Focusing on Green Finance and Governance, Exploring Future Cooperation and Development, SMU and RUC to co-host a Global Forum
On 21 November 2023, Singapore Management University (SMU) and Renmin University of China (RUC) will co-host a high-profile Global Forum on the theme of “Green Finance and Governance: From Commitments to Actions” at Culture Square, Haidian District, Beijing, China.
FBS Earns the Most Reliable Forex Broker 2023 Award
FBS, a leading online trading platform, has been recognized as the “Most Reliable Forex Broker 2023” by the International Finance Expo. This prestigious title serves as a testament to FBS’s dedication to providing secure and trustworthy financial services to more than 27 million of its clients in over 150 countries.
Launch of “Sustainable Sustainability”– a playbook on marrying profit and purpose
Stewardship Asia Centre (SAC) is pleased to announce that “Sustainable Sustainability: Why ESG Is Not Enough,” published by Penguin Random House, will be available for purchase from 21 November 2023.
OPPO joins global developers and creators to build an open ecosystem forward with breakthrough innovation at 2023 OPPO Developers Conference
OPPO today kicked off its 2023 OPPO Developers Conference (ODC23), unveiling its upgraded Pantanal cross-platform smart system and self-trained large language model-AndesGPT which empower the brand new ColorOS 14, and the exploration in open ecosystem for global developers and OPPO Health.
Bank of England’s Monetary Policy Holds Steady Amid Economic Uncertainty
The Bank of England has opted to keep the Bank Rate at 5.25% until at least July, marking a pause in its tightening cycle, according to a Reuters poll of economists. This decision comes after last week’s surprising move by the BoE to hold rates, citing a slowing economy and lower-than-expected inflation. The central bank has gradually increased rates by 515 basis points in 14 consecutive moves since December 2021 to combat soaring inflation. While the recent decision may offer some respite to borrowers, there’s still a divided opinion among experts on whether further rate hikes are necessary later this year.
Economic Resilience Amidst Oil Output Cuts: GCC Growth Prospects
The Gulf Cooperation Council (GCC) economies faced an intricate economic landscape in the second quarter of 2023, marked by reduced oil production. This led to a 0.5 percentage point downward revision in growth forecasts for the GCC, setting the growth rate at 1.4% for the year. However, the region’s non-energy sectors have shown resilience, with robust growth in tourism-related industries. Rising energy prices, driven by global factors, have also played a pivotal role, with Brent oil reaching $90 per barrel. The impending inclusion of Saudi Arabia and the UAE into the BRICS group offers a ray of hope, fostering economic diversification and reducing reliance on the US dollar, setting the stage for a more optimistic future.
Philippines Implements Measures to Tackle Inflation and Rice Prices
The Philippines is taking proactive measures to combat rising inflation and stabilize rice prices, a significant staple. Among these measures, a proposed reduction in rice import tariffs aims to lower consumer costs. The government also encourages private-sector-driven rice imports while expediting shipment clearance processes, ensuring sufficient rice supply. To address potential crop losses due to El Niño, the farm ministry recommends additional rice imports of 500,000 metric tons. Despite recent inflation challenges, authorities are optimistic about price stability as farmers prepare to harvest around five million metric tons of rice in the coming months, contributing to the country’s annual target.
Bank Earnings Propel U.S. Stocks to New Highs Surging Economic Optimism
U.S. stocks are surging to new highs, driven by strong bank earnings and a resilient economy. As investor optimism grows, major financial institutions report impressive profits, signaling confidence in the ongoing recovery. The market’s recent rally is bolstered by various economic indicators, prompting investors to closely monitor earnings announcements and economic data for further clues about the market’s direction.
CIC Sells Winchester House in London for $316 Million
China’s sovereign wealth fund – China Investment Corporation (CIC) – has sold Winchester House in the City of London – its first direct investment in the UK real estate market – at a loss, indicating it could be ditching assets amid rising geopolitical risks.
Food Delivery Service CoLab Joins List of Firms in Ceasing Operations in Australia
CoLab, the Australian food delivery service, has announced winding up its operations last week. CoLab, is the seventh food delivery brand that have closed their operations in Australia in the last one year.
CoLab is a direct-to-customer retailer website and has entered voluntary administration last Thursday after failing to gain a fresh round of funding. failing to gain financing to continue its operations. It was launched as part of a collaboration between ChefPrep and Co-lab Pantry.
In a LinkedIn post, CoLab’s co-founder and CEO Josh Abulafia said that the company’s staff had been made redundant. “It’s been a tough day for CoLab and unfortunately we have had to let the team go,” he posted.
“As a quick background we (were) in the process of closing out a new round of financing that fell through. We then had significant interest for the company to be acquired and decided to put the company into VA to help, but due to unforeseen events our timelines became truncated,” Abulafia added.
One of the major reasons for the closure of these brands is said to be challenging economic conditions resulting in a rise in the cost of living where consumers have less money to spend.
Other Firms
Earlier, Sydney-based MilkRun, which was in the headlines for promising to deliver groceries within 10 minutes a customer placed order. The firm raised more than $5759 million from some of the biggest names in Australian venture capital, including Atlassian billionare Mike Cannon-Brookes.
In an internal email to the employees on Tuesday last, MilkRuns co-founder and chief executive Dany Milham said: “I am writing to let you know that we have made the difficult decision to wind down the business, and as a result, MilkRun will cease trading this Friday.”
According to Australian media reports, despite banking an impressive $75 million funding round led by a US venture capital firm in 2022, Milham blamed worsening economic conditions for the shock collapse.
Dany Milham had already found success with fast-delivering mattress company Koala. Less than a year ago he was confidently predicting MilkRun would be bigger than Coles or Woolworths within ten years.
The other five delivery service firms, which shut down in the Australian market, included three local startups promising 10-minute deliveries – ‘Send’ in May 2022, ‘Voly’ and British-owned ‘Deliveroo,’ both of which ceased operations in November 2022.
DashMart, which was launched in Sydney, Melbourne, and Brisbane by food courier platform DoorDash in January 2023 claiming it would succeed where its rivals had failed, closed its operations last month.
While Melbourne food delivery platform Providoor became the sixth delivery firm to enter liquidation last month, Germany’s Foodora collapsed in August 2018.
