Business

G7 finance chiefs address global economic uncertainty as U.S. debt crisis looms

Published

3 weeks ago

13/05/2023

NIIGATA, Japan, May 13 (Xinhua) — Group of Seven (G7) finance chiefs on Saturday warned of heightened uncertainty and vowed to take actions to ensure financial stability amid concerns following U.S. bank failures.

In a joint statement issued after their meeting in the Japanese city of Niigata, the G7 finance ministers and central bank governors said they “need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook.”

The three-day gathering that concluded on Saturday was overshadowed by concerns about the U.S. debt ceiling deadlock, which was made no mention of the statement.

“We will continue to work closely with supervisory and regulatory authorities to monitor financial sector developments and stand ready to take appropriate actions to maintain financial stability and the resilience of the global financial system,” said the statement.

G7 central bank chiefs also vowed to fight elevated inflation and ensure inflation expectations remain well anchored, according to the joint statement.

The Japanese central bank will persist with monetary easing because inflation, currently above its target, will start to slow later this year, Bank of Japan Governor Kazuo Ueda, who took the helm in April, was quoted as saying at the G7 gathering by national news agency Kyodo on Saturday.

The meeting was held in the runup to the G7 leaders’ summit in Hiroshima from May 19 to May 21.

Source(s): Xinhua

Business

Over 10 bln USD of investment signed at central China RCEP expo

Published

4 weeks ago

09/05/2023

CHANGSHA, May 8 (Xinhua) — A total of 113 projects with a combined investment of about 75 billion yuan (10.84 billion U.S. dollars) were signed during a Regional Comprehensive Economic Partnership (RCEP) economic and trade expo held in central China’s Hunan Province.

The event that kicked off on May 4 in the province’s Huaihua City has served as a new platform for exchanges and cooperation between RCEP member countries and China’s provincial-level regions along the New International Land-Sea Trade Corridor, which is a trade and logistics passage jointly built by provincial-level regions in western China and ASEAN members, according to the organizer.

The four-day expo attracted over 600 renowned enterprises and more than 1,000 purchasers from home and abroad, including 112 companies from 14 other RCEP member countries.

With diversified offline and online activities, the expo had more than 2,000 varieties of featured products from RCEP member countries on display in the city’s international convention center.

Huaihua is the province’s only node city along the corridor and a freight assembly center for ASEAN countries.

Source(s): Xinhua

Business

Maldives records USD millions increase in tax revenue

Published

1 month ago

27/04/2023

Ministry of Finance has revealed that the state has recorded an increase of USD130 million in tax revenue collected so far in 2023.

Thee Weekly Fiscal Developments report shows that the tax revenue increased after the government hiked the Goods and Services Tax (GST) from 6% to 8% and the Tourism Goods and Services Tax (TGST) from 12% to 16% at the start of the year. The report shows that the state received USD629 million in revenue as of April 13. Around USD473 million was collected in tax revenue, which is a significant increase compared to the USD376 million collected in the same period last year. The report also shows that USD273 million was collected in GST and USD104 million was collected in TGST.

Additionally, the state collected USD156 million in non-tax revenue, which is an increase compared to the USD128 million collected in the same period last year. Meanwhile, the expenditure has reached USD824 million, which is also an increase compared to the USD681 million in expenditure recorded in the same period last year. Around USD564 million went to recurrent expenditures, USD253 million went to capital expenditure, and USD188 million went to infrastructure assets.

Source(s): psm news

Business

MVR 1.2 million incurred to rebrand HDC to Urabanco

Published

2 months ago

18/04/2023

MVR 1.2 million has been incurred so far to rebrand Housing Development Corporation (HDC) to Urbanco, as per the company.

Responding to a question submitted by an individual under the Right to Information Act – the company said that renaming HDC as Urban Development Corporation, with Urbanco, as a brand name, was a decision taken in 2021.

Detailing the finances incurred in this trajectory, the company detailed MVR 1,284,291 has been spent to implement the Urbanco branding so far. The company said a priority was allocated to sticking to minimum expenditure in acquiring the needful during the rebranding process.

On this note, they said the highest expense was incurred to build the company’s flag tent and display banner stand at MVR 353,008. The second highest expense was incurred for pens, notebooks, and mugs at MVR 279,000.

Expenses were also incurred to change the main name board, departments’ name boards, and videography. A further MVR 150,000 was approximately incurred for MVR 150,000 for advertising the new brand. Urbanco expects an additional expense of MVR 487,000 to rebrand staff buses, speedboats and ferries.

They expect the rebranding cost in total hit MVR 1.7 million. However, Urbanco highlighted the possibility of the amount changing as company policies in acquiring goods significantly cuts down the cost.

Urbanco said its goal is to collaborate with local councils across Maldives to identify the developmental needs of local communities in line with the government’s vision, and utilize the company’s experience and success to expand the company to engage in work that is beneficial to the people.

The company said it will no longer focus solely on Hulhumale’, but beyond.

Source(s): sun.mv