News from December 2023
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...
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).
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.
Okse co-founder: Binance data shows ‘vote of confidence’ in new CEO
By Globe Banner | Dec 12, 2023
Elja Boom, co-founder of cryptocurrency wallet provider Okse, recently stated that the financial data from Binance indicates a sustained level of user confidence in the exchange. This comes after Binance reached a settlement with the U.S. government last month. According to Boom, Binance continues to be the largest cryptocurrency exchange globally in terms of visible on-chain assets.
EU due diligence could leave companies between a rock and a hard place
By Globe Banner | Dec 12, 2023
Decisive political negotiations on the EU’s Corporate Sustainability Due Diligence Directive are set to commence, with EU co-legislators aiming to finalize a deal on the Corporate Sustainability and Due Diligence Directive. BusinessEurope Director General Markus J. Beyrer expressed concerns about the current state of affairs, stating, "We are still far from the workable and clear rules which EU businesses need to properly apply due diligence across their value chains, leaving companies between a rock and a hard place."Beyrer highlighted the potential repercussions of the...
Citi spearheads strategic investment in Colombian fintech Supra
By Globe Banner | Dec 12, 2023
Citi has revealed its participation in a strategic investment round for Supra, a fintech firm based in Colombia. Supra is known for offering cross-border payments and treasury solutions specifically designed for small and medium-sized businesses (SMBs) that are involved in import and export activities.
UK Competition and Markets Authority opens investigation into Microsoft’s partnership with OpenAI
By Globe Banner | Dec 11, 2023
The Competition and Markets Authority (CMA) disclosed on Dec. 8 that it would be probing the partnership between a software company and an AI firm, which they believe has created a merger under the Enterprise Act of 2002. The authority will also examine how this situation might impact competition in UK markets for goods or services.
BusinessEurope Reacts to Political Deal on EU AI Act
By Globe Banner | Dec 11, 2023
BusinessEurope Reacts to Political Deal on EU AI ActDec 11, 2023In response to the historical political deal reached by EU co-legislators on the AI Act, Director General of BusinessEurope Markus J. Beyrer expressed concerns regarding the potential impact on companies and AI investments in Europe. Beyrer stated, "The potential lack of legal certainty is a concern for companies and may hamper AI investments in Europe, hurting our global competitiveness."Beyrer further commented on the necessity of a comprehensive rulebook on AI, acknowledging the positive step taken...