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☆ Uzbekistan targets growth with expansion to its capital
▼ + stars: | 2024-11-18 | by ( Amy Gunia | ) edition.cnn.com time to read: +5 min

CNN —About five million people live and work in Uzbekistan’s capital, Tashkent, making it the largest city in the country, and one of the most populous cities in Central Asia. The capital expansion, dubbed New Tashkent, could play an important role in helping the country create new jobs, draw investment and boost its economy. Growth through urbanizationIn 2017, Uzbekistan’s new president Shavkat Mirziyoyev launched an ambitious economic and social reform program. Sunset over Amir Temur Square in the center of Tashkent, Uzbekistan, September 15, 2016. Purpose-built innovation clusters are intended to catalyze the growth of target industries, while tourism areas aim to attract visitors.

Persons: ” Christine P, Chan, Shavkat Mirziyoyev, it’s, Amir Temur, ” Chan, Zaha Hadid, Hakan Agca, Agca, ” Organizations: CNN, Urban, Asian Development Bank, ADB, Getty, Economist Intelligence, Scientific Research, Amsterdam, London Locations: Tashkent, Central Asia, New Tashkent, Amir, Uzbekistan, “, ”, Tashkent Twin

☆ ADB discusses $120 billion cumulative climate finance target for 2030
▼ + stars: | 2024-11-15 | 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 Development Bank's Kubo discusses the $120 billion cumulative climate finance target for 2030Toru Kubo, senior director for climate at Asian Development Bank, says "we've been doing everything we can" to mitigate and adapt solutions to the most vulnerable countries.

Persons: Bank's Kubo, Toru Kubo, we've Organizations: Asian Development Bank

☆ I saw how New York's biggest airport wants to build a 5-star terminal. I'd actually look forward to flying through.
▼ + stars: | 2024-10-26 | by ( Taylor Rains | ) www.businessinsider.com time to read: +7 min

AdvertisementJohn F. Kennedy International Airport broke ground on a new Terminal One in September 2022. A private consortium is investing $9.5 billion to modernize the new terminal, focusing on safety, efficiency, and the customer experience. New Terminal OneDevelopers hope the future state-of-the-art terminal will become a Skytrax five-star airport terminal — a feat no US airport had achieved until New York's LaGuardia Airport finally ditched its infamous "LaGarbage" nickname with a new and improved Terminal B in 2023. This includes facial recognition boarding, AI-powered gate systems, and air traffic technology to reduce the chance of near misses. If the technology works as promised, I'd look forward to flying through.

Persons: John F, SITA's, Taylor Rains, Taha Zahir, LaGuardia, Zahir Organizations: Kennedy International Airport, Port Authority of New, JFK, Phillippines Airlines, Air, New, Department of Transportation, Business, JFK's, BI, British Airways, Flyers, TSA, Changi Airport, Korean, ADB Locations: York, Port Authority of New York, North America, Air France, Long, London, Changi, NYC's, LaGuardia, Los Angeles

☆ ADB: China should give more money directly to consumers
▼ + stars: | 2024-09-25 | 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: China should give more money directly to consumersAlbert Park, Chief Economist at the Asian Development Bank, believes the recent China government stimulus is a welcome step in right direction, but that it's not enough to lead to a sustained improvement in sentiment or economic growth.

Persons: Albert Park Organizations: ADB, Asian Development Bank Locations: China

☆ Japan nominates ex-currency diplomat Kanda to head Asian Development Bank
▼ + stars: | 2024-09-10 | by ( ) www.cnbc.com time to read: 1 min

Masato Kanda, vice-minister of finance for international affairs at Japan's Ministry of Finance, during a press conference after the Group of 20 (G-20) finance ministers and central bank governors meeting. Japan will nominate Masato Kanda, the country's former top currency diplomat, as its candidate to become next head of the Asian Development Bank, Finance Minister Shunichi Suzuki said on Tuesday. Since the ADB was founded in 1966, its top post has always been filled by someone from Japan which, along with the United States, is the bank's biggest shareholder. That makes Kanda a strong candidate to take up the post. "(Kanda) is most appropriate to lead the ADB as he is well-versed in Asia-Pacific affairs and has built deep networks with executives from various countries and international institutions," Suzuki said at a regular press conference.

Persons: Masato Kanda, Shunichi Suzuki, Suzuki Organizations: Japan's Ministry of Finance, Asian Development Bank, Finance, ADB Locations: Japan, United States, Asia, Pacific

☆ 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

☆ 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

☆ 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

☆ In America, Headlights are blinding but not in other countries, this tech is why
▼ + stars: | 2024-02-15 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +8 min

In Europe and Asia, many cars offer adaptive driving beam headlights that can do this. But that still means driving much – or most – of the time using only low beam headlights that don’t reach very far. That means it will probably be years before ADB headlights are widely available in the US. But, while driving, the lights work just like standard high beam, low beam headlights. It will be years before they can offer new, redesigned ADB headlights that meet the standards, auto industry sources say.

Persons: ”, “, Michael Larsen, Larsen, Matt Brumbelow Organizations: CNN, ADB, Traffic Safety Administration, NHTSA, Ford, Volkswagen, Insurance Institute for Highway, Society of Automotive Engineers, ” Audi, “, General Motors, Society of Automotive, EU, Audi, Mercedes, Insurance Institute for Highway Safety Locations: Europe, Asia, China, Canada, United States, America, American

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

Helping these countries, which face some of the biggest risks from climate change, access these will be a key aim during the COP28 climate talks underway in Dubai. Ambitions for results at COP28 got off to a good start on the opening day on Thursday when countries approved plans for the climate disaster fund, after months of negotiations. About 60% of low-income countries are either in or at high risk of debt distress, the CDP said. The Central Asia Regional Economic Cooperation Program, for example, aims to agree a disaster relief bond issuance and a regional risk transfer facility, the ADB's Principal Disaster Risk Insurance and Finance Specialist, Thomas Kessler, told Reuters. "We are ready to scale up climate protection through early warning systems, anticipatory cash, climate insurance and community-based resilience projects," said Gernot Laganda, director of Climate and Disaster Risk Reduction at the United Nations World Food Programme.

Persons: COP28, Ekhosuehi Iyahen, IDF's Iyahen, Michèle Plichta, Lydia Poole, Odile Renaud, Basso, Thomas Kessler, Otis, Gernot Laganda, Alessandro Parodi, Simon Jessop, Libby George, Karin Strohecker, Susan Fenton Organizations: Insurance, Forum, PAF, Disaster, European Bank for Reconstruction, Global, Swiss, Central Asia Regional Economic Cooperation, Finance, Reuters, UN, University of Cambridge's Institute for Sustainability Leadership, United Nations, Food, Thomson Locations: GDANSK, LONDON, Dubai, London, Mexico

☆ 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

☆ ADB approves $300 million loan to fund greening of Chinese coal city
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Sept 30 (Reuters) - The Asian Development Bank (ADB) said on Saturday it had approved a $300 million loan to an industrial city in a major Chinese coal-producing province to help "catalyse green" transformation of the city of 3 million people. The loan for Changzhi in the northern province of Shanxi will help fund a $665 million project, partly financed by the Chinese government, to reduce poverty, cut carbon emissions and improve urban liveability in a city that has long depended on coal, the ADB said. "Knowledge gained from the project will serve as a model for replication in other heavy-industry regions," ADB Principal Urban Development Specialist Stefan Rau said in a statement. As part of the project, Changzhi will build treated wastewater reuse facilities, put electric buses on roads and create bicycle-paths made from construction waste. Reporting by Ryan Woo; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefan Rau, Ryan Woo, William Mallard Organizations: Asian Development Bank, Changzhi, ADB, Urban, Thomson Locations: BEIJING, Shanxi, Manila

☆ China's property crisis weighs on developing Asia's 2023 growth outlook - ADB
▼ + stars: | 2023-09-20 | by ( Enrico Dela Cruz | ) www.reuters.com time to read: +2 min

Updating its regional economic outlook, the ADB trimmed its 2023 growth forecast for developing Asia to 4.7%, from 4.8% projected in July. But the growth forecast for next year for the grouping, which consists of 46 economies in the Asia-Pacific and excludes Japan, Australia and New Zealand, was revised slightly upwards to 4.8% from 4.7% previously. China's property crisis "poses a downside risk and could hold back regional growth," the ADB said in its report. The Manila-based lender maintained its 2024 growth forecasts for China and India at 4.5% and 6.7% respectively. While growth has so far been robust and inflation pressures are receding in developing Asia, Park said governments need to be vigilant against the many challenges the region faces, including food security.

Persons: Thomas Peter, Albert, Park, Enrico Dela Cruz, Mikhail Flores, Kanupriya Kapoor Organizations: REUTERS, Rights, Asian Development Bank, ADB, East, Thomson Locations: Beijing, China, Rights MANILA, Asia, El, Pacific, Japan, Australia, New Zealand, East Asia, South Asia, Southeast Asia, India, Manila

☆ Asian Development Bank trims growth forecast for region, dampened by Chinese property sector weakness
▼ + stars: | 2023-09-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The Asian Development Bank trimmed its 2023 growth forecast for the region to 4.7% on the back of China's embattled property sector and a persistently high interest rate environment. "The PRC's property market poses a downside risk and could hold back regional growth," ADB said in its outlook report released Wednesday. China's property sector has languished ever since Evergrande defaulted in 2021. ADB also lowered its China growth forecast from 5% to 4.9%. "Although inflation is coming down, prices are still somewhat elevated and we're seeing with high interest rates, cautious attitude by some investors in different parts of the region."

Persons: Evergrande, Albert Park, CNBC's, El Niño Organizations: Asian Development Bank, ADB Locations: China's, China, Southeast Asia

☆ Here are 3 things for stock investors to watch in the market in the week ahead
▼ + stars: | 2023-09-09 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

It was a down week for the major stock market benchmarks as rumors of an iPhone ban for government employees in China sparked concerns over increasing tensions between Washington and Beijing. Here's a full rundown of all the important domestic earnings reports and economic data in the week ahead. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Jim Cramer, Apple —, Jim, we'll, Einstein, Stellantis, We'll, That's, Oracle's, LEN, Jim Cramer's Organizations: Apple, Dow, Nasdaq, Broadcom, DuPont, Huawei, Nvidia, Apple Watch, Vision, Club, Google, Justice Department, United Auto Workers, General Motors, Chrysler, Ford, UAW, CPI, PPI, Oracle, Oracle Cloud Infrastructure, Microsoft, Costco, Caseys, Jim Cramer's Charitable, CNBC, Apple Inc, Getty Locations: China, Washington, Beijing, U.S, People's Republic of China, San Francisco, Shanghai

☆ Asian Development Bank says the world faces 'immense' funding challenges
▼ + stars: | 2023-09-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Asia and the rest of the world face "immense" challenges, and the Asian Development Bank must work with others to address those issues, its director general told CNBC on Friday. "The challenge that we are facing in this region and also globally, are immense, including climate change. "So this is a limitation for different countries to take more debt for their sustainable development and climate change." He said multilateral development banks "can and must take bold action to help address the challenges." "First of all, we need to ramp up our lending capacity ... but also, we need extra efforts to mobilize more money from private sector," he said.

Persons: Tomoyuki Kimura, CNBC's Tanvir Gill, Covid Organizations: Asian Development Bank, CNBC, ADB Locations: Asia, New Delhi

☆ Challenge that the region is facing is 'immense,' says Asian Development Bank
▼ + stars: | 2023-09-08 | by ( ) www.cnbc.com time to read: 1 min

Tomoyuki Kimura, director general of the ADB, said the region is facing immense challenges, including climate change, the Covid pandemic and natural disasters, and joint effort is needed to meet countries' funding needs.

Persons: Tomoyuki Kimura Organizations: ADB

☆ Pandemic, inflation push 68 million more in Asia into extreme poverty, Asian Development Bank says
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Danish Siddiqui/File Photo Acquire Licensing RightsMANILA, Aug 24 (Reuters) - The coronavirus pandemic and rise in cost of living have pushed close to 70 million more people in developing Asia into extreme poverty as of last year, the Asian Development Bank said, eroding efforts to combat deprivation. Developing Asia consists of 46 economies in the Asia-Pacific and excludes Japan, Australia and New Zealand. "Asia and the Pacific is steadily recovering from the COVID-19 pandemic, but the increased cost-of-living crisis is undermining progress toward eliminating poverty," said ADB Chief Economist Albert Park. Extreme poverty is defined as living on less than $2.15 a day, based on 2017 figures. Developing Asia was on track to grow 4.8% this year from a year earlier, faster than the previous year's 4.2% expansion, the ADB said in July.

Persons: Danish Siddiqui, Albert Park, Karen Lema, Lincoln Organizations: REUTERS, Danish, Rights, Asian Development Bank, ADB, Thomson Locations: Pitha, Uttarakhand, India, Asia, Pacific, Japan, Australia, New Zealand

"The price of global rice prices is particularly worrying," Qingfeng Zhang, a senior director from the Asian Development Bank, told CNBC. Other than India, food inflation has been relatively tame in Asia so far this year. Underscoring how higher food prices erode purchasing power, ADB suggested at that time that a 10% rise in domestic food prices in developing Asia would push 64.4 million into poverty, based on the $1.25-a-day poverty line. Moreover, this spike in rice prices is happening amidst widespread lower food prices. watch nowThis means any spikes in food prices will only translate to food inflation toward the end of this year or early 2024.

Persons: Qingfeng Zhang, El Niño, Niño, Erica Tay, Tay, Tay . Rice, Xi Jinping, Morgan Stanley, Maybank Nomura, Sonal Varma, Si Ying Toh, Nomura, Paul Hughes, Hughes, Global's Hughes Organizations: Istock, Asian Development Bank, CNBC, ADB, United Nations, FAO, Tay . Locations: Ho Chi Minh, Vietnam, Asia, India, Thailand, China, Myanmar, Cambodia, Tay, U.S, El, Australia, Pacific, Singapore, Hong Kong, Indonesia, South Korea, Philippines, Malaysia

☆ China's premier says country will work to achieve growth targets
▼ + stars: | 2023-08-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese Premier Li Qiang, (R) speaks during a meeting with Asian Development Bank (ADB) President Masatsugu Asakawa (not pictured) at the Great Hall of the People on July 11, 2023, in Beijing, China. BEIJING — China's Premier Li Qiang said Wednesday the country would work to achieve its economic targets for the year, according to an official readout. Li is head of China's State Council, the country's top executive body. During the meeting, Li called for expanding domestic demand and boosting consumption. He also said efforts should be made to "organically combine" security with development — in the context of promoting business overall.

Persons: Li Qiang, Masatsugu Asakawa, Li Organizations: Asian Development Bank, of, BEIJING —, China's State Council Locations: Beijing, China, BEIJING

☆ Developing Asia on track to grow faster in 2023 - ADB
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

MANILA, July 19 (Reuters) - Developing Asia is on track to grow faster in 2023 from a year earlier as strong consumption and investment offset the impact of weak global demand, the Asian Development Bank (ADB) said on Wednesday. In an update to its regional economic outlook, the ADB kept its 2023 growth forecast for developing Asia at 4.8%, but revised a tad lower its estimate for next year to 4.7% from 4.8% in April, reflecting risks, including from Russia's war on Ukraine. Developing Asia consists of 46 economies in the Asia-Pacific and excludes Japan, Australia and New Zealand. The ADB maintained its growth projections for subregions East Asia and South Asia, with China and India still expected to expand 5.0% and 6.4% this year, respectively, and 4.5% and 6.7% in 2024, but trimmed slightly its outlook for Southeast Asia. An upside risk to the growth outlook of developing Asia is slower inflation, which has allowed most central banks in the region to hold off tightening, helping underpin domestic consumption.

Persons: Karen Lema, Martin Petty Organizations: Asian Development Bank, ADB, East, Thomson Locations: MANILA, Asia, Ukraine, Pacific, Japan, Australia, New Zealand, East Asia, South Asia, China, India, Southeast Asia

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