samchain/econo-pairs-v1 huggingface dataset:
Muhammad bin Ibrahim: Building trust in the insurance industry Speech by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Malaysian Insurance & Takaful Industry Distinguished Partner Awards Dinner 2015 “Building Trust in the Insurance Industry”, Kuala Lumpur, 23 October 2015. *  *  *  It brings me great pleasure to be here tonight at the inaugural Malaysian Insurance and Takaful Industry Distinguished Partner Awards Dinner. Since the Central Bank assumed regulatory role of the industry 27 years ago, the insurance and takaful landscape has transformed significantly. The insurance and takaful penetration rate, measured by the number of policies per population, has increased four-fold from 11% in 1988 to 56% today, and the total paid-up capital of direct insurers has grown twelve-fold from RM635 million to RM8 billion over the same period. Today, the industry has emerged much stronger than when we first started the journey together in 1988. We should take pride in our historical track record the various changes that we had made, the difficult but satisfying journey that we embarked on to realise the full potential of the industry. It is indeed a transformational change that enable the industry to be in the strong position they are now. But at the same time we should not believe that the same thinking and strategy that drove yesterday’s solutions will be as effective tomorrow.

While the financial aspects are important, we should inspire our young recruits on the underlying values of the industry and capitalise on the noble objective of providing protection and managing risk for our people. Takaful for example, is built upon the spirit of brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants. Drawing talent that shares the same values will ensure commitment and support talent retention in the industry. When the general public interact with the industry, with highly motivated staff, it will sow confidence and consequently trust. Refrain from making false promises, make clear the terms and conditions up front In building trust, a huge responsibility lies now on intermediaries playing their role, as intermediaries’ behaviour mirrors the image of the insurance and takaful industry. Many consumers are not well versed with insurance and takaful terminology and will rely on the advice rendered and the full disclosure of the policy terms and conditions. This low degree of familiarity with insurance and takaful terms makes it even more crucial for the full disclosure of the terms and conditions governing a policy. An important consideration is the role of intermediaries being the ‘first point of contact’ with the public. Intermediaries create an impression, powerful enough to influence a customer’s decision whether or not to engage in an insurance contract.
Lastly, most spending is temporary and non-recurring, which will make it hopefully possible, once the crisis is over, to return to a sound and sustainable fiscal path. II. Can reconstruction now strengthen Europe and the Franco-German alliance? After the emergency phase, the time has come to exit the crisis. We Europeans have common objectives here: to support growth during the recovery phase, but above all to invest for the future (climate change, digital, health, etc. ), in a world that is increasingly uncertain. To achieve this, Europe has four concrete and innovative levers at its disposal: an unprecedented recovery plan, a Financing Union for private savings, its single market, and its commitment to fight global warming. An unprecedented recovery plan The Franco-German initiative of 18 May, and the subsequent European agreement of 21 July, have been a major step forward for European financial solidarity. This is an unprecedented act of solidarity towards the countries most affected by a pandemic, which is itself unparalleled. For the first time, a common European-wide fund to finance final expenditure has been adopted, representing over half of the package (EUR 390 billion). This is not only a strong political signal, but also an economic rebalancing of the policy-mix in the euro area, which lays the groundwork for a real common fiscal policy. The ECB's Governing Council has long advocated that monetary policy should not be “the only game in town” in Europe. This is very good news.

Moreover, the financial sector in Sweden has some distinguishing characteristics which make stability and clear game rules particularly important. From an international perspective, the Swedish banks’ collected balance sheet totals are large in relation to our GDP, market funding comprises a larger share than in most other countries, and funding from abroad is relatively extensive and largely short-term. Our own Swedish regulatory framework also needs to be renewed. For one thing, we need to look into the division of responsibility and the powers of authority of the different government agencies. For instance, the Riksbank is responsible for the stability of the financial system in Sweden, but has no really effective tools to carry out this task. Finansinspektionen (the Swedish Financial Supervisory Authority), on the other hand, has tools that could be used to influence the banks’ behaviour. But it does not have the task of counteracting macroeconomic developments than entail risks for financial stability. Another important issue that needs to be addressed in a new regulatory framework is how the state should manage banks in distress. 3  See, for instance, Ben S. Bernanke, “Fiscal Sustainability and Fiscal Rules”, speech given at the Annual Meeting of the Rhode Island Public Expenditure Council, Providence, Rhode Island, 4 October 2010. BIS Review 149/2010  5  In February we presented a report to the Riksdag proposing that the regulatory framework in Sweden should be reviewed. We mentioned these two areas as examples of important objects for analysis.
Forecast refers to ages 15–74 Sources: Statistics Sweden and the Riksbank  BIS central bankers’ speeches  15  15. Unemployment gap Per cent 5  5  4  4  3  3  2  2  1  1  0  0  -1  -1  -2  -2  -3  -3  -4  -4 80  85  90  95  00  05  10  Note. Unemployment gap refers to the deviation between actual and long-term unemployment in Figure 14. Sources: Statistics Sweden and the Riksbank  16. Labour shortages Percentage of companies, seasonally-adjusted data 50  50 Labour shortages  45  Mean, 1996-2008  45  40  40  35  35  30  30  25  25  20  20  15  15  10  10  5  5 0  0 96  98  00  02  04  06  08  10  Source: National Institute of Economic Research  16  BIS central bankers’ speeches  17. Beveridge curve Per cent 0.6  0.5 2008  2011  Vacancy rate  0.4  2007 2001 2002  0.3  2006  2003 2004  2010  2005  0.2 2009  0.1  0.0 5.0  5.5  6.0  6.5  7.0 7.5 Unemployment  8.0  8.5  9.0  9.5  Note. Years indicate the first quarter of each year.

6  In the original Taylor rule, the policy rate is determined by inflation and the GDP gap. See Taylor, J.B., “Discretion versus policy rules in practice”, Carnegie-Rochester Conference Series on Public Policy, NorthHolland, 1993. 7  See the article “The driving forces behind trends in the economy can be analysed using a production function” in the Monetary Policy Report of October 2010. 8  It is important to make a distinction between labour productivity, which is defined as output per hour, and total factor productivity. 9  This is the logarithm of what is known as a Cobb-Douglas function: the relationship in the text applies to the logarithms of Y, K, H and TFP. BIS central bankers’ speeches  . Consequently,  3  In accordance with the production function, the potential level of production can also be divided up into potential total factor productivity, potential capital stock and potential hours. Deviations from the potential level can be estimated for each of the three factors affecting output – capital, hours worked and TFP. These deviations can then be weighted together to give a total output gap. Calculations of potential GDP This section describes the calculations forming the basis for the GDP and hours gap published in the most recent Monetary Policy Update.10 Figure 4 shows an estimate of actual and potential TFP. Actual TFP is estimated with the Solow residual. The TFP estimate thus captures all change in output that cannot be explained by the development of capital and hours.
This January, the Bureau launched a Fintech Proof-of-Concept Subsidy Scheme. This scheme provides financial incentives to banks to transform their processes through the use of innovative Regtech solutions. Regtech firms will also benefit as they will have more opportunities to showcase and validate their solutions and gain experience in the Hong Kong market. 17. In addition to offering incentives and opportunities for developing innovative use cases, I would also like to highlight several key infrastructure developments that will make launching Regtech solutions easier. 18. One example of these is that the HKMA is developing the CDI, the Commercial Data Interchange, that will allow SMEs to grant financial institutions access to their data at different commercial establishments, of course with their consent. These will include ecommerce platforms and utilities companies. With more alternative data available to financial institutions, SMEs will stand a better chance of obtaining bank financing and also other customised services that will be made possible by the use of advanced data analytics. 19. I should also mention the HKMA’s collaboration with the Government on the “iAM Smart” platform, which is a one-stop personalised digital services platform available free of charge for everyone in Hong Kong. Financial institutions can now leverage iAM Smart to provide 2/3  BIS central bankers' speeches  customers with Regtech services such as remote onboarding and log-in authentication. The HKMA is now exploring a corporate version of iAM Smart, which will offer another important infrastructure to support Regtech development. 20.

And I believe that the future of Regtech in Hong Kong is very bright, and there are opportunities for everyone. 25. Thank you for joining us on our Regtech journey. Before I finish, let me take this opportunity to express my heartfelt thanks to so many distinguished speakers who have taken time out of their respective busy schedule to contribute towards the discussion sessions today. I should of course also thank everyone of you participating in this event from around the world. I’m confident that the event will deliver rich rewards for all of us. Thank you very much. 3/3  BIS central bankers' speeches
While profits for the calendar year 2001 was affected by the higher level of provisioning during the year, the banking system has recorded a higher profitability of RM 2.4 billion in the first quarter of 2002. This represented a 72.3% increase over the preceding quarter. It reflected the lower loan loss provisions and the lower overhead expenses during the period. Of importance is that financing activities during this period was sustained. Financing by the banking system increased by 5.2% in 2001. Consumer credit extended by the banking system rose by 11.9% supporting further the strong consumer spending. Similarly, loans for the purchase of transport vehicles recorded a strong growth of 27.4% while loans for the purchase of residential property expanded by 9.3%. There was also strong demand for loans by the retail sector reflecting the positive response to the low interest rate environment and the fiscal stimulus measures to spur the domestic economy. Loans disbursed to the manufacturing was also high accounting for 27.7% of the total loans disbursed. Important aspects of enhanced effectiveness and competitiveness of the banking institutions is whether there is enhanced access, convenience, timeliness, and customised service, and whether the treatment by the banker and the quality and price of the service has improved. The changing nature of the industry has forced banking institutions to augment traditional product offerings with new products and services designed to be more solution oriented. However, in most cases, there are barriers, or reluctance, to phasing out the older products.

I can assure you, Ambassador Franco, that we look forward to continuing the successful cooperation with you and your staff that we had during the previous project. I would also like to thank you and your collaborators for having supported the preparations and for your help in handling a number of technical, administrative and legal issues. Sound practices in the fields of banking supervision and internal audit are important not only for the effective performance of the tasks of a central bank, but also because they contribute to the efficient and stable functioning of the financial system that benefits the economy as a whole. We have noted with great interest the reform efforts of Chairman Ignatiev and his team in the Bank of Russia over the past years. With this programme, the Eurosystem hopes to contribute to further strengthening the Bank of Russia’s banking supervision and internal audit functions. Allow me to conclude by expressing my confidence that the implementation of this programme will be characterised by the close and constructive cooperation between the Eurosystem and the Bank of Russia, as well as with the Delegation of the European Commission to Moscow. Za nashe sotrudnichestvo! Thank you very much for your attention. 2  BIS Review 32/2008
Malaysia's Islamic financial hub has been built on the foundation of a comprehensive and progressive Islamic financial system that has been developed in the recent three decades. Activity in the Islamic financial system has become vibrant, in particular, in the sukuk market and in the other wholesale Islamic financial transactions. Going forward, Malaysia will collaborate with other financial centres with the aim of strengthening the international interlinkages in the global Islamic financial system. Today, Malaysia is taking another step forward and launching a global communication campaign to the world. The campaign is part of our efforts to strengthen our connectivity with the rest of the world. The MIFC global communication campaign highlights the opportunities and offerings – here in Malaysia – for investors, issuers, industries in the economic sectors and for professionals and practitioners with interest in the Islamic financial services industry. Malaysia presents itself as a meeting place for those with surplus funds and those who seek to raise funds from any part of the world. As an Islamic financial hub, the Islamic financial intermediaries are supported by institutions of learning for human capital development in Islamic finance. It is Malaysia's aspiration to participate in this exciting journey at the frontier of Islamic finance as it progresses as the fastest growing segment in the global financial industry today. In conjunction with the opening session of the MIF 2008, it gives me great pleasure to launch the MIFC Global Communication Campaign. To all the participants, I wish you a successful and productive conference. Thank you.

The Principles are centred on four pillars – fairness, ethics, accountability, and transparency. Hence, the short-hand name FEAT Principles. They are not prescriptive but represent an industry consensus that individual financial institutions take reference from when formulating their own data governance policies and practices. We believe that the FEAT Principles will help to promote public confidence and trust in the use of data analytics and artificial intelligence in our financial sector. Conclusion Let me conclude. Technology and Finance must come together. And they must do so in a manner that maintains Trust. Finance, Technology and Trust are like the three musketeers of old. Like Athos, Finance allocates resources to those who need it. Like Porthos, Technology represents the aspiration for Finance to innovate. Like Aramis, Trust engenders confidence in Finance. The motto of the three musketeers is: “Tous pour un, Un pour tous” – “One for all, All for one”. If Finance, Technology, and Trust can do the same, we can have innovation and dynamism with safety and stability. We can benefit not only the financial industry, but society at large. We can raise productivity, expand opportunity, and enrich the lives of our people. Thank you. 10 / 10  BIS central bankers' speeches
Figure 2 Contributions to monthly CPI inflation (*) (accumulated in moving six-month periods, percentage points) 3  3  2  2  1  1  0  0  -1  -1 Jun.11  Dec.11 Goods CPIEFE  Jun.12  Dic.12  Jun.12  Services CPIEFE  Foods  Dic.13 Energy  CPI  (*) Starting in January 2014, calculations are based on the new indices with base year 2013=100, so they may not be strictly comparable with earlier figures. Sources: Central Bank of Chile and National Statistics Institute (INE). BIS central bankers’ speeches  7  Figure 3  Private consumption (annual change, percent)  Investment (annual change, percent)  60  60  72  45  45  54  54  30  30  36  36  15  15  18  18  0  0  0  0  -15  -15  -18  -18  -30  -30  -36  -36  09  10  11  Durable goods  12  13  72  12 09 10 11 13 14 Construction and engineering works  14  Non-durable goods  Machinery & equipment  Source: Central Bank of Chile.

Organizations like the CEE and the National Association of Economic Educators exist to improve awareness of economic concepts. This enhances the ability of young people to make better financial decisions and helps to close the gaps in knowledge that contribute to inequality. Top-tier researchers in both academia and the Federal Reserve System are focusing their attention on the causes, consequences, and solutions of this social problem, using better data, methods, and means of communicating their results. Even more importantly, policymakers are also paying close attention. Ultimately, I believe we will identify and implement policies that can make the dream of a better life a reality for more of our fellow citizens. Thank you again for your kind attention. I would be happy to take your questions. 1 Gerard Dages, Jack Gutt, Andrew Haughwout, Anand Marri, and Wilbert van der Klaauw assisted in preparing  these remarks. 2 Board of Governors of the Federal Reserve System, Monetary Policy Report – July 2017, July 7, 2017. 3 See William C. Dudley, Remarks at the Economic Press Briefing on the Regional Economy, August 10, 2017. 4 See the New York Fed’s Economic Press Briefing on Wage Inequality in the Region, August 10, 2017. 5 Pew Research Center, Global Publics More Upbeat About the Economy, June 5, 2017. 6 Corak, 2013. “Income Inequality, Equality of Opportunity, and Intergenerational Mobility.” The Journal of  Economic Perspectives, vol. 27, no. 3 (Summer). 79–102. 7 Goldin and Katz, 2007. Long-Run Changes in the U.S. Wage Structure: Narrowing, Widening, Polarizing.
What the Chinese people fear most is chaos and a slide back to poverty. A revitalised ASEAN Third, ASEAN. Southeast Asia is strategically positioned between India and China. ASEAN does not regard the re-emergence of India and China as a threat. Instead, it is responding in a positive and strategic manner. ASEAN is positioning itself to borrow the strengths of these two giants to boost its growth. Some of you may have watched martial arts movies starring Jackie Chan or Jet Li. ). There is a movement in Tai Chi called to 'use four taels to deflect a thousand pounds' ( Using this movement, a smaller-built Tai Chi Master borrows the strength of his bigger sparring partners to achieve victory. ASEAN's total trade with China and India has grown significantly over the past decade, and in 2005 amounted to $ billion and $ billion respectively. ASEAN is working hard to ensure that Free Trade Agreements (FTAs) with China and India are completed by 2010 and 2011 respectively. At the same time, ASEAN is also enhancing its links with other economic centres. ASEAN is negotiating FTAs with Japan, South Korea, Australia and New Zealand. To strengthen their longstanding economic ties, ASEAN and the US signed a Trade and Investment Framework Agreement (TIFA) in August. ASEAN is moving ahead with closer political, economic and security integration. ASEAN has set itself the goal of establishing an ASEAN Economic Community that will form a single production zone, with free flow of goods, services and investment.

Caleb M Fundanga: How the Bank of Zambia’s policies are impacting Eastern Province developments Remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Eastern Province Chamber of Commerce and Industry Open Meeting, Chipata, 17 January 2008. *  *  *  • The Chairman – Eastern Province Chamber of Commerce and Industry (EPCCI) • Members of the Executive Committee – EPCCI • EPCCI Members • Invited Guests • Ladies and Gentlemen First and foremost, I must state that I am pleased to have finally made the trip to Eastern Province under the invitation of the EPCCI. The visit was planned for last year but due to other commitments I could not make it. In this regard, I made it a point to make sure that I visit the province before the end of the first quarter. I am happy that we have actualized our plans during the first month. It is our hope that we will also be able to visit other provincial towns off the line of rail during the course of the year. Mr. Chairman, one may question what is the purpose of the Bank of Zambia to visit these outlying areas? The answer is simple and is drawn from our mission statement – which is “to formulate and implement monetary and supervisory policies that will ensure price and financial system stability”. Our visit is therefore, to enable us assess the extent to which our policies are impacting development in the Eastern Province.