India, Japan & Sri Lanka sign MoC to develop ECT
Economy

India, Japan & Sri Lanka sign MoC to develop ECT

The governments of India, Japan, and Sri Lanka, through a tripartite agreement, have decided to develop a container terminal at Port of Colombo. A Memorandum of Cooperation (MoC) was signed in Colombo by Sri Lankan Port Minister Salaga Ratnayake, Indian High Commissioner to Sri Lanka Taranjit Singh Sandhu, and Japanese delegate to develop East Container Terminal (ECT). According to media reports, the new container terminal is located at the recently developed south part of Post of Colombo and will enable the related countries to develop a facility for large container ships. After getting ap

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Hong Kong stock market becomes World’s 3rd largest
Economy

Hong Kong stock market becomes World’s 3rd largest

Hong Kong’s stock market has overtaken Japan to become the World’s 3rd largest stock market. The city’s equity market has become the 3rd most valuable, and just closely behind the US and mainland China. The market value of the companies listed on Hong Kong bourses stood at $5.78 trillion, overtaking Japan’s stock market value that pegged at $5.76 trillion. Hong Kong’s stock market benchmark Hang Seng Index rose 17% since the beginning of the year, adding $937 billion of market value for stock trading with a major contribution from Tencent Holdings Ltd. that gained 22%. The bourse cl

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India is the sixth Wealthiest country in the World
Economy

India is the sixth Wealthiest country in the World

India is now the 6th wealthiest country in the world with fortunes raised massively from the year 2016 to an astounding $8,230 Billion in 2017. It has been rated as the best performing market globally. New World Wealth is a global wealth intelligence and market company that specializes in ratings, surveys, country reports and wealth statistics. It uses the total wealth of a country as an indicator to assess the economic patterns and determine the wealthiest of nations, and refers to the fortunes owned by all individuals living in each state, city or constituency. It includes cash, property s

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Asia stocks slide down as Trump raises stakes in china trade War
Economy

Asia stocks slide down as Trump raises stakes in china trade War

Reported in June 2018, a sell-off of Chinese stocks due to the trade war between the two biggest economies of the world has resulted in lowering Asian equities to a 4-month low. United States President Donald Trump has further threatened new tariffs on Chinese goods. A 10 per cent imposition on $200 Billion worth goods is expected as a comeback to China’s decision of raising tariffs on $50 Billion U.S goods. China has warned Washington that it will take substantial measures if any more additional list of tariffs on its products were published. Asian Economies like Taiwan, South Korea and So

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World Bank Predicts 7.3% groWth rate for india, making it the fastest groWing economy
Economy

World Bank Predicts 7.3% groWth rate for india, making it the fastest groWing economy

India has been designated as the world’s fastest growing economy with the World Bank’s projection of its growth rate at 7.3% for the year 2018. The World Bank is an international financial institution that provides loans to countries of the world for capital projects. The Global Economic Prospects is a World Bank Group flagship report that examines global economic trends, developments and prospects, with a special emphasis on upcoming markets and developing economies. After five consecutive slow quarters, India’s GDP growth bottomed out in the middle of 2017 and finally rose vigorously i

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Facebook Announced New Cryptocurrency ‘Libra’
Economy

Facebook Announced New Cryptocurrency ‘Libra’

Facebook, the online social media and social networking service company has announced a new digital currency called Libra, for simplifying payments. This new digital currency is based on the blockchain technology and allows billions of users to make financial transactions across the globe. It’s a simple digital currency and financial infrastructure that is developed to create a more inclusive financial system. Its three most promising features are: It is created on a completely secure, scalable and reliable blockchain.It’s backed by a reserve of real assets that are meant for building

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Aber a Common Digital Currency for UAE & Saudi Arabia
Economy

Aber a Common Digital Currency for UAE & Saudi Arabia

Saudi Arabian Monetary Authority and UAE Central Bank announced the launch of common digital currency ‘Aber’ to forge closer financial ties. On 29th Jan 2019, both the apex monetary bodies released a joint statement mentioning that the new digital currency will be used in financial statements between the two countries through Blockchains and Distributed Ledgers technologies. This new digital currency also serves as an additional medium for financial remittances between the two countries. In the initial stages, this pilot project concentrates on the technical aspects and focuses on the

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Indian Cabinet Approves Currency Swap Agreement With Japan
Economy

Indian Cabinet Approves Currency Swap Agreement With Japan

The Union Cabinet chaired by Prime Minister Narendra Modi gave its approval of USD 75 Billion for entering into a Bilateral Swap Arrangement (BSA), a currency swap agreement, between India and Japan thereby authorizing RBI to sign an agreement between Reserve Bank of India and Bank of Japan. The agreement is concluded between the premiers of both the countries at a summitlevel meeting at Yamanashi, Japan. It is essentially meant to exchange and re-exchange a maximum amount of USD 75 Billion for maintaining the appropriate levels of the balance of payments for meeting short-term deficiencie

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Bulgaria’s Kristalina Georgieva appointed new IMF Chief
Economy

Bulgaria’s Kristalina Georgieva appointed new IMF Chief

The International Monetary Fund has appointed Bulgarian economist Kristalina Georgieva as its new Managing Director for a term of five years. With her appointment, she became the first person from an emerging economy to head the global lender. Additionally, she is also the second woman ever to lead the 189-member institution. As a center-right politician who witnessed communism, she built a reputation during her stint at the World Bank as CEO.The selection had been all but guaranteed after the IMF said earlier that she is the sole candidate. She was selected by 24-member Executive Board rep

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India-Germany Strengthen Bilateral Ties, Sign 17 MOUs & 5 Joint Declaration
Economy

India-Germany Strengthen Bilateral Ties, Sign 17 MOUs & 5 Joint Declaration

In November 2019, German Chancellor Angela Merkel visited India and met Indian Prime Minister Narendra Modi and co-chaired the 5th InterGovernmental Consultations (IGC). Both countries acceded to sign seventeen agreements in the fields of agriculture, ayurveda, maritime technology, migration, occupational diseases and yoga. Five Joint Declarations of Intent were also exchanged on strategic projects, partnership for green urban mobility, research and development on Artificial Intelligence (AI) and cooperation in the field of prevention of marine litter. Following are some significant Ind

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