FSB Publishes Governance Arrangements And Implementation Plan For The Unique Transaction Identifier (UTI)

The Financial Stability Board (FSB) has published Governance arrangements for the unique transaction identifier (UTI): Conclusions and implementation plan. The UTI is a key global harmonised identifier for reporting over-the-counter (OTC) derivative transactions, in particular designed to facilitate effective aggregation of transaction reports. The final arrangements take account of stakeholder responses to a public consultation launched in March 2017, as well as an industry workshop. G20 Leaders agreed at the Pittsburgh Summit in 2009, as part of a package of reforms…

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The highs and lows of the news in 2017

THE STORIES THAT WERE BIG IN AUSTRALIA IN 2017 — SAME-SEX MARRIAGE After years of debate, Australians overwhelmingly voted in favour of same sex marriage in the federal government’s national postal survey. But while 61.6 per cent of Australians voted ‘yes’, getting a bill to legalise same-sex marriage through parliament wasn’t as clear-cut as various senators and MPs proposed amendments they argued were needed to protect the religious beliefs and parental rights of those opposed to the issue. In the…

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Cayman avoids EU tax blacklist, for now

The Cayman Islands was not included on a list of 17 countries that the European Union deemed uncooperative in tax matters. However, when the list was released on Dec. 5, Cayman found itself on a so-called graylist of 47 countries and jurisdictions that have made written commitments to meet the EU criteria applied to the process of singling out countries for their lack of tax transparency and “tax fairness.” Cayman complied with most EU criteria in relation to the exchange…

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Justice Jamali said Panama case limited to London flats: Dar | Top Story

Justice Jamali said Panama case limited to London flats: Dar LONDON: Former Finance Minister Ishaq Dar has said that the National Accountability Bureau (NAB) has framed bogus case to target him – as part of a vindictive campaign against Mian Nawaz Sharif, the former prime minister who was ousted by the Supreme Court of Pakistan on the basis of Iqama. In an exclusive interview with this correspondent here, the former finance minister said that his name was not in the…

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Osaka considered likely to host Japan’s first G-20 summit

The city of Osaka is a likely candidate to host a summit meeting of leaders from the Group of 20 major economies to be held in Japan in 2019, informed sources said Saturday. Other bidders include Aichi Prefecture and the city of Fukuoka. Osaka leads the others in terms of lodging capacity and transportation infrastructure, a government official said. Under Osaka’s plan, the summit would be held at the Intex Osaka convention center in the bay area. The government is…

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National Geographic’s Best of 2017 photography includes Hurricane Harvey, Barack Obama and more

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Grand Strategy in the Trump Era: Dissecting ‘America First’ Rhetoric

A new U.S. grand strategy toward international relations has emerged, emphasizing actors over institutions. Photo illustration by Kaitlyn Flannagan for Observer Every spring, Goldman Sachs analysts, Moscow businessmen and Ivy League grads file into rooms lined with bookshelves holding titles by the likes of former State Secretary John Kerry, retired Army General Stanley McChrystal and New York Times columnist David Brooks. Clutching brochures with a forward penned by former State Secretary Henry Kissinger, they listen to presidential advisers, military officials and Pulitzer Prize-winning…

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Saving jobs from automation G-20’s big challenge: Shaktikanta Das

Shaktikanta Das, India’s G-20 sherpa and member of the 15th Finance Commission. Photo: Ramesh Pathania/Mint New Delhi: With artificial intelligence (AI) taking centre stage, one of the major concerns of G-20 countries is to curb job losses over the next few years, Shaktikanta Das, India’s G-20 sherpa and member of the 15th Finance Commission, said on Thursday. “Today we are in a situation where more investment and more productivity do not lead to more jobs. AI and automation of processes…

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Indian economy and Artificial Intelligence: AI can provide $957 bn boost, says Accenture

To estimate the economic potential of AI, the research was done by comparing two scenarios. First was the expected annual economic growth rate under current assumptions about the future. (Reuters) Global IT services and consulting major Accenture on Thursday said artificial intelligence (AI) has the potential to increase India’s annual growth rate of gross value added (GVA) by 1.3 percentage points, lifting the country’s income by 15% in 2035. A study titled ‘Rewire for Growth’ also estimates that AI could…

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29 Viral Photos and GIFs From 2017 That Were Totally Fake

GIF Fake footage released by Russia’s Ministry of Defense purporting to show America helping ISIS but is actually from a video game It’s that time of year again when we look back at the photos and GIFs that went viral over the past 12 months. We did similar year-end round-ups in 2014, 2015, 2016 and I must say that 2017 was even weirder than usual. How so? There were so many fake images swirling around the internet that it was…

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How to handle bank failure: It’s a question of trust

Written by Usha Thorat | Published: December 21, 2017 12:30 am Depositors go by the convenience of location and use of the savings bank or current account for a variety of transactions. (Illustration: C R Sasikumar) Question: It is fair to say that no depositor in any commercial bank in India has lost money since the failure of the Palai Central Bank in 1960, although some banks have failed. The Reserve Bank of India has used its powers under the…

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Corporates step up climate promises at One Planet Summit

225 investors launch Climate Action 100+ scheme to put pressure on big polluters, 237 companies commit to climate-related disclosure, while World Bank pledges to stop funding coal on second anniversary of the Paris Climate Agreement Climate accords are like buses – low-carbon fueled buses, of course. You wait for years (two years in the case of the landmark Paris Agreement), and they all come at once. When international delegates met in Paris for the One Planet conference earlier this month,…

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Bitcoin warnings grow more strident

Global financial regulators are beginning to warn the public against the risks of investing in a market that many feel is in a speculative bubble, with Singapore’s central bank urging “extreme caution” about buying cryptocurrencies. The staggering growth of bitcoin and other decentralised digital currencies this year – with the market swelling from around $US17 billion ($A22.2 billion) at the start of January to well over $US600 billion – has led to increasing concerns over what the fallout could be…

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France to take bitcoin debate to G20 meet

France wants a discussion of bitcoin at the next G20 meeting with a view to regulating the cryptocurrency, a finance ministry source said Monday, saying the government believes there is a risk of bitcoin being used for “illicit financing”. “The rise of bitcoin creates a risk linked to speculation and also linked to the possibility of illicit financing,” said the source who is close to Finance Minister Bruno Le Maire. “France will raise the topic in the G20 context,” the…

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