifth richest country in Africa, with much of the wealth concentrated in the hands of a few individuals, a new report has shown.

Southeast Asia’s Production Gains Speed as China Slows
Manufacturing index up 6.2% for first half as companies diversify bases.

Indonesia Set to Grow 5.2% This Year
The World Bank has maintained a positive outlook on Indonesia’s economy despite rising external pressures that may curb growth this year.

The Pacific Alliance: The Four Best Bets in Latin America
The emerging-market sell-off is a buying opportunity for brave investors seeking resilient, well-managed economies with strong prospects. Mexico, Colombia, Chile and Peru fit the bill, says James McKeigue.

Weekly Impact Investment Market Update: September 14, 2018

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Impact Investing & ESG
 

Financing the Sustainable Development Goals: Impact Investing in Action
It is important for impact investors to align existing assets to the global goals; however, there is not enough new capital being channeled into solutions. The UN estimates that USD 5-7 trillion is needed annually to achieve the goals.

Private debt investors look for impact – to reduce risk and lower costs
Private debt – direct business lending from funds rather than banks – has experienced a boomlet in financial markets since the 2008 crisis. Last year, hedge funds, private equity funds and asset managers raised a record $107 billion of capital to lend to businesses to fund growth, buyouts and finance acquisitions.

Making the Case for Impact Investing
For a small but growing number of nextgen high net worth individuals, it is no longer simply investing in another real estate or private equity opportunity in London or New York, they also want to participate in investments that contribute and generate a positive social and environmental impact perhaps closer to home, in addition to generating a financial return.

Impact Investing and What It Means for Financial Advisers
Over the course of the past 20 years, impact investing has grown from a cottage industry to a $9 trillion movement. Your clients are clamoring for it, investment companies are pushing it, but what is impact investing and why is it so essential?

Two-Thirds of Institutional Investors Utilize ESG Policy – Report
Two-thirds of institutional investors and almost half of companies globally have an environmental, social and governance policy in place, according to survey of 1,731 companies and institutional investors, sponsored by HSBC Holdings and conducted by East & Partners.

Most Executives Believe in the Business Case for CSR. So Why Don’t they Invest More in It?
Companies achieve remarkable things. They create products for customers, financial returns for investors, and jobs for employees. At the same time, they develop medications that cure deadly diseases, technologies that bring internet access to every corner of the earth, and by making more and more amenities and technologies easily affordable, they steadily increase our general quality of life.

ESG Outperforms in European Large Caps and U.S. Small Caps
Data compiled by Arabesque S-Ray show companies that score high in Arabesque’s proprietary ESG rating algorithm outperform lower scoring peers, particularly among large-cap European firms and small-cap U.S. firms.

Socially Responsible Investing Gets a Boost from the U.K.
The United Kingdom government will update its definition of fiduciary duty to include “ESG considerations including climate change,” reports responsible-investor.com.

Impact Investing: Advisors Need to Build the Case for Imagining Big Capital
Impact investing is often misconstrued, and misunderstood by investors–especially larger institutional investors–who advance that investing for a resonant social impact is a distraction against investment performance.

A Fixed-Income Investor’s Guide to Impact Investing
Private debt currently comprises more than 40 percent of the capital in the impact investing market, according to the Global Impact Investing Market.

SDGs: Financial Centres Take Cue from UN on Sustainability
Viewed as a commercially viable vehicle for generating profit as well as social good, impact investing is now being facilitated by international financial centres.

 

United States & Europe
 

As Economy Booms, U.S. Cities Report Slowing Revenue Growth
U.S. cities are seeing the growth of their tax collections slow, suggesting local governments’ gains from the more than nine-year economic expansion are diminishing even as they face pressure to spend more on wages, pensions and infrastructure, according to an annual survey by the National League of Cities.

 

Developing Economies
 

Africa: East Africa has Strongest Economic Growth in Africa
Economic diversification and investment-driven growth continue to make East Africa the region on the continent with the strongest economic growth, with a forecast of 6.3% growth in 2018, the latest report from the Institute of Chartered Accountants in England and Wales (ICAEW) has disclosed.

Weekly Impact Investment Market Update: September 07, 2018

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Impact Investing & ESG
 

More Institutional Investors Putting Money on ESG
ESG investing is growing in the U.S. among institutional investors, with issues such as climate change, gender diversity and weapons distribution garnering significant attention.

Impact Investors Should Use U.N. Targets as Investing Guide
The Global Impact Investing Network is urging investors to do more than seek positive social and environmental impact from their investments by asking them to specifically tackle the U.N. Sustainable Development Goals, or SDGs.

ESG Investing: A Blue Ocean for Corporate Employer-Sponsored Retirement Plans
The $28.0 trillion U.S. retirement market offers opportunities for growth in environmental, social and governance (ESG) assets under management (AUM), particularly among corporate-sponsored retirement plans.

4 Mistakes Investors Make with ESG Investing
Successful ESG investing requires more than just picking the best-in-class ESG funds or companies.

Want to Tackle Global Challenges? Think – And Invest – Differently
Impact investing is reshaping financial markets. Hundreds of billions of investment dollars now focus on social and environment challenges.

Value in Virtue: Impact Investing & the Economy
While the purpose of investing is to maximize returns, the allocation of capital also shapes corporate behavior, and that has implications for the economy. When capital is deployed with consideration to factors beyond just financial returns, like contributing to a positive difference in the world…that is impact investing.

 

United States & Europe
 

U.S. Economy Adds 201,000 Jobs as Unemployment Rate Holds at 3.9%
The US has now added jobs every month for 95 months in a row – the longest streak of uninterrupted growth on record. There are signs that the rate is slowing, however, and wage growth continues to lag as it has done since the end of the Great Recession.

N.Y. Fed Raises U.S. Economic Growth View for 2018 Second Half
The New York Federal Reserve on Friday increased its estimates on U.S. economic growth in the second half of 2018 following stronger-than-forecast data on manufacturing sector activities in August, the New York Federal Reserve’s Nowcast model showed on Friday.

 

Developing Economies
 

Rate Hikes in Store for Southeast Asia’s Two Biggest Economies
The outlook for interest rates in Southeast Asia’s two biggest economies is upward even after mixed inflation data on Monday.

It’s Not Time to Hit the Ejector Seat on Emerging Markets
Bailing out of a roller coaster midway through the ride is never a good idea. The same could be said about emerging markets right about now.

Weekly Impact Investment Market Update: August 31, 2018

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Impact Investing & ESG
 

As ESG Investments Boom, Asset Managers Seek Out Fixed-Income Options
Bonds have potential to be a popular ESG asset class for impact investors.

Impact Investing Boom Leads to Verbal Muddle
The word has swung into favor in responsible investing circles in the past few years, and is now used by many different players to mean different things. So far this has not led to any tension, but debates over how the word should be used are likely to intensify in the next year.

SRI, ESG and Impact Investing: A Natural Evolution for Investment Management?
There is some confusion around the terms and methodologies behind SRI, ESG and Impact investing. If they all exist on the same spectrum, where does one begin and the other end?

Former Hedge Funder Seeks to Improve ESG Investing
It’s an age-old investing question. Can you do good and do well at the same time? Ethan Powell is on a mission to prove that you can.

3 Areas of Fixed Income Experiencing ESG Innovations
The focus on environmental, social and governance (ESG) investing has made headway in the form of equities, but investors are also looking at opportunities within the fixed-income space where funds can make innovations to meet this demand.

 

United States & Europe
 

US Economy Logs Best Performance in Nearly 4 Years
U.S. economic growth was a bit stronger than initially thought in the second quarter, notching its best performance in nearly four years, as businesses boosted spending on software and imports declined.

Why the U.S. Economy is Having a Boom
There’s no doubt that the U.S. economy is in a boom. The Conference Board is reporting the highest levels of job satisfaction in more than a decade.

Eurozone Unemployment Falls to Decade Low of 8.2 Percent
Unemployment across the 19-country eurozone has fallen to its lowest level since the most acute phase of the global financial crisis a decade ago.

 

Developing Economies
 

Britain’s May in Kenya to Boost Economic Ties Amid Brexit
British Prime Minister Theresa May on Thursday became the first UK leader to visit Kenya in 30 years, bringing security and development funding to East Africa’s commercial hub and neighboring Somalia as Britain seeks to boost economic ties ahead of a bumpy exit from the European Union in March.

Asia’s Digital Revolution
Asia is embracing the digital revolution. Companies such as Alibaba, Tencent, and Baidu are providing a wide range of services from e-commerce to fintech and cloud computing for customers in China and elsewhere.

Australia, Indonesia Wrap Up Talks on Free Trade Agreement
Indonesia and Australia announced the conclusion of talks on free-trade deals as the Pacific neighbors attempt to boost economic ties.

Weekly Impact Investment Market Update: August 24, 2018

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Impact Investing & ESG

Impact Investing Market Map
The PRI launched the Impact Investing Market Map to bring more clarity to the process of identifying mainstream impact investing companies and thematic investments so that asset owners and fund managers can better assess opportunities in this market.

Should Impact Investors Aim for Market Returns?
Fund houses are increasingly launching impact products to rival mainstream alternatives

American Century Investments Research Shows the Appeal of ‘Impact Investing’ Growing, with Millennials Taking the Lead
“Impact investing”–financial investments designed to generate a measurable, positive impact on society, while also providing potential returns–is growing in popularity.

Why ‘Good Guy’ Stocks Can Help You Beat the Market
Today there’s a growing body of evidence showing that companies that put social responsibility first can also finish first in the market. The question is no longer whether you can do well while doing good, but how best to distinguish the do-gooders.

 

United States & Europe

Powell Signals More Hikes Ahead if US Economy Stays Strong
Federal Reserve Chairman Jerome Powell signaled Friday that he expects the Fed to continue gradually raising interest rates if the U.S. economic expansion remains strong.

 

Developing Economies

Rural Areas and Small Cities Hold the Key to Economic Growth
According to the State of Food and Agriculture report by the UN’s Food and Agriculture Organisation (FAO), the key to achieving the 2030 Agenda for Sustainable Development are transforming rural communities and promoting agriculture.

Nigeria’s Central Bank to Stimulate Lending, Buy Corporate Bonds to Boost Growth
Nigeria’s central bank plans to stimulate lending to manufacturers and invest in corporate bonds to revive the economy ahead of next year’s presidential election.

Southeast Asia Deploys Stimulus to Maintain 5% in 2Q
Indonesia, Philippines and Malaysia try to fend off impact of trade war.

Chile Economy Posts Biggest Jump in Growth in Six Years
Chile’s gross domestic product grew 5.3 percent in the second-quarter of 2018 compared with a year earlier, its biggest jump in nearly six years, the central bank said.