Latest news with #SBV
Gulf Today
3 days ago
- Business
- Gulf Today
UAE is a strategic priority, says Philippine official
An island-province in the Sulu archipelago of the Philippines is taking the lead as the next miracle in East Asia. This is Basilan, which, alongside Maguindanao, Lanao del Sur, Sulo and Tawi-Tawi comprise the 4.4 million-populated Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). Its main inhabitants are the indigenous Yakans, descendants of early Papuan settlers, that welcomed this year, the Shariah-compliant Sulo Barakah Ventures (SBV) 'for inclusive economic growth that can break cycles of intergenerational poverty and secure lasting peace.' Justine Lyris Bacay told Gulf Today that SBV 'adheres' to the globally-accepted standards of the 1991-established Bahrain-based not-for-profit organisation (NPO) Sharia Standards of the Accounting and Auditing Organisation for Islamic Financial Institutions: 'Our Sharia Supervisory Board ensures all investments comply with Islamic jurisprudence. While the specific external Shariah scholars or firms that will formally approve our compliance are part of our ongoing process as we complete local fundraising and plan the Abu Dhabi Fund for Development incorporation, our commitment to rigorous Shariah vetting is absolute.' 'Our commitment to Shariah compliance is fundamental. It is woven into the very fabric of our investment philosophy and operations. We ensure that every investment from foreign and domestic investors is halal, aligning with Islamic finance principles and our investors' values,' Bacay added. The World Economic Forum (WEF)-Maritime Southeast Asia Community champion/former Deloitte Central Europe risk consultant is the SBV chief operating officer. She and the other SBV officers were in the UAE recently. They presented their programme to Philippine Ambassador Alfonso Ferdinand Ver and Consul General in Dubai and the Northern Emirates Marford Angeles. The other SBV officials are board chairman Maria Antonia Odelia Arroyo, chief executive officer Mohammad Taha Basman II and chief economist Assad Baunto. Arroyo was a WEF 2015 Young Global Leader who advised the international organisation. into public-private organisation commitment, on responsible investing for the United Nations Sustainable Development Goals in 2022. She assisted in the poverty alleviation of 19,465 rice farmers through the Philippine investment company Ignite Impact Fund. Bangsamoro Investment Code co-author Basa, who, like Bacay is an Asian Institute of Management alumnus and through the NPO The Asia Foundation, led projects for the World Bank, United States Agency for International Development and the Australian Government-Department of Foreign Affairs and Trade. University of Oxford-Master in Economics degree holder Baunto used to be a World Bank and Asian Development Bank development economist. He has the most extensive work experience in the BARMM. 'The UAE is a strategic priority and a natural initial major stop. Primarily, we plan to incorporate our fund in the Abu Dhabi Global Market after local fundraising. The UAE is a leading Islamic finance hub with robust regulations and significant capital pools, making it an ideal gateway to engage broader Middle Eastern investors,' Bacay said. The SBV officers are optimistic that Basilan and the entire BARRM is the next progressive region 'in Southeast Asia's second fastest growing economy.' Examples given were the exodus of Southeast Asia's number one economy, Singapore, 'from fishing villages to global financial hub,' the 1950s underdeveloped tiny Taiwan to an industrialised nation, and the high-income South Korea, which, 70 years back, was a nearly deforested war-torn impoverished state. Bacay mentioned the 2019 local plebiscite that re-designed the once Autonomous Region in Muslim Mindanao into BARMM: 'This has provided political stability and institutional frameworks necessary for large-scale investments in its undervalued assets of rubber and seaweed production, marine diversity, first Islamic rural bank, Smart Battery Energy Storage System, renewable energy plant and ferry, broadband satellite internet, bio-processing company, and integrated mangrove mariculture and cultural experience.'
News18
5 days ago
- Entertainment
- News18
WWE SmackDown: Cody Rhodes Assaults John Cena, Andrade- Rey Fenix Win Fatal 4-Way For No.1 Contender Match
The latest episode of Smackdown witnessed a brawl between Rhodes and Cena after a highly entertaining Fatal 4-way bout to determine the top contender for the tag team title. The latest episode of WWE SmackDown offered up an exciting show that featured a brawl break out between Cody Rhodes and John Cena after a high-flying Fatal 4-way bout to determine the No.1 contender for the tag team championships. Charlotte Flair got the better of Raquel Rodrigues, while Stephanie Vaquer sunk Alba Frye in the women's singles clashes, while Damian Priest got the win over Carmelo Hayes by way of disqualification after an interference from Aleister Black. Charlotte Flair vs Raquel Rodrigues Flair was joined by Alexa Bliss at the ringside while Roxanne Perez was in Rodrigues' corner for the opening bout of the night as the show kicked off with some high-octane action. Rodrigues nearly pulled off the win, but Flair was saved by an intervention from Bliss from the sidelines as she distracted the referee before setting up Flair for the win with a brutal attack on Rodrigues while the man in the middle looked away. Carmelo Hayes vs Damian Priest A topsy-turvy bout between the two saw the wrestlers move in and out of the ring multiple times, including the time when Priest slammed Hayes through the announcers' desk. However, Aleister Black jumped on Priest to knock him off the top rope before going on to taunt him despite his best efforts. Pries was handed the in by way of disqualification. Stephanie Vaquer vs Alba Fyre Vaquer, who took an early beating in the bout turned the tables on her opponent Fyre, who was accompanied ringside by Piper Niven. Vaquer looked to finish things off with her signature Devil's Kiss, but Fyre snapped out of it to attempt a Gory Special, but Vaquer produced a counter to hit the SBV an pick up the win. Fatal 4-way for No.1 Contender Four tag teams, DIY, Fraxiom, Motor City Guns and Andrade-Rey Fenix fought it out in an enticing fatal 4-way bout to determine the top contender for the tag team prize. A clash that could have gone either way, eventually ended up swinging the way of Andrade and Rey Fenix as the duo worked incredibly well together to fend off the challenge from Nathan Fraser and Axion, and Alex Shelley and Chris Sabin, before Andrade removed Jhonny Gargano from the equation leaving Fenix to close out the bout with his signature Message on Ciampa to pick up the win. Rhodes Smacks Cena Cody Rhodes, who built the scene up for the Undisputed WWE Champion bout against John Cena at the upcoming pay-per-view event, Summerslam, as he called the leader of the Cenation out to the ring to complete the signing formalities for the fight. Cena walked out to a raucous reception and explains that Rhodes would get his wish, but just not at Summerslam as Cena cited reasons of work commitment with a movie and emotional exhaustion. Cena closed the contract and made his foray out of the ring before Rhodes attacked the icon before the two came to blows. The squabble spilled onto the ring and Rhodes found himself in possession of the belt as he gave Cena the miss. The son of Dusty Rhodes, Cody, capitalised on the situation to level Cena before putting him through a table with a top-rope splash. Rhodes wet on to put a pen in Cena's hand and scribed the legend's signature on the match contract to close out the day. First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
See - Sada Elbalad
15-07-2025
- Business
- See - Sada Elbalad
Amid Rising Gold Price Disparity, Vietnamese Economist Urges Flexible Government Intervention for Market Stability
Waleed Farouk As the gap between domestic and global gold prices widens, Associate Professor Nguyen Huu Huan of the University of Economics in Ho Chi Minh City has called for flexible and phased government policies to regulate Vietnam's gold market. In an interview with Vietnam Economic Times, he emphasized the importance of balancing domestic market stability with the country's growing financial openness. Containing the Price Gap Between Domestic and Global Gold Markets Dr. Huan believes that proposals to increase gold imports to reduce the domestic-global price gap pose risks to foreign exchange reserves and exchange rate stability. Instead, he suggests that gold import quotas for licensed companies be tied to periods of trade or balance-of-payments surpluses, allowing for more imports when the economy is flush and limiting them during deficits. He also emphasized that import rights should remain with specialized gold businesses, selected based on their financial strength, production capacity, and market reputation. Granting import rights to state-owned banks, which are not directly engaged in gold trading, would create unnecessary intermediaries and widen the price gap. He further warned against repeating the pre-Decree No. 24 (issued in 2012) scenario, when excessive liberalization led to a proliferation of counterfeit and low-quality gold due to weak regulatory oversight. A Gold Credit Market: Unlocking Idle Capital for Development Dr. Huan proposed establishing a gold credit market as a mechanism to mobilize idle gold reserves hoarded by individuals and convert them into productive capital. Under this system, depositors would receive State Bank of Vietnam (SBV)-guaranteed gold ownership certificates, which could be traded or redeemed for physical gold later. This mechanism would enhance the government's ability to fund major infrastructure projects, such as high-speed railways and metro lines, without relying on foreign debt. It would also curb speculative behavior and reduce the public's demand for physical gold. In this context, Dr. Huan sees the creation of a gold exchange as a crucial step toward formalizing gold trading. Gold accounts could be linked to global benchmark prices, thereby narrowing the domestic-global price spread to less than 1%. A Roadmap for Building a Modern Gold Exchange in Vietnam Dr. Huan advocates a phased and cautious approach to developing Vietnam's gold exchange. This would begin with establishing a clear legal framework, including rules for trading, quality standards, custody and settlement mechanisms, and anti-money laundering (AML) protocols. He recommends starting with non-physical gold trading, supervised by the SBV and implemented through major financial institutions, to test digital infrastructure and settlement systems. Once this foundation is secure, physical gold trading could be introduced. In the medium term, advanced financial instruments such as futures and options could be added, while gradually broadening participation to include banks, investment institutions, and qualified retail investors. In the long term, Vietnam could offer complementary gold-backed financial services, including gold loans, insurance, and asset management. Linking the domestic gold exchange to international markets would further enhance Vietnam's status in the global financial system. Risk Management: A Pillar of Market and Financial System Stability The report stresses the need for robust regulatory oversight to prevent speculation, manipulation, and money laundering in the gold market—factors that could undermine macroeconomic stability and investor confidence. Recommended measures include establishing early warning systems, setting daily trading limits, regulating financial leverage, and integrating the exchange with the official banking settlement system. Full market transparency must be ensured through real-time publication of prices, trading volumes, and large transactions. Moreover, Dr. Huan calls for strict enforcement of AML regulations, anti-terror financing laws, and know-your-customer (KYC) protocols, especially for high-risk foreign transactions. Recommended Location: Ho Chi Minh City's International Financial Center The report concludes by recommending that the gold exchange be headquartered at the International Financial Center (IFC) in Ho Chi Minh City, citing its superior financial infrastructure, skilled workforce, and global market connectivity. Positioning the exchange in the IFC would attract international financial institutions, boost liquidity, and enhance market competitiveness. It would also support the development of a secure, digital, and transparent gold market that serves both investor needs and the broader goal of macroeconomic stability. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Business Recorder
12-07-2025
- Business
- Business Recorder
Jam Kamal meets Dy Governor SBV: Pakistan & Vietnam to renew, modernize banking sector cooperation agreement
ISLAMABAD: Pakistan and Vietnam have agreed to renew and modernize their bilateral agreement on cooperation in the banking sector to better address the needs of growing trade and evolving financial landscapes. On Saturday, Federal Minister for Commerce Jam Kamal Khan met with Dr Hoang Trung, Deputy Governor of the State Bank of Vietnam (SBV), to explore enhanced financial cooperation between the two countries. 'Both sides recalled the Memorandum of Understanding (MoU) signed in 2004 between the State Bank of Pakistan (SBP) and SBV, and welcomed the proposal to renew and modernize the agreement in light of changing dynamics in the financial sector and increasing bilateral trade,' the Ministry of Commerce said in an official statement. Jam reiterates commitment to expand trade ties with Belarus According to the Ministry, it was mutually acknowledged that a renewed MoU could provide a foundational framework for: (i) Strengthening banking cooperation; (ii) promoting cross-border investments; and (iii) facilitating regulatory collaboration between the two countries. Both parties emphasized the need to incorporate emerging areas into the new agreement — such as digital transactions, QR code-based payment systems, and financial inclusion. Commerce Minister Jam Kamal praised Vietnam's progress in digital banking and expressed interest in learning from Vietnam's experience to support Pakistan's own efforts in financial innovation. The two sides reaffirmed the essential role of central banks in creating an environment conducive to deeper economic and commercial engagement. The meeting concluded with a commitment to maintain institutional linkages through the International Relations Department of the SBP for structured and sustained follow-up. Copyright Business Recorder, 2025
The Hindu
04-07-2025
- Health
- The Hindu
'Technology no substitute for empathy to patients'
Meritorious students across batches in academics, co-curricular, and extracurricular pursuits were felicitated at the Institute Day celebrations of the Mahatma Gandhi Medical College and Research Institute (MGMCRI) held recently. A press note said P. Prakash Babu, Vice-Chancellor of Pondicherry University, in his keynote address, reflected on the transformative role of Artificial Intelligence and robotic technology in modern medicine, while underscoring the enduring and irreplaceable essence of human empathy in clinical practice. He urged the students to embrace technology, yet remain rooted in the core values of care and compassion. Presiding over the event, Nihar Ranjan Biswas, SBV Vice-Chancellor, emphasised the importance of lifelong learning, encouraging young medical professionals to continuously evolve with emerging medical advancements. M. K. Rajagopalan, SBV Chancellor, hoped that the meritorious students would become the ambassadors of the institution's values and vision. Presenting the annual report, Seetesh Ghose, Dean of MGMCRI, presented a comprehensive overview of the institution's strides in academics, research, clinical care, and community engagement. Sowmya was presented the medal for the Best Outgoing Student with MVK Iyer Gold Medal, while Sabarish received the Best All-Rounder medal instituted in the name of 'Smt. Rukumaniammal', the press note said.
