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On January 28th, Westpac joined other major banks in predicting a 25 basis point rate hike by the Reserve Bank of Australia (RBA) at its February meeting. Westpac believes that persistently high inflation has cast a "decisive vote" for policy tightening, while maintaining its basic assessment that this rate hike will be a one-off move, not the start of a long-term rate hike cycle. Westpac argues that accurately identifying spare capacity in an economy nearing full employment and full capacity utilization is difficult. In this environment, inflation outcomes become the most reliable policy guide. The bank points out that underlying inflationary momentum is currently higher than the level needed for a smooth return to the RBAs 2-3% target range, leaving the RBA with little room to delay action. Nevertheless, Westpac does not expect automatic and continuous rate hikes. Current policy is considered to be at a restrictive level, and the remaining task of cooling inflation is relatively modest. The most likely outcome is a wait-and-see approach after February, while clearly conveying that the RBA is prepared to act again if inflation fails to slow as expected.January 28 – Following the completion of necessary internal procedures by both parties, the Hong Kong-Turkey Investment Promotion and Protection Agreement (Investment Agreement) will come into effect on February 4. According to the agreement, both governments commit to providing protections for each others investors, such as fair, equitable, and non-discriminatory treatment of their investments, compensation in the event of investment expropriation, and allowing the free transfer of investments and profits overseas. The agreement also stipulates that investment disputes can be resolved in accordance with internationally recognized rules, including arbitration. Hong Kongs Secretary for Commerce and Economic Development, Edward Yau, stated that by strengthening investment protections, the Investment Agreement will enhance investor confidence, expand investment flows between Hong Kong and Turkey, and benefit the economic development of both places.On January 28, the World Health Organization (WHO) responded to the recent Nipah virus outbreak in India, stating that a case of Nipah virus infection has been confirmed in West Bengal, eastern India. Since the case was reported, the WHO has maintained close communication with local health authorities, conducting risk assessments and providing technical support. Necessary resources, including laboratory support, have been mobilized, and enhanced surveillance and infection prevention measures have been implemented. Based on current information, the WHO assesses that the risk of further spread from these confirmed cases is low. The local authorities have the capacity to effectively manage such outbreaks, and local health teams are fully implementing the public health response measures recommended by the WHO. To date, there is no evidence of increased human-to-human transmission of the virus.On January 28th, Pang Xiaogang, Vice Chairman of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), stated at a press conference held by the State Council Information Office that state-owned enterprises (SOEs) will further promote the "AI+" special action in the next step. First, they will strengthen investment-driven development. This includes planning the "15th Five-Year Plan" strategic plan for artificial intelligence for central SOEs, accelerating the construction and efficient utilization of information and communication networks, the national integrated computing power network, and domestic intelligent computing clusters, and promoting high-quality industrial development through effective investment. Second, they will deepen scenario cultivation. Focusing on key areas such as embodied intelligence and energy and power, they will explore the establishment of "AI+" industrial communities, increase the openness of scenarios, and create more comprehensive major scenarios, industry-integrated scenarios, and high-value niche scenarios. Third, they will optimize data supply. Under the premise of security and compliance, they will accelerate the open development of data resources in key areas such as transportation and logistics, smart energy, green and low-carbon development, and financial services, providing strong support for model optimization and iteration, intelligent computing facility construction and use, and large-scale application in industry scenarios.The Hang Seng Tech Index rose to 1%, while the Hang Seng Index is currently up 1.63%.

Davos 2023: Cowed crypto crowd feel winter freeze at WEF

Florala Chen

Jan 20, 2023 11:39

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In the snow and ice on the main drag in Davos, the impact of the crypto winter is plain for WEF attendees to see.


Last May, the dressed-up shop fronts that line both sides of the Promenade street running through the Swiss ski resort were dominated by crypto firms, rolling in bitcoin.


Now there are just a handful and the executives who have made it to Davos have swapped their hoodies for blazers, despite sub-zero temperatures outside.


Some of those from the digital industry which have set up shop on the fringes of the World Economic Forum (WEF) annual meeting were quick to distance themselves from cryptocurrencies.


“I hope there’s an increased focus on utility value and practical applications of the technology, and less focus on retail investors chasing meme coins,” Jeremy Allaire, CEO of USDC stablecoin issuer Circle, said.


“There was a lot of nonsense,” Allaire told the Reuters Global Markets Forum.


Former Reserve Bank of India Governor Raghuram Rajan believes last year’s plunge in digital assets allows investors to focus on the true value of the technology.


“We’re at the right place now in terms of crypto,” he said.


Executives in Davos said they are now all about blockchain technology, proper controls and regulation, and the promise of disruption that it holds for financial services and beyond.


“We are an infrastructure, plumbing play. We build infrastructure today for digital assets, which is crypto. Tomorrow it will be different assets,” said Dmitry Tokarev, chief executive of Copper, which provides custody services.


“I would question some of the stuff that I saw, ‘What is the return on that?'” Tokarev added, referring to the big presence of crypto companies at the last WEF meeting, which was unusually held in May as a result of the COVID-19 pandemic.


“We have been always ignoring the noise. All our partners were here last year. They are here this year,” Tokarev added.


The world of digital assets has changed drastically since May, with the value of the crypto market plummeting and some of the major crypto companies going under as investors pulled back from riskier assets in the face of rising interest rates.


The market capitalization of crypto currencies has shrunk by $1.4 trillion, a third of its value from peaks hit in late 2021 and some of the best-known crypto firms are under stress or have gone under, including the collapse of crypto exchange FTX.


“There is a place for trading use cases but they cannot be the singular focus, we need to move to more real use cases and put attention there,” said Denelle Dixon, CEO of Stellar Development Foundation, which supports the Stellar blockchain.


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