County Lawrence Financial News

U.S. Energy Secretary Jennifer Granholm says nuclear fusion is a pioneering technology and the Biden administration wants to harness it as part of the transition to clean energy

Nirmala Sitharaman on Saturday met the G20 Independent Expert Group on strengthening of Multilateral Development Banks (MDBs). The G20 Independent Expert Group (IEG) is co-convened by former American treasury secretary Lawrence Summers and ex-chairman of the 15th Finance Commission N K Singh. The IEG set up by G20 India Presidency has focused on strengthening MDBs and delivered Volume 1 of its report which was acknowledged by G20 leaders in New Delhi Leaders Declaration earlier this month. «The #G20IEG members are currently in India working on Volume 2 of their report to be discussed in #G20 meetings scheduled to be held under the Indian Presidency in #Marrakech on sidelines of @IMFNews @WorldBank #AnnualMeetings,» the finance ministry said in a post on X. The fourth and final Finance Ministers and Central Bank Governors (FMCBG) Meeting under India's G20 Presidency is taking place next month in Morocco. MDBs need to provide an additional USD 260 billion annually to fund sustainable infrastructure and help nations achieve SDG targets, the group said in its Vol 1 report. Additional spending of some USD 3 trillion per year is needed by 2030, of which USD 1.8 trillion represents additional investments in climate action, mostly in sustainable infrastructure, and USD 1.2 trillion in additional spending to attain other sustainable development goals (SDGs), it said. The major MDBs are World Bank, International Finance Corporation (IFC), Asian Development Bank, Asian Infrastructure Investment Bank (AIIB), Inter-American Development Bank (IDB) and African Development Bank (AfDB).

By Luc Cohen

Lawrence Bishnoi on Thursday claimed responsibility for the killing of Arshdeep Dalla's close aide and Khalistani separatist Sukha Duneke in Canada, according to TOI. Punjab gangster-turned-terrorist Sukhdool Singh alias Sukha Duneke was allegedly killed by unidentified gunmen in Canada on Wednesday, intelligence sources said citing inputs coming in from Canada on Thursday morning. An official confirmation is yet awaited. Duneke, who belonged to Moga in Punjab, was a close associate of designated terrorist Arsh Dalla of the Khalistan Tiger Force.

Royal Bank of Canada pushed ahead with a round of job cuts in its capital markets operations, part of broader reductions announced in August that may climb above 1,000 positions and are aimed at helping the bank deal with a challenging economic environment.

By David Shepardson

The ‘Fox & Friends’ morning show will have to make some room on its curvy couch

digital economy firms and the second a global minimum corporate tax rate of 15%. The finer details are yet to be agreed. Talks are in progress on certain tax amounts member nations are entitled to.

Alliance for Net Zero) and chair and head of Transition Investing, Brookfield Asset Management, said that there will be an enormous amount of capital required to finance the climate transition. "We need to focus on transition finance, particularly for the challenging hard-to-abate sectors and the workers and communities associated with these sectors," Carney said.

Federal regulators are proposing a series of rules changes aimed at toughening safety requirements for millions of miles of gas distribution pipelines nationwide following a string of gas explosions in Massachusetts in 2018

Cryptocurrency startup Glow Token LLC filed a lawsuit in a US court against the Crypto.com exchange over a recent fraud, alleging negligence and breach of contract.  

National Dominican Day Parade, a prominent showcase of Latino pride, will illuminate the streets of Midtown Manhattan on Sixth Avenue. This annual event promises to immerse the city in the captivating colors and rhythms of the Dominican Republic. In an unprecedented turn of events, this year marks a historic occasion as the President of the Dominican Republic graces the parade as the Grand Marshal. This notable presence adds a special touch to the 41-year legacy of the celebration.’

National Weather Service has taken proactive measures to address the evolving weather patterns across several regions of the United States. In response to the existing conditions, critical alerts and advisories have been issued to keep residents informed and prepared.

Multilateral development banks (MDBs) are facing increasing demands from donor and borrowing countries to expand their lending operations beyond their core development mandates. An independent expert group, steered by finance commission chairman NK Singh and former US treasury secretary Lawrence Summers, formed to examine ways to strengthen MDBs has recommended tackling global challenges alongside core MDB missions of poverty reduction, tripling the sustainable lending level by 2030 and improving capital adequacy for MDBs by infusing funds.

Nirmala Sitharaman announced that India's G20 presidency will outline the roadmap for transforming multilateral development banks (MDBs). The process aims to bolster these financial institutions and equip them to confront 21st-century challenges.

The debate over using frozen Russian assets to fund Ukraine’s reconstruction is coming to a head. The arguments in favour are compelling. The objections are weak.

New Delhi: Key for assisting developing countries with a combination of expertise, staying power, low-cost financing, leverage, and knowledge-sharing capabilities, multilateral development banks (MDBs) will need to transform themselves to effectively impact changes, Lawrence Summers and NK Singh have said in an article on Project Syndicate, a digital media platform. For the first time in nearly half a century, the global economy is fracturing rather than coming together due to high interest rates, threats of pandemic, and high debt burden.

New Delhi: While Indian business leaders recently met the president of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, they are yet to make concrete investment commitment with the multilateral development bank that funnels investments to build market economies, two people with direct knowledge of the matter said. “They are on wait and watch mode on investment opportunities," one of the two people cited above said. Basso, who assumed office as the first woman to chief of the EBRD on 19 July, met with Indian business leaders in New Delhi, to discuss investment opportunities in the countries where the bank operates.

Family-owned investment bank Stephens has bolstered its UK operation with two senior bankers from rival Houlihan Lokey.

New Delhi: The second part of the NK Singh and Lawrence Summers report on strengthening multilateral development banks (MDBs) will review multiple suggestions for reforms, elaborate on operational reforms, speed of response and private capital mobilisation, including prospects for scaling up the Multilateral Investment Guarantee Agency (MIGA). The second part the report, titled 'Strengthening Multilateral Development Banks: The Triple Agenda', will be released in October for discussion by finance ministers ahead of the G20 Annual meeting at Marrakech (Morocco).

Singapore-India Hackathon, jointly organised by India's Ministry of Education's All India Council for Technical Education (AICTE) and Nanyang Technological University, Singapore (NTU Singapore). In a message from PM Modi, he said, “The mantra of the G20 Presidency, ‘One Earth, One Family, One Future’, is Vasudhaiva Kutumbakam. The Singapore-India Hackathon is an initiative that encapsulates this noble thought." India’s Minister for Education, Skills Development and Entrepreneurship, Mr Dharmendra Pradhan, and Singapore’s Deputy Prime Minister, Mr Lawrence Wong presented the prizes to winning teams of the student and start-up categories. Minister Pradhan highlighted at the awards ceremony: “Singapore is a knowledge-based economy.