Finance & Economics
ARTICLES
Debt and Monetary Dynamics of Developed vs Developing Nations: Lessons of Singapore and Reflections on Economic Strategies for Kenya and other Developing Nations
It’s fascinating to learn that Singapore’s debt primarily finances long-term infrastructure projects and boosts liquidity in the bond market, rather than covering budget deficits like many other countries, both developed and developing. I came across a video that discusses Singapore’s so-called high foreign debt. Interestingly, this debt stems from foreign deposits in Singapore’s robust and…
POLAND WILL NO LONGER ARM UKRAINE, after Ukraine complains to WTO over grain ban in Poland
In a series of recent developments, tensions have flared between Ukraine and several European Union member states, leading to significant economic and political repercussions. On September 15th, the European Commission announced the termination of the import ban on grain from Ukraine. This decision marked the culmination of a previous agreement made in May by the…
Russia’s Gazprom cut off gas supplies to Poland and Bulgaria over non-payment in rubles
Russia Gazprom had cut off gas supplies on Wednesday (27 April 2022) to Poland and Bulgaria over their failure to make payments in Russian rubles, and had warned that siphoning of any gas supplies meant for other European customers will be responded with a reduction of the similar amount in gas supply to those customers…
Crisis in Sri Lanka: state of emergency imposed by government
The inability for the Sri Lanka government handle their acute shortage in foreign currency is spiraling out of control, as the government desperately imposed a state of emergency to deal with the protests on the streets. According to AFP (https://news.yahoo.com/sri-lanka-runs-diesel-faces-071054451.html), diesel was no longer on sale on 31 March 2022 across Sri Lanka – the…
Belarus to vote on constitutional changes to host nuclear weapons and effectively make Lukashenka a dictator – Russia pushed to the brink
Lukashenka, 67, has proposed amending the constitution, the third time he has done so since coming to power in 1994, that would allow him to rule to 2035, offer him a new lever of power, and abolish a section of the document defining Belarus as a “nuclear free zone,” possibly paving the way for the…
Biden reimposed sanctions on Russia’s Nord Stream 2 pipeline after lifting it 9 months prior
“Yesterday, after further close consultations between our two governments, Germany announced that it would halt certification of the pipeline. Today, I have directed my administration to impose sanctions on Nord Stream 2 AG and its corporate officers,” “These steps are another piece of our initial tranche of sanctions in response to Russia’s actions in Ukraine. As…
Are small and medium states ready to stop terrorists with cryptocurrency?
Cryptocurrency, or “crypto” as some prefer to call it, is slated to be the future of financial transactions. While the further development of crypto is widely celebrated, with mild speculations, traceability remains the most important issue surrounding the digital currency that requires abject focus. Often, acute discussions about the pros and cons of cryptocurrency assume…
[ Engadget ] Crypto.com loses $34 million in hack that affected 483 accounts
In an interview with Bloomberg TV, Crypto.com’s Chief Executive Kris Marszalek has admitted that 400 customer accounts were compromised by hackers. He said his team detected unauthorized transactions made from the accounts, but that they’d fixed the issue immediately and fully reimbursed the affected users. Apparently, 483 accounts were affected and the unauthorized withdrawals totaled 4,836.26 ETH,…
Venezuela finally got out of the hyperinflationary cycle into extremely high monthly inflation
After 12 months of consecutive inflation that is below 50%, some analyst / media started to declare that Venezuela is finally out of the hyperinflationary cycle. Venezuela came out of the hyperinflationary cycle in which it had been since 2017, accumulating 12 continuous months below 50% inflation, after registering 7.6% in December, the Bank reported…
Jokowi battles Indonesian Coal Producers
Thousands of permits for mining, coal and forestry were revoked as Indonesia’s President Joko Widodo battles coal producers over their failure to prioritize the domestic market, which sparked a ban on coal export. 2,078 permits for mining, mineral and coal businesses were revoked for the failure to provide work plans, misused the permits or transferred…
IMF’s global financial system cyberattack wargame a signal of what is to come?
Israel on Thursday led a 10-country simulation of a major cyberattack on the global financial system in an attempt to increase cooperation that could help to minimise any potential damage to financial markets and banks. The simulated “war game”, as Israel’s Finance Ministry called it and planned over the past year, evolved over 10 days,…
Singapore increases gold reserves by 20%, first increase in holding in decades
Singapore increased its gold reserves by about 20 per cent earlier this year in a largely under-the-radar move that saw holdings expand for the first time in decades. The purchases, which totaled about 26.3 tonnes, took place over May and June, according to data from the Monetary Authority of Singapore’s International Reserves and Foreign Currency…
[ The Irrawaddy ] Myanmar Military’s Joint Venture Brewery to be Dissolved After Product Boycott
Source: https://www.irrawaddy.com/news/burma/myanmar-militarys-joint-venture-brewery-to-be-dissolved-after-product-boycott.html Myanmar Brewery Co, which once manufactured the best-selling beer brands in Myanmar, is to be dissolved. The company is a joint venture between Japanese beverage giant Kirin and the military-owned conglomerate Myanma Economic Holdings Public Co. Ltd (MEHL). On November 19, MEHL made an application to the Yangon Region Western District Court to…
Erdogan Becoming a Liability for Turkey
Last month Turkey made it into the grey list of the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog headquartered in Paris. Turkey now joins its close ally Pakistan in FATF’s crosshairs. Surprisingly Turkey becomes the largest economy to be included in this list. The FATF listing for Ankara comes on the…
[ Taiwan News ] 32 countries to remove China from preferential tariff treatment on Dec. 1
China Customs says 32 countries will no longer provide preferential tariff treatment to the world’s largest exporter from Dec. 1, and an economic expert says labor-intensive businesses will bear the brunt of the development. According to a statement recently issued by the General Administration of Customs of China (GACC), 32 countries will remove China from…
[ CNA ] Tougher competition but Singapore will take it in stride: PM Lee on G20’s corporate tax deal
“I think it is an effort by countries to come together to be able to have a united front in improving the bargaining position against companies which have very considerable pulling power,” he said. “I think I can understand what they are trying to do, but I think the dynamic will not fundamentally change and…
Former US President Trump launching new Social Media Network: TRUTH Social
Former US President, Donald J Trump finally made good on his promise to launch his own social media platform to compete against the Big Tech companies that had collectively censored and kick him off their respective platforms. Trump Media & Technology Group (TMTG) merged with Digital World Acquisition Corp. (NASDAQ: DWAC), to immediately fast track…
[ TIME ] China, Isolated From the World, Is Now the Last Major Country Still Pursuing a ‘Zero COVID’ Strategy
Now, with the rise of the delta variant and the proliferation of vaccines, only one is still holding fast to that goal of eliminating Covid-19: China. With New Zealand preparing to shift away from the zero-tolerance strategy, China’s isolation is complete, raising the stakes on how long it can stick to a playbook that requires closed borders,…
FEATURED