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Leicester 3-1 West Ham (4 Dec, 2024) Game Analysis - ESPN
Rice builds up big lead early, hangs on to beat USF 35-28BRICS+ countries are exploring how they can foster greater use of local currencies in their trade instead of relying on a handful of major currencies, primarily the US dollar and the euro. The forum for cooperation among nine leading emerging economies — Brazil, China, Egypt, Ethiopia, India, Iran, the Russian Federation, South Africa, and the United Arab Emirates — emphasised this determination at its 16th summit in October 2024. Economist Lauren Johnston recently wrote a paper on this development. The Conversation Africa asked her for her insights. Why do Brics+ countries want to trade in local currencies? There are economic and political reasons to use local currencies. Using local units to trade among themselves will lower the transaction costs and reduce these countries’ dependence on foreign currencies. Over the past few centuries, the world’s economy has developed in a way that makes certain currencies more valuable and widely trusted for international trade. These include the US dollar, the euro, the Japanese yen and the British pound. These currencies hold value around the world because they come from countries with strong economies and a long history of trading globally. When people or countries trade using these currencies and end up collecting or holding them, they consider them “safe” because their value remains stable, and they can be easily used or exchanged anywhere in the world. But for countries in the Global South, like Ethiopia, whose currency (the birr) is not widely accepted outside its borders, trading is far more difficult. These countries struggle to earn enough of the major currencies through exports to buy what they need on international markets and to repay their debts (which tend to be in those currencies). In turn, the necessity of trading in major currencies, or the inability to trade in them, can create challenges that slow down economic growth and development. Therefore, even some trade in local currencies among Brics+ members will support growth and development. Oil exporter Russia is a unique case. Though there are fewer foreign currency constraints overall, Russia faces extensive financial sanctions for its war against Ukraine. Using a variety of currencies in its foreign transactions may make it easier to get around these sanctions. Politically, the reasons for using other currencies primarily relate to freedom from sanctions. One tool for implementing sanctions is an international payments system known as Swift (Society for Worldwide Interbank Financial Telecommunication). Swift was founded in 1973 and is based in Belgium. It enables secure and standardised communication between financial institutions for international payments and transactions, and it is almost the only way to do this. It was first used to impose financial sanctions on Iran in 2012 and has since been used to impose sanctions on Russia and North Korea. If a country is cut off from Swift, it faces disruptions in international trade and financial transactions as banks struggle to process payments. This can lead to economic isolation and challenges in accessing global markets. The reality and possibility of exclusion from Swift’s payments system are among the factors galvanising momentum towards a new payments system that relies less on the currencies of the countries that govern Swift — like the euro, Japanese yen, British pound and US dollar. What are the likely challenges they will face? The Brics+ plan to use local currencies faces some hurdles. The central problem is the lack of demand for most currencies internationally. And it is hard to supplant the international role of existing major currencies. If, for example, India accumulates Ethiopian birr, it can mainly only use them in trade with Ethiopia and nowhere else. Or, if Russia allows India to buy oil in rupees, what will it do with those rupees? Since most countries seeking alternatives to dollar dependence tend to sell more than they buy from other countries or are lower-income importers, they must consider what currencies to accumulate via trade. When it comes to payment systems, at least, alternatives are emerging. Brics+ is creating its own Brics+ Clear. Some 160 countries have signed up to use the system. China also has its own Cross-border Interbank Payment System, which broadly works the same way as Swift. There is a risk, though, that these payment methods could merely fragment the system and make it even more costly and less efficient. Has trading in local currencies been done elsewhere? Not all trade is done in major Western currencies. For example, in Southern Africa, within the Southern African Customs Union, the South African rand plays a relatively important role in cross-border trade and finance. Just as in Southeast Asia, the currencies of Singapore and Thailand compete to be the dominant currency in the sub-region. China — the world’s biggest exporter and producer of industrialised goods — is also signing bilateral currency swap agreements with other countries. The goal is greater use of the renminbi in the world. India and Russia recently trialled using the rupee to trade as a means of circumventing sanctions. Russia’s oil exports to and through India have risen strongly since the Ukraine war, and some 90 percent of that bilateral trade takes place in the rupee and rouble. This leaves Russia with a challenge — what to do with all the rupees it has accumulated. These deposits are sitting in Indian banks and being invested in local shares and other assets. Another example of efforts to sidestep major international currencies is China’s model of “barter trade”. The model works like this: China exports, for instance, agricultural machinery to an African country and receives payment in that country’s currency. China then uses that currency to buy goods from the same country, which are then imported back to China. After these goods are sold in China, the Chinese trader is paid in renminbi. Ghana is one country involved in this barter model. Challenges facing the model include the digitisation of payments and trade, and trust — high levels are needed to establish and maintain relationships between trading parties as individuals and businesses. It also requires some level of centralisation and coordination but lacks strong laws, regulations and industry standards. This means that different platforms and enterprises may not be compatible, which can add to transaction time and costs. Another example is when Chinese investors in Ethiopia make profits in birr. They use these birr to buy Ethiopian goods, like coffee, and export them to China. In China, when they sell these goods, they receive renminbi. So, they transfer their profits from Ethiopia to China by increasing Ethiopia’s exports to China. Anecdotal reports suggest this is feasible at a small scale but has relatively high coordination costs. There could be other challenges. For example, if Chinese buyers pay Ethiopian coffee farmers in their local currency instead of US dollars, it could lead to fewer dollars being available overall. Some international transactions still rely heavily on dollars. How should Brics+ nations structure their arrangement? There is no simple or easily scalable solution to eliminating the reliance on major international currencies or circumventing Swift. A fast, digital payment system is needed. This system would calculate and balance currency demand efficiently. It must also be reliable, replace parts of the current system and not create extra costs for countries that are not using it yet. Although some Brics+ members, like Russia, may have more interest in fast-tracking change, this may be less in the interest of other Brics+ members. A move away from Swift, for instance, requires buy-in from local financial institutions, and those in African countries may not be under pressure to shift to a new, lesser-known platform. Given these challenges, I argue that Brics+ should progress incrementally. What can happen soon, though, is to conduct some trade in local currency. — The Conversation
Australian PM ready to 'engage' with Musk on social media teen ban
1 2 Bhubaneswar: Amidst the supply disruption of potatoes to Odisha from West Bengal, the price of this kitchen essential increased from Rs 33 per kg to Rs 45-50 per kg in retail markets over the last two days. The shortage of potatoes in the city markets was apparent as many shops remained closed and little stock was available on Saturday. "On Thursday, potatoes were selling at Rs 33 per kg as I bought 3kg for Rs 100, but today it is selling at Rs 50 per kg. Potato is an essential item for every kitchen and with small kids around, potato is a must. But if the price goes up like this, we must stop consuming potatoes. The govt must intervene and ensure a smooth supply at an affordable price for consumers," said Rashmita Biswal, a homemaker. Potato supply from West Bengal was stopped on Wednesday night, causing an artificial shortage in the markets of Odisha. West Bengal chief minister Mamata Banerjee ordered restrictions on the supply of potatoes to other states following a rise in prices in the source state until the fresh harvest of the kitchen essential hits the market and prices stabilize in the retail markets. In West Bengal, potatoes are selling between Rs 32 to Rs 40 per kg in retail markets, sources said. "Since the supply of potatoes to Odisha has been stopped, the wholesale price has also gone up significantly. In the last few days, the wholesale price for one quintal increased from Rs 2,500 to Rs 3,700. The situation may become worse if immediate steps are not taken," said Sudhakar Panda, secretary of Odisha Byabasayee Sangha. Odisha requires around 14 lakh tonnes of potatoes annually to meet the requirement while the state requires 4,500 tonnes every day. Odisha mostly depends on West Bengal for potatoes. MSID:: 115846066 413 |Stream It Or Skip It: ‘Surveilled’ on Max, Ronan Farrow’s Deep-Dive Documentary About How Governments Use Spyware to Hack Civilian Cell PhonesCalgary Board of Education students showed ‘significant’ attendance improvement: report
Released Jan. 6 report cites FBI missteps before the attack on CapitolPresident-elect Donald Trump’s lawyers urge judge to toss his hush money conviction
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Australian PM ready to 'engage' with Musk on social media teen banAustralian PM ready to 'engage' with Musk on social media teen ban
Blockchain Market Expansion and Growth Forecast 2024-2031West Virginia advances to the championship game on Sunday, while Boise State plays for third place. The Mountaineers have started 8-0 in back-to-back seasons after last year's 11-0 beginning. Quinerly also had three steals to help West Virginia reach double figures in that category in every game this season. The Mountaineers also forced 20-plus turnovers for the eighth straight game. Boise State was held to just six points in the first and third quarters. West Virginia went on two 10-0 runs in the first quarter to build a 16-point lead. The Mountaineers led by double figures the rest of the way. It was 45-23 at halftime then Quinerly scored four straight points to begin a 9-0 run that ended in a 32-point lead. Freshman Jordan Thomas, coming off her first career double-double, had 10 points and six rebounds for West Virginia. Elodie Lalotte scored 11 points for Boise State (7-1). Teryn Gardner addd 10. West Virginia was coming off an 89-54 victory over High Point on Friday to begin the tournament. The Mountaineers led by as many as 39 points and forced 22 turnovers in that one. ___ Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP women’s college basketball: https://apnews.com/hub/ap-top-25-womens-college-basketball-poll and https://apnews.com/hub/womens-college-basketball
Rice builds up big lead early, hangs on to beat USF 35-28
Despite Mary Lou McDonald’s confidence around shaping a coalition without Fine Gael and Fianna Fail – the two parties that have dominated the landscape of Irish politics for a century – the pathway to government for Sinn Fein still appears challenging. With counting following Friday’s election still in the relatively early stages – after an exit poll that showed the main three parties effectively neck-and-neck – there is some way to go before the final picture emerges and the options for government formation crystalise. Taoiseach and Fine Gael leader, Simon Harris, has dismissed talk of a Sinn Fein surge and said he was “cautiously optimistic” about where his party will stand after all the votes are counted. Meanwhile, Ireland’s deputy premier and Fianna Fail leader, Micheal Martin, insisted his party has a “very clear route back to government” as he predicted seat gains. The counting process could last days because of Ireland’s complex system of proportional representation with a single transferable vote (PR-STV), where candidates are ranked by preference. The leaders of the main three parties were all re-elected as TDs on Saturday evening, topping the polls in their respective constituencies. The early indications have turned the focus to the tricky arithmetic of government formation, as the country’s several smaller parties and many independents potentially jockey for a place in government. Ms McDonald told reporters at the RDS count centre in Dublin that she would be “very, very actively pursuing” the potential to form a government with other parties on the left of the political spectrum. The smaller, left-leaning parties in Ireland include the Social Democrats, the Irish Labour Party, the Green Party and People Before Profit-Solidarity. Ms McDonald said her party had delivered an “incredible performance” in the election. “I think it’s fair to say that we have now confirmed that we have broken the political mould here in this state,” she said. “Two party politics is now gone. It’s consigned to the dustbin of history and that, in itself, is very significant.” She added: “I am looking to bring about a government of change, and I’m going to go and look at all formulations. “If you want my bottom line, the idea of Fianna Fail and Fine Gael for another five years, in our strong opinion, is not a good outcome for Irish society. “Obviously, I want to talk to other parties of the left and those that we share very significant policy objectives with. So I’m going to do that first and just hear their mind, hear their thinking. But be very clear, we will be very, very actively pursuing entrance into government.” In Friday night’s exit poll, Sinn Fein was predicted to take 21.1% of first-preference votes, narrowly ahead of outgoing coalition partners Fine Gael and Fianna Fail at 21% and 19.5% respectively. Prior to the election, Fianna Fail and Fine Gael both ruled out entering government with Sinn Fein. Fine Gael leader Mr Harris rejected suggestions Sinn Fein had broken new ground. He told reporters in his count centre in Greystones, Co Wicklow: “Certainly we haven’t seen a Sinn Fein surge or anything like it. “I mean, it looks likely, on the figures that we’ve seen now, fewer people, many fewer people would have voted Sinn Fein in this election than the last one. “In fact, I think they’re down by around 5% and actually the parties, particularly the two parties, the two larger parties in government, are likely to receive significant support from the electorate. So definitely, politics in Ireland has gotten much more fragmented.” He said it was too early to tell what the next government would look like. “I think anybody who makes any suggestion about who is going to be the largest party or the construct of the next government, they’re a braver person than I am,” he said. “Our electoral system dictates that there’ll be many, many transfers that will go on for hours, if not days, before we know the final computations at all. “But what I am very confident about is that my party will have a very significant role to play in the years ahead, and I’m cautiously optimistic and excited.” Fianna Fail’s Mr Martin told reporters at a count centre in Cork he was confident that the numbers exist to form a government with parties that shared his political viewpoint. Mr Martin said it “remains to be seen” whether he would return to the role of Taoiseach – a position he held between 2020 and 2022 – but he expressed confidence his party would outperform the exit poll prediction. “It’s a bit too early yet to call the exact type of government that will be formed or the composition of the next government,” he said. “But I think there are, there will be a sufficiency of seats, it seems to me, that aligns with the core principles that I articulated at the outset of this campaign and throughout the campaign, around the pro-enterprise economy, around a positively pro-European position, a government that will strongly push for home ownership and around parties that are transparently democratic in how they conduct their affairs.” Asked if it would be in a coalition with Fianna Fail, Fine Gael and the Social Democrats, he said that would be “racing a bit too far ahead”. The final result may dictate that if Fianna Fail and Fine Gael are to return to government, they may need more than one junior partner, or potentially the buy-in of several independent TDs. Mr Martin said it was unclear how quickly a government can be formed, as he predicted his party would gain new seats. “It will be challenging. This is not easy,” he added. The junior partner in the outgoing government – the Green Party – looks set for a bruising set of results. Green leader Roderic O’Gorman is in a fight to hold onto his seat, as are a number of party colleagues, including Media Minister Catherine Martin. “It’s clear the Green Party has not had a good day,” he said. The early counting also suggested potential trouble for Fianna Fail in Wicklow, where the party’s only candidate in the constituency, Health Minister Stephen Donnelly, is considered to have a battle ahead, with the risk of losing his seat. Meanwhile, there is significant focus on independent candidate Gerard Hutch who, on Saturday evening, was sitting in fourth place in the four-seat constituency of Dublin Central. Last spring, Mr Hutch was found not guilty by the non-jury Special Criminal Court of the murder of David Byrne, in one of the first deadly attacks of the Hutch-Kinahan gangland feud. Mr Byrne, 33, died after being shot six times at a crowded boxing weigh-in event at the Regency Hotel in February 2016. A Special Criminal Court judge described Mr Hutch, 61, as the patriarchal figurehead of the Hutch criminal organisation and said he had engaged in “serious criminal conduct”. The constituency will be closely watched as other hopefuls wait to see if transfers from eliminated candidates may eventually rule him out of contention. In the constituency of Louth, the much-criticised selection of John McGahon appeared not to have paid off for Fine Gael. The party’s campaign was beset by questioning over footage entering the public domain of the candidate engaged in a fight outside a pub in 2018. The Social Democrats have a strong chance of emerging as the largest of the smaller parties. The party’s leader, Holly Cairns, was already celebrating before a single vote was counted however, having announced the birth of her baby girl on polling day.Sabres wrap: Jiri Kulich's highlight-reel goal helps Buffalo win third in a row
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