long term – Aisa Net http://aisa-net.com/ Fri, 11 Mar 2022 15:14:29 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://aisa-net.com/wp-content/uploads/2021/05/aisa-net-icon-150x150.png long term – Aisa Net http://aisa-net.com/ 32 32 Last war in Ukraine: Kiev asks for security guarantees from the United States, Europe and Russia https://aisa-net.com/last-war-in-ukraine-kiev-asks-for-security-guarantees-from-the-united-states-europe-and-russia/ Fri, 11 Mar 2022 15:05:29 +0000 https://aisa-net.com/last-war-in-ukraine-kiev-asks-for-security-guarantees-from-the-united-states-europe-and-russia/

Ukraine is asking for security guarantees from the United States, European countries and Moscow as part of a possible settlement after the Russian invasion, a government adviser has said.

Kiev has acknowledged that its long-term goal of joining NATO’s military alliance is distant due to Kremlin opposition, and is instead seeking a separate short-term security deal, an adviser to President Volodymyr said on Friday. Zelensky.

Mykhailo Podolyak’s comments followed the breakdown of peace talks between Russian and Ukrainian foreign ministers in the southern Turkish city of Antalya.

Thursday’s meeting was their first since Russia invaded its neighbor on February 24, but it yielded few results, with sticking points including Moscow’s territorial claims over parts of Ukraine.

NATO “is still not ready to accept Ukraine as an unconditional partner,” Podolyak told the Financial Times. “This uncertainty, as we understand it, will last for a long time.”

He added that Ukraine was discussing “new European security formats” with Russia and the West that could give Ukraine “comparable guarantees” to Article 5 of the NATO treaty.

Podolyak made it clear that Ukraine would not agree to another deal with weak assurances, such as the 1994 Budapest Memorandum signed by Kyiv, Moscow, the United States and the United Kingdom.

The deal meant that Ukraine handed over its Soviet-era nuclear arsenal, which was the third largest in the world at the time, to Russia in return for security guarantees from the other signatories.

“The main problem with the Budapest Memorandum is the lack of clear legal obligations for the guarantor parties in the event of aggression,” Podolyak said.

“Now when we talk about security guarantees for Ukraine, we are only talking about clear legal obligations,” he added. “Specific logistical actions. Thus, in the event of aggression against Ukraine, specific states are legally bound to take specific measures to protect Ukraine,” he added.

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Russia’s invasion of Ukraine could change the global economic game https://aisa-net.com/russias-invasion-of-ukraine-could-change-the-global-economic-game/ Sat, 05 Mar 2022 20:01:45 +0000 https://aisa-net.com/russias-invasion-of-ukraine-could-change-the-global-economic-game/

But the long-term consequences of the war could be deeper. Even before Russian President Vladimir Putin sent tanks and missiles to Ukraine, years of deteriorating US-China relations and failed global trade talks had blocked closer integration of financial and trade flows. that had been anticipated at the height of globalization.

The sequel is unlikely to mirror the distinct blocks of the Cold War. Even as the global economic order fractures, no rival ideology vies for supremacy. And China’s harsh authoritarian turn under President Xi Jinping coexists with extensive trade ties with the United States, Europe and Japan. But governments, businesses and investors are all adjusting to a new reality.

“It’s the end of one era and the beginning of another, which is a less complete form of globalization than what we had in the immediate post-Cold War era,” said Michael Smart, Rock’s chief executive. Creek Global Advisors. “We need to think differently about what we mean by the global trading system. There are certain requirements that, if you don’t meet them, you don’t belong. You can’t be in the club.

In just over a week, Western allies imposed one of the fastest sanctions campaigns in modern history against Russia. (Luis Velarde/The Washington Post)

As the US, Europe, Canada, Britain and Japan unite to punish Russia with unprecedented financial sanctions, the war has sparked a ‘major geopolitical realignment’ similar to the aftershocks of the attacks 9/11 terrorists, according to Citibank analysts.

Virtually overnight, most major Russian banks were blocked from transferring money across borders. The Moscow Stock Exchange has been closed for a week. Russian customers are cut off from many of the most advanced technologies in the world.

On Friday, Russia’s isolation deepened when the country’s communications regulator blocked access to Facebook, one of the few news sources the government already did not control, saying it had discriminated against Russian media.

In Washington, leading Democrats and Republicans have begun demanding that the United States stop importing oil from Russia, a move that would worsen Moscow’s financial situation if European nations follow suit. Meanwhile, the International Monetary Fund warned on Saturday that the war and rapidly accumulating sanctions against Russia “would have a serious impact on the global economy”.

Russia’s financial exile caps more than a decade of erosion of globalization, which began with the 2008 financial crisis and continued with the rise of Xi in 2012, the trade war between the United States and China which began in 2018 and the repeated failures of diplomats to agree on trade liberalization. . The coronavirus pandemic, which has highlighted the risk of ocean supply lines and restricted international travel, has further reduced cross-border connections.

Together, Russia and Ukraine account for 3% of global production, according to JPMorgan Chase. Putin’s brutal invasion of its neighbor will have broad economic repercussions, however, economists and government officials have said.

“There is a chance – increasing with every human rights outrage committed by Putin – that Russia will be shut out of the global economy for a long time. … You take out that big part of the global economy and go back to the situation we had during the Cold War when the Soviet bloc was pretty much closed,” said Maury Obstfeld, professor of economics at the University of California, Berkeley. “But that doesn’t mean the rest of the world can’t be tightly integrated in terms of trade and finance.”

Expectations of a lasting era of peace and prosperity were high in the early 1990s. After the demise of the Soviet Union in December 1991, Russia embarked on a series of disorderly economic reforms, including the creation of the country’s leading stock market, and welcomed foreign investors.

China, meanwhile, was also following a market-oriented path that relied on access to foreign technology, capital and executives.

From the outset, many American officials saw a connection between political freedom and economic freedom. In 2000, as Congress debated China’s entry into the World Trade Organization, President Bill Clinton saw trade ties herald “a very profound change,” including in the country’s political system.

“By joining the WTO, China is not just agreeing to import more of our products; it is accepting to import one of the values ​​most dear to democracy: economic freedom”, Clinton said at the time. “The more China liberalizes its economy, the more it will fully unleash the potential of its people – their spirit of initiative, their imagination, their remarkable entrepreneurial spirit. And when people are empowered not only to dream but to achieve their dreams, they will demand a greater voice.

Hopes for the steady advancement of free markets and free peoples have proven unrealistic. Overall, democracy is broken. Poverty is on the rise.

The number of countries considered “not free” by the non-profit organization Freedom House and those whose average annual economic growth is less than 3% have increased in parallel.

Even before the pandemic pushed the developing world deeper into poverty, around 70% of the world’s countries were experiencing below-average growth, about three times the 2008 figure, according to the World Bank. Undemocratic rule has also spread across much of the globe.

In 2020, for the first time in more than two decades, global poverty has increased, according to World Bank data. The Russian recession will intensify this trend, including in the Central Asian republics that were once part of the Soviet Union. Remittances from Central Asian migrant workers working in Russia make up around 30% of the Kyrgyz Republic and Tajikistan’s economy and are almost certain to fall as Russia plunges into a deep recession and the ruble sinks .

“We came out of this benign era some time ago. But this [war] brought it home with great force,” said World Bank Chief Economist Carmen Reinhart. “The golden age of globalization ended with the global financial crisis of 2008.”

Global trade and financial ties have also plateaued.

According to data from the CPB Netherlands Bureau for Economic Policy Analysis, an independent research institute, global trade volumes would be almost twice as high today if they had continued on their trajectory from 2000 to 2008.

Similarly, major cross-border financial flows have virtually stagnated even as the global economy has grown by around 30% since 2008. Major banks now have $31.1 trillion in foreign exposure, a little more than the $30.4 trillion at the start of 2008, according to Bank data. for international settlements in Basel, Switzerland.

According to MSCI research, financial markets that rose and fell at nearly the same pace increasingly went their own way. Ten years ago, markets in different regions moved together about 80% of the time. Today, the correlation is just over 50%, reflecting “a less globalized economy,” according to Peter Zangari, global head of research and product development at MSCI.

It’s not that globalization is over. But it will be different.

“It closes the door to a chapter that never had a strong intellectual foundation,” said economist Joseph Stiglitz of Columbia University. “It won’t be the same. What we are going to see is a process of disconnection, of disengagement. But it’s going to be slow, especially in the case of China.

Indeed, since 2018, the United States has limited the flow of high-tech goods to China and increased tariffs on Chinese imports. Chinese authorities, watching the United States and its allies deliberately plunge Russia into a deep recession, should step up efforts to become more self-sufficient in the production of goods such as semiconductors.

The United States, too, is moving in this direction with President Biden’s “made in America” ​​initiative designed to boost domestic manufacturing.

China’s economy, however, is 10 times larger than Russia’s and is much more closely tied to the outside world, making it unlikely that Beijing or its trading partners will seek a full divorce.

The immediate impact of the war on the US recovery is likely to be limited. Last year, total US two-way trade with Russia and Ukraine was $40 billion, and Wall Street banks have less than $15 billion at stake in loans to borrowers Russians.

But there will be collateral damage from the sweeping US and allied sanctions that have cut most of Russia’s ties to global trade and finance. Gasoline prices in the United States, which have currently averaged $3.84 a gallon for nine years, could soon hit $4, according to Capital Economics.

Russia is also a major producer of other raw materials, including wheat and industrial metals. The price of palladium, which is used to make catalytic converters, has risen more than 60% this year for automobiles.

Further supply chain disruptions will also put upward pressure on inflation. Federal Express and United Parcel Service have both halted shipments to and from Russia. Maersk, the giant ocean freight carrier, stopped accepting new bookings this week for goods bound for Russia, causing cargo to back up at terminals across Europe.

“Freight is being delayed and our already congested transshipment centers are under increasing pressure,” Maersk said in a notice to customers. “This is a global impact, and not just limited to trade with Russia.”

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Arowana launches staking service to boost token security https://aisa-net.com/arowana-launches-staking-service-to-boost-token-security/ Sat, 05 Mar 2022 03:44:00 +0000 https://aisa-net.com/arowana-launches-staking-service-to-boost-token-security/

SEOUL, Korea, March 04, 2022 (GLOBE NEWSWIRE) — Arowana, a decentralized intermediary platform that connects creators and buyers and the NFT marketplace where only creators who have passed verification can sell, has launched a new staking service.

On March 2, Arowana (ARW) announced plans to launch the Staking Service, which will allow liquidity providers to stake LP tokens representing their assets while still earning a share of trading fees.

Arowana’s staking service has no risk of hacking by using decentralized blockchain technology. The strength of decentralization in the staking service provides excellent security and safety in the staking pool as individual objects are traded outside of centralized control.

Arowana’s staking service has built a decentralized system so that users of the service can deposit their assets without fear of being hacked. In addition to its secure staking system, the service has received the highest rating from SlowMist, a global blockchain security audit company, which improves the reliability of the service.

The Arowana token staking service can be staked by selecting pools by staking period. Arowana also offers a higher interest rate as the deposit period is increased for long-term holders and various staking options will be offered for users to choose and deposit according to their investment propensity.

“We plan to burn all Arowana tokens, which flow into the pool as a staking service fee every quarter, to increase the value of Arowana tokens and enable on-chain transactions. Through this staking service, we will secure more medium to long-term mandate holders and we look forward to stabilizing the value of the token.” Arowana officials said. He also asked users to support and interest in the project, adding, “We anticipate also to launch an NFT guarantee loan service in the future to establish a virtuous cycle structure of the project”.

Media Contact

Company: AROWANA

Email: elliana@arowana.finance

Telephone: +82 10-3982-4189

Website: https://arowana.finance/fr/

THE SOURCE: AROWANA

]]> Zipmex Partners with Polygon Studios and Celebrates the Launch of the NFT Platform with the First Metaverse Concert in Thailand https://aisa-net.com/zipmex-partners-with-polygon-studios-and-celebrates-the-launch-of-the-nft-platform-with-the-first-metaverse-concert-in-thailand/ Fri, 04 Mar 2022 12:11:00 +0000 https://aisa-net.com/zipmex-partners-with-polygon-studios-and-celebrates-the-launch-of-the-nft-platform-with-the-first-metaverse-concert-in-thailand/

SINGAPORE, March 4, 2022 /PRNewswire/ — South East Asia leading digital asset platform Zipmex today announced a strategic partnership with Polygon studiosthe famous NFT and gaming branch of the Polygon blockchain, to expand its ecosystem by launching the NFT platform Zixel by Zipmex. Tens of thousands of people from around the world celebrated the launch together at Thailand first metaverse gig on Decentraland.

The long-term partnership with Polygon Studios is part of Zipmex’s 2022 strategy to realize its vision in NFTs and the metaverse, as well as position its ecosystem for future growth. In addition to investing in Zipmex’s native token, ZMT, Polygon Studios will roll out new virtual experiences on the metaverse with Zixel by Zipmex throughout 2022, targeting the Asia Pacific Marlet.

Kelvin LamCEO of Zipmex Group said“It has always been a priority for Zipmex to enhance the user experience with cutting-edge cryptographic technologies. We are thrilled to partner with Polygon Studios to become digital literacy pioneers in South East Asia, a region that has seen significant growth in crypto adoption in recent years. We welcome everyone – whether new to crypto or natives – to join us in this crypto revolution both in the online and offline world.”

Steven Bryson Haynes, Vice President, Head of Business Development at Polygon Studios“It is a pleasure to collaborate with like-minded crypto leaders like Zipmex to drive digital literacy starting with NFT integration. We look forward to introducing new metaverse initiatives through Zixel by Zipmex as well than standardizing crypto and blockchain as part of life South East Asia.”

Zixel by Zipmex successfully held its first event on Decentraland, ‘Zixel Launch Party’ celebrating the launch of the NFT Platform. Participants from all over the world were able to interact with the Zixel NFT gallery and from Asia top music talent, including Thai Electronic Pop group, Getsunova, and a DJ set from hong kongShanghaiLondon based music collective, Yeti outside. The event also invited users to participate in a wide range of activities such as Zixel NFT gallery showcase, NFT badge and wearable giveaways.

Currently, Zipmex hosts South East Asia Metaverse’s first physical exhibit,”Zixe’s Metaworldl”. Visitors can immerse themselves in the Metaverse through a variety of interconnected experiences with the ‘Zixel Launch Party’ event on Decentraland. In its NFT Factory area, visitors can create their own virtual avatar by recording their movements powered by motion capture technology The expo also includes a Crypto Arcade X Polygon Studios area where visitors can play to win MATIC, Polygon’s native token, and other prizes through a Polygon Studios-sponsored Gashapon machine. event will end on March 20, 2022.

About Zixel by Zipmex

The digital collection destination to discover, collect and trade selected NFTs. Zixel by Zipmex is a platform where brands and digital communities connect, and where internet art and culture converge.

About Zipmex Group

Zipmex is South East Asia fastest growing digital asset platform with a focus on building the foundation of from Asia financial architecture to allow everyone to discover the world of digital assets. The company’s Thai subsidiary has a digital asset exchange license and a brokerage license issued by the Ministry of Finance of Thailand, and is regulated by the Securities and Exchange Commission. The company has offices across South East Asia: Singapore, Australia and Indonesia.

About Polygon

Polygon is the leading platform for scaling and developing Ethereum infrastructure. Its growing suite of products provides developers with easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, standalone and enterprise chains, data availability, etc. Polygon’s scaling solutions have been widely adopted with over 7,000 hosted applications, over 1 billion transactions processed, approximately 100 million unique user addresses, and over $5 billion in revenue. secure assets. If you are an Ethereum developer, you are already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, start here.

Website | Twitter | Ecosystem Twitter | Twitter Developer | Studios Twitter | Telegram | LinkedIn | | Discord | Instagram | Facebook

About Polygon Studios

Polygon Studios is the Gaming and NFT arm of Polygon that is focused on growing the global Blockchain Gaming and NFT industry and bridging the gap between Web 2 and Web 3 gaming through investment, marketing and development. developer support. The Polygon Studios ecosystem includes popular NFT games and projects like OpenSea, Upshot, Aavegotchi, Zed Run, Skyweaver by Horizon Games, Decentraland, Megacryptopolis, Neon District, Cometh, and Decentral Games. If you’re a game developer, builder, or NFT creator looking to join the Polygon Studios ecosystem, start here.

Twitter | Facebook | Instagram | Telegram | tiktok | LinkedIn

#Zipmex #ZixelbyZipmex #ZixelVerse | www.zipmex.com

SOURCEZipmex

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Russia scrambles to maintain oil sales, driving economy https://aisa-net.com/russia-scrambles-to-maintain-oil-sales-driving-economy/ Tue, 01 Mar 2022 21:42:00 +0000 https://aisa-net.com/russia-scrambles-to-maintain-oil-sales-driving-economy/ In its sanctions campaign against Russia, the United States and its allies are doing everything possible to spare energy shipments and keep economies buzzing and voters warm.

The oil market went on strike anyway. Acting as if energy is in the crosshairs of Western sanctions officials, refiners are reluctant to buy Russian oil and banks are refusing to finance shipments of Russian raw materials, according to traders, oil executives and bankers.

The self-imposed embargo threatens to drive up energy prices globally by removing a source of oil from a market that was already tight even before President Vladimir Putin attacked Ukraine. Russia, at war and starved of revenue with its financial system in turmoil, is taking extreme measures to convince companies to buy its most precious commodity.

Russia’s attack on Ukraine helped push the price of oil above $100 a barrel for the first time since 2014. Here’s how rising oil prices could further boost inflation in the American economy. Photo illustration: Todd Johnson

Until refiners and banks are sure they won’t fall under complex restrictions in different jurisdictions, they won’t do business with Russian oil, traders and other market participants say. Market participants are also concerned that measures directly targeting oil exports could land as fighting in Ukraine escalates.

“It’s going to make trading with Russia very complex,” said Sarah Hunt, a partner at law firm HFW who works with commodity traders, of the sanctions set for Monday. “These sanctions against Russia will have an incredible effect on global trade and trade finance.”

Brent crude futures, the benchmark in international energy markets, rose more than 7% on Tuesday to nearly $105 a barrel. In a sign that demand for Russian oil has evaporated, prices for flagship Urals crude have moved in the opposite direction.

Traders are offering Urals at very favorable prices – up to $18 a barrel below the price of Brent – and even then they are not finding buyers. A drop in the price of Espo, a popular Russian crude grade in Asia, suggests refiners in Japan and South Korea are taking a break from buying alongside those in Europe and the United States.

“The market is starting to crash,” said one person from a major commodity trading house.

Companies such as Vitol and Trafigura Group Pte. Ltd.—one of the largest independent oil traders in the world—holds Russian oil purchased under long-term agreements. They were unable to sell on Tuesday, people familiar with their operations said.

In Europe, Swedish refiner Preem AB and Finland’s Neste Oyj say they have stopped buying Russian oil and replaced it mostly with purchases of northern European oil. Valero Energy Corp.

a Texas-based refining company has suspended all future purchases of Russian oil, people familiar with the decision said.

For now, Russia is exporting about as much oil as it did on the eve of Thursday’s invasion. But those flows, based on sales made before the war, will slow significantly in the coming weeks once shipments are delivered, traders and analysts say.

Railway wagons for oil freight in Russia.


Photo:

Andrei Rudakov/Bloomberg News

Russia was considered to have the upper hand energetically in its confrontation with the West. In times of peace, Russian crude oil and other varieties of oil are transported to refineries in Europe, the United States and Asia. There it is converted into fuels that power car fleets and other forms of economic activity.

Europe is particularly dependent on Russia for a large part of its energy needs, both for natural gas to heat homes and power power plants, but also for oil which travels through pipelines directly to refineries in Germany. , Poland, Slovakia and elsewhere. Part of this oil transits through Ukraine.

The importance of Russia’s energy industry – an exporter of around 7.5% of the world’s oil – to the global economy has led Western governments to exclude oil and gas from their sanctions. By removing some, but not all, banks from the financial system’s messaging infrastructure, Swift, the United States and others left merchants free to pay for oil and gas.

As Russian crude prices fell last week, Indian companies sucked around seven million barrels of oil from the Urals, according to people familiar with the matter. Even there, however, companies are taking steps to limit the risk of penalties.

On Monday, Indian Oil Corp. sent a letter to crude traders saying it would only buy Russian oil if delivery was included, according to a person familiar with the matter and a document seen by The Wall Street Journal. In the document, the Indian refining giant said it would no longer buy two grades of Russian oil, as well as a blend of Kazakh oil, if it were to take responsibility for oil transportation. Indeed, some shipping companies are hesitant to load Russian crude, the person said.

Indian Oil did not immediately respond to a request for comment.

Russia is moving quickly to bolster demand for its oil, an especially vital source of dollars now that the country’s foreign currency reserves have been frozen by the United States and its allies.

Companies including state-aligned giant Rosneft Oil Co.

have moved from offering oil on a so-called FOB basis, in which buyers repair their own vessel and finance and insure shipping, traders and oil executives say. Instead, they offer oil on what is known in industry jargon as a CFR base.

According to this model, Rosneft would use government-owned Sovcomflot shipsit’s

fleet and deliver the oil to the buyer’s doorstep in exchange for cash, meaning the buyer doesn’t have to worry about transportation, trade finance or insurance. The buyers are rejecting the proposal, said an oil industry executive and a Middle Eastern oil trader.

Rosneft did not respond to a request for comment.

China has scooped up more Urals, which are normally mainly sold in European markets. Two large tankers, including one chartered by China Petroleum & Chemical Corp.

, or Sinopec, are en route to the Chinese ports of Ningbo and Zhanjiang and are expected to arrive in late March, said Kevin Wright, chief oil analyst at trade news firm Kpler. A Sinopec spokesperson did not immediately respond to requests for comment.

Still, traders said China hasn’t sucked up cheap barrels like it did when global oil prices crashed at the start of the pandemic. Beijing is toeing a cautious diplomatic line on the war, abstaining in a United Nations vote on condemning the invasion last week.

A challenge facing Rosneft and other producers: Governments including the UK and Canada are banning Russian tankers. On Monday, one such ship was forced to cancel an arrival in Scotland after the UK instituted its ban.

Many Western shipping companies have grown wary of sailing in the Black Sea south of Ukraine and are facing increased insurance rates for operating near a war zone.

SHARE YOUR THOUGHTS

How do you think the energy market will react to the war in Ukraine? Join the conversation below.

Banks that grease the wheels of international trade refuse to finance Russian commodity deals. Lenders including ING Groep NV, Société Générale HER

and Credit Suisse Group AG

do not issue letters of credit – a form of trade finance – for Russia’s oil and other natural resources, according to people familiar with the matter.

Spokespersons for Societe Generale and Credit Suisse declined to comment. An ING spokesperson said the bank would not lend to Russian entities at this time, including those used to fund commodity trading.

“The major issue now is payment terms,” said Igho Sanomi, founder of energy trading company Taleveras. “It became very difficult.”

Write to Joe Wallace at Joe.Wallace@wsj.com, Benoit Faucon at benoit.faucon@wsj.com and Anna Hirtenstein at anna.hirtenstein@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Exit Stage Left: Uncompetitive coal being crowded out by cheaper renewables https://aisa-net.com/exit-stage-left-uncompetitive-coal-being-crowded-out-by-cheaper-renewables/ Sun, 27 Feb 2022 13:13:59 +0000 https://aisa-net.com/exit-stage-left-uncompetitive-coal-being-crowded-out-by-cheaper-renewables/

Last week, the owner of Australia’s largest coal-fired power station announced the early closure of its plant and replacement with the largest battery in the southern hemisphere. According to the CEO of Origin Energy, “The economics of coal-fired power plants are under increasing and unsustainable pressure from cleaner, lower-cost generation, including solar, wind and batteries.”

In the same week, $100 billion in renewable energy investments were submitted for the government’s “Renewable Energy Zone”, in the region where most of Australia’s coal-fired power stations are located. The 80 investment projects included solar power, wind power, batteries and pumped hydropower.

The energy economy now means that coal is not competitive, and certainly in the decades to come. For state-owned Electricité du Cambodge (EDC) in Cambodia, coal-fired power is almost double the price it pays for auctioned solar power projects.

In this respect, Cambodia is in an enviable position – only a third of the coal-fired power projects planned to supply the Kingdom are actually built or nearing completion. With these plants alone, Cambodia has a more than adequate supply of electricity. Which is fortunate, as the remaining two-thirds of planned coal projects may struggle to secure funding. The risk that these projects will be delayed or canceled is high after announcements last year that China, Japan and Korea – in addition to a host of other countries, private and public banks – were on the verge of to end their support for coal power.

Strategically, a contingency plan if these projects cannot get funding would be prudent for Cambodia. Modeling analysis performed for Cambodia’s power system shows that without this planned but not yet started 3,100 MW coal-fired power, electricity costs would be lower through 2030 and 2040. Such a plan would balance between existing coal and hydropower, with new solar, wind, unconventional hydro, and fast-acting gas and batteries.

The results show that it is economically stronger for Cambodia – this would translate into cheaper electricity, better energy security, more investment and green jobs. No need to pay monthly to import coal or fuel gas for electricity, or worry about the volatility of world coal or gas prices. And that means global brands continue to operate in Cambodia trying to decarbonize their supply chains.

As in Australia, investors are ready. Last year, $920 billion was invested in energy transition deployment and climate technology companies, with Asia-Pacific accounting for half of that and growing rapidly, according to the Bloomberg New Energy Finance report for 2021. Investment in Cambodia will be aided by the new Investment Law which signals support for green energy, as well as the Cambodia-China Free Trade Agreement (CCFTA) and the Regional Comprehensive Economic Partnership (RCEP).

The international community has pledged to help. Last year, Chinese President Xi Jinping said China would step up support for developing countries in green and low-carbon energy while ending its support for coal.

In Cambodia, the French Development Agency (AFD) is financing millions of EDCs to modernize its network with support from the EU. The Asian Development Bank (AfDB) supports the Cambodian government in its energy planning, energy efficiency policy and the development of an investment support pipeline, as well as technical support to meet the challenges of the integration of variable solar energy into the grid.

JICA has long supported the Ministry of Mines and Energy (MME) and EDC. The International Energy Agency has reached out to support Cambodia – the IEA has done an amazing job helping Thailand understand how to prepare for and take advantage of variable renewables at lower cost. Australia has helped MME and EDC develop a strategy and roadmap to take incremental steps each year to be ready. Germany, via GIZ and KfW, supports efficient energy use, grid expansion and electric mobility. This month, the United States Agency for International Development (USAID) launched its Smart Power program for Southeast Asia.

Cambodia is in a good position to leapfrog the challenges other countries face in phasing out coal and planning for a balanced future. EDC and MME are well positioned at the center of the power system to make sound, technology-neutral economic decisions. In many developed markets, there is a separation of responsibilities for the supply and dispatch of electricity, the transmission of electricity through network cables, and the sale to customers. In other countries, it can be difficult to work with all these stakeholders with different vested interests to adapt to and take advantage of significant technological changes.

In Cambodia, EDC purchases and signs agreements for power generation from Independent Power Producers (IPPs); they do the same for network infrastructure such as transmission or distribution cables. EDC also manages the delicate balancing of electricity through its dispatch center at the National Control Center; and finally, EDC sells electricity to many customers (although most rural customers buy electricity from Rural Electric Companies (REEs). This means EDC can have visibility and control systems, from generation to users, to maintain network reliability and stability.

For example, EDC is responsible for dispatching electricity. They know what is needed to maintain network balance at the millisecond, hour, day, and season level and they can procure the appropriate provisioning and “grid balancing services” to meet these needs with more solar and wind power. They can then guarantee the availability of a fast-acting response from batteries, hydroelectric plants, gas engines or customers (i.e. pay a customer to refuse their use). Or when EDC purchases and signs a power purchase agreement with an IPP (hopefully competitively), it can ensure that its contracts include future adjustment clauses such as the flexibility incentive (to increase or decrease) or pay different prices depending on when solar power is plentiful or when the sun is down.

Cambodia has excellent solar and wind resources, more than 10 times greater than its needs. Solar, wind and battery power can be built quickly and incrementally – as Elon Musk proved to the world when he announced that the world’s largest battery would be built in 100 days to meet the balancing needs of the world. South Australia network.

In Thailand, the electric utility EGAT is currently purchasing a hybrid of floating solar, hydraulic, battery and system controls, towards its goal of solarizing all the dams in the country.

The technology to balance the variability of solar and wind generation at a site or system level already exists and is being deployed worldwide. Production variability becomes difficult when its production share exceeds 20-25%. To be clear, Cambodia is not at that stage at all – according to the Electricity Authority of Cambodia, only 6% of the country’s generation came from solar power in 2021. This will decrease by more than half when the new coal-fired power plant in Sihanoukville is commissioned. South Australia is already at over 55% and on some days it is at 100%.

Clean energy is generally designed for its environmental and climate change mitigation benefits. This month, Cambodian Environment Minister Say Samal launched “Cambodia’s Long-Term Strategy for Carbon Neutrality. This has been submitted to the United Nations Framework Convention on Climate Change (UNFCCC) and makes Cambodia one of the only two least developed countries to have submitted a strategy with a clear objective of carbon neutrality by 2050.

Achieving this target largely depends on forestry and agriculture, with the emissions intensity of the electricity sector actually increasing. If coal projects cannot continue, an emergency strategy with a more balanced mix would greatly improve the chances of achieving these goals with stronger economic benefits for Cambodia.

Bridget McIntosh is Country Manager, EnergyLab Cambodia

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G-20 finance chiefs pledge to monitor geopolitical risks and act on inflation https://aisa-net.com/g-20-finance-chiefs-pledge-to-monitor-geopolitical-risks-and-act-on-inflation/ Sat, 19 Feb 2022 06:16:05 +0000 https://aisa-net.com/g-20-finance-chiefs-pledge-to-monitor-geopolitical-risks-and-act-on-inflation/

Finance chiefs from the Group of 20 advanced and emerging economies agreed on Friday to keep an eye on geopolitical risks amid growing concern over a possible Russian invasion of Ukraine, while pledging to take the necessary steps to contain inflationary pressures as oil and food prices rise.

In a statement released after their two-day meeting held in Jakarta in a hybrid in-person and virtual format, G-20 members said they “will continue to monitor key global risks, including geopolitical tensions emerging, and macroeconomic risks and financial vulnerabilities”, without directly mentioning the Ukrainian crisis.

Indonesian President Joko Widodo delivers a video speech during a Group of 20 finance chiefs meeting on February 17, 2022. (Photo courtesy of National Committee for Indonesia’s G20 Presidency) (Kyodo)

The statement was adopted late Friday evening after a delay apparently due to disagreements over language outlining geopolitical risks in reference to the situation in Ukraine.

Concerns are growing over the likelihood of a Russian invasion in the Eastern European country amid a massive buildup of Russian troops on the Ukrainian border.

“To formulate the words (in the statement), it took time, because at the same time, in the meeting room, there were countries which are involved in the geopolitical tension”, said the Indonesian Minister of Finance, Sri Mulyani Indrawati, at a press conference after the meeting. Russia is a member of the G-20.

While participants “did not discuss” the Ukrainian issue, the minister called for efforts to “manage” geopolitical risks to prevent them from undermining economic recovery.

The G-20’s decision not to mention the Ukraine issue contrasts sharply with a recent statement by G-7 finance ministers warning Russia of economic sanctions that would have “massive and immediate” consequences if it invaded Ukraine.

While Moscow has said it has no intention of invading Ukraine and has withdrawn some of its troops, the United States has dismissed such a claim. On Thursday, US President Joe Biden said he saw a “very high” risk of a Russian invasion in the “coming days”.

In the statement, G-20 members pledged to use “all available policy tools to address the impacts of the pandemic” as the spread of the highly transmissible Omicron variant of the coronavirus could cloud the global economic outlook.

G-20 members said they were determined to implement well-calibrated exit policies as economies recover from the coronavirus pandemic.

“Central banks will act as necessary to achieve price stability in accordance with their respective mandates, while remaining committed to clearly communicating their policy positions,” the G-20 ministers said.

They also agreed to intensify their efforts on debt restructuring assistance programs for low-income and vulnerable countries in order to strengthen their financial resilience.

Bank Indonesia Governor Perry Warjiyo told reporters that it was “very important that the global economic recovery can return to long-term economic growth, including overcoming the scarring effect of the pandemic.”

The spread of the Omicron variant continued to raise concerns about the threat to the global economy, already reeling from supply disruptions caused by the pandemic.

According to the International Monetary Fund, the world economy is expected to grow 4.4% this year, weaker than the 5.9% expansion estimated for 2021, with the United States and China the largest and second respectively. largest economy in the world, weighed down by supply disruptions linked to the pandemic and inflation.

Against a backdrop of rising inflation, the US Federal Reserve signaled an interest rate hike as early as March. A rise in rates was observed by financial markets and economies due to the possible impact on developing and emerging economies.

Masato Kanda, Japan’s Vice Finance Minister for International Affairs, attended the Jakarta meeting on behalf of Finance Minister Shunichi Suzuki, while Bank of Japan Governor Haruhiko Kuroda participated online.

The G-20 includes Argentina, Australia, Brazil, Great Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United States and Europe. Union.

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The Government of Canada invests in clean technologies by supporting the Center de développement des composites du Québec https://aisa-net.com/the-government-of-canada-invests-in-clean-technologies-by-supporting-the-center-de-developpement-des-composites-du-quebec/ Wed, 16 Feb 2022 18:00:00 +0000 https://aisa-net.com/the-government-of-canada-invests-in-clean-technologies-by-supporting-the-center-de-developpement-des-composites-du-quebec/

DEC grants financial support to the CCTT of Cégep de Saint-Jérôme.

This contribution is part of close $40 million to the government of Canada support for innovative projects in Quebec for a green and resilient economy.

SAINT-JEROME, QC, February 16, 2022 /CNW Telbec/ – Canada Economic Development for Quebec Regions (CED)

The MNA for Argenteuil–La Petite-Nation and Parliamentary Secretary to the Minister of Rural Economic Development, Stéphane Lauzon, today announced a non-repayable contribution of $800,000 for the Composites Development Center of Quebec (CDCQ), on behalf of the Honorable Pascale St–Onge, MNA for Brome–Missisquoi, Minister of Sports and Minister responsible for Canada Economic Development for Quebec Regions. This support will enable the CDCQ to remain at the cutting edge of technological advances and consolidate its activities with 80 SMEs each year.

The CDCQ de Saint-Jérôme is a College Center for Technology Transfer (CCTT) affiliated with the Cégep de Saint-Jérôme targeting companies in the composites sector. Government assistance from Canada will enable it to strengthen its capacities for research, experimentation, validation and technology transfer in the field of sustainable development.

Since its creation in 1989, the CDCQ’s mission has been to increase the know-how and competitiveness of SMEs throughout the value chain of the composite materials sector by offering them technical assistance, applied research and sharing services. of information. With the growing demand for more ecological products, the CDCQ wishes to improve its service offer and acquire new state-of-the-art equipment to manufacture thermosetting composite materials and offer innovative solutions to reduce the environmental footprint and greenhouse gas emissions. area greenhouse.

Today’s announcement is part of a series of announcements from CED that will take place over the next few weeks confirming a total of nearly $40 million in investments in more than 20 innovative projects by Quebec companies and organizations that will contribute to the economy of tomorrow. These are strategic investments in projects that will reduce from Canada environmental impact and fostering a green and resilient economy.

Quote

“The government of Canada has made concrete commitments to demonstrate that a strong economy and a healthy environment go hand in hand. Among other actions, we are making strategic investments in clean technologies, as is the case today with the CDCQ project. By helping SMEs become more innovative and competitive and by stimulating innovation to develop greener technologies and products, we are also preparing Canadians for the jobs of today and tomorrow. »

Stephane Lauzon, deputy of Argenteuil–La Petite-Nation and Parliamentary Secretary to the Minister of Rural Economic Development

“The climate crisis remains one of the greatest challenges of our time. It is therefore essential to encourage companies to develop more environmentally friendly processes and products to help them increase their long-term competitive advantage. In addition to boosting competitiveness and economic growth, reducing our environmental footprint — part of our economic recovery plan — helps build healthier communities. »

The Honorable Pascale St-Onge, MNA for Brome–Missisquoi, Minister of Sports and Minister responsible for CED

“The sums announced today will allow us to demonstrate once again that the Composites Development Center of Quebec is an incomparable partner for Quebec companies. It is such a source of pride for us to make sustainable development the driving force behind our actions by offering solutions that respect the environment.”

Nadine LeGalDirector General, Cégep de Saint-Jérôme

“This contribution gives the CDCQ the opportunity to propose innovative technological solutions that meet industry demands, as well as economically efficient and ecologically responsible approaches. This new equipment combined with our expertise will take us even further in our service offer.

Janic LauzonGeneral Manager, Composites Development Center Quebec

Fast facts

  • The funds were granted under CED’s Regional Economic Growth through Innovation program. This program is aimed at entrepreneurs who rely on innovation to grow their business and increase their competitiveness, as well as regional economic actors contributing to creating an entrepreneurial environment conducive to innovation and growth for all, in all the regions.

  • CED is a key federal partner in of Quebec regional economic development. With its 12 regional business offices, CED supports businesses, support organizations and all regions of Quebec in tomorrow’s economy.

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SOURCE Canada Economic Development for Quebec Regions

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View original content: http://www.newswire.ca/en/releases/archive/February2022/16/c7002.html

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Tower Finance announces the launch of Algorithmic https://aisa-net.com/tower-finance-announces-the-launch-of-algorithmic/ Sat, 12 Feb 2022 07:09:03 +0000 https://aisa-net.com/tower-finance-announces-the-launch-of-algorithmic/

SEOUL, Korea, Feb. 12 2022 (GLOBE NEWSWIRE) — Recently, Tower Finance proudly announced the launch of its Algorithmic Stablecoin. Algorithm-based stablecoins are new cryptocurrency variants designed to provide better price stability. In today’s market, more and more users are getting interested in it, as it can also help balance the supply and demand of the circulating asset.

Stablecoin Algorithmic Protocol, developed by Tower Finance, seeks to offer significantly improved capital efficiency compared to guaranteed stablecoins.

What is TowerFinance?

Tower Finance is a fractional-algorithmic stablecoin, pegged to the US dollar, built on the Polygon network. The protocol plans to maintain TWR price stability by storing enough collateral in time-locked smart contracts. The USDC is deposited into the protocol when a user mints the TWR token, while the CUBE token, which is used for minting, is burned. When the user redeems TWR tokens, the protocol redeems the USDC and mints the required number of CUBE tokens. This allows arbitrageurs to help maintain price stability.

Aiming to solve the “stablecoin trilemma”

Tower Finance aims to provide a solution to the so-called “Stablecoin trilemma” of decentralization, capital efficiency, and price stability by introducing TWR, its split-collateral algorithmic stablecoin. Tower Finance aims to build an ecosystem that incorporates both collateral and high capital efficiency, thereby developing stability.

By implementing a floating collateralization ratio, TWR not only maintains its peg in the most efficient way possible, but it also captures value for CUBE holders and produces a return for its community of holders.

Implementing DeFi 2.0 via Protocol-Owned Liquidity and Protocol-Leased Liquidity

Tower Finance is the first stablecoin algorithmic protocol to adopt the “Protocol Owned Liquidity” model introduced by OlympusDAO. Although the structure is different, the underlying idea is similar. The protocol charges a penalty to users who end the conditions for acquiring farming rewards. When this happens, the protocol uses 2/3 of the perceived penalty to provide liquidity. Half of it is converted into USDC and used to provide liquidity. The remainder, which amounts to 1/3 of the penalty collected, is sent to the Profit Manager.

When TWR is combined with USDC and CUBE, the protocol does not immediately burn CUBE. Instead, 50% of CUBE is sold to temporarily create a CUBE-USDC LP to provide additional liquidity. We call this “Protocol Rented Liquidity” because the tokens intended for burning are borrowed for a short period of time to add liquidity to the Tower ecosystem until it is removed via governance decisions, in which case USDC is converted to CUBE and burned.

With a commitment to long-term sustainability but a fit-to-market and ultra-high-yield/yield-enhancing go-to-market strategy, it is perfectly set to pave the way for stablecoin protocols in the DeFi 2.0 era.

Tower Finance officially launches Valentine’s Day: 14and of February, 6:00 UTC.

https://medium.com/@tower_finance/calling-all-towerians-the-time-has-come-2fa7fe9a24fc

Social connections

Twitter: https://twitter.com/tower_finance

Discord: https://discord.com/invite/KVTe6hRZK8

Medium: https://medium.com/@tower_finance

Github: https://github.com/towerfinance

Media Contact

Brand: Tower Finance

Contact Jeremy Parker, Head of Marketing

Email: jeremy@towerfinance.io

Website: https://towerfinance.io/

THE SOURCE: Finance Tower

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Mexico’s finance chief prepares infrastructure plan to revive economy https://aisa-net.com/mexicos-finance-chief-prepares-infrastructure-plan-to-revive-economy/ Fri, 04 Feb 2022 15:17:43 +0000 https://aisa-net.com/mexicos-finance-chief-prepares-infrastructure-plan-to-revive-economy/

Content of the article

(Bloomberg) – Mexico is preparing a multibillion-dollar infrastructure package with private companies and is stepping up efforts to attract American investment that would otherwise go to China as it seeks to revive a stagnant economy.

The public-private investment program will include more than 40 projects in areas such as highways, energy companies, telecommunications and ports, Finance Minister Rogelio Ramirez de la O said in an interview at the National Palace in Mexico City. . The official announcement will come soon, he said, declining to provide details until the package is unveiled.

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“We already have it,” Ramirez de la O said Thursday, adding that the initiative had been endorsed by private sector representatives. “There will be an announcement of an infrastructure package in a few weeks, when the president is ready.”

While President Andres Manuel Lopez Obrador has made similar multibillion-dollar public-private announcements in the past, this new program comes as Mexico has recorded two consecutive quarters of contraction in activity, placing the second-largest economy in the world. America in the position of having to jump-start growth.

Read more: Mexico follows Brazil into recession with quarterly drop

Mexico under Lopez Obrador is already spending on major infrastructure projects, including the construction of the Maya train in the southeast of the country and the Dos Bocas refinery, intended to reduce Mexico’s dependence on imported fuels.

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Private investment has plummeted during the pandemic and although it has picked up in the construction sector, the government is looking to bolster it in other areas, Ramirez de la O said.

“For the first time in many years, public investment is above 3% of GDP,” he said.

Proximity presentation

The minister also addresses more investors in the United States, presenting the benefits of placing resources in Mexico rather than China. Moving operations from Asia closer to home is beneficial in times of widespread supply shortages and rising shipping and labor costs, he said.

“We want to coordinate more with the United States, with business groups and the government,” Ramirez de la O said. benefits that made a lot of manufacturing move to China are no longer the same. Wages are higher and shipping costs are quadruple what they were.

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As companies moved some of their production to border towns close to the United States and export demand worked in favor of Mexico, growth was slower than in other Latin American countries. . A law banning outsourcing that went into effect last year has hit the service sector and a global shortage of semiconductors has hurt the operations of Mexico’s mighty auto industry.

Read more: Mexicans abroad sent a record $52 billion home last year

Mexico is suffering from stalled investment amid the pandemic and nationalist rhetoric from Lopez Obrador’s administration. Gross fixed investment, which includes spending on factories and machinery, fell 0.1% in November from the previous month, the country’s statistical institute said on Friday.

The index, a leading indicator of long-term growth, is nearly 17% below its peak, according to economist Gabriela Siller of Banco BASE.

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