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Singapore will invest US$2 billion in ‘green’ finance to mitigate and adapt to climate change risks – here’s what that means

“Green finance refers to financial services that deliver both returns and environmentally positive outcomes, including dealing with climate change” writes Lamont Mark Smith for businessinsider.sg. It cannot be that the two objectives of being green and pursuing growth are irreconcilable,” he said. “Part of this solution is to make finance green because finance mobilises the resources of the world,” he added.In order to make finance greener in Singapore, green lending has to become a mainstream activity, said Ong, who is also Education Minister. Source: businessinsider.sg

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China-U.S. trade war to ease but conflicts will persist – former finance minister

“BEIJING (Reuters) – A Sino-U.S. trade war could ease somewhat but wider conflicts between the world’s two largest economies will continue, Lou Jiwei, a former Chinese finance minister, said on Saturday” writes Midwest Communications Inc for 95kqds.com. Washington has adopted a strategy to contain China’s economic rise by preventing the country from climbing up the global value chain, Lou said.The U.S. tariffs on Chinese exports will not fundamentally resolve its trade deficit, which is caused by the high U.S. government debt ratio and a low household savings rate, he said. Source:…

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China Signs Agreement With Hong Kong Central Bank for Blockchain Push

“Blockchain has received fresh endorsement from China in the form of a development pact with the de facto central bank of Hong Kong” writes William Suberg for cointelegraph.com. The deal aims to create a Proof-of-Concept for a trade finance platform from Q1 2020, linking two existing projects: the HKMA’s eTradeConnect and the PBoC’s Trade Finance Platform.The two central banks will be represented by subsidiaries of Hong Kong Interbank Clearing Limited and the Institute of Digital Currency of the PBoC. “Once the connection has successfully been established, it will provide firms…

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Crypto News 

What do BitMEX’s Email Leaks Mean for Users & the Industry?

“Within hours of the email leaks, a number of other cryptocurrency exchanges began advising their users to change their email addresses and passwords” writes Rachel Mcintosh for financemagnates.com. In other words, if your name is Alex Smith, and your birthdate is March 17th, 1979, don’t use “[email protected]” as your exchange email address.Eric Benz, CEO of cryptocurrency exchange Changelly, agreed that the list could potentially be used by government agencies. Source: financemagnates.com

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Paying athletes is not enough — NCAA must also stop blocking their personal financial education

“All high school athletes should take a personal finance course” writes Pamela Albin Moore for washingtonexaminer.com. Tim Ranzetta is co-founder of Next Gen Personal Finance, a Palo Alto, California non-profit startup dedicated to ensuring that by 2030 all high school students take a personal finance course.Its policy of not recognizing personal finance as a core course discourages students from taking it.I recently received an email from a passionate teacher who had applied to the NCAA to get her school’s personal finance course to qualify as a “core course.”.  Source: washingtonexaminer.com

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IMF spends $520bn annually to finance sustainability: EGX Chairperson

“According to the EGX Chairperson, in 2010 companies listed on EGX 30 have already applied the criteria of sustainable development” writes Bassant Mohammed for dailynewssegypt.com. Achieving the Sustainable Development Goals is costly, the International Monetary Fund spends $520bn annually to finance sustainability, so the government has to fill the gap to benefit from these aids, said Mohamed Farid Saleh, Chairperson of the Egyptian Stock Exchange (EGX). Source: dailynewssegypt.com

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Banks in Egypt inject EGP 144.2bn to finance MSMEs from Dec. 2015 to June 2019: CBE

“The CBE said that banks operating in Egypt pumped EGP 144.2bn to finance micro, small, and medium-sized enterprises (MSMEs) from December 2015 to June 2019, benefitting 566,000 projects across the country” writes Hossam Mounir for dailynewssegypt.com. The CBE expected economic growth and trade to slow down this year and improve next year.The CBE announced that the Credit Guarantee Company (CGC) has issued EGP 17bn worth loan guarantees to banks to cover EGP 25.4bn funds granted to SMEs.The CBE said the banks operating in Egypt have injected EGP 20.6bn mortgage loans…

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IDB targets over EGP 0.5bn profits by end-2019: chairperson

“The deposit portfolio jumped from EGP 1.232bn to EGP 20.793bn, while the retail banking portfolio rose from EGP 58m to EGP 1.709bn” writes Hossam Mounir for dailynewssegypt.com. The Industrial Development Bank (IDB) aims to achieve profits of more than EGP 0.5bn by the end of this year, according to the bank’s Chairperson Maged Fahmy.Azzam praised the fruitful cooperation and successes achieved with the Social Housing and Mortgage Finance Fund , and the bank’s position among leading banks.According to Azzam, the mortgage portfolio currently holds about 60% of the bank’s retail…

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Crypto News Platforms 

UAE Accepts Crypto Regulation, Blockchain Projects Stand to Benefit

“Developers hope to leverage the immutability of blockchain technology to fight invoice fraud and eliminate the problem of double financing” writes Aubrey Hansen for cointelegraph.com. The partnership with Perlin reportedly represents the single largest exposure of blockchain technology to global business, reaching companies in 130 countries around the world.The UAE, in particular, already hosts several blockchain initiatives that stand to benefit significantly from the new regulations.In September 2019, Dubai’s National Bank of Fujairah (NBF) joined the international blockchain-based trade finance network Marco Polo.The Middle East and North Africa region reportedly…

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Costa Rican finance minister steps down amid fiscal reform push

“SAN JOSE (Reuters) – Costa Rican Finance Minister Rocio Aguilar resigned on Wednesday in the middle of a fiscal reform push aimed at avoiding problems with future debt payments, but which has been sharply criticized over austerity measures” writes Midwest Communications Inc for 95kqds.com. Aguilar’s resignation was welcomed by many upset with her support for austerity measures, but lamented by those who support the fiscal reform she backed along with the Congress. Source: 95kqds.com

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