Headline: ICC launches pioneering Principles for Sustainable Trade Finance developed with leading trade banks
Existing sustainable finance frameworks often cannot be easily and objectively applied to many Trade Finance products due to their nature as a ‘flow’ product without delineated projects. The PSTF offer clear, transparent, and consistent guidelines to enable banks, corporates and investors to effectively channel capital towards sustainable and inclusive trade finance facilities while mitigating the risks associated with greenwashing.
The PSTF contain four distinct sections:
bespoke Principles for Green Trade Finance (PGTF),
ICC guidance on Sustainability Linked Trade Finance,
ICC guidance on Sustainability Linked Supply Chain Finance and
ICC’s ambition for Social Trade Finance.
Initiating industry-wide consultation
The launch of the PSTF marks the commencement of an open consultation period. ICC invites all stakeholders within the trade finance industry to review the document and provide comments and feedback. This collaborative approach ensures that the principles are robust, practical, and reflective of the diverse needs and insights of industry participants.
Following the consultation period, the PSTF will be finalised and officially released later this year, solidifying its role as a cornerstone in promoting sustainable trade finance globally.
Online event and feedback opportunities
To facilitate a deeper understanding of the PSTF and encourage active engagement, ICC will host an online launch event on 29 October 2024 at 13:00 CET. This session will feature a comprehensive walkthrough of the principles, followed by a 30-minute Q&A segment. Participants will have the opportunity to engage directly with the authors and contributors of the PSTF, fostering a dialogue that will shape the final version of the document.
In addition, ICC is launching a survey designed to gather further insights and feedback from industry professionals.
Engage and participate
Register for the online event: To join the online session on Tuesday 29 October, please register via this link.
Provide your feedback: Participate in the PSTF survey
Contact us: For more information on the Principles for Sustainable Trade Finance or to submit detailed comments, please reach out to:
ICC would like to thank HSBC, Standard Chartered, Deutsche Bank, Santander, ING, CommerzBank and BCG for their substantial input into the creation of the principles.
Read more about our work on sustainable trade and sustainable trade finance.
AI has the unique potential to create new opportunities for everyone, drive economic growth, and advance breakthroughs in science that can change and save lives. That’s why it’s crucial to prepare young people for a future where AI plays an even bigger role.
Since its launch in 2018, Be Internet Legends has been a cornerstone of online safety education, reaching over 9 million children across the UK and over 100 million globally. Now, recognising the growing importance of AI literacy, we’re expanding the programme to equip children with the knowledge and skills they need to thrive in a world with AI.
This week, our new “Understanding AI” assembly was streamed live to 152 schools and reached 22,800 students. The assembly aims to explain AI to children in an engaging and accessible way.
The assembly explains what AI is and how it works in simple terms that children can easily understand. It helps them identify AI in their daily routines, from voice assistants in their homes to the traffic lights that manage the flow of cars on the roads. It also encourages them to think critically about AI, question AI-generated information and understand its limitations.
Importantly, the assembly emphasises that AI is a tool that can complement human abilities and creativity, not replace them. It introduces children to the concept of ethical AI and encourages them to consider when AI should be used — and to always check app and other services’ age ratings.
The “Understanding AI” assembly was developed in close collaboration with a diverse group of experts, including leading AI researchers, online safety specialists and educators. This collaborative approach, combined with insights from a pilot in eight schools, ensures the assembly’s content is accurate, age-appropriate, and engaging.
The assembly reinforces the core principles of Be Internet Legends, particularly the “Alert” pillar, which encourages children to be mindful of their online surroundings and potential risks. By integrating AI literacy into the programme, we aim to give children the tools they need to be informed and responsible digital citizens.
You can watch the “Understanding AI” assembly on-demand at goo.gle/bil-ai-watch. For more information about the next Be Internet Legends assembly, plus other events and updates, check out goo.gle/bil-assemblies.
Headline: Microsoft and NVIDIA empower AI startups for health and life sciences breakthroughs
AI isn’t just changing the game- it’s rewriting the rules of innovation. With advanced machine learning models and data-driven insights, we’re on the brink of breakthroughs in health and life sciences that once seemed impossible. Imagine accelerating drug discovery, connecting care experiences, and personalizing medicine like never before. AI is our chance to tackle some of the biggest health challenges facing humanity.
But health and life science startups can run into roadblocks when it comes to driving innovation. Building AI solutions isn’t something you can do in isolation. Founders often hit walls with limited access to GPUs and the high costs of training models, tweaking them, running tests, and everything else it takes to get a solution off the ground. Today, we’re excited to announce that Microsoft for Startups and NVIDIA Inception are joining forces to fuel AI-driven health and life sciences startups.
Empowering Health and Life Sciences Startups to Make a Difference
Microsoft for Startups and NVIDIA Inception exist to empower early-stage companies by providing them with the resources, technology, and expertise needed to build and scale their businesses. Microsoft for Startups focuses on helping startups leverage Microsoft’s cloud infrastructure, AI tools, and go-to-market support, enabling founders to overcome challenges like scaling their solutions globally and accessing enterprise customers. NVIDIA Inception offers startups in AI, data science, and deep learning access to cutting-edge GPU technology and mentorship, helping them address complex technical hurdles in product development and achieve breakthroughs in high-impact industries such as healthcare, robotics, and autonomous driving. Both programs have been instrumental in removing barriers to innovation, accelerating time-to-market, and helping tens of thousands of startups. This collaboration combines Microsoft’s cloud and enterprise expertise with NVIDIA’s pioneering advancements in AI hardware and software. Together, we are introducing a new reciprocal program to provide health and life sciences startups with the tools, resources, and support they need to fast track their ideas and deliver life-changing outcomes.
Accepted startups will have access to the following suite of benefits:
Microsoft for Startups:
Up to $150,000 in Azure Credits for Four Years: Startups can apply these credits towards leading AI models, including Azure OpenAI Service, Meta’s Llama, and Microsoft’s own small language model, Phi—enabling rapid and efficient scaling using cloud services tailored for AI, big data, and healthcare applications.
Access to Microsoft Business Tools: Including productivity and development tools such as Microsoft 365, Visual Studio, and GitHub, along with dozens of discounts to startup-friendly offerings from our trusted partners like LinkedIn.
High-Touch Technical Support: Startups will receive personalized guidance from a Microsoft technical expert, who will work directly with a corresponding NVIDIA technical expert to build optimized Azure templates for leveraging the full NVIDIA technology stack.
GTM and Pegasus Program Access: Microsoft will provide prioritized access to its Pegasus program, which offers go-to-market support, access to Microsoft’s global sales teams, and strategic co-selling opportunities.
NVIDIA Inception:
10,000 ai.nvidia.com Credits: Startups will have access to a wealth of GPU resources and AI models, enabling them to train and optimize complex models more cost-effectively.
75% Discount on NVIDIA AI Enterprise Stack: This ensures that startups can leverage the complete NVIDIA suite for developing, deploying, and managing AI models.
Dedicated Technical Support: A specialized technical resource will collaborate closely with Microsoft to evangelize the NVIDIA AI Enterprise stack and co-develop Azure templates for NVIDIA technology.
Exclusive Early Access: Startups will gain private access to new NVIDIA Healthcare products before general release, allowing them to incorporate the latest advancements in their solutions.
Unleashing the Potential of AI in Health and Life Sciences
The collaboration between Microsoft for Startups and NVIDIA Inception is a launchpad for startups eager to harness AI’s potential in health and life sciences. We’re not just supporting growth; we’re igniting a movement where startups can redefine healthcare’s future.
What Health and Life Sciences Startups Are Saying
“Working with both Microsoft for Startups and NVIDIA Inception has been transformative for Pangaea Data. By combining their resources and access to cutting-edge AI models, we are able to accelerate development and deliver real-world value to our joint customers. Leveraging AI tools from Microsoft and NVIDIA, we apply clinical guidelines to find previously overlooked patients at the point of care who need treatment or access to clinical trials, ultimately improving patient outcomes.” — Dr. Vibhor Gupta, Founder & CEO, Pangaea Data.
“Collaborating with Microsoft for Startups and NVIDIA Inception represents an incredible opportunity for Artisight to elevate healthcare delivery. By leveraging their combined resources and cutting-edge AI capabilities, we can transform productivity for healthcare providers and deliver meaningful outcomes to our customers. This partnership enables us to scale our smart hospital solutions more rapidly, from operating rooms to patient rooms, ultimately creating a future where technology empowers clinicians to focus more on patient care and less on operational hurdles.” — Andrew Gostine, Co-founder & CEO, Artisight.
Ready to join us?
If you’re a health and life sciences startup looking to harness the full potential of AI to shape the future of health innovation, we invite you to explore this reciprocal program, available to eligible startups in either Microsoft for Startups or NVIDIA Inception. Learn more about our collaboration and apply today to be part of the AI revolution with Microsoft and NVIDIA.
Apply today:
NVIDIA Inception
Microsoft for Startups Founders Hub
Tags: Health and Life Sciences, Healthcare, HLTH, HLTH 2024, NVIDIA Inception
Headline: ACP Statement on Massachusetts Legislation to Advance Offshore Wind and Energy Storage
WASHINGTON D.C., October 22, 2024 – The American Clean Power Association (ACP) released the following statement from Moira Cyphers, ACP Director for Atlantic Offshore & Eastern State Affairs after comprehensive legislation was introduced in Massachusetts enhancing clean energy deployment. Key features include a major overhaul of energy infrastructure permitting, increased support for renewable sources like wind, solar, and expanded battery storage:
“This legislation is a win-win for Massachusetts. By streamlining the siting and permitting processes, this legislation would significantly benefit offshore wind power and energy storage, enabling faster deployment of crucial infrastructure. Allowing longer power contracts of up to 30 years, the legislation aims to create more stable investments and potentially lower electricity costs for consumers. Additionally, the focus on enhancing battery storage facilities will support the integration of renewable energy, paving the way for a more sustainable energy future. Importantly, this bill will create new jobs and lead to cleaner air. ACP urges legislators to ensure its swift passage and we look forward to ongoing collaboration to see that happen.”
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
IMF staff and the Rwandan authorities reached staff-level agreement on policies needed to complete the fourth reviews of Rwanda’s Policy Coordination Instrument and program under the Resilience and Sustainability Facility, and the second review of the Stand-by Credit Facility arrangement.
Rwanda’s economic growth continues to be among the strongest in the Sub-Saharan African region, but fiscal and external vulnerabilities remain high. Recurrent shocks in recent years exacerbated internal and external imbalances, making it more challenging for the authorities to rebuild policy buffers.
To reduce vulnerabilities, contain inflation, and ensure debt sustainability, Rwanda needs strong fiscal consolidation, better domestic revenue mobilization, continued data-driven monetary policy, and exchange rate adjustments. Additionally, maintaining climate resilience and intensifying efforts to develop bankable climate projects are crucial.
Washington, DC: From October 7 to October 20, 2024, an International Monetary Fund (IMF) team, led by Ruben Atoyan, discussed with the authorities’ policy priorities and progress on reforms within the context of the fourth reviews of Rwanda’s Policy Coordination Instrument (PCI) and Resilience and Sustainability Facility (RSF), and the second review of the Stand-by Credit Facility (SCF) arrangement. Consideration by the Board is tentatively scheduled for December 2024. Upon completion of the review by the Executive Board, Rwanda would have access to SDR 71.8 million (equivalent to about US$ 95.9 million) under the RSF and SDR 66.75 million (equivalent to about US$ 89.0 million) under the SCF.
At the conclusion of the mission, Mr. Atoyan issued the following statement:
“Rwanda’s growth momentum remained strong, notwithstanding the challenging external environment. Real GDP is projected to grow by 8.3 percent in 2024, driven by strong performance of the services, and construction sectors, and recovery in food crop production. Inflation stabilized within the central bank’s target range, owing to appropriately tight monetary policy and favorable developments in food prices. The current account deficit widened due to high capital goods imports and low coffee exports. The Rwandan franc depreciated by 6.6 percent against the US dollar in January-October, a necessary step towards facilitating the much-needed external adjustment. International reserves stood at 4.5 months of prospective imports at mid-2024, providing a buffer against external shocks.
“Despite the challenging environment, macroeconomic policy performance through end-June 2024 remained in line with program objectives under the PCI/SCF arrangement. All quantitative targets were met, and reforms to enhance the transparency of public investments and strengthen FX market functioning are progressing well. The authorities’ commitment to implement climate-related reforms under the RSF arrangement remained strong, with measures to implement climate budget tagging, improve the climate resilience of public investment, adopt sustainability disclosure standards, and develop a green taxonomy being on track to be completed in the coming weeks.
“While Rwanda’s economic outlook continues to be positive, risks remain tilted to the downside. Deepening of geopolitical fragmentation, another spike in global energy and food prices, or slowdown in trading partners’ growth would weigh on the outlook and adversely affect the availability of external financing. As demonstrated by the poor harvests and floods last year, Rwanda’s dominantly rain-fed agriculture is highly exposed to climate shocks. The recent Marburg virus disease outbreak showed Rwanda’s vulnerability to infectious disease risks, but also the country’s strong capacity to respond to such events.
“Recurrent shocks in recent years complicated the authorities’ objective to rebuild policy buffers. Fiscal consolidation has been slower than envisaged under the program, failing to halt the continued increase in the public debt-to-GDP ratio, which is expected to reach 80 percent of GDP in 2025. Increased access to concessional financing is welcomed as it creates an opportunity to implement critical reforms but does not substitute for domestic revenue mobilization. Accelerating domestic revenue mobilization, expenditure rationalization, and mitigating fiscal risks from state-owned enterprises will be critical to preserve Rwanda’s policy space to react to shocks and achieve its development objectives.
“Monetary policy should anchor inflation around the center of the target band, while continued exchange rate flexibility will help absorb external shocks and support current account adjustment. Strengthening the FX intervention framework is needed to help develop the FX market and improve the effectiveness of monetary policy transmission. Monetary policy needs to remain forward looking and data-driven with a clear communication to anchor expectations.
“The authorities have made significant progress in integrating climate considerations into macroeconomic policies. Rwanda is set to complete all RSF commitments six months ahead of schedule. However, the development of green projects and lending operations needs to be accelerated. With institutional reforms and a strong project pipeline, additional climate financing can be catalyzed, enhancing the RSF’s impact.
“The mission is grateful for the authorities’ excellent cooperation, and candid and constructive discussions, and reaffirms the IMF’s support for the government’s efforts to implement its economic reform program.”
Headline: Microsoft healthcare ransomware report highlights need for industry action
Healthcare organizations are an increasingly attractive target for threat actors. In a new Microsoft Threat Intelligence report, US healthcare at risk: strengthening resiliency against ransomware attacks, our researchers identified that ransomware continues to be among the most common and impactful cyberthreats targeting organizations. The report offers a holistic view of the healthcare threat landscape with a particular focus on ransomware attacks observed in recent years. By reading the report, healthcare organizations will gain insights that will help navigate these cyberthreats and understand how collective defense strategies can help improve protection and increase access to relevant threat intelligence.
Read Microsoft’s new report on healthcare security trends
Prior to 2020, there was an unspoken rule of threat actors to not launch attacks against schools and children, infrastructure, and healthcare organizations.1 However, that “rule” no longer applies, and in the past four years the healthcare threat landscape has seen tremendous shifts for the worse.
To put this shift into context, consider these trends from the Microsoft Threat Intelligence report showing healthcare cybersecurity challenges:
Healthcare is one of the top 10 most targeted industries in the second quarter of 20242—and has been for the past four quarters.
Ransomware attacks are costly, with healthcare organizations losing an average of $900,000 per day on downtime alone.3
In a recent study, out of the 99 healthcare organizations that admitted to paying a ransom and disclosed the ransom paid, the average payment was $4.4 million.4
The serious impact of ransomware on healthcare
While the potential financial risk for healthcare organizations is high, lives are at stake because ransomware attacks impact patient outcomes. If healthcare providers are not able to use diagnostic equipment or access patient medical records because it’s under ransom, care will be disrupted.
Healthcare facilities located near hospitals that are impacted by ransomware are also affected because they experience a surge of patients needing care and are unable to support them in an urgent manner. As a result, patients can experience longer wait times, which studies show could lead to more severe stroke cases and heart attack cases.5
These attacks don’t just impact facilities in large cities; in fact, rural health clinics are also a target for cyberattacks. They are particularly vulnerable to ransomware incidents because they often have limited means to prevent and remediate security risks. This can be devastating for a community as these hospitals are often the only healthcare option for many miles in the communities they serve.
Why healthcare is an appealing target for threat actors
Healthcare organizations collect and store extremely sensitive data, which likely contributes to threat actors targeting them in ransomware attacks. However, a more significant reason these facilities are at risk is the potential for huge financial payouts. As referenced earlier, lives are at stake and healthcare facilities committed to patient care can’t risk poor patient outcomes if their systems are taken down. They also can’t risk their patients’ data being exposed if they don’t pay the ransom. That reputation for paying ransoms—for understandable reasons—makes them a target.
Healthcare facilities are also targeted because of their limited security resources and cybersecurity investments to defend against these threats compared to other sectors. Facilities often lack staff dedicated to cybersecurity and in fact, some facilities don’t have a chief information security officer (CISO) or dedicated security operations center at all. Instead, their IT department may be tasked with managing cybersecurity. Doctors, nurses, and healthcare staff may not have received any cybersecurity training or know the signs to look for to identify a phishing email.
Explore healthcare security trends in new Microsoft report
How cyber criminals target healthcare organizations
Financially motivated cyber criminals are using an evolving set of ransomware tactics on healthcare organizations. One common approach involves two steps. First, they gain access to an organization’s network, often using social engineering tactics through a phishing email or text. Then, they use that access to deploy ransomware to encrypt and lock healthcare systems and data so they can seek a ransom for their release.
“Once ransomware is deployed, attackers typically move quickly to encrypt critical systems and data, often within a matter of hours,” said Jack Mott of Microsoft Threat Intelligence in the Microsoft ransomware report. “They target essential infrastructure, such as patient records, diagnostic systems, and even billing operations, to maximize the impact and pressure on healthcare organizations to pay the ransom.”
Social engineering tactics often involve convincing the email recipient to act in ways they normally wouldn’t, such as clicking on an unknown link, and using the tactics of urgency, emotion, and habit. Social engineering fraud is a serious problem. In just this fiscal year, a staggering 389 healthcare institutions across the United States fell victim to ransomware attacks, according to the 2024 Microsoft Digital Defense Report.6 The aftermath was severe, resulting in network closures, offline systems, delays in critical medical operations, and rescheduled appointments.
Another common approach is ransomware as a service (RaaS), a cybercrime business model growing in popularity. The RaaS model is an agreement between an operator, who develops extortion tools, and an affiliate, who deploys the ransomware. Both parties benefit from a successful ransomware and extortion attack, and it’s “democratized access to sophisticated ransomware tools,” Mott said. This model enables cyber criminals without the means of developing their own tools to launch their nefarious activities. Sometimes, they may simply purchase network access from a cybercrime group that has already breached a network. RaaS severely widens the risk to healthcare organizations, making ransomware more accessible and frequent.
Cybercrime tactics continue to grow in sophistication. Microsoft is continually tracking the latest cybercrime threats to support our customers and increase the knowledge of the entire global community. These threats include actions by threat actor groups Vanilla Tempest and Sangria Tempest, which are known for their financially motivated criminal activities.
US healthcare at risk: Read the report
Take a collective defense approach to boost your cyber resilience and visibility
We recognize that not all organizations have a robust cybersecurity team or even the resources to enable a cybersecurity resilience strategy. This is why it is important for us as a community to come together and share best practices, tools, and guidance. We encourage your organization to collaborate with regional, national, and global healthcare organizations such as Health-ISAC (Information Sharing and Analysis Centers). The Health-ISAC provides healthcare organizations with platforms to exchange threat intelligence. Health-ISAC Chief Security Officer Errol Weiss says these organizations are like “virtual neighborhood watch programs,” sharing threat experiences and defense strategies.
It’s also important to foster a security-first mindset among healthcare staff. Dr. Christian Dameff and Dr. Jeff Tully, Co-directors of the University of California San Diego Center for Healthcare Cybersecurity, emphasize that breaking down silos between IT security teams, emergency managers, and clinical staff to develop cohesive incident response plans is key. They also recommend running high-fidelity clinical simulations that expose doctors and nurses to real-world cyberattack scenarios.
For rural hospitals that provide critical services to the communities they serve across the US, Microsoft created the Microsoft Cybersecurity Program for Rural Hospitals, which provides affordable access to Microsoft security solutions, builds cybersecurity capacity, and helps solve root challenges through innovation.
For healthcare organizations that have the resources, as part of this report we provide guidance on how to:
Establish a robust governance framework.
Create an incident response and detection plan. Then be prepared to execute it efficiently during an actual attack to minimize damage and ensure a quick recovery.
Implement continuous monitoring and real-time detection capabilities.
Educate your organization using our cybersecurity awareness and education #BeCyberSmart Kit.
Harness more resilience strategies found in the report.
Given the serious cyberthreats against healthcare organizations, it’s critical to protect your assets by understanding the situation and taking steps to prevent it. For more details on the current healthcare cyberthreat landscape and ransomware threats, and for more in-depth guidance on boosting resilience, read the “US healthcare at risk: Strengthening resiliency against ransomware attacks” report and watch our healthcare threat intelligence briefing video, which is included in the report. To stay up-to-date on the latest threat intelligence insights and get actionable guidance for your security efforts, bookmark Microsoft Security Insider.
Learn more
To learn more about Microsoft Security solutions, visit our website. Bookmark the Security blog to keep up with our expert coverage on security matters. Also, follow us on LinkedIn (Microsoft Security) and X (@MSFTSecurity) for the latest news and updates on cybersecurity.
1How to protect your networks from ransomware, justice.gov.
2Threat Landscape: Healthcare and Public Health Sector, April 2024. Microsoft Threat Intelligence.
3On average, healthcare organizations lose $900,000 per day to downtime from ransomware attacks, Comparitech. March 6, 2024.
4Healthcare Ransomware Attacks Continue to Increase in Number and Severity, The HIPAA Journal. September 2024.
5Ransomware Attack Associated With Disruptions at Adjacent Emergency Departments in the US, JAMA Network. May 8, 2023.
Headline: More new languages supported in Microsoft 365 Copilot
This month we rolled out support for an additional 12 languages in Microsoft 365 Copilot: Bulgarian, Croatian, Estonia, Greek, Indonesian, Latvian, Lithuanian, Romanian, Serbian (Latin), Slovak, Slovenian, and Vietnamese. Microsoft 365 Copilot now supports a total of 42 languages.
There are a few noteworthy items in this latest set of languages we’re releasing. For example, very early in October, we have already introduced support for Welsh and Catalan, and it’s also important to note that the rollout of Indonesian and Serbian, which began in mid-October, will not reach all customers until early November. And finally, users working in Serbian language will see Teams meeting transcripts in Cyrillic, rather than Latin script. This is an issue we’re working to resolve. We will provide customers with updates on progress towards providing Teams meeting transcripts for Serbian language in Latin script on an as-appropriate basis.Learn more about supported languages for Microsoft Copilot here.
We are always improving and refining Copilot’s language capabilities. We are also continuing to expand the list of supported languages, with plans to offer support for even more languages in the coming months.
1. The G-24 expresses its deep concern over the humanitarian crises and conflicts afflicting numerous regions across the globe, resulting in loss of lives, immense suffering, forced displacement and migration for countless individuals. We call for a strong, united, multilateral approach to restore peace, stability, and livelihoods. To this end, we urge all parties to prioritize diplomacy, de-escalation, and cooperation. Furthermore, we call for robust multilateral support for recovery, reconstruction, and long-term development efforts in affected areas.
2. Global economic growth is forecast to remain relatively stable in the coming year, but risks and uncertainties persist, especially for some Emerging Markets and Developing Economies (EMDEs). Despite a projected stabilization of global growth in 2024 and 2025, the relatively optimistic forecast masks the tepid economicprospects in the most vulnerable countries. Furthermore, geopolitical tensions, trade fragmentation, increasingly frequent extreme weather conditions, and a more pronounced slowdown could pose significant headwinds to global growth and worsen some EMDEs’ prospects of as they deal with the spillover effect of Advanced Economies’ policies.
3. Although inflationary pressures are gradually easing, the outlook remains uncertain due to elevated risks. Food price inflation is declining or stabilizing, and energy prices have remained low, in part reflecting the role of the OPEC Declaration of Cooperation in safeguarding oil market stability. Though many advanced economies have successfully brought inflation back to target levels, some EMDEs are still grappling with high inflation rates. Looking ahead, trade tensions and increased policy uncertainty would contribute to heightened upside risks to inflation. Furthermore, escalating geopolitical tensions could lead to heightened volatility in food and energy prices. Given the uncertainty, central banks may likely maintain a cautious approach to monetary easing, potentially keeping interest rates high for an extended period.
4. Against this background, some EMDEs are confronted with significant challenges, as a prolonged period of elevated or slower reduction of policy rates increases external, fiscal, and financial risks. Furthermore, depreciation of some EMDE’s currencies, together with high debt and rising debt-servicing costs, is constraining fiscal space, impacting capital flows and growth, while straining financial stability. As EMDE policymakers struggle to balance sizable investment needs with fiscal sustainability, real growth could suffer.
5. Given the uncertain economic environment, the International Monetary Fund (IMF) should stand ready to fulfill its role as the center of the Global Financial Safety Net. Strengthening the international monetary system by enhancing crisis prevention and adjustment mechanisms; coordinating global stability; and providing timely, predictable, and adequate liquidity support to members facing balance of payments difficulties will contribute to a more resilient and interconnected global economy.
6. We welcome the ongoing reviews and updates of IMF procedures and policies, as this will support members. The incorporation of emerging challenges such as climate-related risks, domestic public debt, and complex debt restructuring scenarios in the review of the Low-Income Countries Debt Sustainability Framework (LIC-DSF) is welcome. However, we look forward to the comprehensive review which we hope will address the fundamental concerns about the methodology. Furthermore, the recent approval of the use of Special Drawing Rights (SDRs) for the acquisition of hybrid capital instruments by prescribed holders is a significant step forward. The approved limit of SDR15 billion could increase lending by four-fold, including through supporting the goals of G20 Global Alliance against Hunger and Poverty, the sustainable development and climate goals. We call on countries with strong external positions to voluntarily explore rechanneling SDRs, including through Multilateral Development Banks (MDBs), where legally possible, while respecting the reserve asset quality of the SDR and ensuring their liquidity.
7. Ongoing refinements to the IMF’s lending toolkit provide another opportunity to address the challenges confronting members while strengthening IMF’s financial resilience. We welcome the refinements to the Resilience and Sustainability Trust (RST), including adjustments to its design to facilitate early disbursements, eliminate dual-purpose reforms, and ensure program continuity. We look forward to further work to operationalize the RST mandate on pandemic preparedness. We also call for the comprehensive review planned for 2026 to address the remaining issues, especially with respect to the requirement of an upper credit tranche program and expansion of focus into other medium-term challenges facing EMDEs. Additionally, we welcome the completion of the review of charges and surcharges that resulted in a reduction of the cost of borrowing from the General Resource Account. The approved changes are in the right direction, but we call on the IMF to consider initiating, as soon as possible, further reforms to provide more significant reduction of surcharges, and additional cut in the margin for the rate of charge. Furthermore, we welcome the Poverty Reduction and Growth Trust (PRGT) reforms, including the increase in resources for concessional financing, and the additional boost to the subsidy resources.
8. The approval of a Third chair for Sub-Saharan Africa at the IMF Executive Board would strengthen the region’s voice, improve its representation, and simultaneously, reduce the workload of the region’s officials. Additionally, we recommend further pursuit of governance reforms in MDBs and International Financial Institutions, (IFIs), to correct the regional and gender underrepresentation in their top management and senior staff positions. We call upon all countries to complete the internal approval procedures for the 16th General Review as soon as possible. We await the result of the ongoing efforts to develop possible approaches for a new quota formula and we hope that it will serve as a guide for quota realignment that reflects members’ relative economic weight and strengthen the voice of EMDEs under the 17th General Review of Quotas. As the review is crucial for the legitimacy of the IMF, we emphasize the importance of adhering to the June 2025 deadline.
9. We welcome the progress in the implementation of the World Bank Group (WBG) Evolution Roadmap. The launch of the PortfolioGuarantee Platform, and stronger private capital mobilization efforts have the potential to help bring additional resources to support client countries in meeting their development needs. We hope that more contributions to the Livable Planet Fund would incentivize global challenge related projects across borders, and that the launch of the Grant Facility for Project Preparation Trust Fund would enhance clients’ institutional capacity in project preparations. Not only is it paramount to increase investment, but such investment must be at an affordable cost in order to ensure the debt sustainability of EMDEs as they pursue new growth strategies aligned with the Sustainable Development Goals (SDGs) and the Paris Agreement. Therefore, we look forward to a timely and successful conclusion of the 2-stage International Bank for Reconstruction and Development (IBRD) loan pricing adjustments to enhance affordability of IBRD loan.
10. International Development Association, (IDA21), replenishment will be crucial for supporting vulnerable populations, breaking the cycle of poverty, and promoting global stability. We welcome the focus on key areas of People, Planet, Prosperity, Digitalization, and Infrastructure, which are at the core of the development challenges of the Global South. Given rising external financing needs amidst declining Overseas Development Assistance and Foreign Direct Investments, we hope that the ongoing IDA21 replenishment discussions will result in a robust and impactful outcome, increasing support for LICs in real terms, supported by an expanded donor base. We call on donors to be ambitious, and to align their contributions with the scale of the challenges. It is also important to thoroughly consider the different levels of fragility before applying any adjustment to loan terms that may impact debt sustainability. While we welcome the proposed Global and Regional Opportunities Window (GROW), which aims to address regional and global challenges, such as adaptation, we call for an expanded focus on other issues that impact the Global South such as biodiversity, desertification, carbon and methane gas emissions from agricultural production, and rising sea level.
11. Considering the need for significant resources, and the misalignment of shareholding structure, the upcoming 2025 Shareholding Review for IBRD and the International Finance Corporation, (IFC), is crucial. We call on shareholders to build consensus for a speedy and successful review in line with the Lima Shareholding Principles, resulting in the increase of the voice and representation of EMDEs and ensuring a more equitable balance of voting power to improve legitimacy and effectiveness. In addition, the review should propose specific options to address misalignment.
12. We look forward to the implementation of the G20 Brazil Presidency MDB Roadmap Towards Bigger, Better, and more Effective MDBs, building on the mandate from G20 New Delhi Leaders Declaration, and based on the recommendations of the G20 Independent Experts Group. To further increase scale and impact, we call for deepening of engagement and cooperation between WBG and the MDBs with a view to operating as a system to address countries’ development priorities and needs, as well as global and regional challenges. We call for regular reviews of the alignment of MDBs resources and strategies. These reviews would lay a solid basis for MDB Boards’ consideration on if and when additional capital may be needed. In addition, to enhance private capital mobilization, we advocate for providing support aimed at removing regulatory bottlenecks to private investment, developing innovative risk-sharing and hedging instruments, including through local currency lending and domestic capital market reforms. To further maximize the impact of public investment, and its ability to boost growth, improve productivity, and reduce poverty, EMDEs should be supported with comprehensive policy reform programs to improve public investment efficiency, governance and fiscal administration, subject to the country’s specific circumstance.
13. We commend the recent progress under the G20 Common Framework and the Global Sovereign Debt Roundtable (GSDR), including establishing a common understanding of processes and practices. We call for a step up of the implementation of the G20 Common Framework in a predictable, timely, orderly, and coordinated manner and more meaningful debt relief. Additionally, we welcome the joint efforts of all stakeholders to enhance debt management and transparency and encourage private creditors to follow suit. We draw attention to the need for further reforms, especially with respect to early engagement with creditors and interaction with credit rating agencies. Ultimately, we urge for a comprehensive reform of the sovereign debt framework that addresses debt vulnerabilities in low and middle-income countries in an effective, comprehensive and systematic manner. We call for consideration of options – including the support of the IMF and the World Bank – to help countries facing short-term liquidity challenges whose debt is sustainable.
14. The global community is falling short of attaining climate and development goals, and in providing the commensurate financial support to developing countries towards achieving them. The frequency, intensity, and scale of extreme weather events, particularly in developing countries, are increasing, necessitating urgent action. Recognizing the varying national circumstances, we call for accelerating climate action based on equity and the principle of common but differentiated responsibilities and respective capabilities. Therefore, climate change strategies must incorporate the needs of EMDEs, and mitigation and adaptation actions should aim at ensuring accessibility to all types of energy, and energy security, bearing in mind sustainable development and efforts to eradicate poverty. Furthermore, MDBs and IFIs should support investment in the research and development of green technologies that reduce greenhouse gas emissions. We acknowledge the need to significantly scale up finance, and hence call for a concrete goal that is commensurate with the pressing challenges, and that is therefore greater than the $100 billion per year planned during the upcoming CoP29. We look forward to faster progress on the operationalization and capitalization of the Loss and Damage Fund. We reiterate our call for new and additional grant-based, highly concessional finance and non-debt instruments to support both middle- and low-income countries, especially as they transition in a just and equitable manner.
15. Domestic Resource Mobilization is essential for sustainable development. We strongly support national efforts to prevent and combat illicit financial flows, corruption, money-laundering and tax evasion, as such efforts would increase domestic resources. We call for increased capacity building to support members, to improve their expertise in domestic resource mobilization. We acknowledge the work of the Organization of Economic Co-operation and Development on tax base erosion and profit shifting, and welcome the progress made on the Two-Pillar Solution under the OECD Inclusive Framework. Additionally, we look forward to the forthcoming negotiation of the United Nations Framework Convention on International Tax Cooperation and its two early protocols. We call for a constructive engagement as well as multilateral consensus to achieve lasting progress on this initiative. Finally, we commend the work of the Brazil G20 Presidency on taxation and inequality.
16. Challenges to multilateralism are not abating. It is concerning that policymakers in some of the world’s largest economies continue to pursue protectionist or nationalist policies that are not in line with global integration on trade and development. We reaffirm our support for a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable, and transparent, multilateral trading system with the World Trade Organization at its We encourage countries to contribute to the strengthening of multilateralism through ongoing initiatives. These include the Bretton Woods Initiative, which seeks to develop a long-term perspective on the global economy and the roles of the IMF and World Bank, and the Fourth Conference on Financing for Development, a forum aimed at identifying obstacles and constraints to the achievement of the SDGs and supporting the reform of the international financial architecture. We call for enhanced collaboration and cooperation among multilateral institutions to ensure a coherent and collaborative approach towards multilateralism.
Source: African Development Bank Group The African Development Bank Group President and Chairman of the Boards of Directors Dr Akinwumi Adesina has warned that young Nigerians were voting with their feet and leaving the country in droves due to economic hardships and called for major investments to reverse the accelerating youth brain drain.
Headline: Updated Xbox Wireless Headset brings games to life in vivid detail
The new Xbox Wireless Headset delivers an exceptional sound experience, powered by advanced spatial audio technology. With built-in support for Dolby Atmos, Windows Sonic, and DTS Headphone:X*, you can experience sound with stunning precision, allowing you to pinpoint every footstep, explosion, or whisper. Dolby Atmos, now included at no extra cost, transforms your audio experience by revealing depth, clarity, and details like never before, creating a sound experience you can feel all around you.
Clear communication is essential, whether you’re strategizing with your squad or catching up with friends. The upgraded Xbox Wireless Headset includes advanced auto-mute and voice isolation, ensuring your voice comes through loud and clear while minimizing background noise. Direct pairing with Xbox consoles, along with Bluetooth 5.3 connectivity for PC and mobile devices, allows you to seamlessly switch between platforms without the need for dongles or extra setups (see xbox.com/headset-compatibility for more details). Plus, with Qualcomm S5 Gen 2 technology, you’ll enjoy ultra-low latency wireless connectivity for smooth, uninterrupted gameplay.
Long gaming sessions require maximum comfort, and the new Xbox Wireless Headset is designed with that in mind. Its adjustable headband and plush earcups provide a snug, comfortable fit, while the sleek, all-black design effortlessly complements any gaming setup. With up to 20 hours of battery life* on a single charge, you can focus on gaming without the hassle of frequent recharges. The extended mic boom ensures your voice is heard clearly, even during the most intense moments. Need to adjust your audio mid-game? The intuitive on-ear controls make it easy to fine-tune your game/chat balance without interrupting the action. And for players who want even more control, the Xbox Accessories app offers deeper customization, allowing you to tailor the headset to your personal preferences.
The new Xbox Wireless Headset is available now in select Xbox markets worldwide for $109.99 USD ERP, visit Xbox.com or your local retailer, including the Microsoft Store, for more information.
*Audio customization available via the Xbox Accessories app for Xbox Series X|S, Xbox One, and Windows 10/11 devices. DTS Headphone:X may require additional purchases, app downloads, and supported hardware. Windows Sonic, Dolby Atmos, and DTS Headphone:X require supported content. Battery life varies significantly with distance from console, additional accessories, usage and other factors. Testing conducted by Microsoft using pre-production units.
Headline: How higher education is reimagining student experiences with Azure OpenAI Service
Learn how using Azure OpenAI Service in higher education can help leaders reimagine learning models and reduce administrative burdens.
Imagine a future where every student has a personalized learning path, where faculty can focus on teaching instead of administrative tasks, and where academic research accelerates breakthrough discoveries. This is not a distant vision—generative AI is making it possible today. AI-driven innovations empower higher education leaders to reimagine learning models, reduce administrative burdens, and advance academic research, positioning institutions to not only enhance student success but also lead in educational innovation, securing a competitive edge in an evolving landscape.
A July 2024 Forrester report commissioned by Microsoft found that education institutions using Azure OpenAI Service saw improved student outcomes, streamlined operations, and increased access to technology. By Year 3, they are expected to boost content generation efficiency by 30% to 60% and improve chatbot resolution rates by 20% to 50%, driving positive impacts on graduation and employment rates.
As AI adoption accelerates, institutions must also prioritize trust by focusing on scalable security, data privacy, and governance measures. Microsoft supports this transition with AI solutions that integrate built-in protections, addressing risks such as prompt injections and bias, while maintaining data privacy and compliance to safeguard institutions.
Join us as we explore five key use cases of generative AI in higher education, along with examples of institutions that have successfully implemented AI to deliver more equitable and personalized student experiences.
1. Around-the-clock real-time campus support
As student expectations evolve, meeting their demand for around-the-clock support has become a critical factor in student satisfaction and institutional efficiency. For example, Tecnológico de Monterrey’s TECgpt is an AI platform that offers quick access to information like tuition, scholarships, and campus services, allowing users to retrieve personal details, such as scholarship status, within minutes.
Similarly, the University of South Florida improved response times and reduced staff workloads by automating IT ticketing with Azure OpenAI, launching an AI-powered Help Desk in just one week. The University of Hong Kong has also deployed several Azure OpenAI-powered chatbots to handle IT queries, administrative tasks, and course selection, freeing staff to focus on more complex issues. Education leaders are automating routine tasks and delivering personalized academic assistance at scale, boosting retention and accelerating graduation rates while streamlining operations.
I can invest more time in people now that I don’t have to worry about those recurring repetitive tasks because people are what it’s all about. It is revolutionizing all our workflows, our teaching, and our learning spaces quite rapidly. With Copilot, we’re able to do things bigger, better, but also equitably across the university space. It’s changing the way we do everything, and that is a big deal.
Tim Henkel, Assistant Vice Provost for Teaching and Learning, University of South Florida (USF)
AI innovations are reshaping how institutions engage with students by offering around-the-clock support for inquiries about housing, student life, and campus services, significantly enhancing the overall student experience. These AI tools also provide personalized academic and career guidance, helping students select courses, optimize degree plans, and receive tailored advising.
Additionally, AI-powered virtual assistants streamline the financial aid process, guiding students through eligibility requirements, deadlines, and submissions, ensuring timely completion. Through AI integration, institutions can deliver responsive, student-centered services while improving operational efficiency, ultimately enriching the campus experience.
With Azure OpenAI, USF can rapidly classify and summarize IT tickets, eliminating that first level of eyes on an issue.
2. Personalize learning experiences at scale
In an environment where institutional success depends on student engagement and outcomes, personalized learning is becoming a strategic priority. With Data Science in Microsoft Fabric and Azure AI Services, institutions can integrate real-time data analysis from their LMS, leveraging AI to customize lessons, content, and pacing based on student performance. AI tutors provide personalized, instant feedback, helping students make continuous progress and tackle challenging tasks with confidence. These tools empower institutions to deliver adaptive learning tailored to each student’s needs.
The Azure OpenAI Service provided remarkably high-quality hints generated by GPT-4 from a robust and scalable API that reliably handled heavy loads from hundreds of students working simultaneously near homework deadlines.
John DeNero, Faculty Director and Associate Teaching Professor, UC Berkeley
Universities around the world are leveraging AI to improve student outcomes and streamline administrative tasks. At the University of Sydney, the Cogniti platform utilizes AI teaching assistants to tailor feedback and adjust learning paths, boosting student engagement and academic success. IU International University of Applied Sciences in Germany offers an AI study buddy, Syntea, with always-available multilingual support and enhanced student engagement through personalized feedback. It also reduces course completion times by 27%, all while seamlessly integrating across platforms like myCampus and Microsoft Teams.
Similarly, UC Berkeley’s 61A-Bot, a specialized AI assistant powered by Azure OpenAI Service, has significantly enhanced student learning by providing real-time support and reducing homework completion times in their computer science courses. As institutions worldwide adopt AI-driven solutions, education leaders are transforming both learning personalization and operational efficiency, driving significant improvements in student success.
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3. Accelerate learning for all with multi-language support
AI improves educational access by offering multi-language support through real-time translation, note-taking, and content delivery, enabling all students to engage fully in their preferred language. Flexible learning options allow students to review materials at their own pace, while chatbots offer seamless language transitions and targeted support to enhance comprehension and engagement.
By utilizing the advanced language models in Azure OpenAI Service, Cool English is taking an innovative step for English education in Taiwan, helping students reach their learning goals and overcome the challenges of limited opportunities for real-life conversational and writing practice.
Dr. Hao-Jan Howard Chen, Professor, Department of English at National Taiwan Normal University
This potential is already being realized through initiatives like National Taiwan Normal University’s “Cool English” platform, powered by Azure OpenAI, which has helped over 1.4 million students enhance their English skills through adaptive, conversational practice. Similarly, the Korea Advanced Institute of Science and Technology (KAIST) developed a multilingual chatbot to help EFL students write essays in English, offering seamless language switching and personalized guidance outside class hours. Powered by Azure OpenAI’s advanced models, the chatbot provides feedback and answers questions to help students improve their writing without generating essays for them. AI-powered language tools help create inclusive learning environments, enhance student outcomes, and attract a diverse international student body.
AI can help higher education institutions provide multi-language support to students.
4. Accelerate academic research
AI is transforming academic research by accelerating discovery and innovation, and automating tasks like literature reviews, data analysis, and report generation. In April 2023, Microsoft Research launched the Accelerating Foundation Models Research (AFMR) initiative to accelerate the use of large-scale AI models in academia. Through Azure AI Services, AFMR provides universities with access to powerful foundation models, supporting research in fields such as healthcare, scientific discovery, and multicultural empowerment. With over 200 projects in 15 countries, AFMR is building a global AI research community.
If you have a really good idea, it’s very hard to just search the literature and try to find everything. This is sort of like having a super adviser, a brilliant astronomer with an encyclopedic memory who can say, ‘Well, that could be a very good idea and here’s why,’ or ‘That’s likely a bad idea and here’s why.’
Alyssa Goodman, Robert Wheeler Wilson Professor of Applied Astronomy, Harvard University
Universities are harnessing foundation models to accelerate scientific discovery and hypothesis generation. A collaboration between astronomers at Harvard University and The Australian National University has led to the development of an astronomy-focused chat application that utilizes GPT-4. This tool draws from over 300,000 astronomy papers, helping researchers extract key information and analyze data to develop new theories.
At Georgia Tech, researchers are utilizing Microsoft’s Azure OpenAI Service to analyze global EV charging data, uncovering insights for policy development and improving infrastructure reliability to support sustainable and equitable EV adoption. With AI solutions like Azure OpenAI Service, higher education institutions can automate repetitive tasks, improve collaboration, and scale research efforts, all while ensuring data security and focusing on high-impact academic work.
5. Trustworthy AI for education
There is a critical need for organizations to deploy AI responsibly. As AI transforms education, decision makers must ensure these systems are secure, private, and fair. A key strategy is to choose AI platforms with built-in safeguards, like content filtering and bias detection. For example, South Australia’s Department for Education successfully piloted EdChat, an AI chatbot powered by Azure AI, which protects 1,500 students across eight schools from harmful content while empower educators to focus on the benefits.
Equally important is the protection of sensitive student information. With built-in features to safeguard text content, including moderation and groundedness detection, institutions can ensure responsible AI deployment while protecting student data with enterprise-grade security and robust privacy measures to prevent breaches.
South Australia’s Department for Education successfully piloted EdChat, an AI chatbot using Azure AI.
Key principles of trustworthy AI:
Security: AI systems must be resilient against threats.
Safety: AI must operate reliably in sensitive environments like classrooms.
Privacy: Protecting personal data is essential to maintain trust.
AI is not just a tool—it’s the catalyst for a new era in education. By enhancing student support, personalizing learning, and accelerating academic research, AI empowers institutions to break down barriers, expand access, and create more inclusive and innovative learning environments. Those who embrace AI today will lead the future of education, building adaptable, forward-thinking institutions focused on student success.
The question is no longer if AI should be integrated, but how quickly it can be implemented to unlock its full potential. The future of education is here—is your institution ready to lead it?
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Ready to transform your institution with AI? Partner with Microsoft to unlock new possibilities and drive educational success:
Allen & Overy was the top mergers and acquisitions (M&A) legal adviser in the Middle East & African region during the first three quarters (Q1-Q3) of 2024 by value as well as volume, according to the latest Legal Advisers League Table, which ranks legal advisers by the value and volume of mergers and acquisition (M&A) deals on which they advised, by GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Deals Database reveals that Allen & Overy achieved this leading position by advising on nine deals worth $9.7 billion.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Allen & Overy was the top adviser by value during Q1-Q3 2023 and managed to retain its leadership position by this metric during Q1-Q3 2023 as well. Interestingly, despite experiencing a year-on-year fall in the total value of deals advised by it during Q1-Q3 2024, Allen & Overy outpaced its peers by a significant margin in terms of value. Meanwhile, its ranking by volume improved from second position during Q1-Q3 2023 to the top position during Q1-Q3 2024.”
Bernitsas Law, Latham & Watkins and Simmons & Simmons collectively occupied the second position in terms of value, with each of them advising on $3.4 billion worth of deals, followed by Linklaters with $2.3 billion worth of deals advised.
Meanwhile, White & Case occupied the second position in terms of volume with nine deals, followed by Webber Wentzel with six deals, ENSafrica with six deals, and Naschitz Brandes Amir with four deals.
Rothschild & Co was the top mergers and acquisitions (M&A) financial adviser in the Middle East & African region during the first three quarters (Q1-Q3) of 2024 by both value and volume, according to the latest Financial Advisers League Table, which ranks legal advisers by the value and volume of mergers and acquisition (M&A) deals on which they advised, by GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Deals Database reveals that Rothschild & Co achieved this leading position by advising on eight deals worth $4.2 billion.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Rothschild & Co was also the top adviser by volume during Q1-Q3 2023 and retained its leadership position by this metric during Q1-Q3 2024 as well. Meanwhile, its ranking by value improved significantly, as there was a more than three-fold increase in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023. As a result, Rothschild & Co went ahead from occupying the ninth position by value during Q1-Q3 2023 to top the chart by this metric during Q1-Q3 2024.”
HSBC occupied the second position in terms of value, by advising on $2.3 billion worth of deals, followed by Fort Capital Investment with $1.6 billion at the third position, whereas Citi and KPMG jointly occupied the fourth position, with each of them advising on $1.4 billion worth of deals.
Meanwhile, HSBC occupied the second position in terms of volume with seven deals, followed by Rand Merchant Bank with seven deals, Deloitte with seven deals, and Clairfield International with six deals.
Unicycive Therapeutics recently announced positive results from its Phase I trial of UNI-494, showing that the drug’s use was observed to be safe and well-tolerated in both single ascending and multiple ascending doses. The trial results also showed that UNI-494 absorption was fast, rapidly metabolized, and plasma concentration increases when dose increases. The drug potentially fills an unmet need in the acute kidney injury (AKI) space as it has an alternate mechanism of action to current marketed therapies, says GlobalData, a leading data and analytics company.
AKI can cause a buildup of waste products in the blood and make it difficult to maintain the right balance of fluid and minerals in the body. It can also cause permanent kidney damage, leading to chronic kidney disease (CKD).
According to GlobalData’s latest report “Chronic Kidney Disease: Epidemiology Forecast to 2033,” the total prevalent cases of CKD are expected to increase from 110,299,913 cases in 2023 to 121,072,673 cases in 2033, across the seven major markets (7MM*).
Kajal Jaddoo, Senior Pharma Analyst at GlobalData, comments: “The aging global population will lead to an increase in the prevalence of AKI, leading to an expansion of the market as well as a growing need for more therapeutic options.”
UNI-494 exhibits therapeutic intervention activating SUR2 subunit of the mitochondrial ATP-sensitive potassium channel (KATP channel) and thus reduces oxidative stress and restores mitochondrial function.
The Phase I study was a randomized, open-label, double-blind, placebo-controlled, single ascending dose, multiple ascending dose, and single centered study to assess the safety, tolerability, and pharmacokinetics of UNI-494. The single ascending dose from 10mg to 160mg was well-tolerated. The multiple ascending dose of 40mg twice daily for five days was also safe and well-tolerated.
Jaddoo concludes: “Key opinion leaders interviewed by GlobalData have emphasized that a drug that specifically shows enhanced efficacy in kidney disease patients will most likely receive breakthrough or fast track designations and gain market share.”
Headline: Business committed to secure robust and workable benefit sharing regime at COP16, says ICC
Sustainability
The International Chamber of Commerce (ICC) has called on governments to agree on a robust and workable multilateral benefit-sharing mechanism to advance biodiversity conservation at the Convention on Biological Diversity (CBD) COP16 in Cali, Colombia.
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With nearly one million species at risk of extinction according to the 2019 Global Assessment Report, global biodiversity is severely at risk. At COP15 in 2022, world leaders agreed on a goal of living in harmony with nature by 2050 and adopted the Kunming-Montreal Global Biodiversity Framework (GBF) to help achieve that vision. This year’s COP 16 will review progress on the GBF and decide how to monitor and fund its implementation.
With regard to the latter, governments are also expected to determine the design of a multilateral mechanism for the sharing of benefits from the use of “digital sequence information”.
Daphne Yong D’Herve, Director of Global Network Policy Engagement at ICC said :
“Businesses are ready to engage fully at COP16, as they can and must be a key part of the solution to halting biodiversity loss. A benefit sharing mechanism with a broad contributor base would help ensure a meaningful stream of funds, help raise awareness of the principle of benefit sharing, and encourage a sense of collective responsibility among all sectors benefiting from biodiversity.”
Ahead of the start of the conference, ICC has outlined key elements of any new multilateral deal on benefit sharing – calling for a workable mechanism that provides legal certainty to businesses through innovation and commercialisation processes. The business organisation has also emphasized the imperative to ensure that any new mechanism:
incentivises participation by both countries and a broad base of private sector contributors;
ensures contributions collected are used to fund biodiversity conservation and sustainable use, including supporting the role of indigenous peoples and local communities as stewards of biodiversity;
support research and innovation by providing open access to data; and
recognise that tracking and tracing through value chains is not practical.
Ms. Yong D’Herve added :
“Business continues to engage at COP16 and beyond, in the further work needed to build a workable mechanism which could provide legal certainty and have the broadest possible engagement from countries, rightsholders and stakeholders.”
Find out more about the Business Views on a multilateral benefit sharing mechanism.
Samsung Electronics unveiled the Galaxy Tab S10 Ultra on September 27.
The Galaxy Tab S10 Ultra features a large screen equipped with Dynamic AMOLED 2X technology for an optimal AI experience. The Galaxy Tab S10 Ultra also boasts an impressive, improved chipset. Upgrades include an 18% increase in CPU, 28% increase in GPU and 14% increase in NPU performance compared to its predecessor, the Galaxy Tab S9 Ultra.
The experience is further enhanced with Dialogue Boost — an AI-powered feature that amplifies voices over unwanted noise in videos — so that users can immerse themselves in what they’re viewing with ultra-clear audio.
Samsung Newsroom explored how Dialogue Boost works and compared the benchmark test results of the Galaxy Tab S10 Ultra and the Galaxy Tab S9 Ultra in the videos below.
More concise and user-friendly, the ICC Antitrust Compliance Toolkit has been updated to reflect the evolving landscape of antitrust risks and compliance practices over the last decade. The toolkit offers practical tools and guidance to build a credible corporate antitrust compliance programme.
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The second edition of the ICC Antitrust Compliance Toolkit includes comprehensive guidance for antitrust experts and non-experts alike on how to:
build a compliance culture,
conduct risk assessments, and
implement effective monitoring and improvement measures.
Key facts:
Integrating antitrust compliance into everyday business practices is vital. The ICC Antitrust Compliance Toolkit provides actionable guidance to establish a compliance culture and is a vital resource for companies looking to navigate the complexities of antitrust compliance.
Processes alone are not enough. Fostering a culture of compliance starts with individual commitment.
Understanding specific antitrust risks helps tailor internal trainings and response strategies effectively.
Antitrust compliance requires continuous evaluation of compliance effectiveness, which is key to adapting to dynamic regulatory landscapes.
Why is the ICC Antitrust Compliance Toolkit relevant?
Complying with competition law makes good business sense. Regardless of a company’s size, competition law compliance places businesses ahead of the game.
At a time when antitrust violations are making headlines and penalty sizes are breaking records, it is vital that global businesses have the right tools to improve compliance with antitrust law. This is especially true given the last decade of rapid digital transformation, in which a number of new challenges have emerged.
Companies have adapted their business practices, while competition authorities have had to rethink how competition law is enforced. The updated ICC Antitrust Compliance Toolkit addresses these new challenges, including the risks associated with using artificial intelligence (AI).
What makes the ICC Antitrust Compliance Toolkit unique?
The ICC Antitrust Compliance Toolkit offers core principles for building a robust compliance programme – or reinforcing an existing one – with a local or global reach. Developed to complement existing materials, the toolkit seeks to enhance the understanding between business and antitrust agencies in relation to antitrust compliance programmes. It has received recognition and support from key competition agencies, most notably the European Commission.
Who is the ICC Antitrust Compliance Toolkit for?
The toolkit is intended for companies of all sizes, from SMEs to larger corporations, across various sectors.
It is particularly useful for in-house legal teams, compliance officers, and business leaders responsible for establishing or enhancing their company’s antitrust compliance programme.
It is also a valuable resource for professionals involved in risk management, such as audit and finance teams.
The Reserve Bank of India (RBI) has added the following entities/platforms/websites to the Alert List of unauthorised forex trading platforms. The updated Alert List is available here.
At the invitation of H.E. Dato Sri Tiong King Sing, Minister of Tourism, Arts and Culture of Malaysia, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the ASEAN Secretariat’s delegation to participate in the 11th ASEAN Ministers Responsible for Culture and Arts (AMCA) Meeting and Related Meetings, to be held in Melaka, Malaysia, on 24 October 2024. The 11th AMCA Meeting and Related Meetings will discuss the way forward to enhance cooperation among ASEAN Member States and Dialogue Partners and consider new priorities and partnerships to further amplify the awareness of culture’s transversal role toward building a culturally dynamic ASEAN Community of Opportunities for All.
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Samsung is thrilled to announce the launch of the Galaxy A06, the latest addition to the A Series range, designed for those who seek reliability and performance without breaking the bank. With a blend of cutting-edge features and budget-friendly pricing, the Galaxy A06 is set to enhance the mobile experience for users across South Africa.
Join the next generation of awesome with the Galaxy A06. With its awesome display from the expansive 6.7” screen[1] this new device provides an immersive experience with optimal wide viewing and rich, vibrant sound. Experience a smartphone that combines innovation, reliability, and affordability, making it the perfect choice for anyone in search of a dependable mobile companion.
Available with 4GB of RAM and 64GB of internal storage—the Galaxy A06 provides ample space for all your apps, photos, and videos. Need more? Expand your storage effortlessly with a microSD card of up to 1TB. Imagine never having to worry about deleting precious memories to make space for new ones. With the Galaxy A06, your digital life is limitless.
Stay connected longer with the powerful 5,000 mAh[2] battery that supports 25W Fast Charging. Whether you’re binge-watching your favourite series, video-calling friends, or navigating your way through a busy day, the Galaxy A06 ensures you have the power you need. So when you’re on a night out with your friends or at a festival, capturing every moment on your camera with the Galaxy A06 means you won’t have to scramble for a charger before the night ends.
Equipped with a dual camera setup, the Galaxy A06 features a stunning 50MP high-resolution main camera, complemented by a 2MP depth camera. Your selfies are taken care of by the 8MP front camera. Users can effortlessly capture and share their favourite moments, whether it’s a breathtaking sunset or a group selfie with friends. The enhanced photo quality and detail bring life to every shot, making each memory even more special.
Your personal information deserves the best protection. The Galaxy A06 comes with Samsung Knox Vault, safeguarding your data with advanced security features. Users can feel confident knowing that their sensitive information is well-guarded against threats, allowing them to enjoy their device without worry.
The Samsung Galaxy A06 is available now, both online and in stores, in stylish light blue and classic black colours. With a recommended retail price of just R2499[3], it offers incredible value without compromising on quality.
For more information, click here or follow us on social media for the latest updates.
[1] Screen measured diagonally as a full rectangle without accounting for the rounded corners.
[2] Typical value tested under third-party lab conditions. Rated (minimum) capacity is less.
[3] Recommended retail price only. Prices may vary per retailer.
Recent hurricanes Helene and Milton that have struck the US resulted in widespread devastation, claiming hundreds of lives and causing huge property damages. Hurricane Helene, which struck Florida’s Big Bend region as a Category 4 storm on September 26, 2024, resulted in catastrophic flooding throughout Florida, North Carolina, South Carolina, Georgia, and Ohio. The parts of the US were battered again by Hurricane Milton on October 9, 2024. As a result, US insurers are expected to witness higher claims in 2024 across general insurance lines, which could significantly impact their profitability, according to GlobalData, a leading data and analytics company.
As per the Office of Insurance Regulation, a total of 112,926 insurance claims for hurricane Helene have been filed as of October 9, 2024, with estimated insured losses amounting to $1.1 billion. Among these claims, 52,070 pertain to private passenger automobiles, followed closely by 50,672 residential property claims. Additional reported damages encompass commercial vehicles and commercial property losses.
Manogna Vangari, Insurance Analyst at GlobalData, comments: “Hurricane Milton was a formidable storm that resulted in a landfall to the south of Tampa Bay, near Siesta Key, leading to multiple tornadoes, particularly across South Florida. The hurricane Milton presents a considerable risk to the densely populated region of Florida that might result in even higher costs than those associated with Hurricane Helene. According to the White House briefing, the damage from Hurricane Milton is estimated to be more than $50 billion.”
Property insurance claims are expected to account for a 12.9% share of the total general insurance claims in 2024, amounting to $227.5 billion. However, with these events, the actual claims in 2024 might increase once the complete impact of both hurricanes is realized. As a result, the overall profitability of the general insurance industry in the US is expected to be significantly impacted, with the average combined ratio exceeding 100% in 2024.
According to GlobalData’s Global Insurance Database, the US general insurance industry is expected to grow at a CAGR of 7.1% over 2024–28, from $2.4 trillion in 2024 to $3.1 trillion in 2028, in terms of gross written premiums (GWP).
In the US, standard homeowners’ policies do not encompass flood coverage and must be acquired separately, often directly from the federal government. Flood insurance is mandated for homes situated in high-risk areas as determined by the Federal Emergency Management Agency (FEMA), particularly if the mortgage is government-backed.
As per the Insurance Information Institute, nearly 6% of US homeowners possess flood insurance. In several counties across Georgia, North Carolina, and South Carolina that were recently inundated by the effects of Helene, less than 1% of households have flood insurance. Nearly two-thirds of these policies are provided through the National Flood Insurance Program (NFIP) administered by FEMA, while the remaining are secured through private insurers.
The aftermath of hurricanes Helene and Milton has cast a spotlight on the significant deficiencies within the US flood insurance framework and the ensuing repercussions. As climate change intensifies the frequency and severity of flooding, the need for comprehensive flood risk management has become increasingly critical.
Vangari concludes: “The recent spate of natural disasters may result in higher-than-anticipated claims for US insurers and reinsurers in 2024 and 2025. The escalating incidence of such significant events is projected to drive the need for a comprehensive flood risk cover, which will support general insurance growth over the next five years.”
Skadden, Arps, Slate, Meagher & Flom and Kirkland & Ellis top M&A legal advisers in technology, media and telecom sector during Q1-Q3 2024, reveals GlobalData
Skadden, Arps, Slate, Meagher & Flom and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the technology, media and telecom sector during the first three quarters (Q1-Q3) of 2024 by value and volume, respectively, according to the latest Legal Advisers League Table, which ranks legal advisers by the value and volume of mergers and acquisition (M&A) deals on which they advised, by GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Deals Database reveals that Skadden, Arps, Slate, Meagher & Flom achieved the leading position in terms of value by advising on $121.7 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 120 deals.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Kirkland & Ellis was the only adviser to hit triple-digit deal volume during Q1-Q3 2024. It also outpaced its peers by a significant margin in terms of deal volume.
“Meanwhile, Skadden, Arps, Slate, Meagher & Flom was among the only two advisers that managed to surpass $100 billion total deal value mark. Due to involvement in big-ticket deals, it registered a massive 60.8% growth in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023.
“Resultantly, Skadden, Arps, Slate, Meagher & Flom’s ranking by value also improved from the third position during Q1-Q3 2023 to the top position during Q1-Q3 2024. It advised on 15 billion-dollar deals* during Q1-Q3 2024 that also included five mega deals valued more than $10 billion.”
Paul, Weiss, Rifkind, Wharton & Garrison occupied the second position in terms of value, by advising on $107.1 billion worth of deals, followed by Kirkland & Ellis with $75.3 billion, Simpson Thacher & Bartlett with $65 billion and Cleary Gottlieb Steen & Hamilton with $46.5 billion.
Meanwhile, CMS occupied the second position in terms of volume with 58 deals, followed by Simpson Thacher & Bartlett with 48 deals, Latham & Watkins with 44 deals, and Wilson Sonsini Goodrich & Rosati with 43 deals.
Goldman Sachs and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the technology, media and telecom sector during the first three quarters (Q1-Q3) of 2024 by value and volume, respectively, according to according to the latest Financial Advisers League Table, which ranks legal advisers by the value and volume of mergers and acquisition (M&A) deals on which they advised, by GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Deals Database reveals that Goldman Sachs achieved the leading position in terms of value by advising on $88 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 59 deals.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Goldman Sachs registered an improvement in the total value of deals advised by it and the ranking by value during Q1-Q3 2024 compared to Q1-Q3 2023. During Q1-Q3 2024, Goldman Sachs advised on 23 billion-dollar deals*, that also included two mega deals valued for than $10 billion.
“Involvement in these big-ticket deals helped it register improvement in terms of value as well as its ranking by this metric. Moreover, Goldman Sachs, apart from leading by value, also held the second position by volume during Q1-Q3 2024.
“Meanwhile, Houlihan Lokey was the top adviser by volume during Q1-Q3 2023 and also managed to retain its leadership position by this metric during Q1-Q3 2024 as well.”
Evercore occupied the second position in terms of value by advising on $83.7 billion worth of deals, followed by Qatalyst Partners with $64.8 billion, Morgan Stanley with $63.4 billion, and JP Morgan with $58.6 billion.
Meanwhile, Goldman Sachs occupied the second position in terms of volume with 45 deals, followed by Rothschild & Co with 44 deals, Evercore with 40 deals, and Raymond James Financial with 35 deals.
The opioid addiction market across the eight major markets (8MM*) is poised to grow at a compound annual growth rate (CAGR) of 1.8% from $2.0 billion in 2023 to $2.4 billion in 2033, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report “Opioid Addiction: Opportunity Assessment and Forecast,” reveals that growth will primarily be driven by an increase in diagnosed prevalent cases, as well as an increase in treatment rates and the introduction of four late-stage pipeline products – cannabidiol, mazindol controlled release (CR), probenecid, and TRV-734.
Jos Opdenakker, Neurology Analyst at GlobalData, comments: “Of the four late-stage pipeline products, three of them (cannabidiol, mazindol CR, and probenecid) are non-opioids. Cannabidiol and mazindol CR are expected to be used as potential adjunctive treatments in addition to the standard of care in the treatment of opioid use disorder, driving an increase in the OUD market. Probenecid is indicated for the treatment of OWS and is expected to take market share from existing OWS agents.”
GlobalData forecasts that the late-stage pipeline products could drive combined sales of approximately $171.4 million in the 8MM by 2033. Trevena’s TRV-734 will be the most promising pipeline product, indicated for the treatment of opioid withdrawal syndrome (OWS).
According to GlobalData forecasts, TRV-734 could generate global sales of approximately $77.6 million by 2033. It has the potential to see strong uptake due to its position as a partial mu-opioid receptor agonist. This means that it has the potential to elicit the partial effects of opioids but not the full effect, and this could limit some of the distressing side effects and potentially prevent withdrawal associated with existing opioid-based treatments.
Opdenakker adds: “While the OUD pipeline agents will bring new mechanisms to market, they are unlikely to become first line treatments. The need for effective non-opioid treatments that do not target the mu receptor, which could potentially replace opioids as first-line therapies, remains.”
Opdenakker continues: “The overall opioid addiction market is expected to experience growth until 2033; however, continued generic erosion will be an important barrier. Generic erosion is expected to be particularly significant in the US opioid addiction market.”
In 2023, the US represented the largest market for opioid addiction, with 74.1% of the 8MM sales, due to its larger patient population and the high price of medications. Although the US is expected to remain the largest market for opioid addiction at the end of the forecast period, its proportion of global sales is expected to fall to 70.5% in 2033.
The decline in the contribution of the US opioid addiction market will be fueled by the patent expiries of Indivior’s extended-release formulation of buprenorphine, Sublocade, which was the top-selling drug in the opioid addiction market in 2023, Alkermes’ Vivitrol (naltrexone ER), Braeburn’s long-acting buprenorphine product, Brixadi and Orexo US’ Zubsolv (buprenorphine), all of which will expire throughout the forecast period, resulting in sales erosion amongst the key OUD therapies.
Opdenakker concludes: “Although the impending entry of numerous generic products will act as a major barrier to growth and the introduction of the late-stage pipeline products is limited in their potential to generate significant revenues to counter the generic erosion, the increase in diagnosed prevalence, treatment rates, and general awareness surrounding opioid addiction will continue to act as the main drivers of growth across the 8MM.”
*8MM- US, France, Germany, Italy, Spain, UK, Canada, and Australia
The Asian Infrastructure Investment Bank (AIIB) has been accredited as an International Access Entity (Accredited Entity) of the Green Climate Fund (GCF) at the 40th GCF Board meeting in Songdo, Incheon, Republic of Korea, Oct. 21-24.
The partnership is in line with AIIB’s Corporate Strategy and GCF’s reform agenda. It will enable both institutions to leverage their resources to more effectively support members in achieving their Nationally Determined Contributions targets for low emissions and climate-resilient development, a critical component of the Paris Agreement.
“AIIB’s top priority is to develop green infrastructure that facilitates climate transition and is resilient to climate change impacts in the coming decades,” said Sir Danny Alexander, AIIB Vice President for Policy and Strategy. “This partnership with GCF is a testament to our commitment to this mandate as outlined in our corporate strategy.”
With this accreditation, AIIB will gain access to GCF funds through a flexible combination of grants, concessional debt, guarantees and equity instruments. These will enable AIIB to leverage blended finance and attract private capital for climate action in developing members. As a GCF Accredited Entity, AIIB will continue to deepen its collaboration with other international, regional and national development finance institutions; equity funds; and UN agencies to develop high-quality, climate-focused projects.
Henry Gonzalez, Chief Investment Officer of the Green Climate Fund (GCF), welcomed the GCF Board’s decision to approve the accreditation. “This partnership opens new and exciting opportunities for collaboration on scaled-up climate action that focuses on green and resilient infrastructure in various countries,” he said. “Both GCF and AIIB have a shared focus on innovative solutions that provide a pathway for a low-emission, climate-resilient pathway towards sustainable development.”
In 2023, AIIB’s climate finance reached 60% of total approved regular financing, an increase from 56% in 2022, surpassing the targets outlined in its corporate strategy. In terms of volume, its climate finance rose from USD 2.39 billion in 2022 to USD 3.43 billion in 2023.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
About GCF
The Green Climate Fund (GCF) – a critical element of the historic Paris Agreement – is the world’s largest climate fund, mandated to support developing countries raise and realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways.
Today, Secretary-General of ASEAN, Dr. Kao Kim Hourn, inaugurated the “Maritime Heritage at the ASEAN Heritage Parks” Exhibition organised by the Philippines Mission to ASEAN, in ASEAN Headquarters/ASEAN Secretariat. The exhibition showcased the maritime heritage of ASEAN, particularly the rich biodiversity preserved and promoted through the ASEAN Heritage Parks, with a center-piece model of a whale shark. The exhibition highlighted two ASEAN Heritage Parks from the Philippines, namely Tubbataha Reef and the Agusan Marsh, as well as ASEAN Heritage Parks from the ASEAN Member States that have maritime or similarly aquatic-related Heritage Parks. The exhibition takes place from 22 to 25 October 2024 at the lobby of the ASEAN Headquarters/ ASEAN Secretariat.
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The Asian Infrastructure Investment Bank (AIIB) has approved investments in Endiya Partners Fund III under the AIIB Venture Capital (VC) Investment Program. The investments will support early-stage companies focused on green and technology-enabled infrastructure in India and Southeast Asia.
Launched in December 2022, AIIB’s VC Investment Program for Green and Technology-Enabled Infrastructure began with a commitment of USD100 million, with an additional USD30 million for co-investments. The program aims to fill the capital gap for early-stage ventures by investing through small-scale VC funds.
Endiya Partners Fund III will invest in early-stage start-ups in India, focusing on intellectual property that aligns with AIIB’s strategic priorities.
“Endiya Partners shares AIIB’s vision of promoting innovation in green and technology-enabled infrastructure through strategic investments in the digital industry, healthcare and enterprise sectors,” said Sateesh Andra, Managing Partner at Endiya Partners. “We thank AIIB for their confidence and LP (limited partners) investment as we drive impactful change.”
This will be the second signed commitment, previously approved as MSA Emerging Technology Markets Fund I in 2023. The total investment under the VC Program now represents about 20% of its investable corpus. The program’s goal is to build a diversified portfolio of 10 to 12 VC funds across sectors, geographies and stages of development.“These investments are pivotal as they operationalize AIIB’s forward-looking VC Program, with significant potential to grow the innovation landscape in our Members,” said Gregory Liu, AIIB Director General of Financial Institutions and Fund Clients, Global. “Our focus will be to enhance this program by identifying innovative ideas that deliver scalable impacts, creating a portfolio that generates returns and positive outcomes.”
The investments align with AIIB’s Private Capital Mobilization thematic priority and mission of Financing Infrastructure for Tomorrow, emphasizing technology as a competitive advantage. AIIB’s Environmental and Social Policy applies to the program, ensuring that each VC Fund adheres to the Bank’s environmental and social standards.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 29 October 2024. The summarised results of the auction held on 22 October 2024, are attached below:
Headline: Zetes invests in Autonomous Mobile Robots company Robotize
Zetes’ investment in Robotize was a natural progression, as both companies share a common mission: to deliver value-added solutions that enhance, rather than replace, human capabilities.
Pierre Lambert, CEO of Zetes, commented: “We are excited about our new investment in Robotize. Both of our companies are driven by the same values—delivering top-tier solutions that empower our customers and elevate service quality. This perfectly aligns as well with our mother company, Panasonic. Together, we will develop comprehensive solutions that will enhance internal logistics operations and support our customers’ evolving needs.”
Anders Pjetursson, CEO of Robotize, echoed this enthusiasm: “Joining forces with Zetes opens up new possibilities for us, as our first successful collaborations have already demonstrated. Zetes’ impressive portfolio of customers provides the perfect foundation to expand our capabilities as our specialized AMRs are a perfect fit with Zetes high-quality business applications.”
A lot has been said about the UK financial regulators’ new secondary competitiveness and growth objective, so I hesitate to add to the chat. Our focus is on actions because they are said to speak louder than words. However, it is regularly reported to me that some stakeholders doubt that we are taking any meaningful action to deliver our new objective – and from this I have learned that sometimes in life it is necessary to tell people what actions you are taking, as well as taking them!
I will also attempt a little myth-busting, because I have observed that the debate on regulation can be dominated by extremes. On the one hand, it is surprisingly often asserted that the regulators are trying to remove all risk from the system and don’t care about their impact on the wider economy. It is easy to demonstrate that this is nonsense. On the other hand, it’s simply not true that any change to our regulations will unleash financial mayhem, and there is plenty in our regime that can be improved without undermining stability.
So if you take only two things from this speech, I hope they are these:
first, that we are strongly committed to our new objective, and are taking concrete steps to improve our regime’s contribution to UK growth and competitiveness;
and second, that we are going about this in a careful, balanced way – reducing bureaucratic processes and some excess conservatism while preserving financial stability.