Countries raised a record $95 billion in 2022 by charging companies for emitting carbon dioxide, but prices are still tremendously low to drive changes necessary to meet the Paris Agreement, said the World Bank in a report released in May. In a statement, Jennifer Sara, Global Director, Climate Change Group, World Bank Group, said that even in difficult economic times, governments are prioritising direct carbon pricing policies to reduce emissions. However, to really drive change at the scale needed, the world needs to see big advances both in terms of coverage and price. Many countries
Deputy Prime Minister of Singapore Lawrence Wong has warned that the calls to “de-risk” – rather than “decouple” – from China could lead to a more fragmented and decoupled world economy, which in turn, will split the world into competing regional blocs. There will be less trade, less investments and less diffusion of ideas, driving the world, especially Asia – where millions were lifted out of poverty, thanks to globalisation and trade – will end up worse off than before. Addressing business leaders, academics and the media at the annual Nikkei forum Future of Asia in Tokyo
The Reserve Bank of India (RBI) plans to expand the pilot for the central bank digital currency (CBDC) in the fiscal year (FY) 2023-24, said the central bank’s annual report released on May 30. The CBDC, referred to as digital rupee or e₹, will now be taken to more banks and locations in this financial year. “RBI aims at expanding ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features,” the report said. On October 31, 2022, the central bank launched the first pilot of digital rupee in the wholesale segment and identified nine banks to pa
Global experts have agreed to produce a draft treaty to end plastic pollution. Environmental advocates welcomed the result of the five days of United Nations’ talks in Paris on plastic pollution recently, while expressing concern that the petroleum industry and some governments would water down the eventual treaty, as most plastic is made from fossil fuels. The UN delegates at the Intergovernmental Negotiating Committee for Plastics on June 2 agreed to produce an initial draft before their next meeting in Kenya in November. The committee is charged with developing the first international
India has extended the $1 billion credit facility to Sri Lanka for another year. The State Bank of India (SBI) and the Sri Lankan government signed an agreement in March last year at the height of the country's economic crisis. India on May 30 extended its $1 billion credit line to Sri Lanka to help the island nation hit hard by an extraordinary economic crisis to acquire food, medicine and other essential items. Since last year, the credit facility has been used for urgent procurement of fuel, medicine, food items and industrial raw materials, as per the requirements and priorities of Sri
Morgan Stanley, in its latest report, has said that in a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook. The report, India Equity Strategy and Economics: How India Has Transformed in Less than a Decade has predicted that India will emerge as a key driver for Asia and drive a fifth of global growth in the coming ten years. Morgan Stanley has based its report on 10 big changes, mainly due to India’s policy choices, and their implications for its economy and market. These are S
The South African government granted diplomatic immunity to all international participants, including Russia President Vladamir Putin and other Russian officials, at BRICS-related events to be held in the country. South Africa, which currently chairs the bloc, is currently hosting the BRICS foreign ministers’ meeting in Cape Town (1-2 June). The immunities and privileges in terms of the United Nations Convention grant immunity from personal arrest or detention. A gazetted notice was issued by the South African International Relations and Cooperation Minister Naledi Pandor for the Diploma
On his visit to the world’s tallest railway bridge in Jammu and Kashmir on May 17, 2023, Mohamed Aslam, Minister for National Planning, Housing and Infrastructure, Maldives, was ”very impressed” with the Chenab Bridge and the development the Indian Railways is bringing to India. The Chenab Rail Bridge is constructed 359 metres above the Chenab River in Jammu and Kashmir region. It is about 35 metres taller than the Eiffel Tower. The ministerial delegation from Maldives also included Shifaz Ali, Minister of State for National Planning, Housing & Infrastructure, Republic of Mald
A consortium led by Tata Consultancy Services (TCS) on May 22 announced that it received an Advance Purchase Order (APO) valued at over Rs 15,000 crore (around $1.8 billion) from government-owned telecom enterprise Bharat Sanchar Nigam Limited (BSNL). With the new deal, TCS will carry out deployment of 4G network across India for BSNL. The TCS-led consortium includes Tejas Networks and C-DOT. Tata Group’s telecom gear making company Tejas Networks will be responsible for supplying and servicing the Radio Access Networks (RAN) equipment. Along with TCS, the APO was also issued to state-ru
The online retail market in India reached $60 billion in gross merchandise value (GMV) in FY23, registering a 22 per cent steady growth, said a report released by Redseer Strategy Consultants on May 19. The Indian user base matured over the year with 31 percent of annual shoppers converting into monthly shoppers, up from 23 percent in FY21. These mature shoppers in select urban, tier 2 and 3 markets have helped ecommerce grow, the report said. With 210 million annual shoppers, ads monetisation contributed $1.2 billion in revenue for the online retailers in the current financial year, wi