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Finance adviser AB Mirza Azizul Islam stated that it is not possible for anyone 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 his previous remarks, mentioning an allusion to Shayesta Khan to illustrate the current market scenario, noting that the media had only partially quoted his statement from a meeting at the Secretariat. I wanted to emphasize the importance of addressing all related issues in any economic situation. It would be unrealistic to expect a decrease in market prices. We are making every effort to control or reduce prices. The adviser mentioned that the government has implemented three strategies to address the issue, such as waiving import duties on food items and reducing production costs. However, despite these measures, prices are still not decreasing due to the global market conditions, according to Mirza Aziz. The government has started three distinct welfare projects to address the situation. These include the establishment of 100-day work programs for rural individuals, pregnancy allowances, and stipends for male students. According to the adviser, these projects will assist families in enhancing their purchasing power. Regarding the increase in fuel prices, he stated that the government will still need to provide Tk 10,000 crore in subsidies 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 is relatively small when compared to international market prices. Mirza Aziz previously conducted a meeting regarding the utilization of budget allocation to safeguard the country from climate change effects. The government has decided to establish a foundation or trust to distribute the Tk 300 crore allocated for the 2008-09 fiscal year for this purpose. The board of trustees is restricted from spending more than two-thirds of the allocation, with the remainder being kept in an account where any interest will be given to the trustees. Additionally, the trustees have the option to seek foreign aid if needed, as mentioned by the adviser." 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 |
According to a senior UBS analyst, many Asian companies are not fully aware of the potential financial impacts of carbon pricing in the region, nor are they prepared for the possibility of carbon import duties on their products. Sectors such as airlines, cement and steel firms, computer manufacturers, and shipping lines are likely to be affected depending on their profit margins, ability to pass on costs, and exposure to the US and Europe. The analyst also mentioned that a major climate conference in Denmark in December could lead to a wider adoption of carbon pricing in Asia, and that within three years, a carbon tax or emissions trading could impact companies across all Asian markets. The analyst criticized investors in Asia for not focusing on this issue, stating that they tend to be short-term oriented and underestimate the importance of climate change policies in countries like India and China. Smiles, the author of a prominent UBS report titled "How could carbon pricing impact Asian company earnings?", recently examined three different scenarios. These scenarios included domestic carbon pricing in Asian countries, implementing "equalising" carbon import duties between richer and poorer nations, and imposing harsher climate change carbon import duties. He suggested that the second option was the most likely to occur in the medium term, citing signals from the United States and the European Union regarding the potential imposition of duties on goods from countries without greenhouse gas caps. The Waxman-Markey climate bill, which has yet to be voted on in Congress, includes a proposal for an international reserve allowance programme. 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 US companies would need to purchase allowances to compensate for the carbon emissions associated with foreign goods like cement or steel. According to Smiles, under this second scenario, marine transport companies, airlines, steel manufacturers, and computer companies would be impacted, as exporters would be responsible for paying for the carbon emissions based on their CO2 output, while domestic companies would not. With the implementation of carbon pricing in the US, more than half of global private consumption nations would also have carbon pricing in place. The report suggests that Asian airlines, including Taiwan's Eva Airways, Thailand's Siam City Cement, and South Korean Hyundai Merchant Marine, could experience significant decreases in earnings per share if carbon-related import duties are implemented. The study focuses on industries such as airlines, power utilities, marine transport, and cement makers, which would be most affected by domestic carbon taxes or 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 lower fuel cost exposure. The report suggests that the third scenario, where exporters of manufactured goods pay for the CO2 emissions of their home countries, is currently less likely to occur. This scenario was originally intended to push China, India, and other developing nations to participate in global efforts to combat climate change. Smiles explained that the report aims to estimate the potential cost of a domestic carbon pricing regime for these countries. It was believed at that time that the US and Europe placed the full financial burden of carbon costs on all manufactured exports from various countries through a uniform tax. In 2007, China's estimated carbon cost was $55 billion, while India's was $9 billion. | 3 |
The global carbon offseting system created by the International Civil Aviation Organization (ICAO) is the first of its kind for the aviation industry. It is expected to help slow the growth of emissions from commercial flights and will cost the industry less than 2 percent of revenues. Although governments must still take action to implement the agreement's limits, the system will become mandatory for states with larger aviation industries starting in 2027. Airlines will need to purchase carbon credits from specific environmental projects worldwide in order to offset the increase in emissions. According to Olumuyiwa Benard Aliu, president of ICAO's governing council, the system is the result of compromises and consensus. Aliu stated that despite objections from a few countries, the plan would not be derailed. He mentioned that 65 countries, accounting for over 80 percent of aviation activity in the initial phases, had exceeded the agency's expectations in terms of participation and that this number would continue to increase. The main point of tension was between developed nations, who historically have been responsible for most greenhouse gas emissions, and emerging and developing countries who are concerned about increased costs affecting growth. Russia and India have announced they will not take part in the initial phases, citing unfair burdens on emerging economies. In contrast, China has expressed its intention to participate in the voluntary phase. Brazil has previously expressed concerns about a deal but now supports it without committing to participating in the initial phases. According to ICAO estimates, the deal could cost airlines between $1.5 billion and $6.2 billion in 2025, potentially reaching up to 1.8 percent of industry revenues by 2035. Despite slim profit margins for airlines, the deal is seen as more cost-effective than various national and regional climate agreements. Paul Steele, a vice president at IATA, believes the costs associated with the deal are manageable for the industry. The US Department of State, which has been advocating for a deal, stated that it will lead the industry towards sustainable, carbon-neutral growth. However, environmentalists believe that due to the voluntary phase and exceptions for smaller markets, the scheme will not achieve its intended goals. According to the International Council on Clean Transportation, the agreement will only require airlines to offset around three-quarters of growth after 2021, which is equivalent to one-quarter of total international traffic. Some critics are concerned about the deal's reliance on offsets, with Transport and Environment director Bill Hemmings stating that it will not reduce demand for jet fuel and will not effectively combat the environmental impact of air travel. Discussions will now focus on the specific technical aspects of the agreement, particularly regarding the types of offset credits that will be considered acceptable. The deal, approved by an assembly of ICAO's 191 member states in Montreal, will impact international passenger and cargo flights, as well as business jets that produce over 10,000 tonnes of emissions per year. Previous negotiations led to tensions prior to the 2013 ICAO assembly, with the European Union directing foreign airlines to purchase credits under its program due to slow progress. This move was met with resistance from China and other nations who felt it infringed on their sovereignty. The agreement follows the recent implementation of the Paris accord to combat climate change. Aviation was not included in the agreement, even though the sector is responsible for around 2 percent of carbon dioxide emissions, which is more than some industrialized countries. With the industry anticipating a doubling of passenger numbers to 7 billion by 2034, it is crucial 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 |
A survey commissioned by HSBC Bank International found that some of the world's highest-paid expatriates live in Asia and the Middle East. In Russia, a third of all expats earn over $250,000 a year, making it the country with the highest proportion of high-earning expats. Other countries with a significant number of expats earning over $200,000 annually include Japan, Qatar, Hong Kong, the United Arab Emirates, Thailand, and India. Additionally, countries like Malaysia, China, and India were noted for being among the cheapest for accommodation. Asia has the highest proportion of expats earning over $200,000 per year. Russia was rated as the top country for expats in terms of wealth, followed by countries 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 are able to increase their savings. However, expats in Britain and the United States have been significantly impacted by the global economic crisis, with nearly a quarter considering returning home due to the high cost of living, lack of savings, and lower wages. The survey also revealed that generous salaries are hard to come by in Australia and Belgium. In both countries, more than 60 percent of expats earn less than $100,000, making them the lowest-paid expats compared to a 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, the largest of its kind with over 3,100 expats from 26 countries, revealed interesting trends in expat earnings. More than 66% of expatriates around the world stated that the financial crisis has caused them to change their spending habits, particularly affecting their expenditures on luxuries and daily expenses. Close to 40% mentioned that they were now saving more for unexpected situations. The highest percentage of expats in Japan, at 53%, reported cutting back on vacations and other bonuses, followed by expats in Thailand and Hong Kong, at nearly 50%. Conversely, expats in Qatar, followed by those in Bahrain, were the least likely to alter their spending behaviors due to the global economic crisis, suggesting that some Gulf Arab states with oil wealth have been less impacted by the downturn. Expats in Saudi Arabia, Brazil, and Russia were also found to be the least inclined to reduce their spending on luxuries. The individuals surveyed were selected based on four key factors: having an annual income over $200,000, a monthly disposable income over $3,000, saving more while working overseas, and owning at least two luxury items in their 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 have disclosed their investment views on controversial issues such as climate change and company governance. Among the 20 largest occupational pension funds, valued at over 250 billion pounds, only five have policies in place for engaging with firms on environmental, social, and governance issues. Environmental activists and campaigners have been urging big investors like pension plans, insurance funds, and asset managers to use their financial influence to push for change within the companies they invest in. The survey also found that organizations like the BBC and Royal Mail are not transparent about their investments, with only BT Group's pension scheme disclosing how votes were cast on behalf of its members. The Universities Superannuation Scheme (USS) and the UK rail industry pension fund provided only partial voting data, according to the report. The survey revealed that 15 participants shared their largest stock holdings. Alex van der Velden, Executive Director of FairPensions, stated that pension scheme members are worried about the impact of factors like climate change on their pensions, but they are often not provided with reassuring information on these matters. | 3 |
Among the top five teams, Arsenal, who are currently in fourth place, have the worst record at home. Displeased fans have expressed their frustrations about the team's inability to finish at the top of the league for the twelfth consecutive season. Supporters from various groups, including the Arsenal Supporters' Trust, the Black Scarf Movement, and Red Action, are planning to protest at the upcoming match against Norwich City with the theme of "Time for Change" in how the club is managed. Wenger, the team's manager, defended the team's character and attitude, stating that those who question them have less character than the team itself. He emphasized the importance of unity among the team and its supporters. We were defeated in the championship game at our home against weaker teams, but we faced challenging weather conditions. Despite this setback, we are currently leading the league among the top teams and are looking to make necessary additions. There were doubts about Arsenal's ambition after only signing goalkeeper Petr Cech during the off-season, and concerns about whether Wenger was receiving enough financial support from majority stakeholder Stan Kroenke to strengthen the team. Wenger clarified that Kroenke has never prevented him from making transfers and chose not to comment personally on his owners. Arsenal's longest serving manager emphasized the importance of clubs using the resources they generate, stating that this is a value he believes in. He also praised the ambition of the club and mentioned that key players like Santi Cazorla and Alex Oxlade-Chamberlain, who have been sidelined with injuries, will be available for selection in the upcoming match against Norwich. Wenger mentioned that one of the two players could be involved in the game, as Cazorla has been training with the team for two weeks and Oxlade-Chamberlain for one week. The team from north London currently holds a five-point lead over Manchester United, who are in fifth place and have a game to play. They are aiming to secure their spot in next season's Champions League by defeating Norwich on Saturday. | 3 |
Sri Lanka captain Kumar Sangakkara has emphasized the importance of "mental strength and fortitude" for his team at the upcoming Twenty20 World Cup, especially after the traumatic incident in Lahore earlier this year. Sangakkara acknowledged that there is never a guarantee of safety, but stressed the need for his team to remain resilient and focused on playing cricket. He highlighted the significance of security measures in the current global climate, noting that while there may be more security concerns in some countries, the threat is present worldwide. Sangakkara expressed satisfaction with the security arrangements put in place for his team so far. Six members of the Sri Lanka team, including Sangakkara, were injured when gunmen opened fire on their team bus while they were 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 is set to begin on Friday. Following the incident in Lahore, security measures have been significantly increased. Steve Elworthy, the tournament director for the World Twenty20 and former South Africa player, who previously held the same position during the 2007 World Twenty20 in South Africa, highlighted the heightened security measures since the Lahore incident. Elworthy informed Reuters that the situation has changed significantly, leading to a different landscape than before. The incident highlighted the risks faced by cricketers and officials, prompting a reevaluation of their security plan. Despite already having an advanced security plan in place, they decided to review and reassess everything once again. Tournament organizers and the ICC are confident that they have taken all necessary measures to ensure the safety of the players. Teams receive police convoys for transportation to and from matches, as well as dedicated security personnel for each team. Elworthy mentioned that he was unable to disclose the specific information regarding team security. John Evans, the former chief constable of Devon and Cornwall in south-west England, is leading the event's security. He has also provided security advice to the Football Association (FA). Reg Dickason, the head of security for the England team, and the ICC's independent security consultants are also involved. Despite the heightened security, Sangakkara stated that it has not affected his team's focus on cricket. He expressed that the tournament feels like any other, with the organizers effectively maintaining a low-key approach. "We have the chance to solely focus on cricket and that is quite enjoyable." | 3 |
In early September, a seawall at Japan's Kansai International Airport, located on a man-made island near Osaka, was breached during Typhoon Jebi. This led to the flooding of the runway and it took 17 days to fully restore airport operations. The incident had a significant impact on the region's economy and resulted in numerous flight cancellations by airlines. Other major airports in Hong Kong, mainland China, and North Carolina also experienced closures due to tropical storms in the same month. These events serve as a reminder of the risks faced by investors and insurers in the infrastructure sector, with an estimated $262 billion worth of projects under construction globally. Fitch Solutions' Head of Infrastructure, Richard Marshall, noted that there is a concerning trend of increasing frequency and severity of climate change-related events. "If individuals are not taking this matter seriously, it poses a risk." The vulnerability of fifteen out of the 50 busiest airports worldwide, located at an elevation of less than 30 feet above sea level, to the impacts of climate change such as rising sea levels and increased storm surges is evident. Angela Gittens, the Director General of the Airports Council International (ACI), highlighted that some airports, particularly in island nations like Vanuatu and the Maldives, are already experiencing the effects of sea level rise. Even in developed economies, airports are facing challenges such as more frequent storms and the need for additional drainage systems, as seen in Miami. A preliminary version of an ACI policy paper, reviewed by Reuters and scheduled 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 consider climate change in their future development plans. It showcases airports that have already incorporated climate change considerations in their planning, such as the Istanbul Grand Airport, a $12 billion project on the Black Sea set to open soon as one of the world's largest airports. Investors in airport bonds, which are mainly owned by governments or pension funds, are at a heightened risk due to climate change, as highlighted by the aftermath of Superstorm Sandy in 2012. Moody's, a ratings agency, covers $174 billion worth of airport bonds. As a result of Sandy's impact on major New York airports, investors are now more interested in mitigation plans for airports vulnerable to climate change, such as San Francisco and Boston, especially when considering long-term investments. San Francisco International Airport has completed a feasibility study on a $383 million project to protect against sea level rises on its bay front shoreline by 2025. More attention is being given to flood protection and ensuring storm drains are effective, with consideration for potential worsening weather conditions in the future. According to a US Coast Guard handout via Reuters, Singapore's Changi Airport has taken precautions for potential scenarios up to the year 2100. They have resurfaced their runways for better drainage and are constructing a new terminal 18 feet above sea level to safeguard against rising sea levels. This proactive approach has been deemed prudent by experts and is expected to reassure insurers. Singapore anticipates a rise in sea levels of 2.5 feet by the year 2100, making these measures crucial for the airport's resilience against weather-related risks. Changi Airport did not provide a comment on the cost of additional protection measures for climate change. Several organizations, including ACI, Fitch, Moody's, and Standard & Poor's, were unable to give Reuters an estimate of the global cost of climate change protection at airports. Analysts from ratings agencies mentioned that protective actions are often included in larger renovation and expansion projects. Brisbane Airport in Australia, which is located 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 combat rising sea levels. The director of Brisbane Airport's new runway project, Paul Coughlan, stated that the additional cost of these measures was relatively low, with the seawall costing around A$5 million more than without considering sea level rises, but the potential benefits were significant. Coughlan stated that regardless of one's beliefs about climate change, it is wise to incorporate considerations for rising sea levels, increased rainfall, and flooding into design plans. By integrating these factors 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, through the Asian Development Bank, to address the challenges of climate change in the coming years. The grant, approved by ADB, aims to enhance the capacity of government agencies in implementing a 10-year Climate Change Strategy and Action Plan in Bangladesh. This plan focuses on food security, disaster preparedness, and other important issues related to climate change. According to Zahir Ahmad, Project Implementation Officer for ADB in Bangladesh, it is crucial for Bangladesh to prepare for climate change and protect the well-being of its people. The ADB assistance will help the government implement the Strategy and Action Plan, leading the country towards a low carbon growth path, increasing climate resilience, and strengthening food and energy security. According to a statement by ADB, the country has experienced higher temperatures, heavier monsoon rains, and more tropical cyclones and storms due to climate change in recent years. It is projected that average sea levels could rise by 30 centimeters by 2050, making 14% of the country highly susceptible to flooding. To address these challenges, the Ministry of Environment and Forests and other government agencies will receive support to enhance their capacity. Specific climate change mitigation and adaptation programs will be developed, and a sub-programme will be established to attract 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 program 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, which is funded by the government of Japan, will be managed by ADB. | 3 |
The agency stated that several states including Kelantan, Terengganu, Pahang, Johor, Malacca, Negeri Sembilan, and Sabah were still experiencing floods, with 8,727 individuals seeking refuge in 128 relief centers. A total of 125,490 people have been impacted by the floods nationwide, with 117,700 evacuees having already returned home. The floods, which have resulted in 50 deaths and two individuals still missing, are a common occurrence on Malaysia's eastern coast during the monsoon season from October to March. Unusually heavy rainfall since December 17th has worsened the situation, causing thousands to be displaced and putting a strain on emergency services. 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 also alerted residents about the high tides expected between Jan. 2-5 on the west coast of Peninsula Malaysia. Malaysia has announced that it will offer 1.4 billion ringgit ($336.22 million) in cash aid and other forms of assistance to those affected by the recent severe flooding. Additionally, the country is requesting $3 million from the UN Green Climate Fund to create a national strategy for adjusting to climate change. | 3 |
The Batman movie "The Dark Knight Rises" made $64.1 million in the U.S. and Canadian box office during its second weekend, surpassing other films despite a slow market due to the Olympics and the Colorado shooting. The final installment in director Christopher Nolan's Batman trilogy, starring Christian Bale, also earned $122.1 million internationally, bringing its total overseas earnings to $248.2 million since its release on July 20. When combined with its domestic earnings of $289 million, the film has grossed $537 million worldwide. Despite a 60 percent drop in U.S. and Canadian ticket sales from its opening weekend, the film has still outperformed its predecessor "The Dark Knight" and other recent superhero movies. In comparison, "The Dark Knight" experienced a 53 percent decline during its second weekend in 2008, earning $75 million domestically. This year, the summer blockbuster "The Avengers" experienced a 50 percent drop in sales the weekend after its May opening, while "The Amazing Spider-Man" saw a 44 percent decline after its June release. Despite being one of the highest-grossing movies of the year, "Dark Knight Rises" did not meet pre-release sales forecasts due to the overshadowing of its opening by the tragic shooting in Aurora, Colorado. By Sunday, "Dark Knight Rises" sales in North America were behind its predecessor "Dark Knight," which earned $313.8 million domestically in its first two weekends. The impact of the Olympics and the shooting on box office sales was significant, with industry experts noting that moviegoers may have been hesitant to attend screenings following the massacre, as well as the start of the London Olympics on Friday. Paul Dergarabedian, president of Hollywood.com Box Office, described it as a "double dose" of challenges for the film industry. The Olympics has been receiving a lot of attention in the media recently, potentially causing many people to stay home on Friday night. Additionally, the Aurora shooting has also been a significant event. Lacklustre reviews for new movies this weekend likely contributed to low theatre attendance, but it is expected that next weekend will see an increase in moviegoers. The upcoming release of films like "Total Recall" and "Diary of a Wimpy Kid: Dog Days" are anticipated to attract audiences. Domestic ticket sales for the weekend were reported to be 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 held 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 debuted in theaters this weekend. "The Watch" came in third place, making $13 million at domestic theaters. The film features Ben Stiller, Vince Vaughn, and Jonah Hill as men who form a neighborhood watch group to fight aliens. Despite largely negative reviews, with only 14 percent of critics giving it positive feedback on Rotten Tomatoes. The movie "The Watch" was also impacted by real-life events. In response to the fatal shooting of black teenager Trayvon Martin by Neighbourhood watch volunteer George Zimmerman in Florida, 20th Century Fox changed the title of the film from "Neighbourhood Watch" to distance itself from the incident. Over the weekend, the $68 million production made $13 million to $15 million. Fox's executive vice president for domestic distribution, Chris Aronson, commented on the uncertain box office climate following the shooting, stating, "We didn't really know what to expect. It's a wild-card weekend for sure." Aronson expressed optimism for a recovery in the overall market, which he believed would positively impact all films. "Step Up Revolution" came in fourth place with $11.8 million in the domestic box office. The film, which follows a group of flash-mob dancers in Miami, is the fourth installment in a series that has earned over $400 million worldwide. The distributor had anticipated an opening in the low- to mid-teens. The comedy "Ted" came in fifth place with $7.4 million. The movie "Step Up Revolution" was distributed by Lions Gate Entertainment. "The Watch" and "Ice Age" were distributed by 20th Century Fox, a subsidiary 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 argued that restricting exports would worsen the situation. Prime Minister Gordon Brown stated that Britain would push for changes to EU biofuels targets if it was proven that growing crops for fuel was driving up food prices. The World Food Programme (WFP) described the crisis as a "silent tsunami" threatening to push over 100 million people into hunger worldwide. Riots in poor countries have erupted due to sharp increases in food prices attributed to various factors such as high fuel costs, adverse weather conditions, increased demand, and the use of land for biofuel production. Rice prices from Thailand, the leading exporter globally, have increased by over 100% this year. Several major food exporting countries such as Indonesia, Kazakhstan, Egypt, and Cambodia have restricted food exports in order to ensure their own supplies. The problem has been worsened by artificially induced shortages, with the world consuming more than it produces for the past three years. As a result, the World Food Programme (WFP) is facing financial constraints and has had to reduce school feeding programs in certain countries. The WFP, which initially estimated needing $2.9 billion in 2008 for its operations, now anticipates having to increase that amount by 25% due to the sharp rise in staple food prices. The end of an era was marked by Britain pledging $900 million to assist the WFP in addressing immediate issues, while Brown expressed 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. Japanese Agriculture Minister Masatoshi Wakabayashi suggested that the WTO establish clear guidelines for food export restrictions imposed by producer nations. The Asian Development Bank's managing director general, Rajat Nag, stated that the era of inexpensive food was coming to an end and advised Asian governments against distorting markets with export limitations, but instead using fiscal measures to assist 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 highlighted the impact of climate change on global food security, stating that many poor countries are at risk of experiencing severe hunger crises. He emphasized that the most vulnerable populations are suffering the most from climate change, despite having the least responsibility for it. Annan called for those responsible for environmental damage to bear the consequences, stressing that climate change poses a comprehensive threat to various aspects of society, including health, security, and political stability. | 3 |
Malpass stated during a virtual event with the Washington Post that the sanctions would affect the global economy more than the war. He anticipated that producers worldwide would respond by increasing supplies as necessary, and he did not believe it was necessary for individuals to stockpile extra goods in their homes or restaurants. | 3 |
According to a UK official visiting Bangladesh, the country should consider adopting cleaner technology to generate power from coal in order to avoid worsening the climate change situation. John Ashton, special representative for the UK foreign secretary, emphasized in an interview with journalists that while power is essential for development and coal should not be excluded, pollution must be taken into account. He suggested two options: either stop using coal or implement technology to reduce pollution. Ashton recommended that the government seek financial support from development partners to implement carbon capture and storage (CCS) technology in coal-fired power plants. Bangladesh, a country facing a shortage of gas, is exploring alternative options such as coal for power generation. Ashton mentioned that organizations like the World Bank or DFID could assist in covering the additional costs for CCS technology. Emphasizing the importance of political consensus, the British diplomat highlighted the need for all political parties to collaborate in addressing climate change, which will impact everyone. Additionally, Ashton stated that the British government is willing to support countries like Bangladesh with carbon trading. He explained that in order to have buyers in the carbon market, contracts should be legally binding so that low emission countries can sell carbon emissions quotas to others. The UK government is eager to collaborate with Bangladesh in this area. Bangladesh is considered one of the most climate change vulnerable countries in the world, with fears that a significant portion of the country may be flooded by the end of the century due to climate change. | 3 |
IFC, a member of the World Bank Group, stated that the equity investment fund will enhance SMEs' ability to address challenges related to climate change. The fund, a part of SEAF BV with backing from the Climate Investment Funds-Pilot Programme for Climate Resilience, assists developing countries in increasing their climate resilience. SEAF BV, established in 2010 by IFC and the Small Enterprise Assistance Funds, is directed towards investing in SMEs. CEO and co-founder of SEAF, Hubertus Jan (Bert) van der Vaart, acknowledged IFC's crucial support in the fund's successful initiatives and noted that their involvement will enable the fund to start investing in climate resilience activities for small businesses, aiding SMEs in managing the negative effects of climate change more effectively. The IFC stated that it had previously injected $12 million of equity into the fund in order to encourage investment in high-growth SMEs. | 3 |
Ending the importation of fresh food from Africa in the name of fighting climate change could harm entire communities that rely on this trade, according to Ghana's High Commissioner to Britain. The concept of food miles, or the distance food travels from producer to consumer, has become a point of contention as environmentalists push for lifestyle changes to reduce carbon emissions. Annan Cato, the High Commissioner, expressed concern about the potential consequences of cutting off this trade for small farmers in Africa, arguing that the environmental impact of airfreighted food in Britain is minimal. He emphasized the importance of considering the global justice implications of such decisions during a discussion on climate change's effects on Africa. Environmentalists suggest increasing local food production and consumption to eliminate the need for airfreighted imports of fruits and vegetables worldwide. However, development specialists point out that many of these imports come from impoverished areas in Africa, where entire communities rely on this income. Cato emphasizes that there are alternative ways for British consumers to reduce their carbon footprint without negatively impacting African farmers. Scientists warn that global temperatures will increase significantly this century due to carbon emissions from fossil fuel burning, leading to devastating consequences such as floods, famines, and extreme weather events. Despite Africa having low per capita carbon emissions, the continent is expected to suffer the most from these climate changes. Cato emphasized the importance of reducing greenhouse gas emissions in a fair and rational manner, as making cuts that disproportionately affect the world's poorest is not only unjust but also undermines the international consensus needed for a global climate change deal. UN environment ministers will meet in Bali next month to discuss urgent talks on a successor to the Kyoto Protocol, which expires in 2012. Europe is pushing for a new agreement by the end of 2009, despite the challenges of negotiating and ratifying such a deal. The United States and China, the world's biggest polluters, are still hesitant to take significant action, despite growing pressure. Cato stressed the need for the post-Kyoto agreement to include proposals for adapting to climate change in a way that can be effectively implemented. "This is a matter concerning both global fairness and the very existence of certain countries. While the harmful actions have been committed by powerful nations, the severe consequences are being experienced by those that are most vulnerable in the world," he stated. | 3 |
A survey conducted in 2009 by HSBC Bank International found that some of the world's highest-paid expatriates reside in Asia and the Middle East. The survey revealed that a significant number of expats in Russia, Japan, and Qatar earn annual salaries exceeding $250,000. 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. On the other hand, countries like Malaysia, China, and India were noted for having affordable housing options for expatriates. The survey concluded that Asia is home to some of the highest-paid expatriates, with one in four earning over $200,000 annually. Russia was ranked as the top country for expats in terms of wealth, with the remaining top nine all located in Asia and the Middle East. Building a nest egg is seen as a benefit of expat life for many, with Saudi Arabia, Russia, Qatar, India, and the United Arab Emirates being the top five countries where people have seen an increase in savings. However, the global economic crisis has had a significant impact on expats in the UK and US, 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 not common in Australia and Belgium. More than 60 percent of expatriates in both countries earn less than $100,000, making them the expatriates with the lowest wages when compared to the global average of 35 percent. The largest survey, Expat Explorer, conducted by HSBC Bank International, gathered information from over 3,100 expats from different nationalities living in 26 countries. Head of marketing and communications for HSBC, Paul Say, noted that despite the economic challenges, expats continue to be a wealthy group, with over half of those surveyed earning $100,000 or more. More than 66% of expatriates around the world stated that the financial crisis had impacted their spending habits, with luxuries and daily expenses being the most affected. Almost 40% mentioned that they were increasing their savings for unforeseen circumstances. In Japan, over 50% of expats were reducing their holiday and other leisure expenses, the highest percentage globally. Similarly, expats in Thailand and Hong Kong were also cutting back on spending, with nearly half of them doing so. On the other hand, expats in Qatar and Bahrain seemed unaffected by the crisis, with the majority stating that their spending habits would remain unchanged. Expats in Saudi Arabia, Brazil, and Russia were found to be the least likely to reduce their spending on luxuries according to the survey conducted by HSBC. The survey participants were selected based on four key factors: 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 |
The organisers of the forum announced that more than 50 speakers from Bangladesh and other countries will participate in five panel discussions to share their expert opinions. The forum, organized by Bangladesh Apparel Exchange and Bangladesh Garment Manufacturers and Exporters Association, will focus on critical issues in the country's apparel industry such as human rights, transparency, water management, purchasing practices, and climate change. The founder and CEO of BAE emphasized the importance of sustainability in the industry, while the President of BGMEA highlighted the need for sustainable labor practices and a sustainable industry environment. The Netherlands Ambassador in Bangladesh, sponsored by the embassy, will collaborate with H&M, Better Work Bangladesh, and C&A Foundation for the event. | 3 |
According to experts, if Barack Obama was a corporate CEO, he would be receiving praise for his management style. His calm and steady approach, which has earned him the nickname "No Drama Obama," is seen as something that business leaders could benefit from learning. Paul Reagan, a management consultant and senior lecturer at Wayne State University, commended Obama for his clear values and consistent follow-through on his promises. Reagan believes that Obama's credibility is so high that many already view him as a corporate leader. Paul Copcutt, a personal brand strategist from Dundas, Ontario, pointed out that one unique aspect of Obama's leadership style is his keen awareness of his strengths and weaknesses. This awareness is reflected in his selection of cabinet members, where he chooses experts to fill in his own gaps. Copcutt emphasized the importance of leaders focusing on their strengths and delegating tasks that are not their strong suits. Obama's cabinet choices, including former rivals like Hillary Clinton and holdovers from previous administrations, show his efforts to build a diverse coalition of voices. 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. While President Obama has shown some skill in selecting cabinet members and pushing for an economic stimulus plan, the true test of his leadership abilities will come once he assumes office in January. Reagan mentioned that a management style like Obama's, which appeals to many different groups, could lead to widespread disappointment if there is a lack of clarity or if promises are not fulfilled. Koehn suggested that executives could learn from how Obama handled challenges during his presidential campaign, showing emotional competence in difficult situations. This could be useful for leaders dealing with issues like job insecurity or poor performance in their organizations. She mentioned that business leaders should pay close attention to the various aspects of their employees and organization that go beyond simply looking at tangible resources, head count, market, and customers. CEO coach Deb Dib identifies a range of positive traits in Obama, including caring, confident, consistent, commanding, and calm. She believes these traits are essential for business executives to learn from, as effective CEOs often exhibit similar qualities. Dib emphasizes that these attributes go beyond politics and that there is much to be gained from observing and learning from Obama's leadership style. | 3 |
In 2030, the obesity rate in every state is predicted to remain below 60 percent, which is a significant difference from the projected 13 percent in the business-as-usual scenario. | 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, 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 pledge during a press conference, stating that it could have a significant impact on global efforts to combat climate change. Bank representatives from Asia to Latin America attended the three-day seminar in March to discuss building a sustainable future for the financial industry. The Global Alliance for Banking on Values (GABV), established in March 2009, utilizes finance as a means to provide sustainable development tools for underserved individuals, communities, and the environment. It represents approximately seven million clients in 20 countries, with a total capital of over $14 billion. The GABV has recently announced a plan to secure $250 million in new capital over a three-year period in order to facilitate a $2 billion increase in loans for environmentally-friendly projects and underserved communities worldwide. This funding is expected to come from a variety of sources, including current customers, institutions, and new investors. The alliance believes that expanding its network and establishing new member banks will enable them to reach more clients, as stated in their announcement. The members of the network aim to promote and showcase business models that prioritize solutions for urgent social and environmental issues. Peter Blom, who is the chair and co-founder of the GABV, emphasized the importance of raising more funds to invest in sustainable banking for the future. He believes that values-led banking can have a positive impact on the lives of one in six people within the next ten years. 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 |
According to Health Minister A F M Ruhul Haque, Bangladesh will require approximately $2 billion over the next decade to address the health threats posed by global warming. Following a climate change meeting, the minister stated that the exact amount will be confirmed by June of next year. 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. A Dhaka Declaration consisting of eight points, reflecting the government's concern on this issue, was presented at the meeting. A total of 55 delegates from various countries, including 11 ministers, participated in the meeting to discuss strategies for mitigating the effects of climate change. Furthermore, 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 mentioned that there seems to be little concern about the potential health impacts of this situation. The primary focus of this meeting is centered around this particular issue. | 3 |
The EU has announced that they will be 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 main humanitarian assistance partner for Bangladesh, with multiple projects currently 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 their ongoing project support. The EU stated that this new budget record is necessary as global humanitarian needs are on the rise, with an increasing number of refugees and displaced persons due to armed conflict, natural disasters, climate change, and economic crises. EU Commissioner for Humanitarian Aid and Crisis Management, Christos Stylianides, announced the budget in Brussels on Wednesday, stating that next year's budget will also be a record high due to the tragically high levels of needs. In 2016, the EU will continue to be a leading global donor of humanitarian assistance and will focus on addressing the needs of the most vulnerable. The humanitarian budget for 2016 will address the refugee crisis in various countries such as Syria, Lebanon, Jordan, Turkey, the Western Balkans, and Iraq. Additionally, funding will also support vulnerable and displaced people in Colombia, Myanmar, and Afghanistan. A particular focus for the European Commission in 2016 will be increasing humanitarian funding for education in emergencies from one percent to four percent of the overall budget, in line with the UN target. Other priorities include helping communities prepare for natural disasters and improving aid delivery in South East Asia. | 3 |
President Barack Obama's $3.55 trillion budget, released on Thursday, maintains his proposal to reduce carbon dioxide emissions by selling 100 percent of emission permits to industries, despite opposition from some members of Congress, including within his own Democratic Party, who advocate for giving away at least 50 percent of emissions permits initially to ease the transition to a low-carbon economy. Critics are concerned that charging companies for their carbon emissions could further strain the struggling economy. The plan to auction off all emission permits is expected to generate $646 billion in revenue over the first few years of the program. White House budget director Peter Orszag confirmed that there would be no changes to the climate proposal when more details are released next week. During the previous presidential campaign, Obama expressed his preference for selling all emissions permits instead of giving them away for free, although he has indicated a possible willingness to be flexible on this issue. The Obama administration's plan involves capping the amount of carbon dioxide emissions from various sources such as coal-fired power plants, oil refineries, cars, and other industries. Companies that exceed the emission limit would need to purchase emissions credits from companies that emit less. The Congressional Budget Office highlighted the primary goal of implementing a cap-and-trade system, which is to incentivize companies to reduce their emissions. According to David Elmendorf from the CBO, giving away allowances is essentially equivalent to selling them and donating the auction proceeds. According to Elmendorf, the total revenue generated from auctioning emissions could reach approximately $1.2 trillion over a decade. This increase in costs for companies emitting pollutants will result in higher prices for consumers. In Obama's budget, some of the revenue from the cap-and-trade plan will be given back to consumers to help offset the price increase. Elmendorf noted that a price increase is necessary to encourage a change in behavior, and while it can be shifted around, 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 put on hold 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 most of the emission permits needed by industry under a cap-and-trade plan will initially be distributed for free, rather than auctioned off, for the first 10 or 15 years of the program. Although 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 recently stated that greenhouse gas 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 is provided with a 320-square-foot steel shipping container for a year, where they manage the climate for their farm. Using pink LED lights, they 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 sight of shipping containers being lowered by crane on their first day. "We were already sowing seeds by the following week," said 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 numerous customers. Peggs believes that if they can find a successful solution for New York, they can expand globally. Square Roots offers farmers a year-long program that includes assistance with business development, branding, sales, and finance, in exchange for 30 percent of the revenue. Peggs estimates that farmers can earn between $30,000 and $40,000 by the end of the year. The farmers of the container farm cover their operating expenses, including water, electricity, and seeds, as well as paying rent totaling around $1,500 per month, according to Peggs. Peggs mentioned that another option would be pursuing an MBA in food management, which could cost tens of thousands to hundreds of thousands of dollars. He hopes that farmers will start their own companies after completing the program. Groszyk, who harvests 15 to 20 pounds of produce each week, has been trained in various aspects such as artificial lighting, water chemistry, nutrient balance, business development, and sales. Tieg Zaharia, a software engineer at Kickstarter, found it interesting to know who is growing his food while enjoying a $5 bag of greens grown and packaged by Groszyk, emphasizing the importance of supporting local farmers over those who ship their products from far away. Nabeela Lakhani, 23, was motivated to transform the food system after reading "Fast Food Nation: The Dark Side of the All-American Meal" during high school. Currently, she works as a resident chef at a market-to-table restaurant in lower Manhattan three nights a week. When greeting customers, Lakhani introduces 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 that they have a shipping container in Brooklyn. They harvest the produce and deliver it within 24 hours, ensuring that customers are eating 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 in order to increase food production in developing nations. 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 farming. Gates and Geithner emphasized the importance of providing support to small farmers and impoverished individuals, especially as the world's population grows and climate change leads 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, urging countries to collaborate and invest in agriculture in the world's most impoverished regions. Gates and Geithner announced that commitments for the fund reach nearly $900 million until 2012, with contributions from Canada, Spain, and South Korea. The fund, overseen by the World Bank, will offer financial support to impoverished nations with severe food insecurity and effective agricultural plans to enhance crop production. It will focus on investing in infrastructure to connect farmers with markets, promoting sustainable water management, and improving access to quality seeds and technologies. The surge in global food prices in 2008 underscored the long-standing lack of investment in agriculture in developing countries, where the majority of the impoverished population resides in rural areas. The Gates Foundation has been involved in funding projects to enhance agricultural production for small-scale farmers in Africa and other regions for a long time. They have a strong focus on improving access to food, collaborating 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 stated on Wednesday that Bangladesh is dedicated to implementing low-emission development strategies (LEDS) as long as it does not impose additional financial strain on its economy. He made these remarks at the "Ministerial Meeting on Climate Change" held at the European Commission headquarters in Brussels. The meeting, co-chaired by European Commissioner for Climate Action Connie Hedegaard and Norwegian Minister of Climate and Environment Tine Sundtoft, was attended by representatives from 40 countries and international organizations. The meeting covered topics such as mitigation in the 2015 agreement, 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 less developed and developed countries. He also discussed the upcoming climate agreement to be negotiated at the Paris climate conference next year. Alam stressed the importance of integrating climate change adaptation and disaster risk reduction in all relevant sectors and emphasized the need for adequate financial support and technology provision from developed countries. He is currently attending a climate summit in Abu Dhabi and will later campaign for a Bangladeshi candidate to the UN Committee on Elimination of Discrimination Against Women (CEDAW) in Geneva. | 3 |
At the beginning of this year, global inflation pressures increased, causing central bankers to struggle with how to control prices without causing a recession due to slower growth. In the United States, the Federal Reserve has been lowering interest rates since last August to combat a credit crunch, and recent data shows that underlying US inflation rose by 0.3 percent in January. The annual inflation rate also increased to 3.7 percent. In the euro zone, the European Central Bank has not followed the Fed's lead in cutting rates, leading to inflation rates above the 2 percent target in major economies like Germany, Italy, and Spain. Belgium also saw a significant jump in inflation to 3.64 percent, the highest rate since July 1991. In Japan, annual inflation remained steady at 0.8 percent in January, which is the highest in a decade. Despite signs of an economic slowdown, the Bank of Japan may still cut rates from the current 0.5 percent. Ken Wattret, the chief euro zone market economist at BNP Paribas, predicted that the euro zone could experience high levels of inflation in the upcoming months. He mentioned that the European Central Bank is facing a challenging situation as economic growth is declining 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 a rate cut from the current 4 percent due to the risks of higher inflation. Federal Reserve Chairman Ben Bernanke reassured that the United States is not headed towards "stagflation" like in the 1970s, but he acknowledged that inflation could complicate efforts to boost the economy. Friday's US core PCE index highlighted the challenges facing central banks in balancing the need to support economic growth amidst turmoil in the banking sector and the need to control inflation. The Federal Reserve has already cut rates by 2.25 percentage points since September and is expected to continue cutting. Despite signs of increasing inflation pressures, analysts believe the Fed will still opt for further rate cuts. The Fed recently revised its economic forecasts, lowering its growth outlook for 2008 due to the housing market decline and credit market issues. In Japan, strong housing construction and household spending data eased concerns about a potential recession following the US. The Japanese central bank has been hoping for inflation to come back after struggling with deflation for years. Yoshimasa Maruyama, an economist at BNP Paribas in Tokyo, believes that the trend of prices will be similar in all developed countries, with high inflation now but expected to decrease in the future. In Europe, the ECB is facing challenges due to above-inflation pay requests 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. In February, the business climate indicator for the euro zone, which is based on a survey of corporate managers, decreased more than anticipated to 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 euro zone inflation figure for February is expected to remain unchanged at 3.2 percent, which could prompt the ECB to start easing rates soon according to David Brown, chief European economist at Bear Stearns. The headline euro zone inflation rate increased to 3.2 percent in January from 3.1 percent in December. Wattret from 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 rise in the euro against the dollar is posing challenges for exporters. According to a recent Reuters poll, most economists anticipate that the ECB will lower rates twice in the current year. However, the possibility of an immediate rate cut seems less likely due to the persistence of high inflation. | 3 |
Meteorologists are predicting that the severe cold spell in Europe, the worst in decades, may continue until the end of February. This could result in more deaths and a prolonged increase in gas prices. Despite some potential changes in mid-February, the weather is expected to remain cold throughout the month. The extreme cold and heavy snowfall have already caused numerous fatalities in Europe, with temperatures dropping to nearly minus 40 degrees Celsius in some eastern countries. The Defence Ministry in Bulgaria stated that over 130 villages were still without power on Wednesday, with the army providing food and medicine. The country declared a day of mourning for eight individuals who lost their lives due to a dam bursting from melting snow, flooding a village entirely. Two people are still unaccounted for. Kristalina Georgieva, the European Union's crisis response chief, warned that the worst of the flooding is still expected. In Bosnia, authorities confirmed five additional deaths from the cold and snow on Wednesday, bringing the total to 13. In Serbia, authorities are warning people to remove icicles from roofs after a woman in Belgrade was killed by falling ice. The country is facing challenges with electricity production due to increased demand and ice hindering hydro-power plants and coal trains. In Croatia, strong winds have blown fish from the Adriatic sea onto the island of Pag, prompting locals to collect them from the shore. Cold polar air from northern Russia has kept temperatures below freezing across Europe for the past 10 days, with no signs of an early thaw. Officials from the World Meteorological Organization (WMO) in Geneva this week did not dismiss the possibility of cold temperatures continuing throughout February. Omar Baddour, who oversees the WMO's climate data monitoring program, mentioned that there is a chance the pressure system causing the cold weather may start to lift next week, but it could persist until the end of the month. The "negative Arctic oscillation," which is causing the freezing temperatures due to a pressure difference between Europe and the Arctic, is expected to take two or three weeks to return to normal, according to Baddour, delaying any early thaw. Although the high-pressure system itself is not uncommon, experts were surprised by the sudden drop in temperatures following weeks of mild weather. Brown stated, "It's quite remarkable and somewhat perplexing how this winter has unfolded." Georg Mueller, a forecaster at Point Carbon, a Thomson Reuters company, stated that the cold spell in January and February is the most severe in 26 years. The current Siberian blocking pattern is so large that it is challenging to forecast its movement. Mueller also mentioned that the cold air blocking seems to be influencing the wind patterns, rather than the other way around. Brown stated that the unexpected cold block has persisted and shifted westward. Computer models are struggling to predict when the system will leave Europe. The cold snap 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 over 15 percent. Russia reduced gas exports to Europe due to record demand, leading countries like Italy to boost imports from Algeria and use stored gas. Prolonged cold weather and higher domestic demand may result in Russia reducing exports to Europe once more. | 3 |
Two members of the Saudi royal family who own an American-Saudi firm are 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, each costing an estimated $200 million, as stated in a press release by PRNewswire. The co-owners of the company are Saudi Princes Abdullah Al-Saud and Bader Al-Saud, both young entrepreneurs. EHII has received interest from other companies, including Siemens, to participate in these projects and future developments in Bangladesh. EHII Vice-Chairman Jalal Alghani mentioned that the company is in discussions with Siemens to potentially partner with them and supply turbines for the plants. EHII Chairman John W Adair stated 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 expressed interest in investing in Bangladesh's power and tourism sectors. He was presented with information on investment opportunities in Public Private Partnership projects, as well as challenges related to climate change. With a net worth of $18 billion, Prince Al-Waleed is currently ranked 29th on Forbes magazine's list of billionaires. His interest in Bangladesh dates back to 2005 when he considered 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 for displaced people in Cox's Bazar camps, a $25.44 million grant for solar-powered pumps in irrigation, and a $225 million loan for improving secondary education quality and relevance. Parkash mentioned that the grant for Cox's Bazar was processed quickly after receiving a request from the government in May 2018. He also stated that the secondary education project will support the government's reform efforts to prepare youths for the growing economy, and the solar-power project will help enhance energy security and reduce environmental pollution. The ADB has allocated a $100 million grant to assist displaced individuals in Cox's Bazar who are currently residing in camps. The focus of the project will be on improving water supply and sanitation, disaster risk management, energy, and roads. Specifically, the funding will be used to repair roads within the camps to enhance connectivity to essential food distribution and storage facilities, as well as provide emergency access. Additionally, the project will include resurfacing the road from Cox's Bazar to Teknaf, along with other critical sections. A portion of the funding, amounting to $25.44 million, will be used to install around 2,000 off-grid solar photovoltaic pumping systems in areas lacking electricity access, resulting in an estimated 19.3 megawatts-peak of solar capacity. By replacing diesel pumping systems with off-grid solar photovoltaic pumps, the project aims to reduce carbon dioxide emissions by 17,261 tons annually. The secondary education project, set to finish in 2023, is assisting the government's comprehensive secondary education development program with support from development partners in a coordinated way. The government aims to increase the number of secondary school students by approximately 3.5 million by 2023, which will necessitate hiring an extra 145,000 teachers and building 10,000 more schools. The $225 million ADB aid will focus on creating a competency-based curriculum, encouraging the use of ICT in teaching, and improving classroom assessment. | 3 |
She made a promise that the project would not harm the Sundarbans, 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 mentioned that the proposed power plant would be located 14km from the Sundarbans boundary and 70km from the World Heritage Site. She also emphasized that the plant would use clean coal and modern technology to minimize its impact on the environment, according to Deputy Press Secretary Nazrul Islam. The Prime Minister invited Gore to visit Bangladesh and see the location for himself. Bangladesh has agreed to a partnership with India to establish a 1,320-megawatt thermal power plant in Rampal, Bagerhat, which is located 14 kilometers away from the Sundarbans. Critics, including environmentalists and leftist parties, have expressed concerns about the potential impact of the coal-fired power plant on the ecological balance of the Sundarbans, the world's largest mangrove forest. Despite these objections, the government asserts that appropriate measures will be implemented to safeguard the environment from pollution. Deputy Press Secretary to the Prime Minister, Islam, stated that during a plenary session in Davos, the Prime Minister addressed the controversy surrounding the project, emphasizing that she will not approve any initiative that jeopardizes the environment. Other than the ex vice president of the United States, the session was also attended by the Prime Minister of Norway, Erna Solberg, the CEO of HSBC Group, Stuart Gulliver, and the CEO of Cofco Agri, Jingtao Chi. | 3 |
The feminine and flowery baby-doll looks in fashion will be replaced by more tailored and sophisticated styles next spring. Experts believe that the serious tone of the spring collections in New York this week reflects the current mood of the nation as it faces important tasks such as electing a new president and resolving conflicts in Iraq. Luxury consultant Robert Burke noted that women's spring clothing is now more fitted and professional, indicating that the fashion industry is responding to consumers' state of mind. The trend of a youthful look is no longer appropriate for the current climate. Burke mentioned that there is a sense of unpredictability and increased seriousness in the current situation. She noted fluctuations in the stock market and upcoming elections as contributing factors. In response, people are leaning towards 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 trend. 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, from the Pantone Color Institute, described the trend as ladylike and classic, reflecting a more thoughtful time. She predicted that this style will be even more prevalent next spring and summer due to the current situation with 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 see women in a more powerful light, and leading designers like Zac Posen are being influenced by the political atmosphere. Posen believes that with the upcoming elections, it is important to find a graceful way for the U.S. to transition. Designer Catherine Malandrino mentioned that the current uncertainty in the world has influenced her elegant collection. She aims to create harmony between the body and soul when dressing women, as she believes there is a peaceful and much-needed aspect to it. Despite some skepticism towards designers understanding women's desires and needs. David A. Wolfe from The Doneger Group trend forecasters expressed a desire for designers to try new things because he believes they become bored easily. Patricia Pao from the Pao Principle retail consultants stated that the changing style is influenced by economic factors. Pao also mentioned that the unstructured look has been challenging for designers as it can easily be copied, whereas structured dressing is more difficult to replicate. Many people believe that the baby-doll look became unpopular on the catwalks because it made women look too casual and messy. Stan Herman, former head of the Council of Fashion Designers of America, stated that designers were hesitant to showcase this style due to widespread mockery. | 3 |
The main concern for the world in 2010, as stated in a report by the World Economic Forum, is the possibility of government finances deteriorating and causing full-fledged debt crises. Major economies have responded to the financial crisis by increasing deficits through stimulus packages and supporting private debt, which has raised concerns in financial markets. Developed nations are particularly at risk, while many emerging economies in Latin America have already taken steps to address their fiscal issues. The rising levels of debt due to government stimulus efforts are increasing the risk of sovereign defaults, according to the WEF report. He mentioned that higher levels of unemployment could result, along with associated social and political risks. The report identified unsustainable debt levels and the potential impact of the financial crisis as key risks, along with underinvestment in infrastructure and the rise of chronic diseases like Alzheimer's and diabetes. Other looming threats included the possibility of asset price collapse, risks related to Afghanistan, and the potential slowdown in Chinese growth, which could have negative effects on employment, social unrest, and exports. The report warned about the risk of developed nations accumulating unsustainable levels of debt, stating that full-blown debt crises would have unavoidable social and political repercussions, including increased unemployment. Daniel Hofmann, the group chief economist at Zurich Financial Services, emphasized that government debt levels of 100 percent of GDP, which the United States and the UK are approaching, are 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 are affecting global markets, and these countries, along with the United States and the United Kingdom, are facing pressure. The WEF report emphasizes the need for tough decisions to be made in the coming months regarding the withdrawal of fiscal stimulus to ensure a sustained recovery without causing fear of sovereign debt deterioration. The report also points out a "governance gap" between short-term pressures and the need for long-term decisions on issues such as health, pension reform, and climate change. The report mentioned that not enough was being done to deal with the lack of investment in infrastructure, which could harm food and energy security. According to the World Bank, global infrastructure investment needs over the next 20 years are estimated to be $35 trillion. The report also highlighted the increasing financial burden from chronic diseases due to greater life expectancy and unhealthy lifestyles, and suggested that prevention campaigns promoting healthier living are necessary for both developing and developed nations to address this issue. The report warned that the biggest risks facing the world today may come from slow failures or gradual risks, as the impact of these failures and risks can be significantly underestimated due to their emergence over a long period of time. | 3 |
A Saudi prince who is a multi-billionaire was given a rare state honour during his visit to Dhaka, where he held talks with the Prime Minister and other senior Cabinet members. Prince Al-Waleed Bin Talal received the Bangladesh Friendship Medal in a ceremony at Sonargaon Hotel, which was attended by Sheikh Hasina and other officials. The prince, who arrived in the morning and was set to leave in the afternoon, met with Hasina to discuss various topics, including investment and business opportunities in Bangladesh. Other officials present at the meeting venue included Deputy Leader of the Parliament Syeda Sajeda Chowdhury, LGRD Minister Syed Ashraful Islam, Foreign Minister Dipu Moni, Prime Minister's Advisor Gowher Rizvi, Cabinet Secretary Mosharraf Hossain Bhuiyan, and Power Secretary Abul Kalam Azad. A presentation was given on the investment opportunities in the country, including Public Private Partnership projects, tourism, and the power sector. Following the meeting, the attendees had lunch together before the Saudi prince was driven to meet with President Md Zillur Rahman at Bangabhaban. Al-Waleed Bin Talal, with 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 have had to give up luxurious company perks like fancy cars, comfortable seats, and expensive meals due to significant financial losses. Trading desk managers and senior bankers are cutting back on these small comforts in order to save money and improve profits. Ron Karp, a controller at Corporate Transportation Group, has noticed a decrease in demand for their services as companies are reducing expenses, including lavish transportation for employees. He stated that there has been a noticeable decrease in business at car services throughout the city in the last month. Unlike the widespread cutbacks that occurred in the early 2000s after the tech bubble burst, these cutbacks are happening within specific departments. However, employees in these departments are still feeling the effects. 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 criteria for free meals and car rides. Reducing small benefits helps reduce costs, but more importantly, it sends a message to employees to be mindful of expenses in their control. According to equity analyst Brad Hintz, cutting perks in banks is a way to remind employees to be frugal in tough times. The financial industry has faced significant losses and layoffs, with over $300 billion in write-downs and layoffs of over 23,000 announced in April alone. Professor Roy Smith notes that the common response is to increase layoffs and reduce operational expenses. Banks adhered to this procedure in 1987, 1990-91, 1994, 1998, and 2000-2002, according to him. The question remains whether the reductions will cease as the prospects for Wall Street firms improve, with the AMEX Security Broker Dealer Index .XBD climbing over 30 percent to 181 since hitting its low on March 17. When faced with tough decisions, managers are opting to trim luxuries rather than staff in order to be prepared for any market recovery. As a result, at Credit Suisse, certain departments have implemented a strict $30 cap on meals ordered by traders working late, as reported by a source familiar with the situation. Employees are no longer able to select dinner from any restaurant in town. Instead of allowing employees to handle catering individually, all food orders are now processed 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 accommodations by removing first class and business class options for domestic flights. Representatives from Credit Suisse and Merrill clarified that these changes were not company-wide but were enacted by specific teams or divisions. Even companies that have not been significantly affected by the credit crunch are reducing their expenses. For example, at JPMorgan, employees may need to work late to qualify for a ride home or stay at work for a set amount of time after ordering food on the company's account. Similarly, Goldman Sachs has stopped providing free soda on some of its trading floors. However, Jeff Visithpanich, a principal at compensation consultant Johnson Associates, warned that excessive cost-cutting could have negative consequences for companies in the long run. Perhaps the idea seems promising in theory, but in reality, the result is that many individuals are extending their breaks by heading downstairs to Starbucks. | 3 |
World Bank President Robert Zoellick has cautioned developing countries to brace themselves for tougher times as the financial crisis in Western economies unfolds. Zoellick stated that business failures, bank emergencies, and balance of payments crises could all potentially occur in developing countries as the crisis spreads. The financial squeeze, along with rising food and fuel prices, will pose challenges for governments in developing countries to protect the poor. A new World Bank report, prepared for upcoming meetings of world finance ministers, 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 encounter fiscal difficulties. He stated that he would reveal the details later on Thursday before weekend meetings of finance leaders in Washington. Zoellick emphasized the importance of looking at the risk of developing country growth and the impact of policies taken, along with the support provided by various organizations. He expressed optimism about the potential for sub-Saharan Africa to become a center of growth in the future, but acknowledged that it would require proactive actions and investments. The World Bank is working with developing countries to raise awareness of the services it can offer to help them create contingency plans and support their banking systems in times of strain. The financial crisis poses a significant threat to the progress made in developing countries in terms of economic growth, poverty reduction, and healthcare improvements. 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. In contrast, 8 countries that were oil producers saw an average growth rate of 8 percent during the same period. Zoellick mentioned at a news conference that there is concern about the potential economic challenges that may arise from the crisis originating in the United States. Improved economic management, reduced conflicts, and the promise of high returns on investments have attracted more interest from the private sector in developing countries. Countries such as China, Brazil, India, and Gulf nations have become major investors in other emerging economies, leading to an increase in south-south investments. Zoellick expressed confidence that China will continue investing in natural resources in Africa despite the financial crisis affecting emerging economies. He also mentioned that Gulf states are looking into investments in agriculture. He emphasized the importance of turning 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 increasing issue of malnourishment. Zoellick also proposed that developed countries contribute to a World Bank fund to assist struggling developing countries with food and fuel prices, provide fertilizer to small farmers, and energy to the poor. He highlighted the need for support from the World Bank and International Monetary Fund for governments facing balance of payments challenges, climate change, and trade issues. "We are able to participate, but we require developed countries to take coordinated action in order to provide support." | 3 |
The sugary summer drink Rooh Afza, known as a "soul refresher" and originating from Old Delhi, has become 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 to in-laws by a new groom. Rooh Afza is even referenced in movies, with one hero comparing the heroine to its beauty. In Delhi, where summer temperatures soar, Rooh Afza is a common sight. The traditional flavor of Rooh Afza has been preserved in modern packaging to attract a new generation and a new consumer base. This beverage, enjoyed in India, Pakistan, and Bangladesh, has adapted to the changing times, now available in juice boxes, sachets at tobacco stalls, and even incorporated into trendy ice cream dishes. Founded by Hakim Abdul Majid in 1907 in Old Delhi, Rooh Afza continues to endure and evolve. India, Pakistan and Bangladesh all share a love for the sweet and herbal flavor of Rooh Afza, a beverage that has persisted through the region's troubled history and is now targeting a new generation of consumers. As temperatures rise during summer heat waves, the drink's reputation as a natural cooler made from fruits and herbs that can lower body temperature and boost energy has led to widespread concern over shortages when production is disrupted. Despite facing decades of violence and turmoil since its creation, the drink has survived thanks to the determination of a young herbalist who passed away early and his wife, who helped her sons transform the beverage into a successful business. In India alone, the drink brings in around $45 million in profits each year, with most of the money going towards funding schools, universities, and clinics through a trust. Hamid Ahmed, a fourth-generation member of the family that runs Hamdard Laboratories, which produces the drink, stated that while some ingredients may have changed due to availability, the overall formula has remained consistent. An advertisement for Rooh Afza, a popular beverage in India, Pakistan, and Bangladesh, highlights its appeal to the elite during the hot summer season. The drink was created in 1907 by herbalist Hakim Abdul Majid in Old Delhi to combat heat-related ailments. The sweet and herbal taste of Rooh Afza has remained popular throughout the region's turbulent history and is now targeting a new generation of consumers. Majid's small medicine store, originally named Hamdard, saw a high demand for bottles of glass back then and plastic now. After Majid's death at 34, his wife Rabea Begum and their two sons, aged 14 and a toddler, took over the store. Begum's decision to turn Hamdard into a trust, with her and her sons as trustees, ensured its profitability and continued welfare efforts during a turbulent political period in the country. The family would not be the main beneficiaries of the profits, as they would mostly be directed towards public welfare. The company faced its biggest challenge during India's partition in 1947, when Pakistan was created as a separate Muslim nation. Millions of people went through a difficult journey, either on foot or in crowded trains, to reach their desired side of the border. The partition resulted in the death of between 1 to 2 million people, causing families, including Begum's, to be separated. In a photo that was not dated and shared with The New York Times, Rabea Begum, the wife of Hakim Abdul Majid, made the decision following his passing that the earnings from Rooh Afza would be directed towards a trust to support public welfare. India, Pakistan, and Bangladesh all share a love for the sweet and herbal flavor of Rooh Afza, a beverage that has withstood the turbulent history of the region and is now being targeted towards a new generation. India, Pakistan, and Bangladesh all appreciate the sweet and herbal flavor of Rooh Afza, a beverage that has withstood the turbulent history of the region. Now, it is seeking to appeal to a new generation. Hakim Mohamad Said, the younger son, moved to Pakistan after its formation and left his position in Hamdard India to establish Hamdard Pakistan and manufacture Rooh Afza there. He eventually 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 minor variations due to regional climate differences affecting the herbs. The drink is popular during the summer, but demand spikes 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 bring a refreshing burst of flavor. 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 Rooh Afza, a beverage with a sweet and herbal taste that has remained popular despite 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 shown checking bottles of Rooh Afza at a factory on April 14, 2021. In Bangladesh, the brand's marketing strategy goes beyond simply touting flavor and refreshment, delving into the realms of the unexpected and metaphysical. According to Amirul Momenin Manik, deputy director of Hamdard Bangladesh, Rooh Afza is believed to have benefits for COVID-19 patients, despite lacking scientific evidence. Many people in Bangladesh claim to experience a spiritual connection when drinking Rooh Afza, as it is marketed as a halal drink. During a visit to Rooh Afza's India factory in April, workers were observed producing 270,000 bottles a day, mixing sugar, fruit juices, and 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 without a date, preparing the sugar syrup for the popular drink. This beverage, enjoyed by India, Pakistan, and Bangladesh, has a sweet and herbal taste that has remained popular despite the region's history of turmoil. Now, the drink is being marketed to appeal to a new generation, with trucks being loaded at the dock to distribute over 1,000 bottles at a time to warehouses and markets across India. Ahmed, who oversees Hamdard's food division, is working to expand the popular Rooh Afza 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. According to a survey conducted by the company, half of Rooh Afza in Indian households is used as a flavoring in milk, while the rest is used in cold drinks. Ahmed mentioned that they have created a new twist on milkshake by combining Rooh Afza, milk, and vanilla. Now it is targeting the tastes of a younger demographic, according to Rebecca Conway of The New York Times. The milkshake has been very successful, according to Ahmed. He is especially proud of two products, including 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 new product, which is more than double the price of the original, is aimed at a wealthier consumer base. 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 by people in India, Pakistan, and Bangladesh, and has a rich history in the region. Now, Rooh Afza is looking to appeal to a new generation of consumers. Ahmed, a runner, notes that there is a growing market for health-conscious individuals who are mindful of what they consume. Additionally, there is potential for the original Rooh Afza to tap into India's large market despite its high sugar content and strong flavor. He is focusing on individuals who are unable to purchase the 750-milliliter 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, the prevalence of malnutrition is so severe that sugar is appreciated. "In reality, people in India actually desire sugar," Ahmed stated. "Only those in metropolitan areas are familiar with diabetes." | 3 |
According to an AstraZeneca representative, the AZD1222 vaccine candidate contains the genetic material of the SARS-CoV-2 virus spike protein, and the changes in the genetic code of the new 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 in Britain. The vaccination with AZD1222 helps the immune system recognize various parts of the spike protein to eliminate the virus if exposed later. The mutation, known as the B.1.1.7 lineage, is believed to be up to 70% more infectious and poses a greater risk to children. This has caused chaos in Britain, leading to travel bans, disrupting trade with Europe, and potentially isolating the island country further. The AstraZeneca-Oxford vaccine is seen as important for countries with lower incomes and hot 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 revealed varying levels of efficacy, with the vaccine showing 62% efficacy for those given two full doses and 90% for a smaller group given a half dose followed by a full dose. India is expected to approve the vaccine for emergency use by next week, according to Reuters. | 3 |
Finance adviser AB Mirza Azizul Islam emphasized on Monday that it is impossible to give any assurances about a decrease in commodity prices. He stated that various factors like economic policy, monetary policy, and the international market situation play a significant role in determining market prices. The adviser clarified his previous statement, mentioning that the media had only partially quoted him regarding the current market scenario. He discussed the complexities of market fluctuations and referenced Shayesta Khan to illustrate his point. Islam acknowledged that while the allusion was not explained inaccurately, it was presented incompletely in the published report. I wanted to emphasize the importance of addressing related issues in any economic situation. It is not realistic to anticipate a decrease in market prices. We are working diligently to control prices through various measures, such as removing import duties on food items, reducing production costs by lowering ingredient prices, and cutting corporate taxes. Despite these efforts, prices remain high due to the global market conditions, according to the adviser, Mirza Aziz. The government has started three different welfare projects to address the situation. These include the implementation of 100-day work programs for rural residents, offering pregnancy allowances, and providing stipends to male students. According to the adviser, these projects will help families improve 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 is relatively small compared to prices in the global market. Mirza Aziz had previously conducted a meeting regarding the utilization of budget allocation to safeguard the country from the effects of climate change. The government has made the decision to establish a foundation or trust to distribute the Tk 300 crore earmarked for the 2008-09 fiscal year for this purpose. The board of trustees, however, will be restricted from spending more than two-thirds of the allocation. The remaining funds will be held in an account and any interest earned will be given to the trustees, who also have the option to seek foreign assistance if needed, according to the adviser." The initiative has received a favorable response from both the World Bank and UNDP, according to him. In addition, a steering committee will be established with members from various ministries. | 3 |
A senior UBS analyst in Singapore stated that many Asian companies are not fully aware of the potential financial impacts of carbon pricing in the region, nor are they ready for the risk of carbon import duties on their products. Various sectors, including airlines, cement and steel firms, computer manufacturers, and shipping companies, could be affected based on their profit margins, ability to pass on costs, and exposure to the US and Europe. The analyst believes that a major climate conference in Denmark in December could lead to a broader implementation of carbon pricing in Asia, with a carbon tax or emissions trading potentially affecting numerous companies across all Asian markets within three years. The analyst also 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 major UBS report titled "How could carbon pricing impact Asian company earnings?", recently published his findings. He examined three scenarios: domestic carbon pricing in Asian countries, "equalising" carbon import duties between richer and poorer nations, and harsher climate change carbon import duties. He stated that the second option is the most likely in the medium term, citing signals from the United States and the European Union regarding potential duties on goods from countries without greenhouse gas caps. The Waxman-Markey climate bill, which has yet to be voted on in Congress, includes a proposal for an international reserve allowance programme. 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. In order to offset the carbon emissions associated with these foreign goods, US companies would need to purchase allowances. According to Smiles, industries such as marine transport, airlines, steel production, and technology companies would be impacted by this second scenario, as exporters would be responsible for paying for the carbon emissions they produce. However, domestic companies would not be affected. Smiles also mentioned that once the US implements carbon pricing, more than half of global private consumption will be subject to carbon pricing. The report suggests that Asian airlines such as Taiwan's Eva Airways, Thailand's Siam City Cement, and South Korean Hyundai Merchant Marine would be significantly affected by potential carbon-related import duties. The study projected that Eva Airways' earnings per share could drop by 34.3 percent, Siam City Cement's by 10.6 percent, and Hyundai Merchant Marine's by 51.4 percent based on 2010 earnings projections and a carbon price of US$9 per tonne. The most affected industries would be airlines, power utilities, marine transport, and cement makers if domestically focused firms and exporters were required to pay for the CO2 they emit. The study assumed that Asian countries would implement domestic carbon taxes or carbon trading schemes aiming for a 20 percent reduction in CO2 emissions. China Airlines is expected to experience a significant decrease in its 2010 EPS due to its high exposure to the United States and EU, a 30 percent fuel cost exposure, and a slightly negative earnings margin. On the other hand, Singapore Airlines' EPS is projected to only decline by 8.6 percent, attributed to its 9.5 percent net profit margin and slightly lower fuel cost exposure. The possibility of exporters being held accountable for the CO2 emissions of their home countries seems less likely currently. This scenario was seen as a way to pressure countries like China and India to participate in global efforts to combat climate change. The report examines the potential costs of implementing a domestic carbon pricing regime in these countries. It was believed at that time that the US and Europe placed a uniform tax on all manufactured exports from each country, resulting in the assumption that the total cost for every country was borne by these two regions. In 2007, China's estimated carbon cost was $55 billion, and India's was $9 billion. | 3 |
The first global carbon offsetting system for the aviation industry, created by the International Civil Aviation Organization (ICAO), is expected to help reduce emissions from commercial flights without significantly impacting industry revenues. While individual governments still need to enforce the agreement's limits, 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 offset the increase in emissions. According to Olumuyiwa Benard Aliu, president of ICAO's governing council, the system is the result of compromises and consensus. Aliu stated that objections from a small number of countries would not derail the plan. He mentioned that participation in the voluntary first phases by 65 countries, covering over 80 percent of aviation activity, exceeded the agency's expectations and is expected to continue growing. The tensions revolved around developed nations, which have been responsible for most greenhouse gas emissions in the past, and emerging and developing countries that are concerned added costs could hinder growth. Russia and India have announced they will not participate in the voluntary phases, arguing that the deal unfairly burdens emerging countries. However, China has stated its intention to join the voluntary phase. Brazil, which had previously expressed concerns, has now shown support for the deal. However, it has not confirmed whether it will participate in the initial stages. According to ICAO figures, the agreement is expected to cost airlines between $1.5 billion and $6.2 billion in 2025, depending on future carbon prices. This amounts to no more than 1.8 percent of industry revenues by 2035. Despite airlines' slim profit margins, with an average of 4 percent over the past decade, the International Air Transport Association has stated that the deal is more cost-effective than a fragmented system of national and regional climate agreements. Paul Steele, a vice president of IATA, stated that although the deal represents an additional cost for the industry, it is manageable. The US Department of State has advocated for a deal that aims to lead the industry towards sustainable, carbon-neutral growth. However, environmentalists argue that the voluntary phase and exceptions for smaller markets will prevent the scheme from achieving its objectives. The International Council on Clean Transportation predicts that airlines will only need to offset around three-quarters of growth post-2021, which equates to a quarter of total international traffic. Critics also question the deal's heavy reliance on offsets, with Transport and Environment director Bill Hemmings stating that air travel is a major contributor to environmental damage and this agreement will not reduce 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, which was approved by an assembly of ICAO's 191 member states in Montreal, will be applicable to international passenger and cargo flights, as well as business jets that produce over 10,000 tonnes of emissions annually. Prior negotiations almost led to a trade dispute before the 2013 ICAO assembly, as the European Union, frustrated by slow progress, mandated foreign airlines to purchase credits under its program. This move was seen as a violation of sovereignty by China and other nations. The agreement was reached shortly after the Paris agreement to combat climate change came into effect. The aviation sector was not included in the agreement, even though it is responsible for around 2% of carbon dioxide emissions, a greater amount than some industrialized countries. With the industry anticipating a doubling of passenger numbers to 7 billion by 2034, it is crucial to reduce aircraft pollution in order to meet the temperature goals set by the Paris agreement, according to Lou Leonard, a vice president at the World Wildlife Fund. | 3 |
A survey commissioned by HSBC Bank International found that some of the world's highest-paid expatriates live in Asia and the Middle East. In Russia, a third of expats earn over $250,000 a year, with similar numbers in Japan and Qatar. Additionally, between a third and a quarter of expats in Hong Kong, the UAE, Thailand, and India earn over $200,000 annually. Asia is home to the highest paid expats, with one in four earning over $200,000 per year. Russia was named the top country for expats in terms of wealth, with the rest of the top nine being in Asia and the Middle East. Expats often view 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 for increased savings. However, the global economic crisis has negatively impacted expats in Britain and the United States, with nearly a quarter considering returning home due to high living costs, lack of savings, and lower wages. Australia and Belgium were also found to have limited opportunities for generous salaries. The majority of expats in both countries earn less than $100,000, which is lower than the global average of 35 percent. According to Paul Say, head of marketing and communications for HSBC Bank International, expats are still considered wealthy despite the credit crunch. The Expat Explorer survey, the largest of its kind, interviewed over 3,100 expats from different nationalities living in 26 countries. More than two-thirds of expatriates around the world reported that the credit crisis had impacted their spending habits, particularly in terms of luxuries and day-to-day expenses. Nearly 40 percent stated that they were now saving more for unexpected expenses. The majority of expats in Japan, at 53 percent, were reducing their spending on holidays and other extras, while nearly half of expats in Thailand and Hong Kong were also making cutbacks. However, two-thirds of expats in Qatar and over half in Bahrain stated that the global financial crisis would not change their spending behavior, suggesting that some oil-rich Gulf Arab states were less affected by the economic downturn. Expats in Saudi Arabia, Brazil, and Russia were also among the least likely to reduce their spending on luxuries, according to the survey. 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 money 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 found that only a small number of them have disclosed their investment views on issues such as climate change and company governance. The survey, which looked at the 20 largest occupational pension funds totaling over 250 billion pounds, revealed that only five of them have policies in place for engaging with companies on environmental, social, and governance issues. Environmental activists and other campaigners have been urging big investors like pension plans and insurance funds to use their influence to push for change within the companies they invest in. The survey also found that organizations such as the BBC and Royal Mail have not been transparent about their investments, while BT Group's pension scheme was the only one to disclose how votes were cast on behalf of its members. The Universities Superannuation Scheme (USS) and the UK rail industry pension fund provided only partial voting data, according to the report. 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 the impact of issues like climate change on their pensions, but they do not receive adequate information to address these concerns. | 3 |
Fourth-placed Arsenal, among the top five teams, has the worst home record. Disgruntled supporters have expressed frustration over the club's failure to finish first in the league for the 12th consecutive year. Fans from the Arsenal Supporters' Trust, the Black Scarf Movement, and Red Action plan to protest at Saturday's match against Norwich City under the banner of "Time for Change" in the club's management. Wenger told reporters that some people question the team's character, but they have character and attitude, and those who doubt them have even less character. He emphasized the need for unity and support for the team. We were defeated in the championship game at our home stadium by teams that are ranked lower, but we faced challenging weather conditions. Despite this setback, we are currently leading the league among the top teams and are looking to make necessary additions. Concerns were raised about Arsenal's ambition when they only signed goalkeeper Petr Cech during the offseason, leading to questions about whether manager Wenger was receiving enough financial support from majority stakeholder Stan Kroenke to strengthen the squad. Wenger stated that Kroenke has never restricted him from making transfers and preferred not to comment personally on his owners. Arsenal's longest serving manager emphasized the importance of clubs working with the resources they generate. He mentioned that the values he speaks about include ambition and support in the transfer market. Despite injuries to key players like Santi Cazorla and Alex Oxlade-Chamberlain, both are expected to be available for selection in the upcoming match against Norwich. Wenger noted that one of the two players could be involved, as Cazorla has been training with the team for two weeks and Oxlade-Chamberlain for one week. The team from north London currently holds a five-point lead over Manchester United, who are in fifth place and have one game in hand. They are aiming to secure their spot in next season's Champions League by defeating Norwich on Saturday. | 3 |
Sri Lanka captain Kumar Sangakkara is emphasizing the importance of mental strength and fortitude for his team at the Twenty20 World Cup following the traumatic incident in Lahore earlier this year. He acknowledges that there is never a 100 percent guarantee of safety, but believes that they must stay focused on playing cricket. Sangakkara highlights the global security concerns and the need for certain measures to ensure their mental comfort, expressing satisfaction with the arrangements so far. Six members of the Sri Lanka cricket team, including Sangakkara, were injured when gunmen fired at their team bus while they were on their way to the Gaddafi Stadium for the second test against Pakistan in March. In addition to the players, six Pakistani policemen and the bus driver carrying match officials were killed in the attack. The Sri Lanka team is now in constant communication with a national police intelligence cell that has been established to oversee security for the upcoming World Cup in England, which is set to begin on Friday. Steve Elworthy, the director of the World Twenty20 tournament and a former South African player, mentioned that security measures have been significantly increased following the incident in Lahore. Elworthy informed Reuters that the circumstances have shifted significantly, presenting a new challenge for cricketers and officials. The incident prompted a reassessment of the security plan for the event, which was already well-developed. Tournament organizers and the ICC are confident in the measures taken to ensure the safety of players, including police escorts and dedicated security personnel for each team. Elworthy stated that he was unable to disclose the specific information regarding team security. Leading the event's security 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. Reg Dickason, the England team's security chief, as well as the ICC's independent security consultants, are also involved. Despite the enhanced security measures, Sangakkara mentioned that his team remained focused on cricket and that the tournament felt like any other, with efforts made to keep everything discreet. "We are able to solely focus on cricket, which is a very pleasant opportunity." | 3 |
In early September, a seawall at Japan's Kansai International Airport on a reclaimed island near Osaka was breached by Typhoon Jebi. The runway was flooded, leading to a 17-day restoration period that had a significant impact on the region's economy and airlines that had to cancel flights. Other major airports in Hong Kong, mainland China, and North Carolina were also closed due to tropical storms last month. These incidents underscore the risks of disasters for investors and insurers involved in the global construction projects worth an estimated $262 billion, according to Fitch Solutions. Fitch Solutions Head of Infrastructure Richard Marshall noted the increasing frequency and severity of climate change-related events. "If people do not take that seriously, there is a risk involved." According to Airports Council International (ACI) Director General Angela Gittens, fifteen out of the 50 busiest airports worldwide are situated at an elevation of less than 30 feet above sea level, making them particularly susceptible to the impacts of climate change such as rising sea levels and increased storm surges. Gittens mentioned that some airports, like those in Vanuatu and the Maldives, are already experiencing the effects of sea level rise, while even airports in well-developed economies are facing challenges such as more frequent storms and increased need for drainage systems, as seen in Miami. A preliminary version of an ACI policy paper, which was reviewed by Reuters and is scheduled for release this week, highlights the increasing dangers that facilities face from climate change. The paper advises member airports to conduct risk assessments, implement mitigation measures, and consider climate change in their future development plans. It mentions examples of airports that have already integrated climate change considerations into their planning, such as the Istanbul Grand Airport, a $12 billion project on the Black Sea that is set to be one of the largest airports in the world upon its opening next month. Debt investors, particularly those with investments in airports mostly owned by governments or pension funds, face significant exposure. Ratings agency Moody's covers $174 billion worth of airport bonds, with lead analyst Earl Heffintrayer highlighting the increased risk of climate change post Superstorm Sandy in 2012. The storm resulted in the closure of major New York airports, leading to the cancellation of thousands of flights and significant financial losses for airlines. Investors are now scrutinizing mitigation plans, especially for low-lying airports like San Francisco and Boston, as they consider long-term bond investments. San Francisco International Airport, which was built on reclaimed land that is 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 increase in efforts to protect against flood damage and ensure storm drains are effective. More consideration is being given to potential worsening weather conditions in the future. According to a US Coast Guard handout via Reuters, Singapore's Changi Airport has taken measures to address sea level rise by resurfacing its runways for better drainage and constructing a new terminal 18 feet above sea level. These actions are seen as prudent and reassuring to insurers by providing protection against weather-related risks. Singapore anticipates a sea level rise of 2.5 feet by 2100. Changi Airport and various rating agencies did not provide estimates on the cost of climate change protection at airports. The cost of protective measures is often included in larger construction projects. Brisbane Airport in Australia, located on low-lying land, is building a new runway higher than originally planned to mitigate rising sea levels. The incremental cost of these adaptations is relatively low, but the benefits are significant. Coughlan stated that regardless of whether one believes in climate change or not, it is wise to incorporate considerations for rising sea levels, increased rainfall, and flooding into design projects. By integrating these factors from the beginning, the cost is not significantly higher and provides added protection. | 3 |
Bangladesh will be receiving 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 recently approved a technical assistance grant of $2 million 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 crucial issues such as food security, disaster readiness, and other concerns related to climate change. According to Zahir Ahmad, the Project Implementation Officer for ADB's Bangladesh mission, 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, leading the country towards a path of low carbon growth, increased climate resilience, and improved food and energy security. According to a statement by ADB, the country has experienced higher temperatures, heavier monsoon rains, and more tropical cyclones and storms due to climate change in recent years. It is predicted 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 receive support to enhance their capacity, and specific climate change programs and projects will be developed. A sub-program will also be implemented to attract private sector investments in clean energy projects eligible for carbon credits under the Kyoto Protocol's Clean Development Mechanism. The total cost of the technical assistance is estimated at $2.5 million, with the government contributing $500,000 in-kind. The program 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, which is funded by the government of Japan, will be managed by ADB. | 3 |
The agency stated that several states in Malaysia, including Kelantan, Terengganu, Pahang, Johor, Malacca, Negeri Sembilan, and Sabah, are still experiencing floods, with 8,727 individuals seeking refuge in 128 relief centers. A total of 125,490 people have been affected by the floods nationwide, with 117,700 evacuees having returned home. The floods, which are common on the eastern coast of Malaysia during the monsoon season from October to March, have been particularly severe this year due to heavy rainfall since December 17. The emergency services have been strained as a result. According to a police tweet quoting Inspector-General Acryl Sani Abdullah Sani, fifty people have died in the floods and two are still missing. In response to the meteorological department's warning of ongoing heavy rainfall, 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 in Peninsula Malaysia's west coast. Malaysia has announced it will offer 1.4 billion ringgit ($336.22 million) in cash aid and other assistance for flood victims this month. The country is also requesting $3 million from the UN Green Climate Fund to create a national plan for dealing with climate change. | 3 |
The Batman movie "The Dark Knight Rises" made $64.1 million in U.S. and Canadian theaters in its second weekend, leading the box office despite a slow market due to Olympic television coverage and the Colorado shooting. The final installment in Christopher Nolan's Batman trilogy, starring Christian Bale, earned an additional $122.1 million internationally, bringing its total overseas earnings to $248.2 million since its release on July 20. With domestic ticket sales totaling $289 million, the film has now made $537 million globally. Despite a 60% drop in sales from its opening weekend, "The Dark Knight Rises" still outperformed its predecessor "The Dark Knight" and other superhero films. This year, the summer blockbuster "The Avengers" saw a 50 percent drop in sales the weekend after its May release, while "The Amazing Spider-Man" experienced a 44 percent decline in June. Despite being one of the top grossing movies of the year, "Dark Knight Rises" did not meet pre-release sales forecasts due to the tragic shooting in Aurora, Colorado, which overshadowed its opening weekend. Sales for "Dark Knight Rises" in North America were lower than 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 analysts. Warner Bros. officials declined to comment on the box office numbers and their connection to the shooting. The Olympics and the Aurora shooting have been receiving a lot of media attention recently, possibly causing many people to stay home on Friday night. Lackluster reviews for this weekend's new movies may have also contributed to lower theater attendance. However, it is predicted that next weekend will see an increase in moviegoers as there will be more time since the Aurora shooting, the Olympics will be less of a novelty, and some exciting films like "Total Recall" and "Diary of a Wimpy Kid: Dog Days" will be released. Domestic ticket sales for the weekend 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 film "Step Up Revolution," both of which also premiered in theatres this weekend. "The Watch" came in third place, making $13 million in domestic theatres. The movie features Ben Stiller, Vince Vaughn, and Jonah Hill as men who form a neighbourhood watch group to combat aliens. Despite its star-studded cast, the film received mostly negative reviews, with only 14 percent of critics giving it positive feedback on Rotten Tomatoes. "The Watch" was also impacted by actual events. In response to the fatal shooting of black teenager Trayvon Martin by Neighbourhood watch volunteer George Zimmerman in Florida, 20th Century Fox changed the movie's title from "Neighbourhood Watch" in May. Prior to the weekend, the $68 million production was projected to earn $13 million to $15 million. Fox's executive vice president for domestic distribution, Chris Aronson, expressed uncertainty about the box office performance following the shooting, calling it a unpredictable weekend. Aronson expressed optimism for a rebound in the general market, believing it would positively impact all films. "Step Up Revolution" earned $11.8 million domestically, ranking fourth at the box office. The film, part of a franchise that has made over $400 million globally, follows a group of flash-mob dancers in Miami. The distributor had anticipated an opening in the low- to mid-teens. Comedy "Ted" secured the fifth spot with $7.4 million. The movie "Step Up Revolution" was distributed by a subsidiary of Lions Gate Entertainment. "The Watch" and "Ice Age" were both distributed by 20th Century Fox, a subsidiary of News Corp. Sony Corp's film division released "Spider-Man." | 3 |
The United Nations warned of a "silent tsunami" caused by expensive food that could impact 100 million people. Aid groups expressed concern that limiting exports would exacerbate the situation. Prime Minister Gordon Brown stated that Britain would push for changes to EU biofuels targets if it was proven that growing crops for fuel was contributing to high food prices. The World Food Programme described the situation as a new form of hunger affecting millions of people who were not previously at risk. Riots in poor Asian and African nations have erupted due to soaring food prices influenced by various factors such as costly fuel, adverse weather conditions, increased demand from rising incomes, and the conversion of land for biofuel production. The price of rice from Thailand, the leading exporter globally, has increased by more than 100% this year. Several major food exporting countries, such as Indonesia, Kazakhstan, Egypt, and Cambodia, have implemented restrictions on food exports in order to ensure their own supplies. According to Sheeran, shortages that have been artificially created have worsened the situation, as the world has been consuming more than it has been producing for the past three years, leading to a depletion of stocks. The rising prices have caused the World Food Programme to face financial challenges in purchasing food for its programs, resulting in cutbacks to school feeding initiatives in Tajikistan, Kenya, and Cambodia. The WFP, which had initially estimated it would need $2.9 billion in 2008 to meet its needs, now anticipates having to increase that amount by 25% due to the sharp increase in prices of essential grains like 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, as well as Brown expressing concerns about using crops for fuel production. He mentioned the possibility of changing their approach based on a UK review, and indicated a push for change in EU biofuels targets. Japanese Agriculture Minister Masatoshi Wakabayashi proposed clear rules for food export restrictions at the World Trade Organisation, allowing importers like Japan to provide input on restrictions imposed by exporting countries. Asian Development Bank's managing director general, Rajat Nag, stated that the era of cheap food was over and advised against market distortion through export curbs, advocating for fiscal measures to aid the poor. U.N. Secretary-General Ban Ki-moon has warned that rising food prices could undo efforts to reduce poverty. Kofi Annan, the former Secretary-General, has stated that climate change is worsening the global food crisis and could lead to severe hunger crises in many developing countries. He emphasized that the poor, who are least responsible for climate change, are suffering the most and called for those responsible for pollution to take responsibility. Annan also highlighted the broad impact of climate change on health, security, political stability, and social cohesion. | 3 |
Malpass stated during a virtual event held by the Washington Post that the sanctions would have a greater effect on the global economy than the war. He anticipated that producers worldwide would respond vigorously by increasing supplies as necessary, and he believed there was no need for individuals to stockpile extra supplies in their homes or restaurants. | 3 |
According to a UK official, Bangladesh should consider adopting cleaner technology in order to generate power from coal without worsening the country's climate change situation. John Ashton, special representative for the UK foreign secretary, emphasized the importance of balancing the need for power with the need to minimize pollution. 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. Bangladesh, a country facing gas shortages, is exploring alternative options such as coal for power generation. Ashton suggested that organizations like the World Bank or DFID could assist with the additional costs of CCS technology. He emphasized the importance of political consensus in addressing climate change, stating that all political parties must collaborate on policy formulation. Additionally, Ashton mentioned that the British government is prepared to support 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 is considered one of the most climate change vulnerable countries in the world, with concerns that a significant portion of the country may be flooded by the end of the century due to climate change. | 3 |
According to a statement from IFC, the equity investment fund will assist small and medium enterprises in enhancing their ability to address challenges related to climate change. The fund is a part of SEAF BV and has received support from the Climate Investment Funds-Pilot Programme for Climate Resilience, which aims to help developing countries improve their climate resilience. SEAF BV, established in 2010 by IFC and the Small Enterprise Assistance Funds, focuses on investing in SMEs. SEAF's CEO and co-founder, Hubertus Jan (Bert) van der Vaart, expressed gratitude for IFC's ongoing support, emphasizing that it will enable the fund to invest in activities that promote climate resilience for small businesses, allowing them to better withstand the negative effects of climate change. The IFC stated that it had previously put $12 million of equity into the fund in order to stimulate investment in high-growth SMEs. | 3 |
Ghana's High Commissioner to Britain warned that ending imports of fresh food from Africa in the name of fighting climate change could harm communities reliant on the trade. The issue of food miles, or the distance food travels from producer to consumer, has become a contentious topic as environmentalists push for reduced carbon emissions. Annan Cato emphasized that airfreighted food makes up less than 0.1 percent of Britain's carbon emissions, questioning the impact on global justice if small African farmers lose economic opportunities. He addressed a gathering of artists, musicians, and scientists discussing the effects of global warming on Africa. Environmentalists suggest increasing local food production and consumption to reduce airfreighted imports of fruits and vegetables. However, development specialists argue that many poorer African communities rely on the income from these imports. Cato suggests that British shoppers can reduce their carbon footprint in other ways without harming African farming families. Scientists predict a rise in global temperatures due to carbon emissions from fossil fuels, leading to dangerous consequences such as floods and famines. Africa, despite having low per capita carbon emissions, is expected to be heavily impacted. Cato emphasized the importance of reducing greenhouse gas emissions in a fair and rational manner, stating that making cuts that disproportionately affect the world's poorest is not only unjust but also hinders the international consensus needed for a global deal on climate change. UN environment ministers are set to meet on the Indonesian island of Bali to discuss urgent talks on a successor to the Kyoto Protocol, which expires in 2012. Europe is pushing for a deal by the end of 2009, but the United States and China, the world's biggest polluters, are hesitant to take action despite growing pressure. Cato stressed the need for the post-Kyoto agreement to include proposals for promoting adaptation to climate change with an effective implementation regime. "This is a matter that pertains not just to fairness on a worldwide scale but also to the very existence of nations," he further stated, noting that while the harm has been caused by some of the wealthiest countries, it is the least advantaged nations that bear the brunt of the consequences. | 3 |
To live a comfortable life despite the challenging economy, it is suggested to move to Eastern countries, as a survey has revealed that some of the highest-paid expatriates reside in Asia and the Middle East. The 2009 Expat Explorer survey, conducted by HSBC Bank International, found that a significant number of expats in Russia, Japan, and Qatar earn more than $250,000 a year, with a large proportion of foreigners in Hong Kong, the United Arab Emirates, Thailand, and India earning over $200,000 annually. Additionally, countries like Malaysia, China, and India were noted for their affordable accommodation options. The survey concluded that Asia is the region with the highest-paid expatriates, with a quarter of expats earning more than $200,000 per year. Russia was ranked as the number one country for expats in terms of wealth. The top nine countries following Russia were all in Asia and the Middle East. Expats often find that they are able to build up their savings while living abroad, with Saudi Arabia, Russia, Qatar, India, and the United Arab Emirates being the top five countries where people have been able to increase 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 of expats in these countries 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 paid expats globally where the average is 35 percent. According to Paul Say, head of marketing and communications at HSBC Bank International, despite the credit crunch, expats are still considered a wealthy group, with over half earning $100,000 or more. The Expat Explorer survey, in its second year, included more than 3,100 expats from 26 countries, making it the largest survey of its kind, as stated by HSBC. More than two-thirds of expatriates around the world reported that the credit crisis had impacted their spending habits, particularly in terms of luxuries and day-to-day expenses. Almost 40 percent stated that they were increasing their savings for unforeseen circumstances. In Japan, over half of expatriates were reducing their spending on vacations and other extras, while a significant number in Thailand and Hong Kong were also making cutbacks. On the other hand, expats in Qatar and Bahrain were less affected by the financial crisis, with the majority stating that their spending attitudes would remain unchanged. Expatriates in Saudi Arabia, Brazil, and Russia were shown to be the least likely to reduce their spending on luxury items according to the survey. The individuals surveyed were selected based on four primary factors: having an annual income over $200,000, a monthly disposable income over $3,000, building savings 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 be sharing their expert opinions in five panel discussions during the forum, as announced by the organisers during a media briefing on Monday. The Bangladesh Apparel Exchange, in collaboration with the Bangladesh Garment Manufacturers and Exporters Association, will be hosting the forum. The panel discussions will focus on critical issues in the country's apparel industry including human rights, transparency, water usage, purchasing practices, and climate change. Founder and CEO of BAE, Mostafiz Uddin, stated that sustainability is not a choice but a necessity for the Bangladesh apparel industry, and the forum aims to accelerate the momentum towards sustainability and foster discussions on this topic. BGMEA President Rubana Huq highlighted the importance of sustainable labor practices and industry environment. The Netherlands Ambassador in Bangladesh, Harry Verweij, attended the briefing as the embassy is the main sponsor of the forum, 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 was a corporate CEO, he would be praised for his management style. His calm demeanor and consistent leadership have earned him the nickname "No Drama Obama" and serve as a valuable example for business leaders. Paul Reagan, a management consultant from Wayne State University, believes Obama's clear values and credibility make him an effective leader. Paul Copcutt, a personal brand strategist from Dundas, Ontario, pointed out that one unique aspect of Obama's leadership style is his keen awareness of his own strengths and weaknesses. This awareness is reflected in his choice of cabinet members, as he selects veterans to provide expertise in areas where he may be lacking. In contrast, Copcutt noted that in corporate culture, individuals are often encouraged to focus on improving their weaknesses. However, Copcutt believes that effective leaders should instead focus on their strengths and delegate tasks that they are not skilled at. Obama's selection of cabinet members, including former rival Hillary Clinton and holdover from the Bush administration Robert Gates, demonstrates his effort to build a diverse coalition of differing views. Chief executives often create a close-knit team of advisors who may not provide a diverse range of perspectives necessary for effective leadership, according to a business historian from Harvard Business School. While President Obama has shown some skill in selecting cabinet members and pushing for an economic stimulus plan, it is still too early to determine his overall success. The real challenges will arise once he assumes the presidency on January 20th. Reagan warned that a management style like Obama's, which attracts a wide range of supporters, carries the risk of disappointing many people. He suggested that Obama may have promised too much change, leading to confusion and an inability to fulfill expectations. Koehn suggested that CEOs could learn from Obama's handling of challenges during his presidential campaign, where he showed emotional intelligence. This skill could be beneficial for leaders facing challenges in today's uncertain financial environment. She stated that business leaders must be aware of the non-material aspects of their employees and organization, beyond just tangible resources, head count, market, and customers. CEO coach Deb Dib has identified several traits in Obama that she believes are essential for business executives to possess, such as being caring, confident, consistent, commanding, and calm. Dib emphasizes that these attributes are not limited to politics, but are qualities that effective CEOs tend to exhibit. She believes there is much to be learned from Obama's leadership style. | 3 |
By the year 2030, no state is expected to have an obesity rate higher than 60 percent, which is a significant decrease from the 13 states projected in the business-as-usual scenario. | 3 |
An international group of bankers has pledged to provide financial products to a billion customers who do not have 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. Fazle Hasan Abed, founder-chairperson of BRAC and co-founder of the GABV, announced the pledge to reach one billion people by 2020, which could have a significant impact on global efforts to combat climate change. Bank representatives from Asia to Latin America attended the seminar in Dhaka to discuss building 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 in 20 countries, with a total capital exceeding $14 billion. The organization has pledged to secure $250 million in new capital over three years to facilitate $2 billion in lending to environmentally friendly projects and underserved communities worldwide. The funds are anticipated to come from various sources, including current clients, institutions, and new investors. The alliance believes that expanding the network's membership and establishing new banks will enable them to serve more customers, as stated in their 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 urgent social and environmental issues. Peter Blom, who is the chair and co-founder of the GABV, emphasized the importance of raising more money and investing in sustainable bankers to fully utilize financial resources. Blom, who is also the CEO of Triodos Bank, a GABV member based in the Netherlands, believes in the potential of values-led banking to positively impact the lives of one in six people within the next ten years. Participants from the member banks noted that increasing this capital significantly in the coming years will assist in achieving the goal of one billion. | 3 |
Bangladesh's health minister, A F M Ruhul Haque, stated that the country will require approximately $2 billion over the next decade to address health risks associated with global warming. Following a meeting on climate change, the minister informed reporters that the exact amount would be confirmed by June of the following year. Haque emphasized that if sea levels rise 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 also saw the reading of an eight-point Dhaka Declaration highlighting the government's concern, with 55 delegates from various countries, including 11 ministers, discussing measures to combat climate change effects. In addition, 17 articles were showcased during the conference. Specialists are forecasting that a portion of Bangladesh will be submerged in water within the next 20 to 30 years. Haque mentioned that despite this concerning prediction, there doesn't seem to be much concern about the potential health impacts. The primary focus of this meeting is on this particular issue. | 3 |
The European Union has announced that they will be allocating nearly €1.1 billion for humanitarian aid, which is the highest budget for life-saving relief in both man-made and natural disasters to date. This funding makes the EU the first humanitarian assistance partner of Bangladesh, with multiple projects currently ongoing in various 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. This increase in budget comes as global humanitarian needs are rising due to the growing number of refugees and displaced persons resulting from armed conflict, natural disasters, climate change, and economic crises. Christos Stylianides, the EU Commissioner for Humanitarian Aid and Crisis Management, stated that next year's budget will also be a record high due to the tragically high levels of need around the world. In 2016, the EU will continue to be a leading global donor of humanitarian assistance and will focus on addressing the needs of the most vulnerable. The humanitarian budget for 2016 will address the refugee crisis in various countries, including Syria, Lebanon, Jordan, Turkey, the Western Balkans, and Iraq. Funding will also support vulnerable and displaced people in Colombia, Myanmar, and Afghanistan, which often go unnoticed by the international community. Additionally, the European Commission plans to increase its humanitarian funding for education in emergencies from one percent to four percent of the EU's overall humanitarian budget in 2016, in line with the UN's target. Other priorities for the EU include helping vulnerable communities prepare for natural disasters in South East Asia and improving aid delivery. | 3 |
President Barack Obama's $3.55 trillion budget, which was unveiled on Thursday, maintains his strategy to reduce carbon dioxide emissions that contribute to climate change by selling off all emission permits to industries. This approach differs from some members of Congress, including some within Obama's own Democratic Party, who advocate for giving away at least 50 percent of these permits in the initial stages of the plan to help ease the transition to a less carbon-intensive economy. Critics are concerned that imposing charges on companies for their carbon emissions could further strain an already struggling economy. The plan to sell all emission permits is expected to generate $646 billion in revenue during the program's early years, and White House budget director Peter Orszag confirmed that this figure would not change when more details about the budget request are released next week. Orszag informed reporters that there would be no alterations to the climate proposal, despite not providing full details of the upcoming announcement. In the previous year's presidential campaign, Obama expressed his desire for all emissions permits to be sold rather than distributed for free, but he has indicated some flexibility on this issue. According to Obama's plan, carbon dioxide emissions from various sources would be limited, and companies exceeding the limit would need to purchase emissions credits from those emitting less. The purpose of this cap-and-trade system, as emphasized by the director of the Congressional Budget Office, is to incentivize companies to reduce emissions. David Elmendorf of the CBO explained to the Senate Finance Committee that giving away allowances is essentially equivalent to selling them and donating the proceeds from the auction. Elmendorf stated that revenue from auctioning emissions could reach around $1.2 trillion over a decade. The increase in costs for companies emitting emissions will result in higher prices for consumers. Some of the revenue from the cap-and-trade plan in Obama's budget is intended to be given back to consumers to counteract these price increases. Elmendorf explained that the price hike is necessary to encourage changes in behavior, and while it can be distributed differently, it cannot be avoided entirely. A bill for cap-and-trade, sponsored by Representative Henry Waxman, is currently being considered by Congress. Waxman is aiming for the bill to be passed by the end of May, but a senior Republican has suggested that it may be delayed in order to focus on healthcare reform. Representative Joe Barton believes that a delay could help Democrats gather more support for the climate change legislation. Some Democrats on the committee, such as Mike Doyle, anticipate that industry will initially receive most of the emission permits needed under the cap-and-trade plan for free, rather than through auctions, for the first 10 to 15 years of the program. President Obama has expressed a preference for limiting carbon emissions through legislation, but also has the option of using regulation to achieve the same goal. The U.S. Environmental Protection Agency announced last month that greenhouse gas 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, a company specializing in indoor urban farming, to cultivate kale, mini-head lettuce, and other crops locally in Brooklyn's Bedford-Stuyvesant neighborhood. Over the span of 12 months, each farmer receives a 320-square-foot steel shipping container where they can regulate the climate for their own farm. Using pink LED lights, they cultivate 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 initial day when the shipping containers were lowered by crane off a truck. "We started planting seeds within the following week," Tobias Peggs explained, as he and Kimbal Musk founded Square Roots in November. The company produces about 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 that includes assistance in areas such as business development, branding, sales, and finance, sharing 30 percent of the revenue with the farmers. Peggs predicts that farmers can earn between $30,000 and $40,000 by the end of the year. According to Peggs, farmers cover the costs of running their container farm, including water, electricity, and seeds, as well as paying rent, which amounts to around $1,500 per month. Peggs suggested that an alternative option could be pursuing an MBA in food management, which could cost tens or even hundreds of thousands of dollars. He expressed hope that farmers would start their own companies after completing the program. Groszyk, who harvests 15 to 20 pounds of produce weekly, has been trained in various aspects such as artificial lighting, water chemistry, nutrient balance, business development, and sales. Tieg Zaharia, a 25-year-old software engineer at Kickstarter, found it fascinating to know the source of his food while enjoying a $5 bag of greens grown and packaged by Groszyk, emphasizing the importance of supporting local farmers rather than relying on food that is shipped from far away. Nabeela Lakhani, 23, mentioned that reading "Fast Food Nation: The Dark Side of the All-American Meal" during high school motivated her to make changes in the food system. Currently, Lakhani works as a resident chef at a market-to-table restaurant in lower Manhattan three nights a week. When approaching customers, she introduces herself as Chalk Point Kitchen's new urban farmer, often surprising them with her role. Lakhani, who focuses on Tuscan kale and rainbow chard, mentioned that he tells people about having a shipping container in Brooklyn. He harvests the produce and brings it within 24 hours of it being eaten, 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 that they will be launching a global agricultural fund to 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 producing more food and generating higher incomes from farming. Gates and Geithner highlighted the importance of supporting small farmers and impoverished individuals, especially as the world's population grows and climate change leads to water shortages that can devastate crops. The fund was initially proposed by the United States at a Group of Eight meeting in Italy in 2008, calling for countries to collaborate and invest in agriculture in the world's most impoverished nations. Gates and Geithner announced that commitments for the fund total nearly $900 million from now until 2012. They stated that Canada, Spain, and South Korea will be contributing funding. The fund, overseen by the World Bank, will provide financial support to impoverished nations with high levels of food insecurity that have established effective agricultural plans to enhance crop production. The fund will focus on investing in infrastructure to connect farmers to markets, promote sustainable water management, and improve access to superior seeds and technologies. The surge in global food prices in 2008, reaching record highs, underscored the persistent lack of investment in agriculture in developing countries, where three-quarters of the impoverished population resides in rural areas. The Gates Foundation has a history of supporting projects that aim to enhance agricultural production for small-scale farmers in Africa and other regions. The foundation has focused on improving food access and has collaborated with the United Nations World Food Programme. Despite the world producing enough food to eliminate hunger, over 1 billion people are still hungry due to financial constraints or lack of access to food supplies. | 3 |
State Minister for Foreign Affairs M Shahriar Alam stated that Bangladesh is committed to adopting low-emission development strategies (LEDS) as long as it does not place additional strain on its economy and financial capacity. He made these remarks at the "Ministerial Meeting on Climate Change" held at the European Commission headquarters in Brussels. The meeting, co-chaired by European Commissioner for Climate Action Connie Hedegaard and Norwegian Minister of Climate and Environment Tine Sundtoft, was attended by ministers and representatives from around 40 countries and international organizations. The meeting was divided into four sessions focusing on mitigation in the 2015 agreement, adaptation, means of implementation, and pre-2020 mitigation ambition. During the 'adaptation to climate change' session, the junior minister highlighted the potential for renewable energy expansion in Bangladesh and stressed the need for financial support from both LDCs and developed countries. He also discussed the upcoming climate agreement to be negotiated at the Paris climate conference next year and implemented from 2020. Alam emphasized the importance of integrating climate change adaptation and disaster risk reduction in all relevant sectors and stressed the need for adequate and predictable financial support and technology provision from developed countries. He is currently attending a climate summit in Abu Dhabi before heading to Geneva to campaign for a Bangladesh candidate for the UN Committee on Elimination of Discrimination Against Women (CEDAW) for the 2015-2018 term. | 3 |
At the beginning of this year, global inflation pressures increased, along with slower economic growth, leading central bankers to struggle with how to control prices without causing a recession. In the United States, despite the Federal Reserve cutting interest rates following a credit crunch last August, data from Friday revealed that underlying US inflation rose by 0.3 percent in January and the overall annual rate increased to 3.7 percent. In the euro zone, where the European Central Bank has not yet lowered rates like the Fed, preliminary data for several countries in February showed inflation remaining above the ECB's 2 percent target in major economies. Germany had an annual inflation rate of 2.9 percent, Italy had 3.1 percent, and Spain reached a record 4.4 percent. In Belgium, inflation rose to 3.64 percent, the highest rate since July 1991. In Japan, annual inflation remains at a high of 0.8 percent in January, leading to speculation that the Bank of Japan may lower rates from the current 0.5 percent due to signs of an economic slowdown. Ken Wattret, chief euro zone market economist at BNP Paribas, predicts uncomfortably high levels of headline inflation in the euro zone in the near future, putting the European Central Bank in a difficult position as economic growth weakens but inflation persists. 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 stated that the United States is not facing "stagflation" like in the 1970s, but acknowledged that inflation could complicate efforts to boost the economy. Friday's US core personal consumption expenditure price index, known as PCE, highlighted the conflicting pressures faced by central banks. On one hand, they need to support growth amidst turmoil in the banking sector due to losses on high-risk debt. On the other hand, they must also control inflation. The Federal Reserve, which has already reduced interest rates by 2.25 percentage points to 3 percent since September, is expected to continue cutting rates. Despite signs of increasing inflation, experts believe that the Fed will still lower rates. The Fed recently revised its economic forecasts, lowering its growth outlook for 2008 due to the housing market decline and credit market issues. In Japan, unexpectedly strong housing construction and household spending data released on Friday alleviated concerns about a recession following in the footsteps of the United States. The Japanese central bank has been struggling to combat deflation for years, but now they are hopeful that inflation will make a comeback. Yoshimasa Maruyama, an economist at BNP Paribas in Tokyo, believes that inflation will eventually ease in developed countries. In Europe, the ECB is facing challenges due to high pay demands from trade unions in Germany, which could raise inflation expectations and lead to more wage demands. Additionally, the ECB is concerned about the weakened growth outlook in the euro zone. A survey of corporate managers in the euro zone revealed that the business climate indicator fell more than anticipated in February, reaching its lowest point in two years. Core inflation in the euro zone, excluding 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 at 3.2 percent, giving the European Central Bank room to potentially lower interest rates. Chief European economist at Bear Stearns, David Brown, believes that the subdued core inflation rate could lead to rate cuts in the near future. Despite this, the headline inflation rate in the euro zone rose to 3.2 percent in January from 3.1 percent in December. Wattret, an analyst at BNP Paribas, believed that the European Central Bank (ECB) would shift its focus from the headline inflation rate to the risks of economic growth in the euro zone. The euro's increase against the dollar has posed challenges for exporters. Despite most economists in a recent Reuters poll predicting two rate cuts by the ECB this year, they now think that an immediate action is less probable due to the persistence of high inflation rates. | 3 |
Meteorologists are warning that the severe cold spell in Europe, the worst in decades, may continue until the end of February. This could lead to more deaths and a prolonged increase in gas prices. Leon Brown, a meteorologist at The Weather Channel in Britain, stated that while there may be a change in weather by mid-February, it will likely remain cold until the end of the month. The cold weather and heavy snowfall have already caused numerous fatalities across 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 medicine, according to the Defence Ministry. The country declared a day of mourning for eight people who died when a dam burst due to melting snow, causing a village to flood. Two individuals are still missing. Kristalina Georgieva, the European Union's crisis response chief, warned that the worst of the flooding in Bulgaria was yet to come. In Bosnia, authorities confirmed five more deaths from cold and snow on Wednesday, bringing the total to 13. In Serbia, where 13 individuals have passed away and 70,000 are stranded due to snow, officials are advising citizens to clear icicles from rooftops following a tragic incident in Belgrade where a woman was killed by falling ice. A Serbia energy official noted that electricity demand has increased significantly, but ice has been hindering production at hydro-power plants and causing difficulties for coal trains. Meanwhile, a Croatian radio station reported that strong winds have carried fish from the Adriatic sea to the island of Pag, prompting locals to collect fish from the shore instead of going fishing or to the market. Cold polar air from northern Russia, combined with high pressure, has prevented warmer weather from reaching Europe, resulting in below-freezing temperatures across the continent for the past 10 days. Officials from the World Meteorological Organization (WMO) in Geneva this week did not rule out the possibility of cold temperatures persisting for the remainder of February. Omar Baddour, who oversees the WMO's climate data monitoring program, indicated that there is a chance the pressure system could start to lift next week, but warned that it may continue 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 expected to take two or three weeks to return to normal, according to Baddour, meaning an early thaw may not be likely. While the high-pressure system itself is not uncommon, the sudden shift to below-normal temperatures following weeks of mild weather has caught experts off guard. Brown described the situation as "quite unique and somewhat puzzling" in terms of how this winter has unfolded. According to Georg Mueller, a forecaster at Point Carbon, a Thomson Reuters company, the sudden and persistent cold spell in January and February is the strongest to occur in February in 26 years. The last similarly severe cold weather in February was in 1986. The large Siberian blocking pattern currently in place has made it challenging to predict its movement, with the cold air influencing wind behavior rather than the other way around. Brown mentioned that the unexpected cold front has lingered and shifted towards the west, causing difficulty for computer models to predict when it will leave Europe. The prolonged cold weather has led to a spike in British gas prices, reaching levels not seen since 2006. Russia reduced gas exports to Europe due to high demand, prompting countries like Italy to seek alternative sources like Algeria. If the cold weather persists and domestic demand rises, Russia may need to decrease its gas exports to Europe once more. | 3 |
An American-Saudi company, owned by two members of the Saudi royal family, plans 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, with each plant estimated to cost $200 million. The company, co-owned by Saudi Princes Abdullah Al-Saud and Bader Al-Saud, has received interest from other companies, including Siemens, to participate in these projects and future ventures in Bangladesh. EHII is currently in discussions with Siemens to potentially partner and provide turbines for the plants, as stated by EHII Vice-Chairman Jalal Alghani in a press release by PRNewswire. In a letter to shareholders, EHII Chairman John W Adair stated that the initial 450mw combined cycle plant is just the beginning of potential power plant opportunities in the country. Back in June, Saudi multi-billionaire Prince Al-Waleed Bin Talal had expressed interest in investing in Bangladesh's power and tourism sectors. Following a meeting, the Prince was given a Power Point presentation outlining investment opportunities in Public Private Partnership projects, as well as challenges related to climate change in the tourism and power sectors. 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 intentions to purchase 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 for displaced people in Cox’s Bazar camps, a $25.44 million grant for solar-powered pumps in irrigation, and a $225 million loan for improving secondary education quality and relevance. Parkash mentioned that the grant for Cox’s Bazar was approved quickly after a request from Bangladesh in May 2018. He also stated that the secondary education project will support the government’s reform efforts to prepare youths for the growing economy, while the solar-power project will help enhance energy security, reduce pollution, and address climate change. The ADB has allocated a $100 million grant to assist displaced individuals residing in camps in Cox's Bazar, with a focus on improving water supply and sanitation, disaster risk management, energy, and roads. The project will improve roads within the camps to connect food distribution and storage centers, as well as provide emergency access. Additionally, the project will upgrade the road from Cox's Bazar to Teknaf and other crucial sections. With $25.44 million in funding, the project will install 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 solar pumps, the project aims to reduce carbon dioxide emissions by 17,261 tons annually. The secondary education project, set to finish in 2023, is aiding the government's comprehensive secondary education development program with the support of development partners. The government plans to increase the number of secondary school students by 3.5 million by 2023, which will necessitate 145,000 more teachers and 10,000 additional schools. The $225 million ADB aid will help create a competency-based curriculum, encourage the use of ICT in teaching, and enhance classroom assessment. | 3 |
She made a commitment that the project would not harm the Sundarbans. Al Gore, former US vice president, brought up this concern during a session on fighting climate change at the Davos Congress Centre. The prime minister emphasized that the proposed power plant would be located 14km from the edge of the Sundarbans and 70 km from the World Heritage Site. The Deputy Press Secretary to the PM, Nazrul Islam, mentioned that she stated the power plant would use clean coal and modern technology to minimize environmental impact. Additionally, the prime minister invited Gore to visit Bangladesh and see the location for himself. Bangladesh and India have entered into an agreement to establish a 1,320-megawatt thermal power plant in Rampal, Bagerhat, located 14 kilometers away from the Sundarbans. Critics, including environmentalists and leftist parties, have been expressing concerns that the coal-based power plant could endanger the ecological balance of the Sundarbans, which is the world's largest mangrove forest. Despite these objections, the government asserts that appropriate measures will be implemented to safeguard the environment against pollution. According to Deputy Press Secretary to the Prime Minister Islam, Prime Minister Hasina addressed the issue at the Davos plenary session, stating that some individuals are needlessly making a controversy out of it. Hasina reportedly reassured the session attendees that she personally would not approve any project that posed a risk to 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 trend of frilly and flowery baby-doll looks in fashion will be replaced by tailored and sophisticated styles next spring. The serious tone of spring collections in New York reflects the nation's current challenges, such as choosing a new president and addressing the conflict in Iraq. Experts attending Fashion Week believe that the fitted and professional women's spring clothing reflects the mood of consumers, with luxury consultant Robert Burke noting that a youthful look is no longer appropriate. Burke mentioned that there is a sense of unpredictability and a more serious tone currently. The stock market has been unpredictable and elections are approaching. People are opting for a more serious and sophisticated look rather than a frivolous and feminine one. Therefore, the upcoming spring fashion trends will include cinched waists, fitted blouses, pleated skirts, shirtdresses, and high-necked collars. Designer Charles Nolan showcased school blazers as part of this trend. Derek Lam and Tibi designed safari-style jackets, while swingy jackets with shortened 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, and Carolina Herrera introduced dressy cocktail shorts. Leatrice Eiseman, executive director of the Pantone Color Institute, described the trend as more ladylike and classic, reflecting a more thoughtful time. She predicted that this style will continue into the following spring and summer due to the current war and national election. Senator Hillary Clinton's presidential campaign is causing a significant influence on fashion, according to her. She believes that it is changing perceptions of women to be seen as more powerful and less focused on feminine stereotypes. Fashion designer Zac Posen also feels that the upcoming elections are influencing his collection, as he wants to find a way for the United States to transition smoothly. Designer Catherine Malandrino mentioned that the current uncertain times served as inspiration for her sophisticated collection. She stated that her goal is to create harmony between the body and soul of women through her designs, aiming to bring a sense of peace. Despite some skeptics' beliefs, Malandrino believes that designers should take into consideration what women want and need. David A. Wolfe of The Doneger Group trend forecasters expressed a desire for designers to avoid boredom. Patricia Pao from the Pao Principle retail consultants suggested that the changing style is driven by economics. Pao noted that the unstructured look has been challenging for designers as it is quickly replicated, whereas structured dressing is more difficult to copy. Many believe that the baby-doll look became unpopular in the fashion industry because it made women seem too relaxed and messy. Stan Herman, former head of the Council of Fashion Designers of America, stated that designers avoided showcasing this style due to the widespread mockery it received. | 3 |
According to a report by 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 underwriting private debt, which has raised concerns in financial markets. Developed nations are at a higher risk compared to emerging economies, which have already taken steps to improve their fiscal situations following previous shocks. John Drzik, Chief Executive of Oliver Wyman, warned that the high levels of debt being accumulated by governments could lead to an increase in sovereign defaults. He warned that increased levels of unemployment could result, leading to social and political risks. The report identified unsustainable debt levels, the looming financial crisis, underinvestment in infrastructure, and rising health costs due to chronic diseases as the top risks. Other threats included potential asset price collapse, risks related to Afghanistan, and a possible slowdown in Chinese growth impacting employment, social unrest, and exports. The report emphasized the danger of developed nations accumulating unsustainable levels of debt, stating that full-blown debt crises would inevitably lead to 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, were clearly unsustainable. Investors may become scared and question the sustainability of high debt levels, potentially leading to sovereign debt crises and defaults. Early warnings from Dubai and Greece should not be ignored, as worries over these countries, along with Ukraine, have impacted global markets. The United States and the United Kingdom also face tough decisions in managing their fiscal stimulus to ensure sustained recovery without causing fear of sovereign debt deterioration. The report also emphasized the importance of making long-term decisions on issues like health and pension reform and climate change to bridge the governance gap between short-term pressures and long-term needs. The report stated 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 global infrastructure investment needs over the next 20 years amount to $35 trillion. The report also highlighted the increasing financial burden of chronic diseases due to longer life expectancy and unhealthy lifestyles, urging both developing and developed nations to address this issue through prevention campaigns promoting healthier living. According to the report, the biggest risks to the world today may come from gradual failures or creeping risks, as these can have significant long-term impacts that are often underestimated. | 3 |
A Saudi billionaire prince was given a rare state honour during his visit to Dhaka, where he held talks with the Prime Minister and senior members of her Cabinet. Prince Al-Waleed Bin Talal received the Bangladesh Friendship Medal in a ceremony attended by Sheikh Hasina and other officials at Sonargaon Hotel. The prince, who arrived in the morning and left in the afternoon, met with Hasina to discuss investment and business opportunities in Bangladesh. Other officials present at the meeting included Deputy Leader of the Parliament Syeda Sajeda Chowdhury, LGRD Minister Syed Ashraful Islam, Foreign Minister Dipu Moni, Prime Minister's Advisor Gowher Rizvi, Cabinet Secretary Mosharraf Hossain Bhuiyan, and Power Secretary Abul Kalam Azad. A Power Point presentation was presented after the meeting, showcasing the investment opportunities in the country, specifically in Public Private Partnership projects, tourism and power sector. The challenges of climate change were also discussed. Following the ceremony, lunch was had together, and the prince was then driven to the Bangabhaban to meet with President Md Zillur Rahman. The Saudi royal arrived in Dhaka at 10:30am and was scheduled to leave at 3pm. Al-Waleed Bin Talal, with a net worth of $18 billion, is currently ranked 29th in Forbes magazine's list of billionaires. He had previously visited Bangladesh in 2005. | 3 |
Many bankers and traders are no longer able to enjoy company perks like fancy limos, luxurious business class seats, and expensive meals due to multibillion dollar write-downs. To cut expenses and improve profits, 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 rides home for Wall Street workers, as companies are now more cautious about spending money on extravagant perks. He mentioned that there has been a noticeable decrease in business at car services throughout the city in the past month. Rather than implementing companywide cutbacks like in the early 2000s after the tech bubble burst, cutbacks are now happening in specific departments. However, employees in these departments are still feeling the financial strain. 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 raised the qualifications for free meals and transportation. Reducing small benefits helps reduce costs, but more importantly it sends a message to employees to be mindful of their expenses. According to equity analyst Brad Hintz, cutting perks at banks is a way to remind workers to be cautious with spending. The financial industry has seen significant losses and layoffs in recent years, prompting companies to focus on cutting costs and reducing workforce. Professor Roy Smith emphasizes the importance of accelerating layoffs and cutting operating expenses during this challenging climate. Banks have adhered to this procedure in 1987, 1990-91, 1994, 1998, and 2000-2002, according to him. The uncertainty lingers over whether the reductions will cease as the prospects for Wall Street firms improve, as the AMEX Security Broker Dealer Index .XBD has climbed over 30 percent to 181 since hitting its lowest point on March 17. In order to be prepared to capitalize on any market recovery, managers are opting to cut amenities rather than staff. As a result, at Credit Suisse, certain departments have imposed a strict $30 limit on meals for traders working late, as reported by a source familiar with the situation. Employees are no longer able to select dinner from any restaurant in town. Instead of using traditional methods, all catering orders are now placed through the online service SeamlessWeb to allow managers to better track food orders. Some employees no longer receive full reimbursement for their personal cell phone bills, as the company now only covers a portion. Car vouchers have been eliminated, requiring traders to use corporate cards for transportation expenses. Certain divisions at Merrill Lynch have removed first class and business class travel for domestic flights, as confirmed by an equity trader. Representatives from Credit Suisse and Merrill noted that these changes were not uniform across the entire company, but were instead implemented by specific teams or divisions. Even companies that have not been significantly impacted by the credit crunch are reducing costs. For example, at JPMorgan, employees may need to work late to qualify for a ride home, or stay at work for a period after ordering food on the company's account. Goldman Sachs recently stopped providing free soda on some trading floors. However, it is important for companies to be cautious with cost-cutting measures as it could have negative consequences in other areas, according to Jeff Visithpanich, a principal at compensation consultant Johnson Associates. Perhaps it appears favorable in theory, but in reality, what happens is that a group of individuals start taking extended breaks to go down to Starbucks. | 3 |
In an interview with Reuters, World Bank President Robert Zoellick cautioned developing countries to brace themselves for challenges ahead as the financial crisis in Western economies unfolds. Zoellick stated that business failures, bank emergencies, and balance of payments crises are all possible consequences for developing countries. He also highlighted that the combination of a tightening financial situation and rising food and fuel prices will pose difficulties for governments in protecting the poor. A new report from the World Bank predicts that high food and fuel prices will lead to an increase in malnourished individuals worldwide by 44 million in 2008, surpassing 960 million. Zoellick also noted that the bank has identified approximately 28 countries that may encounter fiscal challenges in the near future. He stated that he would reveal the details on Thursday before meetings of finance leaders in Washington over the weekend. Zoellick explained to Reuters that it is important to consider the risks to growth in developing countries and the impact of their policies and support from organizations like the World Bank. He expressed optimism about the potential for sub-Saharan Africa to become a hub of growth in the future, but emphasized that it would require action and investments. The World Bank is collaborating with developing countries to help them understand the services available to them in order to prepare for any financial challenges. The financial crisis poses a significant threat to the progress made in developing countries in terms of economic growth and poverty reduction. Between 1997 and 2007, an average of 6 percent growth was seen in 17 countries in Sub-Saharan Africa, with most being non-oil producers. Additionally, over the same period, 8 oil-producing countries 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, including frustration, fear, and anxiety. The increased interest from the private sector in developing countries is due to better economic management, reduced conflicts, and the promise of high returns on investments. Countries such as China, Brazil, India, and Gulf countries have been investing in other emerging economies, leading to a phenomenon known as south-south investment. Zoellick expressed his belief that despite the financial crisis affecting emerging economies, China would continue investing in natural resources in Africa and Gulf states would focus on agriculture. He emphasized the importance of looking towards the future and turning current problems into opportunities. Just as Western central banks and China took coordinated action to address market turmoil, Zoellick hoped they would also assist developing countries with the financial crisis and the growing issue of malnourishment. He suggested that developed countries contribute to a World Bank fund to help struggling developing nations with rising food and fuel prices, providing fertilizer to farmers and energy to the poor. Additionally, he highlighted the need for support from developed countries for the World Bank and IMF to assist governments with balance of payments and challenges related to climate change and trade. "We are able to contribute, but it is necessary for the 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 association with Old Delhi, has crossed borders to become popular in South Asia. In Pakistan, it is mixed with milk and almonds for religious offerings, while in Bangladesh, it is given as a gift to new in-laws. Movies have even used it as a metaphor for beauty. In Delhi, where temperatures can exceed 100 degrees Fahrenheit, Rooh Afza is widely available. The classic taste of Rooh Afza has been updated to attract a younger audience and new customers, with the chilled drink now being served in various ways - from plastic goblets at cold-drink vendors to juice boxes in children's school bags. Hakim Abdul Majid, the founder of Rooh Afza in 1907, aimed to appeal to India, Pakistan, and Bangladesh with its sweet and herbal flavor, a beverage that has stood the test of time in the region's turbulent history. India, Pakistan, and Bangladesh all share a love for Rooh Afza, a beverage with a sweet and herbal taste that has stood the test of time despite the region's tumultuous history. As the summer heat intensifies, the drink's reputation as a natural cooler made from fruits and herbs that can lower body temperature and boost energy has led to widespread demand. The drink's survival over the years can be attributed to the ambition of a young herbalist who passed away early, and the vision of his wife, who helped her sons turn the beverage into a successful business. Rooh Afza brings in approximately $45 million in profit each year in India alone, with most of the proceeds supporting schools, universities, and clinics through a trust fund. Despite some minor changes in ingredients due to availability, the drink's formula has largely remained the same over the years, according to Hamid Ahmed, a member of the family's fourth generation who oversees the expanded food division of Hamdard Laboratories, the manufacturer of the drink. 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. India, Pakistan, and Bangladesh all appreciate the sweet and herbal flavor of Rooh Afza, a beverage with a rich history in the region. Now, it is trying to attract a new generation of consumers. The glass bottles that once flew off the shelves of Majid's small medicine store, called Hamdard, have now been replaced with plastic bottles. Majid passed away at the age of 34, leaving behind his wife, Rabea Begum, and two sons - one was 14 years old, and the other was just a toddler. Begum made a crucial decision to transform Hamdard into a lasting presence and developed a strategy to maintain its profitability through welfare efforts during a turbulent political period in the country. She established Hamdard as a trust, with herself and her two young sons serving as trustees. The earnings would not benefit the family, but would mostly go towards public welfare. The company faced its greatest challenge during India's partition in 1947 following independence from the British. Pakistan was created as a separate Muslim nation, resulting in a mass migration of millions of people who endured a difficult journey by foot and crowded trains to reach the correct side of the border. Between 1 to 2 million people perished during this time, 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 channel profits from Rooh Afza into a trust for public welfare after his death. Rooh Afza, a beloved beverage in India, Pakistan, and Bangladesh, has withstood the region's turbulent history and is now seeking to appeal to a new generation. Hakim Abdul Hamid, their son, remained in India where he became a respected academic and managed Hamdard India. India, Pakistan, and Bangladesh all share a love for the sweet and herbal flavor of Rooh Afza, a beverage that has been popular despite the region's tumultuous history. Now, efforts are being made to introduce this drink to a new generation. Hakim Mohamad Said, who had previously been involved with Hamdard India, moved to Pakistan to establish Hamdard Pakistan and begin production of Rooh Afza there. Eventually, he became the governor of Pakistan's Sindh province but was tragically assassinated in 1998. Following the split of Pakistan in 1971, which resulted in the creation of Bangladesh, the facilities producing Rooh Afza in those regions formed their own trust: Hamdard Bangladesh. All three businesses are operated independently by extended family members or friends of the young herbalist. Despite slight variations due to regional climate differences affecting the herbs, they all offer a similar taste. The drink is popular during summer, but there is a particularly high demand during the Muslim fasting month of Ramadan. Enjoying a glass of chilled Rooh Afza can provide a refreshing boost of energy and flavor around the dinner table or in the bazaars at the end of the day. Employees are seen checking 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 a long history in the region. Now, it is seeking to appeal to a new generation of consumers. Faqir Muhammad, a 55-year-old porter in Karachi, Pakistan, explains that after a day of fasting during the summer, he quenches his thirst with a glass of Rooh Afza after eating a date to replenish his energy. At a factory in Gurgaon, India, employees are shown checking bottles of Rooh Afza, highlighting the drink's popularity across the region. Currently, the brand is targeting a new generation's taste preferences. In Bangladesh, Rooh Afza's marketing extends beyond flavor and refreshment to include unlikely and metaphysical aspects. Amirul Momenin Manik, deputy director of Hamdard Bangladesh, claims that experts say Rooh Afza can help COVID-19-infected patients by reducing their physical and mental weakness, although no scientific evidence is provided. Many people in Bangladesh reportedly experience heavenly sensations when they consume 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 daily while wearing protective gear. The manufacturing 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. In a photo received by The New York Times, employees at a Rooh Afza factory in India are seen preparing the sugar syrup for the popular drink. This beverage, loved by India, Pakistan, and Bangladesh, has withstood the region's tumultuous past and is now looking to attract a new generation of consumers. At the loading dock, two trucks are loaded with over 1,000 bottles each day and distributed to warehouses and markets throughout India. Ahmed, who oversees Hamdard's food division and focuses on Rooh Afza, is working on expanding the brand by introducing new products to appeal to consumers who have outgrown the drink in their younger years. Some new offerings include juice boxes combining Rooh Afza with fruit juice, a Rooh Afza yogurt drink, and a Rooh Afza milkshake. Research by the company found that half of Rooh Afza in Indian households is used as a flavor in milk, while the other half is used in cold drinks. To cater to changing tastes, Ahmed introduced a Rooh Afza milkshake made with Rooh Afza, milk, and vanilla. Now it is targeting the taste preferences of a new generation. (Rebecca Conway/The New York Times)
Ahmed expressed that the milkshake has been very successful. He also takes pride in two specific products. One of them is a sugar-free variation of the original Rooh Afza, which took 15 years to develop as the company searched for a suitable sugar substitute. Priced at more than double the original, it appeals to a wealthier demographic. In New Delhi on April 15, 2021, Muslims in India break their Ramadan fast with snacks and Rooh Afza. The sweet and herbal taste of Rooh Afza is enjoyed in India, Pakistan, and Bangladesh, despite the region's turbulent history. Now, the beverage is looking to appeal to a new generation. Ahmed, a runner, notes a growing market for health-conscious individuals who carefully monitor their diet. Additionally, there is potential for the original, sugary Rooh Afza to further penetrate India's large market. He is focusing on customers who cannot purchase the 750-milliliter bottle that 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 appreciated. "In fact, people in India desire sugar," Ahmed stated. "Only the metropolitan areas are aware of the dangers of diabetes." | 3 |
An AstraZeneca representative stated in an email that the AZD1222 vaccine candidate contains the genetic material of the SARS-CoV-2 virus spike protein, and 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, presenting a new challenge in the race to control the pandemic. The representative also mentioned that through vaccination with AZD1222, the immune system is trained to recognize various parts of the spike protein to help eliminate the virus if exposed later on. The B.1.1.7 lineage mutation, which is more infectious and concerning for children, has caused turmoil in Britain, leading to travel bans that are disrupting trade with Europe and potentially isolating the country further. The AstraZeneca-Oxford vaccine is seen as important for poorer countries and regions with warm climates due to its affordability, ease of transport, and ability to be stored for extended periods at regular refrigerator temperatures. Recent data from AstraZeneca's trials in the UK and Brazil revealed that the vaccine had an efficacy of 62% for participants who received two full doses, but 90% for a smaller group who received a half dose followed by a full dose. Reuters reported on Tuesday that India is expected to authorize the emergency use of AstraZeneca's vaccine by the following week. | 3 |
Finance adviser AB Mirza Azizul Islam mentioned that it is impossible to assure a decrease in commodity prices due to various factors like economic policy, monetary policy, and international market conditions. He clarified that the media had only partially quoted his remarks, where he made an allusion to Shayesta Khan to illustrate the current market situation. Islam stated that while the allusion was not explained incorrectly, it was not fully represented in the published reports. I wanted to emphasize the importance of addressing various factors in any economic scenario. It is not realistic to anticipate a decrease in market prices. We are actively working to regulate and reduce prices. The adviser mentioned that the government has implemented three strategies, such as eliminating import duties on food items, reducing the costs of food production ingredients, and lowering corporate taxes, to help control production expenses. However, despite these measures, prices 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 creation of 100-day work programs for rural residents, pregnancy allowances, and stipends for 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 mentioned that the increase is relatively small when compared to international market prices. Prior to this, Mirza Aziz had a meeting regarding the use of budget allocation to shield the country from the effects of climate change. To manage the Tk 300 crore allocated for the 2008-09 fiscal year, the government has opted to establish a foundation or trust. The board of trustees will not be permitted to expend more than two-thirds of the allocation, with the rest being held in reserve. Any interest accrued will be given to the trustees, who can also seek foreign aid if needed, as stated by the adviser." He mentioned that the initiative has received a favorable response from both The World Bank and UNDP. Additionally, a steering committee comprising representatives from various ministries will be established. | 3 |
A senior UBS analyst in Singapore stated that many Asian companies are not fully aware of the potential financial impacts of carbon pricing in the region, as well as the risk of facing carbon import duties on their products. Sectors such as airlines, cement, steel, computer manufacturers, and shipping companies could be affected based on their profit margins, ability to pass on costs, and exposure to the United States and Europe. The analyst mentioned that a significant climate conference in Denmark in December could lead to broader implementation of carbon pricing in Asia, with a carbon tax or emissions trading affecting numerous companies across the region within three years. He also noted that investors in Asia tend to overlook this issue due to their short-term focus and belief that governments in India and China do not prioritize climate change. Author Smiles recently published a major UBS report titled "How could carbon pricing impact Asian company earnings?" in which he examined three scenarios: domestic carbon pricing in Asian countries; "equalizing" carbon import duties between richer and poorer nations; and harsher climate change carbon import duties. He suggested that the second scenario was the most probable in the near future, citing hints 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 has not yet been voted on 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 have the same emissions goals as the United States. These US companies would need to purchase allowances to compensate for the carbon emissions associated with foreign goods like cement or steel. According to Smiles, under this second scenario, marine transport companies, airlines, steel manufacturers, and tech firms would be impacted as exporters would be responsible for paying for the carbon emissions based on the CO2 they release, while domestic companies would not. As carbon pricing is implemented in the US, more than half of global private consumption will be subject to carbon pricing. They would be in a better position to potentially implement import duties related to carbon, according to the report. Taiwan's Eva Airways would experience the largest impact among Asian airlines, with a 34.3 percent decrease in earnings per share based on 2010 projections and a carbon price of US$9 per tonne. Siam City Cement in Thailand would see a 10.6 percent decrease in EPS, while Hyundai Merchant Marine in South Korea would experience a 51.4 percent drop. The most affected industries under the first scenario, where companies pay for their CO2 emissions, include airlines, power utilities, marine transport, and cement makers. The study assumed that Asian countries would implement domestic carbon taxes or trading schemes aiming for a 20 percent reduction in CO2 emissions. China Airlines is expected to experience a significant drop in its 2010 EPS due to its high exposure to the United States and EU, as well as a 30 percent fuel cost exposure and slightly negative earnings margin. On the other hand, Singapore Airlines' EPS is projected to decrease by only 8.6 percent, attributed to its 9.5 percent net profit margin and slightly lower fuel cost exposure. The report suggests that the third scenario, in which exporters of manufactured goods would bear the cost of the CO2 emissions of their home countries, seems less likely at the moment. This scenario was aimed at pressuring countries like China and India to join global efforts in combating climate change. Smiles mentioned that the report examines the potential costs of implementing a domestic carbon pricing regime in these countries. It was believed that the US and Europe placed a uniform tax on all manufactured exports from various countries, resulting in China facing a carbon cost of $55 billion and India facing a cost of $9 billion in 2007. | 3 |
The International Civil Aviation Organization (ICAO) has developed a global carbon offsetting system for the aviation industry, which is the first of its kind. This system is expected to help slow down the growth of emissions from commercial flights and will cost the industry less than 2 percent of its revenues. However, individual governments still need to take action to implement the agreement's limitations. The system will start as voluntary from 2021 to 2026 and become mandatory from 2027 for countries with larger aviation industries. Airlines will need to purchase carbon credits from specific environmental projects worldwide to offset the increase in emissions. According to Olumuyiwa Benard Aliu, president of ICAO's governing council, the system is a result of compromises and consensus among stakeholders. Aliu stated that objections from a few countries would not stop the plan from moving forward. He mentioned that 65 countries, which account for over 80 percent of aviation activity, have already joined the voluntary first phases, exceeding the agency's expectations. Participation is expected to increase further. The main tensions are between developed nations, who have been the biggest emitters of greenhouse gases in the past, and emerging and developing countries worried about the additional costs affecting growth. Russia and India have declined to participate in the voluntary phases, claiming that the deal unfairly burdens emerging countries. On the other hand, China has announced its intention to join the voluntary phase. Brazil, which previously had concerns, has now expressed support for the deal without confirming whether it will participate in the initial phases. According to ICAO data, the agreement is estimated to cost airlines between $1.5 billion and $6.2 billion in 2025, depending on future carbon prices, and no more than 1.8 percent of industry revenues by 2035. Despite airlines operating on slim margins, averaging 4 percent over the past decade, the International Air Transport Association has stated that the deal is more cost-effective than a fragmented system of national and regional climate agreements. IATA Vice President Paul Steele believes the additional cost is manageable for the industry. 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 goals. The International Council on Clean Transportation estimated that airlines would only need to offset about three-quarters of growth after 2021, or one-quarter of total international traffic. Critics also expressed concerns about the deal's reliance on offsets, with Transport and Environment director Bill Hemmings stating that it would not reduce the demand for jet fuel. Discussions will now focus on the technical aspects of the agreement, particularly regarding the types of offset credits that will be deemed acceptable. The deal was approved by an assembly of ICAO's 191 member states in Montreal and will apply to international passenger and cargo flights, as well as business jets that emit more than 10,000 tonnes of emissions annually. Previous negotiations nearly led to a trade war before the 2013 ICAO assembly, when the European Union, frustrated by slow progress, required foreign airlines to purchase credits under its program. This move was seen as a violation of sovereignty by China and other countries. The agreement was reached just one day after the Paris climate change accord went into effect. Aviation was not included in the agreement, even though the sector is responsible for approximately 2 percent of carbon dioxide emissions, a greater amount than some industrialized countries. With the industry anticipating a doubling of passenger numbers to 7 billion by 2034, it is crucial to limit the increase in aircraft pollution in order to meet the temperature goals set by the Paris agreement, according to Lou Leonard, a vice president at the World Wildlife Fund. | 3 |
According to a survey commissioned by HSBC Bank International, expatriates living in Asia and the Middle East are among the highest-paid in the world. The survey found that a significant portion of expats in Russia, Japan, and Qatar earn more than $250,000 annually. Additionally, a large percentage of expats in countries such as Hong Kong, the United Arab Emirates, Thailand, and India earn over $200,000 per year. Countries like Malaysia, China, and India were noted for being among the most affordable in terms of accommodation costs. The survey concluded that Asia is home to some of the highest-paid expats, with a quarter of them earning over $200,000 annually. Russia 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 enjoy the benefit of building 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 significantly impacted expats in Britain and the United States, with nearly a quarter considering returning home due to high living costs, lack of savings, and lower wages. Generous salaries are also hard to come by in Australia and Belgium, according to the survey. More than 60 percent of expatriates in both countries earn less than $100,000, making them the lowest paid expats compared to a global average of 35 percent. The largest survey, Expat Explorer, conducted by HSBC Bank International, found that despite the economic downturn, expats remain a wealthy group, with over half earning $100,000 and above. The survey included more than 3,100 expats from 26 countries, making it the largest of its kind. More than two-thirds of expatriates around the world stated that the credit crisis had impacted the way they manage their finances, particularly affecting their spending on luxuries and day-to-day expenses. Almost 40 percent mentioned that they were increasing their savings for unforeseen circumstances. The survey revealed that over half of expats in Japan, the highest percentage globally at 53 percent, were reducing their expenditures on vacations and other indulgences, while nearly half of expats in Thailand and Hong Kong, ranking second and third globally, were also making cutbacks. On the other hand, two-thirds of expats residing in Qatar believed that the global financial crisis would not influence their spending habits, followed by more than half of expats in Bahrain, suggesting that certain oil-rich Gulf Arab countries have not been as severely impacted by the economic downturn. Expats in Saudi Arabia, Brazil, and Russia were identified as the least likely to decrease their spending on luxuries, according to the survey conducted by HSBC. The individuals surveyed were selected based on four primary factors: an annual income exceeding $200,000, a monthly disposable income exceeding $3,000, a tendency to save more while working overseas, and ownership of 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 disclose their investment views on issues such as climate change and company governance. The survey, which included the 20 largest occupational pension funds totaling over 250 billion pounds, found that only five of them have policies for engaging with firms on environmental, social, and governance issues. Environmental activists and campaigners 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 noted that organizations like the BBC and Royal Mail are 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 (USS) and the pension fund of the UK rail industry provided partial voting data, according to the report. The survey revealed that 15 respondents shared their largest investments. Alex van der Velden, Executive Director of FairPensions, noted that pension scheme members are worried about the impact of factors like climate change on their pensions, but are often not provided with enough information to ease their concerns. | 3 |
The fourth-placed team in the top five, Arsenal, has the worst home record. Disgruntled fans have expressed their frustrations over the team's inability to finish first in the league for the twelfth consecutive season. Fans from various supporters' groups plan to protest at the upcoming match against Norwich City, calling for a change in the club's management. Wenger defended his team's character and attitude, urging fans to support them and stick together. We were defeated in the championship game at our home stadium by lower-ranked teams, but we faced challenging weather conditions. Despite this setback, we are leading the league among the top teams and are determined to make any necessary additions. Some have questioned Arsenal's ambition after only signing goalkeeper Petr Cech during the offseason, and whether manager Wenger has been given enough funds by majority stakeholder Stan Kroenke to strengthen the team. Wenger maintained that Kroenke has never hindered him from making transfers and declined to comment further on his owners personally. Arsenal's manager, the longest-serving in the team's history, emphasized the importance of working with the resources generated by the club. He mentioned the values he believes in and expressed that the owner has never restricted him in the transfer market, showing ambition. In terms of player availability, Santi Cazorla and Alex Oxlade-Chamberlain, who have been dealing with injuries, are both ready for selection against Norwich, with Wenger indicating that one of the two could be involved in the upcoming match. Cazorla has been training with the team for two weeks, while Alex has been training for one week. The team from north London is currently five points ahead of Manchester United, who are in fifth place and have one game in hand. They are aiming to secure their spot in next season's Champions League by winning their upcoming match 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, especially after the traumatic incident in Lahore where their team bus was attacked by armed militants. Sangakkara acknowledged that there is never a 100 percent guarantee of safety in life, but stressed the need for his team to remain resilient and focused on playing cricket. He mentioned that security concerns are a global issue for all teams in the current world climate, and expressed 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 attacked 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 carrying match officials were killed in the incident. The Sri Lanka team is in regular communication with a national police intelligence cell established to monitor security for the upcoming World Cup in England. Steve Elworthy, the World Twenty20 tournament director and former South Africa player, noted that security measures have significantly increased since the Lahore attack. Elworthy informed Reuters that the current situation is vastly different from before, prompting a heightened awareness of the dangers faced by cricketers and officials. Despite having a security plan in place for the event, recent events have prompted a thorough review and reassessment of their strategies. Tournament organizers and the ICC are confident that they have taken all necessary precautions to ensure the safety of the players, including providing police convoys for transportation and dedicated security staff for each team. Elworthy mentioned that he was unable to disclose the specific information about team security. Leading the 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 matters to the Football Association (FA). Reg Dickason, the head of security for the England team, and the ICC's independent security consultants are also involved. Despite the heightened security measures, Sangakkara stated that his team has remained focused on cricket and 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 |
The 78-year-old pontiff delivered a message to the United States Congress, emphasizing that America's power and wealth should be used to serve humanity and urging the nation not to turn its back on "the stranger in our midst." Pope Francis, who was born in Argentina to an Italian immigrant family, addressed a wide range of issues in his speech that touched on liberal concerns as well as conservative values and Catholic teachings on the family. He called for an end to the death penalty, advocated for a more equitable economy to help those in poverty, and urged greater efforts to combat climate change. Later, he was cheered by crowds in New York as he traveled to St. Patrick's Cathedral. The pope was warmly received by a crowd of 3,000 in the cathedral for an evening prayer service, with organ music playing and a chorus singing. He is scheduled to address the United Nations General Assembly in New York on Friday and to celebrate an open-air Mass in Philadelphia on Sunday. Despite receiving applause from both Democrats and Republicans, the pope's plea on immigration has been met with harsh rhetoric, particularly from Republican front-runner Donald Trump, who has vowed to deport all 11 million illegal immigrants, most of whom are from Latin America. Trump has also accused Mexico of sending criminals across the border. In his address, Francis discussed an issue that has caused the Republicans to lose support among Hispanic voters, emphasizing that America should not be deterred by the influx of immigrants from the south seeking a better life. He stressed the importance of seeing these individuals as people, hearing their stories, and responding to their situation with compassion, fairness, and brotherhood. Francis was accompanied by two prominent American Catholics, House Speaker John Boehner and Vice President Joe Biden, during his speech, where Boehner was visibly moved to tears. The United States has been struggling for a long time to decide what to do with illegal immigrants. Last year, Republicans in Congress blocked a bipartisan effort to change immigration laws that would have given illegal immigrants a chance to become US citizens. According to a Pew Research Center poll in May, 51 percent of 2,002 U.S. adults believe immigrants strengthen the country with their hard work and talents, while 41 percent think immigrants are a burden because they take jobs, housing, and healthcare. It is uncertain whether the pope's speech will change opinions on immigration. "It doesn't change my views," said Michael Tipsword, a student at George Washington University and a Catholic. He stated that Francis' stance on immigration is more focused on humanitarian concerns rather than politics. Tipsword, who identifies as a strong conservative, made this statement while watching the pope's speech at the US Capitol building. Francis, referencing American icons Abraham Lincoln and Martin Luther King Jr., urged lawmakers to prioritize unity over partisan conflicts in order to achieve the greatest common good. Presidential candidates from both parties used the pope's remarks to support their own beliefs. The pope also emphasized the importance of protecting human life at all stages, mentioning issues like abortion and euthanasia. He quickly shifted his focus to advocating for the abolition of the death penalty, emphasizing the sanctity of every life and the potential benefits of rehabilitating criminals. He also condemned the global arms trade fueled by blood money and criticized the silence surrounding it. Despite appealing to conservatives by expressing his opposition to same-sex marriage and questioning the foundations of marriage and family, he continued to emphasize his message of helping the poor by going directly from the US Capitol to have lunch with homeless individuals, stressing that there is no justification for homelessness. | 4 |
According to the World Bank, cities have the potential to play a significant role in combating global warming, as they can act more quickly than governments who are struggling to reach a consensus on a UN climate agreement. Andrew Steer, the World Bank's special envoy for climate change, pointed out that the 10 largest cities in the world emit more greenhouse gases than Japan. He recommended implementing reforms, such as changes to carbon markets, to help cities become more environmentally friendly. A World Bank study highlighted that urban areas, where over half of the world's population resides and contribute to two-thirds of greenhouse gas emissions, could make a difference by adopting greener transportation, utilizing clean energy, and improving waste recycling practices. Steer emphasized that cities are both a major contributor to climate change and a key player in finding solutions to combat it. The report stated that the world's 50 largest cities have significant economic influence, ranking just behind the United States and ahead of China in terms of gross domestic product. Tokyo and New York were highlighted as having economies larger than Canada or Turkey. The UN climate talks, aiming to reach a consensus on measures to combat global warming at the upcoming Cancun conference from Nov. 29 to Dec. 10, face challenges due to the diverse opinions of 194 countries. In 2008, over 1,000 US mayors committed to reducing greenhouse gas emissions in alignment with the UN's Kyoto Protocol, which was not ratified by Washington. Sea levels pose a threat to many major cities around the world that are located near coasts or rivers, such as Tokyo, Shanghai, New York, and Buenos Aires. In order to reduce the risks of floods or sea level rise, these cities have a strong incentive to take action. The World Bank is in favor of revamping a UN market mechanism that currently encourages investments in individual projects in developing nations, like solar panels in Morocco or hydropower in Honduras, to instead allow for a broader, city-wide approach. This proposed reform of the UN's Clean Development Mechanism (CDM) would enable mayors to secure funding for various initiatives, ranging from flood barriers to hydrogen-powered buses, without needing approval for each individual project. The CDM currently allows companies to invest in environmentally friendly projects in developing countries and receive credits for reduced emissions. The World Bank believes that the challenges of measuring emissions for cities are manageable. Steer also mentioned that the opinions of urban residents regarding the ideal living locations were changing. In previous years, due to high levels of industrial air pollution, poorer populations resided in areas like the east side of London. However, in the future, it is predicted that low-lying areas prone to river floods or rising sea levels will be inhabited by the poor. | 4 |
The UN climate agency has called for a special summit to address climate change, but stated that high-level ministerial talks could also be effective if world leaders are not willing to participate. Yvo de Boer, the head of the UN Climate Change Secretariat, noted that UN Secretary-General Ban Ki-moon had agreed to send envoys to assess government willingness for a high-level meeting on global warming during talks in New York. De Boer stated that Ban's envoys would investigate the possibility of a high-level meeting, potentially during the UN General Assembly in New York in September, and clarified that it did not necessarily have to involve heads of state. "It could be a different level, like foreign affairs or energy ministers." Ban stated on March 1 that global warming was as big a threat as war and called on the United States to take a leading role in addressing climate change. However, Ban's spokeswoman confirmed that despite requests from UN environment agencies, there were no current plans to organize a summit. "I don't see it as a change of heart. What is being considered is a high-level meeting to involve a wider range of participants - including foreign affairs, energy, trade, economy, and transportation," de Boer explained. He stated that there is a need for a more extensive effort and broader support, regardless of whether or not leaders convene. Discussions on a global effort to combat climate change, largely attributed to the burning of fossil fuels, have come to a halt. Reports from the UN this year suggest that human activities are likely contributing to global warming, which could result in increased hunger, droughts, floods, heatwaves, melting glaciers, and rising sea levels. De Boer stressed the importance of accelerating discussions on expanding the UN Kyoto Protocol, which mandates emissions reductions for 35 industrialized nations until 2012. The United States and Australia withdrew from the agreement in 2001, citing concerns over the high costs associated with Kyoto. The Kyoto nations represent just one third of global carbon dioxide emissions, with only Russia committed to a Kyoto target among the top four emitters - the United States, China, Russia, and India. De Boer suggested that a new meeting could expand upon the Group of Eight summit in June, where German Chancellor Angela Merkel plans to address climate change. The G8 summit will also include leaders from China, India, Brazil, Mexico, and South Africa, who together account for the majority of worldwide carbon dioxide emissions. De Boer mentioned that the G8 summit does not include certain groups like small island states, the poorest nations in sub-Saharan Africa, and Australia, which are all affected by issues like rising seas. The next round of formal UN climate negotiations will take place in Bali, Indonesia, in December, where environment ministers will meet. | 4 |
Ugandan authorities discovered an unexploded suicide vest and apprehended six individuals suspected of planning the bombings that killed 76 soccer fans. The attacks, claimed by Somali al Shabaab Islamists linked to al Qaeda, targeted a restaurant and a rugby club in Uganda's capital during the World Cup final. The group's claim of responsibility was deemed authentic by a senior U.S. official, marking the first time al Shabaab had carried out an attack outside of Somalia. President Barack Obama described the timing of the explosions, which coincided with the World Cup in South Africa, as "tragic and ironic." Obama spoke about two contrasting visions for Africa - one of progress and unity, and the other of destruction and death by groups like al Qaeda and Al Shabaab. The U.S. government has been working with Uganda and other countries in the region to prevent future attacks and share intelligence. Despite a tip-off received by Ugandan intelligence officials, Washington claims to have had no advance warning of the recent attack. The Uganda source reported that an informant from the Kisenyi suburb of Kampala informed intelligence officials on June 17 about a planned attack by Somalis during the World Cup. The official stated that over 20 individuals, including Somalis and Ugandans, were involved in the planning of the attacks. Six individuals have been arrested so far in connection with the plot. Al Shabaab has threatened further attacks unless Uganda and Burundi remove their peacekeepers from the African Union peacekeeping force in Somalia, where the militants are engaged in combat with the government and control significant portions of the country. The police found a suicide vest on Monday at a third location, which was designed to be planted rather than worn. A man named Yonis, who is an assistant to al Shabaab spokesman Sheikh Ali Mohamud Rage, told Reuters that those who carried out the attack were blessed with rage and were expected to have a long life, indicating that there was no suicide bombing involved. In addition to banning alcohol, al Shabaab has also prohibited watching soccer matches in areas under its control. Coordinated attacks are a common tactic of al Qaeda and groups associated with Osama bin Laden's militant network. For al Shabaab, this would mark their first attempt at extending their influence beyond their borders. U.S. Homeland Security Secretary Janet Napolitano expressed concern about the group's efforts to expand their reach internationally during an African summit. She emphasized the importance of being proactive in preventing terrorist attacks, especially those connected to al Shabaab, which has ties to al Qaeda in East Africa and the Arabian Peninsula. The official mentioned that the attack in Kampala was consistent with threats to expand their targets, but did not directly address whether the group posed a specific threat to the United States. President Obama stated in an interview that terrorist organizations do not value African life and use the continent as a battleground for their ideological wars, disregarding the consequences for innocent lives. The African Union confirmed that Uganda would still host a summit of African leaders despite the attack, and the regional bloc IGAD vowed to continue supporting the government in Somalia. Executive secretary Mahboud Maalim announced plans to increase peacekeepers in Somalia to over 8,000 by the second week of August. Last week, members of IGAD including Kenya, Uganda, Sudan, Ethiopia, Somalia, and Djibouti expressed their desire for 20,000 troops from the AU and United Nations to be deployed in Somalia. Uganda's opposition party, Forum for Democratic Change, called on President Yoweri Museveni to withdraw his peacekeepers, stating that there is no peace to keep in Somalia and Uganda has no strategic interest there. The party indicated that if they were to win elections in 2011, they would plan a withdrawal. According to party spokesman Wafula Oguttu, Uganda is sacrificing its children for no reason. Analysts believe that a sustained bombing campaign would harm Uganda's investment climate, but a single attack would not likely deter major companies like Tullow Oil from investing in the country. Foreign direct investment in the third largest economy in East Africa has increased significantly due to oil exploration near the western border with the Democratic Republic of Congo. One American citizen was killed in the incident, and five others who were injured have been transported to Johannesburg and Nairobi for treatment. The U.S. State Department has confirmed that an FBI team is currently in Kampala. | 4 |
At a meeting in Bolivia's Cochabamba region, activists and left-wing leaders emphasized the need for major polluting countries to significantly reduce greenhouse gases and consider input from smaller nations in order to combat global warming. They criticized the closed-door negotiations of the failed Copenhagen summit in December and called for a more inclusive approach at the upcoming climate change meeting in Mexico. The Cochabamba summit proposed a 50 percent reduction in emissions by leading industrial nations, a more ambitious target than the Copenhagen Accord's pledges of 7 to 16 percent cuts. Bolivian President Evo Morales urged developed countries to prioritize the well-being of all people in their decision-making process at the Mexico meeting. During the summit, Morales caused controversy by suggesting that consuming hormone-fed chicken leads to "sexual deviation" in men and that European men experience hair loss due to genetically modified food. The World People's Conference on Climate Change and the Rights of Mother Earth, attended by 20,000 environmentalists and representatives from 90 governments, targeted capitalism, genetically modified food, and global warming. Indigenous groups from various countries participated in the event in Tiquipaya, which featured concerts, theater, a handicrafts market, and artists painting murals. Bolivia, Venezuela, Cuba, Nicaragua, Ecuador, Sudan, and Saudi Arabia, all critics of the Copenhagen accord, could support resolutions despite being smaller countries. The crisis of climate change, predominantly affecting southern regions, was emphasized at the conference. Canadian author Naomi Klein stated that if the simple fact of justice and decency is acknowledged, southern countries will no longer need to beg for aid. Klein, a well-known activist against global warming, believes that the meeting in Cochabamba could strengthen an alliance among nations already facing the impacts of climate change. She emphasized the importance of unity among developing countries and proposed the creation of an international tribunal to hold accountable those responsible for global warming. Additionally, the meeting called for a global referendum on climate change and the establishment of a fund to assist nations dealing with the effects of global warming. The resolutions from the summit are not mandatory, but countries and social organizations who participated have committed to garnering support for them leading up to the United Nations summit on climate change in Cancun, Mexico in December. Alicia Barcena, the top UN representative at the meeting, expressed on Tuesday that it was time for the organization to acknowledge that grassroots groups were excluded from the Copenhagen summit. She expressed doubt about the effectiveness of the Cancun summit, stating that Rio+20 should be the focus, as she believes Cancun will not resolve the issues. In late 2010, the UN General Assembly passed a resolution to host the Rio+20 Earth Summit on Sustainable Development in Rio de Janeiro in 2012. | 4 |
The European Union executive emphasized the importance of EU states fulfilling their commitments to increase aid to impoverished nations, stating that failing to meet U.N. goals would have dire consequences for developing countries and global stability. While progress has been made towards the Millennium Development Goals, millions of children still die from preventable diseases, many lack access to clean water, a significant number do not have access to education, and millions of women are illiterate. The Commission stressed that achieving these goals is crucial for developing countries, Europe, and global stability, and urged increased political and public support to reach these targets by 2015. The EU executive called on EU states to uphold their promises to increase development aid to 0.56 percent of Gross National Income by 2010 and 0.7 percent by 2015, citing this as essential in addressing issues such as migration, security, and climate change. The European Union has asked all 27 member states to create financial plans that show yearly increases in order to meet aid goals. Despite being the world's largest aid donor, the EU committed over 46 billion euros in 2007, a decrease of about 1.7 billion euros from the previous year. This decrease could have funded thousands of schools and hospitals. Aid and development Commissioner Louis Michel described this as a "serious failure." The Commission is calling for more effective aid by avoiding duplication, promoting the use of biofuels in developing countries to combat poverty, and taking steps to prevent brain drains in areas such as health, education, and research. The Commission believes that fundamental principles of aid effectiveness are not being followed and plans to propose solutions on a state-by-state basis. The text called for the allocation of 2 billion euros ($3.15 billion) by 2010 to the Aid for Trade programme, which aims to assist poorer countries in taking advantage of export opportunities, particularly focusing on African, Caribbean, and Pacific states. Commission President Jose Manuel Barroso emphasized the need for action in 2008, stating that delivering on promises is crucial for maintaining credibility. A recent report by the Organisation for Economic Cooperation and Development indicated a decrease in development aid from major donors, largely due to the completion of large debt relief packages. In 2000, 189 U.N. members agreed on goals to eradicate poverty, promote human and social development, and protect the environment. In 2005, EU leaders set goals for 2015 to reduce extreme poverty by half, ensure primary education for all children, and improve health standards. Aid from the EU reached 0.38 percent of the GNI in the previous year, falling short of the interim target of 0.39 percent for 2006, which was achieved. The European Commission calculated that Official Development Assistance equated to 93 euros per EU citizen, higher than the figures of 53 euros in the United States and 44 euros in Japan. | 4 |
However, there is some disappointing news as many Oscar voters seem to be questioning whether there are even 10 outstanding films to choose from this year. While greatness is subjective, this year's Oscar contenders offer a diverse range of options including big-budget blockbusters, international dramas, and a unique comedy featuring Meryl Streep as the president. If voters are struggling to fill out their ballots, it may be because they have not explored all the available options. I have watched all the major Oscar contenders this year except for "Nightmare Alley," and while there is some consensus forming around the front-runners, there are still many exciting films that could make it into the best picture category. In addition to my predictions for the top six contenders, there are several other deserving films that should give voters plenty to consider. One question on everyone's minds is whether Steven Spielberg's new musical "West Side Story" could follow in the footsteps of the 1961 version and take home the best picture award at the Oscars. After receiving standing ovations this week, the film "West Side Story" has been elevated to the top spot. Steven Spielberg's clever re-imagining of the original material combines classic grandeur with modern issues, making it a favorite among Oscar voters. Following last year's more intimate Academy Awards ceremony, a large-scale musical by Spielberg hitting theaters only is just the kind of project that the film industry and the Oscars will likely support. In comparison, "Belfast" is a modest film with a runtime of 97 minutes, never reaching too far and ending at the perfect moment. However, this same modesty could prevent it from taking the top spot at the Oscars. Many in the academic community will appreciate Kenneth Branagh's film about an Irish family during the Troubles, but "West Side Story" has more grandeur and "Belfast" has only made about $5 million so far. The older art-house audience that could have made the film a sleeper hit has not returned to theaters yet, so awards recognition may have to come solely from admiration for the movie itself. Jane Campion's "The Power of the Dog," a western with standout performances from Benedict Cumberbatch and Kirsten Dunst, has been well-received at top fall film festivals, similar to last year's winner, "Nomadland." Campion, who was only the second woman ever nominated for best director in 1994, could potentially be in the running for a major Oscar. However, the film may have a better chance of winning in the director category rather than for best picture. The movie 'King Richard' is an inspiring drama centered around Richard Williams, the father of tennis stars Venus and Serena, and is expected to be a front-runner for best actor at this year's Oscars, with Will Smith in the lead role. The film's strong performance in the best actor category typically secures a best picture nomination as well. On the other hand, 'Being the Ricardos' directed by Aaron Sorkin, received criticism for its trailer that seemed to downplay Nicole Kidman's performance as Lucille Ball, hinting at possible issues with the film. However, once the film started showing to enthusiastic guild audiences, Kidman's unexpected transformation into a smoky-voiced character brought her closer to a potential second Oscar win. With a talented supporting cast that includes Javier Bardem, J.K. Simmons, and Nina Arianda, "Being the Ricardos" (set to release later this month) is poised to be a strong contender in the upcoming awards season. Another highly anticipated film is Adam McKay's "Don't Look Up", following the success of his previous issue-based comedies "The Big Short" and "Vice". Starring Oscar favorites Meryl Streep, Leonardo DiCaprio, Jennifer Lawrence, Mark Rylance, and Jonah Hill, this ensemble comedy about a comet threatening the world serves as a metaphor for the climate crisis, made even more relevant in the midst of the global pandemic. Amidst a crowded field of period-piece films, "Don't Look Up" stands out with its darkly comedic take on a doomed future, capturing the current zeitgeist. These two films are expected to be strong contenders in the upcoming awards season. Which other movies are still in the running for the final four spots? It is important to have a strong best-actor candidate leading your film. "Cyrano," starring Peter Dinklage, "Tick, Tick ... Boom!" with Andrew Garfield, and "The Tragedy of Macbeth" with Denzel Washington are all expected to receive a major push. Additionally, Joaquin Phoenix's "C'mon C'mon" and Mike Mills' drama about child-raising should not be discounted. Hopefully, voters will recognize that some of the best films of the year are in the best-actress category and deserve a best-picture nomination as well. The group of potential Oscar contenders this year includes Paul Thomas Anderson's "Licorice Pizza," featuring musician Alana Haim in her film acting debut, and Pedro Almodóvar's "Parallel Mothers," which earned Penélope Cruz the Volpi Cup for best actress at the Venice Film Festival. Renate Reinsve's performance in "The Worst Person in the World" at Cannes deserves more awards attention, while Maggie Gyllenhaal's "The Lost Daughter" won big at the Gotham Awards, including a trophy for Olivia Colman's lead role. Kristen Stewart's portrayal of Princess Diana in "Spencer" is generating Oscar buzz, with hopes that the film could also crack the best picture category. As the academy diversifies its membership, there is optimism for Asghar Farhadi's "A Hero" to secure a best-picture nomination, and Paolo Sorrentino's "The Hand of God" to be in the running for best director. I am interested in the movie "CODA," which is a dramedy about a hearing daughter of deaf parents. Despite having a successful premiere at Sundance in 2021, the film did not receive much attention when it was released on Apple TV+ in the summer. However, it recently won two awards at the Gotham Awards, which may help boost its popularity. On the other hand, "Dune," a sci-fi epic, is expected to do well in technical categories. The success of "West Side Story" may alleviate the pressure to nominate "Dune" for best picture just for the sake of having a blockbuster in the final 10, but I believe the film still has a good chance due to its quality and the director Denis Villeneuve's efforts to fight against corporate interference. This year's best-picture montage will appear more impressive with the addition of huge sandworms. | 4 |
A draft report for European Union finance ministers suggests that by 2020, poor countries will require around 100 billion euros ($142 billion) annually to assist them in reducing emissions as part of the fight against climate change. The report, obtained by Reuters, outlines plans for competitive tenders to be held by the EU for funding from wealthier countries, where developing nations can present their most cost-effective projects for reducing carbon emissions. These documents demonstrate the EU's developing strategy leading up to the global climate talks in Copenhagen in December. Finance ministers will further refine the bloc's stance at a meeting scheduled for next Tuesday. The primary focus in Copenhagen will be securing the necessary funding to encourage developing nations to reduce emissions, as well as additional funding to help them adapt to the impacts of climate change that they argue have been caused by affluent, industrialized nations. Between 50% and 66% of the most cost-effective options for reducing greenhouse gas emissions by 2020 or 2030 are located in developing countries, according to a report by the EU's Economic Policy Committee and the Economic and Financial Committee on funding requirements. Environmentalists view this report as evidence that Europe's economic experts acknowledge the importance of supporting developing nations in combating climate change. Greenpeace campaigner Joris den Blanken questions whether finance ministers will heed the advice of their own experts and provide the necessary support to developing countries. The report suggests that emissions reductions in poor nations could be self-sustaining, as improvements in power generation and industry would lead to decreased reliance on expensive fossil fuels. However, an additional 100 billion euros annually in investments would still be necessary by 2020, including 71 billion euros for industrial and energy sector improvements, 18 billion euros for rainforest preservation, and 5 billion euros for agricultural emission reductions. The numbers may seem large, but they are less overwhelming when compared to the substantial subsidies for fossil fuels and agriculture in both the developing world and OECD states. The report states that in addition to reducing their own emissions, poorer nations will also need assistance with adapting to climate change, which may involve developing drought-resistant crops, building levees, or finding new sources of fresh water. The exact cost of adaptation in developing countries is challenging to determine due to uncertainties surrounding the impacts of global warming, but the report estimates that it could range from 23-54 billion euros per year by 2030. | 4 |
Prime Minister Sheikh Hasina will aim to bring together countries most severely affected by climate change to advocate for climate funds during the upcoming 64th session of the United Nations General Assembly and Climate Summit, according to an official on Saturday. Hasina is scheduled to discuss climate change issues and engage in discussions with leaders of countries that contribute UN peacekeeping troops worldwide, among other topics, said Foreign Secretary Mohamed Mizarul Quayes at a press briefing. She is set to depart on September 21 and arrive in the US on September 22, with plans to stay for a week before returning on September 29, added Quayes, who will accompany the prime minister's delegation to the UN assembly. Hasina will be present at a meeting of 25 heads of state and government on climate change, hosted by UN Secretary-General Ban Ki-Moon on September 22, where she will work towards uniting the most severely impacted countries and addressing compensation claims for climate change, Quayes noted. As the chair of the LDC Group, Bangladesh will advocate for compensation for the least developed countries. Quayes stated that the outcome depends on the position of other countries also affected by global warming. Bangladesh is particularly vulnerable to the consequences of global warming due to manmade carbon emissions and is seeking support in terms of finance and technology for adaptation. Developing nations emphasize that they will suffer greatly from climate change despite having minimal contribution to the issue, and believe that wealthy nations should acknowledge their financial obligations in addressing this issue. The UN and World Bank have called on wealthy nations to take on "the moral responsibility". US President Barack Obama and Sheikh Hasina are expected to participate in a meeting with other countries that contribute significantly to UN peacekeeping efforts. Bangladesh plays a significant role in peacekeeping missions, with approximately 10,000 personnel participating in various missions globally. The United Nations has nearly 115,000 troops, police, and civilians involved in 16 peacekeeping missions across Africa, the Middle East, Cyprus, Kosovo, Western Sahara, and Haiti. However, these missions face challenges such as a lack of personnel, equipment, helicopters, and other essential assets. Foreign Minister Dipu Moni, who is currently in the US, will attend a ministerial meeting before the general assembly. Moni recently met with World Bank vice president Isabel Guerrero in Washington DC to discuss the bank's regional plans. Previously, Dipu Moni had a meeting with US secretary of state Hillary Clinton on Sep 17. It is planned for Dipu Moni to go back to Bangladesh during the first week of October. | 4 |
Speaking at the One Planet Summit in Paris, the Prime Minister of Bangladesh announced plans to increase tree coverage by two percent in her country over the next five years. She called on developed nations to fulfill their commitments to climate justice and emphasized the importance of shared responsibility in securing the world. The summit at the Elysee Palace brought together leaders from various levels of government and finance to discuss ways to support global efforts against climate change. Despite being a developing nation, Bangladesh devotes more than one percent of its GDP to combating climate change, as it is one of the most vulnerable countries to its impact despite not being responsible for the threat. Despite our limited resources, we are working to address the consequences of climate change through both mitigation and adaptation. At the One Planet Summit in Paris hosted by French President Emmanuel Macron, Bangladeshi Prime Minister Sheikh Hasina highlighted the significant challenge her country faces due to the influx of over a million Rohingya refugees from Myanmar. She mentioned that Bangladesh has provided shelter for them on 1,783 hectares of forest land in Cox's Bazar, which has had a severe impact on the environment in that area. In this particular circumstance, adapting to climate change has become a significant challenge. Stressing the importance of afforestation in combating environmental degradation, the prime minister mentioned a $50.76 million project aimed at conserving the Sundarbans, the largest mangrove forest in the world. In the coastal areas, efforts are being made to create green belts to protect against cyclones, tidal surges, coastal erosion, and saline water intrusion. Approximately 67,000 hectares of land have been designated for afforestation in these regions. Bangladesh is increasing its efforts to make its agriculture more resilient to climate change, as well as working on reducing reliance on groundwater for urban water supply. The prime minister praised Macron's leadership on the issue and reaffirmed her commitment to implementing the 2015 Paris climate agreement. "I remember when the Global Pact for the Environment was announced at the United Nations in September of this year," stated the prime minister. She expressed her firm belief that collaborative actions for resilience and adaptation would help promote peace, stability, prosperity, and tackle social inequalities. | 4 |
The G77 and China, a major influential group, withdrew from the negotiation at 3am BdST on Wednesday after developed countries refused to allocate funds separately for loss and damage. The US, Australia, and Canada were pushing for a separate mechanism for the issue. Quamrul Islam Chowdhury, a key negotiator from a developing country, stated that the walkout occurred because some parties were trying to simplify the issue of loss and damage into disaster risk reduction. Dr Ainun Nishat revealed that there were significant differences among the parties regarding the institutional mechanism, with G77 and China wanting it to be independent while some developed countries wanted it under the adaptation commitment. Developed countries were also reluctant to provide financial support for the mechanism. The Bangladesh delegation emphasized the need for a clear global understanding on mitigation, adaptation, and other issues at the COP 19 conference. Loss and damage, along with financing, technology transfer, and capacity building, were key topics of discussion. The delegation expressed disappointment that an agreement on an institutional mechanism for loss and damage had not been reached, with some parties wanting it to be part of the adaptation mechanism. Secretary for the ministry of environment and forests, Shafiqur Rahman, read out a statement during a press conference, which was also addressed by Ainun Nishat, Dr Asaduzzaman, and Md Quamrul Islam Chowdhury. | 4 |
Cameron is eager to launch strikes against Islamic State in Syria soon, believing that Britain cannot rely on other countries for security following the Paris attacks. His efforts to gain approval in the House of Commons on Wednesday have caused further divisions within the Labour Party. Labour leader Jeremy Corbyn has criticized Cameron for rushing into war and urged Labour lawmakers to reconsider their support for the motion. Despite the opposition, Cameron's cabinet has agreed on extending air strikes to Syria as part of a broader strategy to combat ISIL. The debate in parliament is expected to be thorough and last 10-1/2 hours. When asked about the likelihood of securing a majority, he responded by saying, "Let's see what happens." Cameron is almost certain to receive parliamentary approval, particularly after Corbyn stated that he would allow his MPs to vote based on their own beliefs, rather than following the leader's guidance, which is a departure from the usual practice. Approximately 50 Labour MPs are expected to support the government, despite their leader's efforts to persuade them otherwise. Corbyn believed that Cameron's argument did not align with his party's principles. He emphasized the importance of each MP making their own decision on whether or not British troops should be involved in another Middle East conflict without a clear end goal. Many Britons are hesitant about getting involved in more expensive military operations in the Middle East, as previous interventions in Iraq, Libya, and Afghanistan did not bring stability and may have even contributed to the emergence of groups like Islamic State. British finance minister George Osborne estimated that extending air strikes into Syria would cost "low tens of millions of pounds." However, following the Paris attacks for which Islamic State claimed responsibility, some members of parliament who were initially against the air strikes now believe they are necessary to protect Britain from similar attacks. Defence Secretary Michael Fallon emphasized the "urgent need" for Britain to launch air strikes against Islamic State in Syria for the country's own security during discussions with MPs on Tuesday. | 4 |
In a letter to the International Monetary Fund Executive Board, Covington & Burling attorney Lanny Breuer raised concerns about alleged errors in the investigation report by law firm WilmerHale, hired by the World Bank to look into data irregularities in its "Doing Business" rankings. The report accused former World Bank CEO Georgieva of pressuring staff to boost China's ranking, which she denies. Breuer, a former US Justice Department official, made these claims as Georgieva seeks support from the IMF board, which interviewed both parties and will discuss the issue again on Friday. According to a source from the French Finance Ministry, France plans to support Georgieva at the upcoming board meeting. Georgieva has denied the accusations of pressuring staff to manipulate data, calling them "outrageous and untrue." Her attorney, Breuer, stated that Georgieva has not been formally notified or given a chance to review and respond to the report's findings as required by Staff Rule 3.00. Georgieva publicly released a detailed statement to the board on Thursday. The initial phase of the investigation by the WilmerHale firm focused on board officials in accordance with the Code of Conduct for Board Officials, which is different from the staff rule mentioned by Breuer. The firm stated that they followed all World Bank rules during their investigation and informed Dr. Georgieva that their report would be presented to the World Bank Board, with the possibility of disclosing any information she provided. In an email from July, WilmerHale informed Georgieva that their review of irregularities in Doing Business data and staff misconduct was authorized by World Bank Staff Rule 3.00. As World Bank CEO in 2017, Georgieva would have been considered a member of staff rather than a board official. The email sent to Georgieva requested her to speak with investigators as they believed she may have information that could assist in their review. The World Bank's General Counsel's office stated that the investigation into the Doing Business 2018 and 2020 reports was done in accordance with World Bank regulations. | 4 |
The presidents of France and Brazil emphasized the need for rich countries to increase aid for developing nations in order to combat global warming and reach a climate agreement in Copenhagen. Brazilian President Luiz Inacio Lula da Silva highlighted progress made by China and the United States in reducing greenhouse gas emissions, but stressed that more support is required for poor countries to address climate change and meet their goals. Lula emphasized the importance of assisting the less fortunate while maintaining sovereignty, citing Brazil's investment fund for the Amazon rainforest as an example where donor countries have no control. Norway has currently given the most donations. Progress in addressing how wealthy nations can assist poorer ones in combating global warming has been limited among climate negotiators. French President Nicolas Sarkozy emphasized the necessity of numerical data and financial support from developed countries to developing nations at the Copenhagen conference. Sarkozy, representing French Guyana as part of the Amazon basin, stressed the urgency of taking action immediately. Sarkozy expressed his approval of the emissions reduction target announced by Washington for 2020. The European Union estimates that $100 billion annually is needed to aid developing nations in fighting global warming. Developing countries argue that wealthy nations should contribute between 0.5 and 1 percent of their GDP. Brazil has committed to reducing its greenhouse gas emissions by up to 38.9 percent by 2020 and is pushing for a stronger presence in climate negotiations, hoping to unite Amazon nations for the upcoming Copenhagen summit. However, only one other South American leader, Bharrat Jagdeo of Guyana, attended the recent summit in Manaus. | 4 |
European Union leaders have reached an agreement on a proposal to present at the global climate talks in Copenhagen in December. Developing countries will require 100 billion euros per year by 2020 to combat climate change, with 22-50 billion euros coming from the public funds of wealthy nations. The EU will contribute a portion of this amount, with expectations that it will be between 20 and 30 percent. British Prime Minister Gordon Brown believes this agreement will be a significant step towards reaching a deal in Copenhagen. Eastern European nations confirmed that the summit had resolved a disagreement regarding the division of the EU's financial responsibilities in a manner that would not negatively impact their economies during their recovery from crisis. The Polish Minister for Europe, Mikolaj Dowgielewicz, expressed satisfaction, stating, "We view this as a victory for Poland. We aim for rapid progress and do not wish to be seen as a relic of Eastern European folklore." Although leaders did not establish a specific method for dividing the bill, they delegated this task to a newly formed working group. "I would have preferred for this burden-sharing mechanism to be prepared already, but it proved to be too challenging," stated Polish Prime Minister Donald Tusk. The two-day summit secured a detailed negotiating mandate for the Copenhagen talks, which aim to find a replacement for the Kyoto Protocol, the United Nations program to combat climate change that will expire in 2012. The success of these talks will likely depend on financial resources. Developing nations are adamant that they will not commit to addressing climate change without sufficient funds from wealthier countries, which have contributed significantly to environmental damage through their reliance on oil and coal for industry over the years. Such funding could help developing countries adapt their agriculture practices or access water sources in areas affected by drought. However, European leaders have decided to postpone previous plans to provide "fast start" financing for developing nations in the three years leading up to a new climate agreement. Oxfam, an anti-poverty organization, criticized Europe's proposal, stating that it was insufficient and lacked assurances that the funds would not be taken from existing aid commitments. Oxfam's Elise Ford warned that if wealthy countries divert money from aid budgets to pay for climate debt, it would hinder the fight against poverty. The opposition from east European countries weakened after Sweden, who chaired the talks, addressed the divisive issue of "hot air" - the 17 billion euros worth of carbon permits held by eastern Europe. These countries, along with Russia and Ukraine, have spare permits for approximately 9 billion tonnes of carbon emissions that were leftover from their economic collapse after the end of communist rule. The additional permits, referred to as AAUs, can be traded to major polluting countries like Japan for approximately 10 euros per ton. Eastern European nations are in favor of continuing to sell AAUs in the new agreement that will replace Kyoto. However, some countries like Germany argue that this practice undermines the agreement's integrity and are pushing to eliminate them as they reduce the necessity for reducing greenhouse gas emissions. Sweden secured support from eastern Europe for the overall agreement by agreeing to postpone any significant actions regarding AAUs, according to an EU diplomat. The agreement also includes commitments to reducing domestic emissions, with a promise to enhance cuts to 30 percent below 1990 levels by 2020 if other countries follow suit. | 4 |
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