Asian development bank boosts 2019-2030 climate financing goal to $100 BLN
The Asian Development Bank‘s will boost its climate financing goals by $20 billion to a new target of $100 billion for the 2019-2030 period. They are aiming to launch its concept for retiring coal-fired power plants at the COP26 climate conference in Scotland. The plans, disclosed by ADB President Masatsugu Asakawa, increases a previous $80 billion […]
UK’s Sunak calls on G7 to work together
British finance minister Rishi Sunak said that the Group of Seven rich nations should work together more closely. So that it will be easy to tackle supply-chain disruption, that has hampered the economic recovery from this pandemic. Sunak is meeting other finance ministers in Washington on the sidelines of the annual meetings of the International […]
SocGen to cut 3700 jobs
French bank Societe Generale said that it will cut 3,700 jobs between 2023 and 2025. This is as it merges its retail network with that of its unit Credit du Nord. Also, it added that there would be no forced redundancies. The new retail bank targets a headcount of 25,000 employees. The job cuts will […]
The role of Islamic banks in propelling ethical finance
Islamic banking is becoming increasingly popular. At Al Rayan Bank is the UK’s largest Islamic bank. They are currently estimating that, more than a third of their customers are not Muslim. One of the main reasons for this is linked to consumers’ desires to live more ethical lifestyles. Research shows that three quarters of all […]
Europe’s top development banks agree to deepen cooperation outside EU
The EU’s lending arm, the European Investment Bank, and the London-based European Bank for Reconstruction and Development said that they would deepen their cooperation outside of the European Union. EIB President Werner Hoyer said that their shareholders, the EU member states, have asked them to develop a more effective partnership with the EBRD. The agreement they have signed […]
Growth is the biggest challenge for emerging economies
The World Bank‘s chief economist said that the lack of growth is the biggest economic challenge facing developing economies. Carmen Reinhart, the World Bank‘s chief economist said that the economic growth was essential for poverty reduction. And also, for creating government revenues to use for fiscal space, social safety nets and the provision of public goods. She […]