China Paves the Way for Debt Relief

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News Date: April 26, 2024

China's central bank is pushing for fair burden-sharing among creditors in debt restructurings for emerging market countries, indicating a proactive stance on global debt issues.
China's recent move to write off undisclosed amounts of Zimbabwe's interest-free loans aligns with its commitment to assist African nations burdened by external debt.
Since 2000, China has made debt relief a norm, providing crucial support to sub-Saharan African countries without imposing strict conditions.
This approach could influence other lenders and boost investor confidence, ultimately attracting further financial support for debtor nations.
Read also: World Bank President:China needs to participate in debt relief

Atomic race joint statement

5 nuclear-weapon states vow no arms race in a joint statement.
China, Russia, Britain, The United States, and France have agreed that a further spread of nuclear arms and nuclear war should be avoided.
They have released a joint statement affirming their opposition to using their nuclear arsenals for offensive purposes.
They also promised to work together on nuclear disarmament.
Source: reuters.com

Federal Reserve Endorses Ethereum-Backed Alternative To Libor

Jerome Powell, the current Chair of the US Federal Reserve, recently stated that an Ethereum-backed blockchain project operating as a reference rate called AMERIBOR could serve as a potential replacement to LIBOR.
Goldman Sachs-backed crypto finance startup Circle has published the latest third-party audit of its USD-pegged stablecoin, USD Coin (USDC). USD Coin is on the Ethereum blockchain. The execution of issuing and redeeming USDC tokens is ensured with ERC-20 smart contract.
Source: forbes.com
A district court in China has reportedly ruled that Ethereum's cryptocurrency is legal property with economic value.
While cryptocurrency is not legal tender in China, people can hold and transfer them like property.
Source: bitcoin.com

Queen may never return to royal duties

The Queen may never return to regular frontline royal duties if Covid-19 restrictions render public engagements unsafe for years.
The monarch, 94, is in lockdown at Windsor Castle to stop her from catching the killer virus.
Source:the-sun.com

Trump Unveils Economic Strategy on FOX Business

In an interview with FOX Business, former President Trump outlined his plans to rejuvenate the U.S. economy:
Taxes: Trump highlighted his past tax cuts, claiming they led to increased revenue and economic growth. He reiterated support for tax-free tipped wages and suggested that further tax cuts could stimulate the economy and aid in debt reduction.
Tariffs: Trump proposed a reciprocal tariff policy, where the U.S. would impose equivalent tariffs on countries that impose tariffs on American goods. He argued that this strategy would protect U.S. interests and address trade deficits with countries that he claims mistreat the U.S., including both adversaries and allies.
Electric Vehicles (EVs): Trump criticized the push for all-electric cars, pointing out dependency on China for EV production and advocating for a mixed approach that includes hybrids and gasoline-powered vehicles. He argued that while electric cars have their place, they are currently too expensive and impractical for widespread use.
Cryptocurrency: Trump sees a significant potential for cryptocurrency in the U.S. economy, criticizing the Biden administration's approach to regulation. He believes that embracing crypto could position the U.S. as a global leader in this emerging market.
Overall, Trump's economic plan focuses on reducing government waste, implementing strategic tax and tariff policies, diversifying the automotive industry, and embracing technological innovations like cryptocurrency to boost national economic growth and security.

Vatican-Backed Report Urges Global Debt Relief

🙏🏛 A new Vatican-backed report, authored by a commission of leading global economists and experts, calls for urgent global debt relief to address the escalating crises of development and climate change. The Jubilee Report highlights that 54 developing countries now spend over 10% of their tax revenues just on interest payments, diverting critical resources away from health, education, and climate resilience. The report urges systemic reforms, including fairer debt restructuring and a reimagining of global finance to serve people and the planet, not just profits.
This initiative builds on the vision of Pope Francis, who declared 2025 a Jubilee Year focused on debt forgiveness and justice. Now, this mission is being carried forward by the new Pope, Leo XIV, who emphasized at his inauguration the urgent need to overcome economic systems that exploit the Earth and marginalize the poor. Under his leadership, the Vatican continues to champion debt relief as both a moral imperative and a practical step toward global equity and sustainability