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☆ Russia strikes Ukraine's Danube port, sending global grain prices higher
▼ + stars: | 2023-08-02 | by ( Pavel Polityuk | ) www.reuters.com time to read: +5 min

Ukraine's defence ministry said a grain silo was damaged in the Danube port of Izmail in the Odesa region: "Ukrainian grain has the potential to feed millions of people worldwide," the ministry wrote on messaging platform X, formerly known as Twitter. Russian terrorists have once again attacked ports, grain, global food security." "The enemy... is trying to destroy Ukrainian grain, attacking industrial and port infrastructure. Ukrainian officials have said Moscow has hit 26 port facilities, five civilian vessels and 180,000 tonnes of grain in nine days of strikes since quitting the grain deal. Ukraine's Air Force reported that Russia also launched a drone attack on Kyiv and the surrounding region overnight.

Persons: Oleh Kiper, Kiper, Volodymyr Zelenskiy, Izmail, Ukraine's, Serhiy Bratchuk, Pavel Polityuk, Jacqueline Wong, Tom Hogue, Simon Cameron, Moore, Peter Graff Organizations: REUTERS, Ukrainian Volunteer Army, United Nations, Ukraine's Air Force, Air, Thomson Locations: Russian, Ukraine, Odesa, REUTERS KYIV, Russia, Romania, Moscow, reimpose, Izmail, NATO, Ukraine's, Chicago, Constanta, Turkey, Kyiv

☆ India lets firms list on Modi's flagship finance hub to draw foreign capital
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: +1 min

Listed and unlisted companies can list their shares in the International Financial Services Centre (IFSC) housed in the Gujarat International Financial Tech City (GIFT), which is Prime Minister Narendra Modi's flagship project. "I'm pleased to announce that the government has taken a decision to enable direct listing of listed and unlisted companies on the IFSC exchanges," Sitharaman said. Indian companies can currently only list on foreign exchanges through instruments such as depository receipts. The government had announced plans in 2020 to allow firms to have their primary listings on foreign exchanges. The government has said companies can use the IFSC route to access similar benefits of foreign capital.

Persons: Nirmala Sitharaman, Narendra Modi's, I'm, Sitharaman, Manch, Aftab Ahmed, Muralikumar Organizations: International Financial Services, Gujarat International Financial Tech City, Singapore, International Exchange, Thomson Locations: DELHI, India, Gujarat, Singapore, City, New Delhi

☆ Even a Russian-cofounded bank can't fund new projects in the country — and it shows just how financially isolated the country is
▼ + stars: | 2023-07-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

"Any speculations concerning the discussion of new operations of the NDB in Russia are unfounded," the development bank said in a Wednesday statement. The Shanghai-headquartered NDB was founded in 2015 by the "BRICS" nations — that's Brazil, Russia, India, China, and South Africa. She said the bank is not considering new projects in Russia as it operates in compliance with international financial and capital restrictions. On Wednesday, she also met with Russian President Vladimir Putin, the Kremlin said in a statement. Mere days after it invaded Ukraine, some Russian banks were banned from SWIFT, the Belgium-based messaging service that lets banks globally communicate about cross-border transactions.

Persons: —, Dilma Rousseff, Rousseff, Vladimir Putin, Putin Organizations: New Development Bank, Twitter, Kremlin, SWIFT Locations: Russia, Shanghai, Brazil, India, China, South Africa, Russian, St, Petersburg, Ukraine, Belgium

☆ US willing to take 'targeted' actions against China for national security, Treasury official says
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +4 min

"When necessary, we will use a suite of tools to achieve our national security goals. It is our core mission to protect the American people from national security risks while also clearly communicating our position and intent to China to reduce the risk of misunderstanding," said Shambaugh, who heads Treasury's international affairs. The Biden administration is weighing new restrictions on outbound private investment into China and other countries of concern. "To be clear: neither targeted national security actions nor attempts to build diversified supply chains represent decoupling," Shambaugh said in the prepared remarks. He said the Treasury also has been troubled by China's recent punitive actions against U.S. firms and export controls on critical minerals for semiconductors.

Persons: Jay Shambaugh, Biden, Shambaugh, Janet Yellen, David Lawder, Paul Simao Organizations: . Treasury, U.S . Senate Foreign Relations, U.S, U.S . Treasury, Treasury, International Monetary Fund, World Bank, Thomson Locations: China, U.S, Beijing, Zambia, Ghana, Sri Lanka

☆ Stock Exchange Regulators Back Global Climate-Reporting Rules
▼ + stars: | 2023-07-25 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +5 min

Regulators of the world’s top stock exchanges gave their backing to the international climate-reporting standards framework Tuesday, adding momentum to efforts to establish the rules as the global baseline. The International Organization of Securities Commissions, known as Iosco, endorsed the International Sustainability Standards Board’s recently published climate reporting standard. While some businesses may be waiting to see the completed SEC climate reporting rules, it hopes the advantages of using a single standard worldwide outweigh any disadvantages of being more demanding than the SEC’s coming climate reporting rules. PREVIEWIt is now up to individual countries and jurisdictions to decide if and when they adopt the ISSB standards. “This is a hugely significant step towards a global baseline of sustainability reporting.

Persons: —, Jean, Paul Servais, Benoit Doppagne, “ Iosco, ”, Larry Bradley, Iosco, PwC, KPMG’s Bradley, “, Rochelle Toplensky Organizations: International Organization of Securities Commissions, International, U.S . Commodity Futures Trading Commission, Securities, Exchange, Zuma, SEC, U.S, EU, KPMG, Sustainable Business, Rochelle Locations: Japan, China, Britain, U.S, Australia, Canada, Hong Kong, Malaysia, New Zealand, Nigeria, Singapore, Glasgow

Mugabe’s successor, Emmerson Mnangagwa, had promised sweeping political, economic and social reforms. Several opposition activists, journalists and human rights activists have been arrested over the last year, including Job Sikhala, a Parliament member and senior official with the CCC. Obey Shava, a prominent Zimbabwean human rights lawyer who has represented various opposition party supporters facing questionable charges, was violently attacked earlier this month. Human rights group Amnesty International called it a “brutal assault on civic space.”At the same time, government corruption remains a problem in Zimbabwe. Mnangagwa has blamed Western sanctions for the current economic crisis in Zimbabwe, where the annual inflation rate reached 175% in June.

Persons: Robert Mugabe, Zimbabwe’s, Mugabe’s, Emmerson Mnangagwa, “, ”, Joe Biden, ” Biden, Nelson Chamisa, Job Sikhala, Obey, Bill –, Bill, Al Jazee, Mugabe, Morgan Tsvangirai, Mnangagwa, Macky Sall, Felix Tshisekedi, Stephen Chan, ” Chan, Ruben Mbofana, –, Mbofana, Leonard Koni, Kudakwashe Regimond Tagwirei, Emmerson Mnangagwa Jr, ” Koni Organizations: U.S . Congress, “, ZANU, Citizens Coalition, Amnesty, Movement, Democratic, Mugabe, U.S, Congress, Zimbabwe Democracy, ., U.S . Treasury, Union, Reuters, SOAS University of London Locations: MUTARE, Zimbabwe, Mutare, Rhodesia, U.S, United Kingdom, Canada, Australia, Senegal

☆ 3 reasons countries around the world want to break up with the dollar
▼ + stars: | 2023-07-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

The US dollar has been the world's reserve currency for decades, but its dominance is fading. US monetary policies, the strong USD, and structural shift in the global oil trade also contribute. Here are three other reasons countries around the world are attempting to line up plans to possibly move away from a dollar-dominated world. The arrangement was formalized in 1945 when the oil-giant country Saudi Arabia and the US reached a historic deal wherein Saudi Arabia would sell its oil to America only using the greenback. In return, Saudi Arabia would reinvest excess dollar reserves into US treasuries and companies.

Persons: Valéry Giscard d'Estaing, —, Narendra Modi's, Luiz Inácio Lula da Silva, It's, Donald Trump, wasn't, Joe Biden, Prince Mohammed bin Salman, Jamal Khashoggi, Sarah Miller Organizations: Service, International Monetary Fund, Wilson, Reserve Bank of, Indian, Reuters, Allianz, Global, US, Washington Post, Energy Intelligence Locations: Russia, Wall, Silicon, Western, Ukraine, Washington, Brazil, Argentina, Bangladesh, India, France, Reserve Bank of India, China, South Africa, Saudi Arabia, America, Saudi

☆ Hong Kong's golfers gird up for battle as housing policy threatens famed course
▼ + stars: | 2023-07-21 | by ( Clare Jim | ) www.reuters.com time to read: +7 min

[1/2] Miguel Angel Jimenez from Spain hits a shot on the 18th fairway during the final day of the Hong Kong Open Championship at the Hong Kong Golf Club in Hong Kong, China November 18, 2012. The rare measure drew criticism from NGOs who questioned whether the golf course would be redeveloped as planned by 2029. Three of these courses are in the Fanling golf course located close to the border with mainland China. "If you see the aggressiveness of the branding by other countries, Hong Kong is really under the gun. "The (Hong Kong) government absolutely should not allow populism and antagonism against the wealthy to spread," Tong said.

Persons: Miguel Angel Jimenez, Tyrone Siu, Hong Kong's, John Lee, Lee, Simon Yau, Sze Lai Shan, LIV Golf, Amr El Henawy, El Henawy, Ronny Tong, Tong, Clare Jim, Justin Fung, Anne Marie Roantree Organizations: Hong Kong, Hong Kong Golf Club, REUTERS, Hong, Urban Studies, Lingnan University of Hong, Development Bureau, Reuters, Town, Society of Community Organization, HIT, HONG, UNESCO, Pacific Cultural Heritage, Team, Thomson Locations: Spain, Hong Kong, China, Tyrone Siu HONG KONG, Lingnan University of Hong Kong, HONG KONG, Asia, Saudi

NEW DELHI, July 13 (Reuters) - Global finance chiefs will meet in India next week to discuss increasing loans to developing nations from multilateral institutions, reforming the international debt architecture and regulations on cryptocurrency, Indian officials said. The finance ministers and central bank governors from the Group of 20 (G20) nations will also discuss a multilateral agreement on taxing conglomerates with cross-border operations, while the Russian war in Ukraine was also bound to come up, they said. Senior treasury officials from Russia and China are also expected to attend, according to two Indian officials, who did not want to be named. The finance ministers and treasury heads will also attempt to bring agreement on the principles of managing cryptocurrencies in their respective geographies. Additional reporting by Maria Martinez and Leigh Thomas; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Ajay Banga, Kristalina Georgieva, Lawrence Summers, N.K, Singh, Ajay Seth, Maria Martinez, Leigh Thomas, Raju Gopalakrishnan Organizations: Global, Treasury, International Monetary Fund's, Economic, IMF, Organisation for Economic Co, Development, OECD, Thomson Locations: DELHI, India, Ukraine, Gandhinagar, Gujarat, New Delhi, U.S, Russia, China, Zambia, Ghana

☆ Global public debt hits record $92 trillion, UN report says
▼ + stars: | 2023-07-12 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

LONDON, July 12 (Reuters) - Global public debt surged to a record $92 trillion in 2022 as governments borrowed to counter crises, such as the COVID-19 pandemic, with the burden being felt acutely by developing countries, a United Nations report said. Developing countries owe almost 30% of the global public debt, of which 70% is represented by China, India and Brazil. Fifty-nine developing countries face a debt-to-GDP ratio above 60% - a threshold indicating high levels of debt. Private creditors, such as bondholders and banks, represent 62% of developing countries' total external public debt. Reporting by Jorgelina do Rosario, additional reporting by Michelle Nichols at the United Nations, editing by Karin Strohecker and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Antonio Guterres, Jorgelina, Michelle Nichols, Karin Strohecker, Sharon Singleton Organizations: Global, United, UN, United Nations, Monetary Fund, Group, Thomson Locations: United Nations, China, India, Brazil, Africa, America, Paris, Rosario

☆ Ant Group valuation: Jack Ma's speech cost Chinese company about $230 billion
▼ + stars: | 2023-07-10 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The company was co-founded by Jack Ma, as was e-commerce giant Alibaba Group (BABA). On Friday, Chinese financial regulators fined Ant and its subsidiaries a total of 7.1 billion yuan ($984 million) for breaking rules related to consumer protection and corporate governance. The fines mean the regulatory “overhang” over the Chinese internet sector has finally been removed, Jefferies analysts said Saturday. Chinese tech shares rallied Monday, with Alibaba rising 3.2% and Tencent gaining 0.7%. Friday’s fines mark the conclusion of the regulatory crackdown on Ant and could pave the way for the company to revive its long-anticipated IPO, according to analysts.

Persons: Jack Ma, Didi, Meituan, Ant, ”, Alibaba, Ma, ” Ma Organizations: Hong Kong CNN — Ant, Alibaba, CNN, Jefferies, Saudi Aramco, Bund Financial Locations: Hong Kong, China, Shanghai, Saudi, Beijing

Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.

Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, ” Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West

The Central American nation urgently needs to exit the watch lists so it can reclaim its place as a financial hub, Deputy Financial Minister Jorge Almengor said in an interview late on Wednesday. In 2019 FATF again placed Panama on its list, saying the country was making too little progress on financial transparency. In 2020, the European Union added Panama to its own list of countries deemed "noncooperative" for tax purposes. The Organization for Economic Co-operation and Development (OECD) has also included Panama on its own watch list. He said the visit should result in Panama's removal from the watch list at an October plenary meeting of FATF.

Persons: Jorge Almengor, Panama's, FATF, Josep Borrell, Laurentino Cortizo, Almengor, Valentine Hilaire, Sarah Morland, Matthew Lewis Organizations: Central American, Union, Organization, Economic Co, Development, Panamanian, EU, Thomson Locations: Panama, Mexico

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

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

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

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

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

☆ Pro Take: Forget the SEC, International Climate Reporting Standards Could Become the Global Baseline
▼ + stars: | 2023-06-26 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +8 min

New international sustainability reporting standards could fulfill their ambition in becoming the global baseline as the advantages of using a single standard worldwide may, for many companies, outweigh the disadvantages of being more demanding than the SEC’s coming climate reporting rules. On Monday, the International Sustainability Standards Board released its initial two reporting standards. PREVIEWDespite the strong demand for one standard, U.S. and European Union officials are each developing their own climate reporting regimes. It is now up to individual countries and jurisdictions to decide if and when they will adopt the ISSB standards. Sue Lloyd, vice chair of the International Sustainability Standards Board, at the launch of the inaugural sustainability standards.

Persons: Sue Lloyd, ”, Brian Moynihan, Lloyd, Um, Lysanne Gray, Eelco van der Enden, Jean, Paul Servais, Benoit Doppagne, Iosco, Unilever’s Gray, Rochelle Toplensky, Amplifications Iosco Organizations: Sustainability, Task Force, Sustainable Business, European Union, International Organization of Securities Commissions, Securities, Exchange Commission, U.S, Wall Street, Bank of America, London Stock Exchange, Asian Development Bank, Unilever, Alignment, Global, Initiative, Belgian Financial Services, Markets, FSMA, Zuma Press, Accounting, Rochelle, wsj.com Corrections, Amplifications Locations: EU, Australia, Canada, Japan, Hong Kong, Malaysia, New Zealand, Nigeria, Singapore, Glasgow, Monday’s, Egypt, Africa, Asia, U.S

LONDON, June 26 (Reuters) - Companies will face more pressure to disclose how climate change affects their business under a new set of G20-backed global rules aimed at helping regulators crack down on greenwashing. The norms published on Monday have been written by the International Sustainability Standards Board (ISSB) as trillions of dollars flow into investments that tout their environmental, social and governance credentials. David Harris, head of sustainable finance strategic initiatives at London Stock Exchange Group, said the new norms bring more rigour to sustainability reporting, more aligned with financial reporting. Under the ISSB rules, companies would need to disclosure material emissions, with checks by external auditors. The European Union finalises its own disclosure rules next month and it and the ISSB have sought to make each other's norms "interoperable" to avoid duplication for global companies.

Persons: Emmanuel Faber, Faber, Joanna Penn, Jean, Paul Servais, David Harris, Harris, haven't, Huw Jones, Alexander Smith, Robert Birsel Organizations: International Sustainability, Reuters, Force, London Stock Exchange Group, Union, Thomson Locations: Canada, Britain, Japan, Singapore, Nigeria, Chile, Malaysia, Brazil, Egypt, Kenya, South Africa

☆ Ukraine to make personnel changes over bomb shelter deaths
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

KYIV, June 23 (Reuters) - President Volodymyr Zelenskiy said on Friday there would be personnel changes following an inquest into the state of Ukraine's bomb shelters after three people were locked out on the street and killed during an air raid. The situation is especially cynical and shameful in those cities that have significant financial resources, but, unfortunately, have other priorities. Zelenskiy ordered an audit of all air raid shelters after the deaths of the three people, who rushed to a Kyiv air raid shelter that failed to open. Zelenskiy has criticised Kyiv city officials and prosecutors put the head of Kyiv's municipal department for security under house arrest following an audit of air raid shelters. After the bomb shelter incident, Kyiv mayor Vitali Klitschko said he bore some responsibility but that others were to blame, especially appointees of the president.

Persons: Volodymyr Zelenskiy, Zelenskiy, Vitali Klitschko, Olena Harmash, Timothy Organizations: National Security, Defence Council, European Union, Timothy Heritage, Thomson Locations: Kyiv, Kyiv's

☆ HIGHLIGHTS-What world leaders said at the Paris finance summit
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

PARIS, June 22 (Reuters) - Following are highlights of what world leaders said at a summit in Paris on Thursday to boost crisis financing for poor countries, reform post-war financial systems and free up funds to tackle climate change. ON REFORM"Even with the capital that the World Bank and the MDBs (multinational development banks) have, there is clearly potential ...to increase financing capacity," said U.S. Treasury Secretary Janet Yellen, whose country is the World Bank's biggest shareholder. U.S. Treasury Secretary Janet Yellen delivers her speech at the U.S embassy to France, ahead of the Global Climate Finance conference, in Paris, France June 22, 2023 World leaders, heads of international organizations and activists are gathering in Paris for a two-day summit aimed at seeking better responses to tackle poverty and climate change issues by reshaping the global financial system. ON FAILURE OF INTERNATIONAL FINANCIAL ARCHITECTURE"It is clear that the international financial architecture has failed in its mission to provide a global safety net for developing countries," said U.N. Secretary General Antonio Guterres. Reporting by Leigh Thomas, John Irish, Elizabeth Pineau, Silvia Aloisi; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Yellen, Lewis Joly, Emmanuel Macron, General Antonio Guterres, Leigh Thomas, John Irish, Elizabeth Pineau, Silvia Aloisi, Christina Fincher Organizations: World Bank, Treasury, U.S . Treasury, U.S, Global Climate Finance, Bank, Thomson Locations: Paris, U.S, France

☆ Explainer: What is the 'Bridgetown Initiative' asking for at Paris summit?
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +4 min

[1/2] An aerial view shows the Seine River and the skyline of La Defense financial and business district near Paris, France, June 19, 2023. REUTERS/Stephanie LecocqPARIS, June 22 (Reuters) - President Macron hosts a summit in Paris starting Thursday to discuss reform of the world's multilateral finance institutions in the face of climate change and other development challenges. A key topic of discussion will be suggestions from a group of developing countries, led by Barbados, dubbed the 'Bridgetown Initiative'. They should simplify and harmonise the way countries can apply to access loans across the world. The international financial institutions should also finance development plans that help protect shared resources.

Persons: Stephanie Lecocq PARIS, Macron, Simon Jessop, Leigh Thomas, Christina Fincher Organizations: La Defense, REUTERS, Bridgetown Initiative, Monetary Fund, Rapid, IMF, World Bank, African Development Bank, Development Association, Growth Trust, Resilience, Sustainability Trust, World Trade Organisation, International Financial, Thomson Locations: Paris, France, Barbados, Bridgetown

Leaders are set to back a push for multilateral development banks like the World Bank to put more capital at risk to boost lending, according to a draft summit statement seen by Reuters. Citing the war in Ukraine, climate crisis, a fledgling pandemic recovery, widening disparity and declining progress, Banga said it was time the World Bank adopted a new vision. The summit aims to create multifaceted roadmaps that can be used over the next 18-24 months, ranging from debt relief to climate finance. Wealthy nations have yet to come good on climate finance that they promised as part of a past pledge to mobilize $100 billion a year, a key stumbling block at global climate talks. Though binding decisions are not expected, officials involved in the summit's planning said some strong commitments should be made about financing poor countries.

Persons: Ajay Banga, Banga, Mia Mottley, John Irish, Philippa Fletcher Organizations: Glasgow, Summit, New Global Financial, World Bank, United Nations, Bank, Reuters, Barbados, Bridgetown Initiative, Bretton, International Monetary Fund, International Maritime Organization, Thomson Locations: Paris, France, PARIS, Africa, Ukraine, Banga, Bridgetown, French

☆ Euro holds ground on world stage despite Russia slashing use -ECB
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +3 min

The euro kept or even increased its share of the world's foreign exchange reserves (20.5%), international debt (22%) and loans (27.6%), as well as foreign exchange turnover last year, the report said. But the rouble's usage on the SWIFT system collapsed after Russian banks were disconnected from that network, the world's largest. It cited evidence from Europe itself, where the euro has replaced the dollar as an invoicing currency in countries neighbouring the euro zone since it was launched in 1999. "International currency status should not be taken for granted," ECB President Christine Lagarde said in a statement accompanying the report. The report also showed London remained the main venue for foreign exchange trading in euros and that Britain's importance for international financial activities in euros had not changed materially since Brexit.

Persons: renminbi, SWIFT, Christine Lagarde, Fabio Panetta, Francesco Canepa, Gareth Jones, Catherine Evans Organizations: European Central Bank, U.S ., European Union, London, Thomson Locations: FRANKFURT, Russia, China, India, Brazil, Ukraine, Europe

☆ Bahrain's Investcorp seeks to raise up to $600 mln from investment vehicle IPO
▼ + stars: | 2023-06-20 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, June 20 (Reuters) - Middle East alternative asset manager Investcorp Holding is seeking to raise up to $600 million from the listing of an investment vehicle in Abu Dhabi this year, two sources with knowledge of the matter told Reuters. Bahrain-based Investcorp is making preparations for a potential public share sale of Investcorp Capital, registered in the Abu Dhabi Global Market, the international financial centre in the capital of the United Arab Emirates. Investcorp is working with Goldman Sachs (GS.N), First Abu Dhabi Bank (FAB) (FAB.AD), Emirates NBD (ENBD.DU) and HSBC (HSBA.L) on the plan, the people said. Bloomberg in March reported Investcorp was putting together a plan to list the vehicle. Abu Dhabi state fund Mubadala Investment Company acquired 20% of the firm in 2017.

Persons: Investcorp Holding, Goldman Sachs, Investcorp, Emirates NBD, Gucci, Mohammed Al Ardhi, Hadeel Al Sayegh, Jason Neely Organizations: Reuters, Investcorp, Abu Dhabi Global Market, United, United Arab Emirates, Abu Dhabi Bank, Emirates, HSBC, Moelis, Bloomberg, FAB, Tiffany, Nasdaq, Mubadala Investment Company, Thomson Locations: DUBAI, Abu Dhabi, Bahrain, United Arab, Abu, Emirates, U.S, Europe, India, Singapore, Beijing, Mumbai, Delhi

☆ Explainer: What is the 'Bridgetown Initiative' asking for at Paris financial summit?
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +5 min

[1/2] An aerial view shows the Seine River and the skyline of La Defense financial and business district near Paris, France, June 19, 2023. REUTERS/Stephanie LecocqPARIS, June 20 (Reuters) - President Macron hosts a summit in Paris this week to discuss reform of the world's multilateral finance institutions in the face of climate change and other development challenges. A key topic of discussion will be suggestions from a group of developing countries, led by Barbados, dubbed the 'Bridgetown Initiative'. Simplify and harmonise the way countries can apply to access loans across the world, and provide more support in the process. The international financial institutions should also finance development plans that help protect shared resources.

Persons: Stephanie Lecocq PARIS, Macron, Simon Jessop, Leigh Thomas, Christina Fincher Organizations: La Defense, REUTERS, Bridgetown Initiative, Monetary, Rapid, IMF, World Bank, African Development Bank, Development Association, Growth Trust, Resilience, Sustainability Trust, World Trade Organisation, International Financial, Thomson Locations: Paris, France, Barbados, Bridgetown

☆ Blinken meets China's Xi as he attempts make sure competition 'does not veer into conflict'
▼ + stars: | 2023-06-19 | by ( Associated Press | Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

China and the US have pledged to strengthen their ties after Blinken's meeting with President Xi Jinping. The State Department said they had "made progress" but many key issues remain unresolved. However, the US State Department said that Blinken had "underscored the importance of responsibly managing the competition between the United States and the People's Republic of China." In a transcript of remarks shared by the State Department, Xi called the progress "very good." Blinken said, per the State Department, that the two countries "have an obligation and responsibility to manage our relationship," and said the US is "committed" to this.

Persons: Xi Jinping, —, Antony Blinken, Blinken, Xi, Joe Biden, Wang Yi, Qin Gang, Nancy Pelosi's Organizations: The State Department, Service, US State Department, State Department, Foreign Locations: China, Beijing, United States, People's Republic of China, Bali, Blinken, South China, Taiwan

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