The Finance World Magazine| Edition: October 2023

Federal Reserve’s Barr: No Immediate Plans for Digital Currency Issuance
Federal Reserve’s Vice Chair
for Supervision, Michael Barr,
emphasized on Friday that the
central bank is far from making
any decision regarding the issuance
of its own digital currency. While the
Fed is indeed exploring the concept of
a central bank digital currency (CBDC),
Barr stressed that any such move would
require “clear support” from the President
and congressional authorization.
He underlined the importance of understanding
the implications and trade-offs
involved in CBDC development. Barr’s
stance aligns with that of Fed Chair
Jerome Powell, who has also stated
that congressional authorization is a
prerequisite for issuing a digital currency.
Additionally, Barr expressed
concern about the rise of stablecoins
outside official oversight, highlighting
the need for increased scrutiny.
Tesla Supercomputer: $600B Value Boost Predicted
Tesla’s Dojo supercomputer
holds the potential to propel
the automaker’s market value
by nearly $600B, assert Morgan
Stanley analysts. This supercomputer,
dedicated to training artificial
intelligence models for self-driving
vehicles, entered production in July and
commands an investment exceeding $1B
over the next year. Morgan Stanley’s
analysts, led by Adam Jonas, highlight
Dojo’s transformative capabilities,
envisioning it as a gateway to new
markets extending beyond traditional
vehicle sales. By enhancing a vehicle’s
ability to “see” and “react,” Dojo could
impact any camera-equipped device
capable of real-time decision-making
based on visual data.
UK Pledges $2B to UN
Climate Fund
Saudi Arabia and UK Explore Trade and Economic
Ties
During the G20 Leaders Summit
in New Delhi, UK Prime Minister
Rishi Sunak announced
a significant commitment of
$2B to the Green Climate Fund (GCF).
This commitment marks the largest
single funding contribution from the
UK to date aimed at aiding developing
nations in their efforts to combat climate
change. The GCF, established within the
framework of United Nations climate
negotiations, serves as the world’s largest
climate fund. Its primary mission is to
channel essential financial support to
less affluent countries, enabling them to
achieve their carbon emission reduction
goals, develop cleaner energy sources,
and adapt to the challenges posed by a
warming planet.
Saudi Arabia’s Ambassador to
the United Kingdom, Prince
Khalid Bin Bandar Bin Sultan,
convened a meeting with Nigel
Huddleston, the British Minister of
State for International Trade, hosted
at the Department for Business and
Trade headquarters in London. This
gathering was part of ongoing efforts
to bolster trade and economic cooperation
between the two nations.
The discussions encompassed an examination
of their existing trade and
economic relations with a focus on
ways to reinforce and advance them.
Additionally, the negotiations for a
free trade agreement between the Gulf
Cooperation Council (GCC) countries
and the UK were on the agenda, highlighting
notable developments from
the recent 4th negotiating round held
from July 24 to 28, 2023.
October 2023 www.thefinanceworld.com 83