We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://nomorefiatmoneyplease.blogspot.com)
Morgan Stanley hands job to former UK finance chief
[LONDON] US banking giant Morgan Stanley on Wednesday said it had appointed former British finance minister Alistair Darling, who steered Britain through the financial crisis, to its board of directors.
Darling, 62, who served as finance chief in ex-prime minister Gordon Brown's Labour government from 2007 to 2010, will start work at Morgan Stanley on January 1.
The news comes one day after it was revealed that Gordon Brown, who won plaudits for his role during the 2008 global financial risis, had taken on a job at global investment firm Pimco, where he will advise on economic and political issues.
"I am very pleased to welcome Mr Darling to our board," said James Gorman, chairman and CEO of Morgan Stanley, in a company statement.
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"He brings strong leadership experience, as well as insight into both the global economy and the global financial system.
"As chancellor of the exchequer, he played a central role in responding to the financial crisis. The board, our management and our shareholders will greatly benefit from his experience and perspective."
The three-month Sibor or Singapore interbank offered rate has jumped to 1.12028 per cent on Wednesday from 1.07832 per cent on Tuesday
SPH
THE three-month Sibor or Singapore interbank offered rate has jumped to 1.12028 per cent on Wednesday from 1.07832 per cent on Tuesday as financial markets anticipate the first US rate hike in over nine years to land next week.
At 1.12028 per cent, the key benchmark rate which is used to price home loans is now more than 2.5 times higher than the 0.44437 per cent level a year ago.
The spike in the 3-month Sibor came as a bit of surprise to some as the rates had not moved much for some two months. In fact after hitting the year high of 1.13958 per cent on Sept 17, the rate eased off until Wednesday's surge.
The 3-month SOR or swap offer rate which is a benchmark for commercial loans also rose but at a more modest pace; it was higher on Tuesday to 1.44345 per cent from Monday's 1.41788 per cent.
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"I half suspect that the FOMC (Federal Open Market Committee) hike next week may be a non-event as the timing of the first hike has been well telegraphed," said Selena Ling, OCBC Bank economist.
But the uncertainty is over the path of future rate hikes to come in 2016-2017, so the FOMC messaging will be important and this is the potential tail event that may swing financial markets, said Ms Ling.
"For Sibor and SOR, the dip prior to the October MPS (Monetary Policy Statement) has been relatively short-lived. But the sudden jump for the three-month Sibor at today's fixing is somewhat surprising given that overnight liquidity is still flushed (ie implying no year-end liquidity squeeze), SOR and USD-SGD are relatively stable, and there are no specific market-moving economic data releases," she said.
"It is possible Sibor is simply playing catch-up to SOR, but it'll be interesting to watch the next few days fixing to see if this is a temporary blip or sustained trend," said Ms Ling.
International rates have been rising in anticipation of the FOMC making the move next week.
"Some pent-up upward pressure is probably filtering through from rising three-month Libor (London interbank offered rate)", said Eugene Leow, DBS Bank economist.
Using (Tuesday's) 1.078 per cent as reference, the three-month Sibor has risen by barely one basis point since the beginning of November, he noted.
"Comparatively, the three-month Libor has risen by 14 basis points over the same time period," he said.
India calls for trade with Pakistan in sign of thawing ties
India called for greater trade with arch-rival Pakistan as the neighbours seek to improve ties that have deteriorated since Prime Minister Narendra Modi took office last year.
PHOTO: AFP
[ISLAMABAD] India called for greater trade with arch-rival Pakistan as the neighbours seek to improve ties that have deteriorated since Prime Minister Narendra Modi took office last year.
The two nations with 1.5 billion people between them should set aside decades of mistrust to invigorate the region's economies and boost stability, external affairs minister Sushma Swaraj told a regional conference on Afghanistan being held in Islamabad.
She is the highest ranking Indian official to visit Pakistan since Mr Modi took office."Let me take this opportunity to extend our hand to Pakistan," Ms Swaraj said in a speech. "It is time that we display the maturity and self-confidence to do business with each other and strengthen regional trade and cooperation." The remarks present a path to restart talks that have been repeatedly cancelled over the past two years due to increased fighting along their disputed border.
The rivalry between the nations that separated 68 years ago has been marked by three wars and persistent terrorist strikes, hampering the development of the world's least-integrated region.
"These are welcome remarks," Ayesha Raza Farooq, a lawmaker from Pakistani Prime Minister Nawaz Sharif's party and member of the Senate's committee on foreign affairs, said by phone. "It is a big market and because of our close geographical proximity, it does make sense to have better trade ties with India, just like with other regional countries."
"India is prepared to move our cooperation at a pace which Pakistan is comfortable with," Ms Swaraj said. "But today, let us at least resolve to help Afghanistan - in the best traditions of good neighbourliness - through more effective transit arrangements." India is willing to join an Afghanistan-Pakistan transit agreement and create facilities at the border town of Attari to receive Afghan trucks coming through Pakistan, Ms Swaraj said.
India is also backing a port project at Chabahar in Iran that would allow landlocked Afghanistan to export minerals bypassing Pakistan.
Pakistan won't allow trucks from Afghanistan to reach Attari in India, making them stop about a kilometer short at the last Pakistani checkpoint of Wagah.
In an interview with The Hindu newspaper in May, Afghan President Ashraf Ghani threatened similar restrictions for Pakistani trucks seeking access to central Asia through Afghanistan.
While India and Pakistan share a 3,200km border and have mutually understandable languages, trade between economies accounting for 20 per cent of the world's population was a paltry US$2.9 billion last year. Easing travel restrictions and lowering tariffs would boost that five-fold to US$12 billion, according to the World Bank.
When India and Pakistan split in 1947, they both accounted for more than 60 per cent of each other's trade.
