Skip to content 
Search

Latest Stories

UK, Switzerland appeal to declare remittance as 'essential service'

THE UK and Switzerland on Friday (22) called for greater global collaboration to protect vital money transfers across the globe which account for more than five per cent of GDP in at least 60 developing countries.

They urged countries to support greater access to digital remittance services and to declare remittances an essential financial service and requested service providers to reduce costs and fees.


The call was backed by the World Bank, the UN Capital Development Fund, UN Development Programme and the International Organisation for Migration. Countries such as Ecuador, Egypt, El Salvador, Jamaica, Mexico, Nigeria and Pakistan have already joined the collaboration.

Recently, World Bank predicted remittances to low and middle income countries will fall by 20 per cent or $110 billion in 2020 due to the ongoing COVID-19 pandemic. In 2019, money sent by individuals to family and friends living in low and middle income countries totalled $554 billion.

International Development secretary Anne-Marie Trevelyan said: “The coronavirus pandemic means we are all concerned about how our family and friends here and overseas are coping. That’s why we’re making it easier for diaspora communities in the UK and other countries to continue to transfer money to their relatives.

“This will be lifesaving for some families in developing countries where coronavirus is making a lack of food and healthcare, and extreme poverty, even worse. We are helping to prevent fragile economies from facing potential collapse during the pandemic.”

“Remittances are important, but difficult because of COVID-19. So let's make sure those barriers are removed worldwide! New technologies can help us here," said Federal Councillor Ignazio Cassis, head of the Swiss Federal Department of Foreign Affairs.

The UK aid support is helping 65 million people in the poorest countries to access digital financial services so they can receive funds via their mobile phones or online, a statement said.

More For You

LET Mining: The world's leading cloud mining platform, the best way to earn passive income

LET Mining: The world's leading cloud mining platform, the best way to earn passive income

Today, as the digital economy continues to evolve, passive income is no longer a wealth tool exclusive to the rich, but something that everyone can touch and participate in. With the integration of blockchain technology and green energy, LET Mining is providing global users with a new way of passive income: no operation, zero technical threshold, and daily income.

What is LET Mining?

LET Mining is an innovative cloud mining service platform that simplifies the complex cryptocurrency mining process into a few simple steps through cloud computing technology, allowing ordinary users to easily participate in digital currency mining and obtain stable passive income without purchasing expensive hardware equipment or mastering professional technical knowledge.

Keep ReadingShow less
JLR Tata

A logo is pictured outside a Jaguar Land Rover new car show room in Tonbridge, south east England.

JLR Q1 sales dip as US tariffs hit exports

Jaguar Land Rover (JLR) reported a 10.7 per cent drop in sales for the April–June quarter, as a temporary pause in shipments to the United States and the phase-out of Jaguar’s legacy models weighed on volumes.

The company, owned by India’s Tata Motors, sold 87,286 units to dealers worldwide during the quarter, compared to 97,755 units in the same period last year.

Keep ReadingShow less
Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less