World

28Mar By Online DeskNo Comments
World

Global economic governance reaches a “Asian moment,” pressing need for development financing BFA 2023

Boao Forum for Asia (BFA) conference held in China, which focused on the theme of "Asia's New Horizon: Unleashing the Potential of the Asian Century." The article suggests that the global economic governance system is shifting towards an "Asian moment," as Asian economies continue to grow and gain more influence in the global economy. The article highlights several key takeaways from the BFA conference, including the need for greater cooperation and coordination among Asian countries to address global challenges such as climate change and pandemics. The article also notes that the Belt and Road Initiative, China's ambitious infrastructure development program, was a major topic of discussion at the conference. Overall, the article suggests that the BFA conference highlighted the grow...
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Despite worldwide uncertainty, Asia is a region of stability, according to China’s Boao Forum outlook.
28Mar mmBy Joe RodriguezNo Comments
Asia, World

Despite worldwide uncertainty, Asia is a region of stability, according to China’s Boao Forum outlook.

Boao Forum's Annual Economic Outlook Report Highlights Asia's Certainty Amid Global Uncertainty According to the annual economic outlook report released at the Boao Forum on Tuesday, Asia, especially China, is a region of certainty during a time of global uncertainty. The report attributes this certainty to the deepened financial integration in Asia, which has made regional economies more resilient against negative impacts from international capital flows. The report does not go into detail about recent banking turmoil in the U.S. and Switzerland but expects the banking sector to remain stable. It is unclear whether this refers to the global financial sector or the banking sector in Asia or China. The report highlights the negative impact of aggressive U.S. Federal Reserve intere...
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Due to weak global demand, China’s industrial profits fell by 23%.
27Mar By Online DeskNo Comments
World

Due to weak global demand, China’s industrial profits fell by 23%.

Profits sank for 28 of 41 industrial sectors in January and February, the latest government data shows, with computer, telecoms and electronic equipment manufacturing hit by a huge 77% fall Chinese industrial firms’ profits shrank by nearly 23% in the first two months of 2023, according to data from the National Bureau of Statistics (NBS) released on Monday. China’s industrial companies have been hit by weak global demand and high costs as the country struggles to fully shake the long-term economic impacts from its tough Covid policy over recent years. The 22.9% contraction followed a 4.0% fall in industrial profits for the whole of 2022, NBS data showed on Monday, pointing to a downbeat start to the year for factories at large. NBS statistician Sun Xiao attributed the decline...
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The World Bank anticipates modest worldwide economic growth.
27Mar mmBy Joe RodriguezNo Comments
World

The World Bank anticipates modest worldwide economic growth.

The global economy is facing an era of worsening demographics, ongoing inflation pressure and financial instability, according to a gloomy new report from The World Bank. Why it matters: If the economy is like a car, its potential growth rate is how quickly it can go without risking a ticket — or excess inflation. The World Bank says this "speed limit" has fallen dramatically, warning that forces juicing global economic growth are now in retreat. A nation's potential growth rate sets boundaries that can affect a slew of policies, including government spending and benchmark interest rates. What they're saying: "The result could be a lost decade in the making—not just for some countries or regions as has occurred in the past—but for the whole world," bank offi...
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Veriff partners with Salv to fight financial crime
24Mar mmBy Michael SmithNo Comments
World

Veriff partners with Salv to fight financial crime

Global identity verification provider Veriff has partnered with RegTech firm Salv to strengthen the fight against financial crime.   Veriff claims having Salv’s modular crime-fighting platform available for its customers gives them a comprehensive compliance toolset and access to the world’s first real-time financial crime-fighting network, Salv Bridge. Similarly, Salv’s clients have seamless access to Veriff’s growing suite of identity verification solutions. By facilitating continuous adaptation to emerging threats and fostering critical information sharing, Salv’s collaborative crime-fighting platform is an effective solution against international financial crime networks. Veriff claims the platform has a proven track record in tackling money laundering, sa...
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When Can We Expect a Global Economic Crisis? Five Financial Gurus Speak Out
24Mar mmBy Michael SmithNo Comments
World

When Can We Expect a Global Economic Crisis? Five Financial Gurus Speak Out

The failure of Silicon Valley Bank is a sign of deep-seated weaknesses in the US banking system. We have seen a significant concentration of banking assets in recent years, with the top four banks now holding almost half of all banking assets. This concentration has been facilitated by a relaxation of antitrust regulations, which has allowed mergers and acquisitions to proceed unchecked. But this concentration has come at a cost. It has reduced competition, leading to higher prices and lower quality of service for consumers. It has also increased systemic risk, as a failure of one of these large banks could trigger a cascade of failures throughout the system. This is precisely what we are seeing with the failure of SVB. The failure of a single mid-size bank has the potential to trig...
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War and Fragility: A Turning Point in Global Economic Dominance
24Mar mmBy Walter ParezNo Comments
World

War and Fragility: A Turning Point in Global Economic Dominance

The concept of antifragility, which was introduced by Nassim Taleb, argues that some systems benefit from stress while others lose value or utility when stressed. Fragility is not weakness but conservatism, rendering the system efficient if nothing changes and dreadfully inefficient if the world changes. The dominant ones are often irrevocably fragile because their domination provides them with a rent, and they seek to protect it. Fragility is not good or bad, as it depends on the circumstances. Life has found its model of diversifying survival paths and risks to ensure its own long-term resilience. The article discusses the case of the insurance industry, which is a dominant sector but fragile by construction. The insurer collects premiums and hopes that no disruption or acci...
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IMF chief: Financial turmoil endangers the security of the global economy
22Mar mmBy Mike TrudellNo Comments
World

IMF chief: Financial turmoil endangers the security of the global economy

The managing director of the International Monetary Fund, Kristalina Georgieva, has warned that the financial stability of the global economy is at risk due to turbulence in the banking sector. Georgieva cites rising interest rates as a major factor putting pressure on debt, causing "stresses" among lenders and leading to risks to financial stability. Other factors include the war in Ukraine and scarring from the COVID-19 pandemic. Georgieva predicts that the world economy will only expand by 3% this year. Recent bank collapses, such as those of Silicon Valley Bank and Credit Suisse, have further increased risks to financial stability, according to Georgieva. The European Central Bank is also concerned about the impact of banking turmoil on business and growth. Meanwhile, Brexit i...
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The EU unveils plans to boost its shift to green energy: Here’s what you need to know about the global energy transition this week
15Mar By Online DeskNo Comments
World

The EU unveils plans to boost its shift to green energy: Here’s what you need to know about the global energy transition this week

This weekly round-up brings you the latest developments in the global energy sector.Top energy news: EU unveils plans to boost its energy transition; East Asia to continue leading on wind power; Volkswagen to invest $191 billion in electric vehicles.For more on the World Economic Forum’s work in the energy space, visit the Shaping the Future of Energy, Materials and Infrastructure Platform. EU looks to boost energy transitionThe European Commission has unveiled one of the centrepieces of its energy transition strategy in an attempt to ensure the EU can compete with the US and China in making clean tech products and accessing raw materials. Its Net-Zero Industry Act and Critical Raw Materials Act are part of its Green Deal Industrial Plan. The Commission says global investment in t...
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Is a Chinese ChatGPT on the way?
16Feb By Online DeskNo Comments
World

Is a Chinese ChatGPT on the way?

Following OpenAI’s launch of ChatGPT, players such as Google are scrambling to develop their own AI chatbot. It is also rumoured that Baidu is developing a project called ERNIE Bot to rival ChatGPT. With tech giants feeling the heat, will we see the race quickening to build a truly sentient chatbot? The ChatGPT logo is seen in this illustration taken 3 February 2023. (Dado Ruvic/Reuters) Following the launch of the ChatGPT chatbot by artificial intelligence start-up OpenAI (recently invested in by Microsoft), search engine giants cannot stand still. Google CEO Sundar Pichai on 6 February sent an internal memo announcing its own artificial intelligence (AI) chatbot “Bard” to take on its old rival Microsoft. The project has been given top priority, with Google’s two semi-retire...
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