Connect with us

Economics

USD/CNY forecast as the Chinese yuan meltdown continues

The Chinese yuan is going through its worst devaluation since 2018 as signs of economic slowdown emerge. The USD/CNY has risen in the past five straight…

Published

on

The Chinese yuan is going through its worst devaluation since 2018 as signs of economic slowdown emerge. The USD/CNY has risen in the past five straight weeks and is currently trading at the highest level since November 2020. It has risen by over 6.35% from its lowest level this year.

Chinese yuan crash

The Chinese yuan has had a strong performance in the past few years as the country’s economy has powered ahead during the pandemic. For example, the USD/CNY price declined from 7.18 in May 2020 to a low of 6.30 earlier this year.

The strong performance of the Chinese yuan happened at a time when demand for goods from China jumped sharply. Also, the resilience of the economy lured more investors to sell the US dollar to buy Chinese stocks and bonds.

Recently, however, a combination of an aggressive US dollar and signs of a slowdown in China has pushed the yuan in the defensive. 

Chinese and American policy officials have taken diverging policies. For example, the Federal Reserve decided to accelerate its monetary policy tightening in its meeting last week. In this, it decided to hike interest rate by 0.50%, the biggest increase since 2000. 

Officials also warned that interest rates will continue rising in the coming months at a similar pace. This was notable since, historically, interest rates usually rise by 0.25%. The bank is also considering reducing its balance sheet.

On the other hand, the PBOC has taken measures to provide stimulus in the economy. The bank has maintained interest rates low and signaled that it will maintain this policy for a while. This happened as data pointed to the weakness in the Chinese economy following the Shanghai lockdowns.

USD/CNY forecast

USD/CNY

Turning to the weekly chart, we see that the USD/CNY pair formed a falling wedge pattern that is shown in red. In price action analysis, a falling wedge is usually a bullish sign. 

Recently, the pair has moved slightly above the important resistance level at 6.5792, which was the highest level on March 29th. It has also moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level. 

Therefore, the pair will likely keep rising as bulls target the key resistance at 7.0. A drop below the support at 6.57 will invalidate this view.

The post USD/CNY forecast as the Chinese yuan meltdown continues appeared first on Invezz.

Read More

Continue Reading

Economics

JA Worldwide Inducts 2022 Laureates into the Global Business Hall of Fame

JA Worldwide Inducts 2022 Laureates into the Global Business Hall of Fame
PR Newswire
BOSTON, May 26, 2022

BOSTON , May 26, 2022 /PRNewswire/ — The Global Business Hall of Fame, presented by JA Worldwide, features entrepreneurs and business leader…

Published

on

JA Worldwide Inducts 2022 Laureates into the Global Business Hall of Fame

PR Newswire

BOSTON , May 26, 2022 /PRNewswire/ -- The Global Business Hall of Fame, presented by JA Worldwide, features entrepreneurs and business leaders spanning the last two centuries. From the inventor of blue jeans to the co-founder of one of the world's leading biotech companies, visitors to our digital showcase find inspiring influencers to kindle their entrepreneurial spirit.

About the Global Business Hall of Fame

The Global Business Hall of Fame is not only reflective of JA's global reach, the diversity of JA students in 115 countries, and a wide range of global industries, but also prioritizes nominees who are working toward the Global Goals for Sustainable Development (SDGs), reinforcing to young people that they have the power to be a force for global good.

In addition, nominees for new laureates are grouped into two categories:

  • Leader: An executive-level professional who inspires others, the Leader's contributions have advanced the landscape of business with a focus on improving lives. As a result, the Leader has led companies and initiatives toward the Global Goals and is a role model who exhibits social values, inclusivity, and a global point of view. The Leader is likely to have led ventures with a large scope of responsibility, resources, and talent.
  • Innovator: Under 40 years of age, entrepreneurial in spirit, and community focused, the Innovator is changing the landscape globally or has recently emerged on the global stage. The Innovator is an inspiration, full of energy, passionate about work, courageous, and a promoter of change and innovation on behalf of the global good.

Each of our new laureates joins a digital exhibit with immersive, aspirational content, redesigned this year—thanks to the support of Delta Air Lines—to look and feel like a hall-of -fame exhibition. The Global Business Hall of Fame inspires young people through laureate stories and achievements.

The Global Business Hall of Fame 2022 Laureates

We're pleased to announce our 2022 laureates:

  • Bethlehem Tilahun Alemu (Leader/Ethiopia): When Bethlehem saw skilled artisans in her community living with chronic unemployment, she built a company that would showcase their skills and provide well-paying, sustainable jobs. Today, she is founder and Executive Director of soleRebels, Africa's fastest-growing footwear company. She has approached her other startups—The Republic of Leather, Garden of Coffee, Made by Ethiopia, Selam Bank, GIZA digital, NoodFoods, and TeffTastic—with the same goal: provide employment and economic prosperity in her community, while dispelling the myth that Ethiopians and Africans don't know how to create their own prosperity.
  • Alisée De Tonnac (Innovator/Switzerland): Alisée is CEO and co-founder of Seedstars World, the largest global competition for startups in emerging and fast-growing startup ecosystems, which connects entrepreneurs with investors and grants. Alisée has managed competitions in more than 85 cities and has a physical presence in 15 strategic co-working hubs around the world. As a result, more than 40,000 entrepreneurs from emerging markets have taken part in Seedstars' events and programs, fundraising more than US$250 million and creating more than 2,500 jobs. After the outbreak of COVID-19, Alisée also launched #SeedstarsCares, an initiative that facilitates discussions and forums via webinars, podcasts, and videos about the pandemic and other important world issues.
  • Marcos Galperin (Leader/Argentina): As founder and CEO of Mercado Libre, the largest ecommerce and fintech ecosystem in Latin America, Marcos has empowered the Latin American entrepreneurial community by leveling the playing field between large companies, small businesses, and entrepreneurs. Under Marcos's leadership, Mercado Libre seeks to foster entrepreneurship through educational initiatives that encourage financial literacy and inclusion and support entrepreneurs whose projects contribute to environmental, social, and economic goals, which the company calls "triple impact entrepreneurs." Through Mercado Libre, Marcos has brought decent work and economic growth to 18 countries in the Americas, enabling more than one million families to make their livelihoods by operating in the platform.
  • Audrey Cheng (Innovator/Kenya): Audrey is co-founder, former CEO, and board member of Moringa School, a learning accelerator headquartered in Kenya that teaches skills to African youth that increase their employability potential and launch their careers. Moringa School provides digital education—including a technology bootcamp—that gives rising developers and data scientists the skills they need to enter the booming tech workforce. Today, the school also offers scholarships to low-income students and women in an effort to even the socioeconomic and gender imbalance in tech. As a natural outgrowth of the school, Audrey co-founded LendHer Capital, which funds Kenyan, female-led businesses.
  • The Global Business Hall of Fame nomination process is designed to engage diverse stakeholders from around the world and to ensure protocols are followed in the selection of laureates. To ensure fairness and transparency, the annual process involves checking performed by PwC, the Global Process Integrity Partner of the Global Business Hall of Fame. PwC oversees JA Worldwide's processes for entry evaluation, manages the committee selection of finalists, and provides a platform for the Voting Jury.

About JA Worldwide
As one of the world's largest and most-impactful youth-serving NGOs, JA Worldwide delivers hands on, immersive learning in work readiness, financial health, entrepreneurship, sustainability, STEM, economics, citizenship, ethics, and more. Reaching more than 12 million young people each year through nearly half a million teachers and business volunteers, JA Worldwide is one of few organizations with the scale, experience, and passion to build a brighter future for the next generation of innovators, entrepreneurs, and leaders. Visit us at jaworldwide.org.

Contact
Tere Stouffer
Chief Marketing Office
JA Worldwide
+1-212-641-0747
tere.stouffer@jaworldwide.org

View original content to download multimedia:https://www.prnewswire.com/news-releases/ja-worldwide-inducts-2022-laureates-into-the-global-business-hall-of-fame-301555546.html

SOURCE JA Worldwide

Read More

Continue Reading

Economics

How digital technology can help keep cities green and pleasant

We know cities need green spaces – but what should they look like and where should they go?

Published

on

Preechar Bowonkitwanchai / shutterstock

Parks, small woodlands and even simple patches of grass not only keep a city attractive, but also help people find a sense of bliss in an otherwise bustling urban environment. With new technologies, we can plan and monitor these urban “green spaces” better than ever before.

As several studies have highlighted, nature within urban settings plays a pivotal role in combating many of the global public health challenges commonly associated with urbanisation. This includes maladies such as depression and high blood pressure. A 2022 study showed that trees actually have the ability to improve urban air quality as leaves and pine needles capture pollutants from the air.

That cities do need green spaces is therefore not a particularly contentious issue. It is, however, an open question as to how much green space a city ought to have. Even here, science can provide some guidelines, as research points to at least 9 square metres of green space per individual, with an ideal value of 50 square metres per capita in a city (for comparison, an average UK car parking space takes up about 12 square metres).

A small park viewed from above
Small parks for all? Sahara Prince / shutterstock

Green landscaping

The big question is therefore what kind of green space do we want? A well-kept but human-made park? Or something more natural and unkempt, such as groves, meadows or field-like areas? As we discuss in our forthcoming book, Designing Smart and Resilient Cities for a Post-Pandemic World: Metropandemic Revolution, this is largely contingent on the geographic preconditions of the city in question. The World Health Organization (WHO) recommends a diversity of different kinds of green areas if possible, yet it is an inescapable fact that some cities are blessed with lush vegetation while others are not.

However, all is not lost for cities without much natural green area, as such environments can be constructed in urban settings that have previously been bereft of naturally growing trees and grass. This “green landscaping” can be undertaken even in areas that would otherwise seem unlikely. One prime example is the High Line in New York City, a 1.45 mile (2.33km) long elevated linear park built on an abandoned railway viaduct. Since it opened in stages about a decade ago, the High Line has become an exemplar of green landscape redesign that seeks to turn obsolete infrastructure into green, vibrant public spaces.

People walk through park between tall buildings
All aboard the High Line. Massimo Salesi / shutterstock

While it is known that greenery has positive effects on mankind at large, it is more difficult to prove the exact causal relationship in exactly how green areas affect our health. In this regard, digital technology can be an essential tool for urban planners to determine where green landscape redesign is best employed.

Smart technology

One concept that is seeing particularly rapid development is “smart urban forests”, which refers to using tree monitors, 3D-imagery and other internet of things-linked technologies to help manage the forest. This “internet of nature” could monitor soil health, measure air pollution or ensure urban forests are adequately hydrated.

Future technology could also enable the use of open data platforms and more public engagement. Planners could collect various perspectives from the general population using an app, for instance, while also using digital technology to map and boost urban biodiversity and to ensure that green areas are placed where they will achieve maximum efficiency.

One example of this is the Treepedia research initiative, which was launched in 2016 by Massachusetts-based MIT Senseable City Lab. Treepedia aspires to raise awareness of urban forests by the use of digital vision techniques based on Google Street View images.

Map of Turin showing street tree dots
Treepedia calculates how much tree canopy is visible at various points on google street view. Treepedia, CC BY-SA

Treepedia focuses on pedestrian street trees found in multiple cities around the world, as opposed to parks. The main reason is that pedestrians are more likely to see street trees without planning to, whereas most people in parks made an active choice to be there. Using an open-source library, Treepedia means the public can calculate the quantities of tree coverage for their own city or region.

If urban planners become more aware of the potential of digital technology, then urban green spaces should have a bright future. However, designing the optimal green space that we want for our cities may also call for a deeper future collaboration between urban planners and engineers.


Read more: Neighbourhood green space is in rapid decline, deepening both the climate and mental health crises


Anthony Larsson works for the Stockholm Chamber of Commerce.

Andreas Hatzigeorgiou is also CEO of the the Stockholm Chamber of Commerce, and sits on the board of the Stockholm Senseable Lab, which is a collaboration between MIT and the KTH Royal Institute of Technology.

Read More

Continue Reading

Economics

Demand for commercial properties soars nationwide amidst economic expansion and stock market volatility, according to RE/MAX® Canada Brokers

Demand for commercial properties soars nationwide amidst economic expansion and stock market volatility, according to RE/MAX® Canada Brokers
Canada NewsWire
TORONTO, May 26, 2022

Investors flock to ‘bricks and mortar’ as hedge against inflation in …

Published

on

Demand for commercial properties soars nationwide amidst economic expansion and stock market volatility, according to RE/MAX® Canada Brokers

Canada NewsWire

Investors flock to 'bricks and mortar' as hedge against inflation in Q1 2022

TORONTO, May 26, 2022 /CNW/ -- With North American stock markets dangerously close to correction, bricks and mortar properties continue to resonate with institutional and private investors, particularly those who are personally vested, across almost every commercial asset class in major Canadian centres, according to RE/MAX brokers.

The RE/MAX Canada 2022 Commercial Real Estate Report found demand for industrial, multi-unit residential – particularly purpose-built rentals – and farmland was unprecedented in the first quarter of 2022, with values hitting record levels, while retail and office are starting to show signs of growth in multiple markets. Highlights from the report, which examined 12 major Canadian centres from Metro Vancouver to St. John's, include the following:

  • 92 per cent of markets surveyed (11/12) reported extremely tight market conditions for industrial product in the first quarter of 2022. Newfoundland-Labrador was the only outlier.
  • 67 per cent of markets surveyed (8/12) found challenges leasing industrial space. Included in the mix were Vancouver, Edmonton, Calgary, Winnipeg, Ottawa, the Greater Toronto Area, Hamilton-Burlington-Niagara and London. Some realtors are recommending tenants start their search for new premises at least 18 months before their current leases come up for renegotiation.
  • While demand for overall office space in the core remains relatively soft in 92 per cent of markets (11/12) across the country, Metro Vancouver continues to buck the trend.
  • Suburban office space continues to prove exceptionally resilient in 67 per cent of markets surveyed (8/12). Those markets include Vancouver, Calgary, Saskatoon, Winnipeg, Hamilton-Burlington-Niagara, Ottawa, Halifax-Dartmouth and Newfoundland-Labrador.
  • Development land remained sought after (industrial/residential) in 67 per cent of markets surveyed (8/12) including Vancouver, Calgary, Regina, Saskatoon, Winnipeg, Ottawa, the Greater Toronto Area and Halifax-Dartmouth.
  • End users are encountering challenges in terms of expanding their businesses due to land constraints/shortages, with specific mentions of this noted in Vancouver, the Greater Toronto Area and Regina.
  • Retail is on the rebound in 75 per cent of major Canadian markets (9/12), with strong emphasis on prime locations in neighbourhood microcosms. The trend has been identified in Vancouver, Edmonton, Calgary, Saskatoon, Regina, Winnipeg, Hamilton-Burlington-Niagara, Toronto and Ottawa.

Download the full report with detailed regional market insights HERE.

"The overall strength of the Canadian economy continues to propel massive expansion in commercial markets across the country in 2022," says Christopher Alexander, President, RE/MAX Canada. "What began as heightened demand for industrial space to accommodate a growing ecommerce platform during the pandemic has blossomed into a full-blown distribution and logistics network that encompasses millions of square feet in markets across the country. Recent volatility in the stock markets has also prompted a shift to greater investment in the commercial segment as investors look to real estate as a hedge against inflation."

Given the current shortage of land/space, developers and end users looking to build, have become increasingly creative in 58 per cent of markets surveyed (7/12), including Metro Vancouver, Edmonton, Regina, Saskatoon, Winnipeg, London, and the Greater Toronto Area. The supply/demand crunch has proven the adage, 'necessity is the mother of ingenuity', as new solutions emerge in the marketplace. In Metro Vancouver, Oxford Properties introduced the first industrial multi-storey industrial/commercial space in 2019 and a second stratified multi-storey facility—Framework by Alliance Partners—is planned for False Creek Flats. The first building is nearing completion and leased to Amazon while the first and second phase of the False Creek development is sold out and a third phase is currently selling at $725 per square foot.

In the future, municipalities may also consider industrial land reserves, registered areas dedicated to industrial in municipalities that are experiencing land constraints, given overwhelming demand.

"Land development is pushing city boundaries in major centres and municipalities are scrambling to accommodate residential and industrial intensification," says Alexander. "At present the process is painfully slow in most centres, even where land is already serviced. Given the on-going likelihood of demand, policy that helps availability or fast-tracking of approvals would certainly be a boon to the market." 

The RE/MAX Canada 2022 Commercial Real Estate Report also identified a growing trend in infill land assembly that targets retail storefront/strip retail malls in mature areas for mixed-use developments by institutional and private investors. These new developments almost always have a residential housing component on top, often purpose-built rentals or condominiums, given the shortage and need for greater densification. Smaller investors and end users are largely shut out of this market and tenants are having difficulties securing long-term leases in these key areas. Canada Mortgage and Housing Corporation (CMHC) is offering an exceptionally attractive financing package for multi-unit, purpose-built residential construction, with a 50-year-amortization rate, low loan-to-value ratios, and favourable interest rates.

Institutional and private investors remain exceptionally active in the commercial market across the country, spurring demand for industrial/office/retail product on a large-scale basis. Extensive portfolios are a primary target, especially those containing 10 or more properties. Spillover from activity in major centres is also serving to bolster smaller, secondary markets, where affordable price points, in relative terms, prove attractive, especially as savvy investors anticipate future needs and potential, given urban sprawl, density, population growth, pricing and inventory trends. 

While retail is making a comeback in prime neighbourhoods, the return of foot traffic should have a positive impact on the market moving forward. Revitalization of older retail spaces and malls is underway to enhance the shopper experience and influence the return to in-person shopping. This, in turn, is attracting tenants. The sector is expected to continue to strengthen as markets move past former pandemic constraints and more favourable conditions emerge to support retail growth.

RE/MAX Canada has found that cannabis outlets are largely over-represented in most major Canadian centres. As the industry amalgamates, there could be an influx of retail inventory returned to the market over the next 12 to 18 months.

Other trends noted in the commercial market by RE/MAX Brokers include novel ways to expand exposure and streamline the selling process. As inventory of farmland dwindles and price per acre has risen, realtors have turned to auctions with great success in Saskatchewan. Saskatoon, for example, which typically has about 300 listings for grain farms for sale at this time of the year, has seen available properties drop to under 90. Realtors have turned to auctions as a more effective way to increase exposure to a wider audience, generating offers from across the country, as well as the US. The trend is another sign of a heated marketplace where buyers are willing to compete for the right product in the right location in a transparent process.

"The soaring price of commodities has bolstered Western Canadian markets, with resource-rich provinces such as Saskatchewan, Alberta, and Manitoba experiencing unprecedented growth as industries emerge from their slumber," says Elton Ash, Executive Vice President, RE/MAX Canada. "Saskatchewan, in particular, is reinvigorated, with the economic engine just heating up in agriculture, mining, forestry, and potash."

Continued strength is forecast in commercial markets, supported by population growth and further economic expansion. According to the RBC Economics, Provincial Outlook published in March, GDP growth is expected to climb to 4.3 per cent in Canada, led by BC, Saskatchewan, and Alberta in 2022. An unquenchable demand for product in the industrial, multi-unit residential and farmland sectors will persist as intentions remain strong, despite a serious scarcity of inventory. Buyers, large and small, will continue to seek opportunity as investors increasingly favour tangible assets. Dollar volume is up across the country in almost every market as the principals of supply and demand impact values. Lease rates are also edging upward. With the pandemic fading quickly from memory, the return to the workplace – either full-time or in a blended/hybrid format – is expected to spark the next wave of growth, revitalizing downtown office buildings, and breathing new life into the core.

About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in almost 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC and RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides.

RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca.

Contributing RE/MAX Brokers and Agents:

Metro Vancouver

Saskatoon

Greater Toronto Area

Steve Da Cruz

Brent Haas

Michael Davidson

RE/MAX Commercial Advantage

RE/MAX Bridge City Realty

RE/MAX Realtron

604.889.9293

306.641.6929

Realty Inc.



416.831.7108




Edmonton

Winnipeg


Scott Hughes

Mark Theissen

Ottawa

RE/MAX Commercial Capital

RE/MAX Professionals

James Palmer

780.915.7895

204.794.5700

RE/MAX Hallmark



613.698.5356

Calgary

London


Darryl Terrio

Eavan Travers & Gary Robinson

Halifax-Dartmouth

RE/MAX Complete Realty

RE/MAX Advantage

Craig Snow

403.930.8555

519.649.6000

RE/MAX Nova



902-499-7886




Regina

Hamilton-Burlington-Niagara


Mack Macdonald

Conrad Zurini

Newfoundland & Labrador

RE/MAX Crown Real Estate

RE/MAX Escarpment

Jim Burton

306.539.6806

905.573.1188

RE/MAX Infinity



709.682.8663

Forward looking statements
This report includes "forward-looking statements" within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "believe," "intend," "expect," "estimate," "plan," "outlook," "project," and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. These forward-looking statements include statements regarding housing market conditions and the Company's results of operations, performance and growth. Forward-looking statements should not be read as guarantees of future performance or results. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include (1) the global COVID-19 pandemic, which has impacted the Company and continues to pose significant and widespread risks to the Company's business, the Company's ability to successfully close the anticipated reacquisition and to integrate the reacquired regions into its business, (3) changes in the real estate market or interest rates and availability of financing, (4) changes in business and economic activity in general, (5) the Company's ability to attract and retain quality franchisees, (6) the Company's franchisees' ability to recruit and retain real estate agents and mortgage loan originators, (7) changes in laws and regulations, (8) the Company's ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (9) the Company's ability to implement its technology initiatives, and (10) fluctuations in foreign currency exchange rates, and those risks and uncertainties described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company's website at www.remax.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.

SOURCE RE/MAX Canada

Read More

Continue Reading

Trending