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☆ New propellers with looped blades could help make the oceans quiet again, sparing both marine life and the climate
▼ + stars: | 2023-04-19 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +9 min

Sharrow Marine sells them for small boats but would need to scale up to reach the shipping industry. A traditional ship propeller that has blades in a screw-like form. That's what Sebastian realized when he put loop propellers on a drone. Sharrow began selling propellers to recreational boaters in 2020 through a company he founded called Sharrow Marine. Testing led by the company BoatTEST found that the Sharrow Propeller was up to 30% more efficient than a standard blade propeller.

WASHINGTON, April 14 (Reuters) - A committee of Sri Lanka's international private creditors sent its first debt rework proposal to the country's authorities regarding more than $12 billion in bonds outstanding, according to three sources with direct knowledge of the matter. It is the first bondholder proposal after the island nation of 22 million people defaulted on its debt a year ago. A spokesperson representing the creditor committee declined to comment. Bondholders and government officials met in Washington this week, with legal and financial advisers for both sides present, two sources said. China, Sri Lanka's biggest bilateral creditor, did not join the announcement even though it holds the key to solving debt woes for some low- and middle-income countries.

WASHINGTON, April 14 (Reuters) - A committee of Sri Lanka's international private creditors sent its first debt rework proposal to the country's authorities regarding over $12 billion in bonds outstanding, according to three sources with direct knowledge of the matter. It is the first bondholder proposal after the island-nation of 22 million people defaulted on its debt a year ago. A spokesperson representing the creditor committee declined to comment. China, Sri Lanka’s biggest bilateral creditor, did not join the announcement. Sri Lanka secured last month a $2.9 billion program from the International Monetary Fund to tackle its huge debt burden.

☆ I've been building popular tech products like Tome since I became my family's breadwinner at 15 years old. I've learned you never know how people are going to use your creation.
▼ + stars: | 2023-04-15 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +5 min

Keith Peiris is the co-founder of Tome, a storytelling tool that uses generative AI models like GPT-4 and Dall-E-2. At the same time, I also learned that no one uses your tools the way you envisioned. The truth is that everyone uses tools differently, so you need to build them in a permissive way. When we started building Tome in the early days of the pandemic, my cofounder, Henri Liriani, and I thought we were building for someone we knew. Now, they're using Tome, which is a use case I had never even thought about.

It remains uncertain, however, whether Sri Lanka's biggest bilateral creditor - China - will join the initiative launched by Japan, this year's G7 chair, with the aim of kicking off a series of meetings among Sri Lanka's creditors. "I hope the creation of this platform will become a model case" for debt restructuring of middle-income countries, Suzuki said. Sri Lanka owes $7.1 billion to bilateral creditors, according to official data from its government, with $3 billion owed to China, followed by $2.4 billion to the Paris Club and $1.6 billion to India. The government also needs to renegotiate more than $12 billion of debt in eurobonds with overseas private creditors, and $2.7 billion on other commercial loans. Sri Lanka kicked off talks to rework part of its domestic debt this month and aims to finalise the deal by May.

WASHINGTON, April 13 (Reuters) - Japan, India and France on Thursday announced a common platform for talks among bilateral creditors to coordinate restructuring of Sri Lanka's debt, a move they hope would serve as a model for solving the debt woes of middle-income economies. It remains uncertain, however, whether Sri Lanka's biggest bilateral creditor - China - will join the initiative launched by Japan, this year's G7 chair, with the aim of kicking off a series of meetings among Sri Lanka's creditors. Sri Lanka owes $7.1 billion to bilateral creditors, according to official data from its government, with $3 billion owed to China, followed by $2.4 billion to the Paris Club and $1.6 billion to India. The government also needs to renegotiate more than $12 billion of debt in eurobonds with overseas private creditors, and $2.7 billion on other commercial loans. Sri Lanka kicked off talks to rework part of its domestic debt this month and aims to finalize the deal by May.

☆ China's 'Belt and Road' grew out of a lending spree. Now those loans may be its problem
▼ + stars: | 2023-04-14 | by ( Sumathi Bala | ) www.cnbc.com time to read: +8 min

Bloomberg | Getty ImagesAt its peak, China's Belt and Road Initiative was seen as the centerpiece of Beijing's engagement with the world. According to the report, China issued 128 emergency rescue loans worth $240 billion to 22 countries — including Pakistan, Sri Lanka and Turkey, among others. 'Trying to salvage Belt and Road'Chinese efforts to revamp Belt and Road have been underway since 2020, according to one observer. "A nod to the concern that many Belt and Road projects were not economically viable to begin with. "The increased indebtedness in many Belt and Road countries is a direct consequence of Beijing's overshooting in the pre-2020 phase," said Zhong.

☆ Analysis: No China, no deal: Bid to break sovereign debt logjams gets weary thumbs up
▼ + stars: | 2023-04-13 | by ( Libgeorge Marc Jones | Marc Jones | ) www.reuters.com time to read: +6 min

LONDON, April 13 (Reuters) - The latest bid by the world's leading institutions and creditors to speed up debt restructurings and get bankrupt countries back on their feet has been greeted by a mix of cautious optimism and weary scepticism by veteran crisis watchers. The somewhat loose framework around sovereign restructurings has seen Beijing seek to influence the traditional rules of engagement in these processes. The Common Framework platform introduced by leading G20 nations in 2020 aimed to bring all creditors, including China, together and streamline negotiations. Anna Ashton, director of China research at Eurasia Group, said this week’s developments underscored the benefits for China to give some ground on some of its concerns. "China is a difficult partner to talk to but we need China at the table for the solution of debt problems, because otherwise we won't see any progress," Lindner said.

REUTERS/Ken CedenoWASHINGTON, April 12 (Reuters) - Zambia could lose gains achieved so far from macroeconomic reforms if its ongoing debt restructuring is further delayed, Treasury Secretary Felix Nkulukusa said on Wednesday. The next IMF payout to Zambia from the loan is contingent upon its bilateral creditors reaching an agreement on the long-delayed debt restructuring. The country recently completed the first review of the programme, and the next one is expected in about three months. Ceyla Pazarbasioglu, director of the IMF's Strategy Policy and Review Department, was more optimistic about Zambia's debt restructuring during the panel. The IMF official said that creditors have asked to share and exchange information "sooner" during debt restructuring talks, and added that the Washington-based lender is willing to do so.

☆ Sovereign debtors, creditors agree on steps to jumpstart debt restructurings
▼ + stars: | 2023-04-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

WASHINGTON, April 12 (Reuters) - Global creditors, debtor nations and international financial institutions on Wednesday agreed to improve data sharing, set clearer timetables and take other steps aimed at jumpstarting debt restructuring processes. Reuters reported Beijing was poised to drop its demand that multilateral development banks share in debt restructuring losses, partly in exchange for the IMF and World Bank providing earlier access to their debt sustainability analyses for countries receiving debt treatments. The statement said the debt roundtable participants agreed on the importance to urgently improve information sharing on macroeconomic projections and debt sustainability assessments in debt treatment cases. "This work will also help in clarifying potential timetables to accelerate debt restructurings," the statement said. It said the IMF, World Bank and the G20 presidency will continue to work closely together and with other partners to further support the international response to current debt challenges.

☆ No China, no deal: Bid to break sovereign debt logjams gets weary thumbs up
▼ + stars: | 2023-04-13 | by ( Libgeorge Marc Jones | Marc Jones | ) www.reuters.com time to read: +6 min

KARACHI, Pakistan, April 13 (Reuters) - Pakistan's debt continues to be sustainable, International Monetary Fund (IMF) managing director Kristalina Georgieva said on Thursday, after the government reiterated it had completed all requirements to receive a critical bailout from the IMF. Pakistan's finance ministry on Thursday said IMF deputy managing director Antoinette Moniso Sayeh was confident of signing the staff level agreement very soon. Pakistan's government reiterated on Thursday it has completed all requirements to receive the critical bailout money from the fund following a meeting with Sayeh. "The finance minister also shared that all the international obligations have been addressed in time," the finance ministry said in a news release. On Wednesday, Pakistan's finance ministry release a statement following talks with the IMF's Middle East and Central Asia Director Jihad Azour.

☆ Sovereign debtors, creditors agree steps to jumpstart debt restructurings
▼ + stars: | 2023-04-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, April 12 (Reuters) - Global creditors, debtor nations and international financial institutions on Wednesday agreed to improve data-sharing, set clearer timetables and take other steps aimed at jumpstarting debt restructuring processes. "The discussion focused on the actions that can be taken now to accelerate debt restructuring processes and make them more efficient, including under the G20 Common Framework," the statement said. Participants agreed on the importance to urgently improve information sharing on macroeconomic projections and debt sustainability assessments in debt treatment cases, the statement said. "This work will also help in clarifying potential timetables to accelerate debt restructurings," the statement said. It said the IMF, World Bank and the G20 Presidency will continue to work closely together and with other partners to further support the international response to current debt challenges.

WASHINGTON, April 12 (Reuters) - Japan, France and India will announce a new platform for creditors to coordinate restructuring of Sri Lanka's debt, Japanese Finance Minister Shunichi Suzuki said on Wednesday, adding it would be "very nice" if China were to join the effort. As chair of this year's Group of Seven (G7) meeting, Japan has put efforts to address debt vulnerabilities of middle-income countries such as Sri Lanka as among priorities for debate. The announcement of the new platform, initiated by Japan, France and G20 chair India, will be made on Thursday, Suzuki said in a news conference after the G7 finance leaders' meeting. The platform will likely consist of a series of meetings of the creditor nations to discuss the debt. It will be very nice if China will join," Suzuki said.

☆ What Are People Even Doing All Day?
▼ + stars: | 2023-04-12 | by ( Malia Wollan | ) www.nytimes.com time to read: +12 min

For Laroi, there is no clearly defined day or night. Sometimes he drives all night and sleeps all day; sometimes he sleeps all day and drives all night. One day a week, Sophie works late so she can meet with far-flung colleagues in real time. Now she has enough energy left at the end of the day to go grocery shopping and cook dinner. The time markers reflect the time of day when participants told an interviewer they would normally be doing the activity shown.

☆ Read Your Way Through Kerala, India
▼ + stars: | 2023-04-12 | by ( Abraham Verghese | ) www.nytimes.com time to read: +1 min

Read Your Way Around the World is a series exploring the globe through books. If you arrive in Kerala from elsewhere in India, you’ll feel as though you’ve landed in a different country — “God’s own country,” as Keralites like to say. Not surprisingly, the Gulf has shaped Kerala’s culture and literature. The territory sits between the Indian Ocean and the Western Ghats, the mountain range that runs parallel to the coast. I think it’s responsible for the fluid facial movements that allow Malayalis to convey volumes without uttering a word.

Persons: you’ve Locations: Kerala, India, Sri Lanka, Goa, Dubai, Abu Dhabi, Qatar, Oman, Kuwait, Saudi Arabia, Persia, Ghats

☆ G7 to discuss digital currency standards, crypto regulation
▼ + stars: | 2023-04-11 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"As a priority of this year, the G7 will consider how best to help developing countries introduce CBDC consistent with appropriate standards, including the G7 public policy principle for retail CBDC," he said. Outside the G7, China has been leading the pack on issuing a digital currency. G7 central banks have set common standards toward issuing CBDCs as some proceed with experiments. The collapse of crypto exchange FTX last year "was a serious wake-up call" for policymakers to create regulation across borders, he said. Reporting by Leika Kihara in Tokyo; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, April 11 (Reuters) - China is expected to drop its demand for multilateral development banks to share losses alongside other creditors in sovereign debt restructurings for poor countries, breaking a major roadblock to debt relief, a source familiar with the plans said on Tuesday. The development is expected at a high-level sovereign debt roundtable on Wednesday on the sidelines of the World Bank and International Monetary Fund Spring meetings in Washington. She also said the World Bank was being asked to show how it could be a net positive provider of financing and concessional loans. She added that an April 3 deputies meeting for the sovereign debt roundtable went well. DEBT DISCUSSIONSThe IMF, World Bank and India, current president of the G20, are co-chairing the Global Sovereign Debt Roundtable with a goal of accelerating debt relief for countries in need.

WASHINGTON, April 11 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday she is optimistic China will agree on certain technical aspects of debt restructuring for poor countries during the first full-fledged meeting of a sovereign debt roundtable of creditor and debtor countries. "I've been encouraged by China's willingness to provide specific assurances with respect to Sri Lanka. I regard that as a positive sign," Yellen told a news conference at the start of the International Monetary Fund and World Bank spring meetings. "I'm hopeful that we will actually get a bit of progress coming out of this first meeting of the sovereign debt roundtable on a set of technical issues that I think pertain to some important elements of debt restructuring," she said. The IMF, World Bank and India, current president of the G20, are co-chairing the Global Sovereign Debt Roundtable with a goal of accelerating debt relief for countries in need.

☆ Yellen says vigilant to downside economic risks, but don't 'overdo the negativism'
▼ + stars: | 2023-04-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

REUTERS/Elizabeth FrantzWASHINGTON, April 11 (Reuters) - U.S. Treasury Secretary Janet Yellen on Tuesday said she remained vigilant to downside risks facing the global economy, given Russia's ongoing war against Ukraine and banking pressures, but the overall outlook was "reasonably bright." Yellen, speaking at a news conference, pushed back against warnings by the International Monetary Fund of bigger risks associated with severe financial tensions. "I wouldn't overdo the negativism about the global economy," Yellen said, when asked about a slightly trimmed IMF global growth forecast for 2023 which warned that a flare-up of financial system turmoil could slash output to near recessionary levels. She said the U.S. banking system remained sound, with strong capital and liquidity positions, and the global financial system is resilient due to the significant reforms enacted after the 2008 financial crisis. Yellen told reporters the global economy was in a better place than projected last fall, with energy and food prices having stabilized and supply chain pressures continuing to ease.

☆ Yellen says vigilant to downside risks given war in Ukraine, banking pressures
▼ + stars: | 2023-04-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, April 11 (Reuters) - U.S. Treasury Secretary Janet Yellen said she remained vigilant to downside risks facing the global economy, given the negative economic consequences of Russia's war against Ukraine and recent pressures on banking systems in the United States and elsewhere. A price cap on Russian oil was helping to stabilize global energy markets while reducing Russia’s primary source of revenue, she added. The U.S. banking system remains sound, with strong capital and liquidity positions, and the global financial system is resilient due to the significant reforms enacted after the 2008 financial crisis, she said. DEBT OVERHANGYellen said high debt burdens posed a "significant economic headwind for too many countries," with more than half of all low-income countries near or in debt distress, and called for steps to improve the international debt restructuring process. Yellen also called for completion of a debt treatment for Zambia and the rapid establishment of a creditor committee for Ghana.

☆ Europe cannot turn its back on China, Spanish minister says
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

MADRID, April 11 (Reuters) - Europe cannot ignore China's role as a key trading partner and important geopolitical player that could help put an end to the war in Ukraine, or provide debt relief for low-income countries, Spanish Economy Minister Nadia Calvino said on Tuesday. "We need to use the time to reinforce our common safety net protecting most vulnerable countries ... and here again we cannot just ignore China. Top officials from China will make their first in-person attendance at the Washington meetings in three years. Calvino said she hoped to deliver good news on debt relief to these countries later this year. Reporting by David Latona and Belen Carreno; Editing by Andrei Khalip and David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ China in talks on emerging economy debt workout compromise -WSJ
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

April 11 (Reuters) - China is negotiating a compromise plan with other major creditors that could help break a logjam in debt-relief talks for struggling developing nations, the Wall Street Journal reported on Tuesday. Negotiations could then move on to the details of Zambia’s debt restructuring, such as extending repayment deadlines and lowering interest rates. China continues to oppose taking losses on the face value of its loans, people close to Beijing’s decision-making told the paper. Top officials from China will attend the World Bank and International Monetary Fund spring meetings in Washington this week, their first attendance in person in three years after COVID-19 curbs limited them to virtual participation. The Chinese officials are expected to take part in Wednesday's Global Sovereign Debt Roundtable meeting to discuss the matter.

☆ Japan proposes industrial hub in Bangladesh with supply chains to India
▼ + stars: | 2023-04-11 | by ( Manoj Kumar | ) www.reuters.com time to read: +2 min

NEW DELHI, April 11 Reuters) - Japan has proposed developing an industrial hub in Bangladesh with supply chains to the landlocked northeastern states of India, and to Nepal and Bhutan beyond by developing a port and transport in the region, officials said on Tuesday. It comes after Japanese Prime Minister Fumio Kishida's visit to India last month in which he touted the idea of a new industrial hub for the Bay of Bengal and northeast India that could bolster development in the impoverished region of 300 million people. "It can be a win-win plan for India and Bangladesh," Hiroshi Suzuki, Japan's ambassador to India, said on Tuesday, citing the industrial hub proposal at a meeting of Indian, Bangladeshi and Japanese officials in Agartala, the Tripura state capital. He said the deep seaport was likely to become operational by 2027 and would be a key to building an industrial hub connecting the Bangladeshui capital Dhaka to landlocked areas of India. Prime Minister Sheikh Hasina will visit Japan from April 25-28 at Kishida's invitation, a government statement said.

☆ Fortune teller sees bleak future as Sri Lankans celebrate new year
▼ + stars: | 2023-04-11 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

About 85% of Sri Lanka's 22 million population celebrate the New Year on April 14, observing auspicious times and visiting family. Sri Lanka's economic meltdown, triggered by a severe foreign exchange shortage, low tax revenues and high debt, has seen the cost of living soar. Sri Lanka secured an IMF bailout last month but is still ironing out how to restructure debt owed to bilateral creditors and bondholders. His power bill has jumped 29,000 rupees per month to 105,578 now after big increases in tariffs. Fortune teller Chandani hopes things will improve in the new year.

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