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☆ How Nescafé instant coffee is made
▼ + stars: | 2024-03-02 | by ( Shawn Baldwin | ) www.cnbc.com time to read: 1 min

Americans consumed over 1.3 billion cups of Nescafé last year, helping the brand become Swiss-based food giant Nestlé's largest coffee segment. With sales in over 180 countries, one in seven cups of coffee consumed worldwide is a Nescafé. Nescafé works with over 100,000 farmers, buys more than 13 million bags of green coffee annually and has two dozen factories globally. So how is Nescafé instant produced? To find out, CNBC traveled to Vietnam, the world's second-largest exporter of coffee behind Brazil, to get a look at Nescafé operations.

Organizations: Inter, American Development Bank, CNBC Locations: Swiss, Vietnam, Brazil

☆ Longevity experts who have met over 1,000 centenarians share 3 key differences between the world's oldest people
▼ + stars: | 2024-01-13 | by ( Serafina Kenny | ) www.businessinsider.com time to read: +5 min

AdvertisementThe world's oldest people tend to have certain habits in common, such as eating well, having a good work-life balance, and keeping active. AdvertisementIn Japan, supercentenarians have strict diets, while they're more indulgent in Latin American countriesVillatoro said that in Japan, supercentenarians are generally strict about eating everything in moderation. Supercentenarians are more religious in Latin American countries than in JapanVillatoro said that Latin American supercentenarians tend to be very religious, mostly Catholic. However, Villatoro said that he's noticed supercentenarians from Japan typically aren't as religious as their Latin American counterparts. But more of the older people Villatoro has met in Argentina live in retirement homes than in other countries.

Persons: —, Ben Meyers, Fabrizio Villatoro, Meyers, Villatoro, Fabrizio, Yumi Yamamoto, hara, aren't, Japan Villatoro, he's, Yamamoto Organizations: Service, Business, Japan, Research, American, Pan American Health Organisation, Inter, American Development Bank Locations: America, Japan, Ikaria, Greece, Loma Linda, Brazil, Columbia, Argentina

☆ Top development banks, funds set up 'debt-for-nature' task force
▼ + stars: | 2023-12-04 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

[1/2] Fishermen go out to sea after Ecuador's goverment expanded the protected marine area around the Galapagos Islands, Ecuador January 24, 2022. REUTERS/Santiago Arcos Acquire Licensing RightsLONDON, Dec 4 (Reuters) - A consortium of top multilateral development banks (MDB) and climate funds launched a global "task force" on Monday to scale up the number and size of 'debt-for-nature' swaps that countries can do. It will initially be led by the Inter-American Development Bank (IDB) and the U.S. International Development Finance Corporation (DFC), lenders which between them have been involved in all the recent swaps, also including Barbados and Gabon. The Asian Development Bank, the African Development Bank, France's Agence Française de Développement, and the European Investment Bank will also be part of the task force, as well as the Green Climate Fund and the Global Environment Facility. Development banks play a particularly important role in debt-for-nature swaps because they provide the credit guarantees and/or political risk insurance that make them viable.

Persons: goverment, Santiago Arcos, Ilan Goldfajn, Scott Nathan, Marc Jones, Kirsten Donovan Organizations: REUTERS, Santiago, Reuters, Inter, American Development Bank, U.S . International Development Finance Corporation, Asian Development Bank, African Development Bank, France's Agence Française, European Investment Bank, Climate Fund, Global, Thomson Locations: Ecuador, Belize, Barbados, Gabon

☆ Exclusive: World's top MDBs to launch debt-for-nature swap 'task force' - sources
▼ + stars: | 2023-11-30 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

The task force creation is the most significant step so far in showing that the global club of multilateral lenders, which between them have trillions of dollars worth of firepower, will significantly ramp up their support for these deals. Four sources involved in the plans, which are expected to be announced at the COP summit's 'finance day' on Monday, say the group will formally be called the "Task Force on Sustainability-linked Sovereign Financing for Nature and Climate". It will initially be chaired by the Inter-American Development Bank (IDB) and U.S. government's Development Finance Institution (DFC), said three of the sources with direct knowledge of the matter. Both lenders have been involved in all the recent swaps which have also included Barbados and Gabon. At their simplest, the swaps work by buying up a country's bonds, often at a discount, and then replacing them with cheaper eco-labelled ones that come with the special MDB guarantees.

Persons: Chico Mendes, Amanda Perobelli, MDBs, Marc Jones, Christina Fincher Organizations: Chico, Chico Mendes Institute for Biodiversity Conservation, Institute for, Environment, Resources, REUTERS, Reuters, Force, Sustainability, Nature, Inter, American Development Bank, government's Development Finance, World Bank, European Investment Bank, Development Bank, Asian Development Bank, ADB, Infrastructure Development Bank, Reuters Graphics, Conservancy, Thomson Locations: Pocone, Mato Grosso, Brazil, Belize, Barbados, Gabon, Beijing, U.S, Sri Lanka, Zambia, Kenya, Tanzania, Colombia, Ecuador

[1/2] International Monetary Fund Managing Director Kristalina Georgieva addresses the media on the fourth day of the annual meeting of the IMF and the World Bank, in Marrakech, Morocco, October 12, 2023. "So that is to my mind the number one priority for this COP, is to recognise that business as usual has to be dropped." Several countries were also considering using their 2021 SDR allocation on a bilateral basis alongside IMF programmes, she added. While the current average price was now around $5 a ton, "clearly there is a long, long, long way to go", she said, citing a preference for carbon taxes but openness to trading systems, as seen in Europe, or U.S.-style standards and rebates. This is ongoing work at the fund," she said, citing ongoing talks with the World Bank on how it would work.

Persons: Kristalina Georgieva, Susana Vera, Georgieva, it's, Andrea Shalal, Marc Jones, David Lawder, Alex Richardson Organizations: Monetary Fund, IMF, World Bank, REUTERS, International Monetary Fund, Reuters, Growth Trust, Sustainability Trust, African Development Bank, Inter, American Development Bank, Thomson Locations: Marrakech, Morocco, Dubai, Paris, Europe

She replaces Mafalda Duarte, who left in July 2023 to lead the Green Climate Fund. Luis Tineo, interim CEO, will lead CIF until March, 2024. "Developing countries are at the forefront of the climate crisis, and we will only meet this decisive moment by working together to scale climate finance where it is needed most," Gbadegesin said in a statement. Among the largest multi-lateral climate funds in the world, CIF offers projects highly concessional capital that can leverage development bank and private sector money to fund low carbon, climate-resilient development. As well as the World Bank Group, including the International Finance Corp, CIF invests through the African Development Bank, the Asian Development Bank, the European Development Bank, and the Inter-American Development Bank.

Persons: Mafalda Duarte WASHINGTON, Tariye Gbadegesin, Gbadegesin, Mafalda Duarte, Luis Tineo, ”, Bob Natifu, Edward Webber, Simon Jessop, Valerie Volcovici, David Gregorio Our Organizations: Global, Investment Funds, World Bank, ARM Harith Infrastructure Investments, Climate Fund, Initiative, International Monetary Fund, Boston Consulting, Africa Finance Corp, Trust Fund Committee, International Finance Corp, African Development Bank, Asian Development Bank, European Development Bank, Inter, American Development Bank, Thomson Locations: South Africa, Indonesia

☆ Global leaders react to Milei's Argentina victory
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +4 min

ARGENTINE PRESIDENT ALBERTO FERNANDEZ"I am a man of democracy, and I value nothing more than the popular verdict. I trust that tomorrow we can start working with Javier Milei to guarantee an orderly transition." FORMER ARGENTINA PRESIDENT MAURICIO MACRI"I congratulate Javier Milei for bravely representing the will to advance and prosper that lives in the hearts of Argentines. WHITE HOUSE NATIONAL SECURITY ADVISOR JAKE SULLIVAN"I congratulate Javier Milei on his election as president of Argentina and to the people of Argentina for holding free and fair elections. FORMER U.S. PRESIDENT DONALD TRUMP"Congratulations to Javier Milei on a great race for president of Argentina.

Persons: Javier Milei, ALBERTO FERNANDEZ, MAURICIO MACRI, JAKE SULLIVAN, DONALD TRUMP, ILAN GOLDFAJN, LUIZ INACIO LULA DA SILVA, SANTIAGO PENA, GUSTAVO PETRO, Milei, GABRIEL BORIC, Sergio Massa, LUIS LACALLE POU, DINA BOLUARTE'S, JAIR BOLSONARO, Javier Milei's, ARGENTINA DMITRY FEOKTISTOV, Brendan O'Boyle, Lidia Kelly, Chris Reese Organizations: ARGENTINE, IDB, PARAGUAYAN, America, URUGUAYAN, Thomson Locations: ARGENTINA, Argentina, Argentine, Colombia, Chile, Peru, Argentine Republic, South America, United States, Brazil, RUSSIAN, BRICS

☆ Lloyd's of London to invest $65 million following slavery report
▼ + stars: | 2023-11-08 | by ( Carolyn Cohn | ) www.reuters.com time to read: +3 min

Signage is seen inside the Lloyd's of London building in the City of London financial district in London, Britain, April 16, 2019. The 335-year old insurance market apologised in 2020 for its role in the 18th and 19th century slave trade. The Lloyd's market is made up of nearly 50,000 people, and Lloyd's wants one in three new hires to come from ethnic minorities. Historians estimate between one and two-thirds of the British marine insurance market was based on the slave trade in the 18th century. The research also showed that Joseph Marryat, Lloyd's of London chairman from 1811 to 1824, had enslaved people, White added.

Persons: Hannah McKay, Lloyd's, We've, Bruce Carnegie, Brown, Alexandre White, Joseph Marryat, White, Garba, Carolyn Cohn, Sinead Cruise, Jan Harvey, Elaine Hardcastle Organizations: REUTERS, London, Black, Johns Hopkins University, Mellon Foundation, Reuters, Central Fund, African Development Bank, Inter, American Development Bank, UN, Equity, of, United Nations, European Union, U.S, Thomson Locations: London, City, Britain, Liverpool, Lloyd’s

☆ Yellen supports 'significant' capital increase for IDB's private sector arm
▼ + stars: | 2023-11-03 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Yellen, who hosted a breakfast for leaders from the Americas Partnership for Economic Prosperity before a White House summit, said Treasury strongly supported efforts by IDB President Ilan Goldfajn to reform the regional development bank's private sector arm, IDB Invest, and backed a capital increase for it. "My team at Treasury is working closely with President (Ilan) Goldfajn and IDB Group shareholders to define the policy reforms and financial scenarios that would enable a significant capital increase for IDB Invest," she said. Yellen told an IDB conference on Thursday that additional capital would help increase IDB Invest's impact and ability to better mobilize private capital to the region, as APEP partners work to shift supply chains away from China and expand "nearshoring" options closer to home. Yellen also said on Thursday that the "originate-to-share" approach adopted by IDB Invest CEO James Scriven was pioneering a new way for multilateral development banks (MDBs) to leverage private sector capital, an innovation being closely watched by others. The move by IDB follows efforts by China to increase its influence in Latin America, through increased direct lending to Latin American governments and boosting trade ties to resource-rich South American countries.

Persons: Janet Yellen, Ilan Goldfajn, Ilan, Goldfajn, Yellen, James Scriven, Andrea Shalal, Christina Fincher, Paul Simao Organizations: . Treasury, Inter, American Development Bank, Americas, Economic Prosperity, Treasury, IDB Invest, IDB Group, IDB, Thomson Locations: United States, America, Caribbean, Washington, U.S, Latin America, China, Mexico

WASHINGTON (AP) — President Joe Biden is gathering leaders from countries across the Americas on Friday in the U.S. capital to discuss the tightening of supply chains and addressing migration issues. Kirby said the summit would also involve the “shared migration challenge” and the building of “meaningful economic opportunity” among the countries in the region. Political Cartoons View All 1233 ImagesBy contrast, the U.S. imported $562.9 billion worth of goods and services from China last year. Treasury Secretary Janet Yellen outlined the Biden administration's goals in a Thursday speech at the Inter-American Development Bank. The Inter-American Development Bank, which is the biggest multilateral lender to Latin America, would support new projects through grants, lending and new programs.

Persons: Joe Biden, John Kirby, Kirby, Biden, Janet Yellen, Yellen Organizations: WASHINGTON, Economic Prosperity, ’, White, National Security, Western, U.S . Trade, Biden, Inter, American Development Bank, The Locations: Americas, U.S, Los Angeles, United States, China, Canada, Mexico, The U.S, America, Caribbean, South America

WASHINGTON (AP) — Treasury Secretary Janet Yellen wants Latin America to trade more with the United States as part of an initiative that so far has failed to disrupt China’s dominance in global manufacturing. The Inter-American Development Bank, which is the biggest multilateral lender to Latin America, would support new projects through grants, lending and new programs. But if you’re not involved, this opens the door for anybody” to invest in Latin America. Latin America will be a region of increased focus in the next year, as Brazil takes the presidency of the Group of 20 international forum. A Treasury official told the AP that Yellen will be traveling frequently to South America and Latin America over the next year, due to Brazil's G-20 presidency.

Persons: Janet Yellen, Yellen, ” Yellen, Ilan Goldfajn, you’re, ” Organizations: WASHINGTON, —, Inter, American Development Bank, Partnership, Economic Prosperity, ’, White, “, Boston University Global Development, El, Associated Press, Treasury Department, Treasury, AP Locations: America, United States, U.S, Caribbean, Peru, Chile, Ecuador, Uruguay, Dominican Republic, Costa Rica, China, South America, American, Honduras, Taiwan, El Salvador, Nicaragua, Panama, Brazil, Latin America

☆ Congested Bogota Secures $415 Million IDB Credit for Second Metro Line
▼ + stars: | 2023-11-01 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

BOGOTA (Reuters) - The board of directors of the Inter-American Development Bank (IDB) on Wednesday approved a $415 million credit line, with an initial disbursement of $50 million, to finance Bogota's second metro line, the Colombian capital's mayor said. The underground Line 2 will connect to the city's west, said Mayor Claudia Lopez, who finishes her term this year after overseeing initial construction on Bogota's long-awaited first metro line. At a price tag of 34.9 trillion Colombian pesos ($8.5 billion), Line 2 is expected to benefit nearly 2.5 million inhabitants and stretch 15.5 kilometers (9.63 miles) connecting 11 stations. Line 1, currently being constructed by Chinese companies Harbor Engineering Company and Xi'an Metro Co., extends 23.9 kilometers overground - despite opposition by President Gustavo Petro, who wanted part of the line to be constructed underground. The metro is considered critical to reducing the chaotic traffic in the capital of more than eight million residents and will complement the existing TransMilenio bus system.

Persons: Claudia Lopez, Lopez, Gustavo Petro, Luis Jaime Acosta, Sandra Maler Organizations: Inter, American Development Bank, Colombian capital's, European Investment Bank, Development Bank of Latin America, Harbor Engineering Company, Xi'an Metro Co Locations: BOGOTA, Colombian, Bogota, Xi'an

[1/4] Maria Corina Machado, candidate of the Vente Venezuela party for the opposition primaries and Freddy Superlano, leader of the Voluntad Popular party, raise their arms as they pose for pictures after a press conference, in Caracas, Venezuela October 13, 2023. The primary is the first held by Venezuela's opposition in over a decade. Favorite Maria Corina Machado is barred from holding public office, in a move criticized by the opposition and the U.S alike, and it is not clear what will happen if she wins the primary. Two other candidates - former presidential candidate Henrique Capriles and ex-lawmaker Freddy Superlano - have already withdrawn their candidacies because of similar disqualifications. The U.S. government has conveyed to Maduro bans must be lifted for all opposition presidential candidates by the end of November in exchange for sanction relief, a senior U.S. official said on Wednesday.

Persons: Maria Corina Machado, Freddy Superlano, Leonardo Fernandez, Nicolas Maduro, Henrique Capriles, MARIA CORINA MACHADO, Machado, CARLOS PROSPERI Prosperi, Prosperi, Solorzano, Deisy Buitrago, Vivian Sequera, Mayela Armas, Oliver Griffin, Marguerita Choy Organizations: REUTERS, Voters, U.S, World Bank, Inter, American Development Bank, International Monetary Fund, Accion Democratica, Criminal Court, United Nations, Thomson Locations: Venezuela, Caracas, CARACAS, U.S, Guarico

REUTERS/Toby Melville/File Photo Acquire Licensing RightsMARRAKECH, Morocco, Oct 10 (Reuters) - Barbados is hoping to execute a "debt-for-climate" swap early next year to secure savings of around $300 million over a 15 year period to fund clean water supplies, the island state's finance minister told Reuters on Tuesday. In September 2022, Barbados carried out a "debt-for-nature" swap, which saw $150 million of international bonds swapped for cheaper debt, generating $50 million for marine conservation. The savings from the island's mooted "debt-for-climate" swap will be used to upgrade a water treatment plant to help better manage water resources and improve food security, Straughn said. Barbados's previous debt-for-nature swap funnelled money towards protecting and rehabilitating the surrounding Caribbean sea. A debt-for-climate swap would be an almost completely new concept, though, and one that other climate change vulnerable countries are likely to want to explore.

Persons: Toby Melville, Ryan Straughn, Straughn, We've, Rachel Savage, Marc Jones, Aurora Ellis Organizations: REUTERS, Rights, Inter, American Development Bank, European Investment Bank, International Monetary Fund, Thomson Locations: Bridgetown, Barbados, Rights MARRAKECH, Morocco, Marrakech

☆ Starbucks is developing climate-proof coffee
▼ + stars: | 2023-10-03 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +7 min

New York CNN —Coffee is a finicky crop — arabica coffee, the most popular variety, in particular. Joshua Trujillo/StarbucksSo Starbucks, which says it purchases about 3% of all the world’s coffee, is developing new arabica varietals that are specifically cultivated to hold up better on a warming planet. They, along with other coffee farmers across the globe, are struggling to adapt to global warming. But arabica coffee, the only variety used by Starbucks, is especially at risk. Starbucks has been working on developing new coffee varietals.

Persons: IADB, Joshua Trujillo, Michelle Burns, Carlos Mario Rodriguez, Suzanne Shriner, Shriner, ”, “ we’re, Miguel Gomez, it’s, Monika Firl, Burns, Cornell’s Gomez Organizations: New, New York CNN, Inter, American Development Bank, Starbucks, Lions, Coffee Research, Cornell’s Dyson, Applied Economics, Management, Fairtrade Locations: New York, America, Caribbean, Hacienda Alsacia, Costa Rica, Hawaii

An aerial view shows trees as the sun rises at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022. REUTERS/Bruno Kelly/File Photo Acquire Licensing RightsSANTIAGO DE COMPOSTELA, Spain, Sept 15 (Reuters) - The European Union on Friday threw its weight behind a plan to protect the Amazon rainforest, pledging to coordinate financial contributions from EU members and making sure the money was spent as intended under its Global Gateway investment scheme. On top of that, the EU will add an undisclosed amount to protect the forest from logging from the EU's Global Gateway scheme of investment in Latin America, where Amazon rainforest protection is one of the flagship projects. More than half of global destruction of old-growth tropical rainforests has taken place in the Amazon and bordering forests since 2002. Rainforests, in particular the Amazon, absorb vast amounts of carbon dioxide and are key in shaping the Earth's climate, making them vital to prevent climate change.

Persons: Bruno Kelly, Belén Carreño, Jan Strupczewski, Mark Potter Organizations: REUTERS, SANTIAGO DE, European Union, Friday, EU, Global, Team Europe, European Investment Bank, Inter, American Development Bank, Santiago de, Thomson Locations: Manaus, Amazonas State, Brazil, SANTIAGO, SANTIAGO DE COMPOSTELA, Spain, Italy, Sweden, France, Germany, Netherlands, Latin America, America, Santiago de Compostela, Santiago

☆ Keep an eye on 'blue' bonds, a little-known income alternative tied to clean water
▼ + stars: | 2023-09-04 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

"Blue" bonds, securities focused on protecting bodies of water, are popping up with increased frequency with the help of nonprofits. Earlier this month, Denmark's renewable energy producer Ørsted said it would become the first energy company to issue blue bonds. But he said there likely won't be more options until there is wider demand for those blue bonds already available. Because of this, he recommends investors look beyond blue bonds to green bonds that have some focus on water issues. The primary investment thesis behind blue bonds, Atkinson said, is understanding the risk of ignoring the need for healthy oceans and clean water.

Persons: Kris Atkinson, Nomura, Ørsted, Fidelity's Atkinson, Atkinson, Aya Kawamoto, Morgan Stanley, Simon Waever, Waever, Green, Kawamoto, We're, Michael Bloom Organizations: The World Bank, Fidelity International, Nature Conservancy, United Nations, AXA, Inter, American Development Bank, Life Insurance, Conservancy, Treasury Locations: Seychelles, Fiji, Portugal, Europe, East, Africa, Barbados, Belize, Gabon

☆ One eve of vote, Argentina's Massa announces $500 mln in new loans
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +1 min

Argentina's Economy Minister Sergio Massa departs after attending a meeting with International Monetary Fund Managing Director Kristalina Georgieva at the IMF headquarters in Washington, U.S., September 12, 2022. In a ministry statement laying out economic policies to be formally rolled out next week, Massa also pledged to propose a "zero deficit" government budget for next year that would not overspend. The $500 million in loans will be signed with the Inter-American Development Bank and the World Bank, according to the statement, which will boost the central bank's critically-low foreign reserves. Argentine traders are keeping a close eye on Sunday's election, which could point to the likely outcome of the general election in October. Reporting by Lucila Sigal; Writing by David Alire Garcia; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Kristalina Georgieva, Evelyn Hockstein, Massa, Lucila Sigal, David Alire Garcia, Sandra Maler Organizations: Monetary Fund, IMF, REUTERS, Voters, Peronist, Inter, American Development Bank, World Bank, Thomson Locations: Washington , U.S, BUENOS AIRES, Argentina

☆ Argentina announces over $1 billion in credit from World Bank, IDB
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, June 28 (Reuters) - The World Bank and the Inter-American Development Bank (IDB) will provide Argentina with funds totaling over $1 billion, the South American nation's economy ministry said on Wednesday, adding these should go toward development and energy projects. The move comes as cash-strapped Argentina battles to rework its debts and comply with financing programs with other international financial bodies, such as a $44 billion loan program with the International Monetary Fund (IMF). Argentina's economy ministry said the World Bank was giving $900 million in financing for development projects in clean energy, health care and climate resilient infrastructure. The country, along with Uruguay, was also awarded with a $400 million credit program from IDB to improve the supplies at the Salto Grande Hydroelectric Complex and extend the facility's "useful" lifespan, the ministry added in another statement. Reporting by Nicolas Misculin and Carolina Pulice; Editing by Anthony Esposito and Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

Persons: Nicolas Misculin, Anthony Esposito, Sarah Morland Organizations: World Bank, Inter, American Development Bank, International Monetary Fund, IDB, Thomson Locations: BUENOS AIRES, Argentina, Uruguay, Salto, Carolina

☆ Argentina announces over $1 bln in credit from World Bank, IDB
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, June 28 (Reuters) - The World Bank and the Inter-American Development Bank (IDB) will provide Argentina with funds totaling over $1 billion, the South American nation's economy ministry said on Wednesday, adding these should go toward development and energy projects. Argentina's economy ministry said the World Bank was giving $900 million in financing for development projects in clean energy, health care and climate resilient infrastructure. The country, along with Uruguay, was also awarded with a $400 million credit program from IDB to improve the supplies at the Salto Grande Hydroelectric Complex and extend the facility's "useful" lifespan, the ministry added in another statement. The funds come as Argentina faces a major challenge to bring down a 100%-plus inflation rate, replenish scarce foreign currency reserves and alleviate social issues including four-in-ten people living in poverty. Reporting by Nicolas Misculin and Carolina Pulice; Editing by Anthony Esposito and Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Bad news for the Fed: American workers are becoming less productive
▼ + stars: | 2023-06-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But what does the Fed mean when it talks about labor markets and their impact on inflation? What’s happening: At its most basic level, labor productivity is a measure of the value of the goods and services produced by a company compared with the amount of labor used to produce that output. Labor productivity decreased 2.1% in the first quarter of 2023, the US Bureau of Labor Statistics reported earlier this month. The silver lining: The good news is technological innovations typically drive upturns in productivity and AI could be such an innovation. Absolutely not,” Yellen said, echoing the joint statement leaders from the Group of Seven made at last month’s summit in Japan.

Persons: Lisa Shalett, ”, Lisa Cook, Joseph Brusuelas, Sundar Pichai, aren’t, Jeffrey Sonnenfeld, Richard Blumenthal, “, Doug McMillon, Roger McNamee, Steven Spielberg, Vito Corleone, Janet Yellen, ” Yellen, Elisabeth Buchwald, Yellen, Biden Organizations: CNN Business, Bell, New York CNN — Federal Reserve, Morgan Stanley Wealth Management, Fed, Labor, US Bureau of Labor Statistics, BLS, McKinsey Global Institute, Federal, RSM US, of America, Google, Yale School, Management’s, Leadership Institute, Walmart, Technology, Financial, International Monetary Fund, Inter, American Development Bank group’s, African Development Fund, IMF Locations: New York, United States, Michigan, Connecticut, China, Japan

☆ Yellen set to ask Congress to lend more money to developing countries to counter China
▼ + stars: | 2023-06-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —US Treasury Secretary Janet Yellen is set to ask Congress to lend more money to developing countries to counter China’s growing influence, according to a copy of her prepared remarks viewed by CNN. In addition to increasing lending to other International Monetary Fund programs, Yellen intends to tell lawmakers that the Biden Administration wants to boost involvement in the Inter-American Development Bank group’s private-sector investment fund and the African Development Fund. “These investments will bolster our engagement in these regions at a time of geopolitical competition,” Yellen intends to say in her testimony before the House Financial Services Committee on Tuesday. Such last-minute action “hurts our global leadership and credibility on the world stage,” Yellen is set to tell lawmakers on Tuesday. Fitch Ratings warned that it is still considering downgrading US debt despite the last-minute deal that Congress passed.

Persons: Janet Yellen, Yellen, Biden, ” Yellen, ”, Yellen’s, “, —, Jessie Yeung Organizations: New, New York CNN, CNN, International Monetary Fund, Biden Administration, Inter, American Development Bank group’s, African Development Fund, Financial, IMF, World Bank, Fitch Locations: New York, China, Argentina, Pakistan, Kenya, Turkey, United States, Washington

☆ World Bank must drive private investment in climate transition, new chief says
▼ + stars: | 2023-06-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, June 11 (Reuters) - The World Bank must use "informed risk-taking" to encourage private investors to get more engaged in helping developing countries deal with climate change and leapfrog fossil-fuel energy sources, its new president Ajay Banga said on Sunday. Private sector capital was critical since funds from governments, philanthrophy, the World Bank and other multilateral development banks (MDBs) would never suffice to help poor countries adapt to and mitigate climate change, said Banga, a former Mastercard CEO who took office on June 2. Private companies were bound to deliver returns for shareholders and could not take on the risks involved, but the bank could help, he said. The Indian-born executive was nominated by the U.S. for the job precisely because of his previous work in the private sector, and he has pledged to identify barriers for greater investment and find ways to maximize the bank's impact. Banga told CNN he would also work closely with other multilateral lenders and development organizations, noting that he would be joined in his visits this week by Inter-American Development Bank President Ilan Golfajn.

Persons: Ajay Banga, Banga, CNN's, Fareed Zakaria, Ilan Golfajn, Andrea Shalal, Mark Porter, Jan Harvey Organizations: Fareed Zakaria GPS, World Bank, Mastercard, U.S, CNN, Inter, American Development Bank, Thomson Locations: Banga, Peru, Jamaica

☆ Natural evolution: Record Galapagos deal sparks clamour for eco-friendly debt swaps
▼ + stars: | 2023-06-09 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

The growing appetite comes as record numbers of developing world governments face debt pressures due to higher global interest rates. There have been around 140 over the past 35 years, but even including last month's super-sized Galapagos deal they have only involved around $5 billion of debt altogether. The top-level attendees will be urged to do more, not only debt swaps, but also by providing foreign exchange guarantees and automatic debt-payment breaks for countries hit by climate-related disasters. "Seeing something that has a group of countries involved would be amazing," Issa said. Ecuador says it is eyeing another transaction to capitalise on the halo effect from the Galapagos deal.

Persons: Ramzi Issa, Charles Darwin's, Issa, Ilan Goldfajn, Scott Nathan, Nathan, Emmanuel Macron, Mia Mottley, Suisse's Issa, Simon Jessop, Sharon Singleton Organizations: Ecuador, Credit Suisse, Inter, American Development Bank, U.S . International Development Finance Corporation, Reuters Graphics, Thomson Locations: Ecuador, Belize, Barbados, Gabon, Paris, Sri Lanka, Indian, Colombia, Costa Rica, Panama, Kenya, Mozambique, Tanzania, Seychelles

LONDON, May 9 (Reuters) - Ecuador sealed the world's largest "debt-for-nature" swap on record on Tuesday, selling a new "blue bond" that will funnel at least $12 million a year into conservation of the Galapagos Islands, one of the world's most precious ecosystems. Tuesday's $656 million "Galapagos Bond," as it has been dubbed, will run until 2041 and gave investors that bought it a 5.645% "coupon" or interest rate, its bankers said. Ecuador sovereign bonds currently yield from 17% to 26%, but the new bond has an $85 million 'credit guarantee' from the Inter-American Development Bank and $656 million of political risk insurance from the U.S. International Development Finance Corp (DFC), effectively making it less risky. The driver has been the remote Galapagos Islands, some 600 miles (970 km) off Ecuador's mainland coast, that inspired Charles Darwin's Theory of Evolution. Scott Nathan, the chief executive of DFC, said people needed to "stay tuned" for similar deals in other countries and the Galapagos deal had been a long time coming.

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