Mercantilism and international economic stability

From five grams of toothpaste to 10 millilitres of cooking oil, many Nigerians struggling with soaring prices now buy their basic necessities in small quantities packed in tiny plastic bags to be consumed on the same day. Consumer brands behind this "sachetisation of the economy" see it as a creative innovation, allowing consumption for all Nigerians, the majority of whom live on less than $2 a day. But critics see the development as an economic and ecological aberration, even as Africa's largest economy struggles with the inflationary fallout from Russia's war in Ukraine. In the streets of Lagos, the vibrant economic capital of Africa's most populous country, small sachets are now part of the decor: they colour its streets, packing the wood and tin shops found on the corner of most streets. Sitting on a stool, Ibrahim Atahire has been running his small grocery store for 30 years in a busy area of Obalende, a popular district of the megalopolis. "At my place, you can buy … [Read more...] about From coffee to toothpaste, Nigerians buy small as hardships bite

Cambodian Deputy Prime Minister and Foreign Minister Prak Sokhonn (Photo: AP) Phnom Penh (VNA) - The 55th ASEAN Foreign Ministers' Meeting ( AMM-55 ) and related meetings have successfully concluded, with some 30 documents on regional cooperation adopted, Cambodian Deputy Prime Minister and Foreign Minister Prak Sokhonn said on August 6. "We have reviewed the progress made thus far to strengthen ASEAN's community building, advance regional integration, and enhance our cooperation with external partners," he told a press conference. The official said that over the course of three and a half days, 19 meetings were held back-to-back, with the participation of foreign ministers and representatives from 38 countries. On the COVID-19 pandemic, he said the ASEAN foreign ministers encouraged the effective operationalisation of the ASEAN Regional Reserve of Medical Supplies for Public Health Emergencies. He added that the ministers also stressed the need to strengthen supply … [Read more...] about Cambodia announces outcomes of AMM-55 and related meetings

Banking services have also made quick progress, catching up with the development of the international market, according to the PM, who is also head of the committee. However, shortcomings still remain during the implementation of comprehensive finance, he said, adding that residents in rural and remote areas still find it hard to access financial sources. Black credit has remained public concern and agencies and organizations have yet to coordinate concertedly and effectively in the implementation of comprehensive finance, the leader pointed out. He noted that the Government issued Decision No.149/QD-TTg on the approval of a national strategy on comprehensive finance by 2025 with a vision towards 2030. The strategy sets out viewpoints, targets, tasks and solutions to accelerate the access and use of financial products and services for all people and businesses, he continued. The issuance of the strategy reflects the Party’s and the State’s consistent policy on boosting … [Read more...] about PM chairs meeting of National Steering Committee for Comprehensive Finance

The “Hanoi City Ring Road No.3 Construction Project (Mai Dich - South Thang Long Section)” aims to construct a high-standard inner-city expressway in the western section, connecting the Mai Dich intersection and the South Thang Long intersection of Ring Road No.3 which links northern and north-eastern provinces, industrials zones and Noi Bai International Airport with the city center. The 5.4-km section has 4.8km of viaduct. Addressing the section’s inauguration ceremony, Deputy Prime Minister Truong Hoa Binh highlighted the significance of the project, which contributes to complete the 65-km Hanoi Ring Road No.3, helping easing traffic congestion in the west of Hanoi and forming a complete traffic network connecting northern localities with Hanoi as well as Red River delta localities. He lauded the efforts of the Ministry of Transport and the Thang Long project management board as well as contractors in conducting the project, while hailing the Hanoi government in ground clearance … [Read more...] about Another section of Hanoi Ring Road No.3 opens to traffic