Connect with us

International

China To Unveil Financial Plan to Combat Global Economy Downturn

Published

on

China releases results of investigation into math textbook illustrations

China To Unveil Financial Plan to Combat Global Economy Downturn

By: Michael Mike

China is planning to come out with a strategy to combat the growing impact of COVID-19 and Russia/Ukraine war on global economy.

Beijing, the capital of China is presently hosting the Financial Street Forum, where  27 activities on 39 topics are being held, with four parallel forums, namely real economy and financial services, global market and financial development, digital economy and financial technology, and governance system and financial stability.

The forum was first held in 2012 and upgraded as a state-level and international industry forum in 2020. A decade later, it has been referred to as the guidepost for China’s financial reform.

Beijing Financial Street, dubbed “China’s Wall Street” and the “brain” of China’s finance, which was officially formed in 1993, celebrates its 30th year anniversary this year. 

The annual Financial Street Forum, which is holding from Monday to Wednesday in Beijing with the focus on economic development and financial cooperation amid unprecedented changes, is expected to proffer solution to the global economy that is experiencing a number of changes, including significant economic growth slowdown in a growing share of economies, high inflation unseen in several decades, tightening financial conditions in most regions and the lingering COVID-19 pandemic.

READ ALSO: https://newsng.ng/unicef-celebrates-world-childrens-day-calls-for-ends-to-discrimination/

Recent reports show that the global GDP growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023 – the weakest growth outlook since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic – according to the International Monetary Fund (IMF).

Also, a third of the world economy faces two consecutive quarters of negative growth. The GDP of the United States contrasted in the first half of 2022, while the euro zone contrasted in the second half, said the IMF.

Global inflation is forecast to rise from 4.7 percent in 2021 to 8.8 percent in 2022 before dropping to 6.5 percent in 2023, according to the IMF. Upside inflation surprises have been most widespread among advanced economies, with greater variability in emerging markets and developing economies.

High inflation has prompted rapid monetary policy tightening as fiscal support related to COVID-19 pandemic wanes.

Beijing Financial Street (BFS) hosts Chinese financial and monetary authorities and over 1,900 financial institutions. It is also home to the headquarters of 175 large financial institutions, 16 of which are on the Fortune Global 500 list, as well as 143 foreign financial institutions.

Assets of financial institutions on the BFS have reached 133.6 trillion yuan ($18.8 trillion), while assets of listed companies on the BFS are valued at over 143 trillion yuan ($20.1 trillion) this year, according to data from the BFS.

About 41 percent of the national assets of commercial banks are on the BFS, which also hosts 90 percent of national credit funds and 65 percent of insurance premium funds.

China To Unveil Financial Plan to Combat Global Economy Downturn

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

International

Biden asks Netayahu to send team to Washington for talks on Rafah

Published

on

Biden asks Netayahu to send team to Washington for talks on Rafah

U.S. national security advisor Jake Sullivan said Monday that President Joe Biden has asked Israeli Prime Minister Benjamin Netanyahu in a telephone call to send a team of representatives from the military, intelligence services and humanitarian aid specialists to Washington in the coming days.

Biden wants to explain his government’s reservations about the planned offensive in Rafah in the south of the Gaza Strip and discuss possible alternatives.

Netanyahu agreed to send such a team.

“We have every expectation that they’re not going to proceed with a major military operation in Rafah until we have that conversation,” Sullivan said, referring to the Israelis.

A meeting is planned for the end of this week or the beginning of next week, but a specific date has not yet been set.

Sullivan said a major Israeli offensive in Rafah would be a mistake, but that Hamas should not use the city or anywhere else as a safe haven.

The national security adviser rejected reports that the tone between Biden and Netanyahu was tense and that the phone call ended abruptly. The conversation was “business-like,” he said.

Meanwhile, David Barnea, the head of Mossad, Israel’s foreign intelligence service, met with mediators in Qatar, Israeli TV station N12 reported.

The Israeli security cabinet had authorized the departure of a delegation led by Barnea to the Gulf state late on Sunday evening.

Mediators from Qatar, Egypt, and the United States are attempting to make progress in the recently stalled talks on a temporary ceasefire and an exchange of Israeli hostages for Palestinian prisoners.

Hamas recently submitted a new proposal to the mediators.

In it, Hamas no longer demands that Israel end the war before the first hostages are exchanged for Palestinian prisoners in Israeli jails.

According to the proposal, Hamas would only make a non-temporary cessation of hostilities by Israel a prerequisite for a second phase of hostage releases.

This means that Hamas has come closer to the contents of a multi-stage plan that the mediators had presented several weeks ago and which Israel had accepted.

Now that Hamas has made some progress, Israel is prepared to take part in the indirect mediation talks in Qatar for the first time in a fortnight. Israeli television reported that the talks are expected to last at least two weeks.

On the ground in Gaza, Israel concentrated its military activities on Monday on al-Shifa Hospital, where it said it had killed a senior official of the Palestinian Islamist group Hamas, which was behind the Oct. 7 massacre in Israel.

The man was Faik al-Mabhouh, head of Hamas’ internal security department, which is also responsible for operational missions, according to a joint statement by the military and the Shin Bet domestic intelligence service.

Al-Mabhouh was also “responsible for coordinating Hamas terror activities in the Gaza Strip,” the statement said.

Hamas initially gave no official confirmation of al-Mabhouh’s death.

Al-Mabhouh was killed after intelligence information was received about the presence of senior Hamas members in the al-Shifa hospital, the army said.

He had been hiding armed in a building of the hospital complex and was killed in a confrontation with the troops, the statement said.

Several weapons were found in the room next to his hiding place.

Eyewitnesses reported heavy gunfire inside the hospital. There were reports that a journalist from Arabic broadcaster Al-Jazeera was among dozens of people detained in the hospital.

Israel Defense Forces (IDF) spokesman Daniel Hagari said in a briefing on Monday evening that “we apprehended over two hundred terror suspects who are currently under investigation, eliminated more than twenty terrorists within the hospital area.”

Hagari added that IDF forces would “continue to operate in the hospital area tonight.”

According to reports from Gaza, the man killed was a brother of Hamas official Mahmoud al-Mabhouh, who was murdered in Dubai in 2010. At the time, Dubai police accused the Israeli foreign intelligence service Mossad of being behind the crime.

One accusation against Mahmud al-Mabhouh was that he had procured weapons for Hamas.

The case caused quite a stir internationally.

Prior to the operation, the IDF urged Palestinians sheltering in Gaza City’s al-Shifa Hospital to leave the conflict zone.

“You should leave the area to the west immediately to ensure your safety and then … to the humanitarian zone in al-Mawasi,” an IDF spokesman wrote in Arabic on X, formerly Twitter, on Monday morning.

He was referring to a town on the coast of the Gaza Strip in the far south. The IDF also dropped flyers.

Hagari in the morning had said that the operation followed “concrete intelligence that demanded immediate action.”

The military said it would “continue to act in accordance with international law and against the Hamas terrorist organisation – which operates from hospitals and civilian infrastructure in a systematic and cynical way.”

The U.S. government had also supported the Israeli claim that Hamas had used the largest hospital in the Gaza Strip as a command centre and weapons depot.

Biden asks Netayahu to send team to Washington for talks on Rafah

Continue Reading

International

Palestinian Envoy Appeals to EU, Others to stop Israeli Planned Housing Projects in Gaza

Published

on

Palestinian Envoy Appeals to EU, Others to stop Israeli Planned Housing Projects in Gaza

By: Michael Mike

Palestinian Ambassador to Nigeria, Abdullah Shawesh has appealed to European Union and the other international communities to pressure Israel to halt the planned construction of houses in Gaza.

Shawesh warned that EU needs to follow its condemnation of Israel action in Gaza with reaction, insisting that it is not enough for EU to just condemn Israel as there is the need to mount pressure on them to desist from the plan.

The envoy who spoke to journalists in Abuja, lamented that already the Israeli authorities have given the go-ahead for the construction of 3426 new Israeli homes in Gaza.

He said, “On March 6, Israel greenlit the advancement plan for 3426 new Israeli homes to be built on the Occupied Palestinian Territories.

“The EU condemns this Israeli move and urged Israel to reverse its decision, reiterating its position that the settlements are illegal under international law and constitute an obstacle to peace, as they threaten the two-state solution.

“The EU’s position is good but not sufficient. The EU and the international community still has a lot of peaceful, legal, and diplomatic tools to pressure Israel not only to put an end to the expansion of settlements but also to dismantle them as a real and tangible step towards the embodiment of the state of Palestine. Continuing with business as usual will not be helpful at all; Israel is accustomed to hearing these positions and does not pay them any attention.”

Shawesh also noted that since the 7 October retaliation attacks, no fewer than 31,272 Palestinians have been killed and 73,024 injured, with 72% being children and women.

He also added that more than 8,000 are still missing under the rubble, and in many cases, Israel prevents the rescue teams from reaching them or even evacuating the dead bodies.”

Palestinian Envoy Appeals to EU, Others to stop Israeli Planned Housing Projects in Gaza

Continue Reading

International

French Embassy Calls for an End in Disparity in Prize Money to Male and Female Athletes

Published

on

French Embassy Calls for an End in Disparity in Prize Money to Male and Female Athletes

By: Michael Mike

Embassy of France in Nigeria has commenced the sensitization of Nigerians towards both the Olympic and Paralympic Games it is hosting in Paris this summer.

Speaking on the Games, the Chargé d’Affaires a.i. of France to Nigeria and ECOWAS, Jean Francois Hasperue also called for an end in disparity between prize money to both male and female athletes.

The envoy who spoke at launch of Digital Exhibition Celebrating Women in Sport sponsored by the Embassy titled “Sport and Women’s Bodies,” a celebration of the profound connection between sport and the female body, which showcased the creative talents of two young Nigerian digital artists, Ms. Tiolu Yoloye and Mr. Babalola Oluwafemi, said: “One of the challenges women face in sport is the emphasis on appearance rather than performance. This scourge puts mental pressure on female athletes, but it also distracts them from their exceptional skills and dedication.”

He said: “We must recognize the diversity of bodies and shapes, appreciate their unique strengths, and promote a more inclusive definition of the vehicle and working tool that is the athlete’s body. Every body is unique and it is the abilities and performances of these athletes that should arouse our admiration.

“The relationship between sport and women’s bodies is also evident in issues related to equality and opportunity. Despite significant progress, female athletes still face inequalities in pay, sponsorship, and media coverage.

“Through our network of Embassies around the world, this is a subject that is close to our hearts, and which is part of French feminist diplomacy. We will broadcast a documentary on this subject on March 26 at the French Institute.

“Reducing these disparities is not only a matter of justice, but also a crucial step towards creating an environment in which women can fully realize their potential in the world of sport.”

He asked: “Let’s celebrate their achievements, not only as athletes, but also as individuals who defy expectations and inspire future generations. The examples are numerous: Serena Williams, Laure Manaudou or Simone Biles, but also our Nigerian champions Tobi Amusan, Ejike Lucy or even Super Falcons on their way to the Olympics.

“Then, today this exhibition celebrates the strength, resilience and determination that define female athletes in various disciplines. It is a testament to the unwavering spirit of those who challenge stereotypes, break records and pave the way for future generations.

“As we embark on this digital journey in just a few minutes, let us reflect on the progress that has been made and recognize the road that lies ahead. I hope that this exhibition as conceived by the artists, our teams and the Discovery Museum Abuja will inspire conversations, promote inclusion and serve as a catalyst for change in the way we perceive, celebrate and support women in the world. the sport.

The exhibition, is a culmination of meticulous planning and collaboration, seeks to explore the intricate relationship between sport and the female form, transcending mere physicality to address broader themes of empowerment, resilience, and societal change. Through digital art, viewers are invited to contemplate the challenges, achievements, and societal expectations faced by female athletes, challenging conventional narratives and championing inclusivity.

French Embassy Calls for an End in Disparity in Prize Money to Male and Female Athletes

Continue Reading

Trending

Verified by MonsterInsights