World

Why is COP29 all about money, and what is it?
12Nov mmBy Michael SmithNo Comments
Asia, China, Market, World

Why is COP29 all about money, and what is it?

Each year, world leaders and negotiators gather at the United Nation’s climate summits to address the escalating climate crisis. But this year's COP29 in Baku feels different.  Dubbed the "Finance COP", its focus is on funding initiatives to curb the flailing increase in global warming temperatures. This COP also marks the last major talks before countries submit updated emission reduction targets in 2025. With the world far off track to limit warming to 1.5 degrees Celsius, the pressure is on. This year's discussions centre on a new financial target to be set before early 2025. For developing countries, especially in the Asia-Pacific region, this isn't just about numbers — it's about survival. What is COP29 and why is it ...
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Malaysia and other Asian economies prepare for the effects of the Trump trade war as tariffs present both opportunities and risks.
11Nov mmBy Brian ThompsonNo Comments
Asia, China, Market, Singapore, USA, World

Malaysia and other Asian economies prepare for the effects of the Trump trade war as tariffs present both opportunities and risks.

Some Asian countries stand to gain if US president-elect Donald Trump pushes ahead with his promised massive tariffs on China and triggers a new wave of factory relocations to the rest of the region. But a trade war between the world’s biggest economies would also destabilise markets everywhere, with Asia — which contributes the largest share of global growth — the most affected. Trump, who won a crushing presidential victory this week, vowed during his campaign to slap 60 per cent tariffs on all Chinese goods entering the United States in an attempt to balance trade between the two nations. Analysts however question whether the new president will stick to such a high figure, and dispute the blow such tariffs could inflect on the Chinese economy, estimating GDP could be lowered b...
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Asian Financial Institutions Are at Risk Due to AI Adoption Lag in the Face of Increasing Financial Crime
11Nov mmBy Brian ThompsonNo Comments
Asia, China, Market, Singapore, USA, World

Asian Financial Institutions Are at Risk Due to AI Adoption Lag in the Face of Increasing Financial Crime

AI-based transaction monitoring, sanctions screening, and fraud prevention deliver proven benefits as adoption gains traction New research from SymphonyAI and Regulation Asia reveals legacy systems, data quality, model explainability, data privacy, and regulatory uncertainty hinder AI adoption in financial crime compliance. Only 15% of Asian FIs report "advanced" AI integration in their compliance functions, leaving significant untapped potential. Financial crime, particularly money laundering, represents an escalating threat, accounting for up to 6.7% of global GDP. Palo Alto, Calif., (ANTARA/PRNewswire)- SymphonyAI, a leader in predictive and generative artificial intelligence (GenAI) SaaS products for the enterprise, today launched a new report with Regulation Asia, revea...
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HKMA and Multilateral Organizations Strengthen Their Strategic Alliance for Asian Climate Investment
11Nov mmBy Brian ThompsonNo Comments
Asia, Market, World

HKMA and Multilateral Organizations Strengthen Their Strategic Alliance for Asian Climate Investment

The Hong Kong Monetary Authority (HKMA), has joined hands with multilateral organisations, including the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and International Finance Corporation (IFC), a member of the World Bank Group, to announce a strategic partnership at the Asia Climate Investment Seminar today (11 November). The partnership marks a significant step towards strengthening strategic cooperation in sustainable finance in Asia. The strategic partnership serves as a call to action for all stakeholders to unite against climate change, with Actis GP LLP (Actis) being one of the General Partners supporting the initiative, aiming to deploy at least US$500 million in Asia. The partners emphasise the importance of a collaborative approach involving mult...
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The whole economy is anticipating the outcome of the US election, along with other economic news this week.
5Nov mmBy Michael SmithNo Comments
Asia, Market, USA, World

The whole economy is anticipating the outcome of the US election, along with other economic news this week.

1. US election: Global economic impact in focus One story dominates the financial pages: the United States will choose its next president in a closely watched election on Tuesday, 4 November, featuring a tight race between Republican Donald Trump and Democrat Kamala Harris. The election outcome will have far-reaching consequences for global markets, economic policy and central bank strategies, with investors hoping for a decisive result to mitigate prolonged uncertainty. Reuters highlights the key events that underscore the stakes next week, including Federal Reserve interest rate decisions and China’s trade data release. Election impact: Markets seek clarity as traders brace for volatility. A Trump win could support recent Treasury yield and dollar gains; a Harris ...
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31Oct mmBy Brian ThompsonNo Comments
Asia, Market, World

According to the Finance Ministry, headline inflation in Pakistan is expected to reach 6-7% in October 2024.

Pakistan’s headline inflation is expected to stay within the range of 6-7% in October and decelerate further to 5.5-6.5% by November, the Finance Division projected on Wednesday. In its ‘Monthly Economic Update and Outlook’, the ministry said economic recovery is expected to take advantage of declining inflation and continuation of fiscal consolidation in the coming months. “It is expected that inflation will remain within range of 6-7% in October and further down to 5.5 – 6.5% by November 2024,” read the report. In September, CPI Inflation 2024 was recorded at 6.9% – lowest level in 44 months – compared to 9.6% in the previous month and 31.4% in September 2023, as per the outlook report. Large-scale manufacturing According to the report, large-scale manufact...
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31Oct mmBy Michael SmithNo Comments
Asia, Market, World

It is anticipated that global growth would continue to be modest but steady.

Global growth is expected to remain stable yet underwhelming. However, notable revisions have taken place beneath the surface since April 2024, with upgrades to the forecast for the United States offsetting downgrades to those for other advanced economies, in particular, the largest European countries. Likewise, in emerging market and developing economies, disruptions to production and shipping of commodities—especially oil—conflicts, civil unrest, and extreme weather events have led to downward revisions to the outlook for the Middle East and Central Asia and that for sub-Saharan Africa. These have been compensated for by upgrades to the forecast for emerging Asia, where surging demand for semiconductors and electronics, driven by significant investments in artificial intelligence, has b...
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30Oct mmBy Michael SmithNo Comments
Asia, Market, World

According to the finance ministry, October inflation will range between 6 to 7%.

Pakistan’s Finance Ministry has shared an optimistic forecast for the economy, citing a decline in inflation and growth in key sectors like manufacturing and agriculture. According to its Economic Update and Outlook for October 2024 report, inflation is expected to further decrease, providing a conducive environment for economic recovery. Easing Inflation Inflation is projected to remain between 6-7% in October, potentially dropping to 5.5-6.5% by November. September’s inflation rate hit a 44-month low at 6.9%, significantly reduced from last year’s 31.4% in the same period. This decline is attributed to enhanced supply chains for key commodities and government measures to curb inflation. Manufacturing Growth Large-scale manufacturing (LSM) continues to show mixed re...
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25Oct mmBy Walter ParezNo Comments
Asia, Market, World

Why, in spite of a suffering economy, Pakistan’s stock market is reaching new heights

Pakistan Stock Exchange is defying the larger economic trend in the country and breaking all records with the KSE100 breaching 90,000 points in intra-day trading. Analysts and experts attributed the phenomenal run of the bull market to the $3 billion IMF loans, expectations of a rate cut by the country’s central bank, low price-to-earnings ratio, and a relatively stabilised currency. Widespread buying activity was seen in key sectors, including oil and gas exploration, oil marketing, power generation, automobile assembly, cement, and banking.  Market analysts attribute this bullish trend to expectations of another rate cut by the State Bank of Pakistan (SBP), fueled by predictions of lower inflation in October with many anticipating a cut of 200 basis points...
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24Oct mmBy Walter ParezNo Comments
Asia, Market, World

Pakistan’s battle to attract Gulf investments in the face of economic downturns

Pakistan is seeking investments from Saudi Arabia and the United Arab Emirates to mitigate its ongoing financial crisis. But attracting this critical Gulf capital requires substantial improvements in Pakistan's investment climate. Successful investment attraction will depends on presenting well-structured projects that promise sustainable growth. The government must also avoid over incentivising foreign investors at the expense of local industries, as this could lead to market imbalances and long-term economic liabilities. Pakistan’s economic situation is teetering on the brink as the country is facing a perilous financial crisis, scrambling to secure external financing to meet growing obligations. The country has received only temporary relief from a US$7 billion staff-level agre...
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