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☆ Global policymakers gathered in Tbilisi for the Asian Development Bank's Annual Meeting
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal policymakers gathered in Tbilisi for the Asian Development Bank's Annual MeetingGlobal policymakers gathered in Tbilisi for the Asian Development Bank's Annual Meeting. CNBC's Dan Murphy reports.

Persons: CNBC's Dan Murphy Organizations: Global Locations: Tbilisi

☆ ADB climate envoy: We will continue to focus on mitigation and adaptation
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailADB climate envoy: We will continue to focus on mitigation and adaptationWarren Evans, climate envoy at the Asian Development Bank, discusses its financing commitments.

Persons: Warren Evans Organizations: ADB, Asian Development Bank

☆ China still seeing growth despite challenges, ADB chief economist says
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina still seeing growth despite challenges, ADB chief economist saysAlbert Park, chief economist at the Asian Development Bank, speaks to CNBC's Dan Murphy at ADB's annual meeting about the economic challenges China is facing.

Persons: Albert Park, CNBC's Dan Murphy Organizations: China, ADB, Asian Development Bank Locations: China

☆ Japan's finance minister says yen intervention may be necessary when there are 'excessive' moves
▼ + stars: | 2024-05-03 | by ( Matt Clinch | ) www.cnbc.com time to read: +2 min

Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023. "When there is an excessive movement, it may be necessary to smooth it out," he told CNBC's Dan Murphy, according to a translation. Japanese Finance Minister Shunichi Suzuki on Friday backed currency interventions by his country's policymakers if the yen moved in sharp directions that started to impact households and companies. The finance minister declined to comment when asked whether current levels for the yen were appropriate. In the last few decades, while other global central banks have tightened their policies, Japan had maintained its ultra-loose strategy.

Persons: Shunichi Suzuki, CNBC's Dan Murphy, they've, Nicholas Smith Organizations: Toki, Japanese Finance, CNBC Locations: Niigata, Japan, Tbilisi , Georgia, propping

☆ Middle class wiped out: Half of Myanmar’s people forced into poverty by civil war, UN report finds
▼ + stars: | 2024-04-12 | by ( Helen Regan | ) edition.cnn.com time to read: +5 min

CNN —Once considered among the most promising economies in Southeast Asia with a growing middle class, Myanmar is now suffering from soaring levels of poverty as a devastating civil war drives tens of millions further into destitution, according to a new United Nations report. Poverty has not only doubled but people are also more deeply poor, the report found. Wignaraja said Myanmar’s middle class is “literally disappearing.”“A 50% collapse of the middle class over two and a half years is quite astounding for this country, but for any country,” she said. The value of Myanmar’s local currency, the kyat, has plummeted, along with rising costs for food and other basic necessities. “We call on all stakeholders — inside and outside Myanmar — to take action and preserve vulnerable households from slipping into irreversible poverty and despair.”

Persons: Aung, Suu Kyi, ”, Kanni Wignaraja, Wignaraja, Achim Steiner Organizations: CNN, United Nations, UN Development Program, UNDP, Asian Development Bank, Bank, Asia Locations: Southeast Asia, Myanmar, destitution, Suu, Yangon, Mandalay

☆ China will remain the world's No. 1 growth driver, says the Asian Development Bank
▼ + stars: | 2024-04-11 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Flag of China on dark blue background Da-kuk | E+ | Getty ImagesChina will remain the largest growth engine for the world economy in spite of its slowdown, the Asian Development Bank said. ADB forecasts China to post annual GDP growth of 4.8% in 2024, lower than the government's target of "around 5%." watch nowEven with slower growth, ADB data estimated China will account for 46% of growth in developing Asia in 2024-2025. China currently accounts for 18% and 48% of global and Asian GDP, respectively, based on purchasing power parities exchange rates, a metric used by the ADB, World Bank and International Monetary Fund. ADB expects the country's growth to be the highest in the region, at 7% in 2024 and 7.2% in 2025.

Persons: Albert Park, … it's Organizations: Getty, Asian Development Bank, ADB, World Bank, International Monetary Fund, CNBC Locations: China, Asia, India

☆ We still expect that inflation in the Asia-Pacific will 'moderate,' ADB economist says
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe still expect that inflation in the Asia-Pacific will 'moderate,' ADB economist saysAlbert Park, chief economist at the Asian Development Bank, says it expects inflation in the region will fall from 3.3% last year to 3.2% this year and 3.0% next year.

Persons: Albert Park Organizations: ADB, Asian Development Bank Locations: Asia, Pacific

☆ Asian Infrastructure Investment Bank president: People shouldn't exaggerate geopolitical tensions
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsian Infrastructure Investment Bank president: People shouldn't exaggerate geopolitical tensionsJin Liqun, president of the bank, discusses the projects it has co-financed with the World Bank and the Asian Development Bank.

Persons: Jin Liqun Organizations: Infrastructure Investment Bank, World Bank, Asian Development Bank

☆ China de-linking talk is overdone and it's still key to the global economy, Asian Development Bank says
▼ + stars: | 2024-02-26 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

China is still a critical trading partner for many countries across the world, and the often-used narrative of the superpower being delinked from the global economy is overdone, says the Manila-headquartered Asian Development Bank. "China's still probably the number one trading partner for the majority of countries in the world," ADB's Chief Economist Albert Park told CNBC. Although there have been parts of overall trade with China that have declined, the country's engagement and importance in the global value chain has not diminished, said Park. However, the economic powerhouse remains a top trading partner to over 120 countries, and is still the largest trading partner to Japan, South Korea, Taiwan and Vietnam, according to U.S. think tank Wilson Center. He added that even following the trade conflict started by former U.S. President Donald Trump in 2018, China's importance in the global value chain has not slumped.

Persons: China's, Albert Park, Donald Trump Organizations: Asian Development Bank, CNBC, Wilson, U.S Locations: China, Manila, Japan, South Korea, Taiwan, Vietnam

☆ New York’s Rubin Museum is closing its doors — but will live on as a ‘museum without walls’
▼ + stars: | 2024-02-02 | by ( Christy Choi | ) edition.cnn.com time to read: +7 min

CNN —New York’s Rubin Museum of Art, home to one of the world’s largest and most important collections of Himalayan art, announced on Wednesday that it will close its doors in October. Rubin Museum founders Shelley and Donald Rubin, pictured on October 8, 2015. Mireya Acierto/Getty Images“Building and sharing this collection of Himalayan art was one of my family’s great joys,” added Shelley Rubin. A lot of the time, we are shown Tibetan art as part of Chinese art — as an appendage because Tibet is now part of China. Robert K. Chin/Storefronts/AlamyThe closure will see some 40% of the Rubin’s staff lose their jobs — mostly those in “front-of-house roles,” a spokesperson for the museum told CNN.

Persons: York’s Rubin, Shelley, Donald Rubin, Rubin, Noah Dorsky, Mireya Acierto, ”, Shelley Rubin, “, Matthew Eisman, Jorrit Britschgi, ” Britschgi, Nepal’s, Ian Johnson, meanwhile, Curtis S, Chin, ” “, ” Johnson, Robert K Organizations: CNN, York’s Rubin Museum of Art, Rubin Museum, Rubin Museum of Art, Venice Biennale, Itumbaha Museum, Mandela, Centre for Foreign Relations, Asian Development Bank Locations: Manhattan, New York, Kathmandu, Nepal, New York City, Venice, York, Tibet, China

☆ Asia’s year in review: Who had it good — and who had it bad — in 2023
▼ + stars: | 2023-12-22 | by ( Curtis Chin | Jose B. Collazo | ) www.cnbc.com time to read: +7 min

As 2023 comes to a close, we take a look at the year that was in Asia and the Pacific region. But who had it good and who had it bad in 2023? Bad year: China's property marketWith millions of Chinese citizens still waiting for homes they put down payments on — but might never be built — 2023 was a particularly bad year for China's property market. A newly built property is seen from the air in Hangzhou city, Zhejiang province, China, Dec 15, 2023. Chinese families and individuals who once saw homes as more than somewhere to live but also as investments have reason to fear 2023 won't be the last bad year they face.

Persons: Curtis, Chin, Jose B, —, Vikram, Amit Dave, Narendra Modi, Taylor Swift, Kim Ji, Jennie, Kim Jennie, Roseanne Chae, Lisa, Lalisa, King Charles, Rose, Roseanne Park, Jisoo Kim, Jennie Kim, King Charles III, Yoon Suk Yeol, Kim Keon Hee, Victoria Jones, Blackpink, Michelle Yeoh, Joe Biden, Xi Jinping, San Francisco —, China Evergrande, Moody's, Asia's Organizations: Asian Development Bank, RiverPeak Group, ISRO —, Indian Space Research, Orbiter, ISRO, Buckingham, Sustainable, COP26, Getty, YG Entertainment, APEC, U.S, International Monetary Fund Locations: U.S, Asia, Turkey, Syria, Maui, Hawaii, Lahaina, Pacific, India, Gujarat Science City, Ahmedabad, Korea, British, LONDON, ENGLAND, Glasgow, London, England, South Korea, Malaysian, New Zealand, Thailand, China, San Francisco, United States, Taiwan, South China, Country, Hangzhou city, Zhejiang province

☆ 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

The deal, announced during the COP28 climate talks in Dubai on Sunday, is the first under the ADB's Energy Transition Mechanism (ETM) programme, which aims to help countries cut their climate-damaging carbon emissions. "If we don't address these coal plants, we're not going to meet our climate goals," David Elzinga said on the sidelines of the conference. "By doing this pilot transaction, we are learning what it takes to make this happen," David Elzinga said. ADB also has active ETM programmes in Kazakhstan, Pakistan, the Philippines, and Vietnam, and is considering transactions in two other countries, it said. Reporting by Simon Jessop and David Lawder; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: we're, David Elzinga, Simon Jessop, David Lawder, Christopher Cushing Organizations: Asian Development Bank, Reuters, Transition, ADB, PT PLN, PT, Indonesia Investment Authority, INA, Thomson Locations: DUBAI, Indonesia, Dubai, Kazakhstan, Pakistan, Philippines, Vietnam, Indonesian, Jakarta

☆ 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

☆ IMF says Sri Lanka debt deal could help board clear first bailout review
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. The deal comes about a month after Sri Lanka's agreement with the Export-Import Bank of China covering about $4.2 billion of outstanding debt, while clearing the IMF review could trigger a second tranche of about $334 million in funds. "These understandings pave the way for the IMF Executive Board to consider completion of the first review of Sri Lanka's four-year Extended Fund Facility Arrangement," Peter Breuer, IMF's mission chief for Sri Lanka, said in a statement. "We look forward to the Executive Board taking up this review by mid-December and the continuation of our productive collaboration with Sri Lanka in the period ahead." Sri Lanka plunged into its worst financial crisis in seven decades last year after its foreign exchange reserves dwindled to record lows.

Persons: Yuri Gripas, Lanka's, Peter Breuer, IMF's, Nandalal Weerasinghe, Uditha Jayasinghe, Sudipto Ganguly, Clarence Fernandez, Steohen Coates Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, Sri, Export, Import Bank of, IMF, Asian Development Bank, World Bank, Thomson Locations: Washington , U.S, Import Bank of China, Sri Lanka's, Sri Lanka

☆ Sri Lanka reaches debt restructuring deal with creditor nations - government source
▼ + stars: | 2023-11-29 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

"Sri Lanka has been informed of an agreement," the source, who did not want to be identified, said. The Sri Lanka president's office and the finance ministry did not immediately respond to requests for comment. Japan co-chairs the official creditor committee, together with France and India. China is Sri Lanka's largest bilateral creditor and is an observer in the group, steering clear of joining the group as a formal member. The ADB's funds are part of a $350 million special policy-based loan that was approved in May to support Sri Lanka.

Persons: Nandalal Weerasinghe, Takafumi Kadono, Sudipto Ganguly, Jacqueline Wong, Kim Coghill Organizations: Reuters, Export, Import Bank of China, International Monetary Fund, Asian Development Bank, World Bank, ADB, Thomson Locations: COLOMBO, Sri Lanka, Japan, France, India, China, Sri Lanka's, Colombo, Sri

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

☆ Vietnam to Extend Anti-Graft Drive as Police Reveal Real Estate Fraud Worth 3% of GDP
▼ + stars: | 2023-11-23 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +3 min

By Khanh Vu and Francesco GuarascioHANOI (Reuters) - Vietnam's top leader vowed to extend "for the long-term" an anti-corruption campaign that has had a chilling effect on the economy, after police revealed financial scandals in the real estate sector worth more than 3% of gross domestic product. Trong's remarks came after the police announced the outcome of months-long investigations into two financial scandals, revealing for the first time the scale of the fraud, worth a combined $12.8 billion, or 3.2% of the economy. The case had been widely publicised when My Lan was arrested in October last year and led to a crisis in the real estate sector and the market for corporate bonds, which she has been accused of issuing illegally in large amounts. The huge scale of the fraud had not been known until this week and has raised concern among financial experts about the impact on the banking sector. In September, the Asian Development Bank warned of potential spillover into banking from the crisis in the real estate sector as the ratio of non-performing loans increased.

Persons: Khanh Vu, Francesco Guarascio HANOI, Nguyen Phu Trong, Trong's, Truong My Lan, Van Thinh, Lan, Morgan, Moody's, Tan, Francesco Guarascio, Robert Birsel Organizations: Communist Party's, Van Thinh Phat Holdings Group, Stock Commercial Bank, Morgan Research, Asian Development Bank, Group Locations: Communist, Saigon, China

☆ World Bank and kin head for a $100 bln cash call
▼ + stars: | 2023-11-20 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

World Bank President Ajay Banga arrives for a signing ceremony with Thailand to host the 2026 International Monetary Fund and the World Bank annual meetings on the last day of this year's meeting, following last month's deadly earthquake, in Marrakech, Morocco, October 15, 2023. REUTERS/Susana Vera Acquire Licensing RightsLONDON, Nov 20 (Reuters Breakingviews) - The World Bank and its fellow institutions are heading for a cash call. The World Bank and its regional peers, such as the African Development Bank and the Asian Development Bank, are well placed to help developing countries craft strategies to develop in a green way. Donald Trump may seem an unlikely supporter of the World Bank if he wins. The People’s Republic, for its part, will want to increase its stake in the World Bank as part of any capital increase.

Persons: Ajay Banga, Susana Vera, Fitch don’t, Chris Humphrey, Janet Yellen, Joe Biden, Donald Trump, There’s, David Cameron, Peter Thal Larsen, Thomas Shum Organizations: Monetary Fund, World Bank, REUTERS, Reuters, African Development Bank, Asian Development Bank, Group, FIRST, AAA, Bank, Moody’s, European Bank for Reconstruction, U.S, Thomson Locations: Thailand, Marrakech, Morocco, Washington, United States, China, Britain, Ukraine, U.S, Israel, Republic, United Kingdom, France

☆ Laos is spiraling toward a debt crisis as China looms large
▼ + stars: | 2023-11-09 | by ( Nyshka Chandran | ) www.cnbc.com time to read: +1 min

An alarming debt crisis has unfolded in Laos in recent years, raising worries about the tiny nation's obligation to its biggest creditor — China. China became the largest foreign investor in Laos in late 2013 and since then, its influence has only continued to skyrocket. Laos borrowed billions from President Xi Jinping's government to finance railways, highways and hydroelectric dams, depleting its foreign reserves in the process. It's widely feared the country may be on the brink of economic collapse if the economic crisis spins out of control. But without a clear-cut debt reduction deal with China, Laos' financial hardships will not likely ease, analysts warn.

Persons: Xi Jinping's, kip Organizations: Initiative, U.S ., Asian Development Bank Locations: Vientiane, Laos, China, Beijing

☆ Indonesia, Vietnam energy transition financing under G7-funded plans
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +5 min

South Africa was the first country to reach a deal under the JETP, securing a $8.5 billion financing pledge in 2021. Indonesia secured a pledge of $20 billion and Vietnam $15.5 billion in deals struck in late 2022. Without the plan, Indonesia's greenhouse gas emissions are expected to reach more than 350 million tons in 2030. How would the JETP financing be arranged? G7 donors as well as Norway and Denmark have pledged a total $10 billion public financing for Indonesia while the remaining $10 billion will come from public financing.

Persons: they'll, Quoc Khanh, Fransiska Nangoy, Khanh Vu, Francesco Guarascio, Robert Birsel Organizations: REUTERS, Rights, Climate, Asian Development Bank, Natural Resources, Reuters, European Union, Thomson Locations: Hanoi, Rights JAKARTA, HANOI, Indonesia, Vietnam, Africa, Senegal, INDONESIA Indonesia, Norway, Denmark, VIETNAM, EU

The National Financial Work Conference, usually held twice a decade, is expected to further fortify leader Xi Jinping’s control of the country’s $61 trillion financial sector. “Overall, the financial sector in China has made progress but at this moment they face challenges,” said Nakao. Last week, Xi reportedly visited the central bank, or People’s Bank of China, a rare step that underscores the party’s consolidation of controls over markets and financial institutions. Country Garden, another major developer, failed last week to meet a deadline to pay interest on a dollar bond. It has adopted measures to support private industries, which provide the lion's share of jobs in China.

Persons: —, Xi Jinping’s, Takehiko Nakao, China’s, ”, Li Keqiang, Li, shakeup, Xi, Lan Fo’an, Evergrande, Hui Ka Yan, Zen Soo Organizations: Financial Work Conference, Asian Development Bank, Central Financial Commission, China Securities Regulatory Commission, People’s Bank of, International Monetary Fund, AP Locations: BANGKOK, Beijing, China's Guangzhou, “, China, People’s Bank of China, Hong Kong, Foshan

☆ Vietnam's real estate woes: how much worse can they get?
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +4 min

HANOI, Oct 26 (Reuters) - A rough year for Vietnam's real estate sector has seen developers miss interest payments on debt, amid a credit crunch spurred by ill-timed government measures, although spillover risk has been limited. Shares of the largest listed developer, Vinhomes (VHM.HM), part of the country's biggest conglomerate, Vingroup (VIC.HM), have fallen 13% this year. In September, the Asian Development Bank warned of potential spillover into banking from irregularities in corporate bonds and real estate markets, although troubled bonds made up just a small portion of total bank credit. While ill-timed government measures, companies' high debt and oversupply are responsible for the sectors' woes in both countries, conditions are different in Vietnam. Vietnam has a less acute situation of oversupply and speculation than China, he added, while real estate's contribution to its economy is also smaller.

Persons: Ho, Van Thinh Phat, Jean Xavier of S, Truong, Truong My Lan, Van Thinh, P's Xavier Jean, Francesco Guarascio @fraguarascio, Phuong Nguyen, Anne Marie Roantree, Clarence Fernandez Organizations: Dragon, Hung Thinh Corp, Moody's, Asian Development Bank, P Global, P, Southeast Asia Bank, Maritime Bank, Asia Commercial Bank, Vietnam Prosperity Bank, VP Bank, Bank, Van Thinh Phat Holdings Group, Thomson Locations: HANOI, Ho Chi Minh City, Vietnam, Phu, Hanoi, Southeast, Asia, Truong My, VIETNAM, CHINA, China

☆ Multilateral development banks, keen to expand lending, to meet with ratings agencies
▼ + stars: | 2023-10-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsMARRAKECH, Morocco, Oct 10 (Reuters) - Senior executives at multilateral development banks will meet on Wednesday with the top credit ratings agencies, bank executives said, amid a broad push to expand their lending capacity and help countries brace for climate change and other challenges. The World Bank's main lending arms could expand their lending capacity by nearly $900 billion if the ratings agencies changed their processes and modified the allowance they make for callable capital, a study commissioned by Rockefeller found. Lakshmi Shyam-Sunder, the World Bank's chief risk officer, said the ratings agencies had shown some openness to considering revisions in how they treat callable capital in the banks' balance sheets. Casali said Wednesday's meeting, on the sidelines of the annual meetings of the International Monetary Fund and World Bank in Morocco, would include officials from the World Bank, the Asian Development Bank and the African Development Bank, along with the three top credit raters - Moody's, Standard & Poor's and Fitch. Currently, the ratings agencies apply widely different rules and standards in assessing the risks associated with the banks' lending and balance sheets.

Persons: Yuri Gripas, Roberta Casali, Rockefeller, Lakshmi Shyam, Sunder, Casali, Fitch, Ajay Banga, Janet Yellen, Andrea Shalal, David Lawder, Leslie Adler Organizations: Monetary Fund, REUTERS, Rights, Asian Development Bank, Rockefeller, AAA, International Monetary Fund, World Bank, African Development Bank, Poor's, World, Reuters, U.S, Treasury, Thomson Locations: Washington , U.S, Rights MARRAKECH, Morocco

☆ Elon Musk’s X faces advertiser backlash after placing marketing for major brands on notorious white supremacist account
▼ + stars: | 2023-10-05 | by ( Oliver Darcy | ) edition.cnn.com time to read: +6 min

Those companies and organizations include Amazon, Samsung, the Denver Broncos, Cox Communications, STARZ, The Wall Street Journal, The Michael J. But that it apparently also believes it is appropriate to monetize the outlet’s vicious hate speech says volumes not only about the company’s ethics, but its supposed commitment to brand safety. X must be well aware that it is pairing advertisements with racist content, given that the NFL made noise about this very problem last week. In a Thursday night statement, X effectively acknowledged it has more work to do to make the platform safe for brands. Some of the brands whose advertisements appeared on VDARE’s account expressed strong displeasure on Thursday when they became aware of the situation.

Persons: Michael J, Linda Yaccarino, X, ”, —, ” Jon Kelly, Puck, Kelly, Lou Paskalis, “, ” Paskalis Organizations: CNN, Elon, Musk, Amazon, Samsung, Denver Broncos, Cox Communications, STARZ, Street, Fox Foundation, University of Missouri, Asian Development Bank, YouTube, NFL, Media, New York Waterway, ” Cox Communications, Wall Street Locations: University of Missouri , New York, Axios, York

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