India’s Unified Payments Interface (UPI) infrastructure could be an inspiration for a global not-for-profit payment system for refugees, said United Nations International Computing Centre’s (UNICC) director in an exclusive interview to an Indian financial and business portal. The UNICC Director Sameer Chauhan said that during the war in Ukraine, UNHCR (United Nations High Commissioner for Refugees) issued monthly payments to refugees using debit cards, but faced challenges such as lost cards and limited access to funds. So, in late 2022, it successfully piloted a crypto-based solution
Denmark, Ireland, and Switzerland claimed the top three positions in the latest World Competitiveness Ranking. The Netherlands, Taiwan, Hong Kong, Sweden, the USA, and the UAE make the rest of the top 10 in the ranking published by the International Institute for Management Development (IMD). India slipped three spots to secure the 40th position in the latest world competitiveness ranking published by the International Institute for Management Development (IMD). The annual report by IMD’s World Competitiveness Centre (WCC) revealed that India, despite the drop, still held a better positi
Britain’s public sector net debt surpassed 100 percent of gross domestic product (GDP) in May as borrowing was higher than expected, the Office for National Statistics (ONS) said on June 21. The country’s public sector net debt, excluding that of state-controlled banks, touched 2.567 trillion pounds, an amount equivalent to 100.1 percent of its GDP. This is the first time that debt stood above 100 percent of GDP since 1961 although it was temporarily recorded as surpassing that threshold during the COVID-19 pandemic before being revised lower later. The ONS said government borrowing
India and the United Arab Emirates (UAE) have agreed to increase non-petroleum trade from $48 billion to $100 billion by 2030, union commerce and industry minister Piyush Goyal said on June 19. Speaking to media after the first joint committee meeting of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the union minister said that the nations have mutually agreed to become more ambitious and move on from their earlier target of an overall $100 billion bilateral trade by 2030 to non-petroleum bilateral trade of $100 billion by 2030, doubling their non-petroleum trade from
Bangladesh’s central bank will allow the country’s currency, taka, to float freely, in response to the demands from the International Monetary Fund (IMF) to unlock more money from the $4.7 billion loan program. Bangladesh Bank will adopt a unified exchange rate regime between the taka and the dollar or any other foreign currency and from July 1, it will no longer sell any foreign exchange at a discounted rate. By the third quarter of 2023, all international transactions will be based on the new exchange rate structure, closing the gap between formal and informal markets. While Bangl
Under the One Sun, One World, One Grid project, India and the United Arab Emirates (UAE) conducted negotiations in June to connect their systems via undersea cables so that both nations could trade in renewable energy. According to a news report in an Indian business daily, the nations are aiming to sign a memorandum of understanding for electricity connectivity and trade. The Union Cabinet in India has received a proposal for subsea cable grid connectivity. The UAE will conduct a feasibility study, adds the report. India can consider using Oman as a port of call and then using the conn
French aerospace giant Airbus has landed the biggest-ever aircraft order in the history of commercial aviation with budget Indian airline IndiGo for 500 of its A320 planes. The planes are to be delivered between 2030 and 2035. The new deal brings the total number of Airbus planes IndiGo has ordered to 1,330. In February, Air India ordered more than 470 jets from Airbus and Boeing (BA). The agreement was the largest ever plane deal by number of aircraft. However, it was surpassed on June 19 by IndiGo’s order for 500 Airbus narrowbody jets. UK Prime Minister Rishi Sunak on June 20 said
On the occasion of World Refugee Day, more than 40 corporations, including Louis Vuitton, Adidas, Starbucks, L’Oreal, PepsiCo, and Hyatt have pledged to hire, connect to work, or train a total of 2,50,000 refugees in Europe, with 13,680 of them getting jobs directly in those companies. World Refugee Day is celebrated on June 20 every year. The day is designated by the United Nations to honour refugees from around the world. Companies such as Amazon Inc, Marriott International, and Hilton Worldwide Holdings Inc have pledged to hire refugees, especially women who fled war-torn Ukraine,
Global leaders gathered in Paris on June 22-23, 2023 to seek financial solutions to tackling poverty, curbing planet-heating emissions and protecting nature. Opening the summit, French President Emmanuel Macron called for a “public finance shock” – a global push of innovation and financing – to fight these challenges. Ugandan climate campaigner Vanessa Nakate took the podium at the New Global Financial Pact Summit at the Palais Brongniart to criticise the fossil fuel industry, saying they promise development for poor communities but the energy and profit go elsewhere. “Please do
The Sensex reached a new high on June 21, breaking above the 63,583.1 mark set on December 1, 2022. The index witnessed heavy buying in Reliance Industries and Power Grid Corporation. The Nifty 50 registered a record closing at 18,856.85. On Wednesday, the blue-chip index began at 63,467.46, reaching an intraday high of 63,588.31 and a low of 63,355.95. According to market data, foreign institutional investors sold securities worth ₹1,942.62 crore a day before. Trade analysts attributed the record gains to sustained foreign inflows into domestic stock markets, supported by strong macr