Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Afternoon 6-27-24
Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Afternoon 6-27-24
Good Afternoon Dinar Recaps,
WEF regards Việt Nam as a model of robust developing economy
"They view Vietnam as a model of a robust developing economy that effectively leverages the opportunities of the Fourth Industrial Revolution."
"Both sides were pleased with the significant developments in the cooperation between Vietnam and the WEF in recent times, especially the signing of the Memorandum of Understanding (MOU) for the 2023-26 period last year at the WEF's summer meeting in Tianjin, China."
They were also extended a formal invitation to attend the WEF annual meeting in Davos 2025.
Read more: Vietnam News
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"UAE: Gold prices in Dubai recover in early trade after plunging Dh2.5 per gram
Globally, gold was steady at $2,299 per ounce at 9.10 am UAE time, trading at nearly a two-week low, due to a stronger US dollar and higher bond yields."
© Newshounds News™
Read more: Khaleej Times
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"Strengthen Central Bank Independence to Protect the World Economy
Independence is critical to winning the fight against inflation and achieving stable long-term economic growth, but policymakers risk facing pressure amid a wave of elections this year.
To strengthen this work, we introduced a new way to measure independence based on which aspects of it matter most, according to our recent survey of central banks.
And to increase accountability, we have developed a transparency code that helps central banks assess and improve their practices."
© Newshounds News™
Read more: IMF
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"IRAQ AND CHINA STRENGTHEN TIES WITH MAJOR DEVELOPMENT INITIATIVE"
"Iraq's 17 billion Strategic Development Road (SDR) will create a transport corridor from Basra to Europe, linking China's Belt and Road Initiative (BRI)."
We're seeing more countries choosing to invest in Iraq as they develop into a recognized market economy.
© Newshounds News™
Read more: Oil Price
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"Digital euro would maintain freedom to choose how Europeans pay - ECB
With Europe inching towards the issuance of a digital euro, the ECB has embarked on a charm offensive, taking to media outlets across the continent to reassure citizens that the new payments option will compliment, not replace, cash and provide them with greater freedom of choice.
While a final decision on issuing a digital euro has yet to be made, the ECB last year moved onto a two year preparation phase ahead of any launch, which would come in 2026 at the earliest.
In an article published in a host of publications, executive board member Piero Cipollone makes the case for a digital euro, noting that "we do not yet have a cash equivalent for making digital payments, which limits our freedom in an increasingly digital age"."
© Newshounds News™
Read more: FinExtra
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"Central banks must raise game in face of AI - BIS
Central banks should embrace artificial intelligence to sharpen their analytical tools in pursuit of financial and price stability, according to the Bank for International Settlements.
AI will have a transformative effect on the financial system, labour markets, productivity and economic growth, says the BIS in a new report which warns that widespread adoption could have repercussions for inflation dynamics.
"The rapid and widespread adoption of AI implies that there is an urgent need for central banks to raise their game," says the BIS. "Central banks need to upgrade their capabilities both as informed observers of the effects of technological advancements as well as users of the technology itself."
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As a user of the technology, central banks can boost nowcasting by using real-time data to better predict inflation and other economic variables and to sift through data for financial system vulnerabilities, allowing authorities to better manage risks."
© Newshounds News™
Read more: FinExtra
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"Chase is the first bank in all lower 48 US states, what next?
Andrea Principe, managing director – Northeast division director – consumer banking, Chase, took to the stage at Future Branches in Boston to explore how while the banking industry faces challenges in sustaining core deposits, deepening customer trust, and building relationships, it is important to learn from failures, reengage with customers, and provide exceptional in-person experiences.
Across the US and worldwide, there is a need to balance technology and human connection in branch banking, and adapt branch networks to cater to various customer segments. Additionally, banks’ community development initiatives should be bolstered to build trust and offer financial support to underserved communities.
Chase's branch strategy, focusing on client relationships and digital investments."
© Newshounds News™
Read more: FinExtra
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