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New Zealand Enters Second Recession in 18 Months as GDP Contracts

With a decrease in the economy during the last quarter of 2023, the latest GDP numbers officially mark the formal start of New Zealands second recessi

With a decrease in the economy during the last quarter of 2023, the latest GDP numbers officially mark the formal start of New Zealands second recession in 18 months. According to Stats NZ, the GDP shrank by 0.1% and per capita GDP decreased by 0.7% during the December quarter. With a 0.3% decline in the September quarter, this is the nations second recession in the last eighteen months. Just 0.6% yearly growth is stagnating, indicative of the challenging economic environment. Record migration, with 141,000 new arrivals in 2023, has supported the economy. David Seymour, the minister of regulations, does, however, expect budget cuts in reaction to the recession. Read More..

B2B Tech News | 1 years ago

Ethiopias Commercial Bank Works to Recover $40 Million After Technical Glitch

Ethiopias Commercial Bank is working to get back more than $40 million after a mistake in the system let users take out more money than they had in th

Ethiopias Commercial Bank is working to get back more than $40 million after a mistake in the system let users take out more money than they had in their accounts. Social media posts about the malfunction caused the event, resulting in lengthy lines at ATMs nationwide. The precise amount taken out still needs to be discovered, despite the banks CEO, Abe Sano, confirming half a million transactions during the malfunction. The central bank made it clear that a standard system update—rather than a cyberattack—was the cause of the problem. The Commercial Bank of Ethiopia, which serves 40 million clients, is working with law enforcement to recover the missing money despite the brief suspension of Ethiopias financial system. Interestingly, the bank will not prosecute the students who made the illegal withdrawals. Read More..

B2B Tech News | 1 years ago

Biden Announces Historic $20 Billion Investment in Intel for Semiconductor Production

President Joe Biden has made the most significant government investment in semiconductor chip manufacturing in the United States and has granted Intel

President Joe Biden has made the most significant government investment in semiconductor chip manufacturing in the United States and has granted Intel about $20 billion in grants and loans. The financing was announced in Arizona to increase local chip manufacture and address the severe scarcity of semiconductors caused by the epidemic. Biden attacked the actions of outgoing President Donald Trump while highlighting the value of US manufacturing. The investment is intended to lessen dependency on foreign chip manufacturing, mainly in China and Taiwan. It is a component of the 2022 CHIPS and Science Act. With the current global tensions, this endeavour is critical to national security. By 2030, the goal of the subsidy programme is to raise the United States percentage of advanced chip manufacture to 20%. This is a big step not only for Intel but for the whole semiconductor industry. Read More..

B2B Tech News | 1 years ago

Hedge Funds Dominate Euro Zone Government Bond Market with 55% Trading Volume

With a record 55% of all European government bond trading activity on the Tradeweb platform last year, hedge funds are becoming increasingly involved

With a record 55% of all European government bond trading activity on the Tradeweb platform last year, hedge funds are becoming increasingly involved in the eurozone government bond market. The European Central Bank is decreasing its bond holdings and seeing an increase in funding demands simultaneously with this rise in activity. Government borrowing has increased as a result of the pandemic and geopolitical unrest. Yet, due to postfinancial crisis laws, banks are subject to balance sheet restrictions. Hedge funds are profiting from the markets volatility because they are drawn to favourable interest rates and cheaper electronic trading expenses. Although they add to liquidity, their existence creates regulatory issues because of their adaptability and possible influence on the market. Their involvement in bond auctions has facilitated the smoothing of debt transactions, notwithstanding the risks involved. However, it presents obstacles for traditional market players. With record bond Read More..

B2B Tech News | 1 years ago

Pakistan Concludes Review with IMF, Set to Receive $1.1 Billion Tranche

After a stafflevel assessment of a $3 billion standby agreement, Pakistan and the International Monetary Fund IMF have decided to provide $1.1 billion

After a stafflevel assessment of a $3 billion standby agreement, Pakistan and the International Monetary Fund IMF have decided to provide $1.1 billion to the South Asian economy. This latest instalment comes after Pakistan rescued the country last summer at the last minute, preventing a sovereign debt default. The IMF team met in Islamabad during a fiveday tour to discuss budget consolidation standards. The second and last evaluation was finished by all parties on Tuesday, and the IMF is anticipated to announce on Wednesday. After the present agreement expires on April 11, Islamabad would likely seek another IMF bailout, according to Finance Minister Muhammad Aurangzeb. If Pakistan requests a mediumterm programme, the IMF will consider it. According to reports, Pakistans economy struggles with poor reserves, a balance of payment crisis, and high inflation. It is expected to seek additional funding, possibly around $6 billion. Read More..

B2B Tech News | 1 years ago

Euronext CEO Stephane Boujnah No Plans for Crypto Trading Without Regulatory Support

According to CEO of Euronext Stephane Boujnah, the stock market operator wants to get involved in cryptocurrency trading with authorities unwavering b

According to CEO of Euronext Stephane Boujnah, the stock market operator wants to get involved in cryptocurrency trading with authorities unwavering backing. In light of Bitcoins rebound, other exchanges are entering the cryptocurrency field. Still, Euronext is being cautious—especially given the ambivalence of authorities in important nations like Italy, France, and the Netherlands towards crypto. Boujnah underlined the need for regulatory support and said that because of conceptual reservations and regulatory stances, Euronext has always been wary about cryptoassets. Despite this position, Euronext distinguishes between direct crypto asset trading and crypto underlying by providing professional investors in Amsterdam and Paris with cryptobacked exchangetraded products. Read More..

B2B Tech News | 1 years ago

Grasim Industries Secures Rs 1,250 Crore Investment from IFC for Sustainability Initiatives

The International Finance Corporation IFC has invested Rs 1,250 crore in Grasim Industries Limited, the flagship business of the Aditya Birla Group, t

The International Finance Corporation IFC has invested Rs 1,250 crore in Grasim Industries Limited, the flagship business of the Aditya Birla Group, to support the companys sustainability efforts in the paint manufacturing sector. The investment will accelerate Grasims decarbonisation efforts, which will take the form of NonConvertible Debentures NCDs, emphasising water recycling and using renewable energy. Grasims managing director, H K Agarwal, thanked the investor and emphasised the companys dedication to a lowcarbon economy and compliance with the Sustainable Development Goals of the United Nations. The funding from IFC will help Grasim grow in a way that is kind to the environment and promotes the use of water and energysaving technology. Grasim also announced the debut of "Birla Opus," a new decorative paint brand that aims to use sustainable manufacturing techniques and ambitious revenue targets within the next few years. Read More..

B2B Tech News | 1 years ago

Saudi Arabia Plans $40 Billion Fund for Investing in Artificial Intelligence

According to the New York Times, Saudi Arabia intends to create a $40 billion fund for AI investments. To open an office in Riyadh, the Public Investm

According to the New York Times, Saudi Arabia intends to create a $40 billion fund for AI investments. To open an office in Riyadh, the Public Investment Fund PIF of Saudi Arabia has discussed possible collaborations with American venture capital company Andreessen Horowitz and other firms. The fund seeks to assist AIrelated tech businesses like data centres and chip manufacturers. The project, anticipated to begin in the second half of 2024, reflects Saudi Arabias goal to use its resources and financial ability to establish itself as a centre for AI research. PIF and Andreessen Horowitz have yet to respond to requests for comment. Read More..

B2B Tech News | 1 years ago

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