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The Great Reset: A Global Opening Moment to Turn Crisis into Opportunity

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H.M. King Abdullah II ibn Al Hussein of Jordan opened the World Economic Forum’s Sustainable Development Impact Summit 2020 with a call for a Great Reset, urging drastic action to address problems laid bare and exacerbated by the global COVID-19 pandemic.

“This crisis should also be seen as an opportunity for all of us – if we act decisively, and act together,” he said. “We must begin by rethinking our entire global system to become more integrated, resilient and just. A globalized world cannot thrive by leaving its most vulnerable communities behind. We are all in this together. And the sooner we realize it, the better.”

“The way forward must be rooted in a re-globalization that fortifies the building blocks of our international community by enabling our countries to strike a balance between self-reliance and positive-positive interdependence, enabling us all to jointly mark a holistic response to all crises facing our world,” he said. “A response that strengthens our global economy but also addresses inequalities. A response that leads to technological and industrial progress but also ensures the sustainability of our shared environment.”

In the summit’s opening session, panellists drew attention to a wide range of issues that can and must be addressed as the world remakes itself in the wake of the pandemic. Disruptions to supply chains – including massive shortages of personal protective equipment and other medical supplies in the early months of the outbreak – highlighted not only the fragility of intricate global systems dependent on unimpeded transport but also the fact that existing supply chains were built for convenience and are not human-centred, said Grace Forrest, Founding Director of the Walk Free Foundation. “Supply chains were built to be efficient, irrespective of the cost locally,” she said.

She called for more locally focused and more transparent supply chains that centre communities, commit to sustainability and remove obstacles to the full and free participation of women and girls, who make up over 70% of the victims of modern slavery. “We need to be honest that we cannot keep moving forward when so many people are being held back,” she said.

Agricultural practices by the world’s farmers cannot be changed through shifts in consumption alone, said Anushka Ratnayake, Founder and Chief Executive Officer of myAgro. “It’s not a secret that farmers need tools to adapt to outdated agricultural practices, given climate change, and until now most of that change has been pushed by the consumer. But to truly reset this, change needs to come and start from the farmers and we can help support them to do that by deeply listening,” she said.

Ratnayake warned of a looming food security crisis, “particularly in countries where we work where governments have created restrictions on travel or closed weekly markets, which is the main way that farmers earn money”. She said: “During the dry season there was a lot of hesitance to spend money and make investments in their farms and so I think in the next coming six to 12 months, food security is going to be our biggest crisis – maybe even ahead of COVID.”

Rebecca Masisak, Chief Executive Officer of TechSoup Global, stressed that technology can and must be part of the solution but that unequal access to technology has so far proved to be a big part of the problem, worsening societal divisions in a time when, due to the pandemic, reliance on digital connectivity has markedly increased.

“Bill Gates has talked about the wide availability of digital technology that allows sharing of information global collaboration as being a critical factor in the speed of innovation,” she noted, “but digital technologies simply are not yet widely available to civil society at the grassroots level. We must invest in the necessary infrastructure for innovation. We need to support civil society workers and their communities in making all they know available to each other, to governments to business, so that the Great Reset is, in fact, a reset, and is improving both justice and opportunity for all.”

Alain Bejjani, Chief Executive Officer of Majid Al Futtaim Holding, said his company has seized on the pandemic to aggressively move forward on eliminating plastics from production and packaging – a move he said that both customers and partner companies have quickly accepted.

Ivan Duque, President of Colombia, noted that although his country has faced a number of crises this year, including a massive inflow of refugees from neighbouring Venezuela, Colombia has managed to meet the challenges and substantially reopen its economy without ignoring environmental commitments.

He said that Colombia has increased its intensive care unit capacity from 5,000 to over 10,000 beds and has kept deaths and contagions per million to levels lower than those of many countries with higher per capita income. In spite of this, Duque said, “we have not left the green agenda behind; we have even accelerated it.”

Colombia has pledged to plant 180 million trees by August 2022 as part of the World Economic Forum’s Trillion Trees Initiative and is on track to plant 50 million this year despite the pandemic. Duque also highlighted the way that executing state priorities can actually advance sustainability goals. He cited as examples the efforts to stamp out cocoa cultivation, noting that each hectare of cocoa planted results in the destruction of three hectares of tropical jungle, as well as illegal cattle ranching and timber harvesting.

Duque also called for the creation of a credit market modelled on carbon credit markets and aimed at mobilizing global resources to protect the Amazon Basin.

“I think the Great Reset leaves us with the message that we have to find more humane solutions,” he said. “We have to acknowledge that whether it’s technology, whether it is with entrepreneurship, whether it’s through government, we all have to put the human being at the centre and that means the human being has to be more conscious about how to reduce the individual CO2 footprint, and at the same time, how they can all participate in building everlasting sustainable solutions.”

King Abdullah II captured the theme of the Sustainable Development Impact Summit well when he exhorted participants: “Instead of looking at problems to solve, I urge you to look at opportunities to seize and ways to collaborate to rebuild a truly global inclusive system that leaves no one behind.”

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Development

Despite COVID-19 connectivity boost, world’s poorest left far behind 

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Digital connectivity is indispensable to overcome the pandemic, and for a sustainable and inclusive recovery. Photo: United Nations/Chetan Soni

Some 2.9 billion people still have never used the internet, and 96 per cent live in developing countries, a new UN report has found. According to the International Telecommunication Union (ITU), the estimated number of people who have gone online this year actually went up, to 4.9 billion, partially because of a “COVID connectivity boost”.   

This is good news for global development, but ITU said that people’s ability to connect remains profoundly unequal – as many hundreds of millions might only go online infrequently, using shared devices or facing connection speeds that hamper their internet use. 

“While almost two-thirds of the world’s population is now online, there is a lot more to do to get everyone connected to the Internet,” Houlin Zhao, ITU Secretary-General said. 

“ITU will work with all parties to make sure that the building blocks are in place to connect the remaining 2.9 billion. We are determined to ensure no one will be left behind.” 

‘Connectivity boost’ 

The UN agency’s report found that the unusually sharp rise in the number of people online suggests that measures taken during the pandemic contributed to the “COVID connectivity boost.” 

There were an estimated 782 million additional people who went online since 2019, an increase of 17 per cent due to measures such as lockdowns, school closures and the need to access services like remote banking.  

Uneven growth 

According to the document, users globally grew by more than 10 per cent in the first year of the COVID crisis, which was the largest annual increase in a decade. But it pointed out that growth has been uneven. 

Internet access is often unaffordable in poorer nations and almost three-quarters of people have never been online in the 46 least-developed countries.  

A ‘connectivity Grand Canyon’ 

Speaking in Geneva, Doreen Bogdan-Martin, Director of the ITU said: “The internet divide runs deep between developed and developing countries. Only a third of the population in Africa is using the internet. 

“In Europe, the shares are almost 90 per cent, which is the gap between those two regions of almost 60 percentage points. And there is what the UN Secretary-General António Guterres, has called in his Common Agenda blueprint for the future, “a connectivity Grand Canyon”. 

‘Digitally excluded’ 

The report found that younger people, men and urban dwellers are more likely to use the Internet than older adults, women and those in rural areas, with the gender gap more pronounced in developing nations. 

Poverty, illiteracy, limited electricity access and a lack of digital skills continued to hinder “digitally excluded” communities, ITU noted. 

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Finance

How Smart Investing can be a Significant Strategy for Traders

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Despite being one of the biggest sources of passive income, the forex market is still unexplored by many. The main reason is the risk involved. Traders, especially those with little experience, fear losing money because its an unpredictable and uncertain industry. However, the truth is that with smart investing strategies, you can save yourself from losses.

Strategies have always been an essential part of forex trading. Beginners are also advised to go through reviews, strategies, and recommendations from experts. For those who are just getting started, here are some of the strategies that can help in trading and smart investing.

Understand About Trading Styles and Your Goals:

When you decide to set out on a trading journey, the very first thing is to get a clear goal in your mind about the methods you are going to use. Each trading style has a separate risk profile attached to it. Therefore, the right decision is essential to have a successful trading journey.

Maintaining a slow pace

The best key to a successful trading career is consistency. Indeed, all traders have lost money, but if you have a positive edge, you can be at the top in no time. The best way to gain success is to educate yourself and create a trading plan for the future. Sticking to the plan and working on it is what you need to focus on.

Exploring new trading plans

Yes, consistency is important but never be afraid to reevaluate your trading plan if things are not working. The more your experience grows, the better your needs might change. Your plan must reflect your goal. In case your financial situation changes, you need to work with a new plan.

Checking your emotions

Keeping your emotions under control is what you need to look forward to. Never let your emotions do the talking for you. Remember, ‘revenge trading’ rarely ends on a positive note. If you lose a trade, don’t go all in and invest everything in it. Rather, try to stick to your initial plan and maintain the loss over time.

Knowing the market

The exact importance of educating yourself on the Forex market is essential. Try to understand every trend the trade has to follow and take time to study it all. You also need to know what exactly affects the capital before you risk it. This is a future investment that you are focusing on for positive revenue in returns.

Acknowledging your limits

The exact limit that you are willing to risk needs to be acknowledged before using it. The money invested in trade can never be returned after investment. This is why you need to set boundaries for yourself before actually using the capital. Never risk more capital than you can afford.

Knowing where to stop

Try to act upon the orders by maintaining a stop and limit-based order. The last thing you need to do is actually sit back and analyze the market every time. Trailing stops are very useful as it helps to specify the movement of the market in the future. In this case, if you place contingent orders, it will not limit your risks for loss.

Choosing the right trading partner

The right selection of the trading partner is as important as choosing the base capital. The right partner can help you create an influence over proper execution, pricing, and customer satisfaction. Take time to decide the partner and select it according to your need.

Bottom line

The above-detailed steps will help you to be a successful trader and help you towards success. But, remember, trading is an art, and the only way to ace it is by discipline and practice.

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Finance

Global ICT Excellence Awards rated highly Moscow for the startups ecosystem development

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The Government of Moscow won the second place among state structures in the International contest Global ICT Excellence Awards in the Startup Ecosystem nomination. The award is given to organizations that have implemented the most successful startup support projects. The Malaysian Digital Economy Corporation (MDEC) won the first place. The winners were announced at the 25th World Congress of Information Technologies WCIT.

The jury of the award highly appreciated the Moscow Government programs for technology entrepreneurship. In particular, the experts rated the activities of the Moscow Innovation Cluster (MIC) aimed at transforming startups into a full-scale innovative business.

The cluster has combined all the main elements of the urban ecosystem for innovators. With its help, they can find partners and investors, organize production, establish cooperation with large companies, industrial, educational and scientific organizations.

Within the MIC framework, 11 intersectoral clusters specializing in developments of artificial intelligence, medicines, motor sports and other fields have been created. More than 10 thousand specialists from different fields participate in these projects alone.

More than 30 thousand organizations from Moscow and 80 more regions of Russia have already joined the Moscow Innovation Cluster. The cluster is supervised by the Moscow Department of Entrepreneurship and Innovative Development, and the City Department of Information Technology is responsible for its digital capabilities.

The programs of the Moscow Innovation Agency were also highly appreciated by the jury. Among them is the Moscow Accelerator project for scaling innovative solutions in promising batches in partnership with leading corporations. In two years, 13 thematic tracks were organized, for participation in which more than 4.8 thousand applications were received. Another major project is a pilot innovation testing program intended for testing ready-made technological products in urban environment. More than 140 sites in 18 branches are available for piloting. At the moment, 110 tests have been completed, 41 more are in the process of testing.

The Global ICT Excellence Awards have been awarded for more than 20 years for the best innovative solutions in the private and public sector aimed at developing information and communication technologies and improving the quality of people’s lives. Its founder is the World Information Technologies and Services Alliance (WITSA). The organization includes more than 80 countries.

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