# gbfinancemag.com


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- [Hello world!](https://gbfinancemag.com/?p=1): Welcome to WordPress. This is your first post. Edit or delete it, then start writing!
- [UBS overhauls leadership at wealth management division](https://gbfinancemag.com/?p=5425):  UBS’s flagship global wealth management business on Thursday announced a raft of management changes triggered by the Swiss bank’s takeover of Credit Suisse. Several former Credit Suisse managers have got jobs in the changes which affect roughly 180 executives and mainly take effect from July 17. Former Credit Suisse executive Michael Marr will become the head of Global Wealth Management Australia at UBS, according to a person familiar with the matter. The move marks the re-entry of UBS’s wealth management business into Australia after several years. Switzerland’s biggest bank will return to India, with Puneet Matta, another former Credit Suisse executive, […]
- [Twitter threatens Threads lawsuit against Meta](https://gbfinancemag.com/?p=5422): Twitter has threatened to sue Meta Platforms over its new Threads platform in a letter sent to the Facebook parent’s CEO Mark Zuckerberg by Twitter’s lawyer Alex Spiro. Meta, which launched Threads on Wednesday and has logged more than 30 million sign ups, looks to take on Elon Musk’s Twitter by leveraging Instagram’s billions of users. Spiro, in his letter, accused Meta of hiring former Twitter employees who “had and continue to have access to Twitter’s trade secrets and other highly confidential information,” News website Semafor first reported. “Twitter intends to strictly enforce its intellectual property rights, and demands that Meta take immediate steps to stop […]
- [Tesla rolls out global customer referral incentive as EV price war heats up](https://gbfinancemag.com/?p=5419): Electric-vehicle maker Tesla rolled out a new program globally allowing buyers to earn extra incentives through referrals from existing customers, a strategy long used by traditional automakers to boost sales. The incentive, which Tesla dubbed as “Refer and Earn” on its websites, is equivalent to about $500 in cashback for buyers in the U.S. who purchase Model 3 and Model Y. The U.S. incentives also include three months of its Full Self-Driving feature The program was rolled out in Tesla’s largest markets, including the United States, China, Germany, France, Canada, Mexico, Hong Kong and Singapore, according to the company’s regional websites […]
- [How to get out of coal – some political economy considerations](https://gbfinancemag.com/?p=5415): To date, climate change policy actions have primarily been considered from technical and financing perspectives. To make change happen, governance aspects also matter – institutional capabilities, accountability, as well as political economy constraints. This blog is part of a new workstream on political economy challenges and potential avenues for addressing them – with a focus on low and middle-income countries. Due to coal’s high carbon intensity, rapidly reducing its use for power generation is critical. However, the use of coal is still growing, especially among fast-growing middle-income countries. Phasing out coal poses both economic and political-economy challenges – which need to be considered […]
- [The "Invisible" Water Crisis: Groundwater Sustainability in Asia and The Pacific](https://gbfinancemag.com/?p=5412): Rapid socioeconomic development and population growth are escalating groundwater overexploitation, creating a potential crisis in Asia and the Pacific. Demand for groundwater has increased steadily in Asia and the Pacific in recent decades, driven by rapid socioeconomic development and population growth. Bangladesh, India, Indonesia, Iran, Pakistan, the People’s Republic of China, and Türkiye today account for more than 60% of groundwater withdrawal, making Asia and the Pacific the region with the highest groundwater abstraction in the world.  Meanwhile, in countries such as Indonesia and Viet Nam, as much as 79% of the population depends on groundwater for drinking. However, groundwater […]
- [A focus on improving the learning experience in the classroom](https://gbfinancemag.com/?p=5403): Every child should have access to a high-quality classroom learning experience that is joyous, transformative, and prepares them for life. That is not happening. The pandemic exacerbated the global learning crisis, and an estimated 70% of children in low- and middle-income countries cannot even read a simple text by age 10. The need to recover and accelerate learning is urgent. The learning crisis can be solved. We know how to do it, using science-based approaches that improve teaching quality and learning outcomes. Policies to drive learning recovery In 2022 the World Bank and partners published the RAPID Framework, a menu […]
- [How we can better measure migration through the integration of different sources of data](https://gbfinancemag.com/?p=5401): Last year saw a rebound in migration flows following a pandemic-induced decline in 2020-21. Today, an estimated 184 million migrants live outside the country of their citizenship. Of this total, refugees number 37 million, including the 7.8 million Ukrainians who have been seeking shelter in the EU since the start of the Russia-Ukraine war. Cross-border mobility is an integral part of the development process – and forms the basis of the World Bank’s World Development Report 2023 titled “Migrants, Refugees, and Societies.” The report explores migration in a holistic way, proposing an integrated framework to maximize the gains for both origin and […]
- [Navigating Climate Risk: The Crucial Role of Insurance in the Transition to a Low Carbon Economy](https://gbfinancemag.com/?p=5397): The insurance sector can be a game-changer by managing risks from climate change in Asia and the Pacific, protecting ecosystems, and supporting the shift towards a sustainable future. Climate change is the defining challenge of our time. Asia and the Pacific produces about half of global greenhouse gas emissions. If no action on climate change is taken, the region’s current GDP may shrink by 26.5 percent by 2048, says Swiss Re’s Climate Economics Index.  Our region also has an enormous catastrophe protection gap — the difference between optimal and actual insurance coverage. It averages 92% compared to the world average of 58%, […]
- [Why energy storage matters for the global energy transition](https://gbfinancemag.com/?p=5409): A sandy corner of South-Eastern Morocco hosts what could be the key to achieving the world’s net zero ambitions. It is a research center for renewable energy storage built by Masen, the Moroccan Sustainable Energy Agency, that conducts research and testing on new ways to create and store solar energy. The World Bank’s ESMAP has joined several innovative private sector firms to support this research center that is specifically designed to serve the energy storage needs of the developing world. Why is this so important? Energy storage is key to secure constant renewable energy supply to power systems – even when the sun does […]
- [Inflation In Asia and the Pacific: The Good, The Bad, And How to Prevent The Ugly](https://gbfinancemag.com/?p=5394): Inflation in Asia and the Pacific’s developing economies has declined, but the fight may not be over. Underlying price pressures remain persistent, even as growth is weighed down by continued global headwinds. Policymakers can however put in place reforms to promote a low-inflation environment. The beginning of 2023 has brought some good news on inflation for Asia and the Pacific. Headline inflation has slowly declined as global commodity prices have fallen, even though they remain higher than pre-pandemic averages. As a result of lower prices, as well as less aggressive policy tightening by the US Federal Reserve and a weaker US […]
- [Panasonic needs four more EV battery plants, executive says](https://gbfinancemag.com/?p=5387):  The battery arm of Japan’s Panasonic will need to build four more factories to reach its target for a sharp boost in annual capacity of batteries for electric vehicles by 2031, its technology chief told Reuters. The comments by Shoichiro Watanabe of Panasonic Energy are the Tesla supplier’s first clear indication of the number of additional factories it will need. They could also fuel expectations of more investment by Japanese companies in the United States, after a deal the two countries struck in March key to widening access for Japanese manufacturers to U.S. electric-vehicle (EV) tax credits. In May, Panasonic Energy said […]
- [Apple makes history as first $3 trillion company amid tech stock surge](https://gbfinancemag.com/?p=5384): Apple Inc became the first company in the world to reach a market value of $3 trillion, buoyed by hopes over its expansion in new markets coupled with expectations of a more moderate approach to interest rate hikes by the Federal Reserve. The iPhone maker’s advance was among the most eye catching in a month marked by investor interest in the potential of artificial intelligence, with share buyers also particularly favouring companies with strong balance sheets and cash flows. Apple’s most recent quarterly report in May showing its revenue and profits beat analysts’ expectations, and its track record of stock buybacks, reinforced its reputation as a […]
- [Kentucky mandates Tesla's charging plug for state-backed charging stations](https://gbfinancemag.com/?p=5381): Kentucky is requiring that electric vehicle charging companies include Tesla’s plug if they want to be part of a state program to electrify highways using federal dollars, according to documents reviewed by Reuters. Kentucky’s plan went into effect on Friday, making it the first state to mandate Tesla’s charging technology, although Texas and Washington states previously shared such plans with Reuters. In addition to federal requirements for the rival Combined Charging System (CCS), Kentucky mandates Tesla’s plug, called the North American Charging Standard (NACS), at charging stations, according to Kentucky’s request for proposal (RFP) for the state’s EV charging program on Friday. “Each port […]
- [German alternative Mastodon gets boost from newly restricted Twitter](https://gbfinancemag.com/?p=5377): Turmoil at Twitter following new limits to the amount of posts users can see appears to be driving a surge in activity at Mastodon, a German rival that prides itself on its decentralised, user-driven structure. “Looks like Mastodon’s active user base has increased by 110K (110,000) over the last day. Not bad,” Eugen Rochko, creator and chief executive of Mastodon, wrote on the platform late on Sunday. “I would prefer it if Elon Musk was destroying his site during the work week. This isn’t the first time,” another post from Rochko read. On Saturday, Twitter boss Elon Musk announced new limits on […]
- [Tesla's blistering rally continues after quarterly deliveries beat](https://gbfinancemag.com/?p=5374): Tesla shares jumped 6% on Monday after better-than-expected quarterly deliveries showed that Chief Executive Elon Musk’s plan of boosting volumes through discounts was working. The leading U.S. manufacturer of electric vehicles was set to increase its market capitalization by around $50 billion to $900 billion, based on early trading in its shares. At $277, the stock has already more than doubled in value this year and risen far above price targets set by analysts, prompting caution from some brokerages that margins will suffer because of the aggressive discounting spree. The price cuts helped the company deliver 466,140 vehicles in the April to June […]
- [Rivian beats estimates for second-quarter EV deliveries](https://gbfinancemag.com/?p=5371): – Rivian Automotive on Monday beat Wall Street expectations for quarterly deliveries on stable demand for its electric vehicles, sending its shares up nearly 9% in premarket trading. The company, which has been struggling with supply chain hurdles, reiterated its annual production target of 50,000 units. The Irvine, California-based startup, which makes R1T pickup trucks and R1S SUVs, has been developing its own drive unit to lower costs and reduce dependency on suppliers. Rivian second-quarter vehicle deliveries jumped 59% to 12,640, compared with estimates of 11,000 vehicles, according to 15 analysts polled by Visible Alpha. It produced 13,992 vehicles at its […]
- [TSMC sending more workers to speed up building of new Arizona plant](https://gbfinancemag.com/?p=5368): Taiwanese chipmaker TSMC said on Thursday it is sending more workers from Taiwan to the U.S. state of Arizona to help build a massive $40 billion factory to ensure its “fast ramp up”. The first Arizona chip fabrication facility, or fab, is scheduled to be operational by 2024. A second facility nearby that is expected to make 3 nanometre chips – the most advanced currently in production – is due to be up and running by 2026. TSMC did not disclose how many workers from Taiwan are currently in Arizona. The additional number who will be going has yet to be determined and […]
- [Salesforce to invest $4 billion in UK on AI innovation](https://gbfinancemag.com/?p=5365): Salesforce will invest $4 billion in its UK business in the next five years, the U.S. software company said on Thursday, thanks to strong demand for digital transformations and artificial intelligence. The company said the plan builds on a previous five-year injection of $2.5 billion it set out in 2018. The new investment will be seen as a boost to the country’s tech industry coming weeks after Microsoft’s president Brad Smith criticised a regulatory decision to block its takeover of Activision Blizzard, saying it had “shaken confidence” in Britain. “Salesforce’s major investment in its UK business over the next five years […]
- [Apple stock hits record, on cusp of $3 trillion market value](https://gbfinancemag.com/?p=5362): Apple’s stock climbed to a record high close on Wednesday and was on the cusp of a $3 trillion market capitalization. The iPhone maker’s stock rose 0.6% to end the day at $189.25, putting Apple’s market value at $2.98 trillion, according to Refinitiv data. It was the second straight record high close for Apple’s shares. Apple has yet to end a trading session with a stock market value above $3 trillion. It briefly peaked above $3 trillion in intra-day trading on Jan. 3, 2022 before closing the session just below that mark. The latest gains in shares of the world’s most […]
- [Chip industry globalisation under threat, says chief of China's YMTC](https://gbfinancemag.com/?p=5359):  Geopolitics and the national security concerns of some countries are threatening the globalisation of the world’s chip industry and its future growth, the chairman and acting CEO of memory chipmaker Yangtze Memory Technologies (YMTC) said on Thursday. Chen Nanxiang said in a speech at the opening ceremony of the Semicon China conference in Shanghai that this made him doubt whether the global semiconductor industry could realise an earlier forecast that it could see $1 trillion in sales by 2030. “There is a lot of government intervention, and a lot of political content is added in the middle,” he said, adding […]
- [Morgan Stanley board considers next CEO while Gorman clears the decks](https://gbfinancemag.com/?p=5356):  Morgan Stanley’s board will focus on the selection of CEO James Gorman’s successor at its summer and fall meetings, a person familiar with the situation said, while the outgoing boss looks to clear the decks by resolving major regulatory matters. Gorman, who has run the Wall Street giant since 2010, announced last month that he would step down within a year, setting off speculation about which executive would be chosen to succeed him in one of the most powerful roles in finance. The bank’s directors will deliberate over three internal candidates at a meeting in London in July and later gatherings in New […]
- [Apollo Global leads debt investment in chipmaker Wolfspeed, media report](https://gbfinancemag.com/?p=5352): A group of investors led by Apollo Global Management is making a debt investment between $1 billion to $2 billion in chipmaker Wolfspeed to support its expansion in the U.S., media outlets reported on Sunday. The financing would make $1.25 billion of cash available immediately to Wolfspeed, while another $750 million could be drawn later, Bloomberg News reported. The report added it was structured as seven-year secured notes carrying a coupon of 9.875% and can be paid back after three years. The Information reported the deal could be announced in the coming days. In September last year, Wolfspeed said it will build a […]
- [Yara delays potential sale of clean ammonia stake](https://gbfinancemag.com/?p=5349): Norway’s Yara has postponed the potential sale of a minority stake in Yara Clean Ammonia (YCA), the fertiliser maker said in a strategy update on Monday. “Timing will be postponed as the YCA project portfolio attractiveness surpasses its current market valuation, and major capital outlays are planned from 2025 onwards,” Yara said. Yara in May last year said it was considering an initial public offering for YCA by selling a minority stake to other investors. Canadian pipeline group Enbridge and Yara said in March this year they aimed to invest up to $2.9 billion in blue ammonia output in Texas in what would be […]
- [Analysis: After the buzz, investors are doing their own homework on AI](https://gbfinancemag.com/?p=5346):  The rapid adoption of generative artificial intelligence has boosted markets this year, but after the initial euphoria, investors are waking up to the possible risks, including the need to be highly selective in stock-picking. Businesses ranging from IT services and consulting to media, information and education are now under portfolio managers’ microscopes to assess the potential for AI disruption. The overall impact for corporate profitability is seen as hugely positive. Yet beyond Nvidia and other obvious winners in the chip sector, analysts warn there might also be losers across Europe and the United States. McKinsey says generative AI could add $7.3 […]
- [A second life for EV batteries? Depends how long the first is](https://gbfinancemag.com/?p=5343): Global automakers have touted plans to re-use electric vehicle (EV) batteries when they lose power, but competition for battery packs and cell materials, and the appetite for affordable cars cast doubt on this part of the circular economy. An array of startups offers second-life energy storage using old EV batteries. But creating the viable industry envisioned by carmakers such as Nissan would mean fighting off competition from recyclers, refurbishers and the needs of drivers squeezed by the cost-of-living crisis. “The assumption that EV batteries are only going to last eight-to-10 years and then owners will swap them out is just not […]
- [Amazon raises investment in India to $26 billion by 2030](https://gbfinancemag.com/?p=5340):  Amazon.com Inc said on Friday it will take its investments in India to $26 billion by 2030, adding $6.5 billion in new planned investments in an announcement made after CEO Andy Jassy met Prime Minister Narendra Modi in the United States. Though Jassy gave no breakdown, the announcement follows Amazon’s cloud computing unit Amazon Web Services (AWS) saying last month it will invest 1.06 trillion rupees ($12.9 billion) in the country by the end of 2030. Earlier, Amazon had announced a $6.5 billion investment plan, largely to boost its e-commerce business where it competes with Walmart’s Flipkart and billionaire Mukesh Ambani’s Reliance Retail. […]
- [India's Infosys signs $454-mln deal with Danske Bank](https://gbfinancemag.com/?p=5337): Infosys, India’s No.2 IT services provider, signed a $454-million contract with Denmark’s Danske Bank on Monday, at a time when the broader sector is struggling with a slowdown in an uncertain global economy. The IT company will help digitize the lender’s core business and add more cloud and data facilities to it, including Infosys acquiring Danske Bank’s IT centre in India, it said in a regulatory filing. The contract is for five years, with an option to renew for one more year for a maximum of three times. Bengaluru-based Infosys’ contract comes days after Mumbai-based bigger rival TCS signed a […]
- [IBM nears $5 billion deal for software provider Apptio, Wall Street Journal reports](https://gbfinancemag.com/?p=5334): IBM is nearing a deal to acquire software company Apptio for about $5 billion, the Wall Street Journal reported on Friday, citing people familiar with the matter. A deal between the companies could be completed over the weekend, the Journal reported, adding that it was unclear whether the purchase price includes debt. IBM declined to comment on the report. Apptio did not immediately respond to Reuters request for comment. Apptio, taken private by Vista Equity Partners in 2018 for $1.94 billion, provides products including cloud-based and hybrid business management software, a possible asset for technology giant IBM. The deal follows IBM’s […]
- [Renewables growth did not dent fossil fuel dominance in 2022, report says](https://gbfinancemag.com/?p=5331):  Global energy demand rose 1% last year and record renewables growth did nothing to shift the dominance of fossil fuels, which still accounted for 82% of supply, the industry’s Statistical Review of World Energy report said on Monday. Last year was marked by turmoil in the energy markets after Russia’s invasion of Ukraine, which helped to boost gas and coal prices to record levels in Europe and Asia. The stubborn lead of oil, gas and coal products in covering most energy demand cemented itself in 2022 despite the largest ever increase in renewables capacity at a combined 266 gigawatts, with […]
- [At Asia energy event, officials warn against sacrificing growth for transition](https://gbfinancemag.com/?p=5327):  Hydrocarbons will be an important part of Asia’s energy mix, Malaysian Prime Minister Anwar Ibrahim and industry executives said on Monday, as affordability and energy security remain key concerns for the region. Achieving net-zero emissions targets should not come “at the expense of economic growth or vice versa”, Anwar said at the inaugural Energy Asia conference, hosted by Malaysia’s state oil firm Petronas. “Instead, Asia must take every opportunity to further dialogue and actions around how we can responsibly plan to enable every country (in) its right to development and lower carbon aspirations,” he said. Asia is home to some […]
- [Four Paths to a Climate-Friendly Energy Transition for Asia and the Pacific](https://gbfinancemag.com/?p=5316): A smooth energy transition promotes sustainable development and climate resilience but it requires efforts on multiple fronts. Developing countries in Asia and the Pacific are facing greater challenges in transforming their energy systems from fossil fuels to renewables in response to climate concerns. Political and economic concerns, along with the impact of the pandemic, have accentuated these challenges. Recent geo-political events have further heightened the need to develop robust resilient mechanisms for ensuring a smooth transition to cleaner energy sources. A lack of diversified energy sources creates enormous risks and huge volatility to energy supply and prices. In the transition […]
- [Fighting surges in Sudan's capital as three-day ceasefire expires](https://gbfinancemag.com/?p=5275): DUBAI, June 21 (Reuters) – Heavy clashes broke out between rival military factions in several parts of Sudan’s capital on Wednesday as a 72-hour ceasefire that saw several reports of violations expired, witnesses said. Shortly before the truce ended at 6 a.m. (0400 GMT) fighting was reported in all three of the cities that make up the wider capital around the confluence of the Nile: Khartoum, Bahri and Omdurman. Sudan’s army and the paramilitary Rapid Support Forces (RSF) have been battling each other for more than two months, wreaking destruction on the capital, triggering widespread violence in the western region […]
- [Price Shock: What $200 Per Barrel Oil Would Mean for Asia](https://gbfinancemag.com/?p=5313): The Russian invasion of Ukraine has increased global oil market volatility. The economic impact of another oil price shock, should it materialize, would be significant. At the beginning of Russia’s invasion of Ukraine, the crude oil price breached $130 per barrel in March 2022, the highest since 2008. Since then, it retreated to about $100 in April, before rising again to $120 following the European Union’s (EU) partial ban on Russian oil in May. Some worry that the oil price could spike to $200 per barrel in the coming months and how such a shock would impact on the economic […]
- [Your Questions Answered: Why are Energy Prices High and How Can They be Reduced?](https://gbfinancemag.com/?p=5309): ADB Principal Energy Specialist Kelly Hewitt answers questions about why energy costs are so high and what consumers and governments can do to bring them down. Global energy prices increased by more than 26% in the early months of 2022. This has implications that spread across the economies of Asia and the Pacific, with electricity bills expected to rise by 27% by 2025 if the region’s energy supply mix remains unchanged. The impacts are being felt across the region. Energy price increases have caused public enthusiasm for a clean-energy future to temporarily wane. Countries have revised coal power plant closing targets, […]
- [The Power of Retail Bonds: A Stable Funding Source for Asian Governments](https://gbfinancemag.com/?p=5282): Retail bonds provide stability, attract individual investors, and support financial literacy in Asia’s growing bond market. Retail bonds are neither new nor terribly exciting financial instruments. However, they are proving powerful conduits for financial stability and increasingly feature as funding sources for Asian finance officials.  Retail bonds are investment products offered directly to the general public rather than to banks and institutional investors. They provide regular income to investors, paying interest at least once a year with tenors of three years or longer. Retail bonds are available for subscription through conventional channels but also through phone and web apps using […]
- [Three Ways to Boost Sexual and Reproductive Health and Rights for Universal Health Care](https://gbfinancemag.com/?p=5273): Countries can narrow economic and social inequalities, and deliver on long-term commitments to sexual and reproductive health and rights, by prioritizing universal health care. Giving birth can lead to a significant financial burden for parents. For some, the costs of prohibitively expensive care can lead to life-and-death decisions, such as delaying regular prenatal visits or skipping medications. For many mothers, public hospitals are often the only option but even those may levy unaffordable fees for the poor. This can lead to situations where low-income families are forced to make tradeoffs between medically necessary treatment and other household obligations such as […]
- [Navigating the Shift to a Clean Energy Future](https://gbfinancemag.com/?p=5271): A key challenge is to transition from fossil fuels to next-generation clean energy without making consumers pay more. Multiple trends are driving the transformation of global energy systems. One of them is electricity networks, including “the digitization of everything and the electrification of everything,” decentralization, decarbonization, and deregulation. Accelerated deployment and the rapidly falling cost of solar and wind power, energy storage, electric vehicles, smart grid technology, and more broadly the Internet of Things, can all facilitate the growth of digital “exoskeletons” around electricity networks and other energy systems. This increases network resilience, while creating opportunities for new business models […]
- [Accelerating Clean Energy Transition in the People’s Republic of China](https://gbfinancemag.com/?p=5266): The move to clean energy and carbon neutrality in the People’s Republic of China will require conservation, conversion to new energy sources beyond coal and changing people’s energy consumption habits.  The People’s Republic of China is working to peak its carbon dioxide emissions before 2030 and achieve carbon neutrality by 2060. The only way to achieve its climate change targets is by adopting an aggressive low carbon pathway. Reducing reliance on coal will be a major challenge for this clean energy transition. Coal is deeply embedded in the energy system and economy of the People’s Republic of China – the […]
- [Europe in danger of losing EV battery race - Court of Auditors](https://gbfinancemag.com/?p=5241):  Europe is in danger of losing the race to become a global battery powerhouse as access to raw materials remains a major roadblock along with rising costs and fierce competition, a report by the European Court of Auditors (ECA) said on Monday. The report warned that the European Union may fail to meet climate goals as those efforts rely heavily on the uptake of electric vehicles run on batteries made up of a cocktail of metals ranging from cobalt to nickel and lithium. The ECA, the EU’s independent external auditor, said nearly one in five new cars registered in the […]
- [Submarine exploring Titanic wreck missing, search underway](https://gbfinancemag.com/?p=5238):  A submarine on a tourism expedition to explore the wreckage of the Titanic has gone missing off the coast of southeastern Canada, according to the private company that operates the vessel. OceanGate Expeditions said in a brief statement on Monday that it was “mobilizing all options” to rescue those on board the vessel. The U.S. Coast Guard did not immediately respond to requests for comment. Media reports said the Coast Guard had launched search-and-rescue operations. It was not immediately clear how many people were missing. The family of British billionaire Hamish Harding said he was onboard. His stepson wrote on […]
- [Hiding in plain sight: The missing trillions for climate change](https://gbfinancemag.com/?p=5235): In debates about how to finance the growing bill for climate change, many worry where we can find the money. There is reason to worry. As part of the Paris Agreement, the world’s wealthier countries reaffirmed their commitment to mobilize at least $100 billion of climate financing annually to help developing countries to adapt to climate change, invest in renewable energies and achieve low-carbon development. But getting there is a work in progress.  At the same time, there is a way to mobilize large amounts of money for climate. Subsidies. The world finds enormous sums of money each year for often […]
- [Eve, Blade to expand 'flying car' partnership to Europe](https://gbfinancemag.com/?p=5232):  Electric aircraft maker Eve and Blade Air Mobility are expanding their partnership to integrate Eve’s upcoming flying car into Blade’s European route network, starting with France, the companies said on Monday. The deal follows similar agreements between the firms, which are currently participating in the Paris Airshow, to use Eve’s electric vertical take-off and landing vehicles (eVTOLs) in India and the United States. Eve is controlled by Brazilian planemaker Embraer and expects to start commercial operations of its vehicle in 2026. Eve and Blade said in a statement that under their new memorandum of understanding, Blade would focus on developing practical applications for air mobility, […]
- [Intel spends $33 billion in Germany in landmark expansion](https://gbfinancemag.com/?p=5229):  Intel will spend more than 30 billion euros ($33 billion) to develop two chip-making plants in Magdeburg as part of its expansion push in Europe, a deal Chancellor Olaf Scholz hailed on Monday as Germany’s biggest ever foreign investment. Berlin has agreed subsidies worth nearly 10 billion euros with the U.S. chipmaker, a person familiar with the matter said, more than the 6.8 billion euros it had initially offered Intel to build two leading-edge facilities in the eastern city. Intel CEO Pat Gelsinger said he was grateful to the government and the state of Saxony-Anhalt, where Magdeburg is located, for “fulfilling […]
- [Hiding in plain sight: The missing trillions for climate change](https://gbfinancemag.com/?p=5111): In debates about how to finance the growing bill for climate change, many worry where we can find the money. There is reason to worry. As part of the Paris Agreement, the world’s wealthier countries reaffirmed their commitment to mobilize at least $100 billion of climate financing annually to help developing countries to adapt to climate change, invest in renewable energies and achieve low-carbon development. But getting there is a work in progress.  At the same time, there is a way to mobilize large amounts of money for climate. Subsidies. The world finds enormous sums of money each year for often […]
- [Sustainable financing for health: Forging a new path](https://gbfinancemag.com/?p=5108): On the eve of the Summit for a New Global Financing Pact convened later this month by the government of France, many of the world’s poorest countries face a host of competing policy priorities while struggling to raise the funds to address them. In the wake of the COVID-19 crisis, developing countries need to regain losses in health and learning, arrest increases in hunger and poverty, and counter climate change.  Yet, most developing economies not returned to their pre-pandemic growth path, and in many of them, government spending is expected to stagnate or contract for years to come.  As both […]
- [Micron says it is committed to China, invests $602 million in plant](https://gbfinancemag.com/?p=5104): U.S. memory chipmaker Micron said on Friday it was committed to China and would invest 4.3 billion yuan ($603 million) over the next few years in its chip packaging facility in the Chinese city of Xian. The company has been targeted by China’s cyberspace regulator, which last month said the firm, the United States’ biggest memory chipmaker, had failed a network security review and that the regulator would block operators of key infrastructure from buying from the company. Micron made no mention of the review’s decision in its Friday statement, posted on WeChat. “This investment project demonstrates Micron’s unwavering commitment to its China […]
- [Xi Jinping tells Bill Gates he welcomes U.S. AI tech in China](https://gbfinancemag.com/?p=5101): Chinese President Xi Jinping discussed the global rise of artificial intelligence with Bill Gates on Friday and said he welcomed U.S. firms including Microsoft bringing their AI tech to China, two sources familiar with the talks said. Xi also discussed Microsoft’s business development in China during their meeting in Beijing, one of the sources said. Gates, who co-founded Microsoft, stepped down from the company’s board in 2020 to focus on philanthropic works related to global health, education and climate change. The comments on AI made at the meeting between Xi and Gates were not disclosed in reports of the meeting published […]
- [Intel to invest $4.6 billion in new chip plant in Poland](https://gbfinancemag.com/?p=5098):  Intel  plans to invest up to $4.6 billion in a new semiconductor assembly and test facility near Wrocław, Poland, as part of a multi-billion-dollar investment drive across Europe to build chip capacity, it said on Friday. The U.S. chipmaker last year announced plans to build a big chip complex in Germany along with facilities in Ireland and France as it seeks to benefit from European Commission’s eased funding rules and subsidies as the EU looks to cut its dependence on U.S. and Asian supply. The facility in Poland will employ 2,000 workers and create several thousand additional jobs during the construction phase and hiring by […]
- [Inside the race to remake lithium extraction for EV batteries](https://gbfinancemag.com/?p=5095):  The global battle to reshape the lithium industry is sucking in oil producers, tech startups and entrenched mining giants, each jockeying to be the first to reinvent how a metal key to the green energy transition is produced. A fleet of direct lithium extraction (DLE) technologies are on the verge of tapping salty brine deposits across Europe, Asia, North America and elsewhere that the U.S. Geological Survey estimates are filled with roughly 70% of the world’s reserves of the metal. At stake is influence over an industry expected to grow to more than $10 billion in annual revenue within the […]
- [Exploring the link between rising inflation and economic growth: The role of the banking sector](https://gbfinancemag.com/?p=5083): The relationship between rising inflation and economic growth is a topic of ongoing debate in macroeconomics. According to the classical “neutrality of money” view, increases in inflation have little effect on real gross domestic product (GDP), as inflation increases both prices and wages similarly and merely alters the units of measurement. A related viewpoint is that rising inflation is not the cause of depressed economic growth but rather just a symptom of underlying economic problems that depress growth, such as supply-side disruptions or fiscal imbalances. Alternatively, some macroeconomic theories, like New Keynesian theories,  postulate that rising inflation can increase real […]
- [The world is our oyster: Academic migration in theory and practice](https://gbfinancemag.com/?p=5080): The question of why talented individuals move across borders has attracted much interest due to the significant impacts on the receiving and the source countries. This column studies what induces academics to move to an institution in a different country, using public publications records for nearly one million academics. The results show that more eminent academics are more likely to emigrate, and an increase in a country’s currency exchange rate boosts the likelihood of their migration. However, this effect is weaker for prominent academics who are driven by prestige rather than financial factors. The determinants of international flows of talented […]
- [The prices in the crises](https://gbfinancemag.com/?p=5077): Governments in many low- and middle-income countries are developing health insurance products as a complement to tax-funded, subsidised provision of healthcare through publicly operated facilities. This column discusses the rationales for this transition and reviews the performance of health insurance schemes over the last two decades. Despite evidence that health insurance has provided financial protection, schemes have fallen short of their stated objectives on other fronts. The evidence suggests that this is because of behavioural responses among healthcare providers that have systematically undermined the objectives of these insurance schemes. Economists who work on health insurance worry a lot about ‘adverse […]
- [European natural gas imports](https://gbfinancemag.com/?p=5072): Weekly extra-EU27 imports of natural gas for 2021 and 2022, compared with weekly minimum and maximum import values for the period 2015-2020. By selecting from the dropdown, the figure shows total imports but also imports exclusively from Russia, Norway, Algeria pipelines, liquefied natural gas (LNG, gas transported by ship from around the world), and the net imports from the UK. The most relevant pipeline import routes into the EU and the location of LNG terminals. The largest share of gas used to be delivered from Russia via four distinct corridors Nord Stream, Yamal (via Poland), Ukraine, and Turkstream (via Turkey). […]
- [The value added of central bank digital currencies: a view from the euro area](https://gbfinancemag.com/?p=5069): 1 Introduction Central bank digital currencies (CBDCs), a digital equivalent of cash, are increasingly gaining traction. At least 114 jurisdictions, representing 95 percent of global GDP, are at some stage of developing a CBDC 1 . In 11 countries, CBDCs are now a reality and operate in parallel to their physical equivalent. But it is not necessarily easy for the consumer to understand the difference between a euro in coin or note form and a digital euro. A good starting point in identify the benefits of CBDCs is to understand the problem that cannot be solved through the increasing range of digital […]
- [In Botswana, an inclusive reform process is needed to advance women’s economic participation](https://gbfinancemag.com/?p=5065): The transformational Vision 2036 Achieving Prosperity for All defines Botswana’s aspirations to chart its way from a middle-income to a high-income economy. Promoting gender equality and granting men and women equal opportunities to participate in the economy are key components of the Government reset agenda for inclusive development.  But how can we best support Botswana as it strives to make gender equality a reality? This can be done by engaging closely with the government, private sector and civil society, and by contributing data, evidence and experiences from reform efforts in other countries. On March 30, 2023, Women, Business and the Law, the World Bank’s Office in Botswana, […]
- [The intersection of economic conditions, trauma and mental health in the West Bank and Gaza](https://gbfinancemag.com/?p=5062): Years of ongoing exposure to conflict have exacted a toll on the mental health of Palestinians. This includes decades of exposure to conflict, restrictions on movements and poor living conditions, particularly for the inhabitants of Gaza who are subject to a partial air and land blockade. In this context we resolved to investigate the mental health impacts of overlapping vulnerabilities and cumulative traumas on the Palestinian population.   Understanding the prevalence of these overlapping indicators on a national level is a big challenge. In 2022, the World Bank, in collaboration with the Palestinian Central Bureau of Statistics (PCBS), International Security and […]
- [Firms’ use of artificial intelligence: Cross-country evidence on business characteristics, asset complementarities, and productivity](https://gbfinancemag.com/?p=5057): Artificial intelligence is rapidly transforming economies and societies, but research on how it is being adopted across firms is still in its early stages, especially at the international level. This column explores the patterns of AI use across 11 countries, focusing on firm characteristics, the role of complementary assets, and the links between AI use and productivity. Evidence of polarised adoption – with larger and more productive firms more likely to use AI – indicates the potential for widening gaps between leaders and other firms and reinforces the need for policies aimed at fostering an inclusive digital transformation. Artificial intelligence […]
- [The giant missing piece in the EU’s capital market puzzle](https://gbfinancemag.com/?p=5054): In the spirit of unity, let me start with a statement we can all agree on: the EU needs to grow its capital markets. That statement begs at least two big questions. On these, there is less agreement. Firstly, how should we grow them? And secondly, why haven’t they grown more already? A lot of thought is going into addressing these questions through the lens of specific areas within EU capital market policy. This is incredibly valuable, because successful systems are not built solely by overarching ambitions, but through a multitude of small technical successes. Overcoming barriers on everything from […]
- [We can’t have a world without poverty in a world with plastic pollution](https://gbfinancemag.com/?p=5051): When future generations share the story of plastic pollution, it will include graphic images of turtles choking on plastic debris, zooming out to show beaches and communities laden with trash, and panning to medical reports showing microplastic in the average person’s bloodstream.  This is a story that started as an environmental crisis, and quickly became an economic and health crisis. And it’s a story that intersects with the triple planetary crises we are grappling with today: biodiversity, climate, and pollution. We are on the brink of writing the next important chapter in this story. We do know that plastic pollution must […]
- [Opening the black box of digital wallets and demystifying ‘buy now, pay later’](https://gbfinancemag.com/?p=5048): The growth of digital wallets and popular ‘buy now, pay later’ options raises concerns about social welfare and policy. This column uses data from a world-leading Chinese provider to document that ‘buy now, pay later’ dominates e-wallet transactions and expands FinTech credit to underserved consumers. It also substantially boosts consumer spending, but users – especially those relying on e-wallets as their sole credit source – carefully moderate borrowing when incurring interest charges. These findings can help policymakers tackle the challenges arising from the expansion of digital wallets and ‘buy now, pay later’. The past decade has witnessed a phenomenal rise […]
- [Electoral earthquakes: Local shocks and authoritarian voting](https://gbfinancemag.com/?p=5045): While a growing literature has highlighted the role of economic grievances, global transformations, cultural cleavages, and isolation in engendering political discontent, the nexus with local shocks has not yet been explored. This column documents that two earthquakes in Italy resulted in sharply diverging electoral outcomes: while the 2012 Emilia quake did not alter voting behaviour, the 2009 L’Aquila earthquake paved the way for a persistent authoritarian backlash in the most affected areas. These heterogeneous patterns originate from a stark contrast in post-disaster reconstruction processes and the related shifts in institutional trust. The findings are consistent with the notion that valence […]
- [Fostering a sustainable digital transformation](https://gbfinancemag.com/?p=5041): Automation and digitalisation are progressing rapidly worldwide, auguring improved productivity and living standards but also the prospect of genuine social harm. This column discusses two side effects of automation – increased inequality and a rise in carbon emissions – and proposes a policy response to deal with both problems simultaneously. By imposing a higher tax on automation-driven emissions and redistributing the proceeds so as to mitigate increased inequality through education and re-training, such a policy could reduce resistance to new technologies, increase skill levels, and foster the transition to cleaner electricity production. Automation, digitalisation, and artificial intelligence (AI) are progressing […]
- [European natural gas demand tracker](https://gbfinancemag.com/?p=5038): High and volatile European energy prices are being driven by extraordinarily tight supply-demand balances in energy markets, particularly for natural gas. The primary solution is to reduce demand and the European Union agreed a target to reduce gas demand by 15% compared to the previous five year average between August 2022 and March 2023.This target has subsequently been extended to March 2024. This dataset tracks monthly natural gas demand by EU country, with a breakdown of the power, industry and household sectors wherever possible. Because there isn’t a timely and comprehensive data source covering all the EU, this dataset is built by compiling data from […]
- [S&P 500, Nasdaq hit sparkling 2023 highs as Tesla rallies](https://gbfinancemag.com/?p=4959): The S&P 500 and Nasdaq hit fresh 2023 highs on Friday earlier than paring some profits, as a soar in Tesla and technology stocks outweighed jitters across the Federal Reserve’s policy final results and inflation records subsequent week. Tesla Inc shares (TSLA.O) climbed 4.Nine% and were set for their longest triumphing streak on account that January 2021, after General Motors (GM.N) agreed to use the company’s Supercharger community. GM stocks (GM.N) rose 2.5%. The benchmark S&P 500 (.SPX) closed Thursday 20% above its Oct. 12 completing low, heralding the start of a brand new bull market as described by using […]
- [Goldman Sachs fintech executive to take leave of absence](https://gbfinancemag.com/?p=4956): Stephanie Cohen, the pinnacle of Goldman Sachs Group Inc’s (GS.N) fintech unit referred to as Platform Solutions, is taking a depart of absence for own family motives, she said in a memo to workforce seen with the aid of Reuters. “The beyond year has introduced a few challenges for my circle of relatives,” Cohen stated in the memo. “While I have carried out my exceptional to stability the important work we do right here with my life at domestic, I even have made the selection that taking some time far from work to consciousness on my own family is the […]
- [Tesla takes a leap: GM brings its charging network closer to US standards](https://gbfinancemag.com/?p=4953): Tesla (TSLA.O) jumped nearly 7% on Friday after General Motors (GM.N) joined Ford (F.N) in agreeing to use its electric powered-car charging network, a huge win that analysts said ought to make Tesla Superchargers an enterprise standard within the United States. The rare partnership among three of the biggest U.S. Automakers ensures that more than 60% of the u . S . A .’s EV market can get admission to Tesla’s North American Charging Standard (NACS), which ought to make it the primary network in the u . S .. “Pressure is now mounting on different carmakers to enroll in […]
- [JPMorgan and Morgan Stanley are reviewing prime brokerage relationships with Odey Asset Management sources](https://gbfinancemag.com/?p=4950): JPMorgan ( JPM.N ) and Morgan Stanley ( MS.N ) are reviewing their prime brokerage relationships with Odey Asset Management after the Financial Times and Tortoise Media reported on Thursday that Crispin Odey was sexually harassed, sources familiar with the matter said. The FT reported that 13 women claimed Odey sexually assaulted or harassed them over a 25-year period. “This is a version of an old article and none of the allegations were made in court or during the investigation,” Crispin Odey told Reuters by phone. A British court acquitted Odey of innocuous assault in 2021.Referring to Morgan Stanley’s plans […]
- [Taiwan's Acer supplies hardware to Russia after announcing it would freeze business data](https://gbfinancemag.com/?p=4947): Taiwanese computer maker Acer ( 2353.TW ) shipped at least $70.4 million worth of computer hardware to Russia between April 8, 2022 and March 31, 2023, according to Reuters customs records, after it said it will suspend business there.While not illegal, Acer’s actions contrast with those of major Western rivals such as Dell ( DELL.N ) and HP ( HPE.N ), which suspended supplies in February and April 2022 after Moscow’s full-scale invasion of Ukraine. taken from a presentation by a commercial business data provider. The documents show that Acer-manufactured devices were delivered to Russia both through Acer’s 100% Swiss-registered […]
- [Shares of GameStop plunge after fifth CEO departure in five years.](https://gbfinancemag.com/?p=4944): GameStop ( GME.N ) fell about 19% on Thursday, its worst performance in two years, after the surprise departure of its chief executive to expand online fueled concerns that the video game retailer was in trouble.Matt Furlong, the former head of Amazon.com, is ousted as major shareholder Ryan Cohen is named CEO of the company he has become a favorite of self-stock traders by promising a digital turnaround.GameStop, however, was expected to wipe out half of its 2023 profit and market value of about $1.3 billion, and one analyst said management change has been the only constant in recent years.“It’s […]
- [Tesla considering building 4.5 bn euro car factory in Spain](https://gbfinancemag.com/?p=4941): According to a source close to the discussions, U.S. electric car manufacturer Tesla is reportedly in talks with the leaders of the regional government of Valencia in Spain for a potential automotive investment. While a spokesperson for Valencia’s regional government confirmed holding meetings and conversations with an unidentified company regarding a “large automotive investment,” they declined to provide further details due to the confidentiality of the negotiations. A separate source has indicated that the company in question is Tesla. Spanish business newspaper Cinco Dias cited sources mentioning that the investment could potentially involve the establishment of a car factory, with […]
- [To Ensure a Sustainable Future, We Must Reevaluate Cost-Benefit Analysis](https://gbfinancemag.com/?p=4938): To Ensure a Sustainable Future, We Must Reevaluate the Approach to Cost-Benefit Analysis Traditional cost-benefit analysis tends to undervalue long-term investments, particularly in natural capital, as it often prioritizes short-term gains and overlooks impacts beyond a 20-year timeframe. In order to rectify this, we need to implement policies that prioritize long-term sustainability and consider the following modifications to our current approach to cost-benefit analysis: The utilization of economic tools in decision-making for developmental projects is crucial, as economic analysis helps decision-makers validate investments and ensure their economic viability. However, it is essential to acknowledge that cost-benefit analysis is a social […]
- [Nvidia CEO feels safe relying on Taiwan for chips](https://gbfinancemag.com/?p=4894): Nvidia Corp, a major supplier of chips and computing systems for artificial intelligence (AI), feels “perfectly safe” about relying so much on chip powerhouse Taiwan for manufacturing, its chief executive Jensen Huang said on Thursday. Some companies have expressed concerns about potential risks to business given heightened military threats by China against the democratic island of Taiwan, which Beijing claims as its own, to Taipei’s strong objections. Chip manufacturer Taiwan Semiconductor Manufacturing Co Ltd, makes chips designed by Nvidia and Huang said his company’s next generation of products would also be made by TSMC, while adding Nvidia would continue to diversify. “When I […]
- [Southeast Asian tech giant Sea disbands investment arm](https://gbfinancemag.com/?p=4891):  Southeast Asian e-commerce and gaming giant Sea Ltd is winding down its investment arm, two people with knowledge of the matter said, amid a cooling investment environment globally as macroeconomic and market uncertainty weigh on valuations. The arm, Sea Capital, stopped new equity investing in 2022 with leadership moving on in May, while Sea itself is placing less priority on investing given market conditions, one of the people said. Sea – better known as owner of e-commerce platform Shopee and online gaming developer Garena – declined to comment. The people with knowledge of the matter declined to be identified as they […]
- [Germany bids to rebuild Berlin's buzz for startups](https://gbfinancemag.com/?p=4888): Rising rents, less venture capital and a shortage of talent are taking the shine off Berlin as a hub for startups. “The one single thing more difficult to find in Berlin than an apartment is a programmer,” said Avitosh Sawhney, 36, who moved his tech startup Ynertia to the German capital from Paris in 2020 but found it did not offer the plentiful space, funding and workers that had once made the city so attractive. The government has taken note, and is drawing up legislation to ensure the country and its capital stay attractive for entrepreneurs to help drive the […]
- [Tesla doubles discounts on Model 3 cars in US inventory](https://gbfinancemag.com/?p=4885):  Tesla Inc has doubled discounts on some already made new Model 3 electric cars and offered discounts on the Model Y and others in its U.S. inventory to entice buyers amid economic uncertainty, rising competition and the upcoming redesign of its mainstay model. In California, a Model 3 variant in inventory was priced at $42,060, a discount of $2,680 to the price of newly ordered cars, according to its website. That is double the $1,300 discount on Model 3 cars offered less than two weeks ago. Tesla also resumed discounts on some Model Ys of nearly $600 off each. Tesla offered steeper […]
- [JPMorgan to close 21 First Republic Bank branches](https://gbfinancemag.com/?p=4882): JPMorgan Chase & Co will shut 21 branches of First Republic Bank by the end of the year as it integrates the failed lender into its operations, a JPMorgan spokesperson said on Thursday. The locations account for about a quarter of First Republic’s 84 branches across eight states. The lender, which was the largest to collapse since the 2008 financial crisis, was seized by regulators in May and sold to JPMorgan. “These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office,” the spokesperson said. About 100 employees who are affected by the […]
- [Elon Musk greeted with flattery and feasts during China trip](https://gbfinancemag.com/?p=4879):  Billionaire Elon Musk was showered with praise during a trip to China this week, with people on social media calling him “a pioneer”, “Brother Ma” and “a global idol” while the CEO of Tesla, Twitter, SpaceX and other companies also met in person with three government ministers. Since landing in Beijing on Tuesday, Musk has met with China’s foreign, commerce and industry ministers and has dined with Zeng Yuqun, chairman of top battery supplier CATL. Little is known of those conversations. The industry ministry only said Musk and its head exchanged views about development of electric vehicles and connected cars; […]
- [Exclusive: Credit Suisse axes China bank plan to avoid regulatory conflict under UBS](https://gbfinancemag.com/?p=4876): Credit Suisse has scrapped plans to set up a locally incorporated bank in China to sidestep a potential regulatory conflict arising from its merger with UBS, said two sources with direct knowledge of the matter. Embattled Credit Suisse had been preparing for years to set up a wholly owned local bank in China. A locally incorporated bank would have boosted its presence in the country by allowing it to set up a branch network to draw deposits and expand its onshore wealth management business. The reason for the Swiss lender’s decision was that UBS, which is acquiring Credit Suisse as part […]
- [Credit Suisse bankers leaving by the hundreds every week](https://gbfinancemag.com/?p=4873): Hundreds of Credit Suisse employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by rival UBS, two people familiar with the matter said on Wednesday. Credit Suisse bankers, worried about their future are seeking safer employment at competitors, one person said. Both declined to be named because they are not authorized to speak publicly. Swiss newspaper Blick reported earlier on Wednesday that each day around 150 people worldwide were resigning from Credit Suisse while one of the two people said they saw about 200 resignations a week. UBS agreed on […]
- [Chinese tech entrepreneurs keen to 'de-China' as tensions with US soar](https://gbfinancemag.com/?p=4870):  For the ambitious Chinese tech entrepreneur, expanding into the U.S. just keeps getting harder. Before 2019, there were few major impediments to having a Chinese company that did business in the U.S. from China. But amid escalating U.S.-Sino trade tensions, particularly after Washington slapped sanctions on telecom giant Huawei (HWT.UL), some Chinese firms began setting up headquarters overseas – moves that could help them draw less U.S. government attention. Now, some mainland China tech business owners say they need to go further and gain permanent residency or citizenship abroad to avoid the curbs on and the biases against Chinese companies […]
- [Texas battery rush: Oil state's power woes fuel energy storage boom](https://gbfinancemag.com/?p=4867):  BlackRock, Korea’s SK, Switzerland’s UBS and other companies are chasing an investment boom in battery storage plants in Texas, lured by the prospect of earning double-digit returns from the power grid problems plaguing the state, according to project owners, developers and suppliers. Projects coming online are generating returns of around 20%, compared with single digit returns for solar and wind projects, according to Rhett Bennett, CEO of Black Mountain Energy Storage, one of the top developers in the state. “Resolving grid issues with utility-scale energy storage is probably the hottest thing out there,” he said. The rapid expansion of battery […]
- [Fiscal consequences of corporate tax avoidance](https://gbfinancemag.com/?p=4864): Multinational corporations routinely shift their profits to tax havens globally in order to benefit from low-tax environments. This column uses German municipal data on trade and property tax rates to study the consequences of such corporate tax avoidance on government tax revenues and tax revenue structures. It shows that increases in trade tax rates lead to lower levels of trade tax revenue in places exposed to multinationals with at least one tax haven. Furthermore, municipalities exposed to profit shifting do not compensate for lost revenue with higher property tax revenues or rates, which leaves them with lower tax revenue overall. […]
- [How declining population growth might portend a future of increasing resource scarcity](https://gbfinancemag.com/?p=4861): In the coming century, the global economy will experience an unprecedented convergence of two trends, as the world’s population reaches its peak while simultaneously approaching near-zero levels of growth – a combination that will invert both the population pyramid and dependency rates. This column examines this transformation within the context of changes to the global economy’s fundamental methods of production. High levels of dependency and the relative scarcity of labour may induce a shift in the methods of production from labour-based R&D back to a reliance on natural resources. The global economy is going to pass through a severe population […]
- [Another systemic debt crisis in low-income countries can be prevented – if we act now](https://gbfinancemag.com/?p=4858): There are growing concerns that low-income countries may be in or close to a systemic debt crisis. This column argues that while debt distress indicators in these countries have been steadily rising over the last decade, they remain substantially below their levels in the mid-1990s and do not yet indicate a systemic crisis of the type that would require a wholesale, coordinated Heavily Indebted Poor Countries-style initiative. However, the window to prevent the next big crisis may close fast, if we don’t act now. There are growing concerns that low-income countries (LICs) may be in or close to a systemic […]
- [Employer perspectives on employee work location: collaboration, culture and control](https://gbfinancemag.com/?p=4855): This paper discusses employers’ experience of working fully remotely during the pandemic, and their approaches to returning to the office following the pandemic. We chose to focus on the point of view of the employer since it is relatively less explored; much more is available and written on the views and opinions of employees about remote work and return to office. To understand the employer’s perspective, we reviewed existing research evidence, and carried out eleven structured interviews with corporate leaders about their experiences with remote, in-office and hybrid work.  Our literature review suggests that remote work does not have negative […]
- [World No Tobacco Day 2023: We need food, not tobacco, in an age of megathreats](https://gbfinancemag.com/?p=4852): The theme for this year’s World No Tobacco Day, “We need food, not tobacco,” to be commemorated on May 31, is apt given the rising food insecurity around the world. It aims to raise awareness about alternative crop production and marketing opportunities for tobacco farmers. As reported in the latest World Bank Group Food Security Update, domestic food price inflation remains high around the world. Data for the January-April 2023 period, show high inflation in almost all low- and middle-income countries, as well as rich countries. This trend further adds to food insecurity that manifests in high levels of acute hunger – more than […]
- [Impactful climate mitigation requires standards, verification and standardization](https://gbfinancemag.com/?p=4849): Climate costs and development together need vast new resources. For developing countries, the needs are particularly large to provide for growing populations and decades of underinvestment.  They need to make major advances on education, energy production, electricity access, health, infrastructure and nutrition just to make up for losses in recent years. Climate costs require significant additional resources, as does the increase in the cost of debt service and repayment. The biggest source of investment should be local growth and savings, but these are not robust. Inflows from remittances and foreign investors can increase rapidly when a country’s policy environment is favorable […]
- [Reliance's JioCinema signs content streaming deal with NBC Universal](https://gbfinancemag.com/?p=4846): JioCinema, the streaming platform run by India’s Reliance Industries Ltd, has signed a partnership with NBC Universal Media in a push to increase Hollywood content on the platform for Indian viewers, the companies said on Monday. The multi-year deal will give JioCinema’s premium subscribers access to popular shows such as “Downton Abbey”, “Suits” and “The Office,” the companies said in a joint statement. This comes after JioCinema signed a content streaming deal with Warner Bros Discovery Inc in April for shows such as “Succession” and “Game of Thrones”. JioCinema announced its premium pricing earlier this month, moving away from free content model to fight rivals […]
- [Xiaomi to make wireless audio products in India](https://gbfinancemag.com/?p=4843): Xiaomi Corp’s Indian arm will start making wireless audio products in the country through a partnership with electronics manufacturer Optiemus in a push to further localise its operations, the company said on Monday. Xiaomi India will make its first local audio gadget at Optiemus Electronics’ factory in the northern state of Uttar Pradesh, the company said in a statement, reiterating that it was targeting a 50% increase in the production of components locally sourced by 2025. The push comes as the manufacturer of the Redmi brand of smartphones recently lost out to South Korean rival Samsung as India’s top smartphones company. The […]
- [Binance names Teng as head of regional markets outside US](https://gbfinancemag.com/?p=4840):  Binance has appointed Richard Teng to head its regional markets outside the United States, at a time when the world’s largest cryptocurrency exchange has been facing scrutiny from U.S. regulators over compliance issues. Teng, who revealed his promotion on his LinkedIn profile, is already heading regions like Asia, Europe and the Middle East. He joined Binance as CEO of Singapore in August 2021. Teng will begin his new role on Monday. The development comes at a time when Binance has been under fire for non-compliance issues from U.S. authorities, while it has faced pressure in other countries as well. It withdrew […]
- [Nvidia to build Israeli supercomputer as AI demand soars](https://gbfinancemag.com/?p=4837): Nvidia Corp said on Monday it was building Israel’s most powerful artificial intelligence (AI) supercomputer to meet soaring customer demand for AI applications. Nvidia, the world’s most valuable listed chip company, said the cloud-based system would cost hundreds of millions of dollars and be partly operational by the end of 2023. Gilad Shainer, a senior vice president at Nvidia, said Nvidia worked with 800 startups in Israel and tens of thousands of software engineers. The system, called Israel-1, is expected to deliver performance of up to eight exaflops of AI computing to make it one of the world’s fastest AI supercomputers. […]
- [Musk expected to visit China this week, meet officials - sources](https://gbfinancemag.com/?p=4834): Tesla Chief Executive Elon Musk is expected to visit China this week, three people with knowledge of the matter said, in what would be his first trip to the country in three years. Musk is expected to meet senior Chinese officials and to visit Tesla’s Shanghai plant, two of the sources said. It was not immediately clear who Musk would meet and what they would discuss. The people with knowledge of the trip declined to be named as the matter is private. Tesla and China’s State Council Information Office did not immediately respond to requests for comment. Reuters reported in March […]
- [China urges Japan to halt export restrictions on chips](https://gbfinancemag.com/?p=4831): Chinese Commerce Minister Wang Wentao urged Japan to halt semiconductor export controls, calling it a “wrongdoing” that “seriously violated” international economic and trade rules, a statement from his ministry said on Monday. China’s latest condemnation of the export restrictions was made during Wang’s talks with Japanese Trade Minister Yasutoshi Nishimura on May 26 at the Asia-Pacific Economic Cooperation (APEC) conference in Detroit. Japan, along with the Netherlands, in January agreed to match U.S. export controls that will limit the sale of some chipmaking tools to China, and has placed restrictions on the export of 23 types of semiconductor manufacturing equipment […]
- [How can we ensure that “money in the bank” leads to “shovels in the ground?”](https://gbfinancemag.com/?p=4828): The current global infrastructure financing landscape is a striking showcase of contrasting realities. On the one hand, there’s a vast pool of global financing waiting to be harnessed, with an estimated $31 trillion in assets held by pension and sovereign wealth funds. On the other, there’s a projected $15 trillion gap between global infrastructure needs and spending through 2030, with emerging markets and developing economies (EMDEs) suffering the most. Public financing alone will be insufficient to close the investment gap, hence the need to involve global private capital and institutional investors like pension funds and wealth funds. However, these investor groups have consistently […]
- [The transformative power of cities: tackling climate change through green, resilient, and inclusive urban development](https://gbfinancemag.com/?p=4825): From 1970 to 2021, the global urban population surged from 1.19 billion to 4.46 billion, while the Earth’s surface temperature rose by 1.19 degrees Celsius above preindustrial levels. Cities, as engines of prosperity, have been major contributors to climate change.  A new World Bank report, Thriving: Making Cities Green, Resilient, and Inclusive in a Changing Climate, suggests that cities also hold one of the keys to solving the climate crisis. By 2050, nearly 70% of the world’s population will call cities their home.  The report examines over 10,000 cities to determine how green, how resilient, and how inclusive they are while examining the two-way […]
- [TikTok tests AI chatbot 'Tako' in the Philippines](https://gbfinancemag.com/?p=4821): Social media platform TikTok said on Thursday it is in the early stages of exploring a chatbot called “Tako” that can converse with users about short videos and help them discover content, and is conducting tests with select users in the Philippines. OpenAI, backed by Microsoft Corp, last year launched chatbot ChatGPT, offering arguably the most natural interaction to date. That triggered a race to develop features based on game-changing generative artificial intelligence (AI), including TikTok rival Snap Inc whose “My AI” is powered by ChatGPT technology. TikTok said Tako is designed to help users discover “entertaining and inspiring content” on the app. […]
- [TD, RBC miss profit estimates as bad loan provisions climb; CIBC beats](https://gbfinancemag.com/?p=4818): Canada’s two biggest lenders, TD and Royal Bank of Canada, missed analysts’ estimates for quarterly earnings on Thursday as tough economic conditions spurred the banks to make higher provisions for borrowers falling behind on repayments. TD, which called off its $13-billion acquisition of U.S.-based First Horizon this month, said it does not expect to meet its medium-term adjusted earnings growth target range of 7% to 10% due to the failure of the deal. “We’re confident that this was the right decision,” TD Chief Financial Officer Kelvin Tran said in an interview. TD’s bid for First Horizon was expected to boost its expansion into […]
- [Chinese hackers spying on US critical infrastructure, Western intelligence says](https://gbfinancemag.com/?p=4815): A state-sponsored Chinese hacking group has been spying on a wide range of U.S. critical infrastructure organizations, from telecommunications to transportation hubs, Western intelligence agencies and Microsoft said on Wednesday. The espionage has also targeted the U.S. island territory of Guam, home to strategically important American military bases, Microsoft said in a report, adding that “mitigating this attack could be challenging.” While China and the United States routinely spy on each other, analysts say this is one of the largest known Chinese cyber-espionage campaigns against American critical infrastructure. Chinese foreign ministry spokesperson Mao Ning said on Thursday the hacking allegations were […]
- [Electric truck maker Nikola receives delisting notice](https://gbfinancemag.com/?p=4812):  Nikola Corp said on Thursday Nasdaq gave the electric truck maker a delisting notice for not meeting its minimum bid price requirements. Shares of the company were down 5% at 73 cents. They fell about 78% last year on high battery material costs and production concerns. Nikola has been trying to raise cash for operations by selling equity, like other electric vehicle (EV) firms, in a turbulent market, and on Wednesday urged shareholders to vote in favor of increasing the number of shares at its annual shareholder meeting next month. EV startup Lordstown Motors Corp last month received a similar notice and effected a […]

## Pages

- [Sample Page](https://gbfinancemag.com/?page_id=2): This is an example page. It’s different from a blog post because it will stay in one place and will show up in your site navigation (in most themes). Most people start with an About page that introduces them to potential site visitors. It might say something like this: Hi there! I’m a bike messenger by day, aspiring actor by night, and this is my website. I live in Los Angeles, have a great dog named Jack, and I like piña coladas. (And gettin’ caught in the rain.) …or something like this: The XYZ Doohickey Company was founded in 1971, […]


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