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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

☆ 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

☆ 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

☆ 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

☆ Zimbabwe just introduced a new gold-backed currency in an attempt to fight inflation and wean off the US dollar
▼ + stars: | 2024-04-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Last week, the country's central bank introduced a new gold-backed currency called Zimbabwe Gold, or ZiG, in an attempt to tame price gains that reached a seven-month high of 55% in March. The Zimbabwe dollar — the currency the country most recently used — has tanked 80% this year alone. AdvertisementOn Thursday, Zimbabwe's central bank governor, John Mushayavanhu, said the country has real gold and mineral assets to back up the new ZiG currency. The ZiG started trading on Monday at an exchange rate of 13.56 to the dollar set by the central bank. AdvertisementHowever, moving to the new ZiG currency could solve at least one problem, for a start: a shortage of US coins.

Persons: —, There's, John Mushayavanhu, Mushayavanhu, Hasnain Malik, Tellimer, Robert Mugabe Organizations: Service, Zimbabwe, Business, of America, BBC, New Development Bank, International Monetary Fund Locations: Zimbabwe, Zimbabwe's

☆ 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

And perhaps best of all, money — from selling the electricity generated by the wind turbines studding the flat green fields stretching out to the North Sea. A slice of the cash goes to the villagers themselves, with the local buy-in making this windy farming enclave near the border with Denmark a showcase for ways to push ahead with renewable energy projects. The S&P Global Clean Energy Index of shares in companies with clean energy-related businesses has fallen 26% over the past year, even as broader market indexes have surged to records. In sub-Saharan Africa, where half the population lacks access to electricity, renewable projects face even steeper challenges with financing. In Nigeria, where blackouts are an everyday event for about half of the country’s 213 million people, some 14 solar projects have stalled because the finances don’t add up.

Persons: ”, Astrid Nissen, moos, “, Mackenzie, it's, Nissen, Christian Andresen, Andresen, Orsted, Vattenfall, David Shepheard, Edu Okeke, Taiwo Organizations: U.S . Federal Reserve, European Central Bank, University College London, Solar, Energie Andresen GmbH, Energy, logjams, World Bank Locations: SPRAKEBUELL, Germany, Denmark, village's, Spain, Italy, Africa, Flensburg, Sprakebuell's, German, Danish, New Jersey, Swedish, North American, Saharan Africa, Nigeria, Katsina, Abuja

☆ Ecuador’s youngest mayor shot dead, police say
▼ + stars: | 2024-03-25 | by ( Heather Law | David Shortell | ) edition.cnn.com time to read: +2 min

CNN —Ecuador’s youngest mayor, 27-year-old Brigitte García, was found shot dead Sunday morning, the country’s national police said. Garcia was the youngest mayor in the country, according to her X profile. She was the youngest mayor of the country,” he added, along with a photo that showed him and García embracing. A memorial for García is planned for Monday afternoon, according to the San Vicente municipality. Ecuadorian police and people gather at the scene where Ecuador's youngest mayor, Brigitte Garcia was found shot dead in a car, according to the police, near San Vicente, Ecuador, in this handout image released on March 24, 2024.

Persons: CNN —, Brigitte García, García, Jairo Loor, Garcia, Rafael Correa, Brigitte, Brigitte Garcia, José Adolfo Macías, ’, Daniel Noboa, Correa Organizations: CNN, Ecuadorian Ministry of Government, State, Ecuadorian, San, National Police, Reuters, Citizen Revolution Party Locations: San Vicente, San Vicente municipality, Ecuador, Reuters Ecuador, Guayaquil

☆ Canon Electronics leads plunge among Japan's Space One shareholder companies after rocket explodes
▼ + stars: | 2024-03-13 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

Japan's Canon Electronics shares fell as much as 12.7% on Wednesday after Tokyo-based Space One's small rocket exploded just moments after its maiden launch. If successful, Space One would have been Japan's first company to put a satellite in orbit, according to Reuters. Space One was set up in 2018 by a consortium of Japanese companies including Canon Electronics, IHI Aerospace and construction firm Shimizu , along with the government-owned Development Bank of Japan. Space One's shareholder companies fell after the failed launch. IHI and Shimizu fell about 1%, while the banks edged lower.

Persons: Shimizu Organizations: Canon Electronics, Reuters, IHI Aerospace, Development Bank of Japan, Mitsubishi, Mizuho Financial Group Locations: Tokyo, Japan, Shimizu

“If you have minerals or oil under the ground, how do you come up with a price for a long-term contract? The shift to renewable energy and electric vehicles has caused a spike in the demand for critical minerals, driving these kind of loans. Adesina, whose Abidjan, Ivory Coast-based institution helps finance development in African countries, said these arrangements come with a litany of problems. Photos You Should See View All 60 Images“These are the reasons I say Africa should put an end to natural resource-backed loans," Adesina said. After Chad, Angola and the Republic of Congo approached the IMF for support, the multilateral lender insisted on the renegotiation of their natural resource-backed loans.

Persons: Akinwumi Adesina, paydowns, Adesina, ” Adesina, Glencore, Trafigura, ”, Mao Ning Organizations: African Development Bank, Associated Press, International Monetary Fund, IMF, Chartered, China’s Ministry of Foreign Affairs, China Railway Group, Gecamines, Alliance for Green Infrastructure Locations: Lagos, NIGERIA, China, Congo, Nigeria, Abidjan, Ivory Coast, Africa, Chad, Angola, Republic of Congo, Guinea, Ghana, Beijing, Nigerian, AP.org

☆ 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

☆ 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

BERLIN (AP) — Germany's state-owned development bank has sold shares in the company that owns the national postal service for about 2.17 billion euros ($2.3 billion), reducing the government's stake and raising money to help finance improvements to the country's rail network. The sale cuts the state's stake in DHL to 16.5%, though it is still the largest single shareholder. The proceeds are to be used to strengthen the capital of Germany's main railway operator, the state-owned Deutsche Bahn, to help it upgrade railway infrastructure, the Finance Ministry said Wednesday. The government is turning to privatization proceeds to help finance improvements to the rail network after a court ruling forced it to plug a big hole in this year's budget and reconsider its wider financial plans. The maneuver ran afoul of Germany’s strict self-imposed limits on running up debt.

Organizations: BERLIN, —, Deutsche, DHL Group, DHL, Deutsche Bahn, Finance Ministry Locations: — Germany's, Germany's

☆ 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

☆ 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

☆ Former Chinese central banker took ‘extraordinarily massive’ bribes, state media says
▼ + stars: | 2024-01-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Fan Yifei, a disgraced former Chinese central banker, has admitted making a “huge mistake” in comments aired as part of a documentary by state broadcaster CCTV that alleges he accepted massive bribes from the beginning of his tenure. It described how he had received “extraordinarily massive” payments from executives of various companies in exchange for favors after taking up the PBOC’s second-highest position. “I wanted to possess great power, and at the same time, to be rich,” Fan said in the documentary. “I made a huge mistake.”According to CCTV, Fan accepted payments from businesspeople through his brother’s investment company. In addition to Fan’s case, the CCTV documentary exposed graft at a state-owned energy investment group and at the highest levels of Chinese sport.

Persons: Fan, Xi Jinping, “, Qian Long, Liu Liange, Wang Bin, Tang Shuangning, Tang, Wang Yongsheng, Wang, Li, China’s Organizations: Hong Kong CNN, People’s Bank of China’s, Central Commission, Xinhua, Communist Party, National Supervisory Commission, of China, China Life Insurance, China Everbright, China Development Bank, China Daily, soccer team, China’s Twitter Locations: China, Hong Kong, Xinhua, Weibo

☆ 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

☆ 10 industry leaders transforming business in 2023
▼ + stars: | 2023-12-11 | by ( ) www.businessinsider.com time to read: +20 min

In 2023, Business Insider's annual list of People Transforming Business highlights key players across the advertising, ESG, finance, AI, and labor sectors. Increasingly, they're turning to more opaque private credit markets to borrow money. The world of private credit sits outside the traditional banking system. Analysts expect the private credit market to balloon in size — likely keeping lawyers like Breen very busy. Muthukrishnan is trying to make sense of how risky these private credit loans are by overseeing what is so far the most comprehensive look at vulnerabilities in the industry.

Persons: Mira Murati, who's, Vince Toye, Eileen Fisher, Eileen Fisher Fisher, Guerin Blask, Eileen Fisher Eileen Fisher, she's, Fisher, Janelle Jones, Jones, Lexey, —, She's, Justin Breen, Proskauer Breen, Proskauer Justin Breen, he's, Breen, Ares Capital, He's, McLaren, Julie Su, Labor Julie Su, Department of Labor Julie Su, Su, Marty Walsh, Murati, Jim Wilson, Neal Mohan, YouTube Mohan, Katie Thompson, YouTube It's, YouTube isn't, Mohan, Muthukrishnan, Satya Nadella, Microsoft Satya Nadella, Ben Kriemann, Nadella, Steve Ballmer, Mathias Döpfner, Axel Springer, Tim Cook, Apple Cook, Justin Sullivan, Cook, Steve Jobs, Jobs, JPMorgan Chase Toye, JPMorgan Chase, Toye, they'll, Vince Toye's, Bella Sayegh, Rebecca Ungarino, Lara O'Reilly, Juliana Kaplan, Alex Nicoll, Tim Paradis, Stephanie Hallett, Michelle Abrego, Josée Rose, Ryan Joe, Emily Canal, Kaja Whitehouse, Alyssa Powell, Davis, Jonann Brady Organizations: JPMorgan, Service Employees International, SEIU, New York, Ford, Service Employees International Union, United Auto Workers Union, Spelman College, US Department of Labor, Economic Policy Institute, Center for Economic, Research, Department of Labor, The New York Times, Ares, Churchill Asset Management, European, Atlético Madrid, Labor, Labor Department, MacArthur Foundation, New York Times, Dartmouth, OpenAI, Associated Press, YouTube, NFL, DirecTV, Federal, Microsoft, Manipal Institute of Technology, University of Wisconsin -, University of Chicago, Apple, Apple Watch, Google, Time, JPMorgan Chase, National Housing Trust, Trenton Almgren Locations: McDonald's, Lorain , Ohio, Atlanta, California, Los Angeles, Albania, Canada, Muthukrishnan, Hyderabad, India, University of Wisconsin - Milwaukee, OpenAI, Virginia, Wells Fargo, Trenton

☆ Spanish economist picked to lead the EU's massive lending unit lays out her priorities
▼ + stars: | 2023-12-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Nadia Calviño, Spain's finance minister and deputy prime minister, was appointed head of the European Investment Bank Friday — in what has been touted as a boost for Spanish influence within the European Union. Known as the EU's lending arm it approved some 75.86 billion euros ($81.6 billion) in new projects in 2022. "We also have a European Union with 27 member states, and it is a complex construction. Calviño said that Spain had launched a "massive" investment program using funds from the NextGenerationEU pandemic recovery instrument. So I do think there is a chance for us to crowd in private investment if we do things right," she said.

Persons: Nadia Calviño, Calviño, CNBC's Organizations: European Investment Bank, European Union Locations: Ukraine, Union, Spain

☆ 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

On Monday, Prince Abdulaziz bin Salman, energy minister and the key climate negotiator, for the kingdom, was a no-show at the Saudi Green Initiative. "The climate finance that they have pledged at this COP28 is simply not enough," said Pakistani activist Zaigham Abbas, whose country was devastated last year by widespread flooding. Elsewhere, France and Japan said they would support a move by the African Development Bank to leverage IMF Special Drawing Rights for climate and development. This year also features the biggest-ever representation of business at the annual U.N. summit, amid hopes for more private investment toward climate causes. "The scale of the climate crisis demands urgent and game-changing solutions from every industry," COP28 President Ahmed Al-Jaber said.

Persons: COP28, Johanna Geron, Prince Abdulaziz bin Salman, Crown Prince Mohammad bin Salman, Nicholas Stern, Mia Mottley, Antonio Guterres, Zaigham Abbas, Abu Dhabi, Ahmed Al, Jaber, Simon Jessop, Maha El, Al Sayegh, Alexander Cornwell, Elizabeth Piper, David Stanway, Katy Daigle Organizations: of, European Union, REUTERS, Companies, Saudi, United, United Arab Emirates, Saudi Green Initiative, Crown, Grantham Research, Asian Peoples ' Movement, Development, African Development Bank, European Bank for Reconstruction, Copenhagen Infrastructure Partners, BlackRock, HSBC, Finance, Reuters, Thomson Locations: Dubai, Brussels, Belgium, Companies UAE, DUBAI, COP28, United Arab, Saudi Arabia, Sharm el, Sheikh, Egypt, Paris, China, Grantham, Barbados, France, Japan, Copenhagen, Abu

Summary Ten leading development banks sign joint statementTo deepen collaboration across multiple themesNo mention of phasing out fossil fuel financingDUBAI, Dec 3 (Reuters) - Ten of the world's top development banks pledged to step up their climate efforts at the COP28 summit, yet failed to say anything about halting financing for fossil fuel projects, a document seen by Reuters showed. In a statement to be announced at the event in Dubai, the group, including the World Bank and regional peers, said the window of opportunity to secure a liveable planet was "rapidly closing". A new, joint Long-term Strategies Program, hosted by the World Bank, would coordinate support to help countries and sub-national entities develop plans around issues including decarbonisation and climate resilience. The group also pledged to help countries set up platforms to encourage a "collectively reinforcing combination" of support including around policy reform, finance and technical assistance. The banks planned to scale up finance to help countries adapt to the impacts of climate change, including through boosting support for disaster risk management, disaster preparedness and capacity building.

Persons: Antonio Guterres, Bernadette Baum Organizations: Reuters, World Bank, United Nations, European Investment Bank, Thomson Locations: DUBAI, Dubai, Glasgow

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