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Thread: World News from Forex Forum Nigeria.

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    The World Economic Forum is setting up a tech-focused hub in San Francisco

    Recognizing the central role that technology now plays in the global economy, the World Economic Forum is establishing a new center in San Francisco to connect tech companies and policymakers in the heart of the world’s technology industry.

    Building off the Forum’s thesis of a “Fourth Industrial Revolution,” the new facility will focus on bringing government officials and tech companies together to create frameworks for more productive legislative policies that can be implemented worldwide.

    “Depending on the collective choices we make -– as consumers, as communities, as business, government, and civil society leaders -– these technological breakthroughs could give us the power to move into a world that is even more prosperous, while being more sustainable and more inclusive,” reads an early version of remarks prepared by World Economic Forum founder and chairman, Klaus Schwab. “Alternatively, we could end up in a world where our economic, political and social systems are more rigid, more unequal and more conflicted.”

    Despite their deep roots in government-funded research, the relationship between policymakers and the tech companies that have sprung from the civic-minded seeds they nurtured with financing has always been a thorny or even openly antagonistic one (cf. Uber and the governments of some of the most populous countries in the world).

    “There’s a policy question about how do you maximize the benefit to humans and minimize the downside” of most innovations coming from technology companies, according to Murat Sönmez, the man who will lead WEF’s efforts in San Francisco.

    “Already the forum works at a global level with policy makers, governments, and international organizations. They’re all intrigued by and interested in these technology developments,” Sönmez said. “We’re bringing the rest of the world to Silicon Valley.”

    The WEF’s “Center for the Fourth Industrial Revolution” will be home to around 60 employees working on 10 distinct policy areas, ranging from drones and autonomous vehicles to artificial intelligence and robotics to precision medicine.

    The rapid pace of technological innovation and adoption is creating a global society increasingly divided along an axis of access to technology.

    In both the slow-growth economies in North America and Europe and the high-growth economies in Africa, Asia and Latin America, the ability to use technology is one of the key factors influencing economic success and failure.

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    Thai economy could stall after King's death

    The death of King Bhumibol Adulyadej is raising new questions about Thailand's economy, a tourist hotspot where growth has been derailed time and again by political instability and violence.

    The king's 70-year reign came to an end on Thursday, and mourning began immediately. The 88-year-old was revered by his people, the vast majority of whom have known no other monarch.

    "The highly revered king has been an important unifying figure in the country," said analysts at Capital Economics.

    Economists are worried that his death could plunge the country back into turmoil and deepen its economic malaise. Thailand suffers from tepid growth and weak investment, and is at risk of falling further behind regional rivals such as Vietnam.

    The Thai stock market dropped 5% this week as worries mounted over the king's health. The baht shed 2% against the U.S. dollar.

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    Revealed: The 12 most dangerous countries in the world.

    El Salvador has been named as the least safe and secure country in the world, according to a report by the World Economic Forum.

    The epicentre of central America’s gang crisis, it has one of the highest crime rates in the world, and last year became the most deadly country outside a warzone after its murder rate soared to 104 per 100,000 citizens.

    Latin American countries dominate the list, with Honduras, Guatemala and Mexico suffering from similar gang-related issues to El Salvador, and Colombia and Venezuela also included in the top 10.

    Four African countries rank among the most dangerous, including Kenya and Egypt, both of which are struggling with active Islamist insurgencies on their fringes.

    And the top 12 is completed by Yemen in the Middle East and Pakistan, which continues to battle the Taliban.

    The list makes up part of the WEF’s Global Competitiveness Report 2016/17, which ranks 138 countries based on a broad range of factors to assess their relative productivity and prosperity.

    As such, countries like Syria, Iraq and South Sudan do not appear on the list at all, because they have been so ravaged by war that they no longer have functioning economies.

    Finland ranked top of all countries for security, followed by the United Arab Emirates, Iceland and Rwanda, a country which has undergone a remarkable transformation since the 1994 genocide.

    The UK ranks 34th for security in the list, sandwiched between Bahrain above and Malta below, and some way ahead of Germany in 58th.

    The US ranks 60th, France is down in 62nd, and the lowest European country is Ukraine, in 123rd.

    Klaus Schwab, the founder of the WEF, said on the release of the report at the end of last month that the world had undergone a 10-year fall in openness, seen across a range of factors, which was damaging the world’s ability to innovate and grow “at all stages of development”.

    “Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable, inclusive growth,” he said.

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    Global economic recovery 'still treacherous' says China's Xi

    BENAULIM (India) (AFP) - Chinese President Xi Jinping said that the global economic economy remained treacherous as he attended a summit of BRICS leaders in India on Sunday.

    "The global economy is still going through a treacherous recovery," Xi said in a statement at the summit in the coastal state of Goa.

    "Because of the impact of both internal and external factors, BRICS countries have somewhat slowed down in economic growth and have faced a number of new challenges in development."

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    Rise in global trade the tonic the world economy needs: Reuters poll

    The world economy needs international trade to pick up, according to Reuters polls of hundreds of economists who see no end yet to the aggressive monetary stimulus through which central banks have tried to prop up inflation.

    In recent months central banks from India to Britain to Brazil have become more accommodation with policy, leaving the U.S. Federal Reserve, which is widely expected to raise rates in December, looking like an outlive.

    Financial markets are already showing a sense of unease, with sovereign bond yields up from record lows, many stock markets looking shaky, and investors warily eyeing the price of oil, which appears to have awoken from a long slumber.

    Some economies, like India's, appear to be in rude health: Australia's quarter-century of uninterrupted growth is set to extend for another couple of years at least. Others, like Brazil, seem to have put the worst behind them.

    But these economies are not big enough on their own to make a meaningful impact on global growth, which has been stuck in middle-to-low gear for several years.

    China, the world's second-largest economy, has been an engine of global growth but is forecast to slow as Beijing's attempts at rebalancing away from exports leave it vulnerable to sluggish world trade, plus an inflated property market.

    "(A) pick-up in international trade volumes is needed for stable global economic growth," noted Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities in Tokyo.

    The U.S. economy is not expected to grow much faster than 2 percent throughout 2017, with a steady slowdown in hiring and a dearth of optimism, at least among economists, that business investment is set to finally rebound. [ECILT/US]

    Across the Atlantic, Europe appears headed for another extended period of lackluster performance and very low inflation, exacerbated by the uncertainty that now follows Britain's vote on June 23 to leave the European Union.

    Britain's economic growth outlook remains significantly weaker than it was before the referendum and a crash in the value of the pound is set to push inflation above the Bank of England's target next year. [ECILT/GB]

    While 2017 is still forecast to be better than this year for global growth, economists and forecasters like the International Monetary Fund have cut predictions as the year has progressed.

    Median forecasts from the poll of over 500 economists taken over the past week showed global growth at 2.9 percent this year and 3.2 percent next, barely changed from the July poll.

    The main difference this time is that economists have chopped their inflation outlooks for most countries, with lower highs and lower lows.

    "Despite all that central banks have thrown at it, global growth is painfully slow and inflation still too weak. Our forecasts for the next two years suggest more of the same," wrote Janet Henry, global chief economist at HSBC, in a note.

    "As confidence in central banks' ability to deliver further monetary stimulus wanes -- and the effectiveness of their measures remains unclear -- fiscal policy is playing a larger role."

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    Forget Brexit – this is what will happen to the world economy if Donald Trump wins

    Whoever wins will have to lead a deeply divided nation, socially, politically, geographically and structurally. Even a Clinton victory would not be a recipe for calm

    Unless there is something quite shattering in tonight’s TV debate between Hillary Clinton and Donald Trump, Clinton is overwhelmingly likely to become the next US president. Ahead of the debate the odds put that at an 80 per cent chance, while the possibility of any other outcome is simply not factored into the financial markets at all. The only market that jumps around whenever the possibility of a Trump victory nudges up a little is the rate for the Mexican peso; a Trump presidency is not seen as bullish for the peso.

    But this apparent calm is itself a worry. If people are not prepared for a political surprise, they are liable to react violently should it occur. We have seen something of that in the UK over the past four months. So what can sensibly be said – from an economic perspective – about the US under the next president? Ten thoughts.

    One, this is an economy that has grown solidly since the great recession, and which is starting to get pretty close to pull capacity. In cyclical terms, some sort of slowdown should be on the horizon, though the severity of the last downturn suggests that recession is less likely than in previous cycles.

    Two, despite nearing full capacity, the US is still running a fiscal deficit of 3.2 per cent of GDP. There is no obvious scope for a looser policy.

    Three, the plans of the two candidates are utterly different: huge cuts in taxation from Donald Trump; modest rises in taxation at the top end under Hillary Clinton. But you have to take all such plans with a pinch of salt. For, as in that adage “the president proposes but congress disposes”, fiscal policy will be largely determined by the legislators, not the administration.

    So, point four, it is safe to assume that the US deficit will remain high, maybe growing a bit, through the next four years. Financial markets will have to feel comfortable with that, probably bidding up long-term interest rates as a result.

    And if that is right, the present era of ultra-easy money will draw to a close. If long rates go up, the Federal Reserve will put up short rates. Already the market expects this, and the debate is about when and by how much it increases rates, not about whether.

    This will affect the rest of the world. In the short-term the dollar is likely to get stronger. If you have spare cash better to have it earning some interest in dollars, rather than none in euros or yen. In the long-term, rates around the rest of the world will be pulled up too.

    Seven, there is a danger, much greater under Trump than under Clinton, that US support for free trade will weaken. Globalisation is seen as working against the interests of ordinary US workers. Disruption of US trade with China is quite possible – maybe not a trade war, but a cooler relationship eventually leading to slower growth worldwide.

    Whoever wins will have to lead a deeply divided nation, not just socially, politically and geographically – we all know that – but also structurally. This is not just a Wall Street/Main Street thing. What is happening in the high-tech industries of the West Coast is utterly different from just about everywhere else. These structural fissures will in all probability widen over the next four years.

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    As China’s Economy Slows, a Look at What Could Happen.

    HONG KONG — China’s economy is slowing. How bad can it get?

    China reported on Wednesday that its economy grew 6.7 percent in the third quarter compared with a year ago. That matched economists’ expectations exactly, and was identical to the pace China set in the first and second quarters of this year. In economics, stability like that is remarkable — and usually not to be believed.

    Economists often look beyond the official numbers to find alternative ways to gauge the Chinese economy. Other figures and facts on the ground suggest that a lending binge that China has unleashed in recent months is helping to sustain growth.

    But by historical standards, China’s growth is slowing down. This year’s growth is set to come in at a pace slower than last year’s, which was already the weakest pace in 25 years.

    “China’s growth has already slowed down dramatically from the heady rates before the financial crisis,” said Diana Choyleva, chief economist at Enodo Economics. “The economy has reached the end of the road when it comes to its export- and investment-led growth model.”

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    Global Economy Week Ahead: U.S. and U.K. GDP, ECB Speeches

    Investors and policy makers—not to mention U.S. voters—will get their first view of U.S. third-quarter economic growth this week, while European countries also release gross domestic product data and European Central Bank officials discuss the bloc’s monetary policy.

    TUESDAY: The first of two confidence indicators this week, from the Conference Board, will highlight consumers’ attitude just weeks before the November election. Economists surveyed by The Wall Street Journal expect a reading of 101.4, down from September’s 104.1, its highest level in nine years. On Friday, the University of Michigan releases its final U.S. consumer sentiment data for October.

    European Central Bank President Mario Draghi is set to speak in Berlin, perhaps clarifying policy aims after the ECB last week put off a decision on whether to boost its €1.7 trillion ($1.86 trillion) stimulus. Three other European central bankers speak publicly on Thursday and Friday.

    WEDNESDAY: September trade figures from the Commerce Department will show the demand for U.S. exports as well as how much U.S. consumers are spending on imported goods. In August, the goods and services deficit expanded by $1.2 billion to $40.7 billion as growth in imports, including Olympic broadcast rights and crude oil, outpaced high exports of soybeans and other products.

    THURSDAY: The U.K.’s statistics agency releases third-quarter GDP figures, providing a crucial glimpse into the performance of the British economy as the pound weakens and the country heads toward separation from the European Union. France and Spain release their GDP figures Friday.

    FRIDAY: After the U.S. economy advanced at an anemic 1.1% pace through the first half of the year, third-quarter GDP figures are expected to show a pickup in growth. Economists surveyed by The Wall Street Journal are forecasting a 2.5% rate, though underlying numbers are likely to suggest growth remains tepid. Volatile trade and inventories categories are major sources of the expected boost.

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    Why Investors Are Terrified of a President Trump?

    The Republican nominee’s presidential campaign has been nightmarish for his hotel business. Financial markets foresee a similar effect on the world economy.

    Donald Trump once wondered aloud if he might become the first person to make money running for president. He made rather brazen attempts to fulfill the prediction. But his candidacy has been a downright disaster for the hotels and resorts that bear his gilded surname. Bookings there are down 59 percent since 2015, according to the travel company Hipmunk. Trump Hotels CEO Eric Danzinger announced that the newest hotels will junk the Trump name entirely. The company has settled on “Scion” to rebrand its new line of luxury hotels aimed at Millennials, who are overwhelmingly opposed to his campaign.

    Trump isn’t just bad for his business. He’s not even just a danger to the U.S. economy. Investors around the world think that a President Trump would be disastrous for global markets. And now, there is hard data to prove it, thanks to two clever economists and one debate meltdown.

    The first presidential debate between Trump and Hillary Clinton was the most watched debate in American history. According to instant polls, it was a trouncing. Clinton beat Trump by 35 percentage points, the third-largest margin in a post-debate poll since 1992.

    According to a new paper by Justin Wolfers, an economist at the University of Michigan, and Eric Zitzewitz, an economist at Dartmouth College, Clinton’s victory triggered the financial equivalent of a worldwide happy dance. Soon after the debate ended, stock markets celebrated the news of Trump’s loss. Markets in the U.S., U.K., and Asia soared, the price of crude oil rose, and the currencies of America’s closest trading partners, such as Mexico and Canada, ticked up as well. It was “the most consequential single event (so far!) during the 2016 general election campaign,” they wrote.

    The Trump Effect on stock futures between 9 p.m. and 11 p.m. on Monday night was massive, one of the largest movements in stock futures in the last two years. The economists bolster their case that investors rallied on the news of Trump’s thrashing with two graphs showing that Clinton’s election odds, U.S. stock futures, and the value of the Mexican Peso moved up in almost perfect unison in the hours after the debate. (Note: Y-axis purists may note the different scales, but it’s fairly clear that we’re looking at a coinciding rise.)

    The economists use this data to estimate the perceived cost of a Trump presidency to the global economy. They say investors believe a Clinton loss would reduce the value of American, British, and Asian stock markets by up to 15 percent and lead to a 25 percent decline in the Mexican Peso. “Markets believe this election will have huge ramifications for the global economy,” Wolfers went on to write on Twitter. “It’s not just about us; it’s about the world.”

    Just because investors believe something will happen doesn’t make it an inevitability. But Wolfers and Zitzewitz aren’t saying they can prove Trump will destroy the economy, only that a Trump presidency would, in the short run, severely shake investors’ confidence in steady economic growth and trade. And that in itself can prove destabilizing.

    The remarkable thing about the perceived impact of a Trump Shock is that in almost every presidential election in the last 140 years, equity markets rose when Republican presidential candidates won elections and fell when Democrats took the White House. GOP victories typically buoy investor hopes. This year, the prospect of a President Trump terrifies investors. In this way, too, Trump is a historic outlier.

    The second notable thing about the Trump Shock factor is that investors seem terrified of a Trump presidency, even though his plan to substantially lower corporate income taxes could theoretically increase public companies’ after-tax profits and raise their stock prices. In other words, Trump’s temperament and unpredictability are so scary to so many bankers that they are confident the economy and stock market will be significantly better off under a candidate pledging higher taxes on corporate income.

    For a year and a half, Trump’s core claim to presidential competence has been his business record. But his campaign has been disastrous for his business and nightmare-inducing for the global investor community. Count it as one of the last historic accomplishments of a truly historic campaign: Trump is so frightening he’s turned the global financial markets against a tax-cutting billionaire.

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    Why Dollar dominates World Economic System?

    After World War II, America emerged as a Super Power and the already devastated countries of Europe were looking for someone who could help. The United States of America by considering it as a golden opportunity came in a position to implement its own financial system in the whole world.

    Hence, the new world financial system got implemented under new American policies in 1944. Through this financial system, US were successfully been able to implement dollar as the global currency.

    This new Global Financial system came into being with the help of Bretton Woods Agreement in which Dollar was officially recognized as a global currency. The approval of representatives from 44 countries was obtained through their signatures in this agreement.

    Although, there were only 44 countries’ representatives present at the Bretton Woods Agreement, rest of the countries had to bow against the decision because of unavailability of better alternative.

    Here, it is also worth-mentioning that the Bretton Woods Agreement also decided that the US Central Bank would issue currency notes against the gold reserves. However, the policy was implemented until 1971 when the new World Financial System was implemented and US backed from its original decision and decided to issue currency notes according to its will. Hence, the provisions of Bretton Woods Agreement came to its end.

    Despite of the introduction of new financial system, the monopoly of dollar as a global currency could not be challenged as American currency was considered to be the powerful currency for decades and there were also no better alternatives.

    Today, the United States is dictating terms over different political scenarios according to its will on the basis of dollar.

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