Bank Of England, Facebook, Connie discussed on Monocle 24: The Globalist

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So there's a whole load involved and what the Malaysian anti corruption commission has said today is they are seeking to get back, something like five billion dollars, which shows the scale of the corruption to start with, and if they did get the money back. That would be great news for Malaysian people. You know, the, the development Bank was supposed to improve that, you know, the economy, grow the economy, and that will reward the ordinary Malaysian people. So, so this would be a good thing. They haven't recovered much yet they recovered about one hundred million quid. The US department of Justice has begun returning some cash to the, the Malaysian authorities about two hundred million dollars. But, you know, I wonder if they'll be able to get all of that back. It would be it would be great, if they did for Malaysians, but that's an awful lot of money. And they're an awful lot of tax havens, regulatory havens around the world, which would stash the. Cash, and as we know from plenty of investigative journalists is very, very difficult to get these. You know, we, we these tax aids to open up about the money that they look after. Absolutely. Let's crypto currency now because Facebook has said that it's not it's own cryptocurrency Connie has something to sail. Not. So this is the governor of the Bank of England this speech last night. And first of all, it shows quite how far the Bank of England has evolved really under Mark Carney. The Canadian ex Goldman Sachs banker sort of it says quarter, a lot about how it's volved onto him that we've got sort of fussy old fashioned Bank of England engaging in the modern world engaging talk about crypto currencies the official launch Facebook can and leaper the it was only a few days ago. I mean I is a couple of things. If you're a central banker as Connie is now at the Bank of England if you're a central Bank, you don't like cryptocurrencies, because you don't control them central bankers control currencies to interest rates through making money available through the banking system. So that's the first thing this is this is why they also attractive to many people because they're not controlled by central banks. So in a way he sort of his said, could cut costs for people it banking it could improve financial inclusion, but at the same time, there was a big warning to Facebook shorter cough, the bowel, basically, if you think you are going to benefit from the unregulated, free fool the, the is in social media. You're not this is the world of banking and money and finance is not unregulated way will be working with you to ensure this can work Louis. Thank you very much indeed. That's Louise Cooper. This is the globalist on monocle twenty four and finally today, we look ahead to one of Southeast Asia's, most important summits taking place this weekend leaders. Oh, be associated of southeast Asian nations, or as Ian will gather in Bangkok this weekend with an agenda that reaches far beyond the ten member nations borders. The two key issues plastics in the ocean and regional trade delegates are expected to commit to reducing plastic waste and halting the flow of rubbish into the same, but it's unclear how they'll deliver them. Given the recent surge in the region's imports of electronic waste and other throwaways from wealthy countries as eons hope of mobilizing sixteen Asia Pacific nations for a trade pact. Covering thirty percent of global commas also faces hurdles if the blocks members split over the ongoing U S China trade wool things could get interesting. And that was Ben Ryan with the view from the monocle minute their heads a medical dot com slash minutes to sign up for our daily agenda-setting bulletin current affairs, smart business design culture, and more. And that's all for today's program, thanks to produces Marcus hippy. And Tom whole research is definitely it's Nick money's stadium. Managing Kenya scarlet with editing insistence from miles bloom, som after the headlines move music on the way the briefing live at midday, in London. I'm not Godwin the globalist. We'll be back at the same time on Monday. Thank you, Phil listening.

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