Author: Central Bureau

Global financial giant, JPMorgan (JPM), has entered into a strategic collaboration with six Indian banks to streamline interbank dollar transactions using its blockchain-powered platform, Onyx. The partnership is part of a project aimed at making dollar trades real-time and available around the clock, effectively eliminating delays common in the current system. The involved Indian banks are HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and JPM’s banking unit based in Gujurat, India. This move aligns with the Indian government’s broader strategy of bolstering GIFT City – the Gujarat International Finance Tec-City – to compete with well-established international financial…

In a surprise move, Saudi Arabia, the world’s leading oil exporter, announced a voluntary reduction of oil production by one million barrels per day, driving oil prices up by 2.5%. This decision comes despite the Organization of the Petroleum Exporting Countries and its partners (OPEC+) maintaining the previously planned production cuts for the remainder of the year. Saudi Arabia’s decision, implemented from July, means that the kingdom’s output will fall to 9 million barrels per day, down from around 10 million barrels in May, according to the country’s energy ministry. In response to the announcement, global benchmark Brent futures surged…

As the global community continues to grapple with the after-effects of political and economic changes over the past few years, the importance of international trade in fostering resilience, equality, and peace remains paramount. However, protectionist policies, escalating nationalist sentiments, and geopolitical pressures pose growing threats to global trade. In the past decade, policies aiming to halt further international integration have been introduced by some of the world’s largest economies. Despite this, data shows no conclusive evidence that global trade is on a decline. Instead, global trade growth has rebounded since the onset of the pandemic in 2020, reaching its highest…

India is on track to sustain its standing as the United Arab Emirates’ (UAE) largest export destination until 2030, as per a fresh report by Standard Chartered. The research, titled “Future of Trade: New Opportunities in High-Growth Corridors,” predicts the UAE’s exports to ascend to approximately USD 543 billion by 2030, representing an impressive annual growth rate of 5.5 percent. Trade routes anchored in Asia, Africa, and the Middle East are foreseen to surpass the global trade growth rate by almost four percentage points. This advancement is set to rocket the combined trade volume within these regions to an incredible…

With the increasing COVID-19 infections in China, and the looming potential for stricter lockdown measures, investors are looking at Moderna’s future prospects. Some are predicting a potential reacceleration in demand for the biotech company’s Spikevax vaccine due to the rising cases globally, but the question remains: is it an opportune time to buy Moderna’s stock? China has seen a surge in COVID-19 cases, primarily due to the Omicron XBB variants. According to Dr. Zhong Nanshin, director of the Guangzhou Institute of Respiratory Diseases, infections in China could top 40 million this week and might reach 65 million per week by…

Marking a major milestone for the U.S. offshore wind industry, Crowley, a U.S.-based firm specializing in maritime logistics and offshore services, has made a strategic investment in Tugdock. This UK-based company is acclaimed for creating the world’s inaugural road-transportable floating dry dock, referred to as the Tugdock Submersible Platform (TSP). Crowley and Tugdock plan to probe the feasibility of utilizing these platforms in areas such as the U.S. West Coast. Traditional dry docks and water depth in these regions might not be optimal for managing the logistical demands of offshore wind energy projects. Bob Karl, senior vice president and general…

The upcoming meeting between several Asian and Western defense and trade ministers and high-profile U.S CEOs, including Elon Musk, casts a spotlight on the ever-complex dynamics of U.S. businesses operating in China. The concern is particularly pronounced against the backdrop of over 1,000 multinational companies withdrawing from Russia in protest of its unlawful invasion of Ukraine. The exodus, spurred by research, raises questions about the potential for similar repercussions in China. In a recent statement, Nike CEO John Donahoe defended his company’s continued presence in China, noting that global companies must adapt to China-related risks. However, despite the seemingly dominant…

The future of the World Trade Organization (WTO) appears uncertain as global dismay mounts over its incapacitated dispute settlement mechanism. The once-efficient process has been disrupted, largely due to the United States’ refusal to appoint new judges to the WTO’s final appeal court. This paralysis was evident in a recent case concerning the ‘Made in Hong Kong’ label. The city’s Secretary for Commerce and Economic Development, Algernon Yau Ying-wah, expressed frustration at a 2020 executive order from the then US president Donald Trump, mandating Hong Kong exports be labeled as ‘Made in China.’ Though the WTO eventually ruled in favor…

Branded collections are poised to become a driving force in the global platinum jewelry industry, according to insights from the 2023 Platinum Jewellery Business Review in London. Platinum Guild International (PGI) asserts that effective branding resonates with younger consumers, fueling growth across the United States, Japan, China, and India. The US witnessed notable performance in the platinum jewelry industry, with a 9% retail sales growth despite economic challenges. The fashion-focused Platinum Born brand has empowered modern femininity and expressed individuality among younger American women. In 2022, the brand expanded platinum offerings into new channels, leading to a 60% increase in…

Saudi Arabia is reportedly set to host seven sanctioned Russian companies next week, including a manufacturer of military helicopters used in the Ukraine war. This move, aimed at enhancing business with the Gulf state, is likely to escalate already strained relations with the United States. Among the companies participating in the event are several with direct links to the Russian military. These include state corporations implicated in the invasion of Ukraine and the agency overseeing a Ukrainian nuclear plant seized by the Russian military last year. The forthcoming event represents the first of its kind, according to Alexey Gruzdev, Russian…