Lagarde expects a significant slowdown in economic activity following a half-point increase in July after 11 years. DBS Bank and The Sandbox will acquire the carbon offsets to allow their production to occur in a carbon-neutral environment.
Amid a global upward trend, the European Central Bank (ECB) recently decided to raise its interest rates too. The euro (EUR) has lost value against the US dollar (USD), trading at less than USD 0.99 for the first time in over 20 years.
The latest rise in interest rates by the European Central Bank is unprecedented, as it raised by 75 basis points. Skyrocketing inflation and the need to keep it under control seem to be the basis for the rate hike.
Lagarde Expects the Economy to Undergo a Significant Slowdown
Christine Lagarde, the head of the European Central Bank, announced that the financial institution would raise interest rates. They believe inflation might remain above their target after rising by a half point in July for the first time in 11 years.
Lagarde also expects a significant slowdown in economic activity and high energy costs until December 31st. Their sharp rise in interest rates seeks to increase financing costs for consumers, businesses, and governments. The US Federal Reserve (Fed) announced in July that it would raise interest rates by 75 basis points to counter rising prices.
The decision of politicians to raise interest rates to relieve pressure on the economy and public wallets caused inflation to soar. The measure of the Fed seems to show its commitment to reducing inflation, which recently reached 9.1% for the first time in history.
DBS Bank and The Sandbox Work Together for Lower Carbon Emission
Singapore financial institution DBS Bank recently said it would work with The Sandbox metaverse platform. DBS BetterWorld is the planned private metaverse property of the bank, which it intends to house in a three-for-three piece of land.
They stated that they needed to create a better and more sustainable world with that project. In that regard, DBS Bank and The Sandbox will acquire the carbon offsets to make their production carbon neutral.
They Seek to Focus on Artificial Intelligence and Blockchain Technology
DBS is the first company to partner with The Sandbox and the first bank to enter the virtual world in Singapore. That represents a considerable opportunity for them to take advantage of the possibilities of the World Wide Web.
Piyush Gupta, the CEO of DBS, said digital advances had catalyzed the leading changes in the finance world for a decade. Over the coming ten years, these changes may become even more profound thanks to new technologies like artificial intelligence and blockchain.
Gupta highlighted the possibilities of metaverse technology, commenting the ever-changing field may disrupt how financial institutions communicate with their customers.
Sebastien Borget, the co-founder of The Sandbox, explained that the metaverse development would introduce the culture of Singapore to the virtual world. He said that this community would celebrate diversity without compromising the way of life of the Asian sovereign island city-state.
By Alexander Salazar
