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Advances made in digital money can help reshape cross-border payments and remittances making them “easier, faster and cheaper”, Kristalina Georgieva, managing director of the International Monetary Fund, said.
Divergences in access to vaccines, in recoveries from the pandemic and access to a digital future are challenges the world must address, Ms Georgieva said at a virtual workshop on how digital money can facilitate remittances.
Remittances have played a key role in improving the lives of people in developing economies and supporting economic activity, and can benefit from the revolution in digital money, she said.
With the risk of a growing digital divide between rich and poor countries, we must ensure that all countries can benefit from the latest innovations in digital money and payments, particularly remittances
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Saving goals for retirement usually depend on which country you plan to settle down in during your golden years, but it is also important to start planning as early as possible, financial experts say.
A survey by global consulting company Mercer in February last year found that almost half of all UAE residents often delayed preparing for their retirement until they had reached their late 40s and 50s.
It also found that about 45 per cent have no plans to ensure an adequate standard of living after they retire or plan to work beyond their retirement age to ensure a steady income.
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Google co-founders Larry Page and Sergey Brin have joined the exclusive $100 billion club as tech stocks continue to surge during the Covid-19 pandemic, according to the Bloomberg Billionaires Index. The world now has eight centibillionaires, or people with personal wealth more than $100bn.
Mr Brin’s fortune grew by $20.4bn in the year to April 2021, while Mr Page’s rose by $21.2bn, Bloomberg said.
Technology industry leaders have led the boost in wealth creation globally as the coronavirus pandemic accelerated the switch to online services. The tech-focused Nasdaq 100 Index has risen more than 7 per cent this year, with Google parent Alphabet rallying in recent weeks after the US Supreme Court ruled in favour of the tech giant in its $9bn copyright battle with Oracle.
The Berkshire Hathaway chairman and chief executive believes in long-term value investing and the power of compounding growth, investing in only what he understands and says excessive portfolio diversification can be dangerous. The Oracle of Omaha advises investors to stay the course and focus on fundamentals, as well as putting money into passive index funds. It is these traits that women also display when investing, according to financial experts.
“Female investors are often more risk-averse than men. They are more comfortable with – and like the idea of – investing for long-term success rather than seeking out high-risk, short-term strategies,” Carol Glynn, founder of Conscious Finance Coaching, says.
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Representatives from the Lebanon government, civil society, the European Union and the United Nations met online to address the needs of poor households and assess recovery requirements in the aftermath of the Beirut port explosion, according to the World Bank.
The consultative group meeting focused on the reform, recovery and reconstruction framework (3RF), the Washington-based lender said in a statement.
The 3RF aims to ensure implementation of reforms to restore trust and improve governance; help form a people-centred recovery that addresses basic needs and restore their livelihoods; and to reconstruct critical assets, services and infrastructure that provides equal access to quality basic services for all.