Connect with us

Banking

BRICS summit to boost trade in local currencies

Economically speaking, the grouping signed two pacts to boost intra-BRICS trade in their local currencies by: (i) extending credit facilities in the local currency and (ii) confirming the BRICS multilateral …

Avatar

Published

on

Thursday’s daylong BRICS summit, hosted for the first time by India, made the right noises on contentious issues like Iran and Syria.
The five leaders – Presidents Dilma Rousseff (Brazil), Dmitry Medvedev (Russia), Hu Jintao (China) and Jacob Zuma (South Africa) and Indian Prime Minister Manmohan Singh – unanimously supported Iran’s right to peaceful uses of nuclear energy.

Singh cautioned against rocking Iran’s boat too hard through “political disruptions” that would inevitably trigger volatility in global energy markets. The leaders also came up with a unanimous position on Syria, advising the international community to deal with the crisis peacefully, but in a way that ensures the legitimate aspirations of all sections of Syrian society are taken into account while respecting the country’s sovereignty.
Economically speaking, the grouping signed two pacts to boost intra-BRICS trade in their local currencies by: (i) extending credit facilities in the local currency and (ii) confirming the BRICS multilateral …
Read More…

 

So far Thailand has been hard hit by flagging global demand, particularly in the US and Europe

The economic formation of modern-day capitalist Thailand dates back to the early 1960s and the us war on Vietnam, when the Kingdom did duty as a front-line anti-communist state, servicing the eight major American military bases on its soil with ‘rest and recreation’ facilities.

Thailand was then a country of 26 million, with 80 per cent of the population working in agriculture, the main source of exports; Bangkok was a government-dominated city of 3 million. Import-substitution development policies established under World Bank guidance, and with massive American aid, were inevitably skewed to us needs; the sex and tourist industries were notable results. Over the following four decades, the Thai economy grew at an annual average of 7 per cent; per capita gdp increased from $100 in 1961 to $2,750 in 1995.

By the early 1980s manufacturing had replaced agriculture as the main contributor to exports and gdp. Between 1980 and 1984 Gen. Prem Tinsulanond, then prime minister, pushed through a major Structural Adjustment Programme along World Bank lines, devaluing the baht and replacing the import-substitution model with a labour-intensive export-oriented manufacturing sector, based in garments and textiles.

Average quality rating by the Stockhouse community. Governor Dilma is presented by the president and the prime minister of Indian Invited by President Rousseff the summit of world leaders in India, the Governor Marcelo Deda (PT) has witnessed the historic …
Jim O’Neill – the chairman of Goldman Sachs Asset Management who coined the acronym “BRIC” for the economies of Brazil, Russia, India and China 11 years ago – said that he supports India’s proposal for the BRICS countries to create a joint development bank.
via China Daily · 3 days ago
Comments

Banking

APAC corporates likely to improve in 2021

Moody’s Investors Service says in a new report that credit conditions in APAC will improve in 2021, supported by the gradual recovery of economic activity given the early containment of the pandemic in several Asian economies.

Pr News

Published

on

By

Ongoing fiscal and monetary support in both advanced and emerging markets will also aid improving conditions, but renewed lockdowns in parts of the world have stalled the nascent global economic recovery and create uncertainty around improving credit conditions.

(more…)
Continue Reading

Banking

Can Fintech drive a strong post-COVID-19 recovery in Asia?

The pandemic has highlighted the power of digital technology. Now is the time to harness this power for inclusive growth so that communities, especially in poor and remote areas, can survive the crisis and thrive.

Asian Development Bank

Published

on

To say 2020 has been a challenging year is a massive understatement. The COVID-19 pandemic has quickly undermined development gains from recent decades and slowed growth in many Asian economies.

(more…)
Continue Reading

Banking

BoT sees mild impact of new COVID-19 wave on the economy

The Bank of Thailand (BoT) does not see the new wave of COVID-19 infections as having as much of an impact on the economy as the first wave, as fewer businesses have had to be suspended.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – Despite a new and wider wave of COVID-19 infections in the country, the Bank of Thailand (BoT) has assessed that the economic impact of the situation will not be as severe as the first wave as the effects of the virus are not as pronounced, and public health preparations, including plans for vaccination, are in place.

(more…)
Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,633 other subscribers

Trending