Latest news with #economicprogress
Bloomberg
18-06-2025
- Business
- Bloomberg
IMF Says Zimbabwe's Economy Has Made ‘Significant Progress'
The International Monetary Fund said Zimbabwe's economic progress represents a 'regime change,' but declined to say if or when the Washington-based lender would grant it a staff-monitored program. Wojciech Maliszewski, who is visiting the southern African nation to conduct a regular IMF economic health update, said the conduct of the Reserve Bank of Zimbabwe, which has vowed to halt printing money to finance the government, was particularly impressive.
Free Malaysia Today
14-06-2025
- Politics
- Free Malaysia Today
Race, national identity, Dr Mahathir Mohamad, Malays
From Moaz Nair Malays do not need to be under a 'big umbrella' to achieve economic progress in the country. Only hard work, honesty and a positive mindset pay. Times have changed and former prime minister Dr Mahathir Mohamad's big umbrella non-political concept, as he defined it, to unite the Malays is nothing more than a hidden political agenda criticised by the Malay political leaders themselves. Malays are already well represented at all levels of the country's administration since the country's independence. There are also numerous Malay-based political parties in the country, each claiming to champion the rights of the Malays. Can these parties be dissolved and melded into one single party for all the Malays? This is politically impossible, as each of these parties has its own agenda – that is to seek power for themselves. And to achieve this, they cannot work in isolation but associate themselves with Malaysian-centric political parties. Just accept the fact that the demographics of Malaysia are represented by its multiple ethno-linguistic groups that exist in the country. There are more than 30 major ethno-linguistic groups in the country and despite the diversity of its people there are earnest politicians working towards unifying and not dividing them. The population is already divided by race, language and religion and they should not be further divided with divisive policies for political gains. The country hence does not need a big umbrella of any sort for any single race. A Malaysian nation Ironically, it was Mahathir during his first stint as prime minister who came up with an ideal concept of 'Bangsa Malaysia', which translates to Malaysian nation. It was an inclusive policy for all races. This has to be nurtured in the country today. It is a concept and policy to create a unified national identity for all citizens of Malaysia, regardless of ethnicity or background. It aims to foster a sense of belonging and unity across the diverse populations of the country. The policy seeks to replace the focus on a Malay-centric national identity and embrace a more inclusive approach that encompasses all Malaysian citizens, sharing a sense of national identity and belonging, encouraging cooperation and understanding among different ethnic groups. The policy emphasises values like cooperation, moderation, and the spirit of give-and-take, aiming to build a nation based on these principles and accepting the Malaysian Constitution as its key component. The aim here is to create a national identity for everyone in Malaysia replacing the old focus on Malay identity. Bangsa Malaysia in this context refers to the idea of togetherness and comradeship among the various races. It is not the creation of a Malaysian race as it is impossible unless, of course, all the races assimilate biologically and grow into a race with a single cultural identity. The problem lies with the system Imagine studying or working in a foreign country and you meet a person from your homeland: be it a Malay, Chinese, Indian, Kadazan or Dusun, you would feel elated with an urge to become acquainted with the person despite our differences. When we are away, we feel that we belong to the same nation and we share our experience coming from a country we call ours. This is one measure of Bangsa Malaysia and we have nearly achieved this. The experience of Malaysians studying or working overseas testifies to this comradeship. Why then the prejudice at home? The problem lies with the system. We cannot deny that politics, economic disparity and social and cultural preferences have made us perceive ourselves as divergent groups of people living together. We label every person by his race and religion and, in the process, polarise people further. From kindergarten to the workplace and until death, we come across countless forms and processes requiring us to identify our race and religion but not nationality first. A child can't help but grow up with prejudice as he is always made to feel different. We are culturally different but can still share our experiences to create a nationality. The whole notion of creating a Bangsa Malaysia is to foster a deep love for the country, that is, patriotism. To achieve this, all races should be represented at all levels to create a sense of belonging to this nation. A state need not belong to one race, one religion or one way of life to be called a nation. Differences may lead to conflicts, but we should not let them deny us the aspiration of creating a Bangsa Malaysia. We need more tolerance, mutual support and respect for each other to achieve unity, even with all the diversity around us. Let us then achieve unity despite our diversity. It is the Malaysian-first mindset that would nurture Bangsa Malaysia. Mahathir's latest Malay centric focus after no more in power is nothing more than another desperate political agenda to further divide the people. Moaz Nair is an FMT reader. The views expressed here are those of the writer and do not necessarily reflect those of FMT.
The Guardian
29-05-2025
- Business
- The Guardian
‘I don't want freebies': outgoing AfDB head on why investment, not aid, will shape Africa's future
The man known as Africa's 'optimist-in-chief' faces one of his toughest challenges this year: handing over the reins of his beloved institution to his successor. After 10 years at the top of the African Development Bank, Akinwumi Adesina will this week see a new president elected at the bank's annual meeting in Ivory Coast before a handover in September. Adesina will be passing on a bank that has grown dramatically during his tenure. 'In 2015, the capital of the bank was $93bn. Today, the African Development Bank is $318bn.' In an exclusive interview with the Guardian, the 65-year-old Nigerian was characteristically upbeat about the continent's future but realistic about the challenges, many of which, he says, stem from injustice in the way African countries are treated. 'In terms of the taxes and royalties that Africa should be getting from its vast natural resources. Africa has oil, gas, minerals, metals; we have forest, we have everything. But we are not getting anything from it because international corporations and national corporations don't pay the relevant taxes and royalties. So we need to make sure that is done. 'We must have impatience with underdevelopment,' he says. The AfDB has been gaining prestige, ranked as the world's best multilateral financial institution in 2021 by Global Finance and feted for its transparency in last year's aid transparency index. Set up in 1964, it is a specialised financial institution focused on promoting economic and social progress, unlike a profit-driven commercial bank. 'Whoever is taking over, they are certainly getting a walk-on global institution,' Adesina says. 'But it's not a job – it's a mission. You have to breathe it. And Africa is watching.' 'Multilateral financial institutions like ourselves were not set up to do Mickey Mouse stuff, little marginal stuff; no, we were set up to address global challenges. 'Without infrastructure there is no trade. And so the bank, in the last 10 years, invested more than $55bn in infrastructure. 'Scale matters. Impact matters. Delivery matters. But most importantly, you cannot get to where you could not envision – vision drives.' The aid budget cuts from the US, the UK and others are less of a concern to Adesina than the lack of fairness in how the world's economic powers and risk assessors treat African countries. 'If African countries were rated properly, equitably,' he says, 'they would be paying $75bn less every year in terms of servicing their debts. 'The president of Kenya, William Ruto, he told me something. He said when there was a military coup in Niger, he got information that Kenya had to pay an increased interest rate on their bonds – because there was a coup in Niger. 'He said he told the person: 'Well look, this is the map of Kenya. Where is Niger: inside it, or out or next to it?' 'Aid has helped countries that needed it, that are vulnerable. It has been good. There's no doubt about that,' Adesina says. 'But aid cannot be part of my balance sheet. 'Benevolence is good; what benevolence is not is an asset class. But the future of Africa is going to come from investment, not aid. I don't want freebies – I want Africa to develop with pride.' But Adesina remains resolutely positive. 'I will always be optimistic about the future of Africa. God did not make a mistake when he made me an African. And I will ask God for permission to resurrect as an African. 'My heart, my soul, my mind, is in advancing my continent's development. If you look at the opportunities that we have, we have not even scratched it. 'We have the largest population of youth in the world today,' he notes. 'One out of four people in the world are going to be African by 2050. Africa will be the workshop of the world, brimming with talents, with opportunities for its young people. 'You look at the size of our digital economy today. It's roughly $180bn. But its going to go to $712bn by 2050. You have Africa urbanising more rapidly than any other region of the world. 'What Africa does with agriculture will determine the future of food in the world. So why will I not be optimistic? That is the place to be. The question to ask is why are you not in Africa? If you are not in Africa, I wonder where you are.' Adesina hits out at the stereotype that investing in Africa is high risk. 'Really? Is Africa that risky compared to others? No, the data doesn't support that. 'Bloomberg, and Moody's Analytics did an assessment over 14 years: loss rates in Africa on industry investment, 1.9%. The case for North America, 6.6%. Latin America was 10%. For eastern Europe, over 12.2%. In western Asia, 4.6%. Western Europe, 4.6%. 'Africa has the lowest,' he emphasises. 'So the issue is understand Africa. We are there to support investors on this continent. And I know that Africa is the biggest greenfield investment frontier in the world. 'When I came to the bank, I told myself, 'this is the African Development Bank – the most important part is the development part.' And so my focus was how do we accelerate development? 'That was how I simplified it in a clear way into the 'high fives' of the bank: to light up and power Africa – electricity for everybody. To feed Africa. To industrialise, to integrate Africa and to improve the quality of life of the people – that means water, sanitation, education, skills, jobs. If Africa achieved these high fives, we would have achieved 90% of the UN sustainable development goals.' Adesina and Ajay Banga, president of the World Bank, last year launched Mission 300, a private-public collaboration to connect an additional 300 million sub-Saharan Africans – half of the 600 million living without electricity – to grids by 2030. Although proud of the big projects under way, including Africa's largest wind-power scheme in Lake Turkana, Kenya, he says there is more to be done in the energy sector. 'I'm excited about the level of political commitment I'm seeing from the heads of state,' he says. 'Today, you have 10 out of the 20 fastest-growing economies in the world in Africa. So, it's a pluralism of excitement about the future prospects and resilience of Africa. It's not about emotion. It's about the reality and the world cannot ignore Africa. 'I'm fully confident that the stone that the builders rejected, will soon become one day the head cornerstone.' For the new president, he also wishes much energy. 'My time ends 1 September,' he smiles. 'There will be a note that I will leave to my successor, some ideas.'
South China Morning Post
14-05-2025
- Business
- South China Morning Post
Britain has capitulated to Trump's coercive trade. Others must resist
The UK-US trade deal, trumpeted by President Donald Trump as a grand achievement, is no triumph of statecraft. It is a hollow spectacle , political theatre masquerading as economic progress. For Britain, it lays bare the perils of negotiating from weakness. For other major economies – the European Union Japan or China – it stands as a cautionary tale. They must heed Britain's experience: strength, not desperation, must define their approach; substance, not optics, must be their demand. Strip away the bombast, and the deal reveals itself as lopsided. Britain receives some relief on tariffs on cars and steel, and secures modest access to US markets for agricultural goods but at a steep cost: acquiescence to stringent American standards that threaten to undercut its own producers. Meanwhile, a 10 per cent tariff persists on most British exports, still higher than a few months ago. In return, the US gains expansive entry into British markets – pharmaceuticals, technology services – offering little in meaningful reciprocity. The UK government said the deal was needed to save up to 150,000 jobs. This is not the art of the deal – it is a strategic capitulation. But Britain is vulnerable – born of post-Brexit isolation . Having cast off the EU, the country drifts economically, burdened by a shrinking economy and rising unemployment.
Yahoo
12-05-2025
- Business
- Yahoo
Asian shares advance as details awaited on progress in China-US trade talks
HONG KONG (AP) — Asian shares advanced Monday after two days of trade talks between China and the U.S. made what the U.S. side said was ' substantial progress.' U.S. futures and oil prices advanced. Officials said a joint statement would be issued later Monday following the trade talks in Geneva over the weekend. Investors are also watching for developments in other flashpoints including clashes between India and Pakistan, the war in Ukraine and conflict in the Middle East. India's Sensex jumped about 2.5% after it and Pakistan agreed to a truce after talks to defuse their most serious military confrontation in decades. The two armies have exchanged gunfire, artillery strikes, missiles and drones that killed dozens of people. In Hong Kong, the Hang Seng gave up early gains to trade up 0.6% at 23,009.64, while the Shanghai Composite Index picked up 0.4% to 3,355.54. Chinese EV battery maker CATL, or Contemporary Amperex Technology Co., Ltd., said in a prospectus filed with the Hong Kong Stock Exchange that it plans to raise nearly $4 billion in a share listing. U.S. Treasury Secretary Scott Bessent said there was 'substantial progress' in the weekend trade talks but offered scant information on exactly what the negotiations entailed. Separarely, Chinese Vice Premier He Lifeng said both sides had agreed to 'establishing a consultation mechanism' for further discussions on trade and economic issues. Elsewhere in Asia, Japan's Nikkei 225 added less than 0.1% to 37,519.80, while the Kospi in Seoul gained 0.5% to 2589.30. Australia's S&P/ASX 200 climbed 0.2% to 8,249.70. Taiwan's Taiex gained 0.9%. On Friday, U.S. stocks drifted, with the S&P 500 edging 0.1% lower to 5,659.91. It finished the week with a modest dip of 0.5%. It was the first week in seven where the index at the heart of many 401(k) accounts moved by less than 1.5%, after careening on fears about President Donald Trump's trade war and hopes that he'll relent on some of his tariffs. The Dow Jones Industrial Average dipped 0.3% to 41,249.38, while the Nasdaq composite edged up by less than 0.1% to 17,928.92. Apart from trade talks and other geopolitical factors, the flow of earnings reports for the start of the year from companies is slowing but still moving markets. Expedia sank 7.3% even though the travel website reported a stronger profit for the latest quarter than analysts expected. The owner of Vrbo and said demand was weaker than it expected during the quarter, and it highlighted softer-than-expected demand in the United States, as well as a nearly 30% decline in bookings from Canada to its southern neighbor. Other travel-related companies, including Hilton and Airbnb, have reported a similar softening in travel demand to the U.S. in their recent earnings reports. Fast-casual restaurant chain Sweetgreen wilted by 16.2% after the salad seller reported a slightly larger loss for the latest quarter than analysts expected. They offset a 28.1% rally for Lyft, which delivered a stronger profit for the latest quarter than analysts expected. The company said it reached the highest weekly ridership levels in its history during the last week of March. Taiwan Semiconductor Manufacturing, the chip giant known as TSMC, offered an encouraging report, saying its revenue in April leaped 48.1% from a year earlier. That sent its stock that trades in the United States up 0.7%. Insulet jumped 20.9% for the biggest gain in the S&P 500 after the medical device company reported stronger results for the latest quarter than analysts expected. In other dealings early Monday, U.S. benchmark crude oil gained 38 cents to $61.40 per barrel. Brent crude, the international standard, added 34 cents to $64.25 per barrel. The U.S. dollar advanced to 145.85 Japanese yen from 146.17 yen. The euro edged higher, to $1.1228 from $1.1209.
