Author: Salako Temitope

Russia, a founding member of BRICS, unveiled plans for a novel blockchain-based payment system on Tuesday, positioning it as an autonomous platform for trade settlements and an alternative to the US dollar. According to Yuri Ushakov, a Russian diplomat, the system aims to cater to governments, businesses, and ordinary citizens, potentially offering widespread benefits across various hierarchies if successful. The new BRICS payment mechanism is slated to integrate cutting-edge technology, incorporating digital assets and cryptocurrencies onto the blockchain. This initiative could potentially challenge the dominance of the US dollar by enabling member nations and other developing countries to conduct cross-border…

The trial for Vietnam’s largest financial fraud case kicked off today, Tuesday, involving nearly 90 defendants accused of orchestrating a staggering $12 billion scam, with some facing the possibility of the death penalty. The proceedings, slated to extend until the end of April at the People’s Court of Ho Chi Minh City, are part of a broader crackdown on corruption spearheaded by the ruling Communist Party leader Nguyen Phu Trong, who has long pledged to eradicate corruption in the country. At the heart of the trial is real estate magnate Truong My Lan and her alleged accomplices, who stand accused…

Tesla’s European Gigafactory near Berlin faced a production halt and power outage following a suspected arson attack on an electricity pylon near the site early Tuesday, emphasizing a latest setback for the U.S. electric vehicle maker’s operations in Europe. While the blaze was promptly extinguished by firefighters and did not reach the Tesla facility, production was suspended, and the site evacuated, as confirmed by a Tesla spokesperson. Shares of Tesla listed in Frankfurt experienced a 2.5% dip following the incident. Local media disseminated a letter purportedly from a far-left activist group, the Volcano Group, claiming responsibility for the attack in…

Ceasefire negotiations between Hamas and mediators concluded on Tuesday in Cairo without progress, heightening concerns as the start of Ramadan approaches. Bassem Naim, a senior Hamas official, revealed that the group had tabled its ceasefire proposal during the two-day discussions, awaiting a response from Israel, which opted not to participate in this round. “Netanyahu doesn’t want to reach an agreement, and the ball now is in the Americans’ court,” Naim remarked. Israel’s stance on the Cairo talks remained undisclosed, although a source cited by Reuters suggested that Israel abstained due to Hamas’s refusal to provide a list of living hostages—a…

Over the weekend on 2nd March, a video made trends on microblogging website/app (X, formerly twitter), which featured a motor bike travel vlog couple aiming to visit every country in the world chose India as their latest destination. This was followed by reports of the 28-year-old woman and her husband, who found themselves in Dumki district for the night when the alleged attack unfolded, with police revealing that four men have been apprehended, and a search is ongoing for three others. The identities of the assailants, accused of assaulting both the woman and her partner, remain undisclosed. According to a…

China’s defense budget is poised for a 7.2% boost to 1.67 trillion yuan in 2024, as per the Ministry of Finance’s latest budget report. This surge, unveiled during Beijing’s annual parliamentary gatherings, signals the nation’s commitment to bolstering its military capabilities. This rise in spending coincided with a shift in rhetoric regarding Taiwan, omitting the phrase “peaceful reunification” from official discourse. Analysts note the significance of this change, particularly against the backdrop of escalating tensions in East Asia, particularly concerning Taiwan. Amid a struggling economy, China’s prioritization of defense spending underscores the strategic importance of Taiwan, as emphasized by defense…

Singapore’s government announced plans to increase the salary requirements for foreign executives and professionals eligible for employment passes starting next year. Effective January 2025, the minimum monthly salary for foreigners seeking employment passes will rise to S$5,600, up from the current S$5,000. Similarly, individuals working in the financial sector will be subject to a higher qualifying salary of S$6,200, compared to the previous threshold of S$5,500. According to the manpower ministry, the adjustment aims to uphold the quality of employment pass holders and ensure a fair playing field for local workers. Singapore, known as a key business hub in Southeast…

South Korea’s health minister announced plans to initiate hospital inspections as part of efforts to address the ongoing walkout by trainee doctors who oppose government proposals to expand medical school admissions. The walkout, which commenced on Feb. 20 and involves approximately 9,000 resident and intern doctors, has disrupted medical services, leading to the postponement of surgeries and treatments and placing strain on emergency departments. The government had previously cautioned protesting trainee doctors about potential consequences, including administrative and legal penalties such as the suspension of medical licenses, fines, or even imprisonment if they failed to return to work by the…

The Swiss National Bank (SNB) reported an annual loss of 3.2 billion Swiss francs ($3.62 billion) for 2023, attributing the setback to the shift to positive interest rates, which prevented the bank from paying dividends for a second consecutive year. This development mirrors similar losses reported by other central banks grappling with the impact of higher interest rates on their financial standings. According to SNB’s financial report, gains from gold holdings and interest income from emergency loans extended during the Credit Suisse rescue effort were insufficient to counterbalance the costs incurred due to the central bank’s tightened monetary policy. Since…

Nvidia CEO Jensen Huang shared insights on the trajectory of artificial general intelligence (AGI) during an appearance at Stanford University’s economic forum on Friday. Addressing the question of when AGI might emerge, Huang suggested that depending on the definition, it could manifest within the relatively short timeframe of five years. He noted that if AGI is defined by its ability to pass a broad array of human tests, significant progress could be achieved within this period. Huang highlighted the existing capability of AI to navigate certain tests, such as legal bar exams, while acknowledging challenges in specialized domains like gastroenterology.…