Russia defies sanctions with homemade Sukhoi Superjet

On August 29, a Russian passenger jet that was almost entirely made of domestically produced parts successfully completed its first test flight. The launch gave Yakovlev Design Bureau and United Aircraft Corporation’s( UAC ) respective shares on the Moscow Exchange an encouraging boost.

The new Sukhoi Superjet 100 & nbsp,( SSJ – 100 ), is a narrow-body regional aircraft that, depending on seat configuration, can carry 87 to 108 passengers. It was designed by Yakovlev and produced by UAC at its Komsomolsk-na-Amure factory.

It aims to engage on international markets with Brazil’s narrow-body, little – to medium-range Embraer E190.

According to local reports, the SSJ-100 climbed to a maximum altitude of 3, 000 feet and sped up to 343 kilometers per hour during the 54-minute check journey. The secure operation of all techniques, as well as the stability and security of the plane in flight, were all confirmed, according to the Russian Ministry of Industry and Trade.

In 2008, the first SSJ-100, which was mostly made of foreign parts and components, took to the skies. In the new edition, around 40 imported methods and parts have been swapped out for Russian-made options.

The aircraft, avionics, journey control system, and supplementary power unit, as well as the cabin’s power supply, air conditioning, fire protection equipment, are indigenously made components.

The test program was accelerated by SaM-146 engines, which were created as a joint venture between Safran Aircraft Engines of France and United Engine Corporation( UEC ) of Russia, but they will soon be replaced by fully domestic-made PD-8 engines made by UEC-Saturn, according to Russian media reports. SaM – 146 vehicles, which were produced in both France and Russia, were used to power the SSJ-100 from the beginning.

But, PD-8 engine-equipped SSJ-100 aviation will need to be tested individually. The original deadline for documentation was the end of 2023, but Andrey Velichko, the director of the Russian Aviation online site, believes that it would be more practical to achieve certification by August of next year. It is anticipated that deliveries will be made to Aeroflot and various domestic flights.

It is instructive to compare China’s COMAC C919 customer plane. The C919, which completed its first commercial trip in May, is built in China, but important parts are purchased from foreign vendors, including major American aerospace firms and their mutual projects there.

The internally produced C919 from China finished its first commercial flight earlier this year. Photo: Twitter

A joint venture between GE Aviation and Safran, LEAP turbofan jet engines from CFM International, Collins Aerospace aircraft and house systems, Honeywell flight settings, axles, and brakes, as well as hydraulic, actuator and energy systems.

The aircraft, arms, forged components, and other essential components and materials for the C919 are supplied by Chinese subcontractors. Last March, it was reported that the CJ-1000A, a substitute website created by Aero Engine Corporation of China, was undergoing flight testing. According to theoretical information information, documentation for the C919 does be feasible by 2025.

The Bureau of Industry and Security of the US Department of Commerce imposed limits on the export of goods with military uses to Russia prior to the Ukraine War, which is when Russia’s plane import substitution plan began.

Profits of carbon fiber supplies to Russia’s AeroComposite Corporation, a UAC company, were subject to restrictions in September 2018. Two years later, in December 2021, Irkut & nbsp, a Russian aircraft manufacturer, finished building its first passenger aircraft with wings made from AeroComposite’s substitute materials.

According to Composites World magazine, Sergei Chemezov, Director of the state-run security conglomerate Rostec,” I would like to observe that Irkut professionals were able to solve the problem of transfer replacements in the shortest possible time.” This is evidence of the development of our aircraft technology and a further triumph over sanctions.

Through the merger of Russian aircraft manufacturers Ilyushin, Irkut, Mikoyan, Sukhoi, Tupolev, and Yakolev — all names from the Soviet era— UAC was founded in 2006. Rostec, or Russia’s State Corporation for the Promotion of the Development, Manufacture, and Export of High-Tech Products, owns 92.3 % of it. UEC – Rostec is also in charge of Saturn.

Rostec, generally a security specialist, received US and EU sanctions following Russia’s 2014 annexation of Crimea. Evidently, neither of those restrictions have been productive. Rostec unveiled an internet of things program solution on September 1, 2023, that was” designed to handle the status of armament, special-purpose machines, and military objects — from ships and cars to hospitals and troops— and to make their online twins.”

Shortly after the invasion of Ukraine, in March 2022, American Boeing and French Airbus ceased operations in Russia. In accordance with EU and US restrictions, the price of aircraft and extra parts, technical support, and maintenance were all formally halted. Approximately 70 % of the Russian passenger planes were impacted.

According to a Reuters report from August 2023, pieces worth at least US$ 1.2 billion had been sent to Russian airlines from China, Turkey, the UAE, Tajikistan, and Kyrgyzstan.

However, Denis Manturov, Russia’s Minister of Industry and Trade, was merely stating the obvious when he told Rossiyskaya Gazetta in June that Russia must ensure modern sovereignty over important components and aerospace innovations.

At the Gorbunov Kazan Aviation Plant in Tatarstan, Rostec is also getting ready to increase production of an entirely private version of the Tupolev TU-214 customer plane. With a range of 4, 797 kilometers ( 4, 590 nautical miles ), the standard single-class cabin TU-214 can accommodate 212 passengers.

From the mill airport of KAPO in Kazan, a Tupolev Tu-214CR flying the tones of Russia’s Presidential Air Detachment takes off. Vladimir Karnozov, AIN, and Twitter Screengrab

150 passengers can travel 6, 889 meters( 3,720 nautical miles ) in a two-class design. The MC-21, a new plane intended to take the place of the Airbus A320 and Boeing 737, is also reportedly being developed.

If properly maintained, Russian Airlines’ Airbus and Boeing aircraft could be in support until 2030, according to Alexander Neradko, director general of the Federal Air Transport Agency of Russia.

Although production deadlines in Russia have a propensity to pass, that should be enough time for them to become replaced by completely internally manufactured aircraft.

@ ScottFo83517667 is the author’s Twitter account.

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The 8th PropertyGuru Cambodia Property Awards celebrate success in the real estate market – Southeast Asia Globe

PropertyGuru Group( NYSE: PGRU ), Southeast Asia’s leading property technology company, announced today the winners of the 8th Annual PropertyGuru Cambodia Property Awards, supported by donors CBRE Cambodia, Dewan Architects and Engineers, and SALTO Systems. & nbsp,

Property development companies and real estate projects from all over the kingdom competed for prestigious & nbsp, honours on Friday, 18 August 2023 at the Grand Ballroom of Sofitel Phnom Penh Phokeethra.

OCIC Group won the top award of Best Engineer for the first time ever while its project Diamond Bay Garden won two accolades, including Best Condo Development( Cambodia ). Siha Property Co., Ltd was named Best Store Programmer while its project Siha Residence won four awards, including Best Housing Development ( Cambodia ). & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Marum Estate, a project by Sir Stamford Raffles( Cambodia ) Co., Ltd., also won four awards, including Best Township Development. Canopy Sands Development garnered three honors for its job Bay of Lights, including Best Township Masterplan Design. & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Another award – winning projects this time include Angkor Sereymongkol by Sok Tonh Real Estate, Apsor Mera by Bosba Property Co., Ltd, Dragon Land 598 by Dragon Land Investment Co., Ltd., La Maison Plaza by Cambestate Management Co., Ltd., Maline Office by Maline Office Co., Ltd, Mean Chey Avenue by RM Commercial Co., Ltd., The Garden Residency 2 by JS Land Plc, and Vong Residence by Bossba Investment Co., Ltd.

Neak Oknha Chen Zhi, president of Prince Holding Group, accepted the Cambodia Real Estate Personality of the Year prize from the editorial staff of Property Report by PropertyGuru, the standard publication of the Awards. Under Neak Oknha’s leadership, & nbsp, Prince Holding Group has & nbsp, invested in over a million square metres of projects throughout the kingdom.

” The Awards this month continue to celebrate success in the Cambodia home business”, said Jules Kay, GM of PropertyGuru Asia Property Awards and Events. ” With growing interest from local customers and international buyers in quality houses and advancements, Cambodia certainly remains one of the country’s most important and impressive border markets”.

” Thanks to the prize winners in Cambodia this year for creating such great – quality residential and commercial innovations”, said Jeremy Williams, managing director, Marketplaces, PropertyGuru Group. ” These components have tremendous potential to lead to economic development in Cambodia, supported by its resilient local real estate market”.

The independent panel of judges who determined this year’s list of winners are Sorn Seap, chairperson of the Awards in Cambodia and president, Cambodian Valuers and Estate Agents Association( CVEA ), David Granger, Siem Reap branch manager, IPS Real Estate Agency, Dilip Abye, architectural design manager, Archetype Cambodia, Jenny Chea Sok You, architect and managing director, CMED Construction, Jovany Antonio, residential director, DA & amp, G Asset Management, Kinkesa Kim, deputy managing director, CBRE Cambodia, Lim Veasna, partner and attorney – at – law, commercial arbitrator and mark agent, Vinaya Law Firm, Simon Griffiths, managing director, The Mall Company, Dr. Simon Vancliff, COO, Rose Marvel Co., Ltd, and Thida Ann, managing director, PropNex Cambodia.

HLB International Real Estate Group, led by Paul Ashburn, made the collection process as good, open, and reliable as possible.

Major state winners of the PropertyGuru Cambodia Property Awards will expand to the 18th PropertyGuru Asia Property Awards Grand Final, presented on Friday, 8 December in Bangkok, Thailand where they will compete for regional honors against their peers from several active home markets in the region.

Established in 2005, the PropertyGuru Asia Property Awards continue to encourage high – quality work within the economy, encompassing home development, construction, architecture, interior design, and green building practices. The line originally covered Southeast Asia and has expanded over the years to include the country’s powerful property markets, including Australia, China, India, and Greater Niseko in Japan. & nbsp,

The 8th PropertyGuru Cambodia Property Awards are supported by gold sponsors CBRE Cambodia, silver sponsors & nbsp, Dewan Architects and Engineers and & nbsp, SALTO Systems, official magazine Property Report by PropertyGuru, & nbsp, official publicity partner TWPR, & nbsp, media partners Bridges, Cambodia Begins at 40, Construction & amp, Property, Siemreap. net, and Southeast Asia Globe, supporting associations Cambodian Valuers and Estate Agents Association( CVEA ) and EuroCham Cambodia, and official supervisor HLB.

For more information, email & nbsp, awards @ propertyguru.com & nbsp, or visit the official website: & nbsp, AsiaPropertyAwards.com.


LIST OF WINNERS

8th PropertyGuru Cambodia Property Awards

Designer AWARDS

Best Engineer

Win: OCIC Group

Best Store Programmer

Win: Siha Property Co., Ltd

Creation AWARDS

Best Township Development & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

WINNER: Marum Estate by Sir Stamford Raffles( Cambodia ) Co., Ltd.

Best Mixed Use Development & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

WINNER: Marum Estate by Sir Stamford Raffles( Cambodia ) Co., Ltd.

Best Luxury Housing Development( Phnom Penh )

Win: Siha Residence by Siha Property Co., Ltd

Best High End Housing Development( Phnom Penh ) & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Win: Dragon Land 598 by Dragon Land Investment Co., Ltd.

Best Affordable Condo Development( Phnom Penh ) & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

WINNER: The Garden Residency 2 by JS Land Plc & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Best Waterfront Condo Development & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Win: Diamond Bay Garden by OCIC Group

Best Housing Development( Greater Phnom Penh ) & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Win: Apsor Mera by Bosba Property Co., Ltd

Best Residential Development( Siem Reap ) & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Win: Angkor Sereymongkol by Sok Tonh Real Property

Best Retail Development & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Win: Mean Chey Avenue by RM Commercial Co., Ltd.

Best Leisure Development & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Win: Bay of Lamps by Canopy Sands Development & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Best Shophouse Development & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Win: La Maison Plaza by Cambestate Management Co., Ltd.

Style AWARDS

Best Township Masterplan Design & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Win: Bay of Lamps by Canopy Sands Development

Best Luxury Housing Architectural Design & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Win: Siha Residence by Siha Property Co., Ltd

Best High End Housing Architectural Design & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

Win: Dragon Land 598 by Dragon Land Investment Co., Ltd.

Best Housing Architectural Design & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp, & nbsp,

WINNER: Marum Estate by Sir Stamford Raffles( Cambodia ) Co., Ltd.

The Best Luxury Housing Interior Design & nbsp, NBP, SNP, BSP, NBSPS, ANBsP, TNPs, ANDNBPSP

Win: Siha Residence by Siha Property Co., Ltd

The Best Housing Interior Design & nbsp, & NbSP, and nBSP, as well as the following acronyms: best housing interior design:

Bossba Investment Co., Ltd. ‘ s Vong Residence is the winner.

The Best Housing Landscape Design & nbsp, & ndrps, AndnBsP, A.B. S.P., B.S.

WINNER: Marum Estate by Sir Stamford Raffles( Cambodia ) Co., Ltd.   

Best Office Architectural Design, & nbsp, NBP, SNP, ANBSP, BSP, HNB, P, and NBSPS, As well as the following:

Win: Maline Office, a division of Malines Office Co., Ltd.

The Best Retail Architectural Design & nbsp, & NbSP, NBP, * BSP, > BPS, | NBS P

Win: Mean Chey Avenue by RM Commercial Co., Ltd.

Best Leisure Architectural Design, & nbsp, AndnBsP, A NBP, An NbSP, At BPS, Above and Beyond, As Well As Then, B. S. P., Sr.

Win: Bay of Lamps by Canopy Sands Development

BEST Honors FROM CAMBODIA

The Best Condo Development ( Cambodia ) & nbsp, ntbcspen, and bbpsf, as well as the following: acquires and condos: best condo development, cambinia

Win: Diamond Bay Garden by OCIC Group

The Best Housing Development( Cambodia ) & nbsp, NBP, SNP, NBSP, ANDNBSP, ABNBSPS, ATSN, AMBSPN

Win: Siha Residence by Siha Property Co., Ltd

THE PUBLISHER’S OPTION

The Year’s Real Estate Personality in Cambodia: Andnbsp, & nBSP, A NBSP, An NBPsP

Win: Prince Holding Group Chairman Neak Oknha Chen Zhi


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Can AI save the smart city dream?

Following the 2008 financial crisis, a new strategy for urbanisation and service delivery started to spread across the globe. With the development of technologies, city designers came up with fresh strategies for keeping track of industrial residents’ needs and utilizing technology to provide services. The” smart city” was created by integrating the Internet of Things and the & nbsp across a variety of urban management tasks.

The smart-city trend has become widespread in the nation’s major cities more than ten years later. However, it seems that the idea was more of a brand revolution than an urbanism revolution. & nbsp,

Cities have long used technology to make industrial life easier. People have consistently sought technological advancements to enhance the daily grind of daily life since the first towns more than 6,000 years ago.

City managers can now gather vast amounts of data and better understand what occupants need thanks to the development of the handset. The handset is unmatched in human history as a security technology due to the enormous amount of data it gathers about people. The use of the urban environment and the proper resource distribution are both dramatically improved by this information for capital planners. & nbsp,

But, rather than focusing on data monitoring, smart-city branding tends to emphasize specific ease. Residents of cities like Dubai and Singapore now interact with area services via smartphone apps as municipal offices no longer require papers for established business. Cellphone apps can be used by locals to report service outages, paid fines, and other things.

Smart-city businesses envision a time when citizens won’t need to travel to the city office to conduct business, and sources will be distributed immediately based on need. & nbsp,

Some cities around the world have embraced the smart-city approach to varying degree over the past ten years. For instance, residents of Cape Town you deal with a variety of problems electronically or through their smartphones.

Moving on

A truly impressive intelligent city’s model is evolving. Neom, a planned capital in Saudi Arabia on the Red Sea coast, promises to incorporate technology into almost every aspect of urban life. Leading tech investors in California and other parts of the world want to create their own city from scratch and check the smart-city theory in order to address urban issues.

Silicon Valley entrepreneurs Reid Hoffman, Laurene Powell Jobs, and Marc Andreessen are funding the California Forever project, which aims to create a” vision area” in the state’s north. The project, which has already taken over sizable swaths of land, aims to develop a potential bright town with the most recent advancements in solar power, protection, and quality of life. & nbsp,

These owners are reacting to California’s cities’ rapid decline. Cities in California have struggled to stop the rise in violence and poverty, from San Francisco to San Diego.

To provide an option to California’s extremely dangerous urban areas, the it backers of California Forever are betting on the smart-city idea of a controlled setting maintained by the most recent surveillance systems. & nbsp,

This is logical. Smart towns are fundamentally characterized by keeping an eye on the layout incorporated into the industrial environment. But there has always been a softer side to the common story. We must take into account how emerging industry have changed over the past 20 years in order to fully understand this paradox.

Buyers started searching for new businesses and nbsp with high earnings in the middle of the 2000s. Emerging market nations, primarily in the Global South, became investor hotspots as a result of globalization, low money due to low interest rates, and an increasing younger population.

A fresh story emerged that accelerated and justified fresh investor view. In particular, a historic transformation of the world economy was being predicted by technology and rising children groups. Emerging areas held the key to the future. & nbsp,

Theoretically, this wasn’t a mistake. Global knowledge workers now have more access to areas thanks to technology. Growing youth groups in several cities in the emerging world have access to far more opportunities than their parents do. Places like Dubai have developed into new hubs of development, bringing together different populations of people.

As high interest rates have dried up the low income that was igniting this fervor, the story has collapsed in recent years. However, some emerging market nations have certainly established themselves. & nbsp,

The emerging-market story continues to depend on the smart-city tale. Some city officials promote using a smartphone to pay for parking as evidence that technology has the potential to simplify life. It eliminates a bureaucratic impediment that is frequently linked to colonialism’s reputation in some emerging market nations. & nbsp,

The story needs to change now that these advances are widely accepted throughout the world. One area where our perceptions of cities may change is the development of artificial intelligence.

AI systems can be used to identify and manage asset allocation thanks to the vast amounts of data locations have gathered over the past ten years. AI can more easily deliver the smooth knowledge that the smart-city vision promises. & nbsp,

The vision of a city that is really intelligent is still alive. There will be a push to enhance the urban culture as long as people reside in places.

As new technologies gives managers more options, the brand of bright cities in relation to the expansion of emerging markets has probably seen its best days and may shift. As a result, another chapter in the history of urbanisation is about to begin. & nbsp,

The Syndication Bureau, which holds rights, provided this content.

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G20 India: Can a divided group deliver results?

NEW DELHI, INDIA - SEPTEMBER 1: A new look of Gandhi Darshan where new installations along with Sculptures are placed ahead of G20 Summit at Rajghat on September 1, 2023 in New Delhi, India. (Photo by Raj K Raj/Hindustan Times via shabby graphics)shabby graphics

India has transformed the G20 into a brand-new political scene.

The plan to turn India’s G20 president into a world victory has reached fever ball in the run-up to the leaders’ summit this trip after 200 discussions held in 60 Indian cities throughout the year.

Huge billboards and banners that show Prime Minister Narendra Modi and a message welcoming members, demonstrating India’s willingness to embrace the world, have been placed all over Delhi.

And the crest of the officials and their capacity to issue a joint resolution that signals broader agreement on issues of global concern will ultimately determine the outcome of all of this work.

India has been working hard to make a resolution; if there isn’t one at the summit, it will be the first. But with a G20 that is divided on some problems, the biggest of which is the Ukraine conflict, that’s not going to be simple.

India's Prime Minister Narendra Modi addresses the gathering on the third day of the three-day B20 Summit in New Delhi on August 27, 2023. (Photo by Sajjad HUSSAIN / AFP) (Photo by SAJJAD HUSSAIN/AFP via shabby graphics)

shabby graphics

The team was able to hastily put up a declaration that noted the distinctions within the G20 over Ukraine despite the fact that the battle also loomed large over last week’s summit in Indonesia.

However, things have changed since then; Russia and China might not agree to make such concessions, and the West, led by the US, won’t accept anything less than a categorical criticism of the battle.

The absence of Chinese President Xi Jinping and Russian President Vladimir Putin may produce decision-making a little more difficult. Instead, Sergey Lavrov of Russia and Premier Li Qiang of China will speak for their respective nations, but they might lack the political clout to create last-minute concessions without first consulting their leaders.

Early this year, the meetings of the G20 unusual and finance officials also came to an end without a joint declaration.

However, India will continue to hold out hope that the Ukraine problem won’t undermine the issues it wants to talk about with the developing nations of the Global South.

75 % of global trade and 85 % of the country’s economic output come from the G20 nations. Two-thirds of the world’s people lives there. India has positioned itself as the tone of the Global South by repeatedly asserting its duty to nations not included in the G20.

Russian President Vladimir Putin (L) and Chinese President Xi Jinping (R) wave during a welcoming ceremony on November 14, 2019 in Brasilia, Brazil. Leaders of Russia, China, Brazil, India and South Africa have gathered in Brasila for the BRICS Leaders Summit

shabby graphics

The presence of the African Union at the G20 has strengthened India’s location on the needs of developing nations.

The conflict and the pandemic have made problems like arrears, rising food and energy prices worse. According to Tanvi Madan, older brother at the Brookings Institution, India and other developing nations in the G20 do like industrialized economy to add money to these problems.

However, it is also uncertain whether these issues will be resolved. Consider debt refinancing. For instance, India and other developing nations have argued that wealthy nations and organizations like the International Monetary Fund ( IMF) should assist struggling borrower countries.

However, there can be no dialogue on this without bringing up China. The country’s poorest nations owed$ 62 billion in annual debt services to creditors, with China owing two-thirds of this, according to David Malpass, chairman of the World Bank until recently.

This has increased poverty, put some nations at risk of default, and skyrocketed food and energy prices.

American officials have frequently accused China’s lending practices of being aggressive, but Beijing disputes this claim.

G20 leaders in Bali, Indonesia

shabby graphics

According to Ms. Madan, developing nations” need their creditors to help them rebuild their timeframes” and, in some cases,” support them with more funding.”

She continues,” We don’t know what will come of this meeting yet, but the idea has been to come to some sort of compromise.”

A Common Framework ( CF) for the debt restructuring of poor countries was agreed upon by the G20 governments in 2020, but progress has been sluggish. China denies the accusation made by the West that it dragged its foot.

However, India, which has ongoing boundary disputes with China, will need more support from wealthy nations. It has advocated expanding the CF to more Global South nations( including middle-income countries ), a walk the EU has previously supported.

However, China could become a hindrance if the West continues to hold it responsible for the debt problems.

India also wants the World Bank and the IMF to be overhauled, as well as international cryptocurrency rules; these issues will probably be less contentious.

Another topic Delhi has brought up time and time again is weather change, claiming that some of the poorest nations are most prone to extreme weather events.

The summit will take place in a newly built venue in Delhi

shabby graphics

In an article published on Thursday, Mr. Modi stated that” actions on climate financing and technology transfer must be matched with ambitions for weather activity.”

His remarks are a reflection of the group’s disagreements over funding for climate shift. Developing nations are reluctant to commit to ambitious goals to reduce greenhouse gases out of concern that doing so would impede their progress. Instead, they attribute the issue to industrialized nations and demand that they shoulder a greater portion of the responsibility and invest in infrastructure, technology, and money to help them reduce emissions.

Professor of international coverage at Jawaharlal Nehru University in Delhi, Happymon Jacob, says he doesn’t anticipate making a significant contribution to the fight against climate change.

However, it is obvious that it will be a key G20 agenda item, and Delhi do encourage wealthy nations to contribute more solutions to the cause, he continues.

Food and energy surveillance are also a topic of discussion, and it is anticipated that some agreement will be reached on this. However, this will depend on Moscow agreeing to resume the agreement with Kyiv that allowed Russian grain to enter global markets. Any progress on this offer within the G20 foundation, according to analysts, is highly improbable.

It is likely that agreements on crops, pandemic preparedness, care, and the global supply chain may be reached, but it is unclear whether these agreements will form part of the joint declaration.

However, a subject that is unlikely to be brought up is India’s deteriorating record on human rights under Mr. Modi, which detractors and opponent figures have frequently questioned.

Experts claim that despite pressure from campaigners and rights organizations, European leaders may not bring up this subject at the speaks in India, which is regarded as a crucial friend in efforts to halt China’s rise.

TOPSHOT - An artist paints a wall mural surrounding a garbage dump aside a logo of the G20 India summit ahead of its commencement in New Delhi on September 3, 2023. (Photo by Sajjad HUSSAIN / AFP) (Photo by SAJJAD HUSSAIN/AFP via shabby graphics)

shabby graphics

The presence of a pronouncement, according to some experts, including Michael Kugelman of the Wilson Center think-tank, had hurt Mr. Modi, India, and the G20.

He does, however, add that India has a history of collaborating with nations that don’t get along, demonstrating how it has” safely managed its connections with both Russia and the US.”

Delhi might therefore get the nation that can resolve its differences. It wants to take advantage of its popularity as a balance, but it will be very challenging.

According to Ms. Madan, the presence of a joint declaration won’t actually result in failure because Delhi will be able to present summing up the meeting( which the host countries may do ), which can demonstrate agreement on 90 % of the problems.

However, a tumultuous G20 may also cause some to doubt the forum’s usefulness in the face of rapid change.

China has been promoting other initiatives, such as the Shanghai Cooperation Organization ( SCO ) and the Brics( Brazil, Russia, India, China, and South Africa ). Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE were lately added by the Brics to the party; all of them have cordial relations with China.

One of the few nations that participates in the SCO, Brics, and West-dominated communities like the Quad, G7( as an invited member ), and G20 is India.

In light of this, it is crucial for Delhi to carry out a summit that is effective and produces results that will strengthen both Mr. Modi’s reputation as an influential international leader and its position as such.

It will demonstrate Delhi’s capacity to not only comprehend but also strike a balance between the competing demands of various international forums. Additionally, it will help to improve the reputation of the American PM at house, where a general election is scheduled for next year.

The stakes are high for Mr. Modi both at home and in the international political purchase because he is implementing G20 activities to expand his foreign policy to smaller American towns and cities.

BlackRock closes China fund after lawmakers’ probe

After being investigated by the US House Select Committee for supposedly funneling American assets into stocks of blacklisted Chinese firms, BlackRock, the largest asset management company in the world, announced the closing of an offshore China equity portfolio. & nbsp,

According to Denise Voss, president of BGF, BlackRock Global Funds decided to discontinue the China Flexible Equity Fund due to a lack of new buyer interest.

Since August 24, when the fund’s net asset value ( NAV ) was roughly US$ 21. 4 million, no more subscriptions have been received. The fund’s NAV fell by 30.5 % the previous year. It was 25 % lower at the end of last year than it was in October 2017. & nbsp,

Managers” do not hope to raise significant additional membership in the near future ,” and” continuing to manage the account at this length will result in a higher price of investment that we believe is not in shareholders’ best interests ,” according to Voss.

The property in the fund’s underlying investment portfolio will be sold. On or before November 7, all outstanding shares may be redeemed. The fund’s shareholders have the option to change their opportunities to another account.

BlackRock assured the internet on Thursday that it is still firmly committed to the Chinese market. & nbsp,

It refuted reports that it was cutting off opportunities in China. BlackRock is not going to stop operating its onshore funds that have raised money in China, according to & nbsp, which stated that the China Flexible Equity Fund is for offshore investors.

scrutinized by politicians in the US

The US House Select Committee on Strategic Competition between the US and the Chinese Communist Party informed BlackRock CEO Larry Fink and MSCI CEO Henry Fernandez on July 31 that their businesses were being investigated in relation to investments in specific Chinese firms.

The House select committee reportedly requested information from BlackRock and MSCI regarding their cooperation of US opportunities into around 50 Chinese companies that had been placed on a blacklist due to allegations of participation in alleged human rights violations or support for the Chinese army.

In a statement, BlackRock stated that it handles all assets in China in accordance with all relevant US regulations. & nbsp,

The research and the closing of BlackRock’s China Flexible Equity Fund are clearly related, according to observers.

According to social observer Chau Sze – tat on his YouTube channel,” The rising costs faced by BlackRock in China do not only suggest operating costs but also the dangers of growing political pressure from the US politicians.” In addition, & nbsp,

He claims that in the history, when US resources were profitable in China, they would not have given a damn if the US looked into it. BlackRock has since discovered that its customers no longer care about Chinese securities. To prevent problems, why not shut down its China Equity Fund?

Before US President Joe Biden signed an executive order restricting US money and businesses from investing in China’s silicon, quantum computing, and artificial knowledge fields on August 9, the investigation was launched. & nbsp,

As they exclude the ergonomics and clean energy industries, the investment restrictions are said to be softer than anticipated. Only businesses with at least 50 % consolidated earnings, net income, cash expenditures, or operating costs related to the protected business will be targeted. It implies that even though their products have invested in AI, US money can also trade stock of Tencent and Alibaba.

dumping A stocks

Net sales of A shares by offshore traders in August totaled 90 billion yuan( US$ 12.4 billion ), according to a report by The Financial Times on August 31. International investors, according to analysts, were disappointed that Beijing had not yet announced a more specific loan for developers of heavily indebted properties.

The Shanghai Composite Index dropped 1.13 % on Thursday, closing at 3,122. But so far this year, it has increased by 0.19 %. To reach 10, 321 on the Shenzhen Component Index, the decline was 1.84 percent. This time, it has lost 7.16 % of its value. In addition, & nbsp,

Given that many local individual owners have even lost money in recent years, some Taiwanese critics claim they do not hold BlackRock responsible for the closing of its China Flexible Equity Fund. & nbsp,

A Chinese blogger claims in a video posted on Thursday that it is difficult for individual traders to profit from the A-share businesses because some listed companies have fallen below their initial public offering costs. China’s property markets appear to have been created solely for business raising, not for financial gain by buyers.

He claims that although the amount of A-share firms has increased over the past ten years from 1,000 to 6, 000, not many of them are of high quality. He claims that listing regulations should be improved to boost investment trust. & nbsp,

In an article, a Guangdong-based financial blogger claims that BlackRock’s Foreign fund managers lack the knowledge necessary to avoid errors like investing in some very volatile stocks, like equipment supplier Suzhou Maxwell and solar panel manufacturer JinkoSolar.

Suzhou Maxwell has lost 59 % over the past year, while JinkoSolar has fallen 52 %. For the same time span, the Shanghai Composite Index has just dropped 3.5 %.

Tony Tang, China brain of BlackRock, resigned in June. All 12 of BlackRock’s China inland cash suffered losses as a result of this. Tang later became the China brain of Citadel LLC, an American wall bank. & nbsp,

BlackRock China New Horizon Mixed Securities Investment Fund A has experienced a 29.9 % decline over the past two years, compared to 30.55 % loss for the same fund. & nbsp,

Study: MSCI and BlackRock looked into opportunities in China

At & nbsp, @ jeffpao3 is Jeff Pao’s Twitter account.

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European energy crisis could finally hit this winter

A rapid energy shock was brought on by Russia’s invasion of Ukraine 18 months earlier. There were concerns that Europe’s energy infrastructure would not be able to withstand winter 2022 – 2023, causing economies to collapse, given the prospect of significantly less Russian gas.

However, a mild winter and the progressive implementation of the EU’s plan to cut back on energy use and purchase more from other suppliers caused it to come out on the other side shaken but unbeaten.

Without significant power shortages, Germany, Italy, and another gas-reliant countries shifted from Russian dependence. There have been more positive developments since next. While gas storage levels in Europe reached 90 % capacity three months before the November target and may even reach 100 % in September, energy prices have steadily decreased in 2023.

2020 – 23 European gas prices ( US $/ MMBtu )

Graph showing Europe's gas prices
Dutch TTF prospects are the names given to these charges. One million American thermal units are equal to MMBtu. View of exchanging

The worst of the power crisis is over, according to officials like Robert Habeck, the European energy secretary. But as we’ll view, it’s too soon to be so sure.

fresh flaws

Between the beginning of 2022 and early 2023, the proportion of EU piped gas imports from Russia decreased from 39 % to just 17 %. The EU now depends much more on liquefied natural gas ( LNG ) shipments than it did in the past to deal with this change.

In the midst of a quick infrastructure upgrade that aims to increase LNG capacity by one-third between 2021 and 2024, LNG’s overall share of EU gas imports increased from 19 % in 2022 to about 39 % in that year. ( In fact, Russia still imports 13 % of the EU’s LNG, and its shipments have grown significantly since the invasion. )

Due to the rise in LNG, European nations are now more susceptible to market volatility, especially since 70 % of these goods are purchased on short notice rather than through the long-term oil-indexed deals that are common in Asia.

For instance, due to worries about strikes at American LNG plants, we’ve seen Europe’s forecast gas price tick upward in subsequent weeks. This demonstrates that supply is still scarce and that our very connected global market is susceptible to numerous problems.

The EU Energy Platform, an This software that makes it simpler for provider companies in part states to simultaneously purchase the energy, was introduced by the European Commission to integrate demand for LNG.

But, because this instrument has not yet been tested, it is unclear what amount of items can be channeled through it. The market is also concerned that this type of state intervention could fail and harm the market’s ability to function.

In terms of pipeline gas, Norway has surpassed Russia as the top supplier in Europe, meeting 46 % of the demand by the beginning of 2023( up from 38 % the previous year ). Norway’s fuel system is under strain as a result of this additional weight.

Delay in repair work in May and June led to slow travels that increased prices, demonstrating once more how constrained the European market is right now. It appears very likely that Norway’s extensive repair job will result in additional obstacles in the future.

Meanwhile, it is still anticipated that the EU will need to purchase approximately 22 billion cubic meters( billion ) from Russia this year. That is roughly 11 % of all the network fuel used by the alliance in 2022. A significant portion is traveling through Ukraine, and this supply course is in danger because the current Russia-Ukraine travel arrangement is unlikely to be renewed after it expires in 2024.

One of the many deaths of Russia’s conflict in Ukraine is the Nordstream 2 oil pipeline. Photo: Jens Buttner, Asia Times Files, AFP, and daa

According to the International Energy Agency( against a target of 15 %), the EU was able to cut gas consumption by 13 % in 2022 as part of the shift away from Russia. War-weary EU state does not perform so well on this front in the months to come.

The fact that prices have decreased or that some states didn’t carry their weight last autumn will certainly help. Eastern nations like Poland, Romania, and Bulgaria did much to lower usage, while only 14 out of 27 EU members implemented mandatory power reduction plans. Calls for cooperation may be undermined if there is a natural gas shortage in western Europe this winter.

What follows

The harsh truth is that in order to prevent major gasoline price spikes, Europe will have to wish for moderate weather across the northern hemisphere for at least another two or three winters without significant disruptions to global LNG supply.

Yet as things stand, the long-term regular for gas prices in Europe is still about 50 % higher than it was prior to the invasion, which is detrimental to both consumers and businesses. With its energy-intensive mechanical and chemical industries, Germany, the industrial powerhouse of the EU, finds this to be especially significant. There are growing worries that as energy-intensive sectors move elsewhere, continued high energy costs could encourage de-industralization.

The good news is that oil stress may at least decrease starting in the middle of 2020. In the US and Qatar, major new LNG products will become available, and the business will rebalance. The energy reduction plan calls for a 40 % reduction in European gas demand by 2030.

By the end of the decade, there is even speak of a offer abundance, depending on how quickly solar power is being deployed in Europe and how many new nuclear power plants are being built. Europe’s need to buy gas may be significantly reduced as a result, but this can only occur if the bloc coordinates well.

We witnessed what could be accomplished in the months following the invasion when France provided gas to Germany to lessen its reliance on Russia, and afterward Germany provided more electricity to European cities to assist with outages brought on by nuclear reactor maintenance.

The difficulty lies in decarbonizing using the same strategy. The German-led” Friends of Renewals” group, which supports using just solar energy, is opposed by France as it works to win support for nuclear development both at household and elsewhere in Europe. These units could prove to be a significant barrier to the more swift energy transition away from fossil fuels.

Europe has thus been able to move away from Russia’s network gas, but unless it drastically lowers its oil demand in the years to come, it will still be subject to the volatility of global gas markets.

Michael Bradshaw is a professor of international electricity at the University of Warwick’s Business School.

Under a Creative Commons license, this post has been republished from The Conversation. read the article in its entirety.

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China moves to widen state employee iPhone curbs: Sources

Due to Apple’s stringent privacy policies, which make it challenging for anti-corruption representatives to get and look into suspects’ devices, state-owned Chinese economic issue Economic Observer reported in 2020 that some government authorities had implemented laws to forbid officials from using iPhones. After the Wall Street Journal initially reported theContinue Reading

Stubbornly strong dollar looms large over G20 Summit

Fevered speculation of the dollar’s demise has gained intense currency throughout 2023. Yet the world’s reserve currency and the market bulls driving it ever higher haven’t gotten the memo.

This disconnect is sure to dominate discussions at this weekend’s Group of 20 summit in New Delhi, Indian.

Officially, the host, Indian Prime Minister Narendra Modi, wants the September 9-10 confab to focus on cooperation and showcasing India’s rising clout in global trade and finance.

Yet the sideline of these events is where the real action happens. And a major source of discord is why the dollar is climbing for an eighth straight week, the longest such streak since 2005.

The plot thickens when you consider that the US Federal Reserve is wrapping up its tightening cycle, Washington’s dangerous fiscal trajectory continues apace and many G20 members are determined to sideline the dollar in global market circles.

“Many of the dollar-supportive factors of 2022 have abated,” says strategist Dwyfor Evans at State Street Global Markets.

He notes that other top central banks “are playing catch-up on rates.” And if China’s Covid re-opening trade reasserts itself, giving global demand a lift, “then cautious safe haven buying is on the back foot.”

Others argue that the surprising stability of the US service sector, despite still-high inflation and global headwinds, continues to offset trade weakness and support dollar buying.

“This resilience, whether looking at jobs growth, sticky inflation or consumer spending, is predominantly driven by services,” says strategist Adarsh Sinha at Bank of America. While the bank remains bullish, Sinha says, “In our view, a meaningful slowdown in the service sector is necessary if not sufficient for sustained US dollar depreciation.”

The more capital the dollar lures out of the developing world, the less there is to finance growth, keep bond yields stable and help private sector companies innovate, disrupt and create new wealth.

Past periods of extreme dollar strength – including the 1997-98 Asian financial crisis – posed existential financial risks to emerging markets. Yet the writing is seemingly on the proverbial wall, notes Natasha Kaneva, head of global commodities strategy at JPMorgan.

“The US dollar, one of the key drivers of global oil prices, appears to be losing its once powerful influence,” Kaneva says.

The bank’s research corroborates views that dollar strength and oil prices are steadily weakening. This, of course, is partly by design, with oil increasingly being transacted in non-dollar currencies.

Case in point: G20 member Saudi Arabia, which along with China has ambitious designs for a post-dollar financial system.

Between 2005 and 2013, JPMorgan says, a 1% increase in the trade-weighted dollar would lower the price of international benchmark Brent crude oil by roughly 3%.

Dollar dominance in oil trading may be coming to an end. Image: Twitter

Between 2014 and 2022, an equivalent dollar gain only resulted in a 0.2% change in Brent crude prices.

Kaneva’s JPMorgan colleague, Jahangir Aziz, head of emerging market research, notes that “overall, we find that the importance of the dollar has declined significantly from 2014 to 2022.” It’s “hard to ignore” this downshift, Aziz says.

China’s pivot to using the yuan in almost all of its Russian oil purchases is a major factor. Asia’s biggest economy is a huge energy buyer with great sway over smaller nations keen to tap its markets.

Despite international trade sanctions, Russian oil is finding ready demand from Asian trading partners using local currencies rather than the dollar.

It’s complicated, certainly. Both China and the US are keeping score of countries ignoring Washington’s sanctions and curbs imposed in punitive response to Russia’s invasion of Ukraine.

The trajectory is toward less dollar use. For now, the dollar is still at the center of the global financial system and US Treasury securities remain a safe haven of choice.

Within the SWIFT payments system, the dollar share of transactions is north of 40%, affording it the dominant position. The euro’s share is about 25%, while the yuan’s is roughly 3%.

But the dollar’s share in foreign reserves volume was a record low 58% at the start of 2023, down from 73% in 2001.

Old habits die hard, though. In a recent report, economists at JPMorgan conclude that while “marginal de-dollarization” is afoot, it won’t unfold rapidly. The dollar, for all its flaws, is simply too ingrained in global transactions to shift to another monetary unit in short order.

“Instead,” JPMorgan economists write, “partial de-dollarization – in which the renminbi assumes some of the current functions of the dollar among non-aligned countries and China’s trading partners – is more plausible, especially against a backdrop of strategic competition.”

Some are far less convinced that the dollar’s days are numbered. As economist Steve Hanke at Johns Hopkins University notes, “only 14 dominant international currencies have existed since the 7th century BC. This suggests that dethroning King Dollar will be easier said than done.”

Barry Eichengreen at the University of California, Berkeley, notes that the reasons why most economies favor the dollar “all reinforce each other.” He adds “there just isn’t a mechanism for getting banks and firms and governments all to change their behaviors at the same time.”

Yet US fiscal and political strains are colliding with global efforts to knock the dollar down a peg or two or more.

In August, Fitch Ratings yanked away Washington’s AAA credit rating. The rating agency said its downgrade “reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to AA and AAA rated peers over the last two decades that has manifested in repeated debt-limit standoffs and last-minute resolutions.”

Washington’s debt topping US$32 trillion was one problem. “Continued fiscal expansion/deficits could result in additional downgrades from rating agencies,” notes strategist Lawrence Gillum at LPL Financial. “So, until the US government gets its fiscal house in order, we’re likely going to see additional downgrades.”

Another big concern: Republican Party members toying around with the nation’s debt ceiling. “In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025,” the rating agency said.

A number of G20 members may find this weekend’s summit in New Delhi fertile ground to try and accelerate the dollar’s demise. It presents a timely opportunity for China, Russia, Brazil, Saudi Arabia, Turkey and others to compare notes on devising a new reserve currency.

Earlier this year, Brazil began doing trade in other currencies like the Chinese yuan and Russian ruble. Brazilian President Luiz Inacio Lula da Silva threw his support behind creating a BRICS monetary unit to be used by members Brazil, Russia, India, China and South Africa.

BRICS nations are contemplating the creation of a new joint currency. Image: Shutterstock / Twitter / Bitcoin.com

Meanwhile, Malaysian Prime Minister Anwar Ibrahim said China is open to resurrecting the formation of an Asian Monetary Fund, a move that would reduce the International Monetary Fund’s influence and revive a decades-old proposal to marginalize Washington’s power in Asia.

Chinese leader Xi Jinping’s efforts to internationalize the yuan are bearing some fruit. France, for example, is beginning to conduct some transactions in yuan. China and Brazil have agreed to settle their trade in yuan and reals.

Beijing and Moscow are ramping up trading in yuan and rubles. Pakistan is working to pay Russia for oil imports in yuan. Argentina recently doubled its currency swap line with China to $10 billion.

This month, Bank of China, one of China’s big four state-owned commercial institutions, opened its first branch in the Saudi Arabian capital of Riyadh with big plans to expand the use of the yuan in finance and trade there.

At the opening ceremony, BOC president Liu Jin said its new foothold in the Saudi capital will broaden trade and investment exchanges. Those include new “high-quality” construction projects via Beijing’s Belt and Road Initiative.

It’s but one example of efforts amongst BRICS members to rely more on local currency settlements in cross-border trade while reducing dollar-denominated transactions.

At the same time, India and Malaysia are increasing use of the rupee in bilateral trade. The United Arab Emirates is also talking with India about doing more non-oil trade in rupees. 

The 10-member Association of Southeast Asian Nations is doing more regional trade and investment in local currencies. Indonesia, ASEAN’s biggest economy, is working with South Korea to ramp up transactions in rupiah and won.

Yet, despite all of these de-dollarization efforts, the greenback continues to defy gravity.

One explanation, says strategist Elsa Lignos at RBC Capital Markets, is that the dollar is currently the highest yielder in the Group of 10, offering even higher returns than many perceived as riskier emerging markets. RBC’s base case, Lignos says, is for the dollar to remain on an upswing until year-end.

The odds of additional Federal Reserve rate hikes are another wildcard.

“The recent upward trajectory in oil prices has laid the groundwork for potentially elevated consumer price index figures for August,” says Stephen Innes, managing partner at SPI Asset Management.

“These impending increases in oil prices present a fresh challenge for central banks as they continue their diligent efforts to bring inflation levels back in line with their desired targets.”

The dollar’s stubborn advance is ringing alarm bells in Asia as currencies hit multi-month lows. The worry is that capital outflows will accelerate, slamming equity markets and increasing risks of importing inflation.

Such concerns have done the near impossible: put China and Japan on the same side of an international debate.

China and Japan hold trillions of dollars worth of US Treasury debt. Image: Agencies

Officials in Tokyo are particularly worried that the yen’s drop to near 30-year lows will accelerate. “If these moves continue, the government will deal with them appropriately without ruling out any options,” says Masato Kanda, vice finance minister for international affairs.

In Beijing, People’s Bank of China officials are using daily yuan reference rates to warn against speculators pushing the exchange rate much lower. China’s waning growth prospects have economists at Morgan Stanley taking a bearish view on emerging market currencies in general.

Still, arguments for why the dollar’s best days are behind it will be the talk of the town in New Delhi, whether that’s actually the case or not.

Follow William Pesek on X, formerly known as Twitter, at @WilliamPesek

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New govt’s agenda outlined in draft paper

digital bag among short-term programs

New govt's agenda outlined in draft paper
Before taking their oaths of office in front of Their Majesties the King and Queen at Dusit Palace on Tuesday, Cabinet members led by Prime Minister Srettha Thavisin, seated seventh from straight, pose at Government House. Chanat Katanyu is shown in the pictures.

The Srettha administration’s interests, including the 10, 000 baht digital wallet system, addressing debt issues, cutting energy prices, and revising the charter, have been highlighted in a draft policy speech that has been distributed to parliamentarians.

Before Prime Minister Srettha Thavisin presents the 52-page file to congress on September 11, Members are asked to review it. The report categorizes the government’s work plans into three categories: small, medium, and long-term.

The Pheu Thai Party’s 10,000 000 ringgit digital wallet system, which is anticipated to be introduced early next year, is one of the top priorities included in the short-term plan.

The trigger program, which the government touts as laying the groundwork for the nation’s modern economy and boosting efficiency and transparency in the payment system, is expected to increase tax revenue.

According to the document speech, steps will be implemented to reduce household debt burdens and higher operating and economic costs for SMEs while addressing debt issues in the agricultural and business sectors.

Additionally, the state may work to reduce energy costs, such as those for electricity, gas, and cooking gas, redesign energy use, as well as encourage the use of clean and renewable energy sources.

According to the report, the government wants to increase visitor visitors by offering visa-free programs for specific nations and a fast-track visa program for Mice( meetings, incentives, conventions and exhibitions ) visitors.

The government will look into ways to ensure widespread public participation in the process as part of the short-term program, which also calls for a proposed revision to the 2017 contract.

The government intends to boost profits through the discovery of new businesses abroad for Thai goods and services for medium – and long-term programs.

Additionally, it will expedite the process of negotiating frameworks for free trade agreements ( FTA ) with potential partners and enhance the approval procedure for applications for foreign investment.

According to the report, the government will assist in restructuring security agencies to get them ready for new security risks and difficulties. Military reforms did include reducing the number of generals, replacing military conscription with a volunteer program, and increasing transparency in defense spending.

The document also stated that the government would continue to implement carbon-neutral policies and improve the universal healthcare system.

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PM insists he is his own man

3 to 6 times are required to demonstrate his value.

PM insists he is his own man
Srettha Thavisin, the prime minister, prayed to a Brahma monument at Government House on Wednesday before going to an exclusive government meeting. Since the new officials took their oath of office in front of Their Majesties the King and Queen, it was the first case meet to take place. ( Image: Chanat Katanyu)

In the midst of great expectations and concerns about his liberation, Prime Minister Srettha Thavisin requested more time from the public on Wednesday, stating that he needs three to six months to show himself.

The leading said he is under stress because of public expectations but is determined to work to solve their problems after a specific cabinet conference after being sworn in on Tuesday.

” I need three to six months of time to complete my work.” I think I’m independent. It’s not just the Shinawatra clan. I’m willing to listen if anyone has information that could be helpful to the people, he said.

Due to his nomination by the ruling Pheu Thai Party, which is regarded as having close relationships to the Shinawatra household, Mr. Srettha was questioned about his freedom to run the nation.

After escorting the government to take the oath of office, he stated that the purpose of the particular case conference was to solicit ministers’ opinions and emphasize the function guidelines.

He added that he reminded the ministers to uphold the law and address officials with respect, reminding them that they were there to work hard for the people.

He claimed that he urged cabinet members to uphold clarity and make a concerted effort to improve people’s lot.

Additionally, he advised them to act right away to address issues. To achieve measurable results and improve the situation of the populace, policies that do not require a law or legislation change must be implemented first.

He claimed that the kickback society is terrible.

Additionally, Cabinet members were given the task of reviewing state budget planning to make sure it complies with the president’s plan comments that would be presented to parliament.

When Mr. Srettha presents the procedures to congress on Monday, he expressed confidence that ministers were prepared to address concerns raised by Members and senators. The statement’s distribution may be followed by a discussion.

When questioned about the draft legislation statement’s inclusion of the Pheu Thai policy to adopt a 20-baht train menu for all mass transit systems in the capital, he responded that it was.

He stated that in order to determine an appropriate suffer and state subsidy for all mass transit systems, the government will need to examine all systems that have different providers.

” Let me work on it first if you ask me how quickly it will be.” The travel pastor has not yet examined it, he claimed. The future annual reshuffle of officials would be good and performance-based, the prime minister insisted.

” It won’t happen ,” said the proponent of position-buying. I’m hoping officials did consider this. State representatives must assist us in advancing plans. It will be challenging for us to put them into practice if we don’t treat them with respect or be good to them, he said.

Appointing the new federal police chief is one of Mr. Srettha’s quick responsibilities in his dual role as head of the Police Commission. After the shipment of the policy statement, he will set up a meeting to choose the officers key.

The prime minister added that he is ready to enter the UN General Assembly in the US later this month and may have a chance to perform so. He said that meeting with foreign leaders will help him explain investment opportunities in Thailand.

When asked when he would attend the Finance Ministry, Mr. Srettha, who serves as the finance minister in double capacity, replied,” I’m waiting for the right option.” The second cabinet meeting is scheduled to discuss problems facing the agricultural industry, according to Mr. Srettha, such as the effects of the El Nino warming trend and a lack of land products.

According to him, all government coalition partners will work together to find new markets, lower costs, and increase output for the agricultural industry.

There might be shortfalls as a result of the El Nino sensation. We may have measures, so please wait until the first cabinet meeting. Let the crops secretary initially collect data, he said.

Over the course of the following two weeks, the prime minister may travel to Khon Kaen, Udon Thani, and Nong Khai to obtain first-hand knowledge.

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