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The organisers announced that more than 50 speakers from Bangladesh and other countries will participate in five panel discussions during the forum. The Bangladesh Apparel Exchange and Bangladesh Garment Manufacturers and Exporters Association are hosting the event, which will focus on important issues in the apparel industry such as human rights, transparency, water usage, purchasing practices, and climate change. The founder of BAE, Mostafiz Uddin, stated that sustainability is crucial for the industry, and the forum aims to accelerate progress in this area. BGMEA President Rubana Huq stressed the importance of sustainable labor practices and industry environment. The Netherlands Ambassador to Bangladesh, Harry Verweij, attended the media briefing, as the embassy is the main sponsor of the event in collaboration with H&M. Better Work Bangladesh and C&A Foundation are also partnering with the organisers. | 3 |
According to management experts, if Barack Obama were a corporate chief executive, he would be receiving high marks for his management style. His calm demeanor and steady hand, which have earned him the nickname "No Drama Obama," are qualities that business leaders could benefit from learning. Paul Reagan, a management consultant and senior lecturer at Wayne State University in Detroit, praised Obama's clear value system and his consistent follow-through on his promises. Reagan believes that Obama's credibility is so high that most people already view him as a corporate leader. Paul Copcutt, a personal brand strategist from Dundas, Ontario, pointed out that one significant difference between Obama and business leaders is his acute awareness of his strengths and weaknesses. Copcutt noted that this awareness is reflected in Obama's cabinet selections, where he has chosen experienced individuals to compensate for his own areas of weakness. Copcutt emphasized the importance of leaders focusing on their strengths and delegating tasks that they are not proficient in. Obama's cabinet choices, including former rivals like Hillary Clinton and holdovers from previous administrations, demonstrate his efforts to build a coalition with diverse viewpoints, according to Reagan. Chief executives often create a group of advisors who may not offer all the necessary perspectives to effectively lead an organization. While Obama has chosen some important cabinet members and pushed for quick action on an economic stimulus plan, his success as a leader is still uncertain. Nancy Koehn, a business historian and Harvard Business School professor, believes that the real challenges will arise once Obama officially becomes President on January 20th. Reagan warned that a management style like Obama's, which appeals to many groups, carries the risk of widespread disappointment. He suggested that Obama may have promised too much change, leaving room for confusion and unfulfilled expectations. Koehn recommended that CEOs learn from Obama's handling of challenges during his presidential campaign, using emotional intelligence to navigate difficult situations in today's uncertain economic environment. She stated that it is important for business leaders to be aware of elements within their organization and employees that go beyond tangible resources, head count, market, and customers. CEO coach Deb Dib has identified several traits in Obama that she believes are important for business executives to emulate, such as caring, confidence, consistency, command, and calmness. Dib believes that effective CEOs often possess these same attributes, regardless of their political affiliation. She sees Obama as a valuable example for others to learn from. | 3 |
In the year 2030, the obesity rate in every state is projected to remain below 60 percent, a significant difference from the 13 percent predicted in the business-as-usual projection. | 3 |
An international group of bankers has pledged to provide financial products to one billion customers who have not had access to traditional banking services. The Global Alliance for Banking on Values, a network of sustainable banks, made this commitment at the end of a three-day conference in Dhaka. Founder-chairperson Fazle Hasan Abed stated that the members of GABV aim to impact the lives of one billion people by 2020, potentially making a significant difference in global efforts to address climate change. Bank representatives from Asia to Latin America came together for a three-day seminar starting on March 6 to discuss creating a sustainable future for the financial industry. The GABV, established in March 2009, utilizes financial resources to provide sustainable development tools for underserved populations, communities, and the environment. It represents approximately seven million clients in 20 countries, with a total capital of over $14 billion. The organization has committed to raising $250 million in new capital over three years to support a $2 billion expansion in lending for environmentally-friendly projects and underserved communities globally. The funding is anticipated to come from a variety of investors, including current customers, institutions, and new investors. The alliance believes that expanding the network's membership and establishing new member banks will enable them to serve more clients, as stated in the announcement. The members of the network are planning to promote and showcase the impact of business models that prioritize addressing the world's most pressing social and environmental issues. Peter Blom, the chair and co-founder of GABV, emphasized the importance of raising funds and investing in sustainable banking practices to maximize the potential of finance. Blom, who is also the CEO of Triodos Bank, a GABV member based in the Netherlands, stated that values-driven banking has the potential to positively impact the lives of one in six individuals within a decade. Participants from the member banks noted that increasing this capital significantly in the upcoming years will aid in achieving the goal of reaching one billion. | 3 |
Bangladesh's health minister A F M Ruhul Haque has stated that the country will require approximately $2 billion over the next decade to address the health risks associated with global warming. Haque mentioned that the specific amount will be confirmed by June of next year. He also noted that if the sea level rises by one meter due to global warming, a total of $2.08 billion will be needed between 2010 and 2021 to mitigate the impacts. During a meeting on climate change, an eight-point Dhaka Declaration reflecting the government's concern was presented, with 55 delegates from various countries, including 11 ministers, in attendance to discuss strategies for reducing the effects of climate change. In addition, a total of 17 papers were delivered during the meeting. Experts are forecasting that a portion of Bangladesh will be submerged in water within the next 20 to 30 years. However, Haque noted that there appears to be little concern about the potential health impacts of this. The primary focus of this meeting is on this particular sector. | 3 |
The EU has announced that the nearly €1.1 billion allocation is the largest EU humanitarian budget for life-saving relief in both man-made and natural disasters to date. The 28-nation bloc is currently the primary humanitarian assistance partner for Bangladesh, with multiple projects underway in different regions of the country. In August of this year, the EU provided €0.5 million in aid to help the flood-affected people of Bangladesh, in addition to its ongoing project support. The EU stated that this new record budget is necessary as global humanitarian needs are rising due to the increasing number of refugees and displaced persons from armed conflict, the growing impact of natural disasters, climate change, and economic crises. Christos Stylianides, EU Commissioner for Humanitarian Aid and Crisis Management, announced the budget in Brussels on Wednesday, saying that next year's budget will also be a record due to the tragically high levels of needs. The EU will continue to fulfill its duty to assist the most vulnerable and is proud to be one of the top global donors of humanitarian aid in 2016. The humanitarian budget for 2016 will address various aspects of the refugee crisis in countries like Syria, Lebanon, Jordan, Turkey, the Western Balkans, and Iraq. Additionally, funding will support vulnerable populations in Colombia, Myanmar, and Afghanistan, which often go unnoticed by the international community. The European Commission has made increasing humanitarian funding for education in emergencies a priority, aiming to raise it from one percent to four percent of the EU's overall humanitarian budget in 2016, meeting the UN's target. Other priorities include helping communities prepare for and respond to natural disasters in South East Asia, as well as enhancing aid delivery methods, the EU stated. | 3 |
President Barack Obama's $3.55 trillion budget, released on Thursday, maintains his proposal to reduce carbon dioxide emissions by selling all emission permits to industries. Some members of Congress, including Democrats, are advocating for a portion of the permits to be given away initially to ease the transition to a lower-carbon economy. Critics argue that charging companies for emissions could harm the struggling economy. The plan to sell all permits is expected to generate $646 billion in revenue over the first few years, and the White House budget director confirmed that there would be no changes to this aspect of the budget proposal. During the previous presidential campaign, Obama expressed a desire for all emissions permits to be sold rather than distributed for free, but he has hinted at the possibility of some flexibility on this issue. In Obama's plan, the level of carbon dioxide emissions from various sources would be restricted and companies exceeding the limit would need to purchase emissions credits from those emitting less. The purpose of this cap-and-trade system is to encourage companies to reduce emissions, as emphasized by the director of the Congressional Budget Office during a Senate Finance Committee meeting. David Elmendorf from the CBO explained that giving away allowances is essentially the same as selling them and distributing the proceeds. Elmendorf stated that total revenue generated from auctioning emissions could reach approximately $1.2 trillion over a decade. The increased costs for companies emitting pollutants will lead to higher prices for consumers. In Obama's budget, a portion of the revenues from the cap-and-trade plan is intended to be returned to consumers to help mitigate the price increase. Elmendorf emphasized that a price increase is necessary to encourage a shift in behavior, and while it can be distributed differently, it cannot be avoided entirely. A cap-and-trade bill, sponsored by Representative Henry Waxman, is currently being considered by Congress. Waxman, a California Democrat, is pushing for the bill to be passed by the end of May. However, a senior Republican has suggested that the bill may be delayed while the committee focuses on healthcare reform. This delay could allow Democrats more time to build support for the climate change legislation, according to Representative Joe Barton, a Texas Republican. Some Democrats on the panel, including Mike Doyle of Pennsylvania, believe that most emission permits needed by industry under a cap-and-trade plan will be given away, rather than auctioned, for the first 10 to 15 years of the program. President Obama has expressed a preference for limiting carbon emissions through legislation, but regulation is also an option. The U.S. Environmental Protection Agency stated recently that greenhouse emissions pose a threat to human health and can be regulated as a pollutant. | 3 |
The Harvard graduate is among 10 "entrepreneurial farmers" chosen by Square Roots, an indoor urban farming company, to cultivate kale, mini-head lettuce, and other crops locally in the Bedford-Stuyvesant neighborhood of Brooklyn. Each farmer receives a 320-square-foot steel shipping container for 12 months, where they have control over the climate for their farm. Using pink LED lights, they are able to grow GMO-free greens throughout the year. Groszyk, who personally delivers to his 45 customers, selects crops based on feedback and grows new ones upon request. Groszyk recalled the day the shipping containers were delivered with a crane onto the trucks. "We started planting seeds the following week," Tobias Peggs, along with Kimbal Musk, co-founded Square Roots in November. They currently produce around 500 pounds of greens weekly for numerous customers. Peggs believes that if they can create a successful model in New York, it can be replicated globally. Square Roots offers a year-long program to farmers, including support in areas like business development and sales, in exchange for 30% of the revenue. Peggs expects farmers to earn between $30,000 and $40,000 annually. The farmers are responsible for covering the costs of running their container farm, including expenses like water, electricity, seeds, and rent, which totals around $1,500 per month. According to Peggs, an alternative option would be pursuing an MBA in food management, which could cost tens or even hundreds of thousands of dollars. Peggs hopes that farmers will start their own companies after completing the program. Groszyk, who harvests 15 to 20 pounds of produce weekly, has been trained in various aspects of farming, including artificial lighting, water chemistry, nutrient balance, business development, and sales. Tieg Zaharia, a software engineer at Kickstarter, expressed interest in knowing where his food comes from as he enjoyed a $5 bag of greens grown and packaged by Groszyk, highlighting the importance of supporting local farmers. Nabeela Lakhani, 23, shared that reading "Fast Food Nation: The Dark Side of the All-American Meal" during high school motivated her to make a difference in the food system. As a resident chef at a market-to-table restaurant in lower Manhattan three nights a week, Lakhani greets customers by introducing herself as Chalk Point Kitchen's new urban farmer, often surprising them with her unique role. Lakhani, who is an expert in Tuscan kale and rainbow chard, mentioned, "I explain to them that we have a shipping container in Brooklyn. I harvest the produce and deliver it within 24 hours of you eating it, making it the freshest salad in New York City." | 3 |
US Treasury Secretary Timothy Geithner and Microsoft Corp co-founder Bill Gates announced on Wednesday that they will be launching a global agricultural fund to help increase food production in developing countries. The Global Agriculture and Food Security Program, set to be unveiled in Washington on Thursday, aims to assist farmers in growing more food and earning higher incomes from their agricultural efforts. Gates and Geithner emphasized the importance of supporting small farmers and impoverished individuals, particularly as the global population grows and climate changes lead to water shortages that can devastate crops. The idea for the fund was initially put forth by the United States at a Group of Eight meeting in Italy in 2008, with the goal of encouraging countries to collaborate and invest in agriculture in the world's most impoverished nations. Gates and Geithner announced that the fund has received commitments totaling almost $900 million until 2012. Canada, Spain, and South Korea are among the countries that will contribute funding. The fund, overseen by the World Bank, aims to provide financial support to impoverished nations with severe food insecurity that have established effective agricultural strategies to enhance crop production. It will focus on investing in infrastructure to connect farmers with markets, promote sustainable water management, and improve access to advanced seeds and technologies. The surge in global food prices in 2008 underscored the longstanding lack of investment in agriculture in developing countries, where the majority of impoverished individuals reside in rural areas. The Gates Foundation has been actively involved in funding projects that aim to enhance agricultural production for small-scale farmers in Africa and other regions. The foundation has a strong interest in improving food access and has collaborated closely with the United Nations World Food Programme. Despite the fact that there is enough food produced globally to eradicate hunger, over 1 billion people still suffer from hunger due to financial constraints or lack of access to food supplies. | 3 |
State Minister for Foreign Affairs M Shahriar Alam expressed Bangladesh's commitment to adopting low-emission development strategies (LEDS) as long as it does not impose additional economic burden. He made these remarks at the "Ministerial Meeting on Climate Change" in Brussels, co-chaired by European Commissioner for Climate Action Connie Hedegaard and Norwegian Minister of Climate and Environment Tine Sundtoft. The meeting, attended by ministers and representatives from over 40 countries and international organizations, focused on topics such as mitigation, adaptation, means of implementation, and pre-2020 mitigation ambition. Alam highlighted the potential for renewable energy expansion in Bangladesh, emphasizing the need for financial support from both least developed countries and developed nations. He also discussed the upcoming climate agreement to be negotiated at the Paris climate conference, stressing the importance of integrating climate change adaptation and disaster risk reduction in all relevant sectors. Alam emphasized the need for the new agreement to provide adequate and predictable financial support and technology transfer from more developed countries. He is scheduled to attend a climate summit in Abu Dhabi before returning to Dhaka, and will then travel to Geneva to support a Bangladesh candidate for the UN Committee on Elimination of Discrimination Against Women (CEDAW). | 3 |
At the beginning of this year, global inflation pressures increased, posing a challenge for central bankers who must find a way to control prices without causing a recession. In the United States, the Federal Reserve has been cutting interest rates since last August to combat a credit crunch, and recent data showed a rise in underlying US inflation in January. The overall annual inflation rate also increased. In the euro zone, the European Central Bank has not followed the Fed's lead in cutting rates, and inflation in major economies remains above the ECB's 2 percent target. In February, inflation rates were high in Germany, Italy, and Spain, with Belgium experiencing the highest rate since July 1991. In Japan, annual inflation remained steady at 0.8 percent in January, which is the highest level in a decade. However, despite signs of an economic slowdown, there is speculation that the Bank of Japan may lower interest rates from the current 0.5 percent. Ken Wattret, the chief euro zone market economist at BNP Paribas, believes that the euro zone could experience uncomfortably high levels of headline inflation in the coming months. He stated that the European Central Bank is facing challenges as the economic growth outlook is worsening rapidly, while inflation is not improving quickly enough. Axel Weber, a member of the European Central Bank Governing Council, expressed concerns about market expectations of an interest rate cut from the current 4 percent, warning about the risks of higher inflation. Federal Reserve Chairman Ben Bernanke reassured on Thursday that the United States is not heading towards "stagflation" like in the 1970s, but acknowledged that inflation could complicate efforts to stimulate the economy. Friday's US core PCE index highlighted the challenges facing central banks as they try to boost growth amidst turmoil in the banking sector due to high-risk debt, while also keeping inflation under control. The Fed has already lowered rates by 2.25 percentage points since September and is expected to continue cutting rates. Despite signs of increasing inflation, experts believe the Fed will still opt for another rate cut. The Fed recently revised its economic forecast for 2008, citing the housing market decline and credit market issues as factors. In Japan, strong housing construction and household spending data alleviated some concerns about a recession following the US. The Japanese central bank has been hoping for inflation to come back after years of fighting against deflation. Yoshimasa Maruyama, an economist at BNP Paribas in Tokyo, believes that the price trend will be similar in all developed countries, with high inflation now but expected to ease in the future. In Europe, the ECB is facing challenges due to above-inflation pay demands from trade unions in Germany, which could increase inflation expectations and lead to more wage demands. Additionally, the ECB is dealing with a weakened growth outlook in the euro zone. A survey of corporate managers in the euro zone showed that the business climate indicator fell more than expected in February, reaching its lowest level in two years. Core inflation in the euro zone, excluding volatile energy and food costs, decreased to 1.7 percent in January from 1.9 percent in December. The preliminary figure for February is expected to remain unchanged at 3.2 percent. Chief European economist at Bear Stearns, David Brown, noted that the muted core inflation rate could give the European Central Bank room to lower interest rates soon. Headline inflation in the euro zone increased to 3.2 percent in January from 3.1 percent in December. Wattret, an analyst at BNP Paribas, believed that the ECB would shift its focus from the headline inflation rate to the risks to growth in the euro zone. The recent increase in the euro's value against the dollar has been challenging for exporters. According to a recent Reuters poll, most economists anticipate that the ECB will reduce rates two times this year. However, the likelihood of an immediate rate cut appears to be decreasing as inflation remains high. | 3 |
Meteorologists are predicting that the severe cold spell currently affecting Europe could continue until the end of the month, potentially causing more deaths and driving up gas prices. Leon Brown from The Weather Channel in Britain stated that while there may be a slight change in weather by mid-February, it is unlikely to bring milder conditions. The cold weather and heavy snowfall have already resulted in numerous fatalities across Europe, with temperatures dropping to nearly minus 40 degrees Celsius in some eastern countries. Over 130 villages in Bulgaria were still without power on Wednesday, and the army was providing food and medicine, according to the Defence Ministry. The country declared a day of mourning for eight individuals who lost their lives due to a dam bursting after snow melt caused flooding in a village. Two people are still unaccounted for. The European Union's crisis response chief, Kristalina Georgieva, warned that the worst of the flooding is still to come. In Bosnia, authorities confirmed five more deaths due to cold and snow on Wednesday, bringing the total to 13. In Serbia, authorities have advised residents to remove icicles from roofs following a fatal incident in Belgrade. The country is facing challenges due to heavy snowfall, with 13 deaths reported and 70,000 people stranded. Energy production has been affected, with hydro-power plants and coal trains struggling to operate. In Croatia, high winds have resulted in fish being deposited from the Adriatic sea onto the island of Pag. The cold weather, caused by polar air from northern Russia and high pressure, has prolonged the sub-zero temperatures across Europe for the past 10 days. The World Meteorological Organization (WMO) officials in Geneva this week suggested that cold temperatures could persist throughout February. Omar Baddour, who oversees the WMO's climate data monitoring program, mentioned the possibility of the pressure system easing up next week but also indicated that it could continue until the month's end. The "negative Arctic oscillation", which is causing the freezing weather due to a pressure difference between Europe and the Arctic, is expected to take a few weeks to return to normal, potentially delaying an early thaw. Even though high-pressure systems are not uncommon, the sudden drop in temperatures after a period of mild weather has surprised experts. Brown described the situation as unique and somewhat perplexing in terms of how this winter has unfolded. "It is unusual for a persistent block to develop so suddenly toward the end of January and February. According to Georg Mueller, a forecaster at Point Carbon, this cold spell is the strongest in the month of February in 26 years. The last similarly severe cold weather occurred in 1986. The sheer size of the current Siberian blocking pattern has made it challenging to predict its movement, as it seems to be influencing the way the winds behave rather than the other way around." Brown said that they were surprised by how long the cold block persisted and then shifted westward. According to him, computer models are struggling to predict when the system will move out of Europe. The cold weather has caused British gas prices to soar to their highest levels in over a decade, exceeding 100 pence per therm on Tuesday, a jump of more than 15 percent. Russia reduced gas exports to Europe last week due to record demand, leading countries like Italy to boost imports from Algeria and tap into stored gas reserves. If the cold weather continues and domestic demand rises, Russia may need to decrease its gas exports to Europe once again. | 3 |
An American-Saudi company owned by two members of the Saudi royal family is planning to construct two 450MW combined cycle power plants in Bangladesh. Energy Holdings International, Inc, based in Houston, will build the first plant in Bibiyana and the second in Fenchugang at an estimated cost of $200 million each, as stated in a press release from PRNewswire. Saudi Princes Abdullah Al-Saud and Bader Al-Saud, who are young entrepreneurs, are the co-owners of the firm. EHII has received inquiries from several companies expressing interest in participating in these projects and future developments in Bangladesh, including Siemens. According to the press release, the company is in discussions with Siemens to potentially become a partner and supply turbines. EHII Chairman John W Adair expressed in a letter to shareholders that the 450mw combined cycle plant is just the beginning of potential power plant opportunities in the country. In June, Saudi billionaire Prince Al-Waleed Bin Talal had shown interest in investing in Bangladesh's power and tourism sectors. During a meeting, he was presented with a Power Point presentation detailing investment opportunities in Bangladesh, including Public Private Partnership projects, tourism, power sector, and climate change challenges. With a net worth of $18 billion, Prince Al-Waleed is currently ranked 29th on Forbes magazine's list of billionaires. He had previously visited Bangladesh in 2005 with an interest in purchasing Sonargaon Hotel. | 3 |
The agreements were signed at the Economic Relations Division in Dhaka on Thursday by Kazi Shofiqul Azam, secretary of ERD, and Manmohan Parkash, country director of ADB. The agreements include a $100 million grant to support displaced people in Cox’s Bazar camps, a $25.44 million grant for solar-powered pumps in irrigation, and a $225 million loan to improve secondary education quality and relevance. Parkash mentioned that the grant for Cox’s Bazar was processed quickly in response to a request from Bangladesh in May 2018, while the secondary education project will support the government's reform efforts. He also highlighted the benefits of the solar-powered irrigation project in terms of energy security, environmental protection, and climate change mitigation. The ADB has allocated $100 million for a grant project to assist displaced individuals living in camps in Cox's Bazar, with a focus on improving water supply, sanitation, disaster risk management, energy, and roads. The project will upgrade roads within the camps to connect crucial food distribution and storage centers, as well as enable emergency access. Additionally, it will improve the road from Cox's Bazar to Teknaf and other key areas. A portion of the funding, $25.44 million, will be used to install around 2,000 off-grid solar photovoltaic pumping systems in areas lacking electricity access, generating an estimated 19.3 megawatts of solar capacity. The project aims to reduce carbon dioxide emissions by 17,261 tons annually by replacing diesel pumping systems with off-grid solar photovoltaic pumps. The secondary education project, set to finish in 2023, is aiding the government's extensive secondary education development program with the help of development partners. The government aims to have around 3.5 million more secondary school students by 2023, which will necessitate 145,000 more teachers and 10,000 additional schools. The $225 million ADB aid will assist in creating a competency-based curriculum, encouraging the use of ICT in teaching, and enhancing classroom assessment techniques. | 3 |
The prime minister assured that the project would not harm the Sundarbans, as stated by former US vice president Al Gore at a session on climate change at the Davos Congress Centre. She emphasized that the proposed power plant would be located 14km from the Sundarbans boundary and 70 km from the World Heritage Site, and would use clean coal and modern technology to minimize environmental impact. The Deputy Press Secretary to the PM, Nazrul Islam, mentioned that the prime minister invited Gore to visit Bangladesh and see the location firsthand. Bangladesh has agreed to a contract with India to construct a 1,320-megawatt thermal power plant in Rampal, located 14 kilometers away from the Sundarbans in Bagerhat. Environmentalists and leftist parties are against the project, arguing that the coal-fired power plant will endanger the ecological balance of the Sundarbans, which is the world's largest mangrove forest. Despite the opposition, the government insists that appropriate measures will be implemented to safeguard the environment from pollution. According to Deputy Press Secretary to the Prime Minister Islam, the Prime Minister addressed concerns at the Davos plenary session, stating that some individuals are needlessly making a controversy out of the situation. Hasina reportedly reassured the session that she personally would not approve any project that posed a threat to the environment. Besides the ex-vice president of the United States, other attendees at the session included Norwegian Prime Minister Erna Solberg, HSBC Group CEO Stuart Gulliver, and Cofco Agri CEO Jingtao Chi. | 3 |
The frilly and youthful fashion trends will be replaced by more tailored and sophisticated styles next spring, according to experts who have been observing the spring collections in New York. The serious tone of the collections reflects the current national mood as the country faces important tasks such as choosing a new president and resolving conflicts in Iraq. Luxury consultant Robert Burke believes that the fitted and professional women's spring clothes indicate that the fashion industry is responding to the mindset of consumers, rather than focusing on a youthful look. Burke stated that there is a sense of unpredictability and increased seriousness in the current situation. The stock market has been fluctuating and elections are approaching. People are aiming for a more serious and sophisticated look rather than a frivolous and girly one. Therefore, spring fashion trends will include cinched waists, fitted blouses, pleated skirts, shirtdresses, and high-necked collars. Designer Charles Nolan even showcased school blazers as part of the upcoming trends. Derek Lam and Tibi designed safari-style jackets, while VPL by Victoria Bartlett, Lyn Devon, Tibi, and Luca Luca showcased swingy jackets with shortened sleeves. Alexandre Herchcovitch transformed tuxedos into waistcoats and backless vests. Sleeveless sheath dresses and strapless cocktail dresses were popular, and Carolina Herrera introduced dressy cocktail shorts. Leatrice Eiseman, executive director of the Pantone Color Institute, commented that the styles were more ladylike and classic, reflecting a more thoughtful time, especially in light of current events such as the war and national election. Hillary Clinton's presidential campaign is making a significant impact on fashion, according to Sen. Clinton. The campaign is causing people to view women in a more powerful light, rather than focusing on traditionally feminine styles. Designer Zac Posen's collection was also influenced by politics, as he believes it is important to find a graceful way for the U.S. to transition during the upcoming elections. Catherine Malandrino, a designer, mentioned that the uncertainties of the current times have influenced her collection to be elegant. She aims to bring harmony to women's bodies by creating a peaceful and harmonious connection between the body and soul, which she believes is necessary. Some people doubt that designers actually consider what women want or need. David A. Wolfe of The Doneger Group trend forecasters expressed his desire for designers to avoid getting bored with their work. Patricia Pao, head of the Pao Principle retail consultants, discussed the economic aspect of changing styles, mentioning that the unstructured look has been challenging for designers due to quick replication, while structured dressing is more difficult to imitate. Many people believe that the baby-doll look became unpopular on the catwalks because it made women seem too relaxed and messy. Stan Herman, who used to lead the Council of Fashion Designers of America, mentioned that designers were hesitant to showcase this trend due to the ridicule it received. | 3 |
According to a report from the World Economic Forum, the main threat facing the world in 2010 is the possibility of deteriorating government finances leading to full-fledged debt crises. Major economies have responded to the financial crisis by increasing deficits through stimulus packages and supporting private debt obligations. While this may have prevented a worse recession, it has raised concerns in financial markets due to the high levels of debt. Developed nations are at a particularly high risk, as many emerging economies have already taken steps to address their fiscal issues. The WEF think tank warned of the rising risk of sovereign defaults as governments continue to accumulate unprecedented levels of debt in an effort to stimulate their economies and combat the recession. He warned that increasing levels of unemployment could be a consequence, leading to various social and political risks. The report identified unsustainable debt levels and the looming threat of a financial crisis as top risks, along with underinvestment in infrastructure and rising health costs due to chronic diseases such as Alzheimer's and diabetes. Other imminent dangers included the possibility of asset price collapse, risks related to Afghanistan, and a potential slowdown in Chinese growth impacting employment, sparking social unrest, and harming exports. The report also highlighted the risk of developed nations accumulating excessive debt levels, stating that debt crises would inevitably result in social and political repercussions, including higher unemployment rates. Zurich Financial Services' group chief economist, Daniel Hofmann, emphasized that government debt levels exceeding 100 percent of GDP, a path taken by the United States and the UK, were clearly unsustainable. Investors may become fearful and question the sustainability of high debt levels, leading to sovereign debt crises and defaults. Dubai and Greece serve as early warnings that should not be ignored. Concerns over Dubai, Ukraine, and Greece have affected global markets, with the United States and United Kingdom also facing potential risks. The WEF report emphasizes the need for tough decisions on when to gradually withdraw fiscal stimulus to sustain recovery without risking sovereign debt deterioration. The report also highlights a governance gap between short-term pressures and the need for long-term decisions on issues like health, pension reform, and climate change. The report mentioned that not enough was being done to tackle the problem of underinvestment in infrastructure, which could have negative effects on food and energy security. The World Bank estimates that $35 trillion will be needed for global infrastructure investment over the next 20 years. The report also highlighted the increasing financial burden from chronic diseases due to longer life expectancies and unhealthy lifestyles, which should be addressed through prevention campaigns promoting healthier habits by both developing and developed nations. The report emphasized that the biggest threats to the world today may come from gradual failures or slow risks, as the impact of these failures can be underestimated due to their gradual emergence over time. | 3 |
A Saudi prince, Al-Waleed Bin Talal, received a special state honour upon his arrival in Dhaka for a brief visit on Sunday. During his trip, he met with Prime Minister Sheikh Hasina and other senior members of her Cabinet at Sonargaon Hotel. The officials reported that the prince had discussions with Hasina and they talked about various topics including investment and business opportunities in Bangladesh. A presentation was given on the investment scenario, Public Private Partnership projects, tourism, power sector, and climate change challenges following the meeting. After the ceremony, lunch was enjoyed together before the prince was driven to meet with President Md Zillur Rahman at the Bangabhaban. The Saudi royal arrived in Dhaka at 10:30am and was set to leave at 3pm. Al-Waleed Bin Talal, who owns $18 billion, is currently ranked 29th on Forbes magazine's list of billionaires. He had previously visited Bangladesh in 2005. | 3 |
For numerous bankers and traders, the era of lavish company benefits like luxury cars, first-class flights, and expensive meals has come to an end. Due to significant financial losses, trading desk leaders and senior bankers are cutting back on small luxuries in order to save money and improve profitability. Ron Karp, a controller at Corporate Transportation Group, has noticed a decrease in demand for their services as companies are reducing expenses, including providing transportation for employees who are let go. He mentioned that there has been a noticeable decrease in activity at car services throughout the city in the last month. While cutbacks are occurring in specific departments rather than across the entire company, employees are still feeling the impact. Credit Suisse has reduced cell phone subsidies and eliminated car vouchers, Merrill Lynch has restricted business class travel for certain divisions, Goldman Sachs has discontinued free soda, and JP Morgan has increased the criteria for complimentary meals and transportation. Reducing small benefits helps reduce costs, but it also serves as a signal to employees to be mindful of their expenses. According to Brad Hintz, an equity analyst, banks cut perks to remind employees of financial pressure and to encourage them to be cautious with spending. The financial industry has faced significant challenges, with over $300 billion in losses and layoffs exceeding 23,000 people. Experts suggest that layoffs and cost-cutting measures are common in such harsh economic climates. Banks adhered to this protocol in 1987, 1990-91, 1994, 1998, and 2000-2002, according to him. The question that remains is whether the reductions will come to an end as the outlook for Wall Street firms improves, with the AMEX Security Broker Dealer Index .XBD climbing over 30 percent to 181 since hitting a low on March 17. Managers, when forced to make a decision, would rather cut luxuries than personnel so that they are prepared to seize any opportunities for market recovery. As a result, at Credit Suisse, certain departments have implemented a strict $30 limit on meals ordered by traders working late, as reported by a source familiar with the situation. Employees are now limited in their choice of dinner options. Instead of using traditional methods, all catering orders are now processed through the online service SeamlessWeb. This change allows managers to have better oversight of food orders. Some employees no longer receive full reimbursement for their personal cell phone bills, with the company now only covering a portion of the costs. Car vouchers have been discontinued, and traders are required to use corporate cards for transportation expenses. At Merrill Lynch, some divisions have eliminated first class and business class travel for domestic flights, as reported by a source familiar with the situation. Representatives from Credit Suisse and Merrill clarified that these changes were not company-wide, but rather implemented by specific teams or divisions. Even companies that have not been significantly impacted by the credit crunch are reducing expenses. For example, at JPMorgan, which acquired Bear Stearns at a discounted price in March, some employees are required to work later in order to qualify for a ride home, while others must remain at work for a set period of time after ordering food using the company account. Similarly, at Goldman Sachs, free soda has recently been discontinued on certain trading floors. However, Jeff Visithpanich, a principal at compensation consultant Johnson Associates, warns that excessive cost-cutting can have negative consequences for companies in the long run. Perhaps it appears favorable in theory, but in reality, what ends up happening is that more individuals are taking extended breaks to go downstairs to Starbucks. | 3 |
In Washington on October 9th, World Bank President Robert Zoellick expressed concern about the impact of the financial crisis on developing countries. He warned that as the crisis spreads, developing countries should be prepared for potential business failures, bank emergencies, and balance of payments crises. Zoellick mentioned that the combination of a financial squeeze and rising food and fuel prices will make it harder for governments in developing countries to support the poor. A new report from the World Bank predicts that high food and fuel prices will lead to an increase of 44 million malnourished people worldwide in 2008, bringing the total to over 960 million. The report also identifies around 28 countries that may face fiscal challenges. He mentioned that he would disclose the details later on Thursday before weekend meetings of finance leaders in Washington. Zoellick stated to Reuters that it is crucial to consider the risk of developing country growth, which depends on their policies and support from the World Bank and others. He remains optimistic about the potential for sub-Saharan Africa to become a center of growth in the medium and long term, but acknowledges that it will require proactive actions and investments. Zoellick emphasized that the World Bank is collaborating with developing countries to make them aware of the assistance they can provide in preparing contingency plans and supporting countries with struggling banking systems. The financial crisis poses a significant threat to the progress made in many developing countries in recent years in terms of economic growth, poverty reduction, and healthcare. Between 1997 and 2007, an average of 6 percent growth was seen in 17 countries in Sub-Saharan Africa, most of which were non-oil producers. Additionally, 8 oil-producing countries saw an average growth of 8 percent during the same time period. Zoellick expressed concerns about the economic challenges that may arise from the crisis originating in the United States, but noted that improved economic management, reduced conflicts, and the potential for high returns on investments have led to increased interest from the private sector in developing countries. Countries such as China, Brazil, India, and Gulf countries have been among the investors contributing to south-south investment, where emerging economies invest in one another. Zoellick expressed his belief that China would continue investing in natural resources in Africa and Gulf states would focus on investments in agriculture despite the impact of the financial crisis on emerging economies. He emphasized the importance of looking towards the future and turning current challenges into opportunities. Zoellick highlighted the need for coordinated action by Western central banks and China to address the financial crisis and its humanitarian consequences, such as increasing malnourishment. He suggested that developed countries could contribute to a World Bank fund to assist developing countries facing higher food and fuel prices, provide support to small farmers, and help address climate change and trade challenges. We can contribute, but it is necessary for developed countries to also take coordinated action in order to support our efforts. | 3 |
The sugary summer drink Rooh Afza, known for its poetic name meaning "soul refresher" and its origins in Old Delhi, has been enjoyed across South Asia for generations. In Pakistan, the rose-colored syrup is mixed with milk and almonds for religious processions, while in Bangladesh, it is often given as a gift to new in-laws. In movies, it is used as a metaphor for beauty. In Delhi, where summer temperatures can exceed 100 degrees Fahrenheit, Rooh Afza is a popular refreshment. The traditional Rooh Afza beverage, known for its sweet and herbal taste, is now being served in innovative ways to attract customers. The drink is now being poured with new techniques by vendors, such as throwing concentrate high and fast between glasses and drizzling it onto the cup's rim. This beverage has a long history in India, Pakistan, and Bangladesh, and is now being marketed to a new generation. India, Pakistan, and Bangladesh all share an appreciation for the sweet and herbal flavor of Rooh Afza, a beverage that has remained popular despite the region's tumultuous history. The drink has gained a new following among younger generations as its reputation as a natural cooler that can lower body temperature and boost energy has spread. Even a brief pause in production leads to widespread concern due to the drink's high demand. The drink's survival can be attributed to the determination of a young herbalist and his foresighted wife, who helped their sons transform the beverage into a successful business. Rooh Afza brings in around $45 million in profits annually in India alone, with most of the money going towards funding schools, universities, and clinics through a trust. Despite some minor changes in ingredients over the years, the drink's formula has largely remained consistent, ensuring its continued popularity. In an image provided to The New York Times, an advertisement for Rooh Afza promotes it as a drink favored by the elite during the heat season in India, Pakistan, and Bangladesh. The sweet and herbal taste of Rooh Afza has remained popular despite the region's turbulent history, and now it is targeting a new generation of consumers. The glass bottles that used to fly off the shelves of Majid's small medicine store, Hamdard, have now been replaced by plastic bottles. Majid passed away at the age of 34, leaving behind his wife, Rabea Begum, and two sons - one 14 years old and the other just a toddler. Begum made a crucial decision to transform Hamdard into a lasting institution by declaring it a trust, with herself and her two sons as trustees. This decision laid the groundwork for keeping the business profitable and supporting welfare efforts amidst political turmoil in the country. The company would not benefit the family financially, as most of the profits would be allocated to public welfare. The company faced its greatest challenge during India's partition in 1947, when Pakistan was created as a separate Muslim nation. This event resulted in a mass migration of millions of people, with many losing their lives and families being separated, including Begum's family. An undated photo given to The New York Times shows Rabea Begum, the wife of Hakim Abdul Majid, who made the decision to dedicate profits from Rooh Afza to a trust for public welfare after his passing. The sweet and herbal taste of Rooh Afza is enjoyed by people in India, Pakistan, and Bangladesh, and the beverage has remained popular despite the region's turbulent history. Now, efforts are being made to appeal to a new generation of consumers. Hakim Abdul Hamid, their son, remained in India where he became a respected academic and managed Hamdard India. India, Pakistan, and Bangladesh all appreciate the sweet and herbal flavor of Rooh Afza, a beverage that has withstood the region's tumultuous history. Now, it is looking to attract a new generation of consumers. Hakim Mohamad Said, the younger son, relocated to Pakistan after its formation. He left his position at Hamdard India to establish Hamdard Pakistan and manufacture Rooh Afza there. He later became the governor of Pakistan's Sindh province but was assassinated in 1998. Following the split of Pakistan in 1971, with Bangladesh becoming a separate country, the facilities producing Rooh Afza in those regions established their own trust: Hamdard Bangladesh. All three businesses are operated independently by extended family members or friends of the young herbalist's family. They all offer a similar taste, with slight variations depending on how the climate in different regions affects the herbs. The drink is popular during summer, but there is especially high demand during the Muslim fasting month of Ramadan. Whether enjoyed around the dinner table or in bazaars at the end of the day, a glass or two of chilled Rooh Afza can be refreshing with its sweet and flavorful taste. Employees inspect bottles of Rooh Afza at a factory in Gurgaon, India on April 14, 2021. India, Pakistan, and Bangladesh all share a love for the sweet and herbal flavor of Rooh Afza, a drink that has withstood the challenges of the region's past. Now, it is looking to appeal to a new generation. In Karachi, Pakistan, Faqir Muhammad, a 55-year-old porter, explains how he enjoys a glass of Rooh Afza after breaking his fast during the summer, following a date to replenish his energy. In Gurgaon, India, employees are seen inspecting bottles of Rooh Afza at a factory on April 14, 2021. Now it is targeting a new generation's taste buds. In Bangladesh, the brand's marketing extends beyond just flavor and refreshment, delving into the realms of the unexpected and the spiritual. Amirul Momenin Manik, deputy director of Hamdard Bangladesh, claims that Rooh Afza can help COVID-19-infected patients by alleviating their physical and mental weaknesses, although no scientific evidence is provided. Many people in Bangladesh reportedly experience divine sensations when consuming Rooh Afza, as it is marketed as a halal drink. During a visit to Rooh Afza's India factory in April, workers wearing full protective gear were seen producing 270,000 bottles each day. The production process involved boiling sugar in large tanks, mixing it with fruit juices, and distilling a variety of herbs and flowers such as chicory, rose, white water lily, sandalwood, and wild mint. Workers at a Rooh Afza factory in India are shown in an image provided to The New York Times preparing the sugar syrup for the drink. The beverage, popular in India, Pakistan, and Bangladesh, is now targeting a new generation as workers load trucks with over 1,000 bottles each to be distributed across the region. Ahmed, who oversees Hamdard's food division, is working to expand the Rooh Afza brand by introducing new products to appeal to consumers who have outgrown the sherbet in their youth. These new products include juice boxes combining Rooh Afza with fruit juice, a Rooh Afza yogurt drink, and a Rooh Afza milkshake. According to a survey conducted by the company, half of Rooh Afza in Indian households is used as a flavor in milk, while the rest is consumed in cold drinks. Ahmed mentioned their twist on the milkshake, which includes Rooh Afza, milk, and vanilla. Now it is targeting the taste preferences of a new generation. The milkshake has been very successful, according to Ahmed. He is especially proud of two products. One is a sugar-free version of the original Rooh Afza, which took 15 years to develop as the company searched for a suitable sugar substitute. This product, which is more than twice the price of the original, is aimed at a wealthier market segment. In New Delhi on April 15, 2021, Muslims end their Ramadan fast by enjoying snacks and Rooh Afza. This beverage, beloved in India, Pakistan, and Bangladesh, has a sweet and herbal flavor that has stood the test of time despite the region's turbulent history. Now, it is looking to attract a new generation of consumers. Ahmed, a runner, notes that there is a growing market among health-conscious individuals for products like Rooh Afza. Additionally, there is potential for the original sugary version of Rooh Afza to expand further in India's large market. He is focusing on individuals who are unable to purchase the 750-millilitre bottle priced at $2 by providing single-use sachets for 15 cents, a tactic that transformed the accessibility of shampoo brands in India. In many regions of India, malnutrition is so prevalent that even sugar is considered a desirable commodity. According to Ahmed, "The people in India actually desire sugar. It is only the metropolitan areas that are aware of the risks of diabetes." | 3 |
An AstraZeneca representative explained that their vaccine candidate, AZD1222, contains the genetic material of the SARS-CoV-2 virus spike protein. The changes in the genetic code of the new viral strain do not affect the structure of the spike protein. Drug manufacturers are rushing to test their COVID-19 vaccines against the highly contagious new variant of the virus spreading rapidly in Britain. Vaccination with AZD1222 trains the immune system to recognize various parts of the spike protein to combat the virus upon exposure. The B.1.1.7 lineage mutation, which may be up to 70% more infectious and particularly concerning for children, has caused chaos in Britain, leading to travel bans and trade disruptions with Europe. The AstraZeneca-Oxford vaccine is seen as important for countries with lower incomes and warmer climates due to its affordability, ease of transportation, and ability to be stored at regular refrigerator temperatures for extended periods. Recent data from AstraZeneca's trials in the UK and Brazil showed varying levels of efficacy, with the vaccine showing 62% efficacy for those given two full doses and 90% efficacy for a smaller group given a half dose followed by a full dose. India is expected to approve the emergency use of AstraZeneca's vaccine by next week, according to a report from Reuters on Tuesday. | 3 |
Finance adviser AB Mirza Azizul Islam stated on Monday in Dhaka that it is impossible to assure a decrease in commodity prices, as they are influenced by various factors like economic policy, monetary policy, and the international market situation. He clarified his previous statement, in which he referenced Shayesta Khan to explain the current market prices, by noting that the media had only partially quoted his remarks from last Saturday. I wanted to emphasize the importance of addressing related issues in any economic situation. It is unrealistic to expect a decrease in market prices, but we are making every effort to control and reduce prices. The government has implemented various measures, such as waiving import duties on food commodities, reducing production costs by cutting ingredient prices, and lowering corporate taxes. Despite these actions, prices continue to remain high due to global market conditions, according to the adviser, Mirza Aziz. The government has started three different welfare projects to address the situation, including the implementation of 100-day work programs for rural individuals, providing pregnancy allowances, and offering stipends to male students. According to the adviser, these projects will assist families in boosting their purchasing power. Regarding the increase in fuel prices, he mentioned that the government will still need to provide a subsidy of Tk 10,000 crore to the energy sector. If prices had not been raised, the subsidy amount would have been Tk 17,000 crore. The finance adviser stated that the increase in prices is relatively small compared to the international market. Mirza Aziz previously conducted a meeting regarding the use of budget allocation to shield the country from climate change impacts. The government has decided to establish a foundation or trust to distribute the Tk 300 crore allocated for the 2008-09 fiscal year. The board of trustees is limited to using only two-thirds of the allocation, with the remaining funds being held in an account where any interest will be given to the trustees. Additionally, the trustees have the option to seek foreign aid if required. He mentioned that both the World Bank and UNDP have responded positively to the initiative. Additionally, a steering committee will be established with members from various ministries. | 3 |
Many Asian businesses are not fully aware of the potential financial impacts of carbon pricing in the region, nor are they prepared for the possibility of facing carbon import duties on their products, according to a senior UBS analyst. Sectors such as airlines, cement and steel firms, computer manufacturers, and shipping companies are at risk depending on their profit margins, ability to pass on costs, and exposure to the United States and Europe. The analyst also mentioned that a major climate conference in Denmark in December could lead to the wider implementation of carbon pricing in Asia, with a carbon tax or emissions trading potentially affecting numerous companies across the region within the next three years. Despite this, investors in Asia tend to overlook this issue due to their short-term focus and the belief that governments in countries like India and China are not prioritizing climate change. Smiles, the author of a significant UBS report titled "How might carbon pricing affect Asian company profits?", examined three scenarios: implementing carbon pricing within Asian countries, imposing equal carbon import duties between wealthier and less affluent nations, and enforcing stricter carbon import duties due to climate change. He suggested that the second scenario was the most probable in the near future, citing indications from the United States and the European Union regarding potential duties on products from countries lacking greenhouse gas regulations. The Waxman-Markey climate bill, which has yet to be voted on in Congress, includes a proposal for an international reserve allowance program. This scenario would require US companies to purchase energy-intensive goods from countries that do not have emissions targets similar to the United States. US companies would need to buy allowances to compensate for the carbon emissions associated with foreign products like cement or steel. According to Smiles, marine transport firms, airlines, steel manufacturers, and computer companies would be impacted by carbon duties, as exporters would be responsible for paying for the carbon emissions based on the amount of CO2 they release, while domestic firms would not be affected. With the implementation of carbon pricing in the US, more than 50 percent of global private consumption will be subject to carbon pricing. The report suggests that implementing carbon-related import duties could put Asian airlines, such as Taiwan's Eva Airways, at a significant disadvantage. For instance, Eva Airways could see a 34.3 percent drop in earnings per share based on 2010 projections and a carbon price of US$9 per tonne. Other companies like Thailand's Siam City Cement and South Korean Hyundai Merchant Marine could also experience significant declines in EPS. Industries most affected by these measures would include airlines, power utilities, marine transport, and cement makers. The study assumed that Asian countries would introduce carbon taxes or trading schemes aiming for a 20 percent reduction in CO2 emissions. China Airlines is expected to see a significant decrease in its 2010 EPS due to its high exposure to the United States and EU, 30 percent fuel cost exposure, and slightly negative earnings margin. On the other hand, Singapore Airlines' EPS is predicted to only drop by 8.6 percent because of its 9.5 percent net profit margin and slightly smaller fuel cost exposure. The report suggests that the third scenario, where exporters would pay for the CO2 emissions of their home countries, is currently less likely. This scenario was initially intended to encourage China, India, and other developing nations to join global efforts to combat climate change. Smiles, the author of the report, mentioned that the primary focus was to estimate the potential cost of a domestic carbon pricing regime for these countries. It was previously believed that the US and Europe placed a flat tax on all manufactured exports from various countries, leading to the assumption that the total cost borne by each country was attributed to these two regions. In 2007, China's estimated carbon cost was $55 billion, while India's was $9 billion. | 3 |
The International Civil Aviation Organization's (ICAO) global carbon offsetting system, the first of its kind for a single industry, is projected to hinder the increase of emissions from commercial flights. This initiative is estimated to cost the industry less than 2 percent of its revenues. While individual countries' governments still need to take action to enforce the agreement's restrictions, the system will transition from voluntary from 2021 to 2026 to mandatory from 2027 for states with larger aviation industries. Airlines will be required to purchase carbon credits from specific environmental projects worldwide to counterbalance the growth in emissions. According to Olumuyiwa Benard Aliu, president of ICAO's governing council, the system is a result of compromises and consensus. Aliu stated that objections from a few countries would not stop the plan from moving forward. He mentioned that with 65 countries involved, which account for over 80 percent of aviation activity in the initial phases, participation exceeded the agency's expectations and is expected to continue to increase. The main source of tension was between developed nations, who have been responsible for the majority of greenhouse gas emissions in the past, and emerging and developing countries concerned about the potential costs hindering growth. Both Russia and India have declined to participate in the initial phases, arguing that the deal unfairly burdens emerging countries. However, China has confirmed its intention to take part in the voluntary phase. Brazil has expressed support for the deal but has not confirmed if it will participate in the initial stages. Estimates suggest that the deal could cost airlines between $1.5 billion and $6.2 billion by 2025, with the cost not exceeding 1.8 percent of industry revenues by 2035. Despite slim profit margins for airlines, the deal is seen as less costly than alternative national and regional climate agreements. Paul Steele, a vice president of IATA, stated that the industry views the cost as manageable. The US Department of State, which advocated for a deal, stated that it would lead the industry towards sustainable, carbon-neutral growth. However, environmentalists argued that due to the voluntary phase and exceptions for smaller markets, the scheme would not achieve its own objectives. The International Council on Clean Transportation estimated that the agreement would only require airlines to offset around three-quarters of growth after 2021, or one-quarter of total international traffic. Some critics also raised concerns about the deal's reliance on offsets, with Transport and Environment director Bill Hemmings stating that it would not reduce demand for jet fuel and would not effectively combat climate change. Discussions will now focus on the technical aspects of the deal, particularly the types of offset credits that will be deemed acceptable. The agreement, approved by an assembly of ICAO's 191 member states in Montreal, will cover international passenger and cargo flights, as well as business jets that produce over 10,000 tonnes of emissions annually. Previous negotiations caused tension before the 2013 ICAO assembly, as the European Union, frustrated with slow progress, mandated foreign airlines to purchase credits under its own program, which led to concerns about violating sovereignty from countries like China. This agreement was reached the day after the Paris climate accord came into effect. Aviation was not included in the agreement, even though the industry is responsible for approximately 2% of carbon dioxide emissions, which is more than some industrialized nations. With the industry predicting that the number of passengers will double to 7 billion by 2034, it is essential to reduce aircraft pollution in order to meet the temperature goals set in Paris, according to Lou Leonard, a vice president at the World Wildlife Fund. | 3 |
According to a survey commissioned by HSBC Bank International, the highest-paid expatriates live in Asia and the Middle East. In Russia, a third of expats earn over $250,000 a year, followed by expats in Japan and Qatar. Expats in Hong Kong, the United Arab Emirates, Thailand, and India also earn high wages, with a third to a quarter of them making more than $200,000 annually. Additionally, countries like Malaysia, China, and India are among the most affordable for accommodation. The survey states that one in four expats in Asia earn over $200,000 per year. Russia was ranked as the top country for expats in terms of wealth, with the next nine countries all being located in Asia and the Middle East. Many expats see building a nest egg as a benefit of their lifestyle, with Saudi Arabia, Russia, Qatar, India, and the United Arab Emirates being the top five countries where people have increased their savings. However, the global economic crisis has had a negative impact on expats in Britain and the United States, with close to a quarter considering returning home due to high living costs, lack of savings, and lower wages. Australia and Belgium were also found to have relatively few opportunities for generous salaries. More than 60 percent of expats in both countries earn less than $100,000, making them the lowest-paid expats compared to the global average of 35 percent. The head of marketing and communications for HSBC Bank International, Paul Say, stated that despite the credit crunch, expats remain a wealthy group, with over half earning $100,000 or more. The Expat Explorer survey, now in its second year, included over 3,100 expats from 26 countries, making it the largest survey of its kind according to HSBC. More than two-thirds of expatriates around the world reported that the credit crisis had caused changes in their spending habits, particularly affecting luxuries and day-to-day expenses. Almost 40 percent of expats mentioned that they were increasing their savings for unforeseen circumstances. Among expats in Japan, the highest percentage globally at 53 percent, a majority stated they were reducing spending on vacations and other perks. Similarly, nearly half of expats in Thailand and Hong Kong, the second and third highest globally, were also making cutbacks. On the other hand, two-thirds of expats in Qatar stated that the global financial crisis would not impact their spending habits, followed by over half of expats in Bahrain, indicating that some oil-rich Gulf Arab countries have not been as significantly affected by the economic downturn. Expats in Saudi Arabia, Brazil, and Russia were also among the least likely to decrease spending on luxuries, according to the survey conducted by HSBC. The participants in the survey were selected based on four primary factors: having an annual income of over $200,000, a monthly disposable income of over $3,000, a demonstrated increase in savings while working overseas, and owning at least two luxury items in their current country of residence. The survey took place between February and April 2009. | 3 |
A recent survey of some of the largest pension schemes in Britain revealed that only a small number of them disclosed their investment stances on issues like climate change and corporate governance. Out of the 20 largest occupational pension funds, valued at over 250 billion pounds, only five had policies in place for engaging with companies on environmental, social, and governance matters. Environmental activists and other advocates have been urging big investors like pension plans and insurance funds to use their financial influence to push for change within the companies they invest in. The survey also found that organizations such as the BBC and Royal Mail were not very transparent about their investments, while only BT Group's pension scheme disclosed how votes were cast on behalf of its members. The Universities Superannuation Scheme (USS) and the UK rail industry's pension fund provided some, but not complete, voting data. The survey revealed that 15 participants shared information about their largest investments. Alex van der Velden, Executive Director of FairPensions, stated that pension scheme members are worried about how their pensions will be impacted by factors like climate change, but they often do not receive sufficient information to alleviate these concerns. | 3 |
Among the top five teams, Arsenal, who are in fourth place, have the worst home record. Disappointed fans have expressed their frustrations about the club's failure to finish first in the league for the 12th consecutive year. Supporters from the Arsenal Supporters' Trust, the Black Scarf Movement, and Red Action are planning to protest at Saturday's game against Norwich City with the message "Time for Change" in how the club is managed. Wenger, the team's manager, defended his players, stating that they have character and attitude and that those who criticize them have less character. He urged everyone to stick together. We were defeated in the championship game at our home field against weaker teams, but we faced challenging weather conditions. Despite this, we are leading the league among the top teams and are looking to make necessary additions. There were concerns about Arsenal's ambition when they only signed goalkeeper Petr Cech in the offseason, and doubts were raised about whether Wenger was receiving enough financial support from majority owner Stan Kroenke to strengthen the team. Wenger stated that Kroenke has never prevented him from making transfers and did not want to discuss his owners personally. Arsenal's manager, the longest serving in the club's history, emphasized the importance of working with the resources generated by the club. He mentioned that the club values ambition and that the owner has never restricted him in the transfer market. In terms of player availability, Santi Cazorla and Alex Oxlade-Chamberlain, who have been sidelined with injuries, could be back for selection against Norwich. Cazorla has been practicing with the team for two weeks while Alex for one week, so one of them could be involved in the upcoming match. The team from north London has a five-point lead over Manchester United, who are in fifth place and have a game to play. They are aiming to solidify their spot in the Champions League for next season when they play against Norwich on Saturday. | 3 |
Sri Lanka captain Kumar Sangakkara has emphasized the importance of "mental strength and fortitude" for his team at the Twenty20 World Cup following the traumatic experience in Lahore earlier this year. He acknowledged that there is never a 100 percent guarantee of safety, but stressed the need to remain focused on playing cricket. Sangakkara highlighted the global security concerns for all teams and expressed satisfaction with the measures in place to ensure their safety. Six members of the Sri Lanka team, including Sangakkara, were injured when gunmen fired at their team bus on the way to the Gaddafi Stadium for the second test against Pakistan in March. Six Pakistani policemen and the bus driver transporting match officials were killed in the attack. The Sri Lanka team is in constant communication with a national police intelligence cell responsible for ensuring security during the upcoming World Cup in England, which begins on Friday. Tournament director and former South African player Steve Elworthy, 44, who also served in the same role during the 2007 World Twenty20 in South Africa, noted that security measures have significantly increased since the incident in Lahore. Elworthy informed Reuters that the situation has changed significantly and the current scenario is vastly different from before. The incident has heightened awareness of the risks faced by cricket players and officials. Although the security plan was already well-developed, the incident prompted a thorough reassessment and strategy review. Tournament organisers and the ICC are confident that all necessary measures have been taken to ensure the safety of players. Teams are provided with police convoys for transportation to and from matches, as well as dedicated security personnel for each team. Elworthy stated that he could not disclose the specific information regarding team security. The person in charge of the event's security is John Evans, the former chief constable of Devon and Cornwall in south-west England, who has also provided security advice to the Football Association (FA). Reg Dickason, the head of security for the England team, is also involved, along with the ICC's independent security consultants. Despite the heightened security, Sangakkara mentioned that it had not affected his team's focus on cricket. Sangakkara said, "It feels like just another tournament; they have managed to keep everything low key." We have the chance to focus solely on cricket, which is quite enjoyable. | 3 |
In early September, a seawall at Japan's Kansai International Airport on a reclaimed island near Osaka was breached during Typhoon Jebi. The runway was flooded, leading to 17 days of airport operation restoration, impacting the region's economy and airlines that cancelled flights. Major airports in Hong Kong, mainland China, and North Carolina were also closed due to tropical storms last month. These incidents underscore the disaster risks for investors and insurers involved in a sector with $262 billion worth of projects under construction globally, according to Fitch Solutions. Fitch Solutions Head of Infrastructure Richard Marshall noted the increasing frequency and severity of climate change-related events. "If individuals do not take this issue seriously, there is a potential risk." Fifteen out of the 50 busiest airports worldwide are situated at an elevation of less than 30 feet above sea level, making them especially susceptible to the effects of a changing climate, such as rising sea levels and increased storm surges. Angela Gittens, the Director General of the Airports Council International (ACI), pointed out that airports in countries like Vanuatu and the Maldives are already experiencing the impacts of sea level rise, while even airports in more developed economies are facing challenges like increased storms and flooding, as seen in Miami. A preliminary version of an ACI policy paper, which has been reviewed by Reuters and is set for release this week, highlights the increasing risks that climate change poses to airport facilities. The paper urges member airports to conduct risk assessments, implement mitigation strategies, and factor climate change into their future development plans. It also showcases progressive airports that have already incorporated climate change considerations into their planning, like the Istanbul Grand Airport, a $12 billion project on the Black Sea that is poised to be one of the world's largest airports upon its opening next month. Debt investors, particularly those with high exposure to airports, are becoming more concerned about the risks posed by climate change, as highlighted by the impact of Superstorm Sandy in 2012. Moody's, a ratings agency, covers $174 billion worth of airport bonds, prompting investors to inquire about mitigation plans for airports like San Francisco and Boston. Earl Heffintrayer, the lead analyst covering US airports at Moody's, emphasized the importance of assessing climate change risks when investing in bonds with long terms. San Francisco International Airport, situated on land that is sinking, has completed a study on a $383 million project to protect against rising sea levels by 2025. The airport is taking steps to ensure it is prepared for potential weather-related challenges in the future. According to a US Coast Guard handout via Reuters, Singapore's Changi Airport has taken measures to prepare for rising sea levels, including resurfacing runways for better drainage and constructing a new terminal at a higher elevation of 18 feet (5.5 metres). These precautions have been deemed prudent by experts and are meant to provide reassurance to insurers. Singapore anticipates a sea level rise of 2.5 feet (0.76 metre) by 2100, prompting the need for such protective measures. Changi Airport did not provide a comment on the cost of additional protection against climate change. Various rating agencies, including ACI, Fitch, Moody's, and Standard & Poor's, were unable to give Reuters an estimate of the global cost of climate change protection measures at airports. These protective measures are often included in larger renovation and expansion projects, according to analysts from rating agencies. In Australia, Brisbane Airport, which is situated on reclaimed land just 13 feet above sea level, is building a new runway 3.3 feet higher than originally planned, along with a higher seawall and improved drainage systems to address rising sea levels. Paul Coughlan, the director of Brisbane Airport's new runway project, mentioned that the additional cost of these measures is relatively low - for example, the seawall cost approximately A$5 million more than it would have without considering sea level rises - but the potential benefits are significant. Coughlan stated that regardless of one's stance on climate change, it is wise to incorporate factors such as rising sea levels, increased rainfall, and flood risks into design plans. By doing so from the beginning, the cost is not significantly higher and provides added protection. | 3 |
Bangladesh is set to receive a $2 million grant from Japan, which will be administered by the Asian Development Bank. This grant aims to help Bangladesh address the significant challenges posed by climate change in the coming years. The Asian Development Bank recently approved a technical assistance grant of $2 million from the Japan Special Fund to enhance the capacity of government agencies in implementing a 10-year Climate Change Strategy and Action Plan in Bangladesh. This plan focuses on addressing issues such as food security, disaster preparedness, and other important areas impacted by climate change. Zahir Ahmad, Project Implementation Officer for ADB's Bangladesh mission, emphasizes the importance of Bangladesh preparing to adapt to climate change in order to protect the well-being of its people. The ADB assistance will support the government in implementing the Strategy and Action Plan, which aims to lead the country towards low carbon growth, improve its climate resilience, and strengthen its food and energy security. A recent statement by ADB noted that the country has been experiencing higher temperatures, heavier monsoon rains, and more tropical cyclones and storms, all of which are attributed to climate change. It is projected that average sea levels could rise by 30 centimeters by 2050, putting 14% of the country at high risk of flooding. To address these challenges, the Ministry of Environment and Forests and other government agencies will be supported in developing climate change mitigation and adaptation programs. Additionally, a sub-programme will be implemented to attract private sector investment in clean energy projects eligible for carbon credits under the Kyoto Protocol. The total cost of this technical assistance is estimated at $2.5 million, with the government contributing $500,000 in-kind. The project will last for a duration of two years, commencing in August 2009, and will be carried out by the Ministry of Environment and Forests. The Japan Special Fund, funded by the government of Japan, will oversee the project's administration through ADB. | 3 |
The agency mentioned that Kelantan, Terengganu, Pahang, Johor, Malacca, Negeri Sembilan, and Sabah are still experiencing floods, with 8,727 individuals seeking refuge at 128 relief centers. A total of 125,490 people have been affected by the floods across the country, with 117,700 evacuees already returning home. The eastern coast of Malaysia typically faces floods during the annual monsoon season from October to March, but this year, heavy rainfall since December 17 has caused widespread displacement and overwhelmed emergency services. The floods have resulted in 50 deaths, with two individuals still missing. In response to the meteorological department's warning of continued heavy rains, the National Disaster Control Centre has issued a disaster operation preparedness notice. The Department of Irrigation and Drainage has warned of high tides from Jan. 2-5 for residents on the west coast of Peninsula Malaysia. Malaysia has announced plans to provide 1.4 billion ringgit in cash aid and other assistance to those affected by recent severe flooding. Additionally, the country is requesting $3 million from the UN Green Climate Fund to create a national strategy for adapting to climate change. | 3 |
The Batman movie "The Dark Knight Rises" made $64.1 million in the U.S. and Canada in its second weekend, topping the box office charts despite facing competition from Olympic television coverage and the aftermath of the Colorado shooting. The film, the final installment in director Christopher Nolan's Batman trilogy starring Christian Bale, also earned $122.1 million from international markets, bringing its total overseas earnings to $248.2 million since its release on July 20. When combined with domestic ticket sales of $289 million, the film has now grossed $537 million globally. Despite a 60 percent drop in sales from its opening weekend, "The Dark Knight Rises" still outperformed its predecessor "The Dark Knight" and other recent superhero films in terms of second weekend sales. This year, the summer blockbuster "The Avengers" saw a 50 percent decrease in sales during the weekend following its May opening, while the June release "The Amazing Spider-Man" experienced a 44 percent decline. Despite being one of the top-grossing movies of the year, "Dark Knight Rises" did not meet pre-release sales expectations after the tragic shooting at a midnight screening in Aurora, Colorado. Sales for "Dark Knight Rises" in North America were lower than its predecessor, "Dark Knight," which earned $313.8 million domestically in its first two weekends. The impact of the Olympics and the shooting in Aurora likely contributed to decreased turnout for the Batman film and other movies, according to industry experts. Warner Bros. officials declined to comment on box office numbers in relation to the shooting for the second week in a row. The Olympics have been receiving a lot of media attention recently and may have caused many people to stay home on Friday night. In addition, the Aurora shooting has also been a major news story. The lack of positive reviews for new movies this weekend likely contributed to lower theater attendance, but it is expected that attendance will increase next weekend. With more time passing since the Aurora shooting, the Olympics becoming more routine, and exciting new films being released, there is optimism for increased ticket sales. The weekend's domestic ticket sales were 25 percent lower than the same weekend last year, according to Hollywood.com Box Office. The second spot at the box office this weekend was taken by the animated children's movie "Ice Age: Continental Drift," which earned $13.3 million. It outperformed the comedy "The Watch" and the dance movie "Step Up Revolution," both of which premiered in theatres this weekend. "The Watch" came in third place, bringing in $13 million at domestic theatres. The film features Ben Stiller, Vince Vaughn, and Jonah Hill as men who form a neighbourhood watch group to fight aliens. Despite largely negative reviews, with only 14 percent of critics on Rotten Tomatoes praising the film. The film "The Watch" was impacted by actual events when 20th Century Fox decided to change its title from "Neighbourhood Watch" to avoid association with the tragic shooting of Trayvon Martin by George Zimmerman. Despite uncertainty, Fox anticipated the $68 million production to make $13 million to $15 million at the box office over the weekend following the shooting. Chris Aronson, Fox's executive vice president for domestic distribution, acknowledged the unpredictable nature of the weekend in light of the shooting. Aronson expressed optimism for a recovery in the overall market, believing that it would be advantageous for all films. "Step Up Revolution" earned $11.8 million domestically, placing fourth. The movie, which follows a group of flash-mob dancers in Miami, is the fourth installment in a series that has made over $400 million globally. The distributor had anticipated a domestic opening in the low- to mid-teens. The comedy "Ted" closed out the top five with $7.4 million. The movie "Step Up Revolution" was distributed by a division of Lions Gate Entertainment. "The Watch" and "Ice Age" were distributed by 20th Century Fox, a division of News Corp. Sony Corp's film division was responsible for distributing "Spider-Man." | 3 |
The United Nations warned that a "silent tsunami" caused by expensive food is putting 100 million people at risk. Aid groups are concerned that limiting exports will only exacerbate the problem. Prime Minister Gordon Brown stated that Britain will push for changes to EU biofuels targets if it is proven that growing crops for fuel is contributing to the increase in food prices. The World Food Programme expressed alarm at the growing hunger crisis, with their director Josette Sheeran highlighting the rapid rise in the number of people facing hunger. Riots in impoverished Asian and African nations have erupted due to the sharp spike in food prices, which can be attributed to various factors such as higher fuel costs, adverse weather conditions, increased demand due to rising incomes, and the use of land for biofuel production. The price of rice from Thailand, the leading exporter in the world, has more than doubled this year. Countries such as Indonesia, Kazakhstan, Egypt, and Cambodia have restricted food exports to ensure adequate supplies. According to Sheeran, artificial shortages have worsened the situation as the world has been consuming more than it produces for the past three years, leading to a depletion of stocks. The rising prices have caused a shortage of funds for the World Food Programme to purchase food for its programs, resulting in cutbacks to school feeding plans in Tajikistan, Kenya, and Cambodia. The WFP had estimated it would need $2.9 billion in 2008 to meet its needs, but now anticipates having to increase that amount by 25% due to the spike in prices of staples such as wheat, maize, and rice. The end of an era was marked by Britain's pledge of $900 million to assist the WFP in addressing immediate issues, with Brown expressing concerns about using crops for fuel production. He mentioned the possibility of revising the UK's approach and advocating for changes in EU biofuels targets. Meanwhile, Japan's Agriculture Minister called for the establishment of clear rules by the WTO regarding food export restrictions imposed by producer countries. The Asian Development Bank's managing director general also emphasized that the era of inexpensive food was coming to an end, urging Asian governments to avoid market distortions through export restrictions and instead use fiscal measures to help the less fortunate. U.N. Secretary-General Ban Ki-moon has warned that rising food prices could undo efforts to reduce poverty. Former Secretary-General Kofi Annan also emphasized that climate change is worsening the global food crisis, putting many poor countries at risk of severe hunger crises. He stressed that the poorest populations are suffering the most from climate change, despite contributing the least to it, and called for those responsible for polluting the environment to take responsibility. Annan highlighted that climate change poses a comprehensive threat to health, security, political stability, and social unity. | 3 |
Malpass stated during a virtual event with the Washington Post that the sanctions would have a more significant effect on the global economy than the war. He anticipated that producers worldwide would respond robustly by increasing supplies as necessary, and he saw no reason for individuals to stockpile extra supplies in their homes or restaurants. | 3 |
During an interview with journalists, John Ashton, a special representative for the UK foreign secretary, emphasized the importance for Bangladesh to adopt cleaner technology in order to generate power from coal without worsening the climate change situation in the country. He mentioned that while coal is necessary for development, it is crucial to consider pollution as well. Ashton suggested two options: either stop using coal altogether or implement technology to minimize pollution. He proposed that the government seek financial support from development partners to utilize carbon capture and storage (CCS) technology in coal-fired power plants. Bangladesh, a country facing gas shortages, is exploring alternative options like coal for power generation. Ashton suggested that organizations such as the World Bank or DFID could assist with funding for CCS technology. He emphasized the importance of political consensus in addressing climate change, stating that all parties should collaborate on policy formation. Ashton also mentioned that the British government is open to assisting countries like Bangladesh with carbon trading. He explained that in order to have buyers in the carbon market, contracts need to be legally binding so that low emission countries can sell carbon emissions quotas to others. He also mentioned that the UK government is eager to collaborate with Bangladesh in this area. Bangladesh, one of the most climate change vulnerable countries in the world, is at risk of a large portion of the country being flooded by the end of the century due to climate change. | 3 |
IFC, a member of the World Bank Group, announced on Tuesday that the equity investment fund will enhance the ability of small and medium enterprises (SMEs) to address challenges related to climate change. The fund, part of the Small Enterprise Assistance Fund Bangladesh Ventures Fund (SEAF BV), is supported by the Climate Investment Funds-Pilot Programme for Climate Resilience, which assists developing countries in building resilience to climate change. SEAF BV, established in 2010 by IFC and the Small Enterprise Assistance Funds, focuses on investing in SMEs. CEO and co-founder of SEAF, Hubertus Jan (Bert) van der Vaart, expressed gratitude for IFC's ongoing support, highlighting its importance in the fund's successful initiatives. Additionally, IFC's involvement will enable the fund to engage in climate resilience investments for small businesses, aiding SMEs in mitigating the negative impacts of climate change. The IFC had previously invested $12 million of equity into the fund with the aim of stimulating investment in high-growth SMEs. | 3 |
Ghana's High Commissioner to Britain expressed concerns about the potential harm of ending imports of fresh food from Africa in the name of fighting climate change. He highlighted the impact on communities reliant on this trade and questioned the effectiveness of reducing food miles to combat carbon emissions. The Commissioner emphasized the importance of global justice and economic prospects for small farmers in Africa during a meeting discussing the impact of global warming on the continent. Environmentalists suggest increasing local food production and consumption to eliminate airfreighted imports of fruits and vegetables. However, development specialists argue that many poorer regions of Africa rely on this trade for their livelihoods. Cato proposes alternative ways for British consumers to reduce their carbon footprint without negatively impacting African farmers. Scientists predict a significant rise in global temperatures this century due to carbon emissions, leading to severe consequences such as floods and famines. Africa is expected to suffer the most from these effects despite having low per capita carbon emissions. Cato emphasized the importance of reducing greenhouse gas emissions in a fair, scientific, and rational manner, stating that making cuts at the expense of the world's poorest is unjust and not conducive to building an international consensus on climate change. UN environment ministers are set to meet on the Indonesian island of Bali next month to discuss urgent talks on a successor to the Kyoto Protocol, which expires in 2012. Europe is aiming for a deal by the end of 2009, despite the challenges in negotiating and ratifying such agreements. The United States and China, two of the biggest polluters, are hesitant to take responsibility for the crisis. Cato stressed the need for the post-Kyoto agreement to include proposals for promoting adaptation to climate change and an effective implementation regime. "This is a matter that concerns not just fairness on a global scale, but also the very survival of nations." He went on to say that while some of the most influential countries in the world have caused the damage, it is the most vulnerable nations that are suffering the worst consequences. | 3 |
According to a survey conducted by HSBC Bank International, some of the world's highest-paid expatriates live in Asia and the Middle East. A third of expats in Russia earn more than $250,000 a year, making it the country with the highest proportion of high earners. Expats in Japan and Qatar also have high earning potential. Hong Kong, the United Arab Emirates, Thailand, and India also have a significant number of expats earning over $200,000 annually. Additionally, countries like Malaysia, China, and India are considered affordable in terms of accommodation costs. The survey concluded that Asia has the highest paid expats, with one in four earning more than $200,000 per year. Russia was ranked as the top country for expats in terms of wealth, with the rest of the top nine countries being in Asia and the Middle East. Saving money is a major benefit of expat life for many individuals, and a survey revealed that Saudi Arabia, Russia, Qatar, India, and the United Arab Emirates were the top five countries where people have been able to increase their savings. However, expats in Britain and the United States have been negatively impacted by the global economic crisis, with nearly a quarter considering returning home due to high living costs, lack of savings, and lower wages. The survey also found that generous salaries are hard to come by in Australia and Belgium. In both countries, over 60 percent of expats earn less than $100,000, making them the lowest earners among expats globally, where the average is 35 percent. This information comes from the largest survey conducted by HSBC Bank International called Expat Explorer, which involved over 3,100 expats from 26 countries. Despite the challenges of the current economic climate, over half of the expats surveyed are actually earning $100,000 or more, showing that they remain a wealthy group overall. Paul Say, head of marketing and communications for HSBC, highlighted some interesting trends in expat reactions to the credit crunch. More than two-thirds of expatriates around the world reported that the credit crisis has impacted the way they spend their money, with luxuries and day-to-day expenses being the most affected. Nearly 40 percent of expats stated they were saving more for unforeseen circumstances. The majority of expats in Japan, at 53 percent, were reducing their spending on vacations and other extras, while almost half of expats in Thailand and Hong Kong were also making cutbacks. On the other hand, two-thirds of expats in Qatar and over half in Bahrain stated that the global financial crisis would not change their spending habits, suggesting that some oil-rich Gulf Arab countries have not been as severely impacted by the economic downturn. Expats in Saudi Arabia, Brazil, and Russia were among the least likely to reduce their spending on luxury items, according to the survey. The survey participants were selected based on four specific criteria: making over $200,000 annually, having a monthly disposable income of over $3,000, saving more while working overseas, and owning at least two luxury items in their current country of residence. The survey took place from February to April 2009. | 3 |
More than 50 speakers from Bangladesh and other countries will participate in five panel discussions during the forum, according to the organizers at a media briefing on Monday. The Bangladesh Apparel Exchange, in collaboration with the Bangladesh Garment Manufacturers and Exporters Association, will host the forum. The discussions will focus on key issues in the country's apparel industry, including human rights, transparency, water usage, purchasing practices, and climate change. Mostafiz Uddin, founder and CEO of BAE, stressed the importance of sustainability in the industry, stating that it is not a choice but a necessity. BGMEA President Rubana Huq also highlighted the need for sustainable labor practices and industry environment. The Netherlands Ambassador, Harry Verweij, was in attendance as the title sponsor of the forum, which is being organized in partnership with H&M. Better Work Bangladesh and C&A Foundation are also collaborating with the event organizers. | 3 |
According to experts, if Barack Obama were a corporate CEO, he would be receiving praise for his management style. His calm demeanor and steady approach, which have earned him the nickname "No Drama Obama," are seen as qualities that business leaders could benefit from learning. Paul Reagan, a management consultant and senior lecturer at Wayne State University in Detroit, commended Obama for his clear value system and his consistency in following through on his promises. Reagan noted that Obama's high credibility has led many to view him as a corporate leader. Paul Copcutt, a personal brand strategist from Ontario, pointed out that one difference between Obama and business leaders is Obama's keen awareness of his strengths and weaknesses. This is evident in his cabinet selections, where he has chosen experts to fill in his own gaps. Copcutt believes that rather than focusing on improving weaknesses, good leaders should focus on their strengths and delegate tasks they are not good at. Obama's cabinet choices, which include individuals from different backgrounds and political views, reflect his efforts to build a diverse coalition. Chief executives often form a group of advisors who are supportive but may not provide all the diverse perspectives needed to effectively lead the entire organization. It is still too early to determine Obama's effectiveness, as he has only selected key cabinet members and pushed for quick action on an economic stimulus plan. Nancy Koehn, a business historian and Harvard Business School professor, believes the true tests will come once Obama assumes office on January 20. Reagan warned that a management style like Obama's, which is appealing to many people, may lead to widespread disappointment if change is oversold and lacks clarity. Koehn suggested that CEOs could learn from Obama's handling of challenges during his campaign, using emotional competence to address issues like fear of job loss or poor performance in today's difficult financial environment. She stated that business leaders should pay close attention to the non-tangible aspects of their employees and organization, beyond just focusing on tangible resources, headcount, market, and customers. CEO coach Deb Dib identifies a range of qualities in Obama, such as caring, confident, consistent, commanding, and calm, which she believes are crucial for business executives to possess. She emphasizes that effective CEOs typically exhibit many of these attributes, regardless of their political affiliations. Dib suggests that there is much to be learned from Obama's leadership style. | 3 |
In 2030, the obesity rate in every state is expected to stay below 60 percent, which is a significant decrease from the projected rate of 13 percent under normal circumstances. | 3 |
An international group of bankers has pledged to provide financial products to one billion customers who have not had access to traditional banking services. The Global Alliance for Banking on Values, a network of 11 sustainable banks, made this commitment at the end of a conference in Dhaka. Fazle Hasan Abed, founder-chairperson of BRAC and co-founder of the GABV, announced the pledge during a press conference, stating that this initiative could have a significant impact on global efforts to address climate change. Representatives from banks across Asia and Latin America gathered for a three-day seminar aimed at shaping a sustainable future for the financial industry. The GABV, established in March 2009, utilizes financial resources to provide sustainable development tools for underserved individuals, communities, and the environment. It represents approximately seven million clients across 20 countries, with a total capital of more than $14 billion. The organization has committed to raising $250 million in new capital over a three-year period to support a $2 billion increase in lending for eco-friendly projects and underserved communities globally. This funding is anticipated to come from various investors, including current customers, institutions, and new investors. The alliance believes that expanding the network's membership and establishing new member banks will enable them to serve more customers, as stated in the announcement. The members of the network are planning to promote and demonstrate the impact of business models that focus on addressing the world's most critical social and environmental issues. Peter Blom, the chair and co-founder of the GABV, emphasized the need to raise more funds and invest in sustainable bankers to maximize the potential of finance. Blom, who is also the CEO of Triodos Bank in the Netherlands, stated that values-led banking can significantly improve the lives of one in six people within a decade. Participants from the member banks noted that in the coming years, increasing this capital significantly will be crucial in achieving the goal of reaching one billion targets. | 3 |
Bangladesh's health minister A F M Ruhul Haque stated that approximately $2 billion will be required over the next decade to address health risks caused by global warming. Following a meeting on climate change, the minister informed reporters that the exact amount will be confirmed by June of the following year. Haque also mentioned that if the sea level rises by one meter due to global warming, a total of $2.08 billion will be needed between 2010 and 2021 to mitigate the impacts. The meeting included the reading of an eight-point Dhaka Declaration highlighting the government's concern on the matter. A total of 55 delegates from various countries, including 11 ministers, participated in the discussions on different strategies to alleviate the effects of climate change. Furthermore, 17 papers were showcased during the conference. Experts anticipate that a portion of Bangladesh will be submerged in water within the next 20 to 30 years. Haque mentioned that there is little concern about the potential health impacts of this situation. The primary focus of this meeting is on this particular sector. | 3 |
The EU has announced that they are allocating nearly €1.1 billion, which is the largest EU humanitarian budget for life-saving relief in both man-made and natural disasters to date. The 28-nation bloc is currently the leading humanitarian assistance partner of Bangladesh and has various projects ongoing in different regions of the country. In August of this year, the EU provided €0.5 million in aid to help those affected by floods in Bangladesh, in addition to their ongoing project support. The EU stated that this increase in budget is necessary due to the rising global humanitarian needs caused by an increasing number of refugees and displaced persons from armed conflicts, the escalating impact of natural disasters, climate change, and economic crises. Christos Stylianides, EU Commissioner for Humanitarian Aid and Crisis Management, announced this new record budget in Brussels on Wednesday, mentioning that next year's budget will also be a record due to the high levels of needs worldwide. The EU is committed to assisting the most vulnerable populations and will continue to be a significant global donor of humanitarian aid in 2016. The 2016 humanitarian budget will address various crises, including the refugee crisis in Syria, Lebanon, Jordan, Turkey, the Western Balkans, and Iraq. Funding will also support vulnerable populations in Colombia, Myanmar, and Afghanistan. The European Commission plans to increase humanitarian funding for education in emergencies from one percent to four percent of the overall budget in 2016, in line with UN targets. Additionally, the EU will focus on helping communities prepare for natural disasters and improving aid delivery. | 3 |
President Barack Obama's $3.55 trillion budget, which was unveiled on Thursday, includes his proposal to reduce carbon dioxide emissions that contribute to climate change by selling all emission permits to industries. This plan differs from some members of Congress, including those in Obama's own Democratic Party, who are advocating for a portion of these permits to be given away initially to help ease the transition to a greener economy. Critics of the plan are concerned that charging companies for their carbon emissions could harm the struggling economy. The sale of all emission permits is expected to generate $646 billion in revenue in the first few years of the program. White House budget director Peter Orszag confirmed that there will be no changes to the climate proposal when more details of the budget request are released next week. During the previous presidential campaign, Obama expressed a preference for all emissions permits to be sold rather than given away. However, he has indicated a potential for flexibility on this issue. The Obama plan involves capping the amount of carbon dioxide emissions from various sources such as coal-fired power plants, oil refineries, cars, and other industrial and natural sources. Companies exceeding the limit would need to purchase emissions credits from companies emitting less. The director of the Congressional Budget Office emphasized that the purpose of a cap-and-trade system is to incentivize companies to reduce emissions. The CBO's David Elmendorf explained to the Senate Finance Committee that giving away allowances is essentially the same as selling them and donating the proceeds from the auction. Elmendorf stated that revenue from auctioning emissions could reach $1.2 trillion over a decade, resulting in higher prices for emitting companies. Some of the revenues from Obama's budget cap-and-trade plan are intended to be refunded to consumers to counteract this price increase. Elmendorf emphasized that the price increase is necessary to encourage a change in behavior, and while it can be distributed differently, it cannot be avoided entirely. A cap-and-trade bill, sponsored by Representative Henry Waxman, is making its way through Congress. Waxman, a California Democrat who chairs the House of Representatives Energy and Commerce Committee, is pushing for the bill to be passed by the end of May. However, a senior Republican suggested that the bill could be delayed while the committee focuses on healthcare reform. Representative Joe Barton, a Texas Republican, mentioned in a Reuters interview that a delay could give Democrats more time to gather support for the climate change legislation. Some Democrats, such as Mike Doyle of Pennsylvania, believe that most of the emission permits needed by industry under a cap-and-trade plan will initially be given away rather than auctioned, possibly for the first 10 or 15 years of the program. President Obama has expressed a preference for controlling carbon emissions through legislation, but also has the option of using regulation to achieve the same goal. The U.S. Environmental Protection Agency announced recently that greenhouse emissions pose a threat to human health and can therefore be controlled as a pollutant. | 3 |
The Harvard graduate is among 10 "entrepreneurial farmers" chosen by Square Roots, an indoor urban farming company, to cultivate kale, mini-head lettuce, and other crops locally in Brooklyn's Bedford-Stuyvesant neighborhood. Each farmer receives a 320-square-foot steel shipping container for 12 months, where they can regulate their farm's climate. Using pink LED lights, they produce GMO-free greens throughout the year. Groszyk, who personally delivers to his 45 customers, selects crops based on feedback and fulfills special requests for new crops. Groszyk recalled the sight of shipping containers being lowered by crane on their first day at the location. "We started planting seeds the following week," said Tobias Peggs, co-founder of Square Roots with Kimbal Musk, brother of Tesla Inc CEO Elon Musk. The company produces about 500 pounds of greens each week for numerous customers. Peggs believes that if they can find a successful solution for New York, they will be prepared to expand globally. In return for providing farms and a year-long program covering topics such as business development, branding, sales, and finance, Square Roots shares 30 percent of the revenue with the farmers. Peggs anticipates that farmers will earn between $30,000 and $40,000 by the end of the year. According to Peggs, farmers cover the costs of operating their container farm, such as water, electricity, seeds, and rent, which totals around $1,500 per month. Peggs suggested that instead of spending tens of thousands or even hundreds of thousands of dollars on an MBA in food management, farmers should consider starting their own companies after completing a program. Groszyk, who harvests 15 to 20 pounds of produce per week, has been trained in various aspects of farming. Tieg Zaharia, a software engineer at Kickstarter, expressed interest in knowing the source of his food while enjoying a $5 bag of greens grown and packaged by Groszyk, emphasizing the importance of supporting local farmers. Nabeela Lakhani, 23, shared that after reading "Fast Food Nation: The Dark Side of the All-American Meal" during her high school years, she was motivated to transform the food system. Currently, Lakhani serves as the resident chef at a market-to-table restaurant in lower Manhattan three nights a week. When approaching tables, she introduces herself as Chalk Point Kitchen's new urban farmer, often surprising customers with her unique role. Lakhani, who focuses on Tuscan kale and rainbow chard, mentioned that they have a shipping container in Brooklyn where they harvest the produce and bring it to customers within 24 hours, ensuring it is the freshest salad in New York City. | 3 |
US Treasury Secretary Timothy Geithner and Microsoft Corp co-founder Bill Gates announced their plan to launch a global agricultural fund in order to increase food production in developing nations. The Global Agriculture and Food Security Program, set to be unveiled in Washington, aims to assist farmers in growing more food and increasing their earnings. Gates and Geithner expressed concern about the growing population and climate change causing food shortages, emphasizing the importance of supporting small farmers and impoverished individuals. The idea for the fund was initially proposed by the United States at a Group of Eight meeting in Italy in 2008 to encourage countries to invest in agriculture in the world's poorest nations. Gates and Geithner announced that the fund has received commitments totaling nearly $900 million from now until 2012, with contributions from Canada, Spain, and South Korea. The World Bank will oversee the fund, which aims to provide financial support to impoverished countries facing food insecurity and who have established effective agricultural strategies to improve crop yields. The fund will focus on investing in infrastructure to connect farmers with markets, promote sustainable water management, and enhance access to high-quality seeds and technologies. The surge in global food prices in 2008 underscored the long-standing lack of investment in agriculture in developing nations, where the majority of the impoverished population resides in rural areas. The Gates Foundation has been actively funding projects to increase agricultural production for small-scale farmers in Africa and other regions. They have a strong partnership with the United Nations World Food Programme to improve access to food. Despite there being enough food produced globally to eradicate hunger, over 1 billion people still suffer from hunger due to financial constraints or lack of access to food supplies. | 3 |
State Minister for Foreign Affairs M Shahriar Alam stated that Bangladesh is dedicated to adopting low-emission development strategies (LEDS) as long as it does not impose additional strain on its economy and financial capacity. He made these remarks during the "Ministerial Meeting on Climate Change" at the European Commission headquarters in Brussels, which was co-chaired by European Commissioner for Climate Action Connie Hedegaard and Norwegian Minister of Climate and Environment Tine Sundtoft. The meeting, attended by ministers and representatives from 40 countries and international organizations, focused on various aspects of climate change, including mitigation, adaptation, means of implementation, and pre-2020 mitigation ambition. During the session on adaptation to climate change, Alam highlighted the potential for renewable energy expansion in Bangladesh and emphasized the need for financial support from both least developed countries and developed nations. He also discussed the upcoming climate agreement to be negotiated at the Paris climate conference next year and stressed the importance of integrating climate change adaptation and disaster risk reduction across all relevant sectors. Alam emphasized the need for the new agreement to provide adequate and predictable financial support and technology transfer from more developed countries. Following the meeting in Brussels, Alam will travel to Abu Dhabi for a climate summit before heading to Geneva to campaign for a Bangladesh candidate for the UN Committee on Elimination of Discrimination Against Women (CEDAW). | 3 |
In the beginning of this year, there was an increase in global inflation pressures, along with slower economic growth, which has put central bankers in a difficult situation. In the United States, despite the Federal Reserve cutting interest rates due to a global credit crisis last August, data from Friday revealed that underlying US inflation rose by 0.3 percent in January, following a 0.2 percent increase in December. The overall annual inflation rate also rose to 3.7 percent from 3.5 percent. In the euro zone, where the European Central Bank has not followed the Fed's lead in cutting rates, preliminary data from several countries in February showed that inflation remains well above the ECB's 2 percent target in major economies. In February, inflation rates were at 2.9 percent in Germany, 3.1 percent in Italy, and a record 4.4 percent in Spain. In Belgium, inflation surged to 3.64 percent, the highest rate since July 1991. In Japan, annual inflation remained at a high of 0.8 percent in January, and although there were signs of an economic slowdown, the Bank of Japan may still lower rates from the already low 0.5 percent this year. Ken Wattret, chief euro zone market economist at BNP Paribas, predicted that the euro zone could experience uncomfortably high levels of headline inflation in the near future. European Central Bank Governing Council member Axel Weber warned against expectations of an interest rate cut from the current 4 percent, citing the risks of higher inflation. Federal Reserve Chairman Ben Bernanke stated that the United States was not facing "stagflation" like in the 1970s, but acknowledged that inflation could complicate efforts to stimulate the economy. Friday's US core PCE index highlighted the conflicting pressures facing central banks, as they try to support growth amidst the banking sector's struggles with high-risk debt write-downs, while also attempting to control inflation. The Fed has already reduced rates by 2.25 percentage points since last September, and is expected to continue cutting. Despite some signs of increasing inflation pressures, analysts still believe the Fed will lower interest rates next. The Fed recently revised its 2008 growth forecast downwards due to the housing market downturn and credit market issues. In Japan, unexpectedly strong housing construction and household spending data released on Friday alleviated concerns about a recession following the US. The Japanese central bank has been hoping for inflation to come back after years of fighting against deflation. According to Yoshimasa Maruyama, an economist at BNP Paribas in Tokyo, the price trend will be similar in all developed countries, with high inflation now but expected to ease in the future. In Europe, the ECB is facing challenges due to above-inflation wage demands from trade unions in Germany, which could increase inflation expectations and lead to more wage demands. Additionally, the ECB is dealing with a weakened growth outlook in the euro zone. A survey of corporate managers in the euro zone showed that the business climate indicator fell more than anticipated in February, reaching its lowest level in two years. Core inflation in the euro zone decreased to 1.7 percent in January from 1.9 percent in December, excluding volatile energy and food costs. The preliminary February figure is expected to remain unchanged at 3.2 percent. Chief European economist at Bear Stearns, David Brown, believes that the muted core inflation rate gives the European Central Bank room to start lowering rates soon. Headline inflation in the euro zone rose to 3.2 percent in January from 3.1 percent in December. Wattret, an economist at BNP Paribas, believed that the ECB would shift its focus from the headline inflation rate to the risks to growth in the euro zone. The recent rise in the euro to a record high against the dollar is posing challenges for exporters. Despite most economists in the latest Reuters poll predicting that the ECB will cut rates twice this year, the likelihood of an immediate move seems lower due to high inflation rates. | 3 |
Meteorologists predict that the severe cold weather in Europe, which is the worst in decades, may continue until the end of February. This could result in more deaths and a prolonged increase in gas prices. According to Leon Brown from The Weather Channel in Britain, although there may be a change in weather by mid-February, it is unlikely to become milder. The cold temperatures and heavy snowfall have already caused hundreds of deaths in Europe, with temperatures dropping to nearly minus 40 degrees Celsius in some eastern countries. More than 130 villages in Bulgaria were still without electricity on Wednesday, with the army providing food and medicines, according to the Defence Ministry. The country declared a day of mourning for eight people who died in a flood caused by melting snow. The European Union's crisis response chief warned that the worst of the flooding was yet to come. In Bosnia, five more deaths from cold and snow were reported on Wednesday, bringing the total to 13. Authorities in Serbia are advising residents to clear icicles from roofs following a tragic incident in Belgrade where a woman was killed by falling ice. Due to heavy snowfall, 13 people have died and 70,000 are stranded. In addition, ice is causing issues in hydro-power plants and coal trains in Serbia, with demand for electricity increasing. Strong winds in Croatia have resulted in fish being deposited on the island of Pag, prompting locals to collect them from the shore instead of going fishing or to the market. A prolonged cold spell, caused by cold polar air from northern Russia, has kept warmer weather from moving in across Europe, leading to sub-zero temperatures in many parts of the continent for the past 10 days. Officials from the World Meteorological Organization (WMO) in Geneva this week did not dismiss the possibility of cold temperatures continuing through the rest of February. Omar Baddour, who oversees the WMO's climate data monitoring program, mentioned that there could be a chance of the pressure system starting to lift next week, but also warned that it could persist until the end of the month. The "negative Arctic oscillation", which is causing the freezing weather due to a difference in pressure between Europe and the Arctic, is predicted to take two or three weeks to return to normal levels, meaning an early thaw may not occur. While the high-pressure system itself is not uncommon, the sudden drop in temperatures after a period of mild weather has surprised experts. "The way this winter has unfolded is quite unique and somewhat perplexing," Brown added. "It's rare for such a sudden development to occur and for it to persist as a significant barrier towards the end of January and February," stated Georg Mueller, a forecaster at Point Carbon, a Thomson Reuters company. According to Mueller, the current cold spell is the most intense one to occur in February in 26 years, with the last similarly severe cold weather happening in 1986. The large Siberian blocking pattern currently in place has made it challenging to predict its movements, explained Brown. "In this case, the substantial blockage of cold air appeared to influence the behavior of the winds, rather than vice versa," he added. "We were surprised by how long the cold block stayed and how it then moved to the west," Brown stated. Computer models are struggling to predict when the system will clear out of Europe. The cold weather has caused British gas prices to soar, reaching their highest levels since 2006, surpassing 100 pence per therm on Tuesday, a rise of over 15 percent. Russia reduced gas exports to Europe last week due to record-high demand, leading countries like Italy to boost imports from Algeria and use stored gas. Prolonged cold weather and increased domestic demand may result in Russia cutting its exports to Europe once again. | 3 |
A company owned by two members of the Saudi royal family, Energy Holdings International, Inc, is planning to establish 450MW combined cycle power plants in Bangladesh. The first plant will be built in Bibiyana and the second in Fenchugang, with an estimated cost of $200 million each, as stated in a press release by PRNewswire. Saudi Princes Abdullah Al-Saud and Bader Al-Saud, who are both young entrepreneurs, are the co-owners of the company. EHII has received interest from other companies, including Siemens, to participate in these plants and future projects in Bangladesh. EHII Vice-Chairman Jalal Alghani mentioned that the company is in discussions with Siemens to potentially become a partner and provide turbines for the projects. In a letter to shareholders, EHII Chairman John W Adair mentioned that the 450mw combined cycle plant is just the beginning of potential power plant opportunities in the country. Earlier in June, Saudi billionaire Prince Al-Waleed Bin Talal had expressed interest in investing in Bangladesh's power and tourism sectors. During a meeting, he was presented with information on investment opportunities in Public Private Partnership projects, as well as the tourism and power sectors, and the challenges of climate change. The Prince, who has a net worth of $18 billion and is ranked 29th on Forbes magazine's list of billionaires, had previously visited Bangladesh in 2005 with an interest in purchasing Sonargaon Hotel. | 3 |
The agreements were signed at the Economic Relations Division in Dhaka on Thursday by Kazi Shofiqul Azam, secretary of ERD, and Manmohan Parkash, country director of ADB. The agreements include a $100 million grant to support displaced people in Cox’s Bazar camps, a $25.44 million grant for solar-powered pumps in irrigation, and a $225 million loan to improve secondary education quality and relevance. Parkash stated that the grant for Cox’s Bazar was processed quickly in response to a request from the government in May 2018. He also mentioned that the secondary education project will support the government's reform efforts and help prepare youth for a growing economy. Additionally, he highlighted the benefits of the solar-powered irrigation project in terms of energy security, environmental protection, and climate change mitigation. The ADB's $100 million grant project aims to assist displaced individuals living in camps in Cox's Bazar by focusing on water supply and sanitation, disaster risk management, energy, and roads. The project will improve roads within the camps to connect crucial food distribution and storage centers and provide emergency access. Additionally, it will upgrade the road from Cox's Bazar to Teknaf and other important sections. The funding of $25.44 million will be used to install a minimum of 2,000 off-grid solar photovoltaic pumping systems in areas without electricity access, producing an estimated 19.3 megawatts-peak of solar capacity. By replacing diesel pumping systems with off-grid solar photovoltaic pumps, the project is expected to reduce carbon dioxide emissions by 17,261 tons annually. The secondary education project, set to finish in 2023, is aiding the government's extensive secondary education development program with the support of development partners. The government aims to have approximately 3.5 million more secondary school students by 2023, which will necessitate an extra 145,000 teachers and 10,000 additional schools. The $225 million ADB assistance will help create a competency-based curriculum, encourage the integration of ICT in teaching, and enhance classroom assessment methods. | 3 |
She assured that the project would not harm the Sundarbans, a concern which was brought up by former US vice president Al Gore at a session on climate change at the Davos Congress Centre. The prime minister emphasized that the power plant would be located 14km from the Sundarbans boundary and 70km from the World Heritage Site. Furthermore, she mentioned that the plant would use clean coal and modern technology to minimize its impact on the environment, as reported by Deputy Press Secretary Nazrul Islam. The prime minister also invited Gore to visit Bangladesh and see the location for himself. Bangladesh has entered into an agreement with India to establish a 1,320-megawatt thermal power plant in Rampal, Bagerhat, located 14 kilometres from the Sundarbans. Critics, including environmentalists and leftist parties, have raised concerns about the potential impact of the coal-fired plant on the delicate ecological balance of the world's largest mangrove forest. Despite opposition, the government asserts that necessary precautions will be taken to safeguard the environment from pollution. Deputy Press Secretary to the Prime Minister Islam stated that Prime Minister Hasina addressed the issue at the Davos plenary session, dismissing criticism as unnecessary and affirming her personal commitment to avoiding any projects that could harm the environment. Besides the ex-vice president of the United States, other notable attendees at the session included Norwegian Prime Minister Erna Solberg, HSBC Group CEO Stuart Gulliver, and Cofco Agri CEO Jingtao Chi. | 3 |
The frilly and youthful baby-doll looks in fashion are being replaced by more tailored and sophisticated styles for next spring. The serious tone of the spring collections in New York this week reflects the current mood of the nation, with experts noting the influence of important tasks like choosing the next president and resolving conflicts in Iraq. Luxury consultant Robert Burke suggests that the fitted and professional women's spring clothes are a response to consumers' state of mind, indicating a shift away from the youthful aesthetic. Burke mentioned that there is a sense of unpredictability and gravity in the current situation. The stock market has been experiencing fluctuations and elections are imminent. People are leaning towards a more serious and sophisticated style rather than a frivolous and feminine one. As a result, upcoming spring fashion trends include cinched waists, fitted blouses, pleated skirts, shirtdresses, and high-necked collars. Designer Charles Nolan also showcased school blazers. Derek Lam and Tibi showcased safari-style jackets, while designers like VPL by Victoria Bartlett, Lyn Devon, Tibi, and Luca Luca featured swingy jackets with shortened sleeves. Alexandre Herchcovitch transformed tuxedos into waistcoats and backless vests. Sleeveless sheathes and strapless cocktail dresses were popular, with Carolina Herrera introducing dressy cocktail shorts. Leatrice Eiseman, executive director of the Pantone Color Institute, noted the trend towards more ladylike and classic styles, suggesting a return to a more thoughtful era, especially in light of current events like the war and national election. Hillary Clinton's run for president is greatly influencing fashion, according to Sen. Clinton. She believes it is shifting the focus towards women in positions of power, rather than focusing on traditional feminine styles. Designer Zac Posen also noted that politics, particularly the upcoming elections, inspired his collection as he aimed to create a graceful transition for the country. Designer Catherine Malandrino explained that the current uncertainty in the world served as inspiration for her sophisticated collection. She aims to create harmony between the body and soul through her designs, believing that women need this sense of peace. Despite some skepticism, she believes that designers should consider what women truly want and need. David A. Wolfe from The Doneger Group trend forecasters expressed his desire for designers to not get bored. Patricia Pao, head of the Pao Principle retail consultants, mentioned that the changing style is influenced by economics. She stated that the unstructured look has caused difficulties for designers as it is quickly replicated, whereas structured dressing is more challenging to copy. Many people believe that the baby-doll look became unpopular on the catwalks because it made women look too relaxed and messy. Stan Herman, former head of the Council of Fashion Designers of America, said that designers were hesitant to showcase this style because it was being ridiculed by others. | 3 |
The World Economic Forum's report for 2010 identifies deteriorating government finances as the top risk that could lead economies into full-blown debt crises. Major economies have responded to the financial crisis by increasing stimulus packages and supporting private debt, resulting in soaring deficits. While this may have prevented a more severe recession, the high levels of debt are now a major concern for financial markets. Developed nations are at a higher risk compared to emerging economies, many of which have already taken steps to stabilize their fiscal situations after previous shocks. The WEF report warns that the unprecedented levels of debt being accumulated by governments to stimulate their economies could lead to an increase in sovereign defaults. John Drzik, Chief Executive of Oliver Wyman, a contributor to the report, highlighted the rising risk of sovereign defaults due to high levels of debt. He warned that increased levels of unemployment could occur, leading to social and political risks. The report identified unsustainable debt levels and the looming financial crisis as top risks, along with underinvestment in infrastructure and rising health costs due to chronic diseases. Other threats include asset price collapse, risks related to Afghanistan, and a potential slowdown in Chinese growth which could impact employment, fuel social unrest, and harm exports. The report also mentioned the possibility of developed nations exceeding "unsustainable levels of debt," which could result in full-blown debt crises with severe social and political consequences, including higher unemployment. Daniel Hofmann, group chief economist at Zurich Financial Services, emphasized that government debt levels exceeding 100 percent of GDP, as seen in the United States and the UK, are clearly unsustainable. He warned that if investors become fearful and begin to question the sustainability of high debt levels, it could lead to sovereign debt crises and defaults, as seen with Dubai and Greece. The concerns over these countries have spread to global markets, and there is also a high risk for the United States and the United Kingdom. The report from the World Economic Forum emphasized the need for tough decisions in the coming months to balance economic recovery with fiscal deficits. It also highlighted the "governance gap" between short-term pressures and the necessity for long-term decisions on issues like healthcare, pensions, and climate change. According to the report, not enough is being done to tackle the problem of underinvestment in infrastructure, which could have negative effects on food and energy security. The World Bank estimates that $35 trillion will be needed for global infrastructure investment over the next two decades. The report also highlights the increasing financial burden of chronic diseases due to longer life expectancy and unhealthy lifestyles, and calls for prevention campaigns to promote healthier living. The report warns that the biggest risks to the world today may come from slow failures or gradual risks that emerge over time, with potentially significant and underestimated long-term consequences. | 3 |
A Saudi prince, Al-Waleed Bin Talal, was honored with the Bangladesh Friendship Medal during his visit to Dhaka, where he met with Prime Minister Sheikh Hasina and other senior government officials. The ceremony took place at Sonargaon Hotel, and discussions included topics such as investment and business opportunities in Bangladesh. Prince Al-Waleed arrived in the morning and left in the early afternoon after the meeting. A presentation was given on the investment opportunities in the country, including Public Private Partnership projects, tourism, and the power sector, as well as challenges related to climate change. Following the meeting, lunch was served and the prince was to then meet with President Md Zillur Rahman at the Bangabhaban. The Saudi royal arrived in Dhaka at 10:30am and was expected to leave at 3pm. Al-Waleed Bin Talal, who has a net worth of $18 billion, is currently ranked 29th on Forbes magazine's list of billionaires. He had previously visited Bangladesh in 2005. | 3 |
Many bankers and traders are no longer enjoying company perks like fancy cars, luxurious seats, and expensive meals due to multibillion dollar losses. Trading desk heads and senior bankers are cutting back on small comforts to save money and improve profits. According to Ron Karp, a controller at Corporate Transportation Group, the demand for their services has decreased as companies are letting go of employees and no longer willing to provide luxury transportation for them. The decrease in business activity at car services throughout the city has been noticeable in the last month, according to him. Instead of companywide cutbacks like those seen in the early 2000s after the tech bubble burst, reductions are now happening in specific departments. However, employees in these affected departments are still feeling the impact. Credit Suisse has made cuts to cell phone subsidies and eliminated car vouchers. Merrill Lynch has restricted business class travel for certain divisions, Goldman Sachs has discontinued free soda, and JP Morgan has increased the qualifications for complimentary meals and transportation. Cutting back on small benefits helps save money, but it also sends a message to employees to be mindful of their expenses. Banks reducing perks is a way to remind workers to be cautious with spending, especially during tough times. With financial institutions facing significant losses, layoffs have become common, with big cuts announced recently. It is typical for companies to increase layoffs and reduce costs during challenging economic climates. Banks have adhered to this procedure in various years, including 1987, 1990-91, 1994, 1998, and 2000-2002, according to him. The question remains whether these reductions will cease as the prospects for Wall Street firms improve, as the AMEX Security Broker Dealer Index .XBD has increased by more than 30 percent to 181 since hitting a low on March 17. In times of financial constraint, managers tend to prioritize cutting luxuries over laying off staff in order to be prepared for any potential market recovery. For example, at Credit Suisse, certain departments have implemented a strict limit of $30 for meals ordered by traders working late, as reported by a reliable source. Employees are no longer able to choose dinner from any restaurant in town. Instead of allowing employees to handle catering individually, all food orders are now managed through the online service SeamlessWeb in order for managers to have better oversight. Some perks, such as free personal cell phone bills and car vouchers, have been reduced or eliminated. At Merrill Lynch, certain divisions have downgraded employee travel by removing first class and business class options for domestic flights. Credit Suisse and Merrill spokespeople stated that these changes vary by team or division rather than being company-wide. Even companies that were not severely affected by the credit crunch are reducing their expenses. For example, at JPMorgan, employees may need to work later to qualify for a ride home, and some must stay at work for a specific amount of time after ordering food on the company's account. Goldman Sachs recently stopped offering free soda on certain trading floors. However, Jeff Visithpanich from Johnson Associates warns that excessive cost-cutting may have negative consequences for companies in the long run. Perhaps it appears favorable in theory, but in reality, what occurs is that a group of individuals start taking extended breaks to go down to Starbucks. | 3 |
World Bank President Robert Zoellick has cautioned developing countries to brace themselves for challenging times as the financial crisis in Western economies continues to unfold. Zoellick expressed concerns about the potential for business failures, bank emergencies, and balance of payments crises in developing nations due to the crisis spreading. He highlighted the impact of a financial squeeze, along with rising food and fuel prices, which will further complicate efforts by developing country governments to protect their vulnerable populations. A recent World Bank report warns that high food and fuel prices could lead to an increase in the number of malnourished individuals worldwide by 44 million in 2008, reaching over 960 million. Zoellick also identified approximately 28 countries that may encounter fiscal challenges in the near future. He mentioned that he would reveal the details later on Thursday before weekend meetings of finance leaders in Washington. Zoellick stated to Reuters that the danger of developing country growth depends on the policies they implement and the support they receive. He remains optimistic about sub-Saharan Africa's potential for growth in the long term, but emphasized that it will require active efforts and investments. The World Bank is collaborating with developing countries to inform them about the services they can provide to help create contingency plans and assist countries facing strain in their banking systems. The financial crisis poses a significant risk to the progress made in many developing countries to boost growth and reduce poverty and disease. Between 1997 and 2007, an average of 6 percent growth was seen in 17 countries in Sub-Saharan Africa, most of which were non-oil producers. During the same period, 8 countries that were oil producers experienced an average growth of 8 percent. Zoellick expressed concerns about the potential economic challenges that may arise from the crisis originating in the United States. Increased private sector interest in developing countries has been driven by improved economic management, reduced conflicts, and the promise of high investment returns. China, Brazil, India, and Gulf countries have been among the investors participating in south-south investment, where emerging economies invest in one another. Zoellick expressed confidence that despite the financial crisis affecting emerging economies, China would continue investing in natural resources in Africa and Gulf states would focus on investments in agriculture. He emphasized the importance of turning today's problems into opportunities and suggested that Western central banks and China should work together to help developing countries deal with the financial crisis and the issue of increasing malnourishment. He also proposed the creation of a World Bank fund to assist developing countries with rising food and fuel prices, providing fertilizer to small farmers, and energy to the poor. Additionally, he mentioned the need for developed countries to support the World Bank and IMF in helping governments facing balance of payments challenges related to climate change and trade. "We are able to contribute, but we require the developed nations to also collaborate in a coordinated effort to assist with that." | 3 |
The sweet summer drink Rooh Afza, known for its poetic name meaning "soul refresher" and its association with Old Delhi, has been popular across South Asia for generations. In Pakistan, it is mixed with milk and almonds for religious ceremonies, while in Bangladesh it is given as a gift to in-laws by new grooms. It is even used as a metaphor in movies, with one hero comparing the heroine to Rooh Afza. In Delhi, where summer temperatures can soar above 100 degrees Fahrenheit, Rooh Afza is a common sight. The traditional Rooh Afza drink is now being served in innovative ways by cold-drink vendors, who are competing for customers by showcasing their skills in mixing and drizzling the concentrate into plastic goblets. The beverage, enjoyed in India, Pakistan, and Bangladesh, has a sweet and herbal taste that has stood the test of time and is now being marketed towards a new generation. Hakim Abdul Majid, the founder of Rooh Afza in 1907 in Old Delhi, is pictured in an undated image provided to The New York Times. India, Pakistan, and Bangladesh all share a love for Rooh Afza, a beverage that has persisted through the region's turbulent history and is now trying to appeal to a new generation. The drink is known for its sweet and herbal taste, and is considered a natural cooler that can lower body temperature and boost energy, despite being mostly sugar. Any disruption in manufacturing leads to a shortage and outcry from consumers. The drink's success over the years can be attributed to the vision of a young herbalist and his wife, who helped turn it into a sustainable business. In India alone, the drink brings in $45 million in profit annually, with most of the funds going towards supporting schools, universities, and clinics. While some ingredients may have changed due to availability, the overall formula has remained consistent. Hamid Ahmed, a fourth-generation family member involved in the business, oversees the expanded food wing of Hamdard Laboratories, the company behind the popular beverage. In an unmarked photo provided to The New York Times, an advertisement for Rooh Afza promotes it as a drink favored by the elite for various heat-related issues. This sweet and herbal beverage, enjoyed by India, Pakistan, and Bangladesh, has withstood the region's tumultuous past and is now seeking to appeal to a younger audience. The glass bottles that used to fly off the shelves of Majid's small medicine store, named Hamdard, have now been replaced by plastic. Majid passed away at the age of 34, leaving behind his wife, Rabea Begum, and two sons - one 14 years old and the other a toddler. Begum made a crucial decision to turn Hamdard into a lasting institution, ensuring its profitability and welfare efforts in a time of political turmoil. She established Hamdard as a trust, with herself and her two sons as the trustees. The profits would not benefit the family, but would mostly go towards public welfare. The company faced its greatest challenge during India's violent partition in 1947, when Pakistan was created as a separate Muslim nation. Millions of people underwent a difficult journey, either on foot or in crowded trains, to reach the correct side of the border. Between 1 to 2 million people perished, and families, including Begum's, were separated. An image provided to The New York Times shows Rabea Begum, the wife of Hakim Abdul Majid, who made the decision to allocate profits from Rooh Afza to a trust for public welfare after his passing. This popular beverage, enjoyed in India, Pakistan, and Bangladesh, has a sweet and herbal flavor that has remained popular despite the region's turbulent history, and is now being marketed to a new generation. Hakim Abdul Hamid, their son, stayed in India and became a renowned academic overseeing Hamdard India. India, Pakistan, and Bangladesh all share a love for the sweet and herbal flavor of Rooh Afza, a beverage that has withstood the region's tumultuous history. Now, it is looking to attract a new generation of consumers. Hakim Mohamad Said, the younger son, relocated to Pakistan after its formation and left his position at Hamdard India to establish Hamdard Pakistan and manufacture Rooh Afza there. He later became the governor of Sindh province but was tragically murdered in 1998. Following the split of Pakistan in 1971, which resulted in the creation of Bangladesh, the facilities producing Rooh Afza in these regions formed their own trust: Hamdard Bangladesh. The three businesses, each run by extended family members or friends of the young herbalist, are independent but offer similar products with slight variations due to regional climate differences affecting the herbs. The drink is popular in the summer and experiences high demand during the Muslim fasting month of Ramadan. A glass of chilled Rooh Afza can bring a refreshing burst of flavor and energy around the dinner table or in the bazaars at the end of the day. Employees inspect bottles of Rooh Afza at a factory in Gurgaon, India on April 14, 2021. India, Pakistan, and Bangladesh all share a love for the sweet and herbal flavor of Rooh Afza, a beverage that has remained popular despite the region's troubled past. Now, it is looking to appeal to a new generation. In Karachi, Pakistan, Faqir Muhammad, a 55-year-old porter, enjoys a glass of Rooh Afza after breaking his fast during the summer, along with a date to regain some energy. In Gurgaon, India, employees are seen checking bottles of Rooh Afza at a factory on April 14, 2021. Now, the brand is targeting a new generation's taste buds. In Bangladesh, the marketing of the brand goes beyond just flavor and refreshment, delving into the realms of the unexpected and metaphysical. Amirul Momenin Manik, deputy director of Hamdard Bangladesh, claims that Rooh Afza can help COVID-19-infected patients by removing their physical and mental weakness, although no scientific evidence is provided to support this. Many people in Bangladesh reportedly experience heavenly feelings when they drink Rooh Afza, as it is marketed as a halal drink. During a visit to Rooh Afza's India factory in April, workers produced 270,000 bottles a day while wearing full protective gear. The process involved boiling sugar in large tanks, mixing it with fruit juices, and distilling over a dozen herbs and flowers such as chicory, rose, white water lily, sandalwood, and wild mint. Workers at a Rooh Afza factory in India are shown in an image preparing sugar syrup for the popular drink. The beverage, loved in India, Pakistan, and Bangladesh, has a sweet and herbal flavor that has stood the test of time despite the region's tumultuous history. Now, it is being marketed to a new generation, with trucks loaded with over 1,000 bottles each sent to warehouses and markets across India from dawn to dusk. Ahmed, who manages Hamdard's food division and focuses on Rooh Afza as the main product, is working on expanding the brand by introducing new variations to appeal to consumers who have outgrown the sherbet in their younger years. Some of the new products include juice boxes combining Rooh Afza with fruit juice, a Rooh Afza yogurt drink, and a Rooh Afza milkshake. According to a survey conducted by the company, half of Rooh Afza in Indian households is consumed as a flavor in milk, while the rest is used in cold drinks. Ahmed mentioned that they created a milkshake version with Rooh Afza, milk, and vanilla. Now the company is targeting a new generation's taste buds. (Rebecca Conway/The New York Times)
Ahmed expressed satisfaction with the success of the milkshake. However, he takes particular pride in two products. One of them is a sugar-free adaptation of the original Rooh Afza, which took 15 years to perfect as the company searched for a suitable sugar substitute. Priced at more than double the original, it is aimed at a wealthier clientele. In New Delhi on April 15, 2021, Muslims in India break their fast during Ramadan with snacks and Rooh Afza. This sweet and herbal beverage is enjoyed in India, Pakistan, and Bangladesh, and has a long history in the region. Now, Rooh Afza is trying to appeal to a new generation. According to Ahmed, a runner, there is a growing market for health-conscious individuals who monitor their diet. Additionally, there is potential for the original sugary and flavorful Rooh Afza to expand further in India's large market. He is focusing on people who are unable to purchase the 750-milliliter bottle that costs $2, by providing single-use sachets for 15 cents - a method that transformed the accessibility of shampoo brands in India. In many areas of India, the prevalence of malnutrition is so high that sugar is considered desirable. According to Ahmed, "In reality, people in India actually desire sugar. Only those in metropolitan areas are aware of the risks of diabetes." ©2021 The New York Times Company. | 3 |
According to an AstraZeneca representative, the AZD1222 vaccine contains the genetic material of the SARS-CoV-2 virus spike protein, and the recent mutations in the virus do not affect the structure of the spike protein. Drug companies are rushing to test their COVID-19 vaccines against the new highly contagious variant of the virus spreading in Britain. Vaccination with AZD1222 helps the immune system recognize various parts of the spike protein, enabling it to eliminate the virus upon exposure. The B.1.1.7 lineage mutation, which is up to 70% more infectious and concerning for children, has caused turmoil in Britain, leading to travel bans and trade disruptions with Europe. The AstraZeneca-Oxford vaccine is seen as important for countries with lower incomes and hot climates because it is affordable, can be easily transported, and can be stored for long periods at regular refrigerator temperatures. Recent data from AstraZeneca's trials in the UK and Brazil showed varying efficacy rates, with a higher efficacy rate for a smaller sub-group given a half dose followed by a full dose. India is expected to approve the vaccine for emergency use by next week. | 3 |
Finance adviser AB Mirza Azizul Islam stated on Monday that it is impossible to assure a decrease in commodity prices, as market prices are influenced by various factors including economic policy, monetary policy, and the international market situation. He clarified that the media had only quoted a portion of his remarks made last Saturday, where he referenced Shayesta Khan to illustrate the current market price scenario. Islam emphasized that while the allusion was not explained inaccurately, it was not fully represented in the published report. I wanted to emphasize the importance of taking into account all relevant factors in any economic scenario. The adviser stated that it is not realistic to anticipate a decrease in market prices, despite the government's efforts to control them. The government has implemented various measures such as waiving import duties on food items, reducing production costs by cutting ingredient prices, and lowering corporate taxes. However, prices continue to remain high due to the global market conditions, according to Mirza Aziz. The government has started three distinct welfare projects to address the situation, including the establishment of 100-day work programs for rural residents, providing pregnancy allowances, and offering stipends to male students. According to the adviser, these projects will assist families in boosting their purchasing power. In relation to the fuel price increase, he mentioned that the government will still need to provide a subsidy of Tk 10,000 crore to the energy sector. If prices had not been raised, the subsidy amount would have been Tk 17,000 crore. The finance adviser stated that the increase in prices is relatively small compared to the international market. Mirza Aziz previously conducted a meeting about using budget allocation to shield the country from climate change effects. The government plans to establish a foundation or trust to distribute the Tk 300 crore designated for the 2008-09 fiscal year. The board of trustees is limited to spending two-thirds of the allocation, with the rest being kept in an account where any interest will be given to the trustees. Additionally, the advisers mentioned that the trustees can seek foreign aid if needed. He mentioned that both the World Bank and UNDP have already expressed approval for the initiative. Additionally, a steering committee will be established with members from various ministries. | 3 |
A UBS analyst in Asia mentioned that many Asian companies are not fully aware of the potential financial impacts of carbon pricing in the region and are not prepared for the possibility of carbon import duties. He stated that industries such as airlines, cement, steel, computer manufacturing, and shipping could be affected depending on various factors. The analyst also highlighted that a climate meeting in Denmark in December may lead to wider implementation of carbon pricing in Asia, affecting companies across all Asian markets within three years. Additionally, he noted that investors in Asia tend to overlook this issue due to their short-term focus and belief that governments in India and China are not prioritizing climate change. Smiles, the author of a significant UBS report titled "How could carbon pricing impact Asian company earnings?", recently examined three scenarios: implementing domestic carbon pricing in Asian countries, equalizing carbon import duties between wealthier and poorer nations, and imposing stricter climate change carbon import duties. He suggested that the second option was the most probable in the near future, citing indications from the United States and the European Union regarding potential duties on products from countries without greenhouse gas regulations. The Waxman-Markey climate bill, which is still pending in Congress, includes a proposal for an international reserve allowance program. This scenario would require American companies to purchase energy-intensive products from countries that do not share the same emissions goals as the United States. These companies would need to buy carbon allowances to compensate for the emissions associated with imported goods like cement or steel. According to Smiles, industries such as marine transport, airlines, steel manufacturers, and computer companies would be impacted by carbon duties, as exporters would be charged based on their CO2 emissions while domestic firms would not. With the implementation of carbon pricing in the US, more than half of global private consumption will be subject to carbon pricing. According to the report, Asian airlines such as Taiwan's Eva Airways, Thailand's Siam City Cement, and South Korean Hyundai Merchant Marine would be significantly impacted by the potential introduction of carbon-related import duties. The study found that under this scenario, Eva Airways' earnings per share could decrease by 34.3 percent, Siam City Cement's EPS by 10.6 percent, and Hyundai Merchant Marine's EPS by 51.4 percent based on 2010 earnings projections and a carbon price of US$9 per tonne. The worst-hit industries would include airlines, power utilities, marine transport, and cement makers if domestically focused firms and exporters are required to pay for the CO2 they emit. The study assumed that countries in Asia would implement domestic carbon taxes or carbon trading schemes aimed at reducing CO2 emissions by 20 percent. China Airlines is expected to experience a significant decrease in its 2010 EPS due to its high exposure to the United States and EU, 30 percent fuel cost exposure, and slightly negative earnings margin. On the other hand, Singapore Airlines' EPS is projected to only drop by 8.6 percent because of its 9.5 percent net profit margin and slightly smaller fuel cost exposure. The report suggests that the third scenario, where exporters of manufactured goods would bear the cost of the CO2 emissions of their home countries, seems less likely at the moment. This scenario aimed to pressure China, India, and other developing nations to join global efforts to combat global warming. The report examines the potential cost of a domestic carbon pricing regime for these countries. It was believed that the US and Europe placed a flat tax on all manufactured exports from various countries, with China facing an estimated carbon cost of $55 billion in 2007 and India facing a cost of $9 billion. | 3 |
The global carbon offsetting system created by the International Civil Aviation Organization (ICAO) is the first of its kind for the aviation industry. It is expected to slow down the increase in emissions from commercial flights, with the cost to the industry being less than 2% of revenues. While individual governments still need to take action to enforce the limits set by the agreement, the system will be voluntary from 2021 to 2026 and mandatory from 2027 for states with larger aviation industries. Airlines will need to purchase carbon credits from specific environmental projects worldwide to counterbalance the growth in emissions. According to Olumuyiwa Benard Aliu, president of ICAO's governing council, the agreement is a result of compromises and consensus. Aliu stated that the plan would not be derailed by objections from a small number of countries. He mentioned that 65 countries, accounting for over 80 percent of aviation activity, had exceeded the agency's expectations by participating in the voluntary first phases, and that participation would continue to increase. The tensions primarily revolved around developed nations, which have historically been responsible for the majority of greenhouse gas emissions, and emerging and developing countries concerned about potential cost implications hindering growth. Russia and India have declined to participate in the voluntary phases, citing an unfair burden on emerging nations. Conversely, China has announced its intention to join the voluntary phase. Brazil, which previously had concerns, has now expressed support for the deal without confirming participation in the initial stages. According to ICAO data, the agreement is estimated to cost airlines between $1.5 billion and $6.2 billion in 2025, depending on carbon prices, and no more than 1.8 percent of industry revenues by 2035. Airline profit margins have been narrow, averaging 4 percent over the past decade, as reported by the International Air Transport Association. Despite the additional cost, IATA believes the deal is more cost-effective than various national and regional climate agreements. Paul Steele, an IATA vice president, stated that while the industry dislikes additional expenses, they view this as a manageable cost. The US Department of State, after advocating for a deal, stated that it sets the industry on a path towards sustainable, carbon-neutral growth. However, environmentalists argued that due to the voluntary phase and exceptions for smaller markets, the scheme would not achieve its objectives. The International Council on Clean Transportation predicted that the agreement would only require airlines to offset around three-quarters of growth post-2021, which is a quarter of total international traffic. Some critics also disapproved of the deal's reliance on offsets, with Transport and Environment director Bill Hemmings stating that flying is the quickest and cheapest way to harm the planet, and this agreement will not decrease the demand for jet fuel. Discussions will now focus on the technical specifics of the agreement, particularly the types of offset credits that will be deemed acceptable. The deal was approved by a Montreal assembly of ICAO's 191 member states and will impact international passenger and cargo flights, as well as business jets producing over 10,000 tonnes of emissions annually. Previous talks almost led to a trade dispute prior to the 2013 ICAO assembly when the European Union, dissatisfied with slow progress, mandated foreign airlines to purchase credits under its program, prompting objections from China and other nations citing sovereignty concerns. The agreement was reached the day after the implementation of the Paris accord to combat climate change. Aviation was not included in the agreement, despite the fact that the industry is responsible for approximately 2% of carbon dioxide emissions, which is more than what some industrialized nations produce. With the expectation of passenger numbers doubling to 7 billion by 2034, it is essential to reduce aircraft pollution in order to meet the temperature targets set in Paris, according to Lou Leonard, a vice president at the World Wildlife Fund. | 3 |
A recent survey commissioned by HSBC Bank International revealed that some of the world's highest-paid expatriates reside in Asia and the Middle East. In Russia, Japan, and Qatar, a significant portion of expats earn over $250,000 annually. Additionally, expats in Hong Kong, the United Arab Emirates, Thailand, and India also enjoy high salaries, with a third to a quarter earning more than $200,000 per year. On the other hand, countries like Malaysia, China, and India are considered to be more affordable in terms of accommodation costs. The survey concluded that Asia is home to the highest paid expats, with one in four earning over $200,000 per year. Russia was ranked as the top country for expats in terms of wealth, with the rest of the top nine countries all located in Asia and the Middle East. Many people see building a nest egg as a benefit of expat life, with Saudi Arabia, Russia, Qatar, India, and the United Arab Emirates being the top five countries where people have increased their savings. However, expats in Britain and the United States have been hit hard by the global economic crisis, with close to a quarter considering returning home due to high living costs, lack of savings, and lower wages. The survey also showed that generous salaries are scarce in Australia and Belgium. The majority of expats in both countries earn less than $100,000, which makes them the lowest paid expats globally, where the average is 35 percent. According to Paul Say, head of marketing and communications for HSBC Bank International, despite the challenging economic climate, expats still remain a wealthy group overall. The Expat Explorer survey, in its second year, included over 3,100 expats from 26 countries, making it the largest survey of its kind, revealing interesting trends in how expats are managing the credit crunch. More than two-thirds of expatriates around the world reported that the credit crisis has caused them to change their spending habits, especially when it comes to luxuries and day-to-day expenses. Almost 40 percent of expats mentioned that they are now saving more money for emergencies. The expats in Japan were the most affected, with 53 percent cutting back on holidays and other extras, followed by expats in Thailand and Hong Kong. However, expats living in Qatar and Bahrain are least likely to change their spending habits due to the financial crisis, indicating that some oil-rich Gulf Arab states have not been as heavily impacted. Expats in Saudi Arabia, Brazil, and Russia were also found to be less likely to cut back on luxuries, according to the survey. The survey participants were selected based on four primary factors: earning over $200,000 annually, having a monthly disposable income of over $3,000, saving more while working overseas, and owning at least two luxury items in their current country of residence. The survey took place from February to April 2009. | 3 |
A recent survey of some of the largest pension schemes in Britain revealed that only a small percentage of them disclosed their investment views on issues such as climate change and company governance. The survey, which looked at the 20 largest occupational pension funds worth over 250 billion pounds, found that only five of them had policies in place for engaging with firms on environmental, social, and governance issues. Environmental activists have been urging big investors like pension plans and insurance funds to use their influence to push for change in the companies they invest in. The survey also noted that organizations like the BBC and Royal Mail were not transparent about their investments, while only BT Group's pension scheme disclosed how votes were cast on behalf of its members. The Universities Superannuation Scheme and the UK rail industry pension fund provided only partial voting data. The survey revealed that 15 participants shared information about their largest investments. Alex van der Velden, Executive Director of FairPensions, noted that pension scheme members are worried about how their pensions will be impacted by factors like climate change, but they are often not provided with comforting information on these issues. | 3 |
Arsenal, who are currently in fourth place among the top five teams, are facing criticism from disgruntled supporters for their poor home record and failure to finish at the top of the league for the 12th consecutive season. Fans from various groups, including the Arsenal Supporters' Trust, the Black Scarf Movement, and Red Action, plan to protest at the upcoming match against Norwich City with the slogan "Time for Change" to demand improvements in how the club is managed. Manager Wenger defended his team, stating that they have the necessary character and attitude, and urged supporters to stick together and not question the team's abilities. We were defeated in the championship at our home ground by teams lower than us, but we faced challenging conditions while playing at home. Despite this setback, we are leading the league among the top teams and are eager to make necessary additions. There were doubts about Arsenal's ambition when they only signed goalkeeper Petr Cech during the off-season, raising questions about whether Wenger was receiving sufficient funds from majority stakeholder Stan Kroenke to strengthen the squad. However, Wenger stated that Kroenke has never restricted his ability to make transfers, and he chose not to comment further on his owners. Arsenal's longest-serving manager emphasized the importance of clubs utilizing their own resources, stating that this is a value he strongly believes in. He also mentioned that the club's owner has never inhibited him in the transfer market, highlighting their shared ambition. In terms of player availability, Santi Cazorla and Alex Oxlade-Chamberlain, who have been sidelined with injuries, are both now ready for selection. Wenger noted that one of the two players could be involved in the upcoming match against Norwich, as Cazorla has been training with the team for two weeks and Oxlade-Chamberlain for one week. The team from north London is currently five points ahead of Manchester United, who are in fifth place and have one more game to play. The team is aiming to secure their spot in the next season's Champions League and will be playing against Norwich on Saturday. | 3 |
Sri Lanka captain Kumar Sangakkara has stressed the importance of "mental strength and fortitude" for his team at the Twenty20 World Cup following the traumatic incident in Lahore earlier this year. Sangakkara acknowledges that there is never a 100 percent guarantee of safety, but emphasizes the need for his team to stay focused on playing cricket. He highlights the ongoing security concerns in the world and expresses satisfaction with the measures put in place for their safety so far. Six members of the Sri Lanka team, including Sangakkara, were injured when gunmen opened fire on their team bus on their way to the Gaddafi Stadium for the second test against Pakistan in March. Six Pakistani policemen and the bus driver carrying match officials were killed in the attack. The Sri Lanka team is in constant communication with a national police intelligence cell established to monitor security for the upcoming World Cup in England, which begins this Friday. Tournament director Steve Elworthy, a former South Africa player, noted that security measures have significantly increased since the incident in Lahore. Elworthy told Reuters that the situation has evolved significantly, prompting a reevaluation of the security measures in place for the event. The incident highlighted the risks faced by cricketers and officials, leading to a thorough review and adjustment of their security plan. Both tournament organisers and the ICC are confident that they have taken all necessary precautions to ensure the safety of the players, including providing police convoys and dedicated security staff for each team. Elworthy stated that he could not disclose the specific information regarding team security. The person in charge of security for the event is John Evans, the former chief constable of Devon and Cornwall in south-west England, who has also provided advice on security to the Football Association (FA). Reg Dickason, the head of security for the England team, is also involved, along with the ICC's independent security consultants. Despite the heightened security measures, Sangakkara mentioned that his team has not been distracted from cricket. He added that the tournament feels like any other, thanks to the efforts made to keep everything low-key. "We are able to focus solely on cricket, which is a great opportunity and something we appreciate." | 3 |
In early September, a seawall at Japan's Kansai International Airport on a reclaimed island near Osaka was breached during Typhoon Jebi. The flooding of the runway led to 17 days of airport operations being fully restored, causing significant economic losses to the region and airlines that had to cancel flights. Major airports in Hong Kong, mainland China, and North Carolina were also shut down due to tropical storms last month. These events underscore the risks that investors and insurers face in a sector with $262 billion worth of projects under construction globally, according to Fitch Solutions. Fitch Solutions Head of Infrastructure Richard Marshall noted that there is a clear trend towards an increase in frequency and severity of climate change-related events. "If people do not take this seriously, there is a risk involved." According to Airports Council International (ACI) Director General Angela Gittens, fifteen of the 50 busiest airports worldwide are located at an elevation of less than 30 feet above sea level, making them especially susceptible to the impacts of climate change such as rising sea levels and increased storm surges. Gittens pointed out that some airports are already experiencing sea level rise and flooding on their runways, giving examples from island nations like Vanuatu and the Maldives. She also mentioned that even in developed countries, airports are facing more frequent storms and the need for increased pumping, citing her experience with Miami International Airport. A preliminary version of an ACI policy paper, recently reviewed by Reuters and scheduled for release this week, discusses the increasing risks that climate change poses to airport facilities. The paper advises member airports to conduct risk assessments, implement mitigation measures, and incorporate these considerations into their future master plans. It highlights examples of airports that have already taken proactive steps in planning for climate change, such as the Istanbul Grand Airport, a $12 billion project on the Black Sea set to open soon and become one of the world's largest airports. Debt investors, particularly those with high exposure to airports mostly owned by governments or pension funds, are closely monitoring climate change risks. Ratings agency Moody's covers $174 billion worth of airport bonds and lead analyst Earl Heffintrayer noted that the impact of climate change was highlighted to investors after Superstorm Sandy shut down major New York airports in 2012. This event led to significant flight cancellations, costing airlines $500 million in revenue. Investors are now seeking information on mitigation plans at vulnerable airports like San Francisco and Boston as they consider long-term investments in airport bonds. San Francisco International Airport, which is situated on reclaimed land that is gradually sinking, has completed a feasibility study on a $383 million project to enhance its resilience to rising sea levels along its 8 miles (12.9 km) of bay front shoreline by 2025. Gary Moran, head of Asia aviation at insurance broker Aon, noted an increased focus on safeguarding against flood damage and ensuring the airport's storm drains are effective. The airport is also considering potential future weather conditions. A photo shows a Coast Guard helicopter conducting an assessment of New York Boroughs impacted by Hurricane Sandy in 2012. Singapore's Changi Airport has taken steps to prepare for rising sea levels by resurfacing its runways for better drainage and constructing a new terminal at a higher elevation of 18 feet (5.5 meters) above sea level. These measures have been deemed prudent and reassuring to insurers, according to a US Coast Guard handout via Reuters. The airport's proactive approach is necessary to mitigate weather-related risks, as Singapore anticipates sea levels to increase by 2.5 feet (0.76 meters) by the year 2100. Changi Airport did not provide a statement regarding the cost of additional protection. ACI, Fitch, Moody's and Standard & Poor's were also unable to give Reuters an estimate of how much it would cost globally to protect airports from climate change. The protective measures are often included in larger renovation and expansion projects, according to analysts from ratings agencies. In Australia, Brisbane Airport, situated on reclaimed land 13 feet above sea level, is building a new runway 3.3 feet higher than originally planned, along with a stronger seawall and improved drainage systems to account for rising sea levels. Paul Coughlan, the director of Brisbane Airport's new runway project, mentioned that the additional cost of these measures is relatively low, such as the seawall costing around A$5 million more than it would without considering sea level rises, but the potential benefits are significant. Coughlan mentioned that regardless of one's beliefs about climate change, it is wise to incorporate designs that take into consideration factors like rising sea levels, increased rainfall, and flood risks. By integrating these considerations into the design process from the beginning, it is possible to build in safeguards without incurring a significant cost premium. | 3 |
Bangladesh is set to receive a $2 million grant from Japan, facilitated by the Asian Development Bank, to address the significant challenges presented by climate change in the coming years. The ADB has approved a technical assistance grant from the Japan Special Fund to enhance the capabilities of government agencies responsible for carrying out the 10-year Bangladesh Climate Change Strategy and Action Plan. This plan focuses on issues such as food security, disaster readiness, and other critical matters related to climate change. According to Zahir Ahmad, the Project Implementation Officer for ADB in Bangladesh, it is crucial for Bangladesh to prepare for climate change and protect the well-being of its citizens. The assistance from ADB will enable the government to implement the Strategy and Action Plan, which aims to guide the country towards low-carbon growth, enhance its climate resilience, and bolster its food and energy security. A statement by ADB noted that the country has experienced elevated temperatures, intense monsoon rains, and a rise in tropical cyclones and storms due to climate change. It predicts that average sea levels could increase by 30 centimeters by 2050, putting 14% of the country at high risk of flooding. To address these challenges, the Ministry of Environment and Forests and other government agencies will receive support to enhance their capacity, and specific climate change mitigation and adaptation programs will be developed. A sub-programme will also be established to encourage private sector investment in clean energy projects eligible for carbon credits under the Kyoto Protocol's Clean Development Mechanism. The total cost of technical assistance is estimated at $2.5 million, with the government contributing $500,000 in-kind. The project will last for a period of two years, commencing in August 2009, and will be carried out by the Ministry of Environment and Forests. The Japan Special Fund, funded by the government of Japan, is managed by ADB. | 3 |
The agency stated that Kelantan, Terengganu, Pahang, Johor, Malacca, Negeri Sembilan, and Sabah are still experiencing floods, with 8,727 individuals seeking shelter in 128 relief centers. A total of 125,490 people have been impacted by the floods nationwide, with 117,700 evacuees having returned home. Floods are a common occurrence on the eastern coast of Malaysia during the annual monsoon season from October to March, but exceptionally heavy rainfall since December 17 has led to thousands being displaced and put a strain on emergency services. The death toll from the floods stands at fifty, with two individuals still missing, as reported by Inspector-General Acryl Sani Abdullah Sani in a police tweet. In response to the meteorological department's warning of continued heavy rains, the National Disaster Control Centre has issued a disaster operation preparedness notice. The Department of Irrigation and Drainage has warned about high tides occurring between Jan. 2-5, particularly cautioning residents on the west coast of Peninsula Malaysia. In response to severe flooding this month, Malaysia has pledged to provide 1.4 billion ringgit ($336.22 million) in cash aid and other relief measures. The country is also requesting $3 million from the UN Green Climate Fund to create a national plan for climate change adaptation. | 3 |
During its second weekend, the Batman movie "The Dark Knight Rises" made $64.1 million in the U.S. and Canada, surpassing other films at the box office despite facing competition from the Olympics on television and the aftermath of the Colorado shooting. The movie, which is the final installment in director Christopher Nolan's Batman series starring Christian Bale, also earned $122.1 million from international markets, bringing its total overseas earnings to $248.2 million since its release on July 20th. When combined with its domestic ticket sales of $289 million, the film has now grossed a total of $537 million worldwide. Despite a 60 percent drop in sales from its opening weekend, the movie still outperformed its predecessor "The Dark Knight" and other recent superhero films. This year, "The Avengers" saw a 50 percent decrease in sales during the weekend after its May opening, while "The Amazing Spider-Man" dropped 44 percent following its June release. Despite being one of the highest-grossing movies of the year, "Dark Knight Rises" did not meet pre-release sales expectations due to the tragic killing of 12 moviegoers in Aurora, Colorado. Sales for "Dark Knight Rises" in North America were behind its predecessor, "Dark Knight," which made $313.8 million in its first two weekends. The impact of the Olympics and the shooting in Aurora likely contributed to lower turnout for the Batman film and other movies, according to industry watchers. Warner Bros. officials declined to comment on the box office numbers and their connection to the shooting for the second week in a row. President of Hollywood.com Box Office, Paul Dergarabedian, noted that the combination of the shooting and the start of the London Olympics had a negative effect on moviegoer attendance. "The Olympics has been receiving a lot of attention in the media recently, possibly causing many people to stay home on Friday night, in addition to the Aurora shooting." He pointed out that the mediocre reviews for the new movies released this weekend likely contributed to low theater attendance, but he expects a rebound next weekend. Dergarabedian mentioned that with more time passing since the Aurora shooting, the Olympics becoming more routine, and exciting new films being released, he anticipates a resurgence in attendance. Some of the upcoming films he mentioned were "Total Recall" and "Diary of a Wimpy Kid: Dog Days." Overall, domestic ticket sales for the weekend were down 25 percent compared to the same weekend last year, according to Hollywood.com Box Office. The second spot at the box office was taken by the animated children's movie "Ice Age: Continental Drift," which earned $13.3 million. It outperformed the comedy "The Watch" and the dance movie "Step Up Revolution," both of which also premiered in theaters this weekend. "The Watch" secured third place with a domestic earnings of $13 million. The film features Ben Stiller, Vince Vaughn, and Jonah Hill as men who form a neighborhood watch group to fight off aliens. Despite its star-studded cast, the movie received mostly negative reviews, with only 14 percent of critics praising it on the website Rotten Tomatoes. The film "The Watch" was also impacted by real-life events. In response to the fatal shooting of Trayvon Martin by a Neighbourhood Watch volunteer, 20th Century Fox changed the movie's title from "Neighbourhood Watch." Before its release weekend, Fox anticipated the $68 million production would earn between $13 million and $15 million. Chris Aronson, executive vice president for domestic distribution at Fox, commented on the uncertainty of the box office climate following the shooting, calling it a "wild-card weekend." Aronson expressed optimism for a recovery in the general market, believing it would be advantageous for all movies. "Step Up Revolution" earned $11.8 million domestically, placing fourth. The film, which follows a group of flash-mob dancers in Miami, is the fourth installment in a series that has made over $400 million worldwide. The distributor had anticipated an opening in the low- to mid-teens. The comedy "Ted" came in fifth with $7.4 million. The movie "Step Up Revolution" was distributed by a branch of Lions Gate Entertainment. "The Watch" and "Ice Age" were distributed by 20th Century Fox, a division of News Corp. Sony Corp's film division released "Spider-Man." | 3 |
The United Nations has warned of a "silent tsunami" caused by more expensive food that could affect 100 million people. Aid groups are concerned that restricting exports could worsen the situation. Prime Minister Gordon Brown has stated that Britain will push for changes to EU biofuels targets if it is proven that growing crops for fuel is driving up food prices. The World Food Programme has also expressed alarm, with its director warning that a large number of people are at risk of hunger due to the current crisis. Factors contributing to the food price increase include higher fuel costs, adverse weather conditions, increased demand due to rising incomes, and the use of land for biofuel production. The price of rice from Thailand, the leading exporter in the world, has more than doubled this year. Several major food exporting countries, including Indonesia, Kazakhstan, Egypt, and Cambodia, have implemented restrictions on food exports to ensure their own supplies. According to Sheeran, the issue is worsened by artificially created shortages, as the world has been consuming more than it has been producing for the past three years, resulting in reduced stocks. Rising prices have caused the World Food Programme to face a shortage of funds to purchase food for its programs, leading to cutbacks in school feeding initiatives in Tajikistan, Kenya, and Cambodia. The WFP, which initially estimated it would need $2.9 billion in 2008 to meet its needs, now anticipates having to raise that amount by a quarter due to the significant price increases in staple foods like wheat, maize, and rice. Britain promised $900 million to assist the WFP in addressing immediate issues, while Brown expressed concerns about using crops for fuel. He stated that if the UK review determines a need for change, they will advocate for adjustments to EU biofuels targets. Japanese Agriculture Minister Wakabayashi proposed that the WTO establish clear guidelines for food export restrictions imposed by producer nations. The Asian Development Bank's Rajat Nag declared that the era of inexpensive food is finished and encouraged Asian governments to avoid distorting markets with export limitations, but instead utilize fiscal measures to aid the less fortunate. U.N. Secretary-General Ban Ki-moon warned that rising food prices could reverse progress in reducing poverty. Former Secretary-General Kofi Annan also suggested that climate change is worsening the global food crisis, potentially leading to severe hunger in many poor countries. He emphasized that the poorest populations are disproportionately affected by climate change, despite contributing the least to it. Annan called for those responsible for pollution to take responsibility, as climate change poses a significant threat to various aspects of society including health, security, political stability, and social unity. | 3 |
Malpass stated during a virtual event held by the Washington Post that the sanctions would have a greater effect on global economic output than the war. He anticipated a strong reaction from producers globally to boost supplies as necessary and saw no reason for individuals to maintain extra stockpiles in their homes or businesses. | 3 |
A UK official visiting Bangladesh emphasized the importance of adopting cleaner technology to generate power from coal in order to prevent worsening the country's climate change situation. John Ashton, special representative for the UK foreign secretary, stated in an interview with journalists that while coal is necessary for development, it is important to also consider the pollution it causes. He suggested that the government could seek financial support from development partners to implement carbon capture and storage (CCS) technology in coal-fired power plants as a solution. Bangladesh, a country facing a shortage of gas, is exploring alternative options such as coal for power generation. Ashton suggested that organizations like the World Bank or DFID could assist in funding the additional costs for CCS technology. He emphasized the importance of political consensus in addressing climate change, stating that all political parties must work together to develop policies. Ashton also mentioned that the British government is prepared to support countries like Bangladesh with carbon trading. He explained that in order to have buyers in the carbon market, legally binding contracts are necessary so that low emission countries can sell carbon emissions quotas to others. He also mentioned that the UK government is eager to collaborate with Bangladesh in this area. Bangladesh, being one of the most climate change vulnerable countries in the world, is at risk of a large part of the country being flooded by the end of the century due to climate change. | 3 |
IFC, a member of the World Bank Group, stated on Tuesday that the equity investment fund will enhance the ability of SMEs to address challenges related to climate change. This fund is a part of SEAF BV, with assistance from the Climate Investment Funds-Pilot Programme for Climate Resilience. SEAF BV, established in 2010 by IFC and the Small Enterprise Assistance Funds, focuses on investing in SMEs. Hubertus Jan (Bert) van der Vaart, CEO and co-founder of SEAF, emphasized the importance of IFC's ongoing support in the fund's successful initiatives. Additionally, IFC's involvement will enable the fund to invest in climate resilience activities for small businesses, aiding SMEs in managing the negative effects of climate change. The IFC stated that it had previously injected $12 million of equity into the fund in order to stimulate investment in high-growth SMEs. | 3 |
Ending the importation of fresh food from Africa in the name of fighting climate change could harm communities that rely on this trade, according to Ghana's High Commissioner to Britain. The concept of food miles, which measures the distance food travels from producer to consumer, is a controversial issue as environmentalists push for reductions in carbon emissions. While acknowledging the desire to make a positive impact, Annan Cato pointed out that airfreighted food accounts for less than 0.1 percent of Britain's carbon emissions. He questioned the moral implications of cutting off economic opportunities for African farmers by refusing to purchase their goods, emphasizing the importance of global justice in the discussion of climate change. Environmentalists suggest increasing local food production and consumption to eliminate airfreighted imports of fruits and vegetables from various countries. However, development experts point out that many of these imports come from impoverished regions in Africa, where entire communities rely on the income generated. Cato believes that British consumers can reduce their carbon footprint in other ways without negatively impacting the livelihoods of African farmers. Scientists predict a rise in global temperatures due to carbon emissions, leading to severe consequences such as floods, famines, and extreme weather events that will endanger millions of lives. Despite Africa having low per capita carbon emissions, it is expected to face the worst impacts of climate change. Cato emphasized the importance of reducing greenhouse gas emissions fairly and scientifically, as making cuts that disproportionately affect the world's poorest is not only unjust but also hinders the international consensus necessary for a global climate change deal. UN environment ministers are set to meet in Bali next month to discuss urgent talks on a successor to the expiring Kyoto Protocol, with Europe aiming for a deal by the end of 2009. However, the United States and China, the world's biggest polluters, are still hesitant to take action despite the pressing need for adaptation to climate change. Cato stressed the importance of advancing proposals to address this crisis effectively in the post-Kyoto agreement. "This is a matter that pertains to both global justice and the survival of humanity," he stated, emphasizing that while the damage has been caused by some of the most powerful countries in the world, it is the most vulnerable countries that are bearing the brunt of the consequences. | 3 |
According to a survey conducted in 2009 by HSBC Bank International, the offshore financial services arm of HSBC Holdings, it was found that some of the highest-paid expatriates reside in Asia and the Middle East. In Russia, a third of expats earn over $250,000 annually, making it the country with the highest proportion of high earners. Japan and Qatar closely follow Russia in terms of expat salaries. Additionally, between a third and a quarter of expats in Hong Kong, the United Arab Emirates, Thailand, and India make more than $200,000 per year. Countries like Malaysia, China, and India were noted for being among the most affordable for housing. The survey concluded that Asia is home to the highest paid expats globally, with one in four expatriates earning over $200,000 per year. Russia was ranked as the top country for expats in terms of wealth, with the rest of the top nine being in Asia and the Middle East. Many expats value the opportunity to build a nest egg, with Saudi Arabia, Russia, Qatar, India, and the United Arab Emirates being the top five countries where people have increased their savings. However, the global economic crisis has had a negative impact on expats in Britain and the United States, with close to a quarter considering returning home due to the high cost of living, lack of savings, and lower wages. The survey also found that generous salaries are relatively scarce in Australia and Belgium. More than 60 percent of expats in both countries earn less than $100,000, making them the expats with the lowest wages when compared to a global average of 35 percent. According to Paul Say, head of marketing and communications for HSBC Bank International, expats are still considered a wealthy group, with over half of those surveyed earning $100,000 or more. The Expat Explorer survey, now in its second year, included more than 3,100 expats from various nationalities living in 26 countries, making it the largest survey of its kind, according to HSBC. More than two-thirds of expatriates around the world stated that the credit crisis has impacted how they spend their money, particularly affecting luxuries and day-to-day expenses. Nearly 40 percent mentioned that they are now saving more for unexpected situations. The majority of expats in Japan, at 53 percent, reported cutting back on holidays and other perks, followed by expats in Thailand and Hong Kong. On the other hand, two-thirds of expats in Qatar and over half of those in Bahrain stated that the global financial crisis would not alter their spending habits, suggesting that some oil-rich Gulf Arab countries have not been as severely affected by the economic downturn. Expats in Saudi Arabia, Brazil, and Russia were found to be the least likely to reduce their spending on luxuries. The individuals surveyed were selected based on four primary factors: earning over $200,000 annually, having a monthly disposable income of over $3,000, saving more while working overseas, and owning at least two luxury items in their current country of residence. The survey took place between February and April 2009. | 3 |
More than 50 speakers from Bangladesh and other countries will be sharing their expert opinions in five panel discussions during the forum, according to the organisers who spoke at a media briefing on Monday. The forum will be organised by Bangladesh Apparel Exchange and Bangladesh Garment Manufacturers and Exporters Association. The panel discussions will focus on key issues affecting the country's apparel industry, such as human rights, transparency, water usage, purchasing practices, and climate change. The founder and CEO of BAE, Mostafiz Uddin, stressed that sustainability is not a choice but a necessity for the Bangladesh apparel industry. BGMEA President Rubana Huq highlighted the importance of sustainable labor practices and a sustainable industry environment. The Netherlands Ambassador in Bangladesh, Harry Verweij, also attended the briefing. The embassy is the main sponsor of the forum, which is being organized in partnership with H&M. Additionally, Better Work Bangladesh and C&A Foundation are collaborating with the event's organisers. | 3 |
According to experts, if Barack Obama were a corporate chief executive, he would be praised for his management style. His calm and steady demeanor, which has earned him the nickname "No Drama Obama," could serve as a model for business leaders. Management consultant Paul Reagan from Wayne State University in Detroit believes that Obama's clear values and consistency in delivering on his promises make him a masterful leader with high credibility. Paul Copcutt, a personal brand strategist in Dundas, Ontario, pointed out that one aspect of Obama's style that sets him apart from business leaders is his keen awareness of his strengths and weaknesses. Copcutt noted that Obama's cabinet selections reflect this awareness, as he has chosen veterans who possess expertise or experience in areas where he may be lacking. Copcutt emphasized the importance of focusing on one's strengths as a leader and finding ways to address weaknesses, such as delegation. Obama's choice of cabinet members, including former rival Hillary Clinton and holdover Robert Gates, demonstrates his effort to build a coalition with diverse voices, according to Reagan. Chief executives often create a team of advisors who may not provide all the necessary perspectives to effectively lead the organization. According to a business historian and professor at Harvard Business School, President Obama's leadership skills are still being assessed, as his actions have been limited to selecting cabinet members and advocating for quick action on an economic stimulus plan. The true test of his leadership abilities will come once he assumes office in January. Reagan warns that a management style like Obama's, which appeals to many, carries the risk of widespread disappointment. He suggests that Obama may have promised too much change without providing clear plans, leaving people feeling let down. Koehn recommends that CEOs learn from Obama's handling of challenges during his presidential campaign, as his emotional competence could help leaders navigate current financial uncertainties and employee anxieties. She emphasized that business leaders must be aware of aspects related to their people and organization that go beyond tangible resources, head count, market, and customers. CEO coach Deb Dib is able to identify several traits in Obama that she believes are important for business executives to possess. These traits include caring, confidence, consistency, command, and calmness. Dib emphasizes that effective CEOs often exhibit these attributes. She believes that regardless of political beliefs, there is something to be learned from observing Obama's leadership qualities. | 3 |
By 2030, the obesity rate in every state is projected to be lower than 60 percent, which is a significant improvement compared to the 13 percent projected in the business-as-usual scenario. | 3 |
An international group of bankers has pledged to provide financial services to one billion customers who have been excluded from traditional banking. The Global Alliance for Banking on Values, which consists of 11 sustainable banks, made this commitment at the end of a conference in Dhaka. Fazle Hasan Abed, founder-chairperson of BRAC and co-founder of the GABV, announced the goal of reaching one billion people by 2020. This pledge has the potential to have a significant impact on a global scale and help in the fight against climate change. Bank representatives from various regions came together for a three-day seminar starting on March 6 to discuss the future of the financial industry. The GABV, established in March 2009, utilizes financial resources to provide sustainable development tools for underserved individuals, communities, and the environment. It has a customer base of approximately seven million across 20 countries, with a total capital exceeding $14 billion. The organization has committed to raising $250 million in new capital over three years to support the expansion of $2 billion in loans for green projects and underserved communities globally. This funding is anticipated to come from a variety of sources, including current customers, institutions, and new investors. The alliance believes that increasing its customer base is achievable through expanding its membership network and establishing new banks. The members of the network are planning to advocate for and showcase the impact of business models that prioritize addressing the world's most pressing social and environmental issues. Peter Blom, who is the chair and co-founder of the GABV, emphasized the importance of raising more funds and investing in sustainable bankers to maximize the potential of this finance. Blom, who also serves as the CEO of GABV member Triodos Bank in the Netherlands, believes that values-led banking can and should positively impact the lives of one in six people within a decade. Participants from the member banks noted that increasing this capital significantly in the coming years will aid in achieving the goal of reaching one billion. | 3 |
Bangladesh's health minister A F M Ruhul Haque stated that approximately $2 billion will be required over the next decade to address the health risks resulting from global warming. Following a meeting on climate change, the minister informed reporters that the specific amount will be confirmed by June of the following year. Haque also mentioned that if the sea level increases by one meter due to global warming, a total of $2.08 billion will be needed between 2010 and 2021 to mitigate the impacts. The meeting included the reading of an eight-point Dhaka Declaration, which highlights the government's concern on the issue. The event was attended by 55 delegates from various countries, including 11 ministers, who discussed strategies to minimize the effects of climate change. In addition, 17 papers were discussed during the meeting. Experts are forecasting that a portion of Bangladesh will be submerged in water within the next 20 to 30 years. Haque also mentioned that there doesn't seem to be any concern about the health implications of this event. The primary focus of this meeting is on this particular issue. | 3 |
The European Union has announced that the nearly €1.1 billion allocation is the largest humanitarian budget for life-saving relief in both man-made and natural disasters in its history. The EU, which is the first humanitarian assistance partner of Bangladesh, has several ongoing projects in different parts of the country. In August of this year, the EU provided €0.5 million in aid to help those affected by floods in Bangladesh, in addition to its existing project support. The EU stated that this new budget record is necessary as global humanitarian needs are rising due to the increasing number of refugees and displaced individuals resulting from armed conflicts, as well as the escalating impact of natural disasters, climate change, and economic crises. Christos Stylianides, EU Commissioner for Humanitarian Aid and Crisis Management, announced the budget in Brussels on Wednesday, noting that next year's budget will likely be a record high due to the tragically high levels of need. The EU is committed to helping the most vulnerable and is proud to be one of the top global donors of humanitarian assistance in 2016. The 2016 humanitarian budget will focus on addressing the refugee crisis in various countries, as well as providing aid to vulnerable populations in Colombia, Myanmar, and Afghanistan. In 2016, the European Commission plans to increase its funding for education in emergencies from one percent to four percent of the EU's overall humanitarian budget, in line with UN targets. Other priorities include helping communities prepare for natural disasters and improving aid delivery. | 3 |
President Barack Obama's $3.55 trillion budget, unveiled on Thursday, sticks to his proposal to reduce carbon dioxide emissions by selling all emission permits to industries. Some members of Congress, including Democrats, disagree and want to give away at least 50 percent of permits initially to help transition to a lower-carbon economy. Critics worry that charging companies for emissions could harm the economy. The plan is expected to generate $646 billion in revenue over the first few years, according to White House budget director Peter Orszag. He confirmed that there would be no changes to the climate proposal, despite not providing all the details yet. In the previous year's presidential campaign, Obama expressed his preference for all emissions permits to be sold rather than given away, but he has indicated a possible willingness to be flexible on this issue. Under Obama's plan, there would be a cap on the amount of carbon dioxide emissions from various sources like coal-fired power plants, oil refineries, and cars. Companies exceeding the limit would need to purchase emissions credits from companies emitting less. The Congressional Budget Office emphasized that the purpose of this cap-and-trade system is to incentivize companies to reduce emissions, rather than simply giving away allowances. Elmendorf stated that revenue from auctioning emissions could reach $1.2 trillion over a decade, leading to increased costs for emitting companies that will be reflected in higher prices. Some of the revenues from Obama's budget for the cap-and-trade plan are intended to be given back to consumers to help counteract these price increases. Elmendorf emphasized that a price increase is necessary to incentivize behavior change, and while it can be distributed differently, it cannot be avoided entirely. A cap-and-trade bill, sponsored by Representative Henry Waxman, is currently moving through Congress. Waxman, a California Democrat who chairs the House of Representatives Energy and Commerce Committee, is pushing for the bill to be passed by the end of May. However, a senior Republican suggested that the bill could be delayed for a few months while the committee focuses on healthcare reform. This delay could give Democrats more time to gather support for the climate change legislation, according to Representative Joe Barton, a Texas Republican. Some Democrats on the panel, such as Mike Doyle of Pennsylvania, believe that industry may initially be given emission permits under a cap-and-trade plan, rather than having to auction them off, for the first 10 or 15 years of the program. While President Obama prefers to address carbon emissions through legislation, he also has the option of using regulation to achieve the same goal. The U.S. Environmental Protection Agency stated recently that greenhouse gas emissions pose a threat to human health, and as such, can be controlled as a pollutant. | 3 |
The Harvard graduate is among 10 "entrepreneurial farmers" chosen by Square Roots, a company specializing in indoor urban farming, to cultivate kale, mini-head lettuce, and other crops locally in Brooklyn's Bedford-Stuyvesant neighborhood. Each farmer is provided with a 320-square-foot steel shipping container for a year, where they have control over the climate to grow GMO-free greens under pink LED lights throughout the year. Groszyk, who personally delivers to 45 customers, selects crops based on feedback and grows new ones upon request. Groszyk mentioned the unique experience of having the shipping containers lowered by crane on their first day at the site. "We started planting seeds the following week," stated Tobias Peggs, who co-founded Square Roots with Kimbal Musk, brother of Tesla Inc CEO Elon Musk, in November. The company produces around 500 pounds of greens weekly for a large customer base. Peggs believes that if they can find a successful solution for New York, they can expand globally as other areas adopt a similar model. In return for providing farms and a year-long program covering various topics like business development and finance, Square Roots gives farmers 30 percent of the revenue. Peggs anticipates that farmers can earn between $30,000 and $40,000 annually through the program. According to Peggs, farmers cover the costs of running their container farm, including expenses for water, electricity, and seeds, as well as rent, totaling about $1,500 per month. Peggs suggested that instead of spending tens of thousands or even hundreds of thousands of dollars on an MBA in food management, farmers could consider starting their own companies after completing a program. Groszyk, who receives training in various aspects of farming, harvests 15 to 20 pounds of produce weekly. Zaharia, a software engineer, expressed interest in knowing where his food comes from as he enjoyed a $5 bag of greens grown by Groszyk, highlighting the importance of buying locally produced food. Nabeela Lakhani, age 23, mentioned that reading "Fast Food Nation: The Dark Side of the All-American Meal" during high school motivated her to transform the food system. Lakhani now works as a resident chef at a farm-to-table restaurant in lower Manhattan three nights a week. When she approaches the table, she introduces herself as the restaurant's new urban farmer, surprising the customers. Lakhani, who is an expert in Tuscan kale and rainbow chard, mentioned that they have a shipping container in Brooklyn. They harvest the produce and bring it to the customers within 24 hours, ensuring that it is the freshest salad in New York City. | 3 |
US Treasury Secretary Timothy Geithner and Microsoft Corp co-founder Bill Gates announced on Wednesday their plans to launch a global agricultural fund aimed at increasing food production in developing countries. The Global Agriculture and Food Security Program will be unveiled in Washington on Thursday to assist farmers in growing more food and improving their income. In an article in the Wall Street Journal, Gates and Geithner highlighted the importance of helping small farmers and impoverished individuals who are likely to face food insecurity due to population growth and climate change-induced water shortages. The fund was initially proposed by the US at a Group of Eight meeting in Italy in 2008, with the goal of encouraging countries to collaborate and invest in agriculture in the world's most impoverished nations. Gates and Geithner announced that commitments for the fund will reach nearly $900 million by 2012, with contributions from Canada, Spain, and South Korea. The fund, overseen by the World Bank, aims to provide financing to impoverished nations with high levels of food insecurity and effective agricultural plans to improve crop production. Investments will focus on infrastructure to connect farmers to markets, promote sustainable water management, and enhance access to superior seeds and technologies. The surge in global food prices in 2008 underscored the ongoing lack of investment in agriculture in developing countries, where the majority of the impoverished reside in rural areas. The Gates Foundation has a history of funding projects aimed at boosting agricultural production for small-scale farmers in Africa and other regions. They have a strong focus on improving access to food, collaborating closely with the United Nations' World Food Programme. Despite the world producing enough food to eradicate hunger, over 1 billion people suffer from food insecurity due to financial constraints or lack of access to supplies. | 3 |
State Minister for Foreign Affairs M Shahriar Alam stated that Bangladesh is dedicated to adopting low-emission development strategies (LEDS) as long as it does not create additional economic burden. He made these remarks during the "Ministerial Meeting on Climate Change" in Brussels, co-chaired by European Commissioner for Climate Action Connie Hedegaard and Norwegian Minister of Climate and Environment Tine Sundtoft. The meeting, attended by representatives from 40 countries and international organizations, focused on topics such as mitigation, adaptation, means of implementation, and pre-2020 mitigation ambition. Alam highlighted the potential for renewable energy expansion in Bangladesh to replace costly oil-based power generators, but stressed the need for financial support from both least developed countries and developed nations. He also discussed the upcoming climate agreement to be negotiated at the Paris climate conference, emphasizing the importance of integrating climate change adaptation and disaster risk reduction across all sectors. Additionally, Alam stressed the need for the new agreement to provide adequate and predictable financial support and technology transfer from developed countries. | 3 |
At the beginning of this year, global inflation pressures increased and, combined with slower growth, put central bankers in a difficult position on how to control prices without causing a recession. In the United States, the Federal Reserve has been cutting interest rates since the economy was hit by a global credit crunch last August. Recent data showed an increase in the Fed's preferred measure of underlying US inflation in January, with an overall annual rate rise to 3.7 percent. In the euro zone, where the European Central Bank has not followed the Fed in cutting rates, preliminary data for several countries in February showed inflation remaining well above the ECB's 2 percent target. Germany, Italy, and Spain all had high inflation rates, with Belgium experiencing the highest rate since July 1991 at 3.64 percent. In Japan, annual inflation remained at a high of 0.8 percent in January, but amid signs of an economic slowdown, there was speculation that the Bank of Japan might lower rates from 0.5 percent. Ken Wattret, chief euro zone market economist at BNP Paribas, predicted that the euro zone could experience uncomfortably high levels of inflation in the near future. He noted that the European Central Bank faced a challenging situation where economic growth was declining rapidly while inflation was not improving quickly enough. European Central Bank Governing Council member Axel Weber warned against cutting interest rates from the current 4 percent due to the risks of higher inflation. Federal Reserve Chairman Ben Bernanke assured that the United States was not facing "stagflation" like in the 1970s, but acknowledged that inflation could complicate efforts to stimulate the economy. Friday's US core PCE index highlighted the conflicting pressures facing central banks as they try to support growth while also controlling inflation. Despite signs of inflation increasing, the Fed is still expected to continue cutting interest rates due to the current economic outlook. The Fed recently lowered its growth forecast for 2008 and Japan has shown some positive economic data, easing concerns of a recession. The Japanese central bank has been hoping for the return of inflation after struggling with deflation for many years. According to economist Yoshimasa Maruyama from BNP Paribas in Tokyo, the trend of prices will be similar in developed countries, with high inflation expected to ease in the future. In Europe, the ECB is facing challenges due to above-inflation pay demands from trade unions in Germany, which could increase inflation expectations and lead to more wage demands. Additionally, the ECB is dealing with a weakened growth outlook in the euro zone. The business climate indicator for the euro zone, based on a survey of corporate managers, decreased more than anticipated in February to its lowest level in two years. Inflation in the core euro zone, excluding volatile energy and food costs, decreased to 1.7 percent in January from 1.9 percent in December. The preliminary euro zone inflation rate for February is expected to remain unchanged at 3.2 percent. Chief European economist at Bear Stearns, David Brown, stated that the muted core inflation gives the European Central Bank room to start lowering rates soon. The headline euro zone inflation rate rose to 3.2 percent in January from 3.1 percent in December. Wattret, an analyst at BNP Paribas, believed that the ECB would shift its focus from the headline inflation rate to the risks of economic growth in the euro zone. The rise of the euro against the dollar, reaching a record high, is causing difficulties for exporters. Despite most economists in the recent Reuters poll predicting two rate cuts by the ECB this year, the likelihood of an immediate action has decreased due to the persistent high inflation. | 3 |
Meteorologists are predicting that the severe cold spell currently affecting Europe, which is the worst seen in decades, may continue until the end of February. This could lead to more deaths and a prolonged increase in European spot gas prices. According to Leon Brown from The Weather Channel in Britain, while there may be a change in weather by mid-February, it is unlikely to bring milder conditions. The cold weather and heavy snowfall have already resulted in hundreds of deaths across Europe, with temperatures dropping to nearly minus 40 degrees Celsius in some eastern countries. According to the Defence Ministry, over 130 villages in Bulgaria were still without electricity on Wednesday. The army was providing food and medicines to these areas. Bulgaria observed a day of mourning for the eight individuals who lost their lives due to a dam bursting from melting snow, flooding a village completely. Two people are still unaccounted for. Kristalina Georgieva, the European Union's crisis response chief, warned that the worst of the flooding is yet to come. Meanwhile, in Bosnia, five additional deaths were reported on Wednesday due to the cold and snow, bringing the total death toll to 13. In Serbia, 13 people have died and 70,000 are stranded by snow. Authorities are warning people to remove icicles from roofs after a woman in Belgrade was killed by falling ice. Energy production in hydro-power plants is being hampered by ice, and coal trains are having difficulty running. In Croatia, high winds have brought fish from the Adriatic sea to the island of Pag. Cold polar air from northern Russia has kept warmer weather from moving in, causing sub-zero temperatures across Europe for the past 10 days. Officials from the World Meteorological Organization (WMO) in Geneva this week did not dismiss the possibility of cold temperatures persisting throughout February. Omar Baddour, who oversees the WMO's climate data monitoring program, stated that there is a chance the pressure system could begin to weaken next week, but it may linger until the end of the month. The "negative Arctic oscillation", which is causing the cold weather, is expected to take two or three weeks to return to normal, according to Baddour. This delay could result in a prolonged period of freezing temperatures with no early thaw. While the high-pressure system itself is not uncommon, the sudden shift to colder weather after a period of mild temperatures has surprised experts. Brown described the winter as unique and perplexing in its development. Georg Mueller, a forecaster at Point Carbon, a Thomson Reuters company, stated that the recent cold spell in January and February is the strongest one to occur in February in 26 years. Mueller mentioned that the last similarly severe cold weather in February was in 1986. The current Siberian blocking pattern is so large that it is challenging to predict its movement, according to Brown. Brown also noted that the cold air blocking seemed to affect wind patterns, rather than the other way around. "We were surprised by the prolonged duration and westward movement of the cold block. Computer models are struggling to predict when the system will dissipate from Europe, according to Brown. The cold spell has caused British gas prices to soar to their highest levels since 2006, exceeding 100 pence per therm on Tuesday, a surge of over 15 percent. Russia reduced gas exports to Europe last week due to record demand, leading countries like Italy to boost imports from Algeria and tap into stored gas reserves. Continued cold weather and higher domestic demand may compel Russia to once again reduce its gas exports to Europe." | 3 |
An American-Saudi company owned by two members of the Saudi royal family is planning to establish 450MW combined cycle power plants in Bangladesh. Energy Holdings International, Inc, based in Houston, will construct the first plant in Bibiyana and the second in Fenchugang at an estimated cost of $200 million each, as stated in a press release from PRNewswire. Saudi Princes Abdullah Al-Saud and Bader Al-Saud, who are both young entrepreneurs, are the co-owners of the firm. EHII has received interest from various companies, including Siemens, to participate in these projects and future developments in Bangladesh. The company is currently in discussions with Siemens to potentially become a partner and supply turbines, according to EHII Vice-Chairman Jalal Alghani. EHII Chairman John W Adair informed shareholders in a letter that the initial 450mw combined cycle plant is just the beginning of potential power plant opportunities in the country. Earlier in June, Saudi billionaire Prince Al-Waleed Bin Talal had expressed interest in investing in Bangladesh's power and tourism sectors. The Prince, who owns $18 billion and is ranked 29th on Forbes magazine's list of billionaires, was given a presentation highlighting investment opportunities in Public Private Partnership projects, tourism, power sector, and climate change challenges during the meeting. In 2005, he had visited Bangladesh with the intention of purchasing Sonargaon Hotel. | 3 |
The agreements were signed at the Economic Relations Division in Dhaka on Thursday by Kazi Shofiqul Azam, ERD secretary, and Manmohan Parkash, ADB country director. The agreements include a $100 million grant to support displaced people in Cox’s Bazar camps, a $25.44 million grant for solar-powered irrigation pumps, and a $225 million loan to improve secondary education quality and relevance. Parkash highlighted the quick approval process of the grant assistance project for Cox’s Bazar and emphasized the importance of the secondary education reform project in preparing youth for the economy. He also noted the benefits of the solar-powered irrigation project in enhancing energy security and mitigating climate change. The ADB's $100 million grant project aims to assist displaced individuals in Cox's Bazar camps by focusing on water supply, sanitation, disaster risk management, energy, and roads. This project will improve roads within the camps to connect food distribution and storage centers, as well as provide emergency access. Additionally, the project will resurface the road from Cox's Bazar to Teknaf and other critical sections. A funding of $25.44 million will support the installation of 2,000 off-grid solar photovoltaic pumping systems in areas without electricity access, generating an estimated 19.3 megawatts-peak of solar capacity. By replacing diesel pumping systems with off-grid solar photovoltaic pumps, the project is expected to reduce carbon dioxide emissions by 17,261 tons annually. The secondary education project, set to finish in 2023, is backing the government's comprehensive plan for secondary education development with the help of development partners. The government plans to have an extra 3.5 million secondary school students by 2023, which will mean needing 145,000 more teachers and 10,000 additional schools. The $225 million ADB support will focus on creating a competency-based curriculum, encouraging the use of ICT in teaching, and improving classroom assessment. | 3 |
She assured that the project would not harm the Sundarbans. The issue was brought up by former US vice president Al Gore during a session at the Davos Congress Centre. The prime minister mentioned that the proposed power plant would be located 14km from the edge of the Sundarbans and 70km from the World Heritage Site. The Deputy Press Secretary to the PM, Nazrul Islam, stated that the power plant would use clean coal and modern technology to minimize its impact on the environment. The prime minister also invited Gore to visit Bangladesh and see the location for himself. Bangladesh has made an agreement with India to establish a 1,320-megawatt thermal power plant in Rampal, Bagerhat, which is located 14 kilometres away from the Sundarbans. Critics, including environmentalists and leftist parties, have raised concerns about the potential negative impact of the coal-fired power plant on the Sundarbans, the world's largest mangrove forest. The government, on the other hand, has stated that necessary steps will be taken to safeguard the environment from pollution. Deputy Press Secretary to the Prime Minister Islam mentioned that the Prime Minister addressed the issue at the Davos plenary session, stating that some individuals are unnecessarily making an uproar about the project. He added that Hasina assured the session that she would not approve any project that posed a threat to the environment. Other than the ex-vice president of the United States, the session was also attended by the Prime Minister of Norway, the CEO of HSBC Group, and the CEO of Cofco Agri. | 3 |
The feminine and flowery baby-doll looks in fashion will be replaced by tailored and sophisticated styles next spring, according to experts who have observed the serious tone of the latest spring collections in New York. These collections reflect the current mood of the nation as it faces important tasks such as electing a new president and resolving conflicts like the one in Iraq. Luxury consultant Robert Burke notes that women's spring clothing is now more fitted and professional, showing that the fashion industry is responsive to consumer preferences. The trend is moving away from a youthful look, as it no longer fits the current climate. Burke mentioned that there is a sense of unpredictability and seriousness in the current environment, with fluctuations in the stock market and upcoming elections. As a result, people are opting for a more serious and sophisticated style rather than a frivolous and girly one. For the upcoming spring season, trends will include cinched waists, fitted blouses, pleated skirts, shirtdresses, and high-necked collars. Designer Charles Nolan showcased school blazers as part of this new trend. Derek Lam and Tibi designed safari-style jackets, while swingy jackets with shorter sleeves were featured in shows by VPL by Victoria Bartlett, Lyn Devon, Tibi, and Luca Luca. Alexandre Herchcovitch transformed tuxedos into waistcoats and backless vests. Sleeveless sheath dresses and strapless cocktail dresses were popular, with Carolina Herrera introducing dressy cocktail shorts. Leatrice Eiseman, executive director of the Pantone Color Institute, described the overall style as more ladylike and classic, reflecting a more thoughtful era. She also noted that this trend will continue into the next spring and summer due to the current war and national election climate. Senator Hillary Clinton's run for president is significantly influencing the fashion industry, as it is shifting the focus towards powerful women rather than stereotypical feminine styles. Designer Zac Posen's collection was also influenced by the political climate, aiming to represent a graceful transition for the United States during the upcoming elections. Fashion designer Catherine Malandrino explained that the current uncertainty in the world has influenced her latest elegant collection. She emphasized that her goal is to create harmony between the body and soul, as she believes this sense of peace is much needed in today's society. Despite some skepticism, Malandrino believes it is important for designers to consider the desires and needs of women. David A. Wolfe from The Doneger Group trend forecasters expressed his desire for designers to not get bored with their creations. Patricia Pao from the Pao Principle retail consultants noted that the changing style is driven by economic factors. She mentioned that the unstructured look has been challenging for designers as it is quickly copied, whereas more structured dressing is difficult to replicate. Many people believe that the baby-doll style became unpopular on the runway because it made women look too relaxed and messy. Stan Herman, former leader of the Council of Fashion Designers of America, expressed that designers were hesitant to showcase this look due to the ridicule it received. | 3 |
The World Economic Forum's report for 2010 identifies the main threat to the global economy as the possibility of worsening government finances leading to full-blown debt crises. Major economies have responded to the financial crisis by increasing deficits through stimulus packages and backing private debt, which has raised concerns in financial markets. Developed nations are at higher risk due to their increasing debt levels, while some emerging economies, like those in Latin America, have already taken steps to stabilize their finances. The management consultancy Oliver Wyman, a contributor to the report, warned that the rising debt levels could lead to sovereign defaults as governments try to stimulate their economies and combat recession. He warned that increasing levels of unemployment could result from higher debt levels, leading to social and political risks. The report identified unsustainable debt levels, the lingering effects of the financial crisis, underinvestment in infrastructure, and rising health costs from chronic diseases as top risks. Other potential threats included asset price collapse, risks related to Afghanistan, and a potential slowdown in Chinese growth impacting employment, social unrest, and exports. The report also expressed concerns about developed nations exceeding "unsustainable levels of debt," noting that full-blown debt crises would have serious social and political consequences, including increased unemployment. Daniel Hofmann, group chief economist at Zurich Financial Services, emphasized the unsustainability of government debt levels exceeding 100 percent of GDP, as seen in the United States and the UK. "There is a potential danger that investors may become fearful and doubt the sustainability of high debt levels, potentially leading to sovereign debt crises and defaults. The cases of Dubai and Greece should serve as early warnings for the global markets. Concerns over Dubai, Ukraine, and Greece have affected markets worldwide, with the possibility of continued pressure on these countries as well as Anglo-Saxon economies such as the US and UK. The World Economic Forum report emphasized the need for tough decisions in the near future, such as when to gradually reduce fiscal stimulus to ensure sustained economic recovery without worsening fiscal deficits. The report also pointed out a 'governance gap' between short-term pressures and the necessity for long-term decisions on issues like healthcare, pension reform, and climate change." The report highlighted the lack of action in addressing underinvestment in infrastructure, which could have negative impacts on food and energy security. The World Bank estimates that global infrastructure investment needs over the next 20 years amount to $35 trillion. The rising costs associated with chronic diseases due to increased life expectancy and unhealthy lifestyles must be addressed through prevention campaigns promoting healthier living, by both developing and developed nations. The report also emphasized that the biggest risks to the world may come from slow failures or gradual risks, as their impacts can be underestimated due to their emergence over a long period of time. | 3 |
A Saudi prince, Al-Waleed Bin Talal, was honored with the Bangladesh Friendship Medal during his visit to Dhaka, where he met with Prime Minister Sheikh Hasina and other senior Cabinet members. The prince arrived in the morning and left in the afternoon after holding discussions with Hasina. Several officials, including Deputy Leader of Parliament Syeda Sajeda Chowdhury and Foreign Minister Dipu Moni, were seen entering the meeting venue, where they likely discussed investment and business opportunities in Bangladesh. A presentation was given on the country's investment scenario, opportunities in Public Private Partnership projects, tourism and power sector, and climate change challenges following the meeting. After the ceremony, they had lunch together and the prince was then taken to the Bangabhaban to meet with President Md Zillur Rahman. The Saudi royal arrived in Dhaka at 10:30am and was expected to leave at 3pm. Al-Waleed Bin Talal, who has a net worth of $18 billion, is currently ranked 29th on Forbes magazine's list of billionaires. He previously visited Bangladesh in 2005. | 3 |
Many bankers and traders are no longer enjoying company perks like luxurious limousines, comfortable business class seats, and expensive steaks due to multibillion dollar write-downs. In order to cut expenses and improve profitability, trading desk heads and senior bankers are making cuts to small comforts. Ron Karp, a controller at Corporate Transportation Group, has noticed a decrease in demand for their services as companies are cutting back on luxury expenses for employees. The decrease in business activity at car services across the city has been noticeable in the last month, according to the speaker. While cutbacks are occurring in specific departments rather than across the entire company, as was the case earlier in the decade after the burst of the tech bubble, employees in those departments are still feeling the impact. Credit Suisse has decreased cell phone subsidies and eliminated car vouchers, Merrill Lynch has restricted business class travel for certain divisions, Goldman Sachs has stopped providing free soda, and JP Morgan has raised the qualifications for complimentary meals and transportation. Cutting back on small perks is a way for companies to reduce costs and also send a message to employees to be mindful of their expenses. According to equity analyst Brad Hintz, this move by banks is a signal to employees that the company is under pressure and they need to be more cautious with spending. The financial industry has been hit hard with over $300 billion in losses and layoffs, with companies like Merrill Lynch and Citigroup announcing significant staff reductions. Professor Roy Smith notes that in tough times, companies tend to increase layoffs and reduce operating costs to weather the harsh economic climate. Banks adhered to this procedure in various years including 1987, 1990-91, 1994, 1998, and 2000-2002, according to a statement made by him. The question that remains is whether the reductions will come to an end as the prospects for Wall Street firms improve, with the AMEX Security Broker Dealer Index .XBD increasing by more than 30 percent to 181 since hitting its lowest point on March 17. Managers are faced with making tough decisions and they typically prefer to cut back on luxuries rather than laying off employees so they can be prepared to capitalize on any market recovery. For example, at Credit Suisse, some departments have implemented a strict $30 limit on meals ordered by traders working late, as reported by a source familiar with the situation. Employees are no longer able to choose dinner from any restaurant in town. Instead of allowing employees to handle catering individually, all orders now go through SeamlessWeb, an online service, in order for managers to have better oversight. Some benefits, such as free personal cell phone bills and car vouchers, have been reduced or eliminated. Certain divisions at Merrill Lynch have removed first class and business class travel for domestic flights, with changes varying by team or division rather than being company-wide, according to spokespersons for Credit Suisse and Merrill. Even companies that have not been severely affected by the credit crunch are reducing their expenses. For example, at JPMorgan, employees are being required to work later in order to be eligible for a car ride home, and some must stay at work for a specific amount of time after ordering food on the company's account. Similarly, free soda has been discontinued on certain trading floors at Goldman Sachs. However, according to Jeff Visithpanich, a principal at compensation consultant Johnson Associates, excessive cost-cutting measures could have negative consequences for companies in the long run. Perhaps it appears favorable in theory, but in reality, what occurs is that many individuals end up taking extended breaks to go downstairs to Starbucks. | 3 |
World Bank President Robert Zoellick has cautioned developing countries to brace themselves for challenging times amidst the focus on resolving financial crises in Western economies. Zoellick emphasized that business failures, bank emergencies, and balance of payments crises could occur in developing countries as the crisis continues to spread. He highlighted that the combination of a financial squeeze and rising food and fuel prices will pose challenges for governments in protecting the poor. A new World Bank report presented at upcoming world finance minister meetings predicts that high food and fuel prices will result in an increase of malnourished people by 44 million to over 960 million in 2008. Additionally, around 28 countries have been identified by the World Bank as potentially facing fiscal difficulties. He stated that he would reveal the details later on Thursday before the weekend meetings of finance leaders in Washington. Zoellick told Reuters that as developing countries enter a new phase, it is crucial to consider the risks to their growth, depending on the policies they implement and the support they receive. He remains optimistic about sub-Saharan Africa's potential for growth in the long run, but emphasizes that it will require proactive actions and appropriate investments from the countries themselves. The World Bank is collaborating with developing nations to inform them about the services available to help them prepare for potential crises and assist countries with struggling banking systems. The financial crisis poses a significant threat to the progress made in developing countries in recent years to boost growth and alleviate poverty and disease. Between 1997 and 2007, 17 countries in Sub-Saharan Africa experienced an average growth rate of 6 percent, with most of them being non-oil producers. Conversely, another 8 countries, all of which were oil producers, saw an average growth rate of 8 percent during the same 10-year period. Zoellick expressed concerns over the challenges that economies may face due to a crisis originating in the United States, highlighting frustration, fear, and anxiety. The increased interest from the private sector in developing countries has been driven by improved economic management, reduced conflicts, and the potential for high returns on investments. Notably, countries like China, Brazil, India, and Gulf countries have been actively investing in other emerging economies, leading to a rise in south-south investments. Zoellick expressed confidence that despite the financial crisis affecting emerging economies, China would continue investing in natural resources in Africa and Gulf states would focus on investments in agriculture. He emphasized the importance of looking towards the future and turning problems into opportunities. He hoped that Western central banks and China would work together to address not only the financial crisis but also the humanitarian crisis of malnourishment in developing countries. He suggested that these countries could contribute to a World Bank fund to assist developing countries facing food and fuel price increases, providing support to small farmers and energy to the poor. Additionally, he called for developed countries to assist the World Bank and IMF in supporting governments dealing with balance of payments issues, climate change, and trade challenges. "We have a part to play, but we also require developed countries to take coordinated action in order to provide support." | 3 |
The sweet summer drink Rooh Afza, known for its poetic name meaning "soul refresher" and its origins in Old Delhi, has been popular across South Asia for generations. In Pakistan, it is mixed with milk and almonds for religious processions, while in Bangladesh, it is often given as a gift by a new groom. In movies, it is used as a metaphor for beauty. In Delhi, where temperatures can soar above 100 degrees Fahrenheit, Rooh Afza is a common sight. The traditional Rooh Afza drink is now being served in plastic goblets by cold-drink vendors who are using innovative techniques to attract customers. This beloved beverage, enjoyed in India, Pakistan, and Bangladesh, has adapted to appeal to a new generation through various packaging options. Hakim Abdul Majid, the founder of Rooh Afza in 1907, is shown in a picture provided to The New York Times. India, Pakistan, and Bangladesh all share a love for Rooh Afza, a beverage that has remained popular despite the region's turbulent history. The drink is now targeting a new generation of consumers. As the summer heat intensifies, Rooh Afza's reputation as a natural cooler that lowers body temperature and boosts energy has led to widespread demand for the drink. Despite occasional interruptions in manufacturing, the drink has continued to thrive over the years due to the determination of a young herbalist and his wife, who turned it into a successful business. The drink generates around $45 million in profit annually in India alone, with most of the proceeds going towards funding schools, universities, and clinics. The drink's recipe has remained largely unchanged over the years, with only minor adjustments being made due to ingredient availability. In an image provided to The New York Times, an advertisement for Rooh Afza promotes it as a drink favored by the elite during the heat season. This sweet and herbal beverage, enjoyed in India, Pakistan, and Bangladesh, has a long history in the region and is now targeting a new generation of consumers. The glass bottles that used to fly off the shelves of Majid's small medicine store, called Hamdard, have now been replaced by plastic bottles. Majid passed away at the age of 34, leaving behind his wife, Rabea Begum, and two sons - one teenager and one toddler. Begum made a crucial decision to turn Hamdard into a lasting institution by declaring it a trust, with herself and her two sons as trustees. This move set a precedent for maintaining profitability while focusing on welfare efforts in a time of political turmoil. The profits would be directed mainly towards public welfare rather than the family. The company faced a major challenge during India's partition in 1947, when Pakistan was created as a separate Muslim nation. Millions of people underwent a difficult journey, either on foot or in overcrowded trains, to reach the correct side of the border. Between 1 to 2 million people lost their lives during this time, and many families, including Begum's, were separated. In a photo without a specified date given to The New York Times, Rabea Begum, the wife of Hakim Abdul Majid, announced that following his passing, the earnings from Rooh Afza would be directed towards a foundation to support public welfare. India, Pakistan, and Bangladesh all appreciate the sweet and herbal flavor of Rooh Afza, a beverage withstanding the region's tumultuous past - now seeking to attract a new generation of consumers. India, Pakistan, and Bangladesh all share a love for the sweet and herbal taste of Rooh Afza, a beverage that has remained popular despite the region's tumultuous history. The younger son of Hakim Mohamad Said moved to Pakistan to establish Hamdard Pakistan and continue producing Rooh Afza. He later became the governor of Sindh province but was tragically assassinated in 1998. After the split of Pakistan in 1971, Bangladesh also began producing Rooh Afza under the trust of Hamdard Bangladesh. All three businesses are operated independently by extended family members or friends of the young herbalist. Although they may have slight variations due to regional climate differences affecting the herbs, they largely offer the same taste. The drink is popular during the summer, but there is particularly high demand during the Muslim fasting month of Ramadan. A glass or two of chilled Rooh Afza can liven up gatherings around the dinner table or in bazaars at the end of the day, with its sugary and flavorful punch. Employees at a factory in Gurgaon, India, are seen checking bottles of Rooh Afza on April 14, 2021. India, Pakistan, and Bangladesh all share a love for Rooh Afza, a beverage with a sweet and herbal taste that has survived the region's tumultuous past. Now, the drink is looking to appeal to a new generation. In Karachi, Pakistan, Faqir Muhammad, a 55-year-old porter, enjoys breaking his fast during the summer with a glass of Rooh Afza after eating a date for energy. In Gurgaon, India, employees are seen checking bottles of Rooh Afza at a factory. In Bangladesh, the marketing of the brand Rooh Afza goes beyond just flavor and refreshment and delves into the realms of the unlikely and metaphysical. According to Amirul Momenin Manik, deputy director of Hamdard Bangladesh, Rooh Afza is believed to help COVID-19-infected patients by removing their physical and mental weakness, although no scientific evidence is provided. Many people in Bangladesh reportedly experience heavenly feelings when drinking Rooh Afza, as it is branded as a halal drink. During a visit to Rooh Afza's India factory in April, workers produced 270,000 bottles a day, mixing sugar, fruit juices, and a distillation of herbs and flowers such as chicory, rose, white water lily, sandalwood, and wild mint. Workers at a Rooh Afza factory in India are seen in an undated image preparing the sugar syrup for the popular drink. The beverage, enjoyed in India, Pakistan, and Bangladesh, has a sweet and herbal taste that has withstood the region's turbulent history. Now, it is targeting a new generation of consumers as trucks are loaded with over 1,000 bottles each and distributed to warehouses and markets across India. Ahmed, who oversees Hamdard's food division where Rooh Afza is the main product, is working on expanding the brand by introducing new products to appeal to consumers who may have outgrown the sherbet in their younger years. These new products include juice boxes combining Rooh Afza with fruit juice, a Rooh Afza yogurt drink, and a Rooh Afza milkshake. A survey conducted by the company revealed that half of Rooh Afza in Indian households is used as a flavoring for milk, while the rest is mixed into cold drinks. Ahmed mentioned their own version of a milkshake, which consists of Rooh Afza, milk, and vanilla. Now the company is targeting the taste preferences of a younger demographic, according to Rebecca Conway of The New York Times. Ahmed mentioned that the milkshake product has been very successful, but he is especially proud of two specific products. One of them is a sugar-free version of the original Rooh Afza, which took 15 years to develop as the company searched for the perfect sugar substitute. This new product is more expensive than the original and is aimed at a wealthier consumer base. In New Delhi on April 15, 2021, Muslims in India break their Ramadan fast with snacks and Rooh Afza, a sweet and herbal beverage enjoyed by people in India, Pakistan, and Bangladesh. Despite the region's turbulent history, Rooh Afza has remained popular and is now trying to attract a new generation of consumers. Ahmed, a runner, mentioned that there is a growing market for health-conscious individuals who are careful about what they consume. Additionally, there is a recognition that the original Rooh Afza, with its sugar and flavor, still has significant untapped potential in India's large market. He is focusing on individuals who are unable to purchase the 750-milliliter bottle, which costs $2, by providing single-use sachets for 15 cents - a tactic that transformed the accessibility of shampoo brands in India. In many regions of India, the prevalence of malnutrition is so severe that sugar is considered a desirable commodity. "In reality, people in India actually desire sugar," Ahmed stated. "Only those in metropolitan areas are familiar with diabetes." | 3 |
An AstraZeneca spokesperson stated that their vaccine candidate, AZD1222, includes the genetic material of the SARS-CoV-2 virus spike protein, and the recent changes in the genetic code of the new viral strain do not seem to alter the structure of the spike protein. Drug manufacturers are rushing to test their COVID-19 vaccines against the highly contagious new variant of the virus spreading rapidly in Britain, presenting a new challenge in the race to control the pandemic. By administering AZD1222, the immune system is taught to recognize various parts of the spike protein, enabling it to eliminate the virus upon exposure. The mutation, known as the B.1.1.7 lineage, is thought to be up to 70% more transmissible and poses a greater risk for children. This has caused disruption in Britain, leading to travel bans that are impacting trade with Europe and potentially isolating the island nation further. The AstraZeneca-Oxford vaccine is viewed as essential for poorer nations and countries with hot climates due to its affordability, ease of transportation, and ability to be stored at regular refrigerator temperatures for extended periods. Results from AstraZeneca's trials in the UK and Brazil indicated a 62% efficacy rate for participants who received two full doses, but a 90% efficacy rate for a smaller group who received a half dose followed by a full dose. India is expected to approve the emergency use of AstraZeneca's vaccine by next week, according to Reuters. | 3 |
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