Author: Editorial Desk

Dubai: The first-ever Global AI and Blockchain Show concluded in Dubai on April 17th, despite heavy rain that forced cancellations of other events. Thousands of attendees gathered at the Grand Hyatt for the two-day conference. VAP Group, the show organizer, also announced the launch of two new digital media platforms: Times of AI and Times of Blockchain. These platforms aim further to propel advancements in artificial intelligence and blockchain technology. Latest Advancements The Global AI Show brought together experts in artificial intelligence and machine learning. Attendees learned about the potential impact of AI on healthcare, finance, retail, and even oil…

The United States is gearing up for a strategic incursion into India’s burgeoning agribusiness sector. Under the leadership of Alexis Taylor, Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs, a meticulously planned trade mission is set to unfold in Delhi from April 22 to 25. This venture underscores the burgeoning significance of bilateral trade relations and the mutual commitment to explore substantial investment opportunities in one of the globe’s most rapidly expanding markets. India presents a lucrative arena for U.S. agricultural technologies and products, given its vast agricultural heritage coupled with a rapidly expanding middle class. With a…

Today, 17 April, marks the establishment of the Critical Imports Council by the UK government, aimed at securing continuous access to crucial imports like medicines and smartphone chips. This council comprises 23 leaders from industry, academia, and government sectors, tasked with enhancing the resilience of supply chains essential to the nation’s prosperity, security, and fundamental services. This initiative expands upon the government’s pioneering Critical Imports and Supply Chains Strategy introduced in January. The council’s creation facilitates a collaborative approach between the private sector and government officials, embodying the strategy’s 18 actionable points. Recent global disturbances, including the COVID-19 pandemic, geopolitical…

BRICS nations, spearheaded by Russia, are strategically advancing the adoption of cryptocurrency as an alternative settlement medium for international trade, potentially displacing the US dollar. Responding to persistent economic sanctions from the United States, Russia advocates a transition from the dollar, opting instead for cryptocurrencies. The Bank of Russia, under Governor Elvira Nabiullina’s direction, declared its intention to initiate cryptocurrency transactions for trade settlements through an experimental phase. This initiative aims to evaluate all inherent risks and operational challenges linked to digital currencies before comprehensive implementation. Nabiullina announced that, Russia prepares to integrate cryptocurrencies into our trade settlement processes, highlighting…

Egypt’s agricultural sector is spearheading an ambitious expansion, successfully initiating potato shipment to Morocco and strawberry export to Canada. This move forms part of the Ministry of Agriculture and Land Reclamation’s ongoing campaign to diversify and enhance the international presence of Egyptian farm products. Following rigorous compliance with international standards, the Moroccan National Office of Food Safety (ONSSA) has approved the import of Egyptian potatoes. Concurrent initiatives have allowed strawberries to meet the exacting requirements of Canadian markets, paving the way for robust export activities. Recent statistics underscore the sector’s robust performance: agricultural exports in the first quarter of 2024…

Chris Nelson, Executive Director/Trustee of the British Chamber of Commerce Philippines, and James Thackery, Country Director for the Department for Business and Trade Philippines, recently delineated the expanding economic connections between the UK and the Philippines, spotlighting pivotal sectors such as cybersecurity, infrastructure, and renewable energy. The British Chamber previously spotlighted the cybersecurity sector at its March 20, 2024, event, part of the monthly Trade & Connect series titled ‘Securing the Digital Frontier: Breaking Through Digital Boundaries.’ This forum, convened in collaboration with BCCP Corporate Member CyberQ Group and Colliers, brought together prominent figures like Jose Carlos P. Reyes, Director…

Vietnamese iron and steel exports have shown robust growth in the early months of 2024, with Italy emerging as the primary market, absorbing a significant share of exports. According to recent data from the General Department of Customs, Vietnam shipped nearly 1.1 million tonnes of iron and steel in March alone, achieving a turnover of over $834.8 million, which marks an increase of 10% in volume and an 11.4% rise in value from February. The first quarter of the year reflected a strong start for the industry, with exports totaling nearly $2.4 billion and exceeding 3.23 million tonnes—up 42% in…

A pivotal summit scheduled for mid-June this year at Nassau, The Bahamas, is set to fortify economic relations between Africa -Caribbean nations. This event, hosting the 31st Afreximbank Annual Meetings (AAM) and the third edition of the AfriCaribbean Trade and Investment Forum (ACTIF), marks an unprecedented collaboration in this region. The African Export-Import Bank (Afreximbank) alongside The Bahamas have signed a strategic agreement to facilitate this gathering, noted as the first to be held within the Caribbean. Afreximbank President, Professor Benedict Oramah, underscored the event’s strategic importance, extending beyond mere symbolism. Prof. Oramah relayed insights from the International Monetary Fund…

Chinese electronics exporters are leveraging sophisticated artificial intelligence (AI) technologies, marking a robust entry into global markets. Data from the General Administration of Customs indicates a notable upsurge in exports from the “new trio” — electric vehicles, lithium-ion batteries, and photovoltaic products. These sectors collectively reached an export total of 264.69 billion yuan (approximately $36.575 billion USD) during the first quarter, a 66.9 percent increase from the previous year, now representing 4.7 percent of China’s total exports. AI technology is proving instrumental for Chinese companies, enhancing production efficiencies and elevating product quality. A significant development comes from SmartMore, a Shenzhen-based…

The Maldives has initiated discussions with India concerning the potential for settling Indian import payments using the Maldivian Rufiyaa, declared Mohamed Saeed, Minister for Economic Development. This announcement surfaced at a public gathering on the island of Maavah, Laamu Atoll, highlighting the government’s strategic economic priorities just before the parliamentary elections scheduled for April 21. As a significant importer, with annual expenditures of roughly $780 million on Indian goods, the Maldives’ endeavor to pivot from the prevalent US dollar in these transactions underscores a significant move towards economic self-reliance and lessening foreign currency reserve dependencies. Following the Indian government’s July…