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First Time in Indian History Forex reserves touched $500 billion mark. Today India overtook Russia & Korea to become 3rd largest forex reserve holder after China and Japan as the robust foreign funds inflow amid a raging Pandemic drives the country towards a momentous Landmark.
First Time in Indian History Forex reserves touched $500 billion mark. Today India overtook Russia & Korea to become 3rd largest forex reserve holder after China and Japan as the robust foreign funds inflow amid a raging Pandemic drives the country towards a momentous Landmark.
First Time in Indian History Forex reserves touched $500 billion mark. Today India overtook Russia & Korea to become 3rd largest forex reserve holder after China and Japan as the robust foreign funds inflow amid a raging Pandemic drives the country towards a momentous Landmark.
Have any of you radically changed your political views since childhood?
I grew up in a typical conservative middle-class household in the 90s. Like most conservative families, I grew up hearing about how horrible Sheikh Mujib became after 71, and how people were so relieved after he was murdered in 1975. This is something I heard from everyone, relatives, friends, etc. I, too, used to hate Sheikh Mujib. I thought he was a dictator, pro-India, anti-Islam, traitor, just wanted to be Pakistan's PM, etc. Of course, I was a teenager in the 2001-2006 period when the BNP-Jamat government rammed the entire country into the ground. There were hartals and oborodhs all the time, electricity used to go off every other hour, terrorist would blast a bomb every other week while the government would term it all as a "conspiracy", there was no development and we would stagger from one crisis to another. Mullahs would carry out misils all the time calling for Shariah law, and attacking Ahmadiyya houses. Khaleda Zia had zero control over the country. She just didn't have any leadership qualities. I felt that I wanted to leave this shithole as soon as I got the first opportunity. The BNP regime was interrupted by the caretaker government. Full of "highly educated" bureaucrats, I naturally supported them. But their "Minus 2" plan went nowhere, and they weren't being able to handle the country either. Fakhruddin Ahmed and Moinuddin Ahmed just didn't' have any leadership qualities either. Facing an unfavourable situation, they at least had the decency to organize elections and arrange a respectable exit for themselves. Then we the Awami League get power in 2008. I still hated them back then. Their first term, 2009-2013 was full of turmoil, with the "Shahbag movement" and the "ICT Tribunal" and the hanging of the senior Jamat leaders. But the country gradually started getting into shape. If you look at the economic indicators we started taking off in 2010. By 2014 political stability was re-established. This was all possible due to Sheikh Hasina's leadership qualities, which others lack. The Awami League's electricity reforms paid off, and loadshedding is largely over in Dhaka. Awami League drastically reduced prices of broadband internet, and we got access to bufferless YouTube for the first time. BNP was jumping up and down screaming that government was looting crores of taka under the name of quick rental power plants. But our forex reserves zoomed from 10 billion to 30 billion. New roads were being built everywhere and Bangladesh's Debt-to-GDP ratio remains one of the lowest in South Asia, and in the world. So I was really forced to re-evaluate my hatred of Awami League, Sheik Hasina and Sheikh Mujib. When I looked back at the life of Sheikh Mujib, I found that he dedicated his life to the people of East Bengal. He was a part of the Muslim League to get independence for us, and after witnessing the bloody religious riots changed his worldview to secular democratic socialism. That's something very admirable! That's not anti-Islam at all! And then he joined forces with India to free East Pakistan. That's not treason, his loyalty was to the people of East Pakistan. He single-handedly united 60 million very backward and uneducated people and led them to independence. After that, he presided over the creation of a Constitution that was secular, in a overwhelmingly rural, uneducated Muslim country. He could easily have given in to Saudi Arabia in return for oil, like so many Muslim countries, but did not compromise. He could have chosen to recognize Israel, and have gotten instant recognition and support from the West, but stayed firm to his principles of loyalty to the Palestinian people. All of his actions point towards the qualities of a great leader. Sheikh Mujib did not allow the Indians to stay in Bangladesh and ensured their withdrawal. Just have a look at countries around the world today. Look at Syria, where they have a bastard dictator who murders his own people, and an opposition full of traitors and terrorists. Look at Libya, where the people have no leadership. Look at India, where they are under the thrall of a fascist religious dictator Modi. Sudan is only establishing secularism in their constitution in 2020, while Bangladesh did it 50 years ago!!! Look at Iran, where people are all trying to escape their religious government. Look at Pakistan with their blasphemy laws and their mullahs trying to oppose any law against child marriage! We bypassed all of this thanks to Sheikh Mujib and his foresight!!! The closest leader who resembles Sheikh Mujib would be Mustafa Kemal Ataturk. While Ataturk was objectively greater than Sheikh Mujib, since he was an accomplished military leader who led the actual Turkish War of Independence himself, Ataturk also modernized a backward, rural, uneducated nation overnight into a modern, secular and democratic state. Of course, Ataturk has many haters. They also accuse him of being a dictator. But his achievements greatly overshadow any sacrifices that may have been required to achieve the goal of a modern independent Turkey. The same goes for Shiekh Mujib. Whatever are his faults, Rakkhi Bahini, BAKSAL, I am willing to forgive him for his leadership during our independence and his creation of a secular and democratic Bangladesh. Today we are blessed to have his daughter Sheikh Hasina in power. Lots of you might call her "fascist". That's such a lazy and pathetic position to take. Trust me, if there was any other leader other than SH as PM the government would be just as "fascist" as her government is now. Its so easy to sit back behind a PC and cry "fascist fascist fascist". YOU try organizing a political party in a nation of 165 million people, and then successfully leading that country on the path towards economic development. Without a doubt, if those crying 'fascist fascist' were put into power as PM they would be 100 times more fascistic than Sheikh Hasina is right now. Without a doubt, human rights abuses occur under her. Abrar was beaten to death by BCL thugs (which was fully supported by the 'humanist' Taslima Nasrin btw). But those BCL thugs are in jail now. Major Sinha Rashed Khan was murdered by OC Liakat and Prodip. Both of them are in jail. If SH was as fascist as people claim, they would be out in the streets, like the Hindu thugs who carried out the Delhi riots in February, or the terrorist Mullahs in Pakistan who forcibly convert and kidnap Christian girls. So, from what I have seen, Awami League is an organic political party of the people of East Bengal. They have deeper roots in the hearts of the people than any other political movement. And they should be lauded because they have established secularism and inclusive nationalism where there is space for Bangladeshis of all religions and ethnicities in a united Bangladesh. While sometimes they have acted in a fascist manner, it is excusable because there is no other alternative in Bangladesh who can win elections and be more liberal than BAL. Instead of pathetically criticizing them, those who want the best for Bangladesh should work with them in order to reduce the human rights abuses which do still occur. BAL will be remembered in history like the PAP of Singapore, or the UMNO of Malaysia, or the Chinese Communist Party; all of whom were authoritarian, who were accused of being fascist, but ultimately ensured the evolution of their societies from backward uneducated agricultural societies to modern, secular democratic industrial ones.
Facing an unprecedented crisis, India has ratcheted up its forex reserves like never before
This is the best tl;dr I could make, original reduced by 69%. (I'm a bot)
The country's foreign exchange reserves are at an all-time high of over $500 billion, according to data released by India's central bank on June 12.The strong forex pool provides stability in today's grim economic conditions. The rise of forexThe reasons behind the swelling forex reserves are India's shrinking import bill, an increase in foreign direct investments, improved inflows from foreign portfolio investors into the stock and debt markets, and the Reserve Bank of India's buying spree. "These assets, which are in other foreign currencies, are appreciating against the dollar and this too is pushing up the forex reserve valuations," he said. Friends with benefitsThe biggest beneficiary of strong forex reserves is the Indian currency. Pointing to 2013 when the Indian rupee depreciated by more than 20% in a span of just 4-6 weeks, Chari states that "The size of the forex reserves with respect to the current account deficit and portfolio flows becomes a key determinant of whether the currency can come under a speculative attack." Apart from protecting the rupee, large forex reserves act as an assurance to the world that India can meet its external obligations like payment for imports.
Summary Source | FAQ | Feedback | Topkeywords: forex#1Reserve#2foreign#3Indian#4India#5 Post found in /Economics. NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
India should take this opportunity to hedge it's oil supply
The current oil price war is a once in a generation event. In terms of the COVID caused demand shock and the Saudi-Russian supply shock, it's a once in a lifetime event. The time to hedge is now. To guarantee low oil prices for India for the coming year (s) and heal our current account deficit. What is hedging? A 'hedge' is a financial contract whereby you agree to purchase oil at a pre-determined price. Hedges are used to reduce price risk and they are a popular strategy used by some large oil users (particularly airlines) to ensure that fuel price volatility doesn't affect their plans. Typically, under the contract, a user will offer to purchase oil at a fixed price at a later date. (say for eg. Jan 2021). The supplier will purchase oil today and will store it for delivery at that later date. If oil prices are so low, why should we hedge? Neither Saudi or Russia can afford to engage in this oil price war for too long. Their economies and forex reserves are too intertwined to be able to afford to fight this war for too long. They are going to cave sooner or later. Furthermore, the main target of the oil price war is the US Shale oil Industry. This industry is a 400 pound gorilla in the oil world which has transformed energy markets and made US a net oil exporter, a feat unimaginable a few years ago. Essentially, clever American entrepreneurs learnt to extract oil from shale rock using advanced technology and caused the largest net increase in production in the shortest span of time. Between 2005 and 2020, the US has MORE THAN TRIPLED it's oil production. However, shale oil requires prices of over 40-50$ a barrel to be economical. https://in.reuters.com/article/us-global-oil-shale-costs-analysis/few-u-s-shale-firms-can-withstand-prolonged-oil-price-war-idINKBN2130HL Once the shale producers are destroyed we will once again be at the mercy of OPEC and the Arabs. Have we seen such an oil price war before? Yes. In the late 1980s, late 90s and between 2014-2016. Each time Saudi blinked and reduced oil production to shore up prices. https://www.spglobal.com/en/research-insights/articles/why-saudi-arabia-s-oil-price-war-is-doomed-to-fail-fuel-for-thought Do countries use hedges to hedge their oil supply? Sort of. While typical consumers who hedge are usually airlines. Suppliers often hedge as well. Mexico (which is a large oil exporter) annually hedges almost all of it's production in what is called a 'Hacienda Hedge'. This year's hedge has saved the Mexican Economy https://oilprice.com/Energy/Crude-Oil/Mexicos-Oil-Hedge-Just-Saved-Its-Economy.html When is it a right time to hedge? This one is tricky. The ideal time to hedge is when oil prices are near their bottom. Just like there is talk of 'flattening the curve' with Covid, for traded commodities the best time to hedge is the 'bottom of the curve' This chart shows the price of 1 barrel of Brent Crude oil up to 80 months into the future. That's almost 5 years! https://www.erce.energy/graph/brent-futures-curve The price of oil 5 years from now is shown to be currently at 54 dollars a barrel. That is much lower than what we were paying just last year in September when Saudi oil facilities were attacked. What are the risks? The risks are mainly three fold.
Hedges work essentially by storing cheap oil today and having it delivered at a later date. As India is a large oil importer, any attempt to hedge oil consumption will immediately cause oil prices to rise. Therefore, while it may not be possible to hedge all of India's oil consumption, it is certainly possible to hedge a significant part of it.
India will not be able to take advantage of lower oil prices if prices CONTINUE to stay low. However, past history shows this is unlikely.
Indian Oil PSUs also export large amounts of their products overseas due to surplus refining capacity. However, if oil prices continue to be low, the relative cost of their products increases and export become uneconomical.
Hello, Just wanted to share some of my legitimate concerns around decentralised finance with the broader community. To be quite clear - I am a huge fan of Ethereum and DeFi and believe this could lead to the future of finance. However, I do worry if there is a circle jerk within the community that could lead to a lack of adoption in the coming months. I will try and keep this as short as possible. By all means, do understand I am coming from the pov of sharing constructive criticism and not dissing on the efforts of those building. If you are solving for these problems in particular, please ping me and I'd love to talk further with you
On-ramps The largest problem for much of the developing world is the fact that while DAI can without doubt give dollar exposure, acquiring them is quite a difficult task. In fact if DAI demand goes up substantially in a region, it could have premiums of upto 25% which makes it a bad on-ramp tool without necessary liquidity in place. (check Wazir X p2p USDT rates in India for context). This problem is not endemic to DAI alone but is applicable to stable tokens of all kinds. With regional regulations in nations like Thailand, Vietnam, Indonesia, Phillipines, Malaysia and India not being clear on stable tokens in particular, it becomes an uphill task for developers to build on it. More importantly, it becomes less appealing for the average individual to use. Now typically this wouldnt matter if the point of DeFi was to be a niche project aimed at a small community. However, DeFi has the power to be the first mass market blockchain tool for the world. Consider it to be the "e-mail" or "napster" moment for blockchain based applications. IF we are to scale then on-ramps and off-ramps need to be solved for. This can happen only and if the community begins engaging with regional regulators and exchanges begin providing solutions. In an ideal world, acquiring stable tokens should be as easy as venmo'ing someone $10 dollar and receiving say $9.90 (1% fee) in Incento (incento.io seems interesting, not shilling but do check them out!)
Incumbent Efficiency In order for a system to scale past a certain point, the value add it brings needs to be considerably higher than the incumbent. Depending on the size of the remittance market, there exists multiple payments and wire transfer corridors set up by startups today to solve for quick transfers. In fact during times when a blockchain like those of Ethereum's or Bitcoin's are clogged - transferwise can prove to be a cheaper, better alternative than tokens. This is not to diss on the fact that decentralisation and immutability has a price attached to them, but for the average user today alternatives are far better than token based products. The challenge when it comes to scaling - especially towards L2 is whether products can be incrementally better than their incumbents in exchange for some trade offs (eg: relative centralisation in lightning for minimal fees and quicker confirmation). Today's DeFi apps have to make a call between being ideological and efficient because it seems there is a price attached to ideology and retail users aren't willing to pay that price.
Slippage Much props to Kyber and Uniswap for solving for this on most DeFi apps but there remains challenges in how settlements for defi instruments today happen. As the scale of volume on products like DyDx and Nuo increase and the expected accuracy at which trade settlements are anticipated to be limited to, there will come a point in time where traditional market-makers will have to enter the system. At $500 million the DeFi space's largest traders constantly reel from price slippages and a lack of liquidity. How can we scale to $10 billion or $1 trillion without the kind of liquidity that could instill confidence in large whales. In order to solve this, there will come a point in time where hedge funds and dark pool service providers from traditional markets begin targetting DeFi instruments. The community will likely see this as an all out assault on the principles DeFi has been built upon but to be honest, this will be a quintessential requirement for the space to grow. We are seeing an early variant of this already with the likes of Cred raising $50 million to re-issue as debt (yes, not entirely DeFi) or with MakerDAO having VC partners that come from traditional backgrounds. Even in the case of products like Dharma and compound, the market-makers are hedge funds. We will see a convergence of traditional market products and DeFi soon. That will be an exciting phase imo.
Product-Market Fit Debt is one of the oldest financial innovations in the markets. Quite literally. Some of the first ever tablets recorded debt obligations and as such have been quintessential to the growth of human civilisation. MakerDAO's proposition of issuing token backed debt is by all means revolutionary but in order to see true scale, DeFi has to grow beyond the individuals that can give assets as collateral. I reckon there will be a new layer of growth for DeFi soon that will be powered with open-data and AI. One where an individual's credit worthiness could be checked with the individual's permission on basis of on-chain tx activity and self sovereign identity. I also see a market for AI based lending rate predictions and forex management by central banks. Autonomous agents can realistically analyse tx's in and out of a country, account for macro-economic indicators and optimise internal lending rates and foreign currency reserves. Ofcourse it is too early for any of this to take place but within the next decade our markets will be far more (i) closer due to globalisation and (ii) automated due to improvements in AI. DeFi is all well and good but if we are going to beat the same old drums of economic instruments that were created thousands of years back, there may be no real value proposition here. LsDAI, rDAI, CDAI, DAI... are all interesting but the average user sees no value yet. Which makes me wonder if we are sitting around patting each other's back before we see something productive (a unicorn from the DeFi ecosystem perhaps?)
Scale 4.5 billion. That's the number of unbanked individuals that can be catered to with an L2 payments solution powered by Ethereum. Challenges? On-ramp, storage of private keys, user education and bloody hell - marketing and user education. Emphasis on the last 2 because I feel not much focus is given on it. We can no longer build and hope the markets come. We are in an era of Zombie startups where startups with north of $100 million+ valuations in Mcap, that raised north of $10million in 2017 from ICOs are sitting on ~1000 users a month. People think the alts blood seepage is done but it is likely that that bleeding wont stop until we find users. And when we do find users, we cant expect them to be using a gazillion tokens, each with weird token economics and even more complex functioning to be using them. Standardising of token interactions through wallets and interoperability will solve for these challenges but its time we asked what are the biggest problems DeFi can solve today? Here are some hints.. NFT based Income share agreements -Non collateralised debt for gig economy corporations that are registered as DAOs -DAO treasury management -Forex off-ramps for tourists (P2P) More on these later..
-Rupee continues to recover, gains Rs4.16 in four months The Pakistani rupee has maintained a gradual uptrend against the US dollar since the beginning of current fiscal year in July and is anticipated to gain more ground in the remaining eight months amid expectations of increase in foreign currency inflows. The rupee gradually strengthened Rs4.16 or 2.60% in the past around four months to Rs155.88 to the US dollar in the inter-bank market on Friday, according to the State Bank of Pakistan (SBP). “The rupee may recover to 145 to the greenback by June 30, 2020,” Forex Association of Pakistan (FAP) President Malik Bostan projected while talking to The Express Tribune. Further: -In a positive development, Pakistani Rupee hits highest level of four months against US dollar The Pakistani rupee has shown recovery against the US dollar as the US currency reached the lowest level in four months. -ExxonMobil to help build LNG terminal in Pakistan After getting a liquefied natural gas (LNG) supply contract from private-sector consumers, US energy giant ExxonMobil is planning to build the third LNG terminal in Karachi as a joint-venture partner. Some time ago, ExxonMobil, in collaboration with Pakistan’s exploration and production companies, drilled an offshore well to search for hydrocarbon reserves in the Arabian Sea. However, the effort could not prove successful. Now, in a new venture with Energas consortium, the US firm is going to invest in setting up an LNG terminal in Pakistan. -Pakistan's Hindu community celebrates Diwali today in a renovated temple reopened by the Pakistan government after 72 years he country’s Hindu community is celebrating the annual religious festival of Diwali. The religious festivities are expected to take place in Shawala Teja Singh Temple, located in Sialkot, after 72 years. All preparations for the upcoming festival have been completed. The festival of Diwali is being seen as more of a cultural than a religious one as people from other faiths will celebrate alongside members of the Hindu community. The temple, where the festivities will take place, was closed down in 1947. The Evacuee Trust Property Board (ETPB) and certain members of the Hindu community decided to open the temple a few months ago, after which the renewal and renovation work had begun. Now, for the first time, this temple is going to celebrate a religious ceremony. -Tax Returns Filed Per Day in 2019 Have Increased by 127 Percent: FBR Chairman Federal Board of Revenue’s (FBR) Chairman Syed Shabbar Zaidi has announced that on average, tax returns filed per day in 2019 have risen by 127 percent compared to last year. In a Twitter post, Zaidi shared details of the tax returns filed so far. As per the records, the number of tax returns filed in 2019 till October 25 stands at 918,027, as compared to 585,209 tax returns filed in the same period last year. Zaidi said that as of November, the FBR will impose strict measures against unauthorized interactions and harassement between its staff and the business community. The business community is suggested to report to FBR if any person contacts them through any manner without proper authorization. -Pakistan, Nepal agree to enhance trade ties President Dr. Arif Alvi on Saturday held a meeting with the Nepal’s Prime Minister Khadga Prasad Sharma Oli on the sidelines of 18th Non Aligned Movement Summit in Baku, ARY News reported. According to a statement issued by the ministry, both the leaders affirmed to enhance trade ties between the two countries and expressed their desire to further strengthen the bonds of friendship. Matters of mutual interest, bilateral relations, regional peace, grave human rights violations and humanitarian crisis in occupied Kashmir and other issues were came under discussion in the meeting. Speaking on the occasion, President Alvi briefed the Nepalese prime minister on Indian illegal actions in occupied Kashmir. He expressed hope that Nepal will play its role as SAARC chair, for strengthening peace and stability in the region. -CPEC enters into 2nd phase: Poverty, agriculture, B2B initiatives prime focus: Khusro Federal Minister for Planning, Development & Reform Makhdoom Khusro Bakhtyar Wednesday said the CPEC has now entered into its second phase with focus on poverty alleviation, agriculture and B2B industrial cooperation. “The Pakistan Tehreek-e-Insaf (PTI) government's economic reform measures will strengthen the country's economy as the investors' confidence is rebounding due to corrective measures," the minister expressed these views while talking to Australian High Commissioner Dr Geoffrey Shaw who called on him on Wednesday. Secretary Planning Zafar Hasan was also present in the meeting. While discussing bilateral relations and foreign investment in various sectors in Pakistan especially in Gwadar, the minister said that ongoing phase of CPEC will bring about socioeconomic benefits for the welfare of the people. He said that CPEC offers enormous potential to boost national economy and reduce poverty. -Pakistan's Defence Exports have reached USD 212.6 MILLION IN 2018-2019 According to the Pakistan Ministry of Defence Production’s (MoDP) “First Year Performance Report,” the country had registered $212.6 million US in defence exports from August 2018 to August 2019. Pakistan Aeronautical Complex (PAC) booked the highest value at $184.38 million US, which was followed by Pakistan Ordnance Factories (POF) at $7.13 million US and Heavy Industries Taxila (HIT) at $1.3 million US. In addition, private sector firms booked $19.36 million US in sales. No additional breakdowns were provided by the MoDP. It is likely that PAC’s exports were fueled by co-production work for FC-1/JF-17 sales to Myanmar and/or Nigeria. Though an agreement was signed with Turkey for the sale of 52 Super Mushshak basic trainers, it is unclear if PAC has started manufacturing these aircraft. -DRAP to launch countrywide drive against substandard, spurious medicines The Drug Regulatory Authority of Pakistan (DRAP) is launching a countrywide campaign against substandard medicines, the PM’s Special Assistant on Health Dr. Zafar Mirza said while addressing the federal and provincial drug inspectors in Islamabad on Thursday. He said a crackdown is being launched throughout the country to eradicate the menace of unregistered, spurious and sub-standard medicine. In addition to medicine quality, he added, DRAP will also take stern action against violation of fixed prices of medicines. -Foreign exchange: SBP reserves increase $79m to $7.89b The foreign exchange reserves held by the central bank increased 1.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves. On October 18, the foreign currency reserves held by the SBP were recorded at $7,892.7 million, up $79 million compared with $7,813.7 million in the previous week. The report cited no reason for the increase in reserves, which stood below the $8-billion mark. -Ease of business: Pakistan up 28 places on World Bank index Pakistan has jumped up 28 places on the World Bank’s (WB) Ease of Doing Business Index and secured a place among the top 10 countries with the most improved business climate – a development that will greatly improve Islamabad’s image abroad, Pakistan carried out six reforms that helped improving its ranking from 136 to 108, according to the WB’s annual flagship report, ‘Ease of Doing Business 2020’, released on Thursday. It turned out to be the sixth global reformer and first in South Asia that brought ease in doing business in the last one year. The fewer are the regulations the better is the ranking on the index. The key to attain perfection is to cut the bureaucracy hindering business activities in the name of various regulations and procedures. -CM approves Rs 500m for Punjab Housing & Town Planning Agency Punjab Chief Minister Sardar Usman Buzdar has given approval of Rs 500 million for Punjab Housing & Town Planning Agency. He gave approval while presiding over a high-level meeting at CM Office here on Monday. During the meeting progress on Naya Pakistan Housing Project for low-income persons was reviewed and detailed briefing was also given to the participants on Naya Pakistan Housing strategy. While addressing the meeting, Usman Buzdar said that obstacles should be removed in order to ensure completion of Naya Pakistan Housing Scheme and financial conditions of common man should be kept in mind while chalking out housing policy of the project. All out attention should be paid while constructing small houses in the province, he added. It has also been decided during the meeting to launch rural housing project in 17 model villages. -KSE 100 gains 204 points amid improved sentiments The benchmark KSE 100 Index depicted remarkable progress as it gained around 204 points and concluded at 33,861-level.It was a busy start to the week at the Pakistan Stock Exchange (PSX) with earnings season hitting its peak, while volumes remained at par with previous weeks’ average. Biggest single day investment in treasury bills in the previous week of estimated US $87.5 million, increasing total investment to US$440 million since July 2019 was the major rally point in the market sentiments. The bourse recorded an intraday low of 33,572.36 soon after the commencement of the session. However, after regaining the momentum, the index marked its day’s high at 34,008.35 adding 350.89 points. It settled higher by 204.13 points at 33,861.59. The KMI 30 Index accumulated 386.53 points to settle at 55,155.92, while the KSE All Share Index managed to gain 86.13 points, ending at 24,543.78. -Sindh to reserve 0.5% job quota for transgender persons The Sindh Cabinet on Wednesday agreed to reserve 0.5 per cent quota in government jobs for transgender persons. “I want to bring transgender people into the mainstream,” said Sindh Chief Minister Syed Murad Ali Shah during the cabinet meeting. “We want to make them an asset for our society.” CM Murad congratulated the transgender community on behalf of the cabinet and advised them to improve their education. Around 41,000 positions are vacant in different government departments across Sindh out of which 206 will be given to transgender people. A spokesperson from the chief minister’s house stated that out of the 41,000 available jobs 16,000 positions will be filled this fiscal year. Rest of the positions will be filled in the period of next three years. -Malaysia's Mahathir stands by Kashmir comments despite India palm oil boycott Malaysian Prime Minister Mahathir Mohamad said on Tuesday he would not retract his criticism of New Delhi’s actions in occupied Kashmir despite Indian traders calling for an unprecedented boycott of Malaysian palm oil. The impasse could exacerbate what Mahathir described as a trade war between the world’s second biggest producer and exporter of the commodity and its biggest buyer so far this year. India’s top vegetable oil trade body on Monday asked its members to stop buying Malaysian palm oil after Mahathir said at the United Nations General Assembly last month that India had “invaded and occupied” Kashmir. -“World’s two major companies setting up solar panel plants in Pakistan” Federal Minister for Science and Technology Fawad Chaudhry announced on Monday that the world’s two major solar panel firms will establish their plants in Pakistan. The minister tweeted saying “good news gets lost in political plays, yet I am very happy that the world’s two major companies are setting up solar panel’s plants in Pakistan.” Chaudhry added that China’s second-largest Lithium battery producer will also set up its workshop in Pakistan. The Lithium battery-powered buses will also be manufactured in Pakistan, the tweet further said. The Minister for Science and Technology was recently on a visit to Beijing where he met various Chinese officials and the country’s business leaders. -Pakistan Navy organizes free medical camp in Balochistan Navy organized a free medical camp in the village Dam of Balochistan in collaboration with Sahil and Ulfat welfare foundations. According to the spokesperson of Pakistan Navy, specialist doctors of surgical, medical, skin, gynecology, child and general medically inspected patients at the camp. Over 700 patients were provided with free medical treatment, medicines and ordinary surgical facilities. -Lahore to get Tram service soon Citizens of Lahore are getting a modern-day tram service soon, based on the famous British-era tram service. In this regard, the Punjab Transport Department has inked an agreement with CRSC International, a Chinese company specializing in rail transportation control systems, and Inkon Group of the Czech Republic. The development of the project is divided into several phases. In the first phase, a 35 km track will be constructed on Canal Road, Lahore. Up to 50 trams will run on this track. Once operational, the trams will be able to carry 35,000 passengers in 1 hour. The trams will be powered through electricity and batteries. A single tram will have a service life of around 40 years. 2 tram depots will be constructed at different locations as well. -10 Pakistani Universities Ranked Among the World’s Best in ‘University Impact Rankings 2019’ Ten Pakistani universities have been ranked among the top universities in the world in the Times Higher Education (THE)’s list. THE is a weekly UK-based magazine that issues its annual list of world’s most influential universities. The list called ‘University Impact Rankings 2019’ has included 10 Pakistani varsities in different categories, including Gender Equality, Good Health and Well-being, Quality Education, Decent Work, Economic Growth, and others. According to the magazine, the rankings assess universities against the United Nations’ Sustainable Development Goals. -PM Imran Khan inaugurates China-Hub Power Generation Plant in Balochistan Prime Minister (PM) Imran Khan has said that Pakistan is moving forward through China-Pakistan Economic Corridor (CPEC) projects. Addressing inaugural ceremony of China Hub Power Generation Plant in Balochistan, he said this is the first joint project under the CPEC umbrella and he is very happy after inaugurating it. “The government will facilitate joint collaboration between Pakistani and Chinese businesses in various sectors.”, he said. PM Imran Khan said with the help of coal reserves in Thar, Pakistan can generate huge amount of electricity, which can be enough for at least 100 years. -Punjab Forest Department develops ‘record keeping’ mechanism Department of Forest Punjab is managing 1.6 million acres of forest land area – 67 per cent of the entire forest land area in Punjab – under the Geographic Information System (GIS), Pakistan Today learnt reliably on Friday. The program enabled the forests department to ensure sound management and introduce state of the art record-keeping and mapping methods. ‘Development of GIS-Based Forest Management Information System in Punjab’ was approved at PC-1 with a cost of Rs75 million and a gestation period of 36 months (2016-2019) has allowed for transfer of all forest resources and inventories into IT-based inventory systems and achieved extensive field surveys, rapid data collection and its processing for development of the forestry sector on efficient lines. -Hutchison Port Holdings announces $240m investment in Pakistan Prime Minister Imran Khan has welcomed $240 million foreign investment from Hutchison Port Holdings, a Hong Kong-based port operator. A delegation of Hutchison Port Holdings, led by its Group Managing Director Eric Ip, called on Prime Minister Imran Khan on Tuesday. Other delegation members included HPH Middle East & Africa Managing Director Andy Tsoi and Middle East & Africa Business Director Eric Ng. Maritime Affairs Minister Syed Ali Haider Zaidi, Adviser to PM on Commerce Abdul Razzaq Dawood, Special Assistant to PM on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari, Ambassador-at-Large for Foreign Investment Ali Jehangir Siddiqui and Board of Investment Chairman Zubair Haider Gilani were also present on the occasion. Group Managing Director Eric Ip apprised the prime minister of Hutchison’s fresh investment into Pakistan approximating $240 million which will enhance the new container terminal capacity at the Karachi Port, and increase Hutchison Ports’ total investment in Pakistan to $1 billion. -Punjab's tax collection jumps 44% Punjab’s tax collection registered a 44% growth to Rs77 billion in first quarter of the ongoing fiscal year compared to the corresponding period of previous year, despite tough conditions of the federal government for the provinces to get a share in the federal divisible pool of resources. Punjab Finance Minister Makhdoom Hashim Jawan Bakht disclosed this at a review meeting of the Finance Department on Monday. The meeting was briefed that despite the financial backlog left by the previous government, the current government gave a surplus budget of Rs233 billion in order to meet financial requirements of the federal government to comply with conditions of the International Monetary Fund (IMF) loan programme. -‘SECP recognised as 7th most effective regulator in world’ The Securities and Exchange Commission of Pakistan (SECP) has been recognised as the “7th most effective regulator” by the World Economic Forum in its ‘Global Competitiveness Report-2019’. “Pakistan was ranked as the 52nd most dynamic economy in the world. The country secured this by improving 15 points from last year, as it stood at 67th in 2018,” said a statement issued by Mishal Pakistan, Country Partner at WEF’s Institute of the Future of Economic Progress System Initiative, on Wednesday. “The progress of Pakistan’s competitiveness was due to the achievements made during the last 12 months.” The most effective improvements were made due to the initiative and strategies adopted by the apex regulator for the corporate sector and the capital markets; supervision and regulation of insurance, non-banking financial companies and private pension schemes. The SECP improved Pakistan’s competitiveness rankings by improving the “number of days to start a business”, where Pakistan was ranked at the 90th position compared with 96th in 2018. -Pakistan China bilateral trade crosses $19 billion, highest ever in history Pakistan Ambassador to China , Naghmana Hashmi has said the bilateral trade volume between Pakistan and China has now touched US $ 19.08 billion and both countries aimed to raise it further. “The bilateral trade volume between Pakistan and China has now touched US$ 19.08. We aim to raise it further,” Ambassador Hashmi said joint ventures in defence production have led to the manufacture of the MBT 2000 Al-Khalid Tank and JF-17 Thunder, a fighter aircraft. “On the diplomatic front, the two countries are committed to protecting and promoting multilateralism and upholding the United Nations (UN)Charter, while our cooperation has extended to science and technology, socioeconomic sectors and nuclear cooperation for peaceful purposes,” she added. -Foreign Company Agrees to Drop $6 Billion Penalty, Re-Invest in Reko Diq: Reports The International Center of Settlement of Investment Disputes (ICSID) had slapped the country with a $6 billion penalty for revoking the contract without prior knowledge back in 2009. Soon after the development, the Prime Minister had empowered his financial team to contact the executives of the Tethyan Copper Company (TCC) to reach an out-of-court settlement and avoid the penalty. Reportedly, after the Pakistan authority’s approach, the company has not only agreed to take back the penalty but has also agreed to invest in the project again. As per media reports, PM Imran Khan contacted the TCC management and discussed the prospects of the matter. He assured the company his full support if they wanted to revise the investment plan for the project. The company will reportedly withdraw its appeal from the ICSID, while Pakistan will compensate for their damages due to the cancelation of the contract. -Current account deficit shrinks massive 64pc The country’s current account deficit (cad) in the first quarter of current fiscal year declined by a huge 64 per cent mainly on the back of a 21pc reduction in the imports bill. The State Bank’s latest data issued on Friday showed the current account deficit for July-September FY20 clocked in at $1.548 billion compared to $4.287bn in the same period last fiscal year; a decline of $2.739bn. The reduced current account deficit is a positive omen for the government, which is struggling with slow economic growth and high inflation. However, despite massive decline in rupee’s value, the country’s exports have failed to register any noticeable increase during the period. -Food imports down 24pc, exports up 14pc in Q1 FY20 Food group imports into the country during the first quarter of the current financial year (July-Sept 2019-20) decreased considerably by 24.7pc, whereas exports increased by 13.98pc compared with the corresponding period of last year. The import of food commodities into the country during the period under review came down from $1.45 billion to $1 billion, whereas the exports increased from $864 million to $984.7 million, according to latest data released by the Pakistan Bureau of Statistics (PBS). -Chinese Smartphone Company Realme to build mobile phone manufacturing factory in Pakistan Chinese company Realme's Director of Marketing in Pakistan Mr He Shunzi in an interview disclosed that Realme is planning to set up the mobile phone manufacturing factory in Pakistan. He told that company is inspecting locations in Islamabad, Peshawar, and Faisalabad Industrial Estate for suitable land. Pakistani mobile market offers guaranteed capital as Realme ranked top five android brands in Pakistan in less than nine months, capturing 8% of total market share, he added. -Chinese Coal Giant Wants to Convert Thar’s Coal to Diesel China’s Shenhua Ningxia Coal Industry Group will help convert Thar’s coal into oil and the talks between the two parties are underway. The Shenhua Ningxia Coal Industry Group is a subsidiary of China’s biggest coal producer, the Shenhua Group and the company already has the world’s largest plant for converting coal into diesel, with an annual production capacity of 4 million tons in Ningxia in its portfolio. The agreement, if signed, will be a ‘game-changer’ for Pakistan, believes Adviser to Prime Minister on Petroleum Nadeem Babar, who accompanied Imran Khan on his recent visit to China. The Pakistani delegation held talks with the Shenhua Group during the trip: -In a positive development, Pakistan projected among top 20 rising economic growth engines of the World Pakistan projected among 20 top rising economic growth engines of the World that would dominate the global growth in next 5 years. Pakistan has been projected as one of 20 countries that will dominate global growth in five years time in 2024, an assessment made by Bloomberg using data from the International Monetary Fund (IMF). -In a positive development, Pakistan textile exports register increase Textile exports from the country increased by 2.95pc during the first quarter of the current fiscal year (July-Sept FY20) compared with the corresponding period of the last fiscal year. The textile exports during the period under review were recorded at $3,371.974 million as against the exports of $3,275.303 million during July-September 2018-19, according to latest data by the Pakistan Bureau of Statistics (PBS). The textile commodities that contributed to the positive growth included raw cotton, exports of which grew by 53.65pc, from $7.047 million to $10.828 million. Similarly, the exports of yarn (other than cotton yarn) increased by 21.95pc, from $7.759 million last year to $9.462 million, while that of knitwear surged by 11.14pc, from $701.393 million to $779.548 million. -Kartarpur Corridor will open to public on November 9: PM Imran Prime Minister Imran Khan on Sunday announced that Pakistan will inaugurate the Kartarpur Corridor on November 9. The premier’s announcement came via a Facebook post in which he said that construction work on the Pakistani side had entered the final stage. “Pakistan is all set to open its doors for Sikhs from all across the globe,” he wrote. “World’s largest Gurdwara will be visited by Sikhs from across India and other parts of the world,” he said. -'$1.2b penalty in Karkey case likely to be waived' Pakistan Tehreek-e-Insaf (PTI) leader and senior lawyer Babar Awan has said that the $1.2 billion penalty that Pakistan has to pay to Turkey’s Karkey rental power plant is likely to be waived. “International institutions, through high-level backdoor contacts, have agreed to waive off the penalty. This is very good news for Pakistan,” said Awan while addressing the media on Friday. “International institutions have shown their trust in Prime Minister Imran Khan,” he added. -Punjab Govt to Introduce a Unified Tax Collection System Punjab government is contemplating the introduction of a unified tax collection system in the province. The unified system will streamline the tax collection process and facilitate the taxpayers. At the moment, Punjab Revenue Department, Excise and Taxation Department, and local administrations collect taxes in Punjab. On Sunday, Finance Minister of Punjab, Makhdoom Hashim Jawan Bakht, headed a meeting of Punjab Revenue Authority (PRA). Bakht said that a special tax management unit will be set up at the Punjab finance department that will unify tax collection all across the country. -PM To Launch Clean Green Pakistan Index for Multiple Cities Prime Minister’s Adviser on Climate Change, Malik Amin Aslam, said that Imran Khan will launch the Clean Green Pakistan Index (CGPI) at a grand launching ceremony on October 30. The initiative is aimed at introducing competition among cities on various indicators, including public access to clean drinking water, safe sanitation, effective solid waste management, and tree plantation. The prime minister will announce a six-month competition among 19 cities of Punjab and Khyber-Pakhtunkhwa provinces, he added. The adviser said that after six months, these cities will be ranked again and those with prominent progress will be rewarded with special federal and provincial government funds and more cities will be joining the competition. -PM Khan Will Lay The Foundation of Baba Guru Nanak University on Oct. 28 Prime Minister Imran Khan is going to lay the foundation stone of Baba Guru Nanak University on October 28. The establishment of this university in Nankana Sahib was announced earlier this year when PM Khan was in the town for a Spring Tree Plantation Campaign. -Sindh govt invites bids for Dhabeji SEZ The Sindh government has launched the well-connected Dhabeji Special Economic Zone in district Thatta near Port Qasim, according to a statement issued on Monday. In this connection, the Sindh Economic Zones Management Company (SEZMC), being the provincial SEZ custodian, has invited proposals for the development and operation of Dhabeji project through an advertisement published in leading national and international newspapers. Dhabeji SEZ was highlighted in the recent meeting of the China-Pakistan Economic Corridor (CPEC) Joint Working Group on Industrial Cooperation. The senior officials of China’s National Development Reforms Commission (NDRC) appreciated the Sindh government on the progress made so far. The Sindh government launched the project through an international competitive bidding process as a build-up to the upcoming 10th Joint Coordination Committee (JCC) meeting between China and Pakistan, which would be held next month. -Rice exports surge 51pc in first quarter FY20 Rice exports from the country during the first quarter of the financial year 2019-20 grew by 50.76pc as compared to the corresponding period last year. During the July-September period, about 839,356 metric tonnes of rice, worth $470.584 million, were exported as compared the exports of 551.5,86 metric tonnes, valuing $312.147 million, during the same period of FY19. According to data released by the Pakistan Bureau of Statistics, the exports of basmati rice increased by 47.29pc, as 212,873 metric tonnes of basmati rice ($194.669 million) were exported during the first quarter of FY20, as compared the 127,669 metric tonnes ($132.166 million) in the same period of last year. Meanwhile, 34,090 metric tonnes of fish and fish preparations worth $79.549 million were also exported in the period under review as compared to the exports of 25,859 metric tonnes valuing $67.294 million during the same period of last year.
The proven oil reserves in Venezuela are recognized as the LARGEST in the world, totaling 297 billion barrels. While ignoring (and even supporting) the atrocities of authoritarian regimes in places like Saudi Arabia, Bahrain and Uzbekistan, US oligarchs have targeted Venezuela for “regime-change” in the name of “democracy”. Currently, the US is engaging in economic warfare against Venezuela to foment a coup and remove its democratically elected president Nicolás Maduro. Without providing solid evidence, our corporate-controlled government and mainstream media portray Maduro as a corrupt, repressive, and illegitimate leader with little to no support.
Why is the US Corporatocracy so Keen to Remove Maduro?
While Venezuela’s economy is not a strictly-state-run economy, its oil industry is nationalized and uses its revenues for the benefit of its citizens (especially the poor). After years of crippling US sanctions Maduro stepped over a crucial line in October when his government announced that Venezuela was abandoning the US dollar and would be make all future transactions on the Venezuelan exchange market in euro. Saddam Hussein also went off the dollar in favor of the euro in 2003 – we started dropping bombs on him the next month. A similar decision by the Gadhafi government in Libya (2011) was quickly followed by a devastating US-orchestrated conflict - culminating in Gadhafi's capture by radical Islamists who sodomized him with a bayonet before killing him. Since then, Libya has gone from Africa's wealthiest country to a truly failed-state complete with a slave trade! To make matters worse, after the collapse of the Libyan government, its military arms were smuggled out of that country and into the hands of ISIS fighters in Iraq and Syria - enabling US-orchestrated chaos in those countries.
Who cares what currency a country uses to trade petroleum?
Answer: US oligarchy
The US dollar is central to US world economic domination. Like all other modern currencies, it is a fiat currency – backed by no real assets to prop up its value. In lieu of a “gold standard” we know operate on a de-facto “oil-standard”: "After the collapse of the Bretton Woods gold standard in the early 1970s, the United States struck a deal with Saudi Arabia to standardize oil prices in dollar terms. Through this deal, the petrodollar system was born, along with a paradigm shift away from pegged exchanged rates and gold-backed currencies to non-backed, floating rate regimes. The petrodollar system elevated the U.S. dollar to the world's reserve currency and, through this status, the United States enjoys persistent trade deficits and is a global economic hegemony." Investopedia “The central banking Ponzi scheme requires an ever-increasing base of demand and the immediate silencing of those who would threaten its existence. Perhaps that is what the hurry [was] in removing Gaddafi in particular and those who might have been sympathetic to his monetary idea.” Anthony Wile
US Foreign Policy is about Oligarchy Not Democracy
Since World War II, the US has attempted to over-throw the 52 foreign governments. Aside from a handful of exceptions (China, Cuba, Vietnam, etc.), the US has been successful in the vast majority of these attempts. US foreign policy is not about democracy – it is about exploiting the world’s resources in the interests of a small, ultra-wealthy global elite. This exploitation benefits a small percentage of people at the top of the economic pyramid while the costs are born by those at the bottom.
US CIA Coup Playbook:
How to Plunder Resources from Foreign Countries While Pretending to Support Democracy
Find a country with resources you want.
Send in an “Economic Hitman” to offer bribes the country’s leader in the form of personally lucrative business deals. If he accepts the deal, the leader will amass a personal fortune in exchange for "privatizing” the resources you wish to extract.
If the leader will not accept your bribes, begin the regime-change process. 3) Engage in economic warfare by imposing crippling sanctions on the country and blame the ensuing shortages on the leader’s “socialist” policies. 4) Work with right-wing allies inside country to fund and organize an “astroturf” opposition group behind a corporate-friendly puppet. 5) Hire thugs inside country to incite unrest and violence against the government in coordination with your opposition group. Use corporate media to publicize the orchestrated outbursts as popular outrage and paint a picture of a “failed state” mired in corruption and chaos. 6) When the government arrests your thugs, decry the response as the brutal repression. Use corporate-owned media to demonize the target government as a despotic regime while praising your puppet opposition as champions of democracy. 7) Work with right-wing military leaders to organize the overthrow the government (offer them the same business deals the current leader refused). 8) If a military-led coup cannot be organized, create a mercenary army to carry out acts of terrorism against the government and its supporters. Portray the mercenaries as “freedom fighters” and their acts of terrorism as a “civil war”. 9) If the target government has popular and military support and is too well-defended for your mercenaries to over-throw: label the country a “rouge state” and wait for the right time to invade. Meanwhile, continue to wear the country’s government and populace down using steps 3 – 8. 10) Escalate the terror campaign within the country to provoke a military response from the country against the US. If they won’t take the bait , fabricate an attack or threat that you can sell to the US population as justification for an invasion. 11) Once the government is removed, set up your puppet regime to provide the illusion of sovereignty. The regime will facilitate and legitimize your appropriation of the country’s resources under the guise of "free" trade. 12) As you continue to extract the country’s resources, provide intelligence and military support to the puppet regime to suppress popular dissent within the country. 13) Use the demise of the former government as yet another example of the impracticality of “socialism.” What Can I Do? Call your senators and representatives to voice your opposition to US regime-change efforts in Venezuela. https://www.commoncause.org/find-your-representative/ Please share this message with others. Sources included at: https://link.medium.com/8DiA5xzx4T
ALAN MACLEOD FEBRUARY 8, 2019 A recent Gallup poll (8/13/18) found that a majority of millennials view socialism favorably, preferring it to capitalism. Democratic socialist Bernie Sanders is the most popular politician in the United States, while new leftist Rep. Alexandria Ocasio-Cortez’s (AOC) policies of higher taxes on the wealthy, free healthcare and public college tuition are highly popular—even among Republican voters (FAIR.org,1/23/19). Alarmed by the growing threat of progressive policies at home, the establishment has found a one-word weapon to deploy against the rising tide: Venezuela. The trick is to attack any political figure or movement even remotely on the left by claiming they wish to turn the country into a “socialist wasteland” (Fox News, 2/2/19) run by a corrupt dictatorship, leaving its people hungry and devastated. Leading the charge have been Fox News and other conservative outlets. One Fox opinion piece (1/25/19) claimed that Americans should be “absolutely disgusted” by the “fraud” of Bernie Sanders and Democrats like Alexandria Ocasio-Cortez, Elizabeth Warren and Cory Booker, as they “continue to promote a system that is causing mass starvation and the collapse of a country,” warning that is exactly what their failed socialist policies would bring to the US. (Back in the real world, while Sanders and Ocasio-Cortez identify as socialists, Warren is a self-described capitalist, and Booker is noted for his ties to Wall Street, whose support for his presidential bid he has reportedly been soliciting.) A second Fox Newsarticle (1/27/19) continues in the same vein, warning that, “At the heart of Venezuela’s collapse is a laundry list of socialist policies that have decimated its economy.” TheWall Street Journal(1/28/19) describes calls for negotiations in Venezuela as “siding with the dictator.” In an article entitled “Bernie Sanders, Jeremy Corbyn and the Starving Children of Venezuela,” the Washington Examiner (6/15/17) warned its readers to “beware the socialist utopia,” describing it as a dystopia where children go hungry thanks to socialism. The Wall Street Journal (1/28/19) recently condemned Sanders for his support of a “dictator,” despite the fact Bernie has strongly criticized Venezuelan President Nicolás Maduro, and dismissed Maduro’s predecessor, Hugo Chavez, as a “dead Communist dictator” (Reuters, 6/1/16). More supposedly centrist publications have continued this line of attack. The New York Times’ Bret Stephens (1/25/19) argued: “Venezuela is a socialist catastrophe. In the age of AOC, the lesson must be learned again”—namely, that “socialism never works,” as “20 years of socialism” has led to “the ruin of a nation.” The Miami Herald(2/1/19) cast shame on Sanders and AOC for arguing for socialism in the face of such overwhelming evidence against it, describing the left’s refusal to back self-appointed president Juan Guaidó, someone whomless than 20 percentof Venezuelans had even heard of, let alone voted for, as “morally repugnant.” This useful weapon to be used against the left can only be sustained by withholding a great number of key facts—chief among them, the US role in Venezuela’s devastation. US sanctions, according to the Venezuelan opposition’s economics czar, are responsible for a halving of the country’s oil output (FAIR.org, 12/17/18). The UN Human Rights Council has formally condemned the US and discussed reparations to be paid, with one UN special rapporteur describing Trump’s sanctions as a possible “crime against humanity” (London Independent, 1/26/19). This has not been reported by any the New York Times, Washington Post, CNN or any other national US “resistance” news outlet, which have been only too quick to support Trump’s regime change plans (FAIR.org, 1/25/19). Likewise, the local US-backed opposition’s role in the economic crisis is barely mentioned. The opposition, which controls much of the country’s food supply, has officially accepted responsibility for conducting an “economic war” by withholding food and other key goods. For example, the monolithic Empresas Polar controls the majority of the flour production and distribution crucial for making arepa cornbread, Venezuela’s staple food. Polar’s chair is Leopoldo Lopez, national coordinator of Juan Guaidó’s Popular Will party, while its president is Lorenzo Mendoza, who considered running for president against Maduro in the 2018 elections that caused pandemonium in the media (FAIR.org, 5/23/18). Conspicuously, it’s the products that Polar has a near-monopoly in that are often in shortest supply. This is hardly a secret, but never mentioned in the copious stories (CNN, 5/14/14, Bloomberg, 3/16/17, Washington Post, 5/22/17, NPR, 4/7/17) focusing on bread lines in the country. Also rarely commented on was the fact that multiple international election observer missions declared the 2018 elections free and fair, and that Venezuelan government spending as a proportion of GDP (often considered a barometer of socialism) is actually lower than the US’s, and far lower than most of Europe’s, according to the conservative Heritage Foundation. The LondonDaily Express(2/3/19) demonstrates that redbaiting works equally well on either side of the Atlantic. Regardless of these bothersome facts, the media has continued to present Venezuela’s supposedly socialist dictatorship as solely responsible for its crisis as a warning to any progressives who get the wrong idea. So useful is this tool that it is being used to attack progressive movements around the world. The Daily Express (2/3/19) and Daily Mail (2/3/19) condemned UK Labour Party leader Jeremy Corbyn for his “defense” of a “dictator,” while the Daily Telegraph(2/3/19) warned that the catastrophe of Venezuela is Labour’s blueprint for Britain. Meanwhile, the Greek leftist party Syriza’s support for Maduro (the official position of three-quarters of UN member states) was condemned as “shameful” (London Independent, 1/29/19). “Venezuela” is also used as a one-word response to shut down debate and counter any progressive idea or thought. While the panel on ABC’s The View (7/23/18) discussed progressive legislation like Medicare for All and immigration reform, conservative regular Meghan McCain responding by invoking Venezuela: “They’re starving to death” she explained, leaving the other panelists bemused. President Trump has also used it. In response to criticism from Senator Elizabeth Warren over his “Pocahontas” jibe, he replied that she would “make our country into Venezuela” (Reuters, 10/15/18). The weapon’s effectiveness can only be sustained through a media in lockstep with the government’s regime-change goals. That the media is fixated on the travails of a relatively small and unimportant country in America’s “backyard,” and that the picture of Venezuela is so shallow, is not a mistake. Rather, the simplistic narrative of a socialist dictatorship starving its own people provides great utility as a weapon for the establishment to beat back the domestic “threat” of socialism, by associating movements and figures such as Bernie Sanders, Alexandria Ocasio-Cortez and Jeremy Corbyn with an evil caricature they have carefully crafted.
Corporate Propaganda Blitz Against Venezuela’s Elected President: MSM Will Not Let Facts Interfere With Coup Agenda
Facts Don’t Interfere With Propaganda Blitz Against Venezuela’s Elected PresidentJoe Emersberger Guaidó, anointed by Trump and a new Iraq-style Coalition of the Willing, did not even run in Venezuela’s May 2018 presidential election. In fact, shortly before the election, Guaidó was not even mentioned by the opposition-aligned pollster Datanálisis when it published approval ratings of various prominent opposition leaders. Henri Falcón, who actually did run in the election (defying US threats against him) was claimed by the pollster to basically be in a statistical tie for most popular among them. It is remarkable to see the Western media dismiss this election as “fraudulent,” without even attempting to show that it was “stolen“ from Falcón. Perhaps that’s because it so clearly wasn’t stolen. Graph: Approval Ratings of Main Venezuelan Leaders Nov 2016 - July 2018 Data from the opposition-aligned pollsters in Venezuela (via Torino Capital) indicates that Henri Falcón was the most popular of the major opposition figures at the time of the May 2018 presidential election. Nicolás Maduro won the election due to widespread opposition boycotting and votes drawn by another opposition candidate, Javier Bertucci. The constitutional argument that Trump and his accomplices have used to “recognize” Guaidó rests on the preposterous claim that Maduro has “abandoned” the presidency by soundly beating Falcón in the election. Caracas-based journalist Lucas Koerner took apart that argument in more detail. What about the McClatchy-owned Miami Herald's claim that Maduro “continues to reject international aid”? In November 2018, following a public appeal by Maduro, the UN did authorize emergency aid for Venezuela. It was even reported by Reuters (11/26/18), whose headlines have often broadcast the news agency’s contempt for Maduro’s government. It’s not unusual for Western media to ignore facts they have themselves reported when a major “propaganda blitz” by Washington is underway against a government. For example, it was generally reported accurately in 1998 that UN weapons inspectors were withdrawn from Iraq ahead of air strikes ordered by Bill Clinton, not expelled by Iraq’s government. But by 2002, it became a staple of pro-war propaganda that Iraq had expelled weapons inspectors (Extra! Update, 10/02). And, incidentally, when a Venezuelan NGO requested aid from the UN-linked Global Fund in 2017, it was turned down. Setting aside how effective foreign aid is at all (the example of Haiti hardly makes a great case for it), it is supposed to be distributed based on relative need, not based on how badly the US government wants somebody overthrown. But the potential for “aid” to alleviate Venezuela’s crisis is negligible compared to the destructive impact of US economic sanctions. Near the end of the Miami Herald article, author Jim Wyss cited an estimate from the thoroughly demonized Venezuelan government that US sanctions have cost it $30 billion, with no time period specified for that estimate. Again, this calls to mind the run-up to the Iraq invasion, when completely factual statements that Iraq had no WMDs were attributed to the discredited Iraqi government. Quoting Iraqi denials supposedly balanced the lies spread in the media by US officials like John Bolton, who now leads the charge to overthrow Maduro. Wyss could have cited economists independent of the Maduro government on the impact of US sanctions—like US economist Mark Weisbrot, or the emphatically anti-Maduro Venezuelan economist Francisco Rodríguez. Illegal US sanctions were first imposed in 2015 under a fraudulent “state of emergency” declared by Obama, and subsequently extended by Trump. The revenue lost to Venezuela’s government due to US economic sanctions since August 2017, when the impact became very easy to quantify, is by nowwell over $6 billion. That’s enormous in an economy that was only able to import about $11 billion of goods in 2018, and needs about $2 billion per year in medicines. Trump’s “recognition” of Guaidó as “interim president” was the pretext for making the already devastating sanctions much worse. Last month, Francisco Rodríguez revised his projection for the change in Venezuela’s real GDP in 2019, from an 11 percent contraction to 26 percent, after the intensified sanctions were announced. The $20 million in US “aid” that Wyss is outraged Maduro won’t let in is a rounding error compared to the billions already lost from Trump’s sanctions. Former US Ambassador to Venezuela William Brownfield, who pressed for more sanctions on Venezuela, dispensed with the standard “humanitarian” cover that US officials have offered for them (Intercept, 2/10/19):
And if we can do something that will bring that end quicker, we probably should do it, but we should do it understanding that it’s going to have an impact on millions and millions of people who are already having great difficulty finding enough to eat, getting themselves cured when they get sick, or finding clothes to put on their children before they go off to school. We don’t get to do this and pretend as though it has no impact there. We have to make the hard decision—the desired outcome justifies this fairly severe punishment.
As negotiations to finalise the long-overdue Regional Comprehensive Economic Partnership (RCEP) enter final stages, Prime Minister Modi said India has put forward reasonable proposals in a clear manner and is engaged in the talks with sincerity for the free trade deal. Modi said India is clear that a mutually beneficial RCEP, in which all sides gain reasonably, is in interests of the country and of all nations involved in the negotiation. -Business Line A day after SEBI put in place tighter disclosure norms, Indian Bank, Union Bank of India and Lakshmi Vilas Bank on Friday reported divergence in their bad loans for the last fiscal ended March 2019. For LVB, the net loss widened to Rs 1,006 crore from Rs 894 crore. -Economic Times The RBI has rejected a proposal by ICICI Bank for appointment of Sandeep Batra as an executive director (ED) after SEBI penalised him in a case related to merger of Bank of Rajasthan.“The Bank has received a communication from RBI not acceding to the request for appointment of Batra at present and to resubmit the proposal for approval after one year from the conclusion of settlement proceedings,” ICICI Bank said in a regulatory filing late on Friday night. -Business Line The RBI has refused to relent on its guidelines requiring chief executives of private banks to mandatorily retire at the age of 70, setting the stage for Aditya Puri to step down as HDFC Bank MD & CEO next October, while Romesh Sobti will retire as IndusInd Bank chief at the end of the financial year. -Economic Times PSBs are talking to the RBI under the aegis of the IBA to allow a staggered recognition of deferred tax assets (DTA) for FY20 in order to avoid taking large hits on their bottomlines. “We are assessing the matter and even the RBI and IBA are talking about it,” said an executive aware of the development. -Financial Express US Treasury Secretary Steven Mnuchin met RBI Governor Shaktikanta Das in the financial capital today. The two discussed “global and domestic macro-economic scenario in both countries and regulatory developments”, according to an official statement from the central bank. -Business Line The global investor which has submitted a binding bid to invest $1.2 billion in Yes Bank is a North American family office that is interested in picking up more than a third of the bank’s shareholding. “We have a nondisclosure agreement with the investor. The bank’s capital-raising committee could meet as early as next week to decide on the proposal and, should they approve it, the name will be made public,” said Yes Bank MD & CEO Ravneet Gill. -Economic Times Karur Vysya Bank has posted a 24.37% dip in its standalone net profit for the second quarter ended September 2019 to ₹63.33 crore compared with the corresponding year-ago period on higher provisioning. -The Hindu Lakshmi Vilas Bank, in a regulatory filing, said Non-Executive Non-Independent Director Anuradha Pradeep has resigned from the board. -Business Standard India’s GDP could grow 6.6% in 2020-24, lower than its 2013-17 average of 7.4%, the Organisation for Economic Co-operation and Development (OECD) said today. -Economic Times China's Fosun Tourism Group said it would acquire the Thomas Cook and related hotel brands for 11 million pounds in a bid to expand its presence in the tourism business. -Economic Times A 65 Year olddepositor of the scam-hit Punjab & Maharashtra Cooperative (PMC) Bank died due to a heart attack in neighboring Navi Mumbai, her family said. Kuldeep Kaur Vig (64) is the seventh PMC Bank depositor to have died after the alleged ₹4,355 crore scam at the bank came to light and the RBI imposed restrictions on withdrawal of funds. -Livemint NPCI on November 1 said the number of transactions of Unified Payments Interface (UPI) has crossed the landmark figure of 1 billion in October. "The total transactions of UPI jumped to 1.15 billion in October 2019 from 0.96 billion in September 2019," NPCI said in a release. Total transaction value of UPI stood at Rs 1.91 lakh crore during the month, up from Rs 1.61 lakh crore in the previous month. -Moneycontrol.com India's forex reserves increased by $1.832 billion to a new lifetime high of $442.583 billion in the week ended October 25, helped by a jump in core currency assets and value of gold, RBI data showed on November 1. The overall kitty had expanded by $1.04 billion to $440.751 billion in the previous reporting week. -Moneycontrol.com
While I am writing this today,on 9th Sep 2018, a litre of petrol now costs Rs. 80.50 in New Delhi, Rs. 83.39 in Kolkata, Rs. 87.89 in Mumbai, and Rs. 83.66 in Chennai, according to IOC's website. A litre of diesel costs Rs. 72.61 in New Delhi - the highest ever. In Kolkata, diesel is priced at Rs. 75.46/ litre, in Mumbai Rs. 77.09/ litre, and Rs. 76.75/ litre in Chennai. Some are cursing the Govt. and saying that same people protested against rising prices when they were in opposition and during UPA there was not too much price hike even when crude oil prices increased exponentially. Correct folks!! but what were the conditions that make both protest two completely different scenario..here we do mistake in checking it. There are some points which are to be considered before starting this blame game. Blame no.1: Price hike was not as much by UPA even if the Global Oil prices were rising. Fact: Manmohan Singh lead UPA Govt. wanted to have lesser impact of rising crude oil prices on common people so they did two things: (a) Raised almost 1.44 lakh crore rupees in terms Oil bonds to majorly bypass the impact of increasing crude oil prices and to lower the losses of oil companies (b) modest increase of 3-5 Rs in Petrol/Diesel prices. Even ex PM Manmohan Singh said that they are not doing right thing as someone has to repay the bonds.This is what PM Dr. Manmohan Singh said in his address to the nation on Jun 4, 2008. "My Fellow Citizens, I know that the price increases we have had to announce today will not be popular, even though they are only modest. You must remember that the Government is bearing the burden of issuing oil bonds. Our oil companies are making a large sacrifice and are under severe stress. However, I would like the nation to remember that issuing bonds and loading deficits on oil companies is not a permanent solution to this problem. ***We are only passing on our burden to our children who will have to repay this debt.***Cutting down on the returns of our oil companies will choke a sector vital for the growth of the economy. We need more corrective measures in future on many fronts. In the long term, our country must have a sound strategy for energy security." Link: Prime Minister of India - Dr. Manmohan Singh May be they issued these oil bonds as as burden on the country as they knew that they are not going to pay this enromous amount as they were not going to re-elected being the most corrupted Govt, the country has ever seen. Same money has been repaid by PM Narendra Modi led NDA Govt along with interest of 70K Crore that too from the foreign reserves of this Govt. During NDA one year central excise collection is almost 2-3 lakh crore so almost an year tax collection has been used for repayment of oil bonds. The strict spending and zero corruption of Modi government enabled this. link: Govt repaid over Rs 2 lakh cr on account of oil bonds taken: Pradhan Blame no.2: Govt. didn't passed benefit of reduced crude oil prices to consumers instead it increased Central Excise & State VAT. Fact: Crude Oil prices fell considerably after 2014 but Govt. didn't passed this benefit to common people as it wanted to inculcate the habit of financial discipline in economy. Govt. used additional tax collection from Cebtral Excise wisely to fuel it's Capital intensive projects to Sagarmala (Port), Bharatmala (Roads) and to boost Waterways and Airport connectivity. Along with this various social-securiy schemes were running be it PMJJY, PMSBY, Ujjwala Yojana (Free LPG connection to poor families) which already marked 5 Cr beneficiary, Ujala (LED distribution) which marked almost 30 Cr LED bulbs (upto 9th September 2018) distributed resulted in savings of 16000 Cr savings and reduced peak load demand, Jan-dhan account for financial inclusion of every household, PM Jan-Aushadi Kendra where one can purchase generic medicine instead of branded high value medicines and last but not the least 'AysushMaan Bharat' which will be milstone in healthcare as it will provide Medi-claim facility up to 5 lakhs for 50 Cr people of poor households. So ultimately the benefit of reduced crude oil prices passed to the person who is standing in the last line...the real execution of 'Antyodaya Concept' by Pandit Deen dayal Upadhyaya. Blame no.3: Same people who were protesting earlier for increased oil prices are now in Govt and not saying anything.. hypocrisy?? Fact: When I say that this Govt. is inculcating financial discipline in the ecomomy, there are reasons. While there is too much investment by the Govt in new Capital intensive and social security schemes along with running old schemes like MANREGA and food security scheme which act as a big subsidy based schemes, India Current Account Deficit (CAD) has decreased instead of increasing. Currently CAD is in the range of 2-3% of GDP during NDA compared to nearly 4-5% of GDP during UPA. Isn't it a good thing? Here Govt. shown that how to use favorable situations for benefit of the country. UPA OR NDA: Who's better for the economy? - Times of India UPA govt were having high deficit, unpaid oil bonds, gulped over 20 Lakh crore rupees in Scams ( Coal Scam was itself around 10 lakh crore) and they doomed the economy, this is how it is different from the protest of opposition at that time. All things are in India's favour be it inflation, FDI, Forex reserves, GDP as on today except falling Rupee which is due to US-China trade war and Increasing Crude Oil prices, over which Govt should take some serious actions. Do you want a Govt which gives you subsidies in terms of freebies and at the backdoor it takes away all the benefits in terms of increased financial burden of fiscal deficit and ultimately putting interest burden on Indian govt to repay it ? This is the real question. Is it your money going to scams like previous one?, NO, it is returning to the society ultimately!! This Govt is doing what it right for the country and not for appeasing people for vote bank politics. As 2019 will come near people will try their best to defame the good work by false allegations. Don't be a fool, use your rationality, analyse the conditions before accepting the allegations as it is.
-Pakistan to host ‘AdAsia – Asian Advertising Congress’ this year In a logo unveiling ceremony held at Faletti’s Hotel Lahore, on Sunday, it was revealed that AdAsia 2019 —Asian Advertising Congress is going to be held in Pakistan this year. AdAsia is the largest and most prestigious advertising congress in Asia, organized bi-annually by the Asian Federation of Advertising Associations (AFAA). The AdAsia 2019 Congress will be held in Lahore at the Lahore International Expo Centre from December 3 to 5. The theme for the Congress is ‘Celebrasian: Celebration of Advertising and Creativity in Asia’. -IDB to lend Pakistan oil worth $4.5 bn The spokesperson for the Ministry of Finance on Saturday claimed that the Saudi-backed Islamic Development Bank (IsDB) will lend Pakistan oil worth $4.5 billion. “The IsDB will lend Pakistan oil worth $4.5 billion over three years. The oil will be lent in three installments of $1.5 billion each every year,” the spokesperson added. The Ministry of Finance spokesperson further said that in the first phase they have received oil worth $100 million and oil worth $270 million will be lent in the second phase. “We are also in talks with the IsDB regarding lending of liquefied natural gas (LNG),” the spokesperson added. -Economic revival: PTI government relief package earns Rs 125 billion immediately The federal government’s relief package for the stock market in the ‘Mini-budget’ on January 23 has brought positive impact. KSE-100 index settled at 40,254 points with a rise of 958 points within one week. The business-friendly concessions including abolition of the advance tax of 0.02pc on share trading under Presumptive Tax Regime and super tax in the mini-budget have been welcomed by the stockbrokers and industrialists altogether. -69 women constables complete elite commando training in K-P Over 7,000 personnel of the Khyber-Pakhtunkhwa (K-P) police, including 69 women constables, have successfully completed a grueling Elite Commando Training Course. As per a statement issued by K-P police’s public relations, the police personnel completed training in 15 basic courses conducted at different training centres. Most policemen, including the women constables, voluntarily opted for the tough four-month long course. The communique also said another batch of women commandos is currently being trained and shall soon be elevated to the rank of elite commandos. -Karachi police chief makes surprise visits, suspends four police officials In a surprise move, Additional Inspector General Police Dr Amir Shaikh on Saturday visited different areas of the city, disguising himself as a common citizen to witness the performance the police force. A police spokesperson said that the Karachi police chief suspended four police officials, including two ASIs over violation of duty rules and harassing public. He said that the police officials were found harassing people instead of controlling traffic at MT Khan Road in Sultanabad. The officials were from Jackson and Sultanabad police stations, said the spokesperson and added that the police chief had directed SP Traffic city and DSP to submit report over the issue. In-charges of Jackson and Sultanabad police stations along with record keepers were also summoned by the AIG Dr Amir Shaikh, said the spokesperson. -In a historical move, Pakistan elected as Vice Chair of Asia Pacific Ministerial Forum Pakistan was elected as the vice chair at the third UN Environment’s Forum of Ministers and Environment Authorities of Asia Pacific that was held in Singapore from January 23 till January 25. The newswas revealed in a tweet by Adviser to Prime Minister on Climate Change Malik Amin Aslam. He said Pakistan got elected to the position owing to the country’s ‘sincere and dedicated’ environment preservation endeavours. -Pakistan Army achieves historic milestone on Pakistan Afghanistan border fencing Director General of Inter-Services Public Relations (ISPR) Major General Asif Ghafoor Sunday said work on about 900 kilometer fence along the Pakistan-Afghanistan border had been completed. Briefing a team of journalists and anchor-persons at Ghulam Khan, a bordering village in North Waziristan Agency,he said the work on erection of about 1200 km chunk, the most sensitive portion out of the total 2600 km long border with the neighbouring country, had commenced last year. Zero Point is the entry and exit point of Pakistan from Afghanistan where a formal border post was constructed last year Major Gen Asif Ghafoor said the project would cost about Rs 70 billion, which also included the cost of gadgets and surveillance equipment to keep strict vigil on the illicit movement from across the border. He said the fence had amply helped check the movement of terrorists from across the border and it would further assist after completion of the project which was expected to culminate next year. The visit of media-persons was conducted for the first time in the country's history as no such activity could have happened as all the area had been “no go area” for the civilians or even by the security forces themselves. -Foreign Media representatives visit North Waziristan, stunned with Pakistan Army successes against terrorism Local and foreign media representatives on Sunday visited Peshawar, Miranshah, and Ghulam Khan Border terminals along with Director General ISPR Major General Asif Ghafoor for the first time after military operations. It was the first direct interaction of the media with local people, who while standing in Miranshah Bazar, talked to reporters about improved peace situation and administrative issues in the area. They lauded Pakistan Army for its efforts in restoring peace and development. -Pakistan Cement Exports register significant rise in first half of FY 2018 - 19 The export of cement from the country witnessed increase of 32.4 percent during first half of current fiscal year as compared to same period of last year. The export of the commodity increased to $157 million in July-December (2018-19) against the export worth of $118.586 million in sameperiod of last year, a latest data released by Pakistan Bureau of Statistics (PBS) said. In term of quantity, the cement export recorded 55.52 percent increase to 3.671 million Metric Ton (MT) during the period under review as compared to export of 2.36 million MT cement during same period of previous year. On year-on-year basis, the cement export jumped by 78.02 percent to $25.89 million in December 2018 from $14.54 million of cement export during December 2017, the data revealed. The overall export of goods during first half of current fiscal year recorded an increase of 2.19 percent to $11.216 billion against the exports of $10.976 billion recorded during same period of last year. -KP Tourism. Potential stuns audience at International Tourism Fair in Europe A large number of visitors, tourists and investors thronged the stall of Tourism Corporation Khyber Pakhtunkhwa (TCKP) at the tourism trade fair at Feria de Madrid, Spain, and showed keen interest in the KP’s tourism potential. The TCKP team highlighted salient features of the cultural and tourist resorts through video documentaries, pictures, brochures and posters. The visitors were informed that 70 percent of tourist resorts were located in KP and the foreign tourists can now visit any place without any restriction and obtaining Non-Objection Certificate. The KP participation in fair encouraged the international tour operators to bring cultural and mountaineering expeditions to the province, which will highlight Pakistan as one of the best tourist destinations for international tourists. -Foundation stone laid for $200 million knowledge city in Pakistan, first ever in County's history Prime Minister Imran Khan Sunday inaugurated the first academic block of the NAMAL Knowledge City. The vision behind Namal Knowledge City is to create a hub of knowledge exchange and research in Mianwali. The Knowledge City will include academic blocks, a knowledge center, a sports complex, sports grounds, a hospital, technology parks, business centers, shopping malls, a dairy farm, a resort, software houses, hotels, a primary school, and a housing colony for the faculty. A total of US$ 200 million will be spent on the construction of the Knowledge City which will be built on the concept of a zero carbon foot print and completed by the year 2027. It will have a population of 11,000 with construction spread over 4 million square feet. It will accommodate 7,000 students with 600 faculty members. -E Rozgar Programme launched, Click for Registration The Punjab IT Board and Ministry of Youth Affairs has jointly launched a three-month free E-Rozgar Training Programe for the youth, aimed at imparting vocational training to the jobless, enabling them to earn their livelihood honourably. In this regard, the admission has started for enrollment in these technical courses and the last date for the on-line registration is the 9th of the next month. The requisites of getting admission include that the applicant should have an NCIC, his minimum age 16, maximum age 35 and should be jobless. -Pakistan China ink deal worth billions of dollars today: Report A Chinese company will invest billion of dollars in mineral exploration and processing projects in Khyber Pakhtunkhwa. A Memorandum of Understanding in this regard has been signed in China today. According to Khyber Pakhtunkhwa Minister for Mineral Development Dr. Amjad Ali, the Chinese company will setup mineral industrial park in Rashakai Special Economic Zone. -Pakistan's NESPAK completes 3,900 mega projects in Pakistan and across 37 countries of World worth Rs 19,000 billions National Engineering Services Pakistan (NESPAK) has successfully completed 3,900 development projects within Pakistan and 37 in other countries with an accumulative cost of Rs 19,000 billion since its establishment, 45 years ago. NESPAK Managing Director Dr. Tahir Masood told media here Saturday that foreign countries where NESPAK has extended engineering consultancy services were mostly located in the Middle East, Far East, Central Asia and Africa. In this way, he added, NESPAK had placed the country on the export map of the world and was committed to provide multi-disciplinary engineering consultancy services with the highest level of professionalism and dedication. -Government launches Dominted Bank bond PTI government is launching yet another economic initiative for overseas Pakistanis to attract billions of dollars for balance of payment and enhancing reserves. PTI government is launching dollar-denominated diaspora bond named Pakistan Banao Certificate (PBC) on January 31st. The diaspora bond is being launched to take advantage of international savings of overseas Pakistani’s and bolstering its foreign exchange reserves. According to details shared by the Finance Minister Asad Umar , the certificates would be of two types, one of three years offering 6.25% return and the other with five-year maturity offering 6.75% return. Mr Umar said four banks had been selected to complete the transactions. -Rupee hits seven-week high at 138.78 Pakistani currency has recovered to a seven-week high at Rs138.78 against the US dollar in inter-bank market on Friday, according to the State Bank of Pakistan, after the country successfully mitigated the risk of default following receipt of $2 billion from friendly countries. Simultaneously, the rupee revived to a four-week high at retail market to 139 against the greenback on Saturday, according to a forex website. “The $2 billion inflows from the UAE and Saudi Arabia (on Thursday and Friday) has partially eased the panic at currency markets,” said a banker on condition of anonymity. -PM Imran discusses major proposals to revive PIA As Pakistan International Airlines (PIA) struggles to rein in mounting losses, Prime Minister Imran Khan discussed major proposals presented at a high-level meeting to turn around the financially troubled national flag carrier. The prime minister chaired the meeting at the PM Office earlier this month, which was attended by top cabinet members, civil bureaucracy and military officers. The premier directed the authorities to arrange additional guarantees of Rs15 billion as interim relief for PIA. A proposal was endorsed to freeze PIA’s outstanding dues, amounting to over Rs80 billion, which were payable to the Civil Aviation Authority (CAA) along with late payment surcharge, according to minutes of the meeting available with The Express Tribune. -World Bank releases $58m for house financing The World Bank has disbursed $58 million for house financing in Pakistan and the federal cabinet has approved the transfer of the fund to Pakistan Mortgage Refinance Company (PMRC). “It ($58 million – Rs7.8 billion) is a World Bank credit line for PMRC,” PMRC Managing Director and Chief Executive Officer Mudassir Hussain Khan told The Express Tribune. “The cabinet has approved the transfer of the fund. It will take around a week to 10 days before the money reaches PMRC account.” -Talks between Pakistan, China for FTA to begin next month Federal Secretary for Trade, Younus Dagha has said that the talks between Pakistan and China for a Free Trade Agreement (FTA) will commence next month. Talking to a delegation of the Trade Development Authority’s officials in Lahore, he expressed optimism that the new trade agreement with China will help thrive national economy and would be in the best interests of both the friendly countries. “The trade deficit of Pakistan has decreased by five per cent during the incumbent government and our exports are increasing day by day.” He said the expansion of the trade volume with India depends on the decisions of the governments of both the countries. He informed that trade with Afghanistan is also improving. -Amended finance bill to reduce cost of doing business: PEW The Pakistan Economy Watch (PEW) on Sunday said the recently amended finance bill will reduce the cost of doing business which in turn, will reduce the prices of many items. The move will support businesses and help exporters regain ground in the international market as the government has reduced and abolished several taxes to lift economic activities, it said. The government will lose almost seven billion rupees in revenue but it will gain more in the shape of foreign exchange, said PEW President Dr. Murtaza Mughal. He said the recommendations will be applicable from the next fiscal term but it has already elevated business sentiments as many leading business groups are planning to boost investments. -Economic reforms help PSX gain 958 points in week The benchmark KSE-100 index accelerated by 958 points in the outgoing week and settled at 40,265 points, providing a weekly return of 2.44pc, owing to improved sentiment on account of the economic reforms package announced by the government. The Finance Supplementary (Second Amendment) Bill, 2019 was broadly focused on improving ease of doing business, incentivizing export-oriented/industrial sectors and elimination of domestic growth hampering impediments. A key demand from the stock market to abolish the advance tax of 0.02pc was accepted, while the government also allowed capital losses to be carried forward for three years, thereby impacting the investor sentiment positively. -Govt to announce medium-term economic framework in coming week: Hammad Azhar The Minister of State for Revenue Hammad Azhar on Friday said the government will announce a medium-term economic framework in the coming week. The forthcoming medium-term economic framework will bring measures that will enhance exports and investments, said Azhar while speaking at a seminar on “Economic Reforms: Way forward”, organised by the Sustainable Development Policy Institute (SDPI), reports an English daily. He shared the government is moving towards execution a direct taxation regime whilst gradually restricting indirect taxes. Mr Azhar underlined that the supplementary budget which was announced on Wednesday didn’t target fiscal and monetary measures but was an economic reforms package to resuscitate and enhance growth and investment. -Economic reforms package to help boost exports, trade and investment State Minister for Revenue Hamad Azhar on Friday said that economic reforms package announced by the PTI government will help in boosting exports, trade and investment. Talking to a private news channel, he said the economic reforms package will prove to be helpful in overcoming the trade and fiscal deficit. Mr Azhar said due to effective economic policies of the Pakistan Tehreek-e-Insaf (PTI) government, the international investors are desirous of investment in Pakistan. The government is taking many steps for the revival and betterment of the economy, he added. -Tale as old as time: Labyrinth of tunnels discovered under Lahore Fort A labyrinth of underground tunnels, as well as hidden basements, has been discovered under Lahore Fort. Immortalised in short stories, these passages have always been hidden from the naked eye. However, during excavation, the Walled City of Lahore Authority (WCLA) has discovered two underground tunnels and an arsenal which are currently under restoration. A symbol of the opulence of the Mughals, Lahore Fort has kept many a secret for hundreds of years; secrets which are now slowly being revealed. During excavation and restoration work, WCLA recently discovered a passage of underground tunnels which run underneath the fortress. This has caused tourists, hungry for information on the underground tunnels, to throng to the citadel and present their own theories on how the passages were used. -Indonesia, Pakistan ties poised for a quantum leap, says envoy Counsellor and head of cultural section Embassy of Republic of Indonesia Deny Tri Basuki has said Indonesia and Pakistan share strong socio-cultural and religious bond rooted in history. Pakistan and Indonesia stand proudly together as two of the largest Muslim populated countries and emerging economies of creative and talented people. He expressed these views on the occasion of a business gathering organised by tourism ministry of Indonesia in collaboration with the Indonesian embassy. A large number of stakeholders hailing from the travel and aviation industry of Pakistan attended the event. -Japanese aircraft take part in pre Aman-19 exercise The Pakistan Navy is hosting the 6th series of AMAN-19 – a Multinational Maritime Exercise – in February 2019 in Karachi, and two Japanese Naval P3C aircrafts of Deployed Maritime Force for Anti-Piracy Enforcement (DAPE) visited the PNS Mehran in Karachi for the pre-AMAN-19 exercise. According to a press statement issued by the navy’s Director General Public Relations (DGPR) on Saturday, the Japanese aircrew participated in various events including search and rescue (SAR) and counter piracy (CP) exercises along with the navy aircrew. The Japanese contingent also visited maritime and Pakistan Air Force (PAF) museums to learn about the historic achievements of the two forces. -‘Chinese, Russian firms keen to invest in PSM’ Adviser to Prime Minister on Commerce Abdul Razak Dawood revealed that three Chinese and three Russian firms have shown interest in investing in Pakistan Steel Mills (PSM). Addressing a ceremony held for the inauguration of International Steels Limited’s new plant, he said that the committee tasked with revival of PSM has drafted its recommendations and the Economic Coordination Committee (ECC) will make a decision by March. -China has given Pakistan additional access to its market: Dawood Prime Minister’s Adviser for Trade and Industry Abdul Razzak Dawood on Saturday said the government is working to hammer out national industrial and tariff policies, ARY News reported. Dawood while talking to industrialists in Karachi, said that China has granted Pakistan an additional access to its market. “We are working to slash unnecessary imports and increase exports”. He said unnecessary items will be removed from shelves of super markets and precious foreign exchange will not be spent on such imports. The adviser said the government has taken effective steps to facilitate business in mini budget, which will be approved in next seven day. -Pakistani Teacher Shortlisted for Cambridge’s Most Dedicated Teacher Award Cambridge University Press has shortlisted a Pakistani teacher, Ahmed Saya, for the ‘Most Dedicated Teacher’ award. Ahmed Saya, an A-level teacher from Karachi, is one of the six brilliant minds around the world to be shortlisted for the prize. The competition included entries of 3500+ teachers from over 140 countries for the prestigious award. Cambridge’s official Twitter handle said it was a tough call, but they shortlisted six teachers for this year’s Dedicated Teacher Awards. -Swiss Investor to Open A Chain of Luxury Hotels in Pakistan Swiss International Hotels & Resorts is mulling to open a chain of its luxury hotels in different cities of Khyber Pakhtunkhwa (KP). The President and CEO of Swiss International Hotels & Resorts, Henri (Hans) WR Kennedie informed this to Chief Minister KP Mahmood Khan during a meeting on Friday. During the meeting, Henri told CM Khan that they were already working on a plan to establish luxury hospitalities in various parts of the province.
11-04 14:33 - 'DIFFERENCE BETWEEN KRATSCOIN AND BITCOIN' (self.Bitcoin) by /u/xia112 removed from /r/Bitcoin within 3-13min
''' • The indivisible minimum KRATSCOIN unit is 0.00001 instead of 0.00000001 to denominate realistic currency rates in FOREX. Denomination cannot be determined or dictated by the value of a currency. If KRATSCOIN is valued at USD10,000.00 then the smallest unit of KRATSCOIN at 0.00001 = USD0.10 and nothing smaller than USD0.10 in KRATSCOIN. Example: If USD1.00 = THB30.00 and the smallest denomination of USD is USD0.10, then a USD0.10 which is THB3.00, is unable to buy a piece of candy at THB1.00. Thus the USD must be converted into a smaller currency of THB in order to buy the THB1.00 candy. • KRATSCOIN is in-line with standard International Foreign Currency Exchange Practice at indivisible minimum unit 0.00001. • Each KRATSCOIN is equipped with a 13 digit “SERIAL CODES AND NUMBERS” and there will be a total of 2,100,000,000,000 SERIAL CODES in total. Example1: 1st KRATSCOIN = AKDJFYRS.00000 Example2: 1st Fraction from 1st KRATSCOIN = AKDJFYRS.00001 Example3: 2nd Fraction from 2nd KRATSCOIN = AKDJFYRS.00002 Example4: Last KRATSCOIN = DLXVZKWR.00000 Example5: 1st Fraction from Last KRATSCOIN = DLXVZKWR.00001 Example6: 2nd Fraction from Last KRATSCOIN = DLXVZKWR.00002 • In Year 2015, Silk Road in DeepWeb utilization of Bitcoin in their transactions amounts to USD1.2billion spanning over 950,000 users. One may argue that Bitcoin is most utilized by the black market, which then maintains its value and worth among other factors. However, the USD1.2bil a year over 950,000 users are far fetch from the Legitimate Users in comparison. Bitcoin transactions runs into USD40.0bil in recent Legitimate Crypto Exchanges. In summary, legitimate transaction of crypto currencies is many times larger use in illegal transactions. DIFFERENCE BETWEEN FIAT AND CRYPTO: • Fiat Currency is backed by Governments/Countries itself. What determines the value of a currency is the economic health, demand, growth, political stability to name a few, of the respective country. Before 1930, most fiat currencies were backed by gold and silver. • Since 1971, U.S. citizens have been able to utilize Federal Reserve Notes as the only form of money that for the first time had no currency with any gold or silver backing. This is where you get the saying that U.S. dollars are backed by the “full faith and credit” of the U.S. Government - quoted in google.com. • What backs crypto value is purely supply and demand. The demand creation of a crypto is its sole objective. To create demand, the crypto has to have a purpose. And most purpose commonly promoted is utility. The number of ways you can utilize the said crypto. The more utilization factors the more demand there is for it. • There are other ways to substantiate value of a crypto and that is to back the crypto with a 1 to 1 ratio in assets or in USD. Then the question is, how 3,000 crypto currencies in circulation be monetary eco sustainable? Can anyone imagine walking into McDonald and view a chart of 3,000 different pricing? Which also means the crypto is a payment gateway pegging against USD instead of bearing any true characteristic of a currency. • A country’s currency is in its own legit form of legal tender, the only currency acceptable under financial sovereigns of a country. People in the world must be made to understand that. Retailers in Thailand cannot put up products price tags in EUROS/USD, it is illegal. It has to be in Thai Baht. • It is hardly imaginable for everyone in the world to retail with a Crypto-Currencies at a rate of 7 transactions per second. When mining nodes are reduced due to non-performing mining ratio, mining blocks in the Blockchain will significantly be limited too, rendering delays in transactions while usage increases. • In time to come, as trends of crypto picks up, Thailand can issue BAHT COIN or UK the STERLING COIN, exactly what China wishes to do. Digital RMB, but would such crypto currencies be fully decentralized? We all have our answers. Absurd to even think of producing Thai Baht, Pound Sterling or Chinese Yuan at the cost of electricity. It is currencies in digital forms. KRATSCOIN is not meant for that purpose. In some opinion, apart from utilization, a crypto can be for safekeeping, an entity for keeping money while allowing easy liquidation, at a click of a mobile button, not to mention sending or transferring without the trouble of going to banks, which was the original purpose of Bitcoin to begin with. Therefore, KRATSCOIN would be better termed as Crypto Commodity, sharing similarities as Metal Commodities. An individual cannot use gold to make a purchase, neither can one eat gold. It can only be kept or invest in for appreciative value over time. Gold is being exampled for its scarcity which reasons for its higher value over its cousin, silver or bronze. Who or what determines the value of gold? Just like any other crypto, demand by humanity. As in all other commodities, it must also be placed in checks by governments. To put in checks, serial numbers are introduced to protect a country’s commodities outflows or illegal exports. Humanity made Bitcoin a reality. Acceptance by the majority members of the public made Bitcoin to what is it today with the trust they entrusted it with, or is the majority public hopping on the band wagon to make a few quick extra bucks? Whatever the reasons are, the characteristics of Crypto Currencies are only matched by the behavior of Commodities. SERIALIZED COINS - WHAT IT MEANS FOR THE PUBLIC: Every currency has its own remarkable name, design and colors. Dollars, Euros, Pound, Tugrik, Peso, Rupee, Rupiah, Dina, Ringgit, Baht and the list carries on. One thing every currency have in common - Serial Numbers. In any crime, investigators will firstly establish motives and mode of operation, both of which are very likely related to money. So following the money trial is a natural thing to do for investigators/authorities and it has become a common practice. Crimes require funding ie robbers need money to buy guns to carry out its robbing activities. Cutting off financing will reduce criminal activities. That’s the approach governments of the WORLD have adopted for crime fighting. Perhaps people do not realize this while most do not feel the pinch. Humanity tends to take life for granted until apocalypse happens. Take a minute to visualize the tallest tower in your homeland collapse into a pile of dust with thousands of casualties effecting everything else that comes to mind. Imagine a family member, just 1 is enough, is among those casualties. • Imagine if monetary system is not in place and drug dealers, among many, roam the earth freely distributing what can be death threatening substance to your kids. What if you are mugged of your inheritance [items left to you by your father] that is beyond retrieval? As for crypto enthusiast, what if your wallet gets hacked as even the mighty Pentagon gets hacked. All the above can go away if the crypto system leaves a trail for hound dogs to sniff out. Money Trail or Serial Codes Trail to be exact. • Citizens rely on governments and their countries to do what is best for them to lead their daily lives, flourish, advance, improve and strive but at the same time, citizens want to take away the single most important thing deemed crucial in the hierarchy of humanity from governments with additional boastful remarks such as “I transferred $400 million from one corner of the earth to another corner in a single transaction and no governments can do anything about it”. • In-short, to boast unregulated financial movement is to arrogantly promote crime without realizing it while challenging the world’s monetary authority. Oldest advice in the book teaches us never to pick a fight we can’t win. • Serial Coded Coins does not take away the financial movement freedom nor does it take away your privacy. It merely provides Authorities the necessary means needed for crime prevention and fighting. It only re-inforce security and safety. SERIALIZED COINS - WHAT IT MEANS FOR GOVERNMENTS: • Governments are relentlessly trying to find new ways to keep track of crypto transactions. Crypto Currency Exchanges, just like all other Financial Institutions and Banks, are required to practice the most stringent Know Your Customer (widely known as KYC) process. The KYC is designed to provide governing agencies and authorities with information pertaining to crypto ownerships. • But no governments can have information on Peer-to-Peer (also known as P2P) transactions unless the government in question launch a full scale Federal Investigation on certain suspected individuals seeking Wallet Developers to unveil the ownership of certain wallet addresses. Do not forget, National and Global Security trumps Privacy Act. Refusal to co-operate under the pretext of Global or National Security will only result in an out-right ban, which is exactly what happened to Blackberry. • Questions to Governments – What if Wallet Developers or Crypto Exchanges shuts down which can happen for various reasons be it foul-play, sinister or forcefully under threat? What if servers are damaged and ruined? An EMP strike or a simple magnet can make it happen. Information/identities of suspected customers of such addresses shall be lost forever and along with it the Money Trial. • The most probable way of evading Authorities with crypto assets are developing an e-wallet for own illicit purpose. Since the cost of developing an e-wallet is relatively low in considerable cost to hiding, what can governments do to flush out these ants from the vast networks of tunnels? • With Serialized Coded Crypto Assets, it doesn’t matter if servers of Exchanges or Wallets are destroyed. The Serial Codes of each token/coin enables governments of every participating country to track both origin and destination by identifying records of each token/coin in wallet address. It can disappear into a cold wallet but emerging some place later yet Authorities can still detail which particular token/coin has at one moment of time been into which wallet, on what day and date. • If the battle of financial crimes can be resolved with a simple Serialize Coded Crypto Asset, the eradication of corruptions, money laundering, unlawful proceeds and terrorism financing will be made possible. Criminals can no longer exploit the genius creation of Sathoshi – Blockchain and Crypto-Currencies. • Global Security, Anti-Terrorism Financing and Money Laundering could just be excuses granting government agencies the need to have access to financial information in the Monetary System. Nonetheless, it is in the interest of every nation that capital outflow is controlled. Capital Outflow is most frequent when the economy of a country is deteriorating. In the face of an economy meltdown, monetary flow is most needed and yet citizens tend to transfer monies further away illegally from their own country in an act of selfishness. This would not be tolerated by any country. Serial Coded Coin shall prove this attempt futile. • In most part of Asian Countries, many crypto-currency mining operations are carried out illegally. The legality sits on thin fine line where Authorities can pin only stealing of electricity as a major concern to the respective country. Since most Power Companies belongs to the Country in one way or another, it is financially damaging to Power Producers and Utility Suppliers. Serial Codes can determine if the KRATSCOIN is mined legally or illegally making it difficult for miners or mining farms to mine crypto while avoiding making electricity payments. Will this deterrent disrupt the chain of KRATSCOIN supply? That’s not how Blockchain Tech works. TAXATIONS - WHAT IT MEANS FOR PUBLIC AND GOVERNMENTS: • Taxation cannot be imposed on “Illegal & Unlawful Proceeds” instead confiscation is enforced in many countries. Origins or proceeds of Serialized Coded Crypto Assets can be easily identified by the Serial Codes in-conjunction with the Blockchain. This exercise can evidently proof the legitimacy of the aforesaid token/coin. By “Illegal & Unlawful Proceeds” also refers to crypto coins obtained via illegal mining operations. • Taxation on Crypto Assets are calculated on profits deriving from the sale/disposal of the crypto Assets. If we are small crypto believers, the amount of taxation rendered by Inland Revenue will be insignificant. Why risk Freedom of Life over Freedom of Small Monies. If we are big crypto believers, taxation on Serialized Coded Coins can be considered added security to your assets protection. • By adopting Serialized Crypto Assets, declaration is made easily possible via proof of token/coin origin via the Blockchain. If the Authorities can know where our crypto assets come from, the Authorities will know where it will disappear to. It is taxation cum insurance in one tiny sum. This added security with freedom feature will encourage self-declarations of crypto assets to Authorities and Agencies. PRIVACY & ANONIMITY: • Many may be skeptical of their wealth being tracked and monitored. But in this era of technological advance society, everything we touches has our signature. Banks, iPhones, Samsung Mobiles, Google, Facebook, Whatsapp, WeChat, LINE, Viber, Facebook, Properties, Utilities. Almost everything. It is to this fact that there is a need for Privacy Protection Act. • As explained before, Crypto Currency Exchange KYC procedures is designed to expose the identity of Crypto Assets ownership. The Blockchain is supposed to serve as a transparent information platform. The question of privacy over Serialized Coded Coins does not exist, it does not make Serialized Coded Coins ownership any less private. • Ownership of wallet addresses shall always remain anonymous while the only way Authorities can get to it is through Wallet Developers by virtue of Global/National Security Threats or by a Court Order as per the Privacy Protection Act. SAFETY & SECURITY (CODED CRYPTO VS FIAT + COMMODITIES): • No human mind can memorize the millions of serial numbers printed on fiat currencies. The records of Serialized Coded Coins will forever be in the Blockchain embedded within each transaction from wallet to wallet. • Serialized Commodities such as gold can be melted down. Diamonds recrafted. Fiat double printed. But not Serialized Coded Crypto Assets. • Should an accessory system be added into the KRATSCOIN Blockchain, allowing reports on criminal activity be made within the Blockchain, notifying all ledgers of certain stolen Serial Coded Coins, enabling WARNINGS and forbidding next transaction of that particular Serial Coded Coin, wouldn’t this function enhance protection. A theft deterrent function which can never be achieved with physical gold, diamonds or fiat. KRATSCOIN SUMMARY: • Most crypto currencies have not reach a level of security alert for governments. This could be the only reason why a possible ban has not been discussed. China and India has begun efforts to control or ban crypto currencies in their quest to combat capital outflow, writer’s personal opinion. The EU has stopped Libra from implementation. “A company cannot be allowed Authoring Power for issuance of currencies” quoted the governments. KRATSCOIN is fully decentralized with no ownership nor control by any country, company or individual. Once again, the beauty of Bitcoin decentralization concept prevails. • “There is no such thing as a world currency. However, since World War II, the dominant or reserve currency of the world has been the U.S. dollar” quoted in google.com. • Most countries have “Foreign Reserves” as backing to a country’s fiat currency. It is a mean of “back up” attempt should all factors above mentioned leading to the value of their currencies collapse. Then what will happen if the Country of the Foreign Reserves collapse? • Serial Coded KRATSCOIN belongs to no one, no country, no company and therefore theoretically shall not be effected by politics, war or global economy meltdown yet everyone, every country and every government is able to benefit from KRATSCOIN. "Quoted by" [[link]6 [[link]7 [[link]8 [[link]9 [[link]10 ''' DIFFERENCE BETWEEN KRATSCOIN AND BITCOIN Go1dfish undelete link unreddit undelete link Author: xia112 1: lintangnews.c*m/ada*kr**s*o*n-*ni-be*a*ya-d*ngan-bi***in* 2: 0xzx**o***019101*124431*902.*tml 3: ne*s.*oko**y*to.com/*ag/**atsco*n-kt*/ 4: bbs.**anya.cn/p**t-l*ok*u*-836*0*-*.shtml 5: z*uanlan.z*i*u.*om*p/*4*44615 6: l*nta*g*ews.*o*/ada*kr*ts*o*n-*ni-***a*ya-d*ngan-bitcoin/]^^1 7: 0x*x*com/2019101**24*312*02*ht**]^^2 8: news*t**ocr*p*o***m/tag/kr*tscoin-ktc/]*^3 9: bbs.*i*n*a.cn/p**t-loo*ou*-8*61*5-1.sht*l*^^4 10: zhuanl*n.zh*hu.co*/**84**461*]^^5 Unknown links are censored to prevent spreading illicit content.
Press Conference with the Governor of the People's Bank of China 任中国人民银行行长 Yi Gang 易纲 on current monetary and regulatory matters in the People's Republic of China for the year 2022
Dear Ladies and Gentlemen The People's Bank of China (PBOC) is gladdened to announce that the efforts made by the Bank to consolidate financial markets and reign in unproductive credit and the misappropriation in debt lending are seeing bountiful returns. For the 2022 year forecast, we are thus heartened to state that the economy has exponentially preformed to bring growth above 7 percent, beating negative analysis on efforts on the PBOC and government's meaningful reforms to address core structural issues that have threatened the Chinese and global economy. While we have identified specific measures in relation to consumer demand and business growth, in conjunction with the improving regulatory framework, we foresee promising inflationary movement and are pleased to see an adaptive labour market take hold in overall trends for key benchmarks. In regards to the current developments in the Banks's stimulus efforts, we shall maintain the current level of market guidance and capital assistance. While we continue this approach, we are constantly assessing the Mainland's capital markets liquidity and should concerns be spotted that identify general overheating, the PBOC is ready to address those concerns and enforce targeted measures. Now, onto the main elements of the year's statement: the current status on the internationalisation of the Renminbi and policy responses to optimise a favourable environment as well as new guidelines on capital market The following discussion shall be complimented with the following handout:
The Renminbi - The People's Currency, and Soon the World's?
The Continued Dollar Dominance
First, a blunt fact: while multiple reserve currencies have co-existed before, and of course dominance today does not guarantee dominance in the future, with the British pound's fall as a gentle reminder of this, the PBOC is pragmatic in stating that dollar's demise looks a long ways off. Part of this is the on-the-ground data indicating that the drive to internationalisation has indeed lost much of its momentum as a reserve currency.
There is no better reminder that the US dollar is dominant than the rout across emerging market economies sine 2016-2020. The worst-performing currencies of 2019 shared a disproportionate reliance on the greenback. In 2015, 62 per cent of countries anchored their currencies to the dollar and about the same percentage of developing countries borrow in the currency.
On the other hand, less than 30 per cent of countries use the euro as an anchor for their exchange rates and only 13 per cent of external debt for developing countries is euro-denominated. The pound and the yen barely show up in the data.
When it comes to global currency reserves held by central banks, the dollar is unrivalled. While its share of global foreign-exchange reserves has fallen for five consecutive quarters, global central banks have more or less held some 60 per cent or more of their reserves in the greenback since 1996. Even with a loss of confidence in US markets, forex holdings in the Renminbi have been somewhat insignificant.
Chinese Efforts to Open Up the Renminbi - An Uneven Effort
In March 2019, China introduced its first renminbi-denominated oil futures contract, an attempt to have an alternative for domestic and international investors and traders to the petro-dollar order. However until the central government creates bilateral agreement with major oil-producing (OPEC) states to accept payment in Renminbi, this will continue to see sub-optimal results.
Since gaining a spot in the IMF's Special Drawing Rights basket of reserve currencies in 2015, China has also extended local currency swaps with various countries, including those along its landmark Belt and Road initiative, as well as took steps to open up its local bond market to foreign investors. Though given the sputtering results in BRI agreements and the concerns on excessive lending to questionable projects/governments, the BRI as a route to internationalisation has taken a backseat for policy makers.
Of concern to the PBOC and MOF policy analysts is that internationalisation of China's currency has stalled, and by some measures even reversed. As in 2016, the Renminbi was the fifth most actively used currency for domestic and international payments, with a roughly 2 per cent share, according to SWIFT. That's a drop from 2014 and 2015 when the use of China's currency doubled — in a year — to 2.8 per cent.
When only international payments are considered, the Renminbi drops to eighth place behind: the dollar, which comprises nearly 45 per cent; the euro with 32 per cent; followed by the Japanese yen, British pound, Swiss franc, Canadian dollar and Australian dollar, which all have a share of 5 per cent or less.
Allowing market forces to play a larger role in determining the Renminbi's value and opening up the capital account would require a complete overhaul of the country's financial system. While we realise that such a policy shift would bring some expected gains, the PBOC sees little reason to make a great pivot towards liberalisation, but instead a concerted series of smaller policies - or to put it more traditionally, 'Crossing the river by grasping the stones on the riverbed.'
Making The Cross Across the Riverbed Towards A More Global Renminbi The PBOC has issued the following in its Guiding Measures to the Chinese Mainland and SAR financial markets:
A new rule shall be instituted on cross-border Renminbi FDI which stipulates that, in principle, all the foreign enterprises are allowed to raise Renminbi funds in offshore Renminbi markets and repatriate them back to the mainland in the form of FDI. Previously, the foreign firms’ behaviours of remitting Renminbi back into Mainland were subjected to the PBOC’s approval on a case-by-case basis.
These transactions are to be settled in Hong Kong accounts, thus increasing the amount of Yuan in circulation offshore; these offshore Renminbi will be distinctly referred to as CNH rather than the onshore CNY. Furthermore, this allows the PBOC to act should the policy be abused by market speculators looking for an easy entry into China's domestic capital markets.
This new rule will further buoy the offshore Renminbi (“Dim Sum”) bond market and accelerate the pace of Renminbi internationalisation.
The Ministry of Finance and the Ministry of Foreign Affairs shall begin to broker with OPEC states an agreement on settlement of trade in crude oil and its derivatives be conducted in Renminbi, in a further boost to the Shanghai International Energy Exchange and Shanghai crude oil futures market.
The extension of the “mini-QFII” scheme to India, Pakistan, ASEAN, the Republic of Korea and Japan which will allow some foreign central banks, beyond only a handful of smaller nearby Asian countries, to start building a limited amount of currency reserves even before anything like full currency convertibility will be authorised and conducted. QFII stands for Qualified Foreign Institutional Investor, a designation that allows a company to invest in Chinese bonds and equities — though again, within guiding limits issued by the PBOC on a case-by-case basis.
Regulators will begin a similar pilot scheme - RQFII - that would allow financial institutions with a physical mainland presence to remit currency from their Hong Kong subsidiaries back to the mainland — and, potentially, foreign central banks to invest small amounts of Renminbi in the Chinese interbank bond market.
The Hong Kong Monetary Authority already has QFII status, and the Monetary Authority of Singapore has applied, with the PBOC accepting further applications.
Foreign institutions will be given a capped access of no more than $100 million in Hong Kong accounts to derivatives, including financial futures, commodity futures and options in testing the markets' reaction to foreign operators.
The Financial Stability and Development Council (FSDC) of the RBI on Friday reviewed recent developments in global and domestic economies and deliberated upon revisiting some existing laws to detect early warnings of instability. The FSDC Sub-Committee discussed measures to promote interest and competition in stressed asset markets, enhance the scope of Legal Entity Identifier to more effectively monitor group exposures and issues relating to credit rating agencies and audit quality. -Economic Times Finance Minister Nirmala Sitharaman in a press briefing today mandated the central public sector enterprises to pay outstanding dues to dealers and vendors by Oct 15. Sitharaman said that beyond that no excuses will be heard. -Economic Times The RBI has put Lakshmi Vilas Bank under prompt corrective action framework due to high bad loans and insufficient capital. -Business Line The Punjab and Maharashtra Co-operative (PMC) Bank has an exposure of ₹2,500 crore to real estate developer HDIL, which had stopped servicing it for the past 3 years or so, the bank’s former MD & CEO Joy Thomas admitted. -Business Line Lakshmi Vilas Bank today said it has got shareholders' approval to raise up to Rs 1,000 crore by issuance of securities. The resolution to raise funds by issuance of securities, including American Depository Receipt (ADR) and Global Depository Receipt (GDR), was approved by shareholders in the annual general meeting held on September 27, it said in a regulatory filing. -Business Standard Financially stressed Dewan Housing Finance Corporation Ltd (DHFL) said 2.3% of each category of lenders' debt exposure to it will be converted into equity at an assumed price of Rs 54 per equity share, as per the Corporation's proposed resolution plan. -Business Line The Ministry of Finance, in a notification dated September 28, 2019, announced that it has extended the deadline to link PAN with Aadhaar to December 31, 2019. Earlier this deadline was September 30, 2019. -Economic Times The Delhi High Court, Yesterday decided to examine the allegations, in a PIL by an NGO, of financial irregularities, siphoning of funds and other violations against the promoters of Indiabulls Housing Finance Ltd (IBHFL). The bench issued notice to the central government, the RBI and Indiabulls seeking their stand on the petition filed by an NGO. -Economic Times India's forex reserves declined by $388 million to $428.572 billion for the week ended September 20 due to a slide in core currency and gold assets, the Reserve Bank said on Friday. The overall reserves had declined by $649 million to $428.960 billion in the previous reporting week. They had touched a life-time high of $430.572 billion in August this year. -Moneycontrol.com
Indian consumers appear to show zero loss of appetite for cash despite Government’s numerous efforts to wean them away from currency notes and get them to transact digitally. Currency in circulation in India in the fortnight to July 5 was Rs 21.1 lakh crore, as against Rs 18.7 lakh crore in the same period last year, translating into growth of 13%. -Economic Times Finance Minister Nirmala Sitharaman today said Government has de-registered 4 lakh shell companies as the Lok Sabha approved a bill seeking to tighten CSR norms and ensuring stricter action for non- compliance of the Co law regulations. Piloting the Companies Amendment Bill 2019, the minister said companies not spending the mandatory 2% profit on Corporate Social Responsibility (CSR) activites for a total period of 4 years will be required to deposit the amount in a special account. -Economic Times RBI Governor Shaktikanta Das has expressed concerns over the impact of stressed trade negotiations and rising geopolitical tensions on global economy while backed the building up of forex reserves by emerging economies as safe-guard against global contagion. -Economic Times Punjab National Bank today reported a net profit of Rs 1,019 crore as compared to a net loss of Rs 940 crore recorded in the same quarter last fiscal. -Business Line The New Delhi-based agri services solutions firm Sohan Lal Commodity Management (P) Ltd said today that it entered into an agreement with SBI for collateral management and warehousing services. As part of the pact, SLCM will act as custodian of the commodities that SBI has taken as a security against loans, said a press statement. -Business Line The South Indian Bank has achieved a net profit of ₹73.26 crore in Q1 of FY19, against ₹23.04 crore during the corresponding period of the previous year. The bank’s operating profit has also grown to ₹317.63 crore from ₹269.64 crore. -Business Line The Mumbai bench of the NCLT, on Thursday, put a stay on its own order which had allowed the government’s plea to prosecute IL&FS’ erstwhile auditor, Deloitte. -Business Line Union Home Minister Amit Shah received a dividend cheque of Rs 15.26 crore from the representatives of the Repco Bank, a multi state cooperative finance and development bank controlled by the Home Ministry. The Repco Bank is a multi state cooperative society established in 1969 by the Central Government for rehabilitation of repatriates from Myanmar and Sri Lanka, an official statement said. -Economic Times Indian authorities are concerned that WhatsApp’s payment service might share user data with group companies Facebook & Instagram, compromising the security, privacy and non-commercial information of its subscribers. The Government has asked the NPCI to look into the matter and ensure that user data collected through payment services such as WhatsApp and Google Pay is not shared, top officials said. -Economic Times Muthoot Finance has halted gold loan processing and disbursal in several branches for about 3 days from Thursday. The NBFC did not respond to a query on the likely impact of the halt in gold loan disbursal on its business. It may be noted that the RBI had said earlier this week that it was seeing ‘signs of fragility’ and that it was constantly watching 50 NBFCs, including large ones. -Business Line USD/INR 68.89 SENSEX 37882.79 (+51.81) NIFTY50 11284.30(+32.15)
Today's Latest; BQ Learning; Mutual Funds; Personal Finance; Technology; U.S. Elections 2020; BloombergQuint. Markets; Business; BQ Blue Exclusive; Videos; Research Reports; An employee wearing protective gloves counts U.S. dollar banknotes. (Photographer: Dimas Ardian/Bloomberg) India’s Forex Reserves And The Problem Of Plenty. Pallavi Nahata @PallaviNahata; Bookmark. Oct 21 2020, 11:36 AM ... Explained: Why India’s forex reserves are rising, what this means for the economy Forex reserves are external assets, in the form of gold, SDRs (special drawing rights of the IMF) and foreign currency assets (capital inflows to the capital markets, FDI and external commercial borrowings) accumulated by India and controlled by the Reserve Bank of India. Foreign Exchange Reserves in India increased to 560720 USD Million in October 30 from 560532 USD Million in the previous week. Foreign Exchange Reserves in India averaged 239317.46 USD Million from 1998 until 2020, reaching an all time high of 560720 USD Million in October of 2020 and a record low of 29048 USD Million in September of 1998. This page provides the latest reported value for ... India’s foreign exchange reserves rose $7.78 billion to touch a record high of $568.5 billion in the week ended Nov. 6, 2020, Reserve Bank of India’s data showed Friday. The reserves had in the previous week risen by $183 million to $560.715 billion. The jump in the reported week was mainly on ... Maintaining an uptrend for the fourth consecutive week, India's foreign exchange reserves soared by $ 5.412 billion to a new high of $ 560.532 billion during the week ended October 23, the Reserve ... By last weekend, India's Foreign Exchange Reserves (Forex Reserves) had reached US $537.55 Billion after increasing by US $2.3 Billion from the week before. इस श्रेणी में India's Forex Reserves 2020 से संबन्धित हिन्दी भाषा के करेंट अफेयर्स (समाचार सारांश) एवं समसामयिक घटनाक्रम का SSC, Railways, RAS/RPSC, BPSC, MPPSC, JPSC, HPSC, UPPSC, UKPSC एवं अन्य ... India's forex reserves down by $353 million to $541.66 billion: RBI In the previous week ended September 4, the reserves had increased by $582 million to a record high of $542.013 billion. Weekly Statistical Supplement WSS - Extract. 06 Nov 2020; Foreign Exchange Reserves: 9 kb: 189 kb: 30 Oct 2020; Foreign Exchange Reserves Forex reserves up by $3.618 bn to record $545.638 bn 09 Oct, 2020, 07.04 PM IST. During the reporting week, the increase in forex kitty was on account of rise in foreign currency assets (FCA), a major component of the overall reserves. FCA increased by USD 3.104 billion to USD 503.046 billion in the week ended October 2, the data showed.
India Breaks Record In Forex Reserves Rise To Record High ...
instagram- https://instagram.com/hindiknowledgeshow?igshid=vva3hezol3wd Twitter- Check out Hindi knowledge show (@HKShow_YT): https://twitter.com/HKShow_YT?s... India Breaks Record In Forex Reserves Rise To Record High $ 551.5 Billion On All Time High Now. The country's foreign exchange reserves surged by $5.867 bill... The country's foreign exchange reserves rose $183 million to touch a record high of $560.715 billion in the week ended October 30, RBI data showed on November 6... Twitter- ⬇️⬇️ https://twitter.com/HKShow_YT/status/1305021975165763590?s=09 instagram- https://instagram.com/hindiknowledgeshow?igshid=vva3hezol3wd My Second... forex reserves, india Foreign reserve, hindi knowledge show भारत ने रचा इतिहास,India Forex Reserves On All Time High Video- देश के विदेशी मुद्रा भण्डार का खजाना भरा ।।India's forex reserves at record high #Foreign exchange reserves #India ... Click here https://bit.ly/2wJs0SV to Download our Android APP to have access to 1000's of #Smart_Courses covering length and breadth of almost all competitiv... Our Backup Channel https://www.youtube.com/channel/UCQCHeIHOQxcpo13dcbnh7mQ #Dollar #ForeignExchangeReserve #IndiaRussia #IndiplusNews #WorldLatestNews #Indi... instagram- https://instagram.com/hindiknowledgeshow?igshid=vva3hezol3wd US 7th Fleet- https://youtu.be/n_vricZV_NY For Business- [email protected] India's forex reserves surge $5.4 billion to all-time high of $560.532 billion The country's foreign exchange reserves swelled by $5.412 billion to touch an ...