Showing posts with label ECONOMIC. Show all posts
Showing posts with label ECONOMIC. Show all posts

25 October 2021

Nigeria to launch digital currency "eNaira".

Nigeria will on Monday (25th) launch a digital currency, the eNaira, the central bank said, months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account.

Nigeria has named Barbados-based Bitt Inc as a technical partner in developing the eNaira.

Source: www.reuters.com

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23 October 2021

Pakistan to remain in 'Grey List' of Financial Action Task Force.

The Financial Action Task Force (FATF) announced that Pakistan will remain on its increased monitoring list, also called the grey list.

Pakistan has been on the grey list for deficiencies in its counter-terror financing and anti-money laundering regimes since June 2018.

Announcing the decision, FATF President Dr Marcus Pleyer said that Pakistan had to complete two concurrent action plans with a total of 34 items.

Its most recent action plan from June this year, which largely focused on money laundering deficiencies, was issued after the FATF's regional partner — the Asia Pacific Group — identified a number of serious issues.

Commenting on the various other decisions taken during the plenary meeting, the FATF president said that Botswana and Mauritius had been taken out of the financial watchdog's grey list.

He said that Zimbabwe had completed its action plan and was awaiting on-site inspection, which would be carried out once the Covid-19 situation allowed.

Dr Pleyer also announced that Jordan, Mali and Turkey had been added to the list and had all agreed to action plans.

Source: www.dawn.com

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22 October 2021

German central bank head Jens Weidmann to resign at end of year.

Germany's central bank chief Jens Weidmann on Wednesday submitted his resignation to President Frank-Walter Steinmeier.

Weidmann, who has been the president of the Bundesbank since May 2011, is set to leave office on December 31.

His resignation comes as the ECB faces difficult questions over tackling rising inflation and winding down its massive COVID pandemic stimulus program.

Weidmann, now 53, was the youngest Bundesbank president when he took over the role from Axel Weber in 2011. Weber had quit in a dispute over the ECB's policy to control the crisis at the time.

Before his role as the Bundesbank chief, Weidmann served as Chancellor Anegla Merkel's economic adviser for five years.

Weidmann studied in Paris and Bonn. In 1997, he started a two-year stint at the International Monetary Fund.

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The Global Food Security Index - 2021.

The Global Food Security Index (GFSI) considers the issues of food affordability, availability, quality and safety, and natural resources and resilience across a set of 113 countries. The index is a dynamic quantitative and qualitative benchmarking model constructed from 58 unique indicators that measure the drivers of food security across both developing and developed countries.

This edition of the GFSI incorporates the "Natural Resources and Resilience" category into the main index. This category assesses a country’s exposure to the impacts of a changing climate; its susceptibility to natural resource risks; and how the country is adapting to these risks, all of which impact the incidence of food insecurity in a country. The category was first introduced into the GFSI in 2017 as an adjustment factor and, given its increasing importance, has been mainstreamed for the first time this year.

The 2021 GFSI is the tenth edition of the index. Economist Impact updates the model annually to capture year-on-year changes in structural factors impacting food security.

According to the report, Sri Lanka held 77th position with an overall score of 54.1 points on the GFS Index 2021 of 113 countries. Other South Asian countries hold below given indexes.

  • Pakistan (75th position)
  • India (71st Position), 
  • Nepal (79th position) 
  • Bangladesh (84th position). 
According to the report, World's Top 10 countries are;

Source: https://impact.economist.com


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21 October 2021

India's first Social Crypto Token, Chingari's "$GARI" launched.

Social Token App, Chingari unveiled its' first-ever crypto token,  "$GARI" in Mumbai on 17 October 2021.

It was launched by the brand ambassador of the tech start-up, Salman Khan. Chingari claims to be the first social network in India to have issued crypto tokens.

With this launch, short-video application Chingari has stepped into the world of cryptocurrency with its crypto token "GARI". A fungible blockchain token, GARI will serve both “as a future in-app currency and a governance token," the company said. The token will be built in partnership with the Solana blockchain.

Source: www.news18.com

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20 October 2021

India, United States, Israel and the UAE decide to launch quadrilateral economic forum.

India, United States, Israel and the UAE have decided to form a forum for future economic cooperation and to explore possibilities of joint infrastructure projects in the fields of transportation, technology, maritime security, and economics and trade.

“The ministers decided to establish an international forum for economic cooperation,” said a statement issued by the Israeli Foreign Ministry.

At the end of the meeting, it was decided that each minister will appoint senior-level professionals to a joint working group that will formulate options for cooperation in the areas identified by the ministers, it said.

The intention is to hold an in-person meeting of the ministers in the coming months at ‘Expo 2020’ in Dubai, the statement said.

Source: indianexpress.com

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18 October 2021

Sri Lankan Trade Minister appoints Export Advisory Committees for 24 sectors.

The Hon. Trade Minister, Dr. Bandula Gunawardane has appointed Export Advisory Committees covering 24 sectors for a period of 5 years (from 2021 to 2026). In terms of the Section 10 of The Sri Lanka Export Development Board (EDB) Act no 40 of 1979, the minister in charge of the EDB, on the advice of the Board, is empowered to establish advisory committees that are oriented towards the development and promotion of specific products, product groups, commodities, as well as the functional aspects of the export trade.

These Advisory Committees are expected to identify key market challenges and opportunities facing the industry, set goals to strengthen sector competitiveness, identify market requirements, as well as propose key policy changes that need to be initiated to develop the export sector while playing a significant role in reviewing the export sector which is currently facing numerous challenges due to the COVID-19 global pandemic. These committees are led by private sector industry representatives with participation of industry sector leaders and relevant public sector officers representing Government line agencies. The multi stakeholder representation provides appropriate scrutiny of policy frameworks to catalyse export growth. They also succeed in providing a coordination to optimise institutional support and quality of service in the export process. Furthermore, the appointed committees are an integral part of EDB’s formulation of Annual Action Plans, Strategies and Policy.

The sectors covered are: Apparel, Ayurveda & Herbal Products and Cosmetics, Boat and Ship Building, Coconut & Coconut-based products, Construction Services, Education Services, Electrical & Electronic components, Export Processing Villages, Gems, Diamonds & Jewellery, ICT/BPM, Light Engineering, Logistics, Marine & Offshore Engineering, Mineral-based products, National Quality Infrastructure, Organic Products, Ornamental Fish, Pharmaceuticals, Processed Food & Beverages, Regional Development, Rubber & Rubber-based products and Plastics, Seafood & Aquaculture Sector, Spices & Concentrates, and Trade Promotion & Trade Information.

Source: bizenglish.adaderana.lk

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15 October 2021

Nadella gets C K Prahalad Award for Business Sustainability Leadership.

Indian American Satya Nadella, the Microsoft CEO, is among the corporate leaders to receive this year's prestigious C K Prahlad award for Global Business Sustainability Leadership.

Created in 2010 by the invitation only Corporate Eco Forum to honour Indian American Prahlad, its founding advisory board member, the prestigious award recognises exceptional, globally significant private-sector action that exemplifies the fundamental connection between sustainability, innovation and long-term business success in a globalizing world.

Four of Microsoft's top leaders -- Nadella along with its president and vice chair Brad Smith, chief financial officer Amy Hood and chief environment officer Lucas Joppa -- received the prestigious honour for their collaborative leadership aimed at transforming Microsoft into a carbon negative company by 2030 and to remove all its historical emissions by 2050.

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14 October 2021

Reconstitution of the Financial System Stability Consultative Committee.

The Financial System Stability Consultative Committee (FSSCC) has been reconstituted with eminent personnel in the financial sector with effect from 6th October 2021. Dr. Kenneth de Zilwa; Chairman of the LankaClear (Pvt.) Ltd. is appointed as the Chairperson of the FSSCC. Further, Mr. Niroshan Udage; President of The Finance Houses Association of Sri Lanka, Mr. C N S N Anthony;

Director/General Manager of the Credit Information Bureau, Mr. L H A Lakshman Silva; Chairman of the Sri Lanka Banks` Association (Guarantee) Ltd., Mr. Sujeewa Mudalige; Managing Partner of PricewaterhouseCoopers, Mr. Sanjaya Bandara; Vice President of the Institute of Chartered Accountants of Sri Lanka, Mr. Vish Govindasamy; Chairman of The Ceylon Chamber of Commerce, Mr. Kushan de Alwis; President’s Counsel, Mr. Saliya Wickramasuriya; Acting Director General of Colombo Port City Economic Commission, Mr. Kapila Jayawardena; Group Managing Director of LOLC Holdings PLC and Mr. Krishan Balendran; Chairman of John Keells Holdings PLC are members of the reconstituted FSSCC. FSSCC is a high-level committee operational in the Central Bank of Sri Lanka which is established for the purpose of facilitating discussions leading to provide views and advice to assist the Central Bank on formulation of policies on financial system stability and financial sector development. Macroprudential Surveillance Department of the Central Bank of Sri Lanka serves as the Secretariat of the FSSCC.

Source: www.cbsl.gov.lk

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Central Bank Maintains Policy Interest Rates at their Current Levels.

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 13 October 2021, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 5.00 per cent and 6.00 per cent, respectively. 

The Board arrived at this decision after carefully considering the macroeconomic conditions and expected developments on the domestic and global fronts. The Board reiterated its commitment to maintaining inflation at the targeted levels over the medium term with appropriate measures, while supporting the economy to reach its potential in the period ahead.

Policy rates are maintained at current levels

In consideration of the current and expected macroeconomic developments as highlighted above, the Monetary Board was of the view that the current level of policy interest rates is appropriate. The Central Bank will continue to monitor domestic and global macroeconomic and financial market developments and stand ready to take appropriate measures, as and when necessary, with the aim of maintaining inflation in the desired range under the flexible inflation targeting framework in the medium term, while supporting and sustaining the economic recovery.

Monetary Policy Decision:  Policy rates and SRR unchanged

  • Standing Deposit Facility Rate (SDFR) 5.00%
  • Standing Lending Facility Rate (SLFR) 6.00%
  • Bank Rate 9.00%
  • Statutory Reserve Ratio (SRR) 4.00%

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US becomes world's largest Bitcoin mining centre following China ban.

The U.S. has become the world’s leader in bitcoin mining following the renewed crackdown on the industry in China, the Cambridge Centre for Alternative Finance (CCAF) said.

The latest CCAF data shows the U.S accounting for 35.4% of the global hashrate, the world’s total computational power used to mine bitcoin as of the end of August, more than doubling from 16.8% at the end of April.

Kazakhstan and Russia followed the U.S. with shares of 18.1% and 11%, respectively, up from 8.2% and 6.8% in April, according to the CCAF.

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12 October 2021

CSE and SEC Rings the Bell for Financial Literacy.

The Colombo Stock Exchange (CSE) in association with the Securities and Exchange Commission (SEC) joined stock exchanges from around the world to Ring the Bell for Financial Literacy, as part of the World Investor Week 2021 global campaign.

The International Organization of Securities Commissions (IOSCO) recently launched its fifth annual World Investor Week campaign following campaigns that previously paved the way for financial organizations across the globe to showcase their initiatives for promoting investor education and protection.

Over 80 global financial orgaizations have joined The Ring the Bell for Financial Literacy initiative in 2021, which is an initiative pioneered by the World Federation of Exchanges to bring stakeholders together for a call to action on improving financial literacy. These ceremonies also provide an opportunity for exchanges to promote the work being done within their respective jurisdictions to improve financial education and literacy.

Source: http://bizenglish.adaderana.lk

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Kawasaki announces its motorcycles to go all-electric by 2035.

The Japanese motorcycle manufacturer has announced that by the year 2035, it will only sell electric motorcycles in developed countries.

The timeline is one of the farthest set for a shift to electric vehicles, and the commitment leaves room for the continued sale of gas-powered motorcycles in developing countries.

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11 October 2021

Air India sold to TATA for ₹ 18,000 Crore.

The Narendra Modi government today (Oct. 8) announced that Tata Sons had won the bidding process for Air India. The salt-to-software conglomerate will take back ownership of the carrier nearly after seven decades.

Of the seven expressions of interest received, five were disqualified, officials said today. Tata Sons offered 18,000 crore rupees ($2.35 billion) for the airline, beating their closest rival, SpiceJet’s Ajay Singh, who bid Rs15,000 crore.

The transaction will now be completed by December this year, officials said. Existing employees can’t be laid off for a year after the takeover, the government official said.

Founded by Tata Sons in 1932, Air India was nationalised by late prime minister Jawaharlal Nehru’s government in 1953. With its return to the old fold, aviation analysts believe it will now completely transform, owing to the Tatas’ “deep pockets, “returning to its “past glory.”

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Sri Lanka appoints expert committee on blockchain technology and cryptocurrency mining.

Keeping in line with the National Policy Framework - Vistas of Prosperity and Splendour - which highlights the importance and values of a technology-based society, Cabinet approved the proposal made by the Minister of Project Coordinating and Monitoring Namal Rajapaksa to appoint a committee to report to the Cabinet on the Acts, Rules and Regulations to attract investments and investors in the areas of Digital Banking, Blockchain & Blockchain related industries such as cryptocurrency.

The necessity of developing an integrated system of digital banking, blockchain and cryptocurrency mining technology has been identified to pace on par with the global partners in the region while expanding trade to the international markets.

This committee will be mandated to study the regulations and initiatives of other countries such as Dubai, Malaysia, Philippines, EU, and Singapore etc, and propose a suitable framework for Sri Lanka.

The committee will also study the laws and regulations of other countries in terms of anti- money laundering, terrorism financing, criminal activities, and the Know Your Customer processes.

The committee comprises the following experts in their field: Mr Sujeewa Mudalige (Chairman), Mr. Viraj Dayaratne, Mr. Rajeeva Bandaranaike, Mr. Dharmasri Kumarathunge, Mr.Jayantha Fernando, Mr. Sandun Hapugoda, Air Commodore (Retd) TGJ Amarasena and Mr. Milinda Rajapaksha.

Sources: www.adaderana.lk

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Implementing a Mobile Application "SL- Remit" to facilitate Foreign Remittances.

The Central Bank of Sri Lanka (CBSL) had appointed a Working Committee to study and suggest new remittance channels for Sri Lanka and to make recommendations on reducing the cost of remitting money, having identified the need to introduce new and low cost remittance channels with the objective of increasing the inflows of foreign remittances while discouraging the use of informal channels.

The Working Committee comprised experienced professionals from Bank of Ceylon, People’s Bank, Sampath Bank PLC, Commercial Bank of Ceylon PLC, Hatton National Bank PLC, The Hongkong and Shanghai Banking Corporation Limited, Cargills Bank Ltd, Dialog Axiata PLC, Mobitel (Pvt) Ltd and CBSL.

The Working Committee has proposed the implementation of a National Remittance Mobile Application titled “SL-Remit” to attract more remittances to Sri Lanka with features such as self registration of users, the ability to link to global money transfer operators & global FinTechs to facilitate remittances from any country, instant fund transfer to any bank account/mobile wallet in Sri Lanka. In addition, the application would include value-added services such as direct bill payments, attractive foreign exchange rates and low transaction fees.

CBSL will now implement the “SL-Remit” mobile application with the assistance of stakeholders, including the Ministry of Finance, Ministry of Foreign Affairs, Sri Lanka Banks’ Association, Sri Lanka Bureau of Foreign Employment and LankaClear (Pvt) Ltd.

Source: www.cbsl.gov.lk

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09 October 2021

Forbes Releases 40th Annual Forbes 400 Ranking of the Richest Americans.

Forbes has released its 40th annual Forbes 400 list, the definitive ranking of the wealthiest people in America. The package also includes a look at just how philanthropic America’s richest are. The Forbes 400 list is a snapshot in time of wealth using stock prices from September 3, 2021.

Former Amazon CEO Jeff Bezos retains the top spot for the fourth consecutive year, with a net worth of $201 billion.

Elon Musk of Tesla and Spacex is at 2nd while Facebook's Mark Zuckerberg is at 03rd.

Source: www.businesswire.com

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08 October 2021

World Investor Week 2021: October 04-10.

The International Organization of Securities Commissions (IOSCO) is preparing to launch its fifth annual World Investor Week (WIW) from 4 to 10 October 2021. The World Investor Week (WIW) is an initiative promoted by the IOSCO to raise awareness about the importance of investor education and protection and highlight the various initiatives of securities regulators in these two critical areas.

The key messages of the IOSCO WIW campaign in 2021 will be based on two themes: 1) sustainable finance and 2) frauds and scams prevention. The IOSCO WIW campaign continues to gain support among a growing number of jurisdictions, stakeholders and major international organizations.

Source: www.worldinvestorweek.org

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04 October 2021

Shiba inu coin jumped 30% and 'deleted a zero' after a tweet from Elon Musk.

The dogecoin spinoff known as shiba inu jumped 30% after Tesla Chief Executive Officer Elon Musk tweeted another picture of his pup late Sunday 03 October 2021.

Musk's dog, named Floki, is a shiba inu, which is the namesake of the coin and the iconic dog behind dogecoin. On Sept. 12, Musk first tweeted a picture of his shiba inu, saying "Floki has arrived."

The latest tweet caused the hashtag #SHIB to start trending on Twitter as retail traders cheered the price surge. The shiba inu coin, which was founded in August 2020 as an Ethereum-based alternative to Dogecoin, surged in comments on 4chan Monday as well, data from TopStonks.com showed.

On Twitter, many noted that the coin deleted a zero from its decimal. Even so, the coin is still worth less than a penny despite the jump, which took it to 0.00001090 cents. In the past year, the shiba inu coin has surged about 8,000% in a year, according to data from Coinbase.com.

Source: https://markets.businessinsider.com

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01 October 2021

Adani Group seals deal to develop Western Container Terminal at Colombo Port.

Adani Group in India sealed a deal with the state-owned Sri Lanka Ports Authority (SLPA) to develop and run the strategic Colombo Port’s Western Container Terminal.

As the first-ever Indian port operator in Sri Lanka, Adani Group will have a 51 per cent stake at the port’s Western Container Terminal (WCT), a statement said.

Adani Group signed a build-operate-transfer (BOT) agreement with its local partner John Keells Holdings and the SLPA to develop the WCT at the Colombo Port, it said.

The two local entities would hold 34 and 15 per cent stakes of the new joint company titled the West Container International Terminal.

Source: www.livemint.com

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