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
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
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
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
The 16th ASEAN-India Summit 2019 was held in Thailand in November 2019. The summit was chaired by H.E. General Prayut Chan-oCha, Prime Minister of Kingdom of Thailand. Along with 16th ASEAN-India Summit 2019, there are other summits that took place such as 35th ASEAN Summit, 14th East Asia Summit and 3rd meeting of RCEP. The honorable Indian Prime Minister Narendra Modi attended and co-chaired the summit along with the heads of member countries – Indonesia, Thailand, Singapore, Malaysia, Philippines, Vietnam, Myanmar, Cambodia, Brunei, and Laos. The summit brought up and discussed topics
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
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
Singapore companies have awoken to a hunger that’s been acquiring companies globally, from real estate to engineering. Comparing to the figure of last year’s US$41.9 billion, the overseas deals this past September are almost double at US$91 billion. The increase in deals was 7.8% to about 468 deals this year. This far outweighed the number of global mergers and acquisitions that only grew by 2%. China remains a prime target for Singapore companies like Temasek, GIC, Singapore Technologies Engineering Ltd., CapitaLand Ltd., etc. as they have invested heavily in various Chinese companies.
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
The United Arab Emirates recently launched the “Golden Card” Permanent Residency Scheme for expatriates. The scheme, launched by the UAE Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum, is meant to pursue and attract wealthy individuals and exceptional talents such as doctors, engineers, scientists, students and artists from all over the world. Dubai’s ruler took to social media and stated, “We want them to be permanent partners in our journey. Residents are an indispensable part of our country. The first batch of 6,800 investors with Dh100 billion worth of investments will be gr