samchain/econo-pairs-v1 huggingface dataset:
With better understanding, the likelihood of a Shariah convergence is higher and this will enable the creation and trading of Islamic financial instruments at the international arena to be more universally accepted, as interpretations will be uniform and consistent. Harmonisation of the differing views among the scholars from different schools of thought is necessary to enhance the global development of Islamic banking and finance. I believe, at this juncture, the right approach is to advocate mutual respect in any Shariah discourse where there are differences in opinions, interpretations and practices. To complement the efforts to create a sustainable and comprehensive Islamic financial system, consumer education and awareness on Islamic banking and finance should be extensively undertaken. Concerted efforts between the governments and Islamic financial fraternities should be engaged to develop such a consumer education programme. Such programmes would increase transparency on the virtues and availability of Islamic financial instruments offered by the Islamic financial institutions. How consumers can expect to benefit will depend on how well informed they are about the financial services being provided. Barriers across geographical boundaries can be removed by leveraging upon the advances on Information Communication Technology to create an integrated internet platform as means for the knowledge sharing on research findings, conference discussions, Shariah rulings and other vital information on Islamic banking and finance. Improvements can be made to the existing internet portals to be more comprehensive with linkages to other useful information providers. Equally important is the consumer protection infrastructure.

I have read two papers prepared by Aspen Institute and the German Marshall Fund: the report “Dialogues on the national interest. Recommendations of public policies” and the program “East-West Gateway”. They generate the object of the forthcoming debates. Allow me to make some remarks regarding the national interest and the transformations within the financial sector that are currently taking place in Europe. The national interest goes beyond its economic dimension, although it is also true that the smooth functioning of the economy is not only an objective per se, but also a means to achieve the other objectives subordinated to the national interest. As any other European central bank we are focused on price and financial stability. Obviously, monetary and financial stability is an essential ingredient of economic performance. This is all the more relevant for a catching-up economy, such as Romania. On the one hand, progress towards convergence is impossible to imagine without capital accumulation from local and external sources alike, and it cannot be achieved in the absence of a viable financial system. On the other hand, investments imply a long-term outlook, whereas high and volatile inflation or fragile financial sector hampers long-term planning. Moreover, the recent global crisis has shown that it is far cheaper to prevent financial instability than to rescue financial institutions in distress.
I would like to record Bank Negara Malaysia’s appreciation to this bold initiative by LIAM together with academia and the Ministry of Education through the #IDareYouChallenge to educate and increase awareness among the younger generation on the importance of long-term financial planning and insurance. It is an unconventional collaboration between industry and academia, which allows the industry to benefit from new ideas and perspectives, build brand awareness among these university students and indirectly connect to a future talent pipeline. Likewise, universities and the student population benefit by having more of their students exposed to the industry and being prepared for their post-academic career. But my dare is also for the industry should go further in the age of digital disruption, to be at the forefront of innovation and to be an employer of choice for today’s graduates. A survey conducted among students and graduates of Malaysia’s 100 leading graduate employers, only had two insurance companies on the list, compared to a total of 18 banking institutions in Malaysia. Whether this is borne out of reality or lack of outreach, there is a need to promote and to brand the industry with a culture of innovation and a more visible consumer presence including via digital means, from which it will naturally grow into an exciting and engaging place for new generations to build a career in. To the competing teams today, all the very best to all of you. In my mind all of you are winners.

In the journey to find purpose and passion in life, always be curious, take risks and differentiate yourselves from everyone around you. The fact that ‘change is the only constant’ tells us that the world is ever evolving and all of us are constantly addressing curve balls and wildcards that life throws at us. The talk of job displacements, the rise of Artificial Intelligence, FinTech, InsurTech and the New Industrial Revolution will certainly change the world that we live in. In those, there are challenges, but there are opportunities as well. Thus, no matter in what stage of life you are in – you need to stay relevant, always strive to be different by innovating yourself. Above all, I must say, savour the experience and find personal meaning, purpose and enrichment along the way. While many of you embark on your journey of discovery, it is important to take heed of the wisdom of the wise on what may appear as uninteresting lectures on financially planning for your future. As the saying goes failing to plan, is planning to fail. It is alarming that although 40% of Malaysians consider themselves financially ready for retirement, a retiree would need an estimated minimum of RM228,000 in today’s value upon retirement to generate sufficient income to live above the poverty line for the next 20 years. It is even more worrying to see only 18% of Malaysians, that is less than one fifth, actually have that exact sufficient amount of EPF savings.
The convergence of productivity and living standards gives rise to differentials in inflation rates via the rate of increase of non-traded goods prices. Countries with higher levels of economic development tend to have higher prices of non-traded goods. BIS Review 123/1999  2  Higher living standards mostly reflect high productivity in the traded goods sectors but, given integrated national labour markets, wages are generally higher in the economy as a whole and although the scope for productivity gains may be more limited in the non-traded sectors of the economy, a general rise in wages tends to lead to higher relative prices in the non-traded to traded goods sectors. The euro area countries undergoing this catch-up process will, therefore, in general have higher inflation. As an ultimately temporary but nevertheless protracted phenomenon, there is also an ongoing process of convergence of prices of individual goods. Price differences across countries will tend to be reduced for goods and services which are widely traded across national boundaries as a result of increasing integration of the single market. The introduction of the euro can, of course, be expected only to intensify this process through increased price transparency and the elimination of exchange rate risk. Are national differences a cause of concern? Are differences in growth and inflation among euro area countries a matter of concern? In terms of growth, there are no indications that the differences are particularly large or unusual.

These may lead to different price developments across countries within the Monetary Union in the short run via indirect tax changes, liberalisation measures and administrative price changes. These are generally not of the same magnitude and timing across countries. Differences in growth and inflation may also occur over relatively short periods due to the occurrence of “asymmetric shocks” or differences in the responses to common shocks. A very clear example of such an asymmetric shock was German reunification. Other shocks affect countries in a more or less similar fashion - for example, recent increases in oil prices have tended to lead to higher consumer prices in all euro area countries in the past few months. Shocks may affect countries in a diverse way due to different structures of the economy, patterns of trade and/or production for example. Evidence tends to suggest, however, that the industrial specialisation of the euro area countries is not one-sided, so that there is no risk of significant asymmetric effects. Moreover, the high degree of trade between euro area countries means that country- or region-specific developments tend to have significant spillover effects within the euro area. Nevertheless, a common shock may have different consequences, depending on the precise institutional frameworks within the different countries. The possible so-called “second-round effects” of oil prices on wage and price developments may be considered to fall into this category. Short-term or cyclical differences in demand pressures - though difficult to measure with precision - are an important cause of short-term variations in price increases.
I believe that the truth is more complicated than that, and that these views disregard the progress that has been made in making finance more “ethical” in recent years. Regardless, I believe that it is timely to recalibrate our moral compass – and to explore innovative ways and solutions that finance can offer to build a more sustainable future. If I may say, to discover humanity within the world of finance. As we embark on this quest, we can consider the role that Islamic finance can play in contributing towards sustainable development. With positive values and ethical considerations ingrained within Islamic finance, it provides a ready and workable blueprint for finance that best works for the people and the planet. In supporting economic growth that is both inclusive and environmentally sound, Islamic finance can potentially realise the promise of sustainable development – that is to not leave anyone behind. Ultimately, it can help to build shared prosperity for not only the generation of today, but also the generations to come. There is already large acceptance of Islamic finance in the global economy, with global assets amounting to USD1.9 trillion in 2016. But the success of Islamic finance cannot, and must not be measured solely on headline numbers such as this. In our move towards a sustainable future, the way forward for Islamic finance, in my view, lies in four imperatives. First, Islamic finance must prove its capacity to innovate.

The El Niño phenomenon for example, affected many developing countries that are dependent upon agriculture and fishing, particularly those bordering the Pacific Ocean. Last year, it left millions of people hungry and in need of food aid; water shortages across Southeast Asia; and higher food prices globally. Closer to home, thousands have been displaced after the northern state of Penang was hit by the worst flood in more than 20 years. These are indications that despite progress made in regulating global emissions of greenhouse gases over the past decades, we need to do more to mitigate the adverse effects of climate change. Moving on to the second challenge – growing inequality. Globally, the benefits of economic growth have been uneven. In reality, not all members of society have fully benefitted from the growth. While some have gained, many have been dislocated – feeling that they have been left behind. Today, global inequality is at its highest since the 19th century. Recent studies show that the richest 1% now owns half of the world’s wealth combined. In stark comparison, 70% of the 1/5  BIS central bankers' speeches  world’s adult population holds only 3% of the global wealth. Globally, continued widening of the inequality gap would be detrimental to economic growth and social progress in the long-run. Inequality is a threat to growth if it leads to those in the low income segment suffering poor health and low productivity; and to struggle in obtaining quality education.
(2011), Does the Swiss National Bank need equity?, speech at the Statistisch-Volkswirtschaftliche Gesellschaft, Basel, 28 September. Page 4/7  entirety, its equity capital would automatically fall below the targeted level in the event of a loss. The SNB would then have to operate with too little equity. We implement this desired smoothing by creating a profit/loss carry forward, known as the distribution reserve. In ‘good years’, any undistributed profit is transferred to this reserve. In ‘bad years’, i.e. when there is a small profit or a loss, the reserve can then be used to make up the shortfall in the allocation to the provisions, as well as for the payment of the dividend and the distribution to the Confederation and the cantons. The distribution reserve contains the amount of equity capital that exceeds the provisions for currency reserves – in other words, the portion deemed to be distributable. If the equity capital falls below the level of the provisions as a result of a loss, the distribution reserve is negative. The distributions will then be stopped until the equity capital is sufficiently stocked again from future earnings. This clearly demonstrates that the robustness of the balance sheet takes precedence over profit distributions at all times. A well-stocked distribution reserve also helps smooth the distributions, serving as a buffer and ensuring that the Confederation and the cantons are seldom faced with years in which we cannot make any distribution.

Conducting a monetary policy that ensures price stability while taking due account of economic developments is therefore our goal, rather than generating a profit or making it possible to pay a distribution. The SNB’s monetary policy mandate always takes precedence. And there can also be times when we have to accept losses to perform this mandate. The SNB’s total assets have multiplied since the outbreak of the financial crisis in 2008 (Slide 1). With this larger balance sheet, the earnings potential has increased in absolute terms, but so too has the risk of loss. In fact, given that a large part of the balance sheet growth is attributable to foreign exchange market interventions, the increase in risk exposure has been particularly strong. Let me briefly explain why. When expressed in Swiss franc terms, our foreign currency investments are subject to pronounced fluctuations in value. Such fluctuations can result not just from changes in share and bond prices in local currency terms, but also from exchange-rate movements. Because our transparent accounting approach books assets at their market value, any valuation changes are directly reflected in the income statement. To illustrate what this means in concrete terms given the current size of our balance sheet, I would like to give two examples. First, assuming nothing else changes, a 1% appreciation of the Swiss franc against the major currencies would immediately lead to a loss of CHF 10 billion. Second, a 5% rally on the equity markets would result in a profit of CHF 10 billion.
Lim Hng Kiang: Trade links and business opportunities for Singapore Congratulatory remarks by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore and Minister for Trade and Industry, at the Daiwa Securities Group 35th Anniversary, Singapore, 25 June 2007. *  *  *  Your Excellency Mr Takaaki Kojima, Ambassador of Japan to Singapore, Mr. Shigehara Suzuki, President & CEO Daiwa Securities Group Inc., Mr. Shin Yoshidome, President Daiwa Securities SMBC, Distinguished Guests, Ladies and Gentlemen. Good Evening, I am delighted to be here this evening for the joyous occasion of Daiwa Securities Group’s 35th anniversary in Singapore. This marks yet another important milestone for Daiwa, and your continued commitment to Singapore. Daiwa’s growth story in Singapore Set up in 1972, Daiwa has grown from strength to strength over the years. From the early collaboration in 1971 with Development Bank of Singapore to issue the first Asian Dollar Bond, Daiwa has over the years expanded to provide a full spectrum of financial services. Today, all of Daiwa’s major business units are represented in Singapore, covering securities brokerage, investment banking, asset management and more recently, wealth management as well. Singapore has also grown to become a key node in Daiwa’s overseas network, managing your business operations in South Asia & Oceania. I am encouraged to hear that on the occasion of Daiwa’s 35th anniversary celebrations, you have also announced plans to boost activities in Singapore and the region. I understand these new activities include M&A and private equity investments.

Norman Chan: Hong Kong's development as the premier banking hub in Asia Opening remarks by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at the HKMA Conference for Independent Non-Executive Directors (INEDs), Hong Kong, 16 March 2017. * * * Fellow INEDs, Ladies and Gentlemen, 1. Good morning and a very warm welcome to all of you to the inaugural Annual Conference of INEDs of banks in Hong Kong! Today is a very special day for us because it is the first time in Hong Kong’s banking history that we have gathered in one place over 100 INEDs, which represents 82% of the total INED population of 123. 2. Today is also special because it marks an important milestone of the development of Hong Kong as the premier banking hub in Asia. 3. In case you do not know already, the size of Hong Kong’s banking sector, as measured in the amount of banking assets, has exceeded $ trillion by end of 2016. This equals to 8 times of Hong Kong’s GDP, which is a powerful manifestation of Hong Kong’s position as an international banking centre. Having said that, one of the things that we have learnt from the Global Financial Crisis (GFC) of 2008: Big is not necessarily Beautiful. The bitter lessons of some of the aspiring financial centres such as Ireland and Iceland are clear and brutal reminder of the risks of pursuing fast expansion of the financial sector without giving proper attention to supervision and governance.
MAS estimates that there will be more than 9,400 new hiring opportunities for permanent roles in the financial sector in 2022 [4] . More than 3,000 jobs will be in technology. Software developers and engineers continue to have the highest demand, with more than 700 opportunities. They support a wide range of exciting activities, such as designing and developing digital finance services; applying blockchain technology in trade finance; and using artificial intelligence to detect fraud and money laundering. There will also be interesting new roles in sustainable finance. These range from execution of ESG transactions to advisory services and product development. Many of these jobs will draw on traditional finance expertise such as product structuring, risk management, reporting and pricing, but layered and infused with new knowledge on sustainability. The competition for talent is global. The skills in many areas of finance – especially technology and sustainability – are scarce everywhere. This is why supporting our financial institutions to access the talent they need to grow and thrive is a key priority for MAS. To continue growing as a leading international financial centre in Asia, we need a future-ready workforce – comprising a strong Singaporean Core complemented by a pool of deep and diverse global talent. Let me highlight our efforts in the two limbs of our strategy: first, growing a strong local talent pool; and second, attracting high quality global talent.

The system protects Lucky from getting into trouble, as it has been configured to send a message to the communicators of every member of the Global family if the dog strays more than 200 metres away from the house (or the bicycle, depending on the circumstances) for more than 10 minutes. 2  BIS Review 90/2006  8:00 a.m. After the walk. John Global finds his son sitting in front of a computer, learning Mandarin Chinese. He is preparing for the Global Baccalaureate and has chosen Chinese as his foreign language because that is the most widely used language in the world. The education system is becoming increasingly refined globally. This enables young people to have equal chances regardless of their country of origin. Every family that has a child of school age, has also a computer. The first country to put this goal into its development strategy was Singapore, which announced the iN2015 program – Intelligent Nation 2015. Singapore’s success was a milestone in many countries' development. This is one of the reasons why computers are now treated by schoolchildren the way pens were some 20 years ago. Most of the classes John Global's son attends are videoconferences, and materials can be obtained from vast online encyclopedia, which is constantly being updated by experts from all around the world and is available in any language. However, this afternoon he has got a real meeting in the Warsaw Rising Museum in Warsaw.
But, as we mentioned before, the cycle for climate risks is much longer, and there is a lack of comparable historical data, so we should not overstate the precision of stress testing tools as of today, and be ready to examine multiple scenarios and assumptions and learn progressively. This would help to properly complement our regulatory and supervisory framework. 6/6

Let me finish by adding a word of caution. Regulatory devices per se do not suffice to attain a safe and sound banking system. A proper risk management culture deeply ingrained in banks’ practices is also a necessary condition to reach that goal. Consequently, banks and regulators should work hand in hand to improve financial stability. BIS Review 35/2002  7