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☆ The money is there for developing countries to shift to low-carbon energy by 2030: IFC
▼ + stars: | 2024-02-13 | 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 EmailThe money is there for developing countries to shift to low-carbon energy by 2030: IFCIFC Managing Director Makhtar Diop outlines the private sector investment to carry out the energy transition in developing countries.

Persons: Makhtar Diop Organizations: IFC IFC

☆ 80% of climate needs could be met by the private sector, says IFC vice president
▼ + stars: | 2023-12-01 | 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 Email80% of climate needs could be met by the private sector, says IFC vice presidentSergio Pimenta, vice president for Africa at the International Finance Cooperation, says the private sector plays a "key role" in funding the climate agenda.

Persons: Sergio Pimenta Organizations: IFC, International Finance Cooperation Locations: Africa

☆ Hong Kong October home prices drop to lowest since March 2017
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

A general view of Two International Finance Centre (IFC), HSBC headquarters and Bank of China in Hong Kong, China July 13, 2021. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 28 (Reuters) - Hong Kong private home prices extended a fall in October, dipping to their lowest since March 2017, official data showed on Tuesday, weighed down by higher interest rates and weak buying sentiment. Home prices in the financial hub, one of the most expensive markets in the world, dropped 2.2% in October from the previous month. Prices have dropped 4% in the first 10 months of the year after the sixth monthly decline in October. Investment bank UBS has forecast that Hong Kong's home prices could drop another 10% in 2024 as borrowing costs in the city have surged to the highest level since 2007.

Persons: Tyrone Siu, Martin Wong, Knight Frank, Clare Jim, Robert Birsel Organizations: International Finance Centre, HSBC, Bank of China, REUTERS, Realtors, Investment, UBS, Thomson Locations: Hong Kong, China, HONG KONG

"Coal in North Macedonia represents 40% of the energy source, so it's very big, it's very important," EBRD President Odile Renaud-Basso told Reuters. Both of its coal-fired plants are ageing, outdated and run on lignite, the most polluting type of coal. An IFC spokesperson said the green transition, including in North Macedonia, was one of its key priorities, but that it was not in a position to confirm any plan details. "The world's richest countries need to work with the multilateral development banks to find effective, structural ways to channel significantly scaled up energy transition finance," he said. North Macedonia joined the Powering Past Coal Alliance, a group of countries committed to phasing out coal-fired power, in 2021.

Persons: Odile Renaud, Basso, COP27, REK, Renaud, Leo Roberts, E3G, Kate Abnett, Kirsten Donovan, Louise Heavens Organizations: European Bank for Reconstruction, World Bank, Reuters, Investment, United Nations, Climate Investment Funds, International Finance Corporation, IFC, Bank, Past Coal Alliance, Union, Thomson Locations: Dubai, wean, Macedonia, North Macedonia, South Africa, Indonesia, Vietnam, Senegal, North, Skopje, Europe, Macedonian, Pakistan, Colombia, Ukraine

The deal, which is expected to be announced at the COP28 climate talks in Dubai beginning on Nov. 30, will lay out a plan to close the country's two coal power plants and replace them with 1.7 gigawatts of renewable energy. "Coal in North Macedonia represents 40% of the energy source, so it's very big, it's very important," EBRD President Odile Renaud-Basso told Reuters. Both of its coal-fired plants are ageing, outdated and run on lignite, the most polluting type of coal. An IFC spokesperson said the green transition, including in North Macedonia, was one of its key priorities, but that it was not in a position to confirm any plan details. North Macedonia joined the Powering Past Coal Alliance, a group of countries committed to phasing out coal-fired power, in 2021.

Persons: Odile Renaud, Basso, REK, Renaud, Kate Abnett, Kirsten Donovan Organizations: European Bank for Reconstruction, World Bank, Reuters, Investment, United Nations, Investment Funds, International Finance Corporation, IFC, Bank, Past Coal Alliance, Union, Thomson Locations: Dubai, wean, Macedonia, North Macedonia, South Africa, Indonesia, Vietnam, Senegal, North, Skopje, Europe, Macedonian, Ukraine

The 1976 book “The Hite Report” was a bestseller from the beginning. And it made its author, Shere Hite, a deeply polarizing public figure. But cultural memory can be short, especially when it comes to pioneering feminists — even ones who have sold 50 million books. “We love Shere Hite!” Newnham recalled Johnson and her producing partner Ro Donnelly responding. Seeing Hite walk out of an interview was not uncommon, especially after the publication of “The Hite Report on Male Sexuality” in 1981, which proved even more divisive.

Persons: ”, Shere Hite, Hite, Erica Jong, —, she’d, Nicole Newnham, Oscar, Newnham, Dakota Johnson, ” Newnham, Johnson, Ro Donnelly, “ Organizations: Playboy, The New York Times, IFC Films, “, NBC News Studios, TeaTime Pictures, Schlesinger Library, Radcliffe Locations: U.S, The, decamped, Europe

☆ UK insurer Aviva posts 13% rise in nine-month premiums
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

A man walks past an AVIVA logo outside the company's head office in the city of London March 5, 2009. REUTERS/Stephen Hird (BRITAIN)/File Photo Acquire Licensing RightsLONDON, Nov 16 (Reuters) - British insurer Aviva (AV.L) on Thursday posted a 13% rise in its general insurance gross written premiums for the first nine months of the year, saying it would continue to return surplus capital to shareholders. Insurers have dealt with issues such as rising inflation and the higher cost of claims by increasing premiums. The life and general insurer, whose main markets are Britain, Canada and Ireland, reported premiums of 8 billion pounds ($9.91 billion), up from 7.2 billion a year earlier. "We see significant opportunities to generate further higher return, capital-light growth in the future as we prioritise these segments."

Persons: Stephen Hird, Amanda Blanc, Blanc, Eva Mathews, Carolyn Cohn, Huw Jones, Sherry Jacob, Phillips, Jason Neely Organizations: AVIVA, REUTERS, Aviva, RSA, Reuters, Thomson Locations: London, BRITAIN, British, Britain, Canada, Ireland, Bengaluru

☆ ‘birth/rebirth’ Review: ‘Frankenstein’ Comes to the Bronx
▼ + stars: | 2023-11-08 | by ( John Anderson | ) www.wsj.com time to read: +1 min

Marin Ireland Photo: IFC FilmsOne could never faultMary Shelley for a lack of imagination, just a lack of available technology: Her 1818 “Frankenstein” offers no pseudo-scientific explanation for its Creature’s reanimation, only some vague primal force harnessed by the book’s title character. It was the movies, beginning in 1931, that suggested electricity as a means of fusing humans out of spare parts. What is suggested by the remarkable “birth/rebirth” is how Shelley’s story—its mythos, at any rate—can itself be brought back to vibrant life, time after time, by torquing modern medicine into increasingly plausible horror. The Shelley blueprint—which locates the fear factor in every scientific leap that humans make as they inevitably play God—is always paved with good scientific intentions. Rose and Celie mean well.

Persons: Marin, Shelley, Frankenstein ”, Laura Moss, Brendan J, ”, Rose, Judy Reyes, — Organizations: IFC Locations: Marin Ireland

☆ Modern Masculinity Is Broken. She Knows How to Fix It.
▼ + stars: | 2023-09-24 | by ( David Marchese | ) www.nytimes.com time to read: +5 min

Talk Modern Masculinity Is Broken. Now, with her new book, “What About Men?” Moran turns her eye to what she sees as the limited and limiting discussions around modern masculinity. If I’m going to start talking about a difficult idea, I want to approach it in the most successful way possible. Part of the framing of your book is that there’s not enough discussion about young men’s struggling to adapt to changing ideas about masculinity. Men going: “Our lives have gotten materially worse since women started asking for equality.

Persons: Caitlin Moran, Moran, ” Moran, “, men’s, Beanie Feldstein, Caitlin Moran’s, you’ve, we’re, David Marchese, Alok Vaid, Menon, ordinariness, Joyce Carol Oates, Robert Downey Jr Organizations: The Times, IFC Films, Everett, The New York Times, WENN Rights, Marvel Locations: London

REUTERS/Willy Kurniawan/File Photo/File Photo Acquire Licensing RightsCompanies PT Suralaya Indotenaga FollowSINGAPORE/JAKARTA, Sept 14 (Reuters) - Environmental groups have submitted a formal complaint to the World Bank for providing financial support for two coal-fired power plants in Indonesia, violating a pledge to stop backing fossil fuels. Plans to build two more would emit 250 million tons of climate-warming carbon dioxide into the atmosphere, the groups said a letter to World Bank compliance ombudsman Janine Ferretti. The IFC, the World Bank and Hana Bank Indonesia did not immediately respond to requests to comment. According to the Global Energy Monitor think tank, Indonesia was one of 11 countries to commission new coal plants last year. The JETP compels Indonesia to impose a moratorium on new coal-fired power plants, though there are exemptions for "captive" plants that serve other industrial facilities.

Persons: Willy Kurniawan, Janine Ferretti, CREA, David Stanway, Miral Organizations: Indonesia Power, Plant, REUTERS, World Bank, International Financial Corporation, IFC, Hana, Hana Bank Indonesia, Bank, Inclusive Development, Hana Bank, Research, Energy, Clean, PT, Raya, Global Energy Monitor, Thomson Locations: Suralaya, Banten province, Indonesia, SINGAPORE, JAKARTA, Hana Bank, Asia, U.S, Hana Bank Indonesia, Helsinki, Jakarta, China, India

☆ Direct Line stays in ditch but now faces right way
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

Vehicles are seen on the M1 motorway in Milton Keynes following the outbreak of the coronavirus disease (COVID-19), Milton Keynes, Britain May 11, 2020. REUTERS/Andrew Boyers Acquire Licensing RightsLONDON, Sept 7 (Reuters Breakingviews) - Direct Line (DLGD.L) is still in the ditch. The good news is that the company is at least now facing the right way. Direct Line’s scope to actually exit its ditch hinges on customers swallowing the price rises it’s belatedly pushing through. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Milton Keynes, Andrew Boyers, Adam Winslow, George Hay, Hong Kong, Neil Unmack, Streisand Neto Organizations: REUTERS, Reuters, RSA, X, Hong, Thomson Locations: Milton Keynes, Britain

☆ Asia has a 'real interest' in speeding up the energy transition: IFC
▼ + stars: | 2023-08-30 | 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 EmailAsia has a 'real interest' in speeding up the energy transition: International Finance CorporationRiccardo Puliti of the institution explains why he has a positive view on the region's efforts.

Persons: International Finance Corporation Riccardo Puliti Organizations: Asia, International Finance Corporation

A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. "Uganda's Anti-Homosexuality Act fundamentally contradicts the World Bank Group's values. World Bank President Ajay Banga, who took office in June after the Ugandan law was enacted, has come under pressure to respond to the Ugandan law. The existing portfolio will continue to disburse funds, even as new lending is put on hold, a World Bank source said. It said the IFC and MIGA would also implement additional measures to "ensure inclusion and non-discrimination as needed."

Persons: Johannes P, Ajay Banga, Banga, Kanishka Singh, Andrea Shalal, Leslie Adler, Jonathan Oatis, Richard Chang Organizations: Bank, International Monetary Fund, REUTERS, United Nations, World Bank, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency, Reuters, IFC, Thomson Locations: Nusa Dua, Bali, Indonesia, Uganda, Washington

☆ Asia markets set to fall as Wall Street sees selloff after U.S. credit downgrade
▼ + stars: | 2023-08-03 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Central Hong Kong and the IFC tower seen from the Avenue of Stars in Tsim Sha Tsui. (Photo by Marc Fernandes/NurPhoto via Getty Images)Asia-Pacific markets are set to extend losses Thursday tracking Wall Street's selloff after ratings agency Fitch downgraded the United States' long-term credit rating from AAA to AA+. In Asia, investors will be watching the Caixin survey for China's service sector activity in Juy. Futures for Hong Kong's Hang Seng index stood at 19,403, pointing to a weaker open compared to the HSI's close of 19,517,38. In Australia, futures for the S&P/ASX 200 were at 7,241 compared to the last close of 7,354.6.

Persons: Marc Fernandes, Fitch Organizations: IFC, Tsim Sha Tsui, Getty Images, United, AAA, AA Locations: Hong Kong, Tsim Sha, Asia, Pacific, United States, 19,517,38 . Hong Kong, Chicago, Osaka, Australia

☆ Pakistan to sell contract to run Islamabad airport
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

KARACHI, Pakistan, July 20 (Reuters) - Pakistan is to proceed with the sale via tender of a contract to manage Islamabad airport after consultations with the International Finance Corporation (IFC), the Ministry of Finance said on Thursday. In March Pakistan had kicked off the outsourcing of operations at three major airports and the ministry said Islamabad airport was the first of these to be affected, as the country seeks to generate foreign exchange reserves for its ailing economy. In a statement the ministry said it had been unanimously agreed for the outsourcing of operations at Islamabad airport to go ahead in order to improve service delivery in line with best industry practices. Officials say Pakistan has been in talks with Qatar to jointly run the terminals at Islamabad, Karachi and Lahore airports. The Qatar Investment Authority pledged to invest $3 billion in Pakistan after Prime Minister Shehbaz Sharif visited Doha late last year.

Persons: Shehbaz Sharif, Ariba Shahid, David Holmes Organizations: International Finance Corporation, IFC, Ministry of Finance, Pakistan, Qatar Investment Authority, Thomson Locations: KARACHI, Pakistan, Islamabad, Qatar, Karachi, Lahore, Doha

☆ Ukraine's wounded grain giant weathers war with Danube exports
▼ + stars: | 2023-07-07 | by ( Tom Balmforth | ) www.reuters.com time to read: +4 min

He added that Nibulon never had faith in the Black Sea grain deal and was surprised it had been agreed in the first place. That share has risen to 70%-80% versus the volumes it ships across the Black Sea under the grain deal. He acknowledged that the Danube route where infrastructure is less developed is more expensive than the Black Sea. "We decided to have a more expensive logistics route, but more secure route." If the Black Sea deal ends on July 17, Nibulon would benefit in the short term, he said.

Persons: Son, KYIV, Oleksiy Vadaturskiy, Andriy, Vadaturskiy, Nibulon, It's, Tom Balmforth, David Evans Organizations: Black, Reuters, European Bank for Reconstruction, IFC, Thomson Locations: Russian, Kyiv ., Russia, Mykolaiv, Dnipro, Ukraine

☆ Qatar stock market ends lower, Egypt rises
▼ + stars: | 2023-06-18 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

The Qatari Stock index (.QSI) dropped 0.1%, extending its losses to a second session with Gulf's biggest lender Qatar National Bank (QNBK.QA) falling 0.2% and Qatar Islamic Bank (QISB.QA) shedding 1.1%. Among the losers, Lesha Bank (QFBQ.QA) and Dukhan Bank (DUBK.QA) lost 1.1% and 1.3% respectively. Saudi Arabia's benchmark index (.TASI) added marginally as losses in energy and financial sectors countered gains in most of the sectors. Dr Sulaiman Al-Habib Medical Services (4013.SE) climbed 2.5% and Mouwasat Medical Services (4002.SE) surged 6.1%. However, Riyad Bank (1010.SE) and the world's largest Islamic bank by assets Al Rajhi Bank (1120.SE) lost 2.1% and 0.7% respectively.

Persons: Christopher Waller, Dr Sulaiman Al, Md Manzer Hussain, David Evans Organizations: . Federal, United Arab, Qatar National Bank, Qatar Islamic Bank, Lesha Bank, Dukhan Bank, Habib Medical Services, Mouwasat Medical Services, Riyad Bank, Al Rajhi Bank, Co, International Finance Corporation, IFC, Thomson Locations: United States, Saudi Arabia, United Arab Emirates, Qatar, Saudi, El

☆ The World Bank is betting on this company to 'green' the $1.6 trillion steel industry — take a look inside
▼ + stars: | 2023-06-05 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +8 min

Boston Metal CEO, Tadeu Carneiro Photo courtesy Boston MetalThe Boston Metal offices in Woburn, Mass. A diagram of the process Boston Metal is using to make green steel. Zoom In Icon Arrows pointing outwards This is where the electricity is converted from AC to DC in the Boston Metal location. (A portion of the photo has been altered to protect the intellectual property of Boston Metal.) Zoom In Icon Arrows pointing outwards The Boston Metal electrolysis process releases oxygen as a byproduct.

Persons: Tadeu Carneiro, Cat Clifford, Adam Rauwerdink, It's, Carniero, Sonneborn, Rauwerdink, Boston Metal's, " Carneiro, doesn't Organizations: Boston Metal, CNBC, Boston, Boston Steel, DC, MIT, IFC, BHP, World Bank Locations: Woburn , Mass, Boston, Woburn, Asia, Burkina Faso, India, Brazil, South Asia

☆ ‘BlackBerry’ Review: From Must-Have Smartphone to E-Waste
▼ + stars: | 2023-05-19 | by ( Kyle Smith | ) www.wsj.com time to read: 1 min

The cast of ‘BlackBerry,’ including Jay Baruchel and Matt Johnson Photo: IFC FilmsThere’s no ephemera like business ephemera: Remember Bell Atlantic? Palm Pilot? Unlike “Friends” and “Seinfeld,” brands that disappear tend to be forgotten quickly. If you strolled around a campus today asking about the BlackBerry, would anyone even know what you were talking about? Yet as of 2007—in retrospect, a watershed year—it held a commanding position in the smartphone market.

(Photo by Marc Fernandes/NurPhoto via Getty Images)Asia-Pacific markets are trading mixed after the U.S. posted more data that showed inflation was easing. The producer price index for April, posted a year-on-year increase of 0.2%, against a Dow Jones estimate for 0.3% and after declining 0.4% in March. In mainland China, the Shanghai Composite fell 1.12% and closed at 3,272.36, dragged lower by in academic and educational services stocks. Hong Kong's Hang Seng index also fell 0.7% ahead of its first-quarter GDP figures. The Topix also climbed 0.64% and ended at 2,096.39, led by health care and utilities stocks.

☆ ‘God’s Time’ Review: Out for Revenge on New York’s Streets
▼ + stars: | 2023-05-03 | by ( John Anderson | ) www.wsj.com time to read: +1 min

Ben Groh Photo: IFC FilmsThere’s nothing nostalgic, per se, about “God’s Time”—the characters walk and talk and bike and roll and spatter each other with vulgarities within a very contemporary New York; they shatter the fourth wall with impunity; they occasionally instruct the camera. God’s Time Friday, AMC+Mr. Antebi may have a very casual attitude about structured narrative, but there’s little room for formality in “God’s Time,” which the writer-director has clearly based on his exposure to 12-step meetings and the occasional windbag therein: Regina (the startling Liz Caribel Sierra ) holds forth regularly about her addiction and—more persistently—about her unspeakable boyfriend. And the apartment from which he evicted her. And her dog, which he appropriated. After vowing to kill him, she inevitably reverses course, saying she’s going to pray that Russel ( Jared Abrahamson ) gets what’s coming to him “in God’s time.”

☆ 'Hey Netflix! You broke it — now fix it': On the picket lines with Hollywood writers as they bring signs, slogans, and sunscreen to their fight against the studios for 'as long as it takes'
▼ + stars: | 2023-05-03 | by ( Reed Alexander | Alison Brower | ) www.businessinsider.com time to read: +12 min

A writers' strike has been underway since overnight Monday. Thousands of Hollywood writers have fanned out across the streets of Los Angeles since early Tuesday afternoon, waving signs and chanting to demonstrate their resolve. Insider spoke with eight WGA members who are picketing or contributing to the work stoppage in other ways. Are you a member of the Writers Guild of America or do you work in the entertainment industry? How is the writers' strike impacting you?

☆ 'We should be worried': Finance leaders warn rising interest rates are squeezing low-income countries
▼ + stars: | 2023-04-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Ernest Ankomah/Getty ImagesLeaders of several global financial bodies warned that rising interest rates are increasing pressure on low-income developing countries, around 60% of which are now in or at high risk of debt distress. A lot of the debt accrued by low-income countries is coming due over the next couple of years, however, and rising interest rates mean these countries will find it increasingly difficult to meet their repayments. As such, van Trotsenburg called for "renewed solidarity with developing countries" from international bodies and major economies not just in the form of words, but with increased resources. "That's actually something that we raised a decade ago when we saw a rapid rise in the indebtedness levels of low-income countries. Diop said establishing a firm path toward economic growth in developing economies would enable them to generate investment and stand a better chance of meeting future loan obligations.

REUTERS/Anna KudriavtsevaWASHINGTON, April 14 (Reuters) - Ukraine secured promises of $5 billion in additional funding to support its ongoing fight against Russia amid "fruitful meetings" in Washington this week, Ukrainian Prime Minister Denys Shmyhal told reporters on Friday. Shmyhal met with representatives of the International Monetary Fund, the World Bank and the European Investment Bank as well as top U.S. officials, on the sidelines of the spring meetings of the IMF and World Bank. Ukraine needs about $14 billion in funding this year to close a budget gap, Shmyhal said, noting that the United States would provide $2.3 billion to plug the hole, while the European Union would provide 1 billion euros ($1.10 billion). The IFC program aims to leverage these donor funds using private sector investments, which will be needed to help cover the staggering cost of Ukraine's recovery. "A strong private sector is essential to help Ukraine's economy recover and support reconstruction efforts," said Makhtar Diop, the IFC's managing director.

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