Shanghai now fourth-ranked financial center in world

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NEW YORK, New York, Sept. 20 (Xinhua) — Shanghai is expected to play an increasingly important role as a financial center thanks to China’s commitment to and efforts in the continuous reform and opening up, experts have said.

According to the yearly Global Financial Centers Index reports by Z/Yen, a commercial think-tank in London, Shanghai has become the fourth most competitive financial center in the world following New York, London and Tokyo in early 2020. It ranked the 24th in 2013.

Aiming to become both an international financial center and an international shipping center by 2020, Shanghai’s ranking as a financial center moved up significantly.

Shanghai has a lot of potential to be a major international financial center for similar reasons why New York is, said Richard Sylla, chairman of the Museum of American Finance in a recent interview with Xinhua.

The economic foundation there for a financial center is

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Federal Report Warns of Financial Havoc From Climate Change

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WASHINGTON — A report commissioned by federal regulators overseeing the nation’s commodities markets has concluded that climate change threatens U.S. financial markets, as the costs of wildfires, storms, droughts and floods spread through insurance and mortgage markets, pension funds and other financial institutions.

“A world wracked by frequent and devastating shocks from climate change cannot sustain the fundamental conditions supporting our financial system,” concluded the report, “Managing Climate Risk in the Financial System,” which was requested last year by the Commodity Futures Trading Commission and set for release on Wednesday morning.

Those observations are not entirely new, but they carry new weight coming with the imprimatur of the regulator of complex financial instruments like futures, swaps and other derivatives that help fix the price of commodities like corn, oil and wheat. It is the first wide-ranging federal government study focused on the specific impacts of climate change on Wall Street.

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Navigating bonus culture in the finance sector

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Former and current governors of the Bank of England, Mark Carney and Andrew Bailey&nbsp


When COVID-19 swept across Spain this spring, the country’s second-largest lender, Banco Bilbao Vizcaya Argentaria (BBVA), did not waste time proving its social responsibility credentials. The bank announced on March 30 that its executives would forgo their bonuses for 2020, worth an estimated €50m ($56.26m). “The international pandemic caused by the coronavirus is an unprecedented health crisis,” a BBVA spokesperson told World Finance. “In the context of the measures taken by governments and monetary authorities to mitigate the impact of the pandemic on the world economy, financial institutions have a fundamental, and even exemplary, role in this crisis.”

This role has not always been a priority for banks, which were largely blamed for the economic shock of the 2008 financial crisis. Since then, they have gone to great lengths to convince governments and the public that

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The dominance of the US dollar is called into question

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Federal Reserve Building, Washington,DC

Federal Reserve Building, Washington,DC&nbsp


Author: Charlotte Gifford


September 8, 2020

In July 2020, the US dollar suffered its poorest monthly performance for a decade, as the country grappled with the economic fallout of the pandemic. The currency’s tumble has raised concerns that its dominance of the global financial system could be waning. According to data from the Commodity Futures Trading Commission, hedge fund bets against the dollar in futures markets are at their highest level in about ten years. Meanwhile, Goldman Sachs currency strategists have warned that the dollar is in danger of losing its status as the world’s reserve currency.

Many economists think that concerns about the dollar’s demise are over-exaggerated. They argue that a number of short-term factors have contributed to its decline, including the US Federal Reserve’s aggressive monetary easing, aimed at boosting liquidity during the pandemic.

Others disagree that a weaker dollar means it’s necessarily losing

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Mountain College earns national rankings from U.S. News and World Report

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PIPPA PASSES, Ky. (WYMT) – A mountain college received rankings in seven categories from a national publication.

Alice Lloyd College earned rankings from the 2021 U.S. News and World Report of Best Colleges. Nationally, among all colleges and universities, Alice Lloyd College was ranked 4th for selectivity with an acceptance rate of seven percent and 4th for alumni giving rate.

The report also ranked Alice Lloyd College 1st among all Regional Colleges and Universities for alumni giving rate, 4th for Best Value Schools among Southern Regional Colleges, 26th overall among Best Regional Colleges South and first among all Regional Colleges and Universities for Selectively with an acceptance rate of seven percent. The college was also in the top 15 in the South for Social Mobility.

U.S. News and World Report evaluates institutions based on several standards including academic quality and financial statistics.

“About 25 percent of that ranking is based

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Why India needs to be a model to the world on Covid vaccine delivery

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© Provided by The Print


The pressures of the pandemic have fallen hardest on developing countries with weak governments. They’re struggling to determine who is being infected and why, and to mitigate the economic impact of lockdowns and social distancing measures. If dealing with Covid-19 is stressing those states, however, the effort required to end the pandemic may exhaust them.

Speaking to the Financial Times this week, the Indian vaccine manufacturer Adar Poonawalla — whose Serum Institute of India plans to produce a billion doses of an eventual vaccine, far in excess of any of its competitors — warned that vaccinating “everyone on this planet” poses an enormous governance challenge. He says there’s no “proper plan on paper” for distributing any successful vaccine; Serum may well provide 500 million doses to an Indian government that has no way to get them to people. And India’s infant immunization program has

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Yili tops Brand Finance list of world’s most valuable dairy brands

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Looking beyond the food & drink sector, however, the value of the 500 most valuable brands in the world, ranked in the Brand Finance Global 500 2020 league table, could fall by an estimated $1tn as a result of the coronavirus outbreak.

Brand Finance assessed the impact of COVID-19 based on the effect of the outbreak on enterprise value, compared to what it was on January 1, 2020. The likely impact on brand value was estimated for each sector. The industries have been classified into three categories – limited impact (minimal brand value loss or potential brand value growth), moderate impact (up to 10% brand value loss), and heavy impact (up to 20% brand value loss) – based on the level of brand value loss observed for each sector in the first quarter of 2020.

Yili grows 13%

Recording a brand value growth of 13% to $8.6bn, Yili has now

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Widow whose son was allegedly killed by Osun police officer month to graduation cries, says “world has ended”

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The mother of 20-year-old Ayomide Taiwo, has narrated her ordeal after an officer from the Osun State Police Command allegedly killed her son over alleged N50 bribe.

Ayomide, a fashion designer died on August 9, 2020, days after one Inspector Ago Egharevba, attached to Obokun Divisional Police Headquarters, hit him on the head with the butt of his gun.

The Widow, Yemisi Taiwo weeping while narrating her ordeal said that her husband died a few months after Ayomide was born on September 8, 2000 in Iragbiji, Boripe Local Government Area of Osun State and since then, the care of the family fell on her shoulders.

Due to lack of financial resources Ayomide discontinued his education and enrolled as an apprentice with a fashion designer in the same town towards the end of 2016. At the end of the training in 2019, he embarked on petty sewing to raise funds for

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KBA and Huawei Ink sign collaboration Agreement to promote a tech-driven financial sector

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Kenya Bankers Association CEO Dr. Habil Olaka and Huawei Kenya Chief Executive Officer Mr. Will Meng during the signing a memorandum of understanding. Under the agreement, the two organizations will organize financial ICT-related activities.

Kenya Bankers Association (KBA) has taken a deeper dive into the technology world after signing a collaboration agreement with tech-firm Huawei Kenya that seeks to deepen financial inclusion in the financial sector.

Working with Huawei, KBA will lead an industrywide capacity building initiative geared at promoting knowledge on Financial Technology Innovation (Fintech), digital transformation and other and other ICT-related programmes within the Kenyan banking industry.

The move its to ensure that there is technology becomes the future of the financial sector making it affordable, efficient, and in line with the KBA strategic plan for 2020-2023.

“This partnership will further focus on research and knowledge-sharing activities, which will supplement the research initiatives that continue to be spearheaded

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Hacking away at the system

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Author: Charlotte Gifford


August 20, 2020

To the outside world, Kim Hyon Woo was a developer working for Chosun Expo Joint Venture, a China-based company that supplies freelancing software development and gambling-related products. But in reality, Kim didn’t exist. The person who controlled his email accounts – a man named Park Jin Hyok – was born and educated in North Korea.

Chosun Expo was also not what it seemed. As a matter of fact, it was a front company for Lab 110, a top-secret arm of the Democratic People’s Republic of Korea’s (DPRK’s) military intelligence agency. When Chosun Expo wasn’t carrying out normal business operations, it was facilitating some of the world’s highest-profile cyberattacks, including the Sony Pictures hack of 2014 and the WannaCry ransomware attack of 2017, the latter of which affected more than 200,000 systems across 150 countries and crippled hospitals in the UK, ultimately costing the

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