logo
Namibia adopts global financial messaging standard to boost efficiency, security

Namibia adopts global financial messaging standard to boost efficiency, security

The Star15-05-2025

WINDHOEK, May 15 (Xinhua) -- The Bank of Namibia announced on Thursday that it has successfully migrated the Namibia Interbank Settlement System (NISS) to the ISO 20022 global financial messaging standard.
The migration to ISO 20022 is part of efforts to align Namibia's payment infrastructure with international standards, the central bank said, adding that it is a global standard currently being adopted by central banks and financial institutions around the world.
The new standard is expected to improve payment processing efficiency, enhance liquidity management, and support better fraud detection through richer data formats, contributing to the overall stability of the financial system, the bank added.
According to the bank, the development supports the goals of its National Payment System Vision and Strategy (2021-2025), which includes several modernization initiatives aimed at improving the country's financial infrastructure.
The NISS is Namibia's real-time gross settlement system that facilitates both high-value interbank payments and low-value retail payment transactions. The system processed more than 97,000 transactions valued at over 1.2 trillion Namibian dollars (about 66.5 billion U.S. dollars) between April 2024 and April 2025, according to the bank.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

U.S. stocks dip as investors weigh inflation, China-U.S. trade talks
U.S. stocks dip as investors weigh inflation, China-U.S. trade talks

The Star

time2 hours ago

  • The Star

U.S. stocks dip as investors weigh inflation, China-U.S. trade talks

NEW YORK, June 11 (Xinhua) -- U.S. stocks ended lower on Wednesday, as investors reacted to a softer-than-expected inflation report and weighed tentative progress in trade negotiations between the United States and China. The Dow Jones Industrial Average dipped just 1.10 points, essentially flat, to close at 42,865.77. The S&P 500 declined 16.57 points, or 0.27 percent, to 6,022.24, while the Nasdaq Composite lost 99.11 points, or 0.50 percent, ending at 19,615.88. Losses were broad but modest across sectors. Consumer discretionary and materials stocks led the declines, falling 1.02 percent and 0.98 percent, respectively. Energy stocks gained 1.49 percent, supported by higher oil prices, while utilities rose 0.05 percent. Markets showed a muted response as China and the United States concluded their trade talks in London. China and the United States have over the past two days conducted professional, rational, in-depth and candid exchanges, Li Chenggang, China international trade representative with the Ministry of Commerce and vice minister of commerce, said Tuesday. The two sides have agreed in principle the framework for implementing the consensus between the two heads of state during their phone talks on June 5, as well as those reached at the Geneva talks, Li said. China reiterates that the United States should work with China to honor their words with actions, and demonstrate sincerity in keeping commitments and concrete efforts to implement consensus, so as to jointly safeguard the hard-won outcomes of dialogue, Chinese Vice Premier He Lifeng said. Earlier in the day, stocks had briefly rallied after the U.S. consumer price index (CPI) for May came in below expectations. Headline inflation rose just 0.1 percent from April, compared to forecasts of a 0.2 percent increase. Core CPI, which strips out volatile food and energy prices, was up 2.8 percent year over year, matching April's pace. On a monthly basis, core prices also rose 0.1 percent, down from 0.2 percent the previous month. The inflation data raised investor hopes that the Federal Reserve may cut interest rates later this year. According to the CME FedWatch Tool, the odds of a September rate cut rose to 57.2 percent, up from 53.5 percent just a day earlier. Treasury yields dropped in response, with the 10-year yield easing to 4.41 percent. "Combined with the solid May jobs report, the CPI data reduce the chances of a nasty bout of stagflation," Bank of America US economist Stephen Juneau wrote in a note to clients on Wednesday. However, American economist Claudia Sahm, speaking to Yahoo Finance, cautioned against reading too much into the latest inflation figures. "This report doesn't necessarily tell us where we're headed by the end of the year," she said, adding that the economic effects of the Trump administration's current trade policies are still unfolding. In corporate news, mega-cap tech stocks were mostly lower, with Apple and Amazon each down about 2 percent, while Nvidia, Alphabet and Meta each dropped about 1 percent. Chip giant Broadcom was up 3.38 percent, while Microsoft and Tesla rose slightly. Intel tumbled 6.46 percent to lead S&P 500 decliners, giving back most of the big gains posted on Tuesday. Shares of Advanced Micro Devices were down 1.7 percent ahead of the company's "Advancing AI" event on Thursday.

News Analysis: Britain's spending review signals ambition, but faces fiscal, delivery test
News Analysis: Britain's spending review signals ambition, but faces fiscal, delivery test

The Star

time2 hours ago

  • The Star

News Analysis: Britain's spending review signals ambition, but faces fiscal, delivery test

By Zhao Xiaona, Larry Neild LONDON, June 11 (Xinhua) -- Britain's Labour government has launched its most ambitious spending review in over a decade, pledging large-scale investments in health, defence, housing and regional infrastructure as part of a broader plan to "renew Britain." The review signals a clear break from past austerity and outlines the country's fiscal and political direction through 2030. However, analysts caution that the bold agenda, unveiled against a backdrop of high public debt and economic uncertainty, will ultimately be judged on whether it delivers tangible results without compromising fiscal sustainability. AMBITIOUS PLANS WITH MIXED BUDGETS British Chancellor of the Exchequer Rachel Reeves presented the first full-scale spending review of the new government to Parliament on Wednesday. It sets departmental budgets through 2029 and capital investment plans to 2030, framed as a blueprint for long-term renewal. Reeves pledged an end to austerity, insisting on fiscal discipline. The review includes a 29 billion pounds (39 billion U.S. dollars) annual uplift in the National Health Service's operational budget, representing a 3 percent real-terms annual increase to support general practitioner training, school-based mental health care, and digital transformation in health services. Defence spending is set to rise from 2.3 percent to 2.6 percent of gross domestic product by 2027, with funds allocated to nuclear deterrence, munitions production, and military housing. In housing, the government pledged 39 billion pounds over 10 years for social and affordable homebuilding, along with 10 billion pounds in financing to attract private investment. A further 15.6 billion pounds will be directed toward local transport upgrades, including the Oxford-Cambridge rail corridor and the TransPennine Route in northern England. However, not all departments will see gains. The Home Office will face a 1.7 percent annual average real-terms cut to its operating budget, while the Foreign Office will see a 6.9 percent reduction, largely from scaled-back overseas aid. The Department for Environment, Food and Rural Affairs will face a 2.7 percent cut, and budgets for culture, non-core education, and digital policy are expected to remain flat or decline by the end of the review period. Meanwhile, the government expects savings from ending hotel accommodation for asylum seekers - estimated to save around 1 billion pounds annually. FROM BLUEPRINT TO BUDGETARY STRAIN While the review was welcomed by some as a strategic reset, experts and opposition voices raised concerns about its fiscal viability and delivery risks. Professor Iain Begg of the London School of Economics told Xinhua that the plan marked a "strategic adjustment" rather than a structural overhaul. He welcomed investment in long-neglected northern regions but cautioned that expected savings from digitisation in health and tax administration "often fall short of government hopes." Britain's fiscal headroom remains limited. Public debt now exceeds 100 percent of gross domestic product, and borrowing in the 2024 to 2025 fiscal year reached 148.3 billion pounds. Debt interest costs have nearly doubled since 2018, now accounting for nearly 10 percent of total public spending. Despite leading G7 nations in first-quarter 2025 growth at 0.7 percent, the economy still faces inflation at 3.4 percent and rising unemployment at 4.6 percent. Against this backdrop, the review's ambitions face significant delivery risks. Paul Johnson, Director of the Institute for Fiscal Studies, observed that while headline spending appears generous, much of it is front-loaded in the first two years of the current Parliament. "Take Phase Two alone, from 2026 to 2029, and the picture is tighter," he said. He pointed out that eight departments will actually see real-terms cuts by the end of the review period, with schools, the environment, and overseas aid among the biggest losers. Johnson also questioned whether the NHS funding increase would be sufficient to achieve its most ambitious target: restoring the 18-week waiting time guarantee for hospital treatment. Much of the Chancellor's strategy relies on expanded capital investment. The government plans to spend an additional 113 billion pounds on long-term infrastructure over the life of the Parliament, from green energy projects to new rail lines and prisons. But the same period is also expected to see 140 billion pounds in additional borrowing, a figure that raises concerns about the cost of debt servicing. "The question is whether the extra investment will deliver enough benefits to justify the rising cost of public debt," said Johnson. The opposition Conservative Party strongly criticised the plan. British Shadow Chancellor Mel Stride warned of "a cruel summer of speculation" over future tax hikes, arguing that Labour's reliance on borrowing would soon demand fiscal correction. The leader of the Conservative Party Kemi Badenoch added that such borrowing risked "choking private investment and burdening the next generation." Britain has struggled with delays and cost overruns in public infrastructure. The NHS faces chronic staff shortages, and some expected savings, such as from ending hotel use for asylum seekers or rapid digitalisation, remain speculative. With public expectations high and economic conditions fragile, analysts stress that implementation will be the ultimate test. "The Treasury has shown its priorities," said Johnson. "The question is not just whether the money is enough, but whether it will be well spent." (1 pound = 1.35 U.S. dollar)

Favorable biz environment fuels South Asian culinary ventures in China
Favorable biz environment fuels South Asian culinary ventures in China

Borneo Post

time2 hours ago

  • Borneo Post

Favorable biz environment fuels South Asian culinary ventures in China

A waiter arranges tableware in the dining room of a South-Asian food restaurant in Lanzhou, northwest China's Gansu Province on May 15, 2025. – Xinhua photo LANZHOU (June 12): Mint-green sofas, glistening crystal wall lamps, mosaic-tiled walls, and the rich aroma of spiced South Asian cuisine – every detail of Imran Ali's restaurant exudes exotic charm, which has helped it become a hit on social media in Lanzhou, capital city of northwest China's Gansu Province. Hailing from Islamabad, the 33-year-old Pakistani businessman came to China in 2012 to pursue higher education. Over the next 13 years, his culinary journey across the country deepened his appreciation for Chinese cuisine and his emotional connection with China. Upon graduation, he chose to stay and channel his passion for food into a full-fledged career in the restaurant industry. 'China's culinary landscape is incredibly diverse, while diners here are open to trying new things, especially young people who see food as a way to connect and socialise,' Ali said. 'That's why I wanted to introduce authentic South Asian flavors to more Chinese cities.' Ali and his Chinese friends opened five South-Asian food restaurants in Jiangxi and Shanxi provinces years ago, which served as a catalyst for their expansion. Encouraged by their success, he set his sights on a broader market. In October 2024, he launched a new restaurant in Lanzhou. A chef prepares a dish in the kitchen of a South-Asian food restaurant in Lanzhou, northwest China's Gansu Province on May 15, 2025. – Xinhua photo The region's multi-ethnic population and traditional preference for beef, lamb, and wheat-based dishes felt instantly familiar to Ali and gave him confidence in his venture. 'Foreign and Chinese entrepreneurs are treated equally here. The process for business registration, food service licensing, and other formalities is highly efficient and convenient,' Ali emphasised, adding that the friendly business environment made it possible for the smooth opening of his restaurant. In fact, China has been actively improving its business climate nationwide. Government departments are working to offer high-quality services to support foreign investors. Thanks to the favorable local policies, Ali secured all necessary permits including different licenses and certifications within a month. Over the past six months, the business had exceeded expectations, with daily revenue surpassing 20,000 yuan (about US$2,780). According to Ali, the restaurant attracts diverse customers, including international students from Pakistan, Iran, India, and Saudi Arabia, alongside curious young Chinese foodies drawn by its growing reputation. But for Ali, this is just the beginning. The ambitious businessman is now preparing to open another restaurant in Hainan, China's southernmost province, next month. Inspired by the potential of Hainan Free Trade Port, Ali sees the island as a gateway to global opportunities and a new base for sharing South Asian cuisine. 'My dream is to bring South Asian delicacies to people in every province of China. 'This is my way of deepening our bilateral friendship between our two countries,' Ali said, crediting China's welcoming environment and streamlined business policies that helped to turn his vision into reality. – Xinhua China culinary South Asian Xinhua

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store