Friday, October 15, 2021

Month: February 2021

Billion dividends for the largest pension fund in Malaysia

The EPF, the largest pension fund in Malaysia, said on Saturday that it has managed to record a strong performance in 2020, weathering the economic fallout and health crises caused by the pandemic.

In a statement, the fund announced a dividend distribution of 5.2% for the year 2020, compared to dividends amounting to 5.45% in 2019, with dividends amounting to 42.88 billion ringgit ($ 10.6 billion) for traditional savings. Dividend distribution of RM4.76 billion, representing 4.9% to Sharia-compliant savings, compared to dividends of 5% in 2019.

“The rapid spread of the Corona pandemic has created sudden and exceptional circumstances and made it difficult to manage the crisis,” said the fund’s board chairman, Ahmed Badri Mohamed Zahir.

He said that the Pension Fund has “rebalanced” its investment portfolios according to the repercussions of the pandemic, which coincided with a state of uncertainty around the world in light of the circumstances imposed by the US presidential elections, the trade dispute between the United States and China, and the impact of Brexit negotiations on the financial markets. around the world.

4.62%, the average of a five-year dividend
The Pension fund stated in the statement that the average real annual dividend distributions after accounting for the impact of inflation over five years amounted to 4.62% for traditional savings, and 4.32% for savings that comply with Islamic law, which exceed the target of 2% for five consecutive years.

The Malaysian Pension Fund launched the first and largest Sharia-compliant fund in the world.

The fund’s total assets under management grew 7.9% year-on-year to 998 billion ringgit in 2020, and the market value of its assets was about 1.02 trillion ringgit by the end of December. Fixed income instruments accounted for 46% of the fund’s investments, followed by stocks with 42%, while 33% of the fund’s investment assets are outside Malaysia.

Ahmed Badri said that the future plan of the fund focuses on investments that follow environmental, social, and corporate governance standards, which “will contribute to supporting growth and mitigating risks.”`

Fashion capitals lose $ 600 million due to “Corona”

thousands of fashion managers, celebrities, influencers and models travel between the world fashion capitals every year to attend fashion shows, and are linked to a multi-million dollar economy, including the injection of investments and the boost in tourism spending in New York and London. Paris and Milan.

And for the second season in a row, the epidemic wipes out all that, and almost all shows will be virtual, as they were last September, luxury hotels that are usually filled with the finest fashion shows will be nearly empty, clubs and local venues will not welcome many who attend night parties, museums, galleries will be Art is like ghost towns, and upscale shops will lose money pouring in from the deluge of shoppers willing to pay thousands to buy a dress or handbag.

After accounting for the impact of all this, the four cities will lose more than $ 600 million in economic activity this season, according to data compiled by Bloomberg.

Here’s a look at what’s happening on the ground in the four major fashion centers as the sector gears up for a lost second season.

It was a mixed start this year for London as the rapidly mutating strain of the virus forced a third lockdown. Then the distribution of vaccines raised hopes that another catastrophic spike in infections could be avoided.

The British Fashion Council is holding a digital-only event that begins on February 19, showcasing women’s and men’s clothing by 95 designers, including names such as: Victoria Beckham.

FashionUnited’s Business Intelligence estimates that London Fashion Week typically brings more than 269 million pounds ($ 374 million) to the city.

Oxford Economics estimates that 240,000 jobs, which represent a quarter of the workforce in the British fashion sector, were lost due to the epidemic, and when calculating indirect jobs, the outcome rises to 350,000 jobs.

In 2011, the owner of the nightclub, Carlo Carrillo, organized a fashion week party for Roberto Cavalli at the Battersea power station, and now, he has had to fire 80% of the staff at Raffles, a popular venue in the upmarket Chelsea neighborhood.

“We used to make a lot of effort every night of the week,” Carrillo says of the times before the pandemic. “We usually had 2 or 3 parties in Fashion Week … and the epidemic is destroying businesses like ours.”

Another distress looming over the UK fashion industry, which is making things worse, is Brexit. Walpole, which represents luxury brands like Burberry, says small fashion brands have been discontinued. On dealing with the European Union at the present time because there is an “incomplete understanding” of the fees that must be collected from one country to another, adding that Britain is now alone.

When the fashion shows start this year in Milan on February 23, they will be completely virtual, with the exception of some divisions invited by a limited number of buyers and media, where social distancing measures are applied, and the opening night will be a live party on “Instagram” with a DJ instead of Loud festivities attended by people directly in a city that suffered the worst loss of life from the epidemic last spring.

To maintain the city’s participation in the event; The Italian Fashion Room will place large screens in strategic locations in central Milan to allow passers-by to view live performances of icons such as “Armani”, “Prada”, “Fendi” and “Dolce & Gabbana”.

“It will be a symbolic gesture, and a reminder to Milanese that fashion is still part of everyone’s life, that it is flexible despite the Covid crisis and is still able to embody the city’s values: creativity and efficiency,” said Carlos Capasa, Chairman and CEO of the Fashion Chamber.

In past years, each of the four fashion weeks in Milan brought about 30 million euros in spending in places such as hotels and restaurants. Kapasa expects income to decrease by at least 80%.

New York
Shortly after the February shows ended last year, New York City became the epicenter of the global Coronavirus pandemic, killing tens of thousands, and a resurgence in late-year cases in the northeastern United States caused renewed restrictions on businesses in Gotham, despite That infection rates have recently begun to decline again, New York Fashion Week, which began last weekend, is being held by default.

There are more than 100 events on the calendar ranging from committees to presentations on live broadcasts, along with a few DVDs that involve in-person attendance, and as always, Rebecca Minkoff, Jason Wu and more than a dozen young designers will be participating as the Council of Blacks in Fashion shines. In Fashion Council) highlight them.

The Council of Fashion Designers of America expects this spring to be more difficult than last fall.

“We will all face great challenges this season – even greater than last season – as the world increasingly struggles with a devastating epidemic and economic recession,” Tom Ford, chairman of the board, wrote in a speech to the sector.

The state’s Joint Economic Committee said that New York Fashion Week usually generates hundreds of millions of dollars in annual revenue, surpassing the revenues of the US Open Tennis Championships, which the city also hosts every year, and during normal times, the two events attract about 150,000 visitors who fill hotels. Manhattan, they ignite the nightlife, and they spend a lot of money.

A year ago, Nicholas Ghesquiere of Louis Vuitton set up the fashion runways inside the Louvre, a mega-show described by veteran fashion filmmaker Loic Brigitte as “the last of the great shows in times free of Covid-19”.

Gone are the days when celebrities used to gather in the front lines at the most visited museum in the world, and this time, Paris Fashion Week for Women’s Fashion will be an online event, starting on March 1.

The French Fashion Institute estimates that Paris Fashion Weeks were generating 450 million euros a year before the pandemic.

Pascal Morand, chairman of the Federation of Couture and Fashion Federation and organizer of the party, said that although no estimates have been issued since the epidemic hit, the number has decreased as expected.

Christophe Laure, chairman of UMIH Prestige, a lobby group for the hotel industry, said that five of the 12 leading hotels in Paris called palaces are currently open, despite occupancy rates of 5%. And 15%, and those mansions during Fashion Week before the Coronavirus are open, and between 80% and 100% of their rooms are reserved, and Lore says, the situation is “very worrying.”

Morand said that perhaps the only advantage of the epidemic is that it made there a kind of democracy in accessing shows thanks to them being set up for everyone in digital format, which the numbers prove.

The Louis Vuitton men’s fall fashion show by fashion designer Virgil Abloh in January 2020 was seen less than 500,000 times on the brand’s YouTube page, while the 2021 show was more than twice that number.

Morand looks forward to the day when traditional fashion shows return, because the digital experience “will not completely replace” the feeling of being there.

The global tourism sector .. Signs of recovery loom, and the biggest bet is on the vaccine

Early in the global pandemic, travel experts scrambled to shape the recovery; Will it be “L” shaped or will it be more “W” shaped?

A year later, perhaps despite a short recovery and a lot of pent-up demand, the travel boom has yet to happen.

However, there is a glimmer of optimism both for the industry and for people eager to dust their bags, travelers are now starting to book trips they hope to take months or more in the future.

Few markets, including Africa and Antarctica, are doing so well that their stocks have sold out most of the upcoming peak seasons – winter and summer respectively in the southern part. Some destinations are also booming now.

In Miami, as an example, with only four exceptions, all of its fifteen five-star hotels, which can be booked on the Expedia website, were booked during the President’s Day weekend. The rooms available were limited to the most expensive only.

In St. Regis Ball Harbor, only a handful of suites valued at $ 3,500 a night were booked, and the remaining stock at One Hotel South Beach was mostly limited to the 4,500-square-foot Presidential Suite at a cost of $ 50,617. Per night, that’s nearly half a million dollars to book for the entire February vacation.

The future of travel in the time of “Corona”
For US travelers, Miami is the prudent return point for tourism, according to an informal survey of more than a dozen travel service providers, online booking sites, industry groups, analysts, and consultants.

These people said that despite the continued effective lockdown of desirable destinations across Australia and much of Europe, enthusiastic travelers are exploring opportunities around the world, and their choices are dominated by open borders and a feeling of safety to a large extent.

And travelers eager to return to their favorite spots simply place early bets, hoping their destinations will welcome them when the time comes.

Among the most popular options are the wide open spaces. There are also signs of increased demand in destinations with high vaccine use.

Cathy Wood .. takes control of companies on Wall Street through their ETFs

The tough week of Cathy Wood has reminded Wall Street that Ark Investment Management has a lot of cash in just a handful of companies. In fact, the firm’s dominance of some firms may be greater than it appears.

Ark now owns more than 10% of at least 29 companies via its exchange-traded funds, up from 24 just two weeks ago, according to data compiled by Bloomberg.

In addition, Nikko Asset Management, a Japanese company that owns a minority stake in Ark, has partnered with it to advise on several funds.

When combined, the two companies own more than 25% of at least three companies: Compugen Ltd, Organovo Holdings Inc, and Intellia Therapeutics Inc. Together, they control 20% or more of 10 additional companies.

These concentrations appear to be present as many NICO products follow the investment scheme provided by ARC; And the company that Wood founded in 2014 is investing in revolutionary elements like genomics and fintech – and that is what Nico products do, too.

Because there are so many companies that cater to these emerging topics, Wood has succeeded in attracting new money, much of it flowing into the same companies.

Arc and Niko did not respond to requests for comment on the risks of concentrating investments in some companies.

Concentration of ownership
Wood uses big-cap companies to absorb the large amount of money that her company has received, which would help reduce Ark’s influence on less liquid companies.

However, there are still concerns that concentration of ownership will be a risk for Ark and Niko and their investors. Where a decline in any of the heavily owned sectors may force them to reduce their shares, which could lead to further decline and thus more selling.

Nate Giracci, president of ETF Store, a consulting firm, said: “The most important concern may be the slippage in performance, as investors start exiting ARK funds, and this will ultimately lead to Redemptions; this could lead to more negative pressure on those securities, and create a vicious circle of these negative reactions. Indeed, this is not a problem for larger broad-based ETFs; Small capitals, there might definitely be some negative pressure on it. “

Risks of short selling bets
The companies heavily owned by ARC are showing above-average short bets, although it is impossible to determine whether this is related to concerns about ownership or just because they are risky bets.

The average short bets as a percentage of Ark Innovation’s holdings float is 4.4%, according to Bloomberg’s calculations based on data from IHS Markit Ltd. The average ranges from 3.4% for Russell 3000 companies to 2.3% for Russell 1000 companies.

Nevertheless, market options show that the bears have not fully intervened yet. Of the 29 companies, which Arc Innovation owns more than 10%, only five saw more selling than buying trades on average over the past five days. While selling activity increased widely, the average buy-to-sell ratio was 0.7%, just over half of what it was for the Russell 3000 companies.

This may be because the betting on Wood has not worked well in the past; Almost every such bet is losing money in the next six months as prices recover, Eric Balchunas, an analyst at Bloomberg Intelligence, wrote in a note this week.

“The outflows from the fund seldom last, and declines in the past have shown a tendency to attract buyers,” he added.

Facebook is close to launching its “smart” glasses without the augmented reality feature

Facebook’s smart glasses are expected to be launched sooner rather than later this year, but they will not feature digital diaphragm technology associated with augmented reality, according to the company’s head of devices, Andrew Bosworth.

The smart glasses that are manufactured in partnership with Ray-Ban and its parent company Luxottica Group SpA can be technically linked to smart devices, but users will not be able to project digital elements onto the real world through them, which is The basis of augmented reality technology.

“They are glasses that can be linked to different devices, and they have multiple functions,” Bosworth says, “But we are very careful with the functionality that we offer specifically. While we’re excited about it, we don’t want to overdo it. We haven’t called reality.” Enhanced by the property offered by the glasses, we simply call them “smart glasses”.

First announcement
Facebook first announced its plans to release augmented reality glasses in 2017 and has since created a small number of features that allow people to project digital images onto the physical world using the camera in a manner similar to photo filters that change the shape of the face in Some social media platforms.

The company has invested a lot in the development of devices in recent years, and it has purchased the emerging company (Oculus) for augmented reality, and launched a home video device called “Portal”. The virtual reality, augmented reality, and devices teams in Facebook include more than 6000 An employee, according to an informed source, and this crew is larger than the groups that Facebook has hired to work on apps for one billion users, such as Instagram and WhatsApp.

Facebook isn’t the only one
The smart glasses are part of the company’s long-term effort to precede the dominance of the large computing platforms that will follow the smartphone. CEO Mark Zuckerberg is a big supporter of both augmented and virtual reality technologies, although the first release of Facebook’s glasses will not ultimately fulfill the promises of augmented reality, which allows the mixing of the digital and physical world through the lens. Bosworth declined to reveal the features of the upcoming glasses, but said, they align with Facebook’s larger philosophy on augmented reality, which is to make technology marginal in human interactions in order to enhance “presence and presence.”

A common situation cited by Bosworth in this regard is the attempt by parents to record their memories with their young children. “You might miss the command you want to record while you are trying to pick up your phone to shoot the shot,” he says. “But if it succeeds, you will probably see the action, but through your phone, if you have the right technology, this problem can be solved.”

The Golden Globe Awards will be announced Sunday in the absence of the stars and the red carpet

The absence of the festive atmosphere and the red carpet will not obscure the interest in the announcement of the “Golden Globes” awards that will be held on Sunday evening. Although it will be organized in default form due to the Corona pandemic, it will be an occasion during which Hollywood celebrates its outputs and honors the late actor Chadwick Bozeman after his death.

The Golden Globe Awards are gaining great attention in the American film community, and those working in this sector are seeking to win them. It may boost the fortunes of the top Oscar nominees, but it also, on the contrary, may dampen their hopes.

Hollywood journalism
And in 2019, the Foreign Press Association in Hollywood, which selected the winners, showed that it had a strong intuition, as all those who won the “Golden Globes” in the film category, after weeks, won Oscars, with the exception of the film music category.

“The Trail of the Chicago Seven” by Aaron Sorkin and “Nomadland” by Chinese-American filmmaker Chloe Gao is considered the best nominees for Best Picture Award, given that they deal with two hot topics currently being strongly proposed.

As for Sorkin, it centers on the police crackdown on protests against the Vietnam War in the American city of Chicago in 1968, while Nomadland is a tribute to contemporary “hippies” as they immerse themselves in the world of “trailer residents” who roam the United States in their old vehicles.

And prizes expert in “Deadline” magazine, Pete Hammond noted that “Chicago Seven” is in a position to win, as “it embodies the spirit of the age, even if its events date back 50 years, and many stars participated in it.”

Lucid Motors plans to launch a Tesla competitor’s Model 3 car by 2025

Lucid Motors, backed by the Saudi Public Investment Fund, plans to launch a rival Tesla Model 3 car between 2024 and 2025 and is preparing to produce its first electric car, the luxury Air Car, in late 2021, while the company was planning to launch it In the spring of this year.

This comes after Lucid Motors recently announced plans for an initial public offering through a merger with Churchill Capital IV, a New York Stock Exchange-listed special-purpose acquisition, in a deal that could be worth up to $ 24 billion.

Challenging Tesla competition
Lucid Motors, Tesla’s rival, the Model 3, will be a cheaper sedan, the company’s chief executive, Peter Rawlinson, told Reuters, adding that the focus will be on producing a larger, luxury car that requires fewer resources.
Manufacturing a smaller car requires huge funds, due to the need for a larger factory and more machines and equipment, Rawlinson said, noting that increasing production of huge cars represents a major financial challenge for the company.

Lucid Moutuz, headed by a former Tesla engineer, follows the same strategy as billionaire Elon Musk, which relies on starting a luxury car launch to attract the spotlight towards the brand and then expanding the market further afterward.

Automotive experts believe that it is too late for Lucid Motors to produce a more affordable model versus Tesla cars as the main players in the traditional car market have already introduced competing models to Tesla such as Volkswagen, Hyundai Motor, and Ford.
There are questions about whether a stake for Lucid Motors will remain in the competing car market for Tesla after about 4 or 5 years, according to auto industry analyst Mel U.

The company expects to produce a cheaper version – for less than $ 70,000 – of the luxury sedan in 2022, then it will focus on producing a multi-purpose sports car named Project Gravity in 2023, with small trucks and commercial vehicles to be developed, after several years with cooperation. With other partners, Rawlinson says.
A car for 25 thousand dollars
The world urgently needs an electric car at a price of $ 25,000, but Lucid Motors is practically unable to do that now and for another 8 years, Rawlinson said, adding that even Tesla has not yet launched such a model.

6 well-known automakers contacted Lucid Motors over the past month and showed interest in the company’s technology and the possibility of joint cooperation, indicating that this partnership could result in a $ 25,000 car industry in the next three to four years.

It’s too early for Lucid Motors to make its own battery cells at the moment as the company has contracts with mods such as LG Chem and Samsung SDI, according to Rawlinson.

Tesla Deliverables
Tesla deliveries in the fourth quarter of 2020 increased by more than 70% to 180.6 thousand cars compared to the same quarter in 2019, while deliveries are only 30% higher on a quarterly basis, but production in the fourth quarter of last year was much lower. .

Tesla topped global electric vehicle sales in 2020, with an estimated 499,535,000 units sold, more than double the sales of Volkswagen, which came second in terms of electric vehicle sales.

Sales of Tesla during the year allowed it to increase its share of the electric car market by 17.95%, and Volkswagen was the only other producer with a double-digit market share of 12.6%.

Tesla had started selling its Tesla Model 3 in 2017, targeting a wider market spread, and it was the fourth car to produce it, and in 2020, the Model 3 was the best-selling model of electric vehicle worldwide.

Mask Fortune
The 50-year-old Musk’s fortune has fallen $ 3.1 billion to currently register $ 166.1 billion, according to Forbes’ instant statistics, but he has maintained his position as the second richest billionaire in the world, after the founder of e-commerce giant Amazon, Jeff Bezos, who sits on the throne of the world’s richest with wealth. It is worth $ 186.9 billion, while French billionaire Bernard Arnault is in third place, with a fortune of $ 158.1 billion.

Tesla’s share price – in which Musk owns 21% of its shares – fell 2.19% to $ 698.84 by the end of trading on Wall Street on Tuesday.

FDA advisors recommend “Johnson & Johnson” vaccination for Corona

BP, United Arab Emirates (CNN) – Vaccination consultants at the US Food and Drug Administration voted Friday on the agency’s recommendation for emergency use of the Coronavirus vaccine from Johnson & Johnson.

The Vaccines and Related Biological Products Advisory Committee (VRBPAC) of the Food and Drug Administration voted unanimously to recommend granting Emergency Use Authorization (EUA) for a vaccine to persons aged 18 years and over.

Acting FDA Commissioner, Dr. Janet Woodcock, and Dr. Peter Marks, who heads the vaccines division at the FDA, said permission for emergency use would come quickly.

This will become the third vaccine approved for use in the United States.

AURORA, CO – DECEMBER 15: Rocky Mountain Regional VA Medical Center investigational pharmacy technician Sara Berech holds a dose of the Johnson & Johnson COVID-19 vaccine before it is administered in a clinical trial on December 15, 2020 in Aurora, Colorado. The Johnson & Johnson vaccine could be submitted for emergency use by late January and is the only vaccine among leading candidates given as a single dose. (Photo by Michael Ciaglo/Getty Images)

The vaccine will become the first vaccine taken in a single dose, and it can be stored in regular refrigerators, which is easy to distribute compared to both “Pfizer-Biontec” and “Moderna”, which are considered more sensitive, and they require two doses.

AURORA, CO – DECEMBER 15: (EDITORIAL USE ONLY) Rocky Mountain Regional VA Medical Center investigational pharmacy technician Sara Berech is reflected in the glass of a fume hood as she prepares a dose of the Johnson & Johnson COVID-19 vaccine for a clinical trial on December 15, 2020 in Aurora, Colorado. The Johnson & Johnson vaccine could be submitted for emergency use by late January and is the only vaccine among leading candidates given as a single dose. (Photo by Michael Ciaglo/Getty Images)

The vaccine, produced by Janssen, the vaccine arm of Johnson & Johnson, was tested in advanced clinical trials on more than 44,000 people in the United States, South Africa, and Latin America.

Globally, the vaccine showed an overall effectiveness of 66% in preventing moderate to severe diseases.

In the United States, the effectiveness reached 72%, and it was 85% effective in preventing severe disease.

Manchester City achieves its 20th victory in a row and consolidates its lead in the Premiership

Manchester City is 13 points away at the top of the Premier League, after beating West Ham United 2-1 on Saturday, to claim their 20th successive victory in all competitions.

City moved ahead half an hour later when defender Robin Diaz converted Kevin De Bruyne’s cross header into the net.

But the away team equalized through Mikhail Antonio two minutes before the end of the first half.

Coach Pep Guardiola’s side clinched its 14th consecutive league victory when defender John Stones hit the net from inside the penalty area after a Riyadh pass by Mahrez.

Fourth-placed West Ham, who performed well in the game, almost snatched the equalizer but Issa Diop was unable to head well from Jesse Lingard’s cross pass.


The victory raised City’s balance, which has not lost in the last 27 games in all competitions, to 62 points from 26 games, while Manchester United have 49 points before heading out to meet Chelsea on Sunday.

Guardiola’s last loss in the league goes back to November 21, when it fell to Tottenham 0-2, then fell to 11th place before gradually recovering its balance and dominating the Premier League, who won its title in 2018 and 2019 out of a total of six titles.

City also continues its exemplary journey in the Champions League, as it came back from home by defeating Borussia Monchengladbach with two clean goals, to go a long way towards reaching the quarter-finals of the continental competition, which it seeks to crown for the first time in its history. The team also reached the final of the English Professional Clubs Cup, where they will meet Tottenham Hotspur on April 28th.

The IMF expects cumulative losses in per capita income in emerging countries of up to 22% in 2022

On Friday, the head of the International Monetary Fund, Kristalina Georgieva, warned of the “dangerous disparity” between economies and their income and called on policymakers in the G20 to take “strong and resolute measures” to counter this.

The head of the International Monetary Fund said, “We expect by 2022 to achieve cumulative losses in emerging and developing countries in per capita income of up to 22%, compared to 13% in advanced economies.”
“We expect that only half of the countries that have been narrowing the income gaps for advanced economies will continue to do so during the period from 2020 to 2022,” she said.

She noted that youth, low-skilled, and women within countries were “disproportionately affected” by job losses.
Georgieva urged governments to quickly provide opportunities for families, commensurate with the conditions of countries, “so that there is a permanent way out of the health crisis.”

Vaccine production and recovery
Although she indicated that the global economy is on the road to recovery, in the hypothetical meeting of finance ministers and central bank governors of the G20 chaired by Italy, she confirmed that “the uncertainty is still very high,” as vaccinations still have a long way to go to reduce the severity of the waves Covid-19 virus and its effects.
The head of the International Monetary Fund called for strong and resolute measures from policymakers in the Group of Twenty, indicating that international cooperation is necessary to accelerate production and make vaccines available everywhere “as quickly as possible.”
She stressed the urgent need to intensify support for vulnerable countries, saying that “we must spread all the tools available to us.”

Initiatives to support economies
The finance ministers of the G20 countries met virtually “Friday”; To discuss plans to revive the global economy depleted by the repercussions of the spread of the Covid-19 virus, and to limit the damage to poor and marginalized countries in the race to obtain vaccines against the disease.
US Treasury Secretary Janet Yellen has expressed her willingness to discuss providing new aid through a currency issued by the International Monetary Fund, known as the Special Drawing Rights, to support countries in difficulty.
Last April, the G20 decided to suspend the payment of interest on the debts of the poorest countries and then extended it in October to 30 July 2021.

Debt interest payments for only 46 of the 73 eligible countries, worth $ 5.7 billion, have been deferred.
Earlier this February, the Group of Seven finance ministers held a virtual meeting, chaired by Britain, to discuss the economic recovery after the Coronavirus pandemic.

Japanese Finance Minister Taro Aso said that the financial officials of the Group of Seven countries discussed support for low-income countries and a new allocation of special drawing rights in the International Monetary Fund.
The head of the International Monetary Fund confirmed that the chief financial officials of the Group of Seven showed “complete agreement” on various issues, from fiscal stimulus to support for poor countries.

The British Finance Minister indicated that ministers and central bank governors exchanged views on formulating the best policies to ensure a speedy economic recovery from the Coronavirus pandemic, including support for workers and companies in a manner that ensures long-term sustainability.

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