Latest news with #SWIFT
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Business Standard
9 hours ago
- Business
- Business Standard
Best of BS Opinion: Why policy must shelter everyone without favour
It's that season again, when the rains surprise you. You step out without an umbrella, only to see someone near you pull one out, wide and sturdy but only for themselves. Or worse, they tilt it just enough to keep their shoulder dry while yours soaks. That's what bad policy often looks like. Advice or governance that shelters a few, but leaves the rest exposed. Advisory should be like a good umbrella; broad, responsive, and meant for all. Let's dive in. Pan Gongsheng, China's central bank chief, wants to widen the global monetary umbrella, away from dollar dominance. With six foreign banks joining China's SWIFT alternative and ECB's Christine Lagarde echoing concerns, there's a visible push. But, as our first editorial notes, China's capital controls and credibility gaps mean the renminbi (Chinese Yuan) isn't a ready replacement. Instead, we may end up with a fragmented financial drizzle with more transaction costs and less shelter for all. Closer home, Uttar Pradesh is building something more inclusive. The state is planning 15 MSME zones across 11 districts, using over 700 acres to energise small businesses. Programmes like One District One Product are reshaping exports, but the umbrella is still lopsided, argues our second editorial. Only one in three MSMEs are run by women, and agro-processing remains underscaled. For MSMEs to truly flourish, policies must unfurl beyond land to credit access, rural skilling, and logistical ease. Air safety, argues K P Krishnan, urgently needs its own umbrella. India's DGCA is shackled, lacking autonomy, money, and modern recruitment. Global regulators like the FAA and CAA operate with real independence. India needs an Aviation Safety Authority through a full Act of Parliament, with financial muscle and legal teeth. After all, umbrellas shouldn't only open after the thunderclap. And Vinayak Chatterjee writes of a nuclear pivot. From Small Modular Reactors to private sector entry, India's ambitious 100 GW goal by 2047 demands updated laws and new investors. But unless vendor liability rules, fuel security, and financing reforms come through, the umbrella will remain stuck at half-open. Finally, in Private Revolutions: Coming of Age in a New China, as reviewed by Gunjan Singh, Yuan Yang reminds us that in China too, the umbrella of reform has left many standing at the edge. Her portrait of four women reveals how revolutions may roar from the state but the everyday act of staying dry is personal, persistent, and quietly radical. Stay tuned and remember, advisory shouldn't be weather-dependent or selective. Open it wide or what's the point?
Yahoo
11 hours ago
- Business
- Yahoo
XRP Tests Key Support as Traders Watch for Breakout Signal
XRP is tightening its trading range near $2.15, signaling a potential breakout as majors remain rooted to the whims of macroeconomic token's current price action reflects an extended accumulation phase, with technical indicators showing decreasing volatility and firm support around the 38.2% Fibonacci retracement level. XRP's recent stability comes as broader economic forces loom large. Escalating trade tensions between major economies and diverging central bank policies continue to pressure risk assets, creating headwinds for crypto investors. Despite this, XRP has maintained a steady price floor following its explosive January rally to $3.39. Ripple's legal standoff with the U.S. SEC remains a key wildcard. Settlement talks are reportedly ongoing, and speculation continues to build around a potential XRP spot ETF, with Franklin Templeton's application delayed but still under consideration. Meanwhile, Ripple's leadership claims that XRP could capture up to 14% of SWIFT's transaction volume — a massive leap in institutional use case. The crypto market's cautious tone has not dampened interest in Ripple's cross-border payment infrastructure. And with technical compression now peaking, traders are watching closely for signs of a confirmed breakout or breakdown. XRP traded within a narrow 24-hour range from $2.135 to $2.186, showing signs of a market coiling for a move. A bullish burst between 13:21 and 13:30 pushed prices from $2.151 to $2.158 on high volume, suggesting growing buyer interest. The price briefly pulled back to $2.150 in the 13:47–13:48 window — a critical zone that aligns with the 38.2% Fibonacci retracement from January's high. XRP posted a 2.38% trading range over 24 hours, from $2.135 to $2.186. Support held at $2.133 with above-average volume; resistance formed near $2.186. Current trading band between $2.150–$2.165 shows narrowing volatility — a classic pre-breakout structure. Fibonacci support at $2.152 (38.2% retracement) remains intact. Volume spike confirmed local high at $2.158 during 13:21–13:30. Sharp dip to $2.150 tested key support; quick recovery to $2.152 shows buying strength. RSI and MACD trending flat, indicating a potential breakout setup once volume returns. Disclaimer: Portions of this article were generated with the assistance of AI tools and reviewed by CoinDesk's editorial team for accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Times
13 hours ago
- Business
- New York Times
Bank Transfer Signals Syria Is Making Strides in Ending Economic Isolation
Syria took a small but significant step toward rejoining the international banking system with the announcement on Thursday that the country had completed its first electronic transfer in 14 years with a Western bank. The transfer, to a European bank earlier this week, was considered a sign that despite the escalating tensions in the Middle East, a few green shoots were emerging in the effort to foster renewed economic life in Syria after its devastating civil war. 'This step represents gradual progress toward reintegrating the Syrian financial system into global financial channels,' Abdulkader Husrieh, the governor of Syria's Central Bank, said in a statement on Thursday confirming the transaction. Symbolically, reactivation of the SWIFT system, the acronym for the global network for electronic transfers between banks, was one of the first concrete steps to indicate that Syria was moving beyond an extended period of isolation from the international financial community. Syrian banks were cut off from the international system through sanctions imposed soon after the ruling Assad regime began its long, brutal crackdown against Syrian pro-democracy demonstrators in 2011, which led to a 13-year civil war. The government of President Bashar al-Assad of Syria was ousted in December, when rebels took the capital, Damascus. 'This transaction marks the beginning of a new era for Syria,' said Jassem Ajaka, a Lebanese economic expert. 'This first SWIFT order symbolizes the end of sanctions and Syria's return under the umbrella of the international community.' Want all of The Times? Subscribe.
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Business Standard
18 hours ago
- Business
- Business Standard
Despite China's ambitions, renminbi in no position to topple dollar
The Donald Trump administration is pushing the United States (US) into uncharted territory in so many ways that it's difficult to gauge where and how things will eventually settle Business Standard Editorial Comment Mumbai Listen to This Article People's Bank of China Governor Pan Gongsheng on Wednesday made a strong pitch for a multipolar international monetary system and warned against excessive reliance on a single currency. The message clearly is to shift away from the dollar-denominated global financial system. China has been consistently trying to project the renminbi (RMB) as an international currency. Six foreign banks announced on Wednesday that they would use China's Cross-Border Interbank Payment System, an alternative to the SWIFT (Society for Worldwide Interbank Financial Telecommunication) payment system. In principle, there is merit in the argument that the world should not rely on one currency
Observer
20 hours ago
- Business
- Observer
Syria completes first global SWIFT transfer since war, governor says
Syria has carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war, its central bank governor said on Thursday, a milestone in Syria's push to reintegrate into the global financial system. Central bank governor Abdelkader Husriyeh told Reuters in Damascus that a direct commercial transaction had been carried out from a Syrian to an Italian bank on Sunday, and that transactions with U.S. banks could begin within weeks. "The door is now open to more such transactions," he said. Syrian banks were largely cut off from the world during the civil war after a crackdown by Bashar al-Assad on anti-government protests in 2011 led Western states to impose sanctions, including on Syria's central bank. Syria needs to make transfers with Western financial institutions in order to bring in huge sums for reconstruction and to kickstart a war-ravaged economy that has left nine out of 10 people poor, according to the United Nations. Husriyeh chaired a high-level virtual meeting on Wednesday bringing together Syrian banks, several U.S. banks and U.S. officials, including Washington's Syria envoy Thomas Barrack. The aim of the meeting was to accelerate the reconnection of Syria's banking system to the global financial system and Husriyeh extended a formal invitation to U.S. banks to re-establish correspondent banking ties. "We have two clear targets: have U.S. banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks," Husriyeh told Reuters.
