Singapore Stimulus Package, SGD Experiences a Six-Month High

Singapore’s currency is leveraging the nation’s large pool of fiscal reserves. After the government revealed another stimulus package, the pandemic-driven losses were waived off as the Singapore dollar witnessed the highest level in six months. This package was financed by unused expenditures allowed in the earlier budgets.

Earlier, there was pressure on Singapore’s Monetary authority to lower the currency band for inflation management. This pressure is being eradicated with the total pandemic aid over USD73 billion, and there could be more gains to come in the near future. This fiscal buffer of Singapore differs distinctly compared to the current situation of many other developed countries, relying on increased debt and rate cuts to funding stimulus, by the central banks.

The Monetary Authority of Singapore (MAS, the central bank of Singapore) has taken an unrivaled action of lowering the midpoint of the currency band in March while reducing its slope to zero. The response of this action remained appropriate, said Edward Robinson, Deputy Managing Director of MAS.

The local dollar is strengthening beyond 1.36 in comparison with the greenback, Vishnu Varathan said. He added that the ability to utilize the surplus of previous years’ packages is a competitive advantage for the nation. Plus, his forecast regarding Singapore’s currency may be conservative as in the markets, there is a bearish impulse for USD. Varathan is the head of economics and strategy at Mizuho Bank Ltd., Singapore.

There is a projection of consumer prices falling 0.4% in July from the prices a year ago compared to a drop of 0.2% in June. On Wednesday, the industrial production numbers are expected to bring an estimated output to rebound 4.0% in July from a month earlier, still a low of 6.4% from a year earlier.

CitiGroup to Pledge $250 Billion in Environmental Finance

One of the world’s biggest finance corporations, Citi Group, has announced a five-year plan with new investments to be made towards sustainable business growth and low-carbon economy. According to the announcement, Citi will invest around $250 billion in environmental finance in the next five years. Being a leader in the banking sector, the organization aims to direct this triple-digit billion-dollar investment towards the 2025 Sustainable Progress Strategy plan and the goal is to fund climate solutions around the world. 

In the next few months, the bank would be running all its establishments across the world on 100% clean energy through renewable electricity and by the end of 2020, all buildings owned by CitiGroup and its subsidiaries across the world would be running on sustainable green power. 

The planned $250 billion environment investment will be diversified into sustainable operations, climate risk mitigation, and low-carbon transitions. 

Sustainable Operations: This strategy sets some fourth-generation goals focused on operating businesses with clean energy, reusable water, controlled GHG emissions, waste reduction, and sustainable building solutions. By 2030, the organization aims to trim the global CO2 emissions by 45% and accelerate its work in the timeline after 2025.

Climate Risk Mitigation: The organization plans to manage, measure, and reduce its operational portfolio and clientele on the climate. By encouraging low-carbon transition, the organizations would invest majorly in sustainable business portfolios over high-profit carbon-heavy propositions. Citi will also participate in the Partnership for Carbon Accounting Financials, a global network of financial institutions that checks and reveals the CO2 emissions of every lending portfolio through standardizing carbon accounting methods.
Low-carbon Transition: The principal goal of this plan is to offer finance and facilitation services to renewable energy businesses only. Citi will fund businesses supporting green technology, clean energy, high water quality, improved resource conservation, and eco-friendly transportation. It will also promote the adoption of green buildings, zero-carbon economy, and energy-efficient solutions on land use and agriculture.

Crypto Tycoon Card Game Comes With New Surprises

Crypto Tycoon card game is the world’s first crypto-based card game that is released on the Litecoin platform and has already made thousands of diehard fans since its launch in March. Now Litecoin foundation brings in more surprises for the players by releasing two exclusives “When Moon” playing cars with every preorder (limited to up to the first 200 orders) of the Crypto Tycoon Card Game.

The crypto tycoon game is owned by the crypt startup firm based in Huston named Cypherpunk. The game is loaded with amazing strategies and tactics and its volatility keeps every player glued in the game from the very beginning till the last card ends. Though the game is complex, it is still meant for everyone. Once the players can unravel the strategies of the game, the game never seems boring. It exposes the players in a world full of crypto humor and trivia. The design of the card game allows the players to learn as they continue to play. There are on-card instructions to help the players understand the game. Two to five people can play the game together. There are three separate cryptocurrency portfolios in the game that the players need to complete at a go. The player who can complete all the 3 portfolios at first will be claimed as the ‘’Crypto Tycoon’’. The game lasts up to an hour or can even end in half an hour, that would depend on the luck of the draw.

The added excitement of the “When Moon” playing cards introduced by the Litecoin Foundation, makes the Crypto Tycoon game even more wannabe among the players. Each card immerses the players into aesthetic photos of the moon and takes them to the other world. Barry Aldeen, the CEO of Cypherpunk, quoted saying,

Crypto Tycoon was designed to primarily be a real fun, fast-paced, exciting and addictive game that anyone can play, whether you are into crypto or just into playing games. It was designed to make everyone feel like they are right on the cusp of winning, but that it can be ripped away at any moment by another player, or that you can rip it away from another player at any moment and claim your victory.