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Marshall Islands: New Climate Study Visualizes Confronting Risk of Projected Sea Level Rise

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Marshall Islands: New Climate Study Visualizes Confronting Risk of Projected Sea Level Rise
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Squid game is a current Netflix’s trend series and no one can escape from its influence. The world has Squid game fever now and there are a lot of people who want to partake and experience being in these games. People are lining up to try the popular games in the show and the Squid game’s challenges are piling up in social media and YouTube. This show is climbing up to the first place and achieving global popularity.

In the Squid game, the people who have debts are trying hard in playing the children’s games to win the billion-prize money but the punishment is death. The struggle and the poverty are focused in this series. Besides, it highlights the greed of the people and how it can awaken the devil’s side of human beings. The friendships, sympathy and care can be destroyed easily because of the greed for surviving and money. Apparently, this show is giving a special taste to the audience by the direct approach about our society and socioeconomic conditions. Therefore, it is no wonder that this gains a lot of popularity and becomes Netflix’s most-watched series in history.

Since Squid game wave is striking hard, people are addicted to the show and their willingness to try out the games of this show are unstoppable. So, this time can these passionate audiences participate in the Squid game competition for the sake of our planet? Nowadays, the state of our planet is serious and encountering a plethora of threats; pollution of air and water, ozone layer depletion, climate change, rising sea levels, land degradation, deforestation, loss of biodiversity and so on. 

Due to these environmental concerns, a lot of groups are rising up to spread awareness within the public. These socially conscious groups around the world try hard to inform how the single action of the people can impact the earth. Not only to protect the environment but also to reduce the existing environmental issues, the people from different backgrounds, societies and places have to work together. Although plenty of people are now concerned for their home planet and searching for the answer to solve these issues, educating the public to increase more awareness and attention still needs more room to develop.

To promote environmental awareness and actions to help our planet, the growth of the Squid game can play a perfect role. The unbeatable amount of Squid games addicted fans who are also concerned for the state of the planet can be used in encouraging the public more for the current issues of the earth. Let them play these trend games that they are dying to play and at the same time, the promotion for the actions to preserve the earth will be done.

Creating the competition which inspire Squid game series for our home planet

Type of games and the Rules

Just like in the Squid game series, in this competition, there will be traditional children’s games which were popular in the past. But this time, the games will be collected from various countries. Therefore, the contestants can experience various cultures, explore new things and as a consequence, they will feel connected to each other. Besides these traditional games, there will be games that can help to reduce the carbon footprints such as planting the trees as much as they can in the given time, creating innovative staffs by recycling or reusing the materials and so on. The prime rule for this competition is that the player cannot quit till the game ends and they will have to agree to take the punishment no matter what. And manipulation to each other is not allowed and all the players will be equally treated while in the games.

Host and sponsors

The international organizations such as WWF, IUCN, UNESCO, UN, ASEAN, ADB, etc can be the host in this game. Since these organizations are helping to identify the environmental problems and supporting the protection, they can be the best candidate to be a host in the competition. Along with them, the big corporations who are embracing sustainability can be the sponsors, in other words, they will take the role of VIPs just like in the Squid game series. As the businesses can make greater profits and create better images by considering the economy, social and environment in operating their businesses. Being the sponsors in this game will help them in implementing the better CSR programs and pursuing sustainability. This is one of the best ways to acquire the public’s attention, also loyal customers and as a result, their brand image and competitive advantage will also be improved.

Players

Who will get the invitation for this game?

A group of socially conscious, young generations and also the people who want to experience the games can be the players in this competition. Most of the youths are worried about the future of the planet and they are concerned about the impacts of the environmental issues. They want to change their lifestyles to be more environmentally friendly compared to the older generations. Due to this competition, the adults can have a chance to remember their nostalgic childhood times and the young can experience these old games while they can make effective things for the planet.

Prize

The prize is one of the incentives to stimulate the people to play in this game. The bitter truth is one of the powerful incentives is money. A group of winners will get the money to invest in the environmental projects. Frankly, to protect our environment and planet, billion dollars is one of the requirements.

Punishment

As the players are competing for the sake of the earth, the punishment will definitely not be death. But instead, the players who will get eliminated from the games will have to spend their times at the special place for several days. That special place is located in one of the biggest landfill sites. Losers of this competition have to work in that place and they will have to help in the disposal services.

To conclude, if this competition actually happens in the future, it will bring certain benefits for the environment, society and businesses. So, why do not we inspire this current most-watched series “Squid game” to spread awareness and encourage the people to save the planet, Earth. Let’s give a chance for the people to play in their favorite childhood’s games, be green and save our home.

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BUSINESS & ECONOMY

Inquiry on General Babangida’s Involvement in Conventional Banking despite Introduction of Islamic Finance in Nigeria

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Dear Editor,

I hope this letter finds you well. I am writing to express my curiosity and seek clarification on a matter that has caught my attention, specifically pertaining to General Babangida’s involvement in the conventional banking industry despite his role in introducing Islamic finance during the financial reforms of his military government in Nigeria. Vide your special article commemorating his 81st Birthday published in your esteemed news website: https://focus.afrief.org/trending/a-salutary-tribute-to-general-ibrahim-badamasi-babangida-architect-of-islamic-finance-in-nigeria/

It is indeed noteworthy that General Ibrahim Babangida played a pivotal role in shaping the economic landscape of Nigeria by introducing Islamic finance principles. It is fascinating to witness the implementation of Islamic finance in Nigeria, as it promotes principles that align with religious and ethical values. General Babangida’s efforts to introduce this form of finance were undoubtedly commendable, reflecting his commitment to establishing an alternative financial system that adheres to Islamic principles.

However, recent observations suggest his active participation in the conventional banking sector in Nigeria. Certainly, it is intriguing to see General Babangida’s continued involvement in the conventional banking industry, which operates under different principles. While some may argue that his involvement in both sectors is simply a matter of personal choice, it raises questions about the compatibility of his actions with the ideals and principles of Islamic finance. While the former is interest driven, the latter prohibits interest related transactions completely.

I wonder if General Babangida has ever publicly addressed this matter or explained his reasoning behind being active in both sectors. It would be enlightening to hear his perspective on how he reconciles his involvement in conventional banking with his efforts towards promoting Islamic finance. This has raised questions in my mind and perhaps in the minds of others as well.

I am keen to understand the rationale behind General Babangida’s dual engagement in both Islamic finance and conventional banking. Does this reflect a strategic approach to diversify Nigeria’s financial sector, or are there specific reasons behind his involvement in conventional banking despite advocating for Islamic finance principles?

Additionally, it would be interesting to explore the potential impact of his dual involvement on the perception and growth of Islamic finance in Nigeria. Does his presence in the conventional banking industry hinder the progress of Islamic finance, or does it have the potential to bridge the gap between the two sectors?

I believe that delving into these questions could provide valuable insights and generate constructive discussions within the Islamic finance community in Nigeria. By shedding light on General Babangida’s dual involvement and the potential implications, we can further enhance our understanding of the challenges and opportunities faced by the Islamic economy in our country.

Thank you for considering my questions, and I look forward to reading more about this topic in your esteemed Focus on Islamic Economy.

Sincerely,

 

Abba Musa Mamman Lagos

Kaduna


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10 Megatrends Shaping the World in 2024

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The report, “Navigating Megatrends Shaping Our Future in 2024”, was launched during the first day of the World Governments Summit (WGS) 2024, being held under the theme “Shaping Future Governments” from 12th-14th February in Dubai. The report examines the indicators that shape these megatrends, supported by evidence from today as well as future expectations. These trends inform decision-makers and foresight experts about various sectors and the potential opportunities in each.

Khalfan Belhoul, CEO of Dubai Future Foundation, said, “This report has been launched in line with DFF’s efforts to identify and communicate those trends with the most potential to shape opportunities and strengthen local and international partnerships to overcome current and future challenges.”

“The challenges that face us on our journey to the future require that we are agile enough to be able to adapt to rapid change. It is vital we pay attention to the signals we detect – only then can we be prepared to overcome challenges and seize opportunities. The World Governments Summit provides a platform for discussing these challenges and exploring the opportunities.”

Materials revolution

New types of materials will create a shift in the industry, with solutions based on artificial intelligence (AI) such as biopolymers, biorefineries, and chemical recycling paving the way. These solutions will facilitate the development of new biological and novel materials that could rival plastics.

Boundless Multidimensional Data

Enabled by developments such as 5G and 6G in addition to advanced connectivity, the availability of raw data will vastly increase. The Internet of Things (IoT) will continue being deployed in healthcare, agriculture, and smart cities, especially in the Middle East.

Technological Vulnerabilities

The cybersecurity sector will boom amid a sharp rise in smart home devices and wearable tech. According to a report by Allianz, the annual cost of ransomware is projected to reach around $265 billion by 2031. Meanwhile, the debate on the future of decentralised finance will continue.

Energy Boundaries

Advances in tech and the growing demand for energy will drive the pursuit of alternative sources of energy. Novel materials and machine intelligence will enhance current sources of energy, including their distribution around the world – and in space.

Saving Ecosystems

Approaches to conservation will be more interdisciplinary and future-focused, taking into account both societal and environmental factors. Driven by resource scarcity, climate change, and shifts in social values, environmental impact management will become increasingly holistic.

Borderless World – Fluid Economies

The world is witnessing a rise in unmediated transactions in finance, health, education, trade, services, and even space, which are blurring boundaries and creating more cross-border communities. Advances in communications, computing, and advanced machine intelligence will accelerate the creation of a borderless world that will change the way we work, live, and connect.

Digital Realities

The spread of 5G and 6G networks will enhance the applications of autonomous technologies and IoT. As quantum technologies become scalable and reliable, immersive experiences will become even more realistic.

Living with Autonomous Robots and Automation

Robotics and automation will increasingly be deployed across industries beyond automotive, manufacturing and supply chain logistics. This will provide opportunities for efficiency and innovation, although there will also be ethical challenges to address.

Future Humanity

New workplace norms will emerge, with people needing to adapt to non-traditional skill sets in areas such as digital literacy, communications, culture and sustainability.

Advanced Health and Nutrition

Accelerated progress in advanced machine intelligence, nano- and biotechnology, additive manufacturing, and IoT will transform health and nutrition, improving health and wellbeing for people of all ages. Technology will reduce, if not eradicate, some communicable and non-communicable diseases and enhance the sustainable use of and access to water and food.


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BUSINESS & ECONOMY

Africa’s New Online Foreign Exchange System will Enable Cross-border Payments in Local Currencies – what you need to know

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The high cost of making cross border payments on the African continent has driven governments on the continent to seek options of settling trade and other transactions in local currencies. This has given birth to the Pan-African Payment and Settlement System which was formally launched in Accra, Ghana, in January 2022.  Development economist Christopher Adam, who has studied the exchange rate policies of African countries, answers some key questions.

Why are African countries exposed in the international currency market?

Three main reasons. First, African economies are small and as such are highly dependent on trade with the rest of the world. Their exports are dominated by primary commodities including oil and gas, minerals and cash crop agriculture. On the import side, they purchase a whole range of goods – from essential commodities not produced at home such as fooddrugs and medicines, to capital goods and energy. A large proportion of these are sourced from China and other major economies of the global north. But because African countries are small relative to their trading partners they rarely have the power to determine the prices of imports and exports. They are “price takers” in world markets. And with world prices being set in the major reserve currencies of the world (the US dollar, euro, yen and renminbi), African countries are exposed to movements in these world prices. Second, “intra-African” trade is still a relatively small proportion of the total trade of African countries.

Finally, since African countries’ currencies mostly can’t be directly exchanged in international transactions, the dollar remains the most widely used currency in trade, even between African countries.

What’s required for the system to get off the ground?

The basic idea of the system is to be able to settle trade between African countries without having to use the US dollar.  There are two major challenges with that. First, intra-African trade accounts for less than 15% of Africa’s exports at present (although supporters of the African Continental Free Trade Area expect this to grow significantly over the coming decades). The African payment system therefore does not eliminate the role of the dollar (or other foreign currencies) in trade settlement entirely.

The second issue is that trade is not balanced between African countries. For example, Kenya exports goods of higher total value to Ethiopia than it imports from Ethiopia. If Ethiopia paid in its own currency, Kenya would end up with Ethiopian currency that it didn’t need. Some form of settlement currency that is acceptable to all is required – most likely the US dollar.

What are the challenges and potential risks?

Since trade rarely occurs instantaneously, some institution in the trade financing chain carries the exchange rate risk. Because of the gap between placing an order for imports and receiving them to sell in the local economy, there is a risk that the value of local currency will change relative to the currency in which the import is denominated.

In the “old” system, this risk is borne by the trader because everything is priced in dollars. The local currency value of the income from exports or the local currency cost of imports will change with movements between the local currency and the dollar, but the banks and those counterparts pricing in the dollar are protected.

Under the new system the same allocation of risk will remain in “external trade”. This currency risk is also present for intra-African trade.

An important question for the new African payment system is: who bears the exchange risk if one African currency depreciates relative to another? Should the importer carry the risk, or the exporter? Can and should the African payment system bear this risk of exchange rate movements itself? Where both currencies are volatile, traders might still prefer the relative stability of settlement through the US dollar.

The success of this system also depends on scale. The more trade settlement is routed through it, the easier it will be to settle in local currencies. Large currency imbalances will be less common. But until the system achieves this scale, the African payment system will need a strong balance sheet so that traders and participants can have confidence that settlement will be swift and risk free. It is unclear at the moment how this is to be achieved.

What is the best case scenario?

If the system can address the trade imbalance problem, provide clarity on risk management and reach scale, it could be very successful. But this is all going to be driven by underlying economic performance. Improved settlement will help but what is really driving this is the structure of trade. The more the economies of Africa can develop intra-African trade and the less dependent they are on extra-African trade, the less will be dollar dependence in trade. This growth in trade depends to some degree on trade settlement and trade financing but much more on production, consumption, trade policy and fiscal policy.

Christopher Adam is a Professor of Development Economics, University of Oxford


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