Central Bank Digital Currencies Gaining Status In 2023

By Aarti Dhapte, 06 July, 2023

Central Bank digital currencies (CBDC) are gaining popularity as the digital currency acting approved by the government of that respective country. It is the fiat money having a claim on the central bank. Digital currency stands for virtual money instead of printing; the central banks are issuing electronic coins sponsored and controlled by governments like traditional currencies. More than 20 countries globally are anticipated to take the lead toward handling CBDCs in 2023.

According to the findings of the Atlantic Council, the European Central Bank is all set to begin its venture for the digital euros. Bank of England and Japan are also developing their prototypes for CBDC, keeping track of financial stability issues in both the…

Guyana Emerging As The Fastest Growing Economy In 2023

By Anshula Mandaokar, 05 July, 2023

Guyana, a South American country newly, emerged as one of the new hotspots among offshore drilling locations worldwide in 2023. It is one in the race for the world's fastest-growing economy. Guyana is expected to become the wealthiest country in South America with increasing petroleum production and exports.

Guyana is feared to face political imbalance and corruption, similar to Venezuela, which has previously suffered from being an oil-rich country, with 330 billion barrels of oil reserves to its name. According to the new oil discoveries, Guyana is all set to become a significant South American oil producer and exporter with 1.2 million barrels of production by 2027 and become the world's 16th largest petroleum-producing country. The…

Google’s New Initiatives Towards Cybersecurity in 2023

By Aarti Dhapte, 04 July, 2023

Google is progressing with great efforts by maintaining its dominance over searches and increasing its users from desktop screens to smartphones. Simultaneously, the company has always been very concerned about providing people with jobs with handsome salaries. In June 2023, the company, in collaboration with the Consortium of Cybersecurity Clinics, committed approx. USD 20 million to train students in cybersecurity.

According to Google's claim, it has been working with thousands of organizations in a partnership to train up to 10 million people with digital skills to grow, which helps businesses grow at this rate. With increasing popularity, the company is slowly transforming into an artificial intelligence (AI) company as it tries…

Social Media Marketing In The Digitalization Of Tourism Industry

By Aarti Dhapte, 03 July, 2023

Social media marketing is rapidly attaining momentum in different sectors of the economy in a country, travel and tourism being one. According to some trusted reports, the online travel market revenue share will be 69 percent in 2023. It is avidly progressing with creating different strategies like brand awareness, sustainable travel, and business websites, among others, since tourism is a highly competitive zone. Digitalization of travel and tourism businesses accounts for one-third of the votes from the survey conducted by a company in 2023.

The inclusion of social media marketing in the travel and tourism sector is due to social sharing that leads to more audience views. The real-life experience of the travelers helps the interested…

Global Remittances Stays Durable But Slower In 2023

By Indu Tyagi Ketan, 30 June, 2023

In the low-and middle-income countries (LMICS), the remittance flows are anticipated to grow 1.4 percent to USD 656 billion in 2023. According to World Bank's Migration and Development Brief released in June 2023, the reason behind the current condition of the remittance flow is that the source countries are ready to limit their employment and increase wages for the migrants.

Based on a survey, incoming payments have declined in five of the ten most prominent recipients of remittances. Between 2021-2022, the remittance to LMICS has risen by 8 percent, but it was 10.6 percent for 2020-2021. The study also reveals that for the LMICs with high external debt, reasons like slower economic progress and decline in direct investments have made…

Bayer Finds New Ways To Treat Carbon Farming In 2023

By Anshula Mandaokar, 29 June, 2023

Bayer AG will focus on regenerative agriculture with the help of its crop science division in the future. At its Innovation Summit 2023, the company will focus on crop fertility, biofuels, carbon farming, and digital platforms and marketplaces, among others. Bayer wants to put effort into crop protection and digital agriculture markets and gradually enhance its potential.

The company's innovations focus on solutions to promote regenerative agriculture through innovations that require farmers' production and lessen agriculture's effect on the overall environment. The company aims to invest more in increasing productivity, enhancing soil quality, and preserving farmers' culture, economically and socially.

With sustainable synthetic…

Rivian Adopts Tesla’s Charging Standards In 2023

By Aarti Dhapte, 28 June, 2023

The United States-based electric vehicle manufacturer company; Rivian adopted Tesla's charging standard in June 2023. The company has given in to adding the charging standard of Tesla, allowing its customers to be a part of the most extensive U.S. charging network system. This step by Rivian boosts Tesla's industry standard to the next level.

Recently, in May 2023, Rivian and Insurance Institute for Highway Safety (IIHS) announced R1S SUV as an IIHS TOP SAFETY PICK+ for 2023. The company is the only one to have a vehicle in the large SUV category to acquire the TOP SAFETY PICK+ award title. With the recent announcement regarding adopting Tesla's charging standard, customers will get around 12,000 Tesla superchargers with adapters in…

New AI based Anti-Money Laundering Tool Released By Google Cloud

By Aarti Dhapte, 27 June, 2023

Google Cloud launched a new AI (artificial intelligence) based anti-money-laundering tool on June 2023. Newly developed AI-driven tools will help banks as the company focuses on making itself unique among the surveillance platforms with less human input for processing the screening of money-laundering risks.

Like other tools, the new tool developed by Google will use machine learning to help its customers follow the rules in the financial sector to report any potential activity on suspicion. It is specifically designed to focus on retail and commercial banking along with helping customers with its features. It can also explain the situation to the risk manager, auditors, and analysts. According to Google, anti-money laundering…

Oil Prices Lowers By 1.5 Percent In June 2023

By Snehal Singh, 26 June, 2023

The demand for oil prices goes higher globally in 2023 with China the topmost in the list of countries with a record of 16 million barrels per day in March 2023. The Fed has announced oil prices to decrease by 1.5 percent on 16 June 2023.

According to the data from the International Energy Agency (IEA), oil demand may rise by 2.2 million barrels per day year on year in 2023. The Organization for Economic Cooperation and Development (OECD) gears up to return to growth in the second quarter of 2023 with an increase of 350 thousand barrels per day compared to non-OECD gains. As per the analysts, the market economy undoubtedly fears lower oil demand due to a rise in interest rates. Simultaneously, IEA reports on the daily need for oil…

Major EV Companies Of China Saw Rise In Sales Of EVs in May 2023

By Indu Tyagi Ketan, 23 June, 2023

The electric vehicles (EV) market is booming as EV producers have seen a rise in demand in 2023. The auto industry is witnessing an expansion in the global sales of the overall electric car market share of up to one-fifth. China's EV market is progressing as sales have risen since May 2023.

Based on a survey, revenue to be collected in the battery electric vehicles is expected to be USD 192.2 billion, and the volume-weighted average price for the battery electric vehicles segment will also increase in 2023. China is expected to generate most of the revenue, the market is anticipated to reach USD 192,200 million in 2023. Thus, the electric market of China in 2023 will be USD 292.10 billion, as per the survey reports.

According to the…

Digital Advertising Market Growing With New Trends In 2023

By Aarti Dhapte, 22 June, 2023

The digital marketing sector is changing daily dynamics and progressing with innovations in working with different businesses and others. The constant growth of this field is leading to a high reach of competition. The market adapts new strategies to follow, from artificial intelligence (AI) to augmented and virtual reality, which helps reach customers better, resulting in more sales. The digital advertising sector is a component of digital marketing. The digital advertising sector also produces revenues by boosting sales in the short term but effectively using data-driven strategies.

With new technologies, digital advertising creators find different ways to come up with the latest market trends to lure customers with their digital…

Global Semiconductor Industry To See a Rise In 2023

By Aarti Dhapte, 21 June, 2023

Automotive, telecommunication, and industrial equipment markets, among others, influence the semiconductor market industry. Asian countries play a significant role in the semiconductor market share compared to European and American countries. China is the largest consumer of semiconductors.

Various factors are leading to the growth of the global semiconductor industry, geopolitical and macroeconomic factors being the major ones. According to a recent source, the semiconductors market is expected to generate a revenue of USD 599.80 billion in 2023. Since China is the largest consumer of semiconductors, most of the revenue is expected to come from China in global comparison, up to USD 217.10 billion in 2023. The semiconductor industry is…

Inflation Rate Falls Down In May 2023 After a Long Period

By Indu Tyagi Ketan, 21 June, 2023

As per the United States Bureau of Labor Statistics, Consumer price growth fell to its lowest rate in May 2023 after a long period since March 2021. Many geopolitical and economic reasons led to the increase in inflation rates.

Annually the price growth rate came down to 4 percent; price growth rose to 0.1 percent month-over-month. According to the U.S. Bureau of Labor Statistics, in the last 12 months, the price index has increased 4 percent before all seasonal adjustments. The data also added that the shelter index is the largest one to contribute to the monthly increase in the price of all the items, followed by the trucks and cars index. The food index reached up to 0.2 percent in May 2023, but the energy index reduced to 3.6 percent…

Google’s DeepMind AI System for Faster Algorithms

By Aarti Dhapte, 19 June, 2023

Google DeepMind's Alpha Zero AI, an artificial intelligence (AI) system, innovated algorithms that translate into C++ standard programming language and assemble data up to three times faster than human-made models in 2023. This new AI model is expected to make computing more efficient and rational. This AI system will use AlphaDev to reinforce using enhanced computer science algorithms.

AlphaDev helps in the faster algorithm for sorting; the users go through this process every day without being aware of it. It helps underpin all activities ranging from online search results to data processing on computers and phones. The best of AlphaDev's algorithm takes 4 to 71 percent less time than human algorithms. According to Nature, the total time…

Fed Is Moving Faster Than Its Past Records In Order To Control The Inflation

By Shubhendra Anand, 16 June, 2023

Due to the slow economic conditions globally, the low-interest rates have led the Federal Reserve to take decisive actions to get hold of inflation. It has been happening since the past 14 months to raise the federal funds' target rate by 500 basis points from March 2022.

Based on recent surveys, the Fed raised its policy rate by 425 basis points for federal funds. But no other tightening cycle for the hike in interest rates in the last 40 years could come even closer to the current process based on scope and speed. Even long back, when the Fed was battling record-high inflation, the federal funds rate peaked at nearly 20 percent in 1980 or 1981.

At a press conference, the 16th chair of Fed, Jerome Powell, said they had raised the…

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