News from December 2023
Protest planned in SNP Square prompts advisory from U.S. Embassy
By Globe Banner | Dec 19, 2023
The U.S. Embassy has issued a notice to its citizens regarding a protest scheduled for Tuesday, December 19th, in SNP Square.
BusinessEurope Reacts to Packaging and Packaging Waste Regulation Proposal
By Globe Banner | Dec 19, 2023
BusinessEurope Reacts to Packaging and Packaging Waste Regulation ProposalDec 19 2023Commenting on the Environment Council’s agreement on a General Approach on the proposal for a Packaging and Packaging Waste Regulation, BusinessEurope Director General Markus J. Beyrer highlighted the importance of both reuse and recycling in managing packaging waste. Beyrer stated, “Reuse and recycling of packaging waste are two sides of the same coin, and this should be better reflected in the regulation.”Beyrer emphasized that while reusable packaging can be a sustainable waste...
WTO Young Professionals 2023 farewell ceremony
By Globe Banner | Dec 18, 2023
The World Trade Organization (WTO) has announced that this year, 17 young professionals were assigned to 13 divisions of the WTO Secretariat, gaining firsthand experience in various aspects of the organization's work. At the farewell ceremony marking the official closing of the 2023 program, WTO Director-General Ngozi Okonjo-Iweala congratulated and wished the young professionals well.
Mediwave unveils AI-powered ambulance
By Globe Banner | Dec 18, 2023
In a collaboration with 1990 Suwa Seriya, Mediwave has launched an ambulance designed to enhance emergency care through what the company terms as "Mixed Reality and Artificial Intelligence." This innovative ambulance service was recently unveiled in Sri Lanka.
Miguel Pacheco joins Open Mineral Limited as Chief Financial Officer
By Globe Banner | Dec 17, 2023
Miguel Pacheco, a veteran in corporate finance, is set to assume the role of Chief Financial Officer (CFO) at Open Mineral Limited, an Abu Dhabi-based company. The firm anticipates that Pacheco's appointment will enhance its performance and standing.
Somalia receives 4.5 billion in debt relief from International Monetary Fund, World Bank
By Globe Banner | Dec 17, 2023
Somalia has reached the completion point of the Heavily Indebted Poor Countries (HIPC) Initiative, leading to significant debt service savings from the World Bank and International Monetary Fund (IMF). These savings are intended to bolster the nation's economy and provide access to additional resources. This announcement coincides with the sixth review of Somalia's Extended Credit Facility arrangement with the IMF.
World Trade Organization General Council discusses budget, 13th Ministerial Conference in December meeting
By Globe Banner | Dec 17, 2023
The World Trade Organization General Council (WTO) convened last week to discuss budgeting and preparation for the 13th Ministerial Conference scheduled to take place in Abu Dhabi next year.
U.S. Silica names new Vice President, Chief Accounting Officer and Controller
By Globe Banner | Dec 15, 2023
US Silica recently announced the appointment of Gene Padgett, who is set to join the team in the coming week. According to a press release issued by the company, Padgett has previously held similar roles at Valmont Industries.
Nextracker reaches a milestone in solar power in India, Africa and the Middle East
By Globe Banner | Dec 14, 2023
Nextracker, a leading intelligent solar tracking and software company, has reached a significant corporate milestone. The firm announced this week that it has achieved its goal of operating or fulfilling 10 GW of smart solar trackers in the Middle East, India, and Africa.
World Trade Organization announces formal acceptances of the Agreement on Fisheries Subsidies
By Globe Banner | Dec 14, 2023
The Agreement on Fisheries Subsidies has welcomed two new parties, as representatives from the Gambia and the United Kingdom have recently submitted their instruments of acceptance.
Al-Jadaan named chair of the International Monetary and Financial Committee
By Globe Banner | Dec 14, 2023
The International Monetary and Financial Committee (IMFC) has selected Mohammed Al-Jadaan as its new chair. Al-Jadaan will assume this role for a three-year term, commencing in January.
IMF reacts to the actions of Argentina's new Economy Minister Luis Caputo
By Globe Banner | Dec 14, 2023
The International Monetary Fund (IMF) has issued a statement following reports that Argentina's new Economy Minister, Luis Caputo, has taken measures to bolster the country's economy. Reports suggest that Caputo has reduced the value of the peso among other actions.
BusinessEurope Director General Expresses Concerns Over EU Product Liability Directive Revision
By Globe Banner | Dec 14, 2023
BusinessEurope Director General Markus J. Beyrer has expressed strong reservations about the recent political deal on the EU Product Liability Directive. Beyrer stated, "European industry has serious concerns over the revision of the EU Product Liability Directive."Beyrer further highlighted the concerns of the business community regarding the scope of the revision aimed at addressing new technologies. He mentioned, "The broad scope of this revision aimed at addressing new technologies raises serious concerns among the business community. We recognise the importance of...
Real PCE rises in most states; real income declines nationwide
By Globe Banner | Dec 14, 2023
The U.S. Bureau of Economic Analysis (BEA) has released data indicating that real personal consumption expenditures (PCE) increased in 42 states and the District of Columbia during 2022.
Chile officially accepts Agreement on Fisheries Subsidies
By Globe Banner | Dec 14, 2023
The World Trade Organization (WTO) has announced that Chile has formally accepted the Agreement on Fisheries Subsidies by depositing its instrument of acceptance. This move by Chile adds to the total of 53 WTO members that have officially endorsed the Agreement.
The Gambia and UK accept Fisheries Subsidies Agreement with UK pledge to fund
By Globe Banner | Dec 14, 2023
The World Trade Organization (WTO) has announced that The Gambia and the United Kingdom have formally accepted the Agreement on Fisheries Subsidies by depositing their instruments of acceptance. In addition to this, the UK has expressed its intention to contribute up to GBP 1 million to the WTO Fisheries Funding Mechanism.
Axis Capital Holdings to launch Energy Resilience Syndicate 2050
By Globe Banner | Dec 13, 2023
Lloyd's has granted Axis Capital Holdings an in-principle approval for a new syndicate focused on new energy products, as stated in a news release announcing the initiative. The Energy Resilience Syndicate 2050 will provide access to specialist insurance solutions.
$4.5 billion in debt relief for Somalia announced by World Bank, International Monetary Fund
By Globe Banner | Dec 13, 2023
The International Monetary Fund (IMF) and World Bank have announced a significant debt relief for Somalia, following the country's successful completion of the latest phase in the Heavily Indebted Poor Countries (HIPC) Initiative. According to an IMF news release, between 2018 and 2023, Somalia managed to reduce its external debt from 64% to under 6% of its Gross Domestic Product (GDP).
U.S.-Jordan sign $845M cash transfer deal under seven-year aid plan
By Globe Banner | Dec 13, 2023
On December 12, Prime Minister Dr. Bisher Khasawneh and U.S. Ambassador to Jordan Yael Lempert attended the signing of a significant grant agreement for an $845.1 million cash transfer to support Jordan.
CME Group unveils global NDF trading venue to boost access and liquidity
By Globe Banner | Dec 12, 2023
CME Group has unveiled plans to consolidate its two non-deliverable forward (NDF) liquidity pools on the EBS Market platform into a single trading venue. This strategic move will enable customers to trade 1-month Asian NDFs, LatAm NDFs, and African NDFs on the platform.