Week 50 of 2022 – YPF Around the Globe (English)

Timeframe: December 17 to December 23, 2022

Contributors: G.M.Sifat Iqbal, Affan Bin Saber, and Farhan Uddin Ahmed

To read Bangla, click here.

1. Politics

Gambia arrests soldiers after coup attempt

The Gambian government says that based on intelligence reports, “some soldiers” were reportedly plotting to overthrow the democratically elected government of President Adama Barrow. Gambian authorities have foiled a military coup attempt and arrested four soldiers plotting to overthrow President Adama Barrow’s administration, according to the government.

The government said on Wednesday that the Gambian Armed Forces High Command arrested four soldiers linked to the alleged coup after a military operation on Tuesday.

“Based on intelligence reports… some soldiers of the Gambian army were plotting to overthrow the democratically elected government.”

Coup attempts are not uncommon in the Gambia, a small West African country of 2.5 million almost entirely surrounded by Senegal.

Source: TRT World

2. Economics & Business

Bank of Japan jolts markets in surprise change to yield curve policy

The Bank of Japan shocked markets on Tuesday with a surprise tweak to its bond yield control that allows long-term interest rates to rise more, a move aimed at easing some of the costs of prolonged monetary stimulus.

Shares tanked, while the yen and bond yields spiked following the decision, which caught off-guard investors who had expected the BOJ to make no changes to its yield curve control (YCC) until Governor Haruhiko Kuroda steps down in April.

In a move explained as seeking to breathe life back into a dormant bond market, the BOJ decided to allow the 10-year bond yield to move 50 basis points either side of its 0% target, wider than the previous 25 basis point band.

But the central bank kept its yield target unchanged and said it will sharply increase bond buying, a sign the move was a fine-tuning of existing ultra-loose monetary policy rather than a withdrawal of stimulus.

Source: Reuters

Singapore records 2.5% increase in consumer prices

Singapore records 2.5% increase in consumer prices

The transport expenditure saw the highest increase at 9.6% YoY.

The Department of Statistics Singapore announced a 2.5% year-on-year (YoY) increase in the Consumer Price Index (CPI).

Month-on-month, the CPI is lower by 0.2% in June.

Of the 10 expenditure divisions, the transport sector recorded the highest increase at 9.6% YoY. Meanwhile, the clothing and footwear industry had the most decrease in CPI at 5.5% YoY.

6,800 brands were included in the CPI basket and were further broken down into ten main expenditure divisions based on the Classification of Individual Consumption According to Purpose or COICOP.

Source: Asian Business Review

Power and gas prices to skyrocket again

Due to the government pulling back subsidies, the prices of electricity, gas and diesel are set to increase one by one with the government cutting down the subsidy for electricity initially.

According Bangladesh Energy Regulatory Commission, If the subsidy is withdrawn, the electricity price would be 33.9 percent more at Tk 8.30 per kilowatt-and the gas price will be 30.6 percent higher at Tk 11.62 per cubic meter. The price of diesel would also be increased by Tk 4-5 per liter at least

Prime minister Sheikh Hasina said that everyone must be prepared to pay the actual cost of producing electricity and procuring gas. She also mentioned that given the global economic slowdown, it will not be possible to provide subsidies.

Source: The Daily Star

3. Science & Technology

Germany opens its first LNG terminal

To adapt to the lack of russian sourced energy, this Saturday Germany inaugurated its first LNG terminal that was built in record time.

In the North Sea port of Wilhelmshaven, the rig was opened by Chancellor Olaf Scholz at a ceremony on board a specialist vessel known as an FSRU, named the Hoegh Esperanza.The ship has already been stocked with gas from Nigeria that could supply 50,000 homes for a year, and the terminal is set to begin deliveries on December 22

Germany plans to open four more government-funded LNG terminals over the next few months as well as a private terminal in the port of Lubmin

Source: Techxplore

4. Environment

Nations promise to protect 30 percent of planet to stem extinction

Close to 200 countries reached a watershed agreement early Monday to stem the loss of nature worldwide, pledging to protect nearly a third of Earth’s land and oceans as a refuge for the planet’s remaining wild plants and animals by the end of the decade.

A room of bleary-eyed delegates erupted in applause in the wee hours after agreeing to the landmark framework at the U.N. biodiversity summit, called COP15.

Nations now have the next eight years to hit their targets for protecting life. With few legal mechanisms for enforcement, they will have to trust one another to protect habitats and funnel hundreds of billions of dollars to conservation.

The agreement also calls for cutting by half nutrient runoff from farms, as well as the rate at which invasive species are introduced to ecosystems.

Source: Washington Post

Disclaimer: The information provided here is obtained solely from the aforementioned third parties. Youth Policy Forum (YPF) is not responsible for any misinformation or misrepresentation.

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