Economy and Finance

Map: Financial Action Task Force countries. Source: FATF

Ultimata to Iran and Pakistan Threaten to Cloud China’s FATF Presidency

Viewpoint by James M. Dorsey

James M. Dorsey – a senior fellow at Nanyang Technological University’s S. Rajaratnam School of International Studies, an adjunct senior research fellow at the National University of Singapore’s Middle East Institute and co-director of the University of Wuerzburg’s Institute of Fan Culture – offered this viewpoint to IDN.

SINGAPORE (IDN) – China’s chairmanship of an international anti-money laundering and terrorism finance watchdog could put to the test the cohesiveness of global efforts to counter political violence with Iran and Pakistan hoping that they will be able to avoid blacklisting with China at the helm.

: Phil Harris; OPINION; 27 June 2019

Photo: Prime Minister Dmitry Medvedev with participants of the Russia-Africa Economic Conference on 21 June 2019 in Moscow. Credit: The Russian government website.

Economic Growth Makes Africa Highly Popular with Investors

Viewpoint by Dmitry Medvedev

The following are extensive extracts from the Russian Prime Minister Dmitry Medvedev’s remarks on June 21, 2019 to the Russia-Africa Conference and the general meeting of shareholders of the African Export-Import Bank, a leading regional financial institution. This was only the second meeting of the Bank’s shareholders outside the African continent. – The Editor

MOSCOW (IDN-INPS) – Russia and African countries are bound by friendly relations and partnerships that have a solid historical foundation. But with all due respect for the past (and we must remember it), it is much more important to look into the future, forward, to jointly make various plans and to implement them together.

: UN Bureau; THE WORLD; Russia; 23 June 2019

Russia-Africa Economic Partnership Under the Spotlight

By Kester Kenn Klomegah

MOSCOW (IDN) – Squeezed between European and American sanctions, Russia has stepped up efforts to elevate its existing relationship, mostly focusing on trade, investment and economic cooperation with several African countries, to include areas spanning the financial sector, energy, the mining industry, railway infrastructure, digital technologies, cybersecurity, healthcare, education, and food security.

The latest additional step taken in propelling partnership efforts was an open Economic Conference held within the Afreximbank Annual Meetings (AAM2019) from June 20-21 in Moscow.

: Kester Kenn Klomegah; THE WORLD; Russia; 22 June 2019

Photo: An electric vehicle and an antique car on display at a 1912 auto show in Toronto, Canada. Credit: William James. Source: Wikimedia Commons.

The Electric Vehicle Revolution Is Underway in Africa

By Giles Kirkland

An automotive expert and blogger, Giles Kirkland says he has a passion for new technologies.

LONDON (IDN) – In 2016, a businessman called Francis Romano imported an electric car Nissan Leaf to Nairobi, Kenya. However, the car was held up at the Customs for an intriguing reason: they had never seen an electric vehicle before! Fast-forward to today and Romano claims that the use of electric vehicles (EVs) has saved him a staggering 70 percent of fuel costs in his business.

: Europe Editor; THE WORLD; Africa; 07 June 2019

Photo: The writer. Credit: Orange Business Services

Why African Retailers Should Shift to Data-Driven Business

Viewpoint Toros Esim

The writer is Head of Digital Retail and Regional Director of Digital Strategy for the Middle East & Africa at Orange Business Services. Views expressed are the writer’s.

JOHANNESBURG (IDN) – In a continent the size of Africa, comprising more than 50 countries, it can be very tempting to make sweeping generalisations about the adoption of digital technologies, and the transformation of the retail sector across the continent. The potential scale of the opportunity cannot be ignored – the large and young population, emergence of a middle class, strong retail revenues and second fastest growing consumer region in world.

: Africa & ME Editor; OPINION; 07 June 2019

Image: Collage by IDN-INPS with graphics von Internet.

The Great De(b)terioration in the Offing As Impotent Capital Weds Algorithms

Viewpoint by Jayasri Priyalal

The writer is the Regional Director responsible for Finance Sector of UNI Global Union, Asia & Pacific based in Singapore. This article was first published in the Financial Times, Sri Lanka.

SINGAPORE (IDN-INPS) – We are now in the era of acceleration termed as the Fourth Industrial Revolution [4IR]. In the new era, the impact and relevance of old ethical theories of yesteryear have severe limitations to offer solutions to the complex problems unfolding in the twenty-first century.

: Ramesh Jaura; OPINION; 20 April 2019

Rich Nations Slash Development Aid to Neediest Countries

By Krishan Dutta

PARIS (IDN) – “Donor countries are not living up to their 2015 pledge to ramp up development finance and this bodes badly for us being able to achieve the 2030 Sustainable Development Goals,” OECD Secretary-General Angel Gurría has cautioned.

The warning of the head of the Organisation for Economic Co-operation and Development (OECD) comes at a time when, according to preliminary data collected by the OECD, official development assistance (ODA) from 30 member countries of the club of rich nations fell 2.7 percent in 2018 from 2017. The worst affected by the declining share were the neediest countries.

: Ramesh Jaura; SUSTAINABILITY; Global Partnerships; 10 April 2019

Photo: President of Angola Joao Lourenco.

Angola Plans Manufacturing Russian Military Equipment

By Kester Kenn Klomegah*

MOSCOW (IDN) – Many African countries are looking for profitable business, investment and trade rather than development aid. Now Angola, a south-central Africa, has announced corporate plans to diversify its state business away from purchasing to full-fledged manufacturing of Russian military equipment for the southern African market, and possibly other regions in Africa – impeding realization of the Sustainable Development Goal 16 calling for peace and justice.

: Kester Kenn Klomegah; THE WORLD; Africa; 07 April 2019

Photo: President Lourenço of Angola with President Putin of Russia. Credit: en.kremlin.ru

Russia and Angola Stuck between Diplomatic Rhetoric and Business Reality

By Kester Kenn Klomegah*

MOSCOW (IDN) – Strengthening cooperation in trade, economy and culture, as well as current international and regional matters were top issues in talks between President Vladimir Putin of Russia and President João Lourenço of Angola at the Kremlin on April 4.

Striking a personal note, the Angolan leader, who completed his education in 1982 in Moscow, said: “Moscow then and now are two different cities. My congratulations – you have ensured progress and development for Russia and the Russian people.”

: Kester Kenn Klomegah; THE WORLD; Africa; 05 April 2019

Photo source: Philippine Institute for Development Studies.

Women’s Unpaid Work Needs Factoring In for Fairer ASEAN Economies

By Jose Ramon Albert

This article is abridged from a version that appears in the latest issue of East Asia Forum Quarterly, 'Investing in Women'. Jose Ramon Albert is a Senior Research Fellow at the Philippine government think tank Philippine Institute for Development Studies (PIDS).

MANILA (IDN-INPS) – The Philippines and other ASEAN economies are experiencing stellar economic growth. Frontier technologies of the Fourth Industrial Revolution, such as automation and robotics, the internet of things, 3D printing, blockchain and nanotechnologies are rapidly transforming economies.