News from November 2023
Attorney: Binance-DOJ settlement is 'very different than FTX and SBF'
By Globe Banner | Nov 30, 2023
Attorney John Deaton, a managing partner of Deaton Law Firm, said he believes Binance's assertion that it backs all of its users' funds 1:1 is truthful because the government would have discovered it if it wasn't during its investigation into the company. He presented his perspective in a video on November 28, pointing out the contrast between Binance's and failed crypto exchange FTX's situations.
Bloomberg Philanthropies, Goldman Sachs mobilize $500M for clean energy in South and Southeast Asia
By Globe Banner | Nov 29, 2023
Goldman Sachs, along with Bloomberg Philanthropies, announced the $25 million philanthropic concessional capital from the Climate Innovation and Development Fund (CIDF) to support sustainable low-carbon economic development in South and Southeast Asia. This was part of their effort to attract substantial investments towards clean energy and sustainable development across emerging markets.
JPMorgan Chase invests $70 million for economic opportunity in France
By Globe Banner | Nov 29, 2023
JPMorgan Chase announced a $70 million initiative aimed at fostering economic opportunities for individuals and entrepreneurs in France. This venture, set to create the Spark France investment initiative, seeks to direct funds towards women-led organizations and those contributing to societal impact.
Columbia professor: ‘Binance's net contribution to a more inclusive financial system is something to be commended’
By Globe Banner | Nov 29, 2023
Omid Malekan, an author and adjunct cryptocurrency professor at Columbia Business School, said in a Nov. 22 post on X that Binance, the largest crypto exchange in the world, has been more successful than many traditional financial institutions in expanding financial inclusion to underserved populations. The platform's wide reach and user-friendly tools are key components of this success.
European business message for COP28 - All G20 countries should commit to 2030 targets
By Globe Banner | Nov 29, 2023
COP28, starting on 30 November in Dubai, is an important moment for international climate negotiations. BusinessEurope Director General Markus J. Beyrer emphasized the importance of all G20 countries committing to ambitious 2030 targets. Beyrer stated, "European business stands firmly behind the Paris Agreement. However, with the EU counting for 7% of current global CO2 emissions and only 4-5% by 2030, it is critical that all G20 countries agree to similarly ambitious 2030 targets. They must also commit to implementing concrete, transparent and reliable transformation...
Liechtenstein contributes CHF 40,000 to WTO Fisheries Funding Mechanism
By Globe Banner | Nov 26, 2023
The World Trade Organization (WTO) announced Liechtenstein has pledged CHF 40,000 to the WTO Fisheries Funding Mechanism as Ambassador Kurt Jäger presented this contribution to WTO Director-General Ngozi Okonjo-Iweala. The donation is to aid developing and least-developed members in implementing the Agreement on Fisheries Subsidies. This generous act reinforces Liechtenstein's commitment towards global sustainability and international cooperation.
EU contributes EUR 1 million to WTO Fisheries Funding Mechanism
By Globe Banner | Nov 24, 2023
The World Trade Organization (WTO) announced a multi-year donation of EUR 1 million to the WTO Fisheries Funding Mechanism. Ambassador João Aguiar Machado formally presented this contribution to WTO Director-General Ngozi Okonjo-Iweala, with the funds dedicated to supporting the implementation of the Agreement on Fisheries Subsidies among developing and least-developed members. The donation is part of a larger effort by the European Union and its member states to foster sustainability in marine fisheries worldwide.
Norway contributes NOK 9 million to WTO Fisheries Funding Mechanism
By Globe Banner | Nov 24, 2023
The World Trade Organization (WTO) announced Norway has committed NOK 9 million (about CHF 730,500) to the WTO Fisheries Funding Mechanism. This financial support from Norway, presented by WTO Ambassador Petter Ølberg to Director-General Ngozi Okonjo-Iweala, is intended to assist developing and least-developed members in effectively implementing the Agreement on Fisheries Subsidies. This move reinforces Norway's continued commitment towards global marine sustainability.
Business Message to Belgian EU Presidency: Tackle Short-Term Challenges and Empower European Economy
By Globe Banner | Nov 24, 2023
On November 24, 2023, the Presidents and Directors General of BusinessEurope’s member federations gathered in Brussels to present their priorities for the incoming Belgian Presidency of the Council of the European Union. BusinessEurope President Fredrik Persson highlighted the importance of the upcoming presidency, stating, "The European economy is growing even more sluggishly in the first half of 2023, and the six months of the Belgian Presidency will be crucial."Persson urged the Belgian Presidency to focus on finalizing proposals essential for the competitiveness and...
Citi finalizes sale of Indonesia Consumer Banking Division to UOB
By Globe Banner | Nov 22, 2023
Citi announced the completion of the sale and migration of its Indonesia consumer businesses to UOB Indonesia (UOBI), covering retail banking, credit card, and unsecured lending businesses, along with employee transfers. The sale of these consumer businesses to UOB has generated a regulatory capital benefit of around US$1.1 billion. This move is part of Citi's larger strategic plan to exit consumer banking in various global markets.
CME Group set to introduce €STR options in Q1 2024
By Globe Banner | Nov 22, 2023
CME Group announced plans to introduce options on €STR futures, with the launch scheduled for the first quarter of 2024. These new offerings will be listed and governed by the regulations of CME, providing more avenues for market participants to navigate economic uncertainty and manage their risk in European interest rate markets.
OpenAI reverses course on CEO Altman ouster
By Globe Banner | Nov 22, 2023
Following intense internal negotiations, Sam Altman will resume his role as CEO at OpenAI. This change is in response to pressure from employee dissatisfaction and Microsoft's proposal to Altman. OpenAI's posted to X late November 21 and confirmed Altman's return and a revamped board.
The global cardiac assist devices market growing at CAGR of 13.70% until 2028
By Globe Banner | Nov 22, 2023
Research And Markets released a report detailing the growth of cardiac assist devices in an analysis period of 2023 to 2028, beginning at $2.89 billion in 2022, predicted to reach $6.23 billion by 2028. This trend signifies an evolving healthcare landscape and underscores the increasing reliance on such devices in managing heart-related ailments.
Broadcom finalizes acquisition of VMware
By Globe Banner | Nov 22, 2023
Broadcom finalized a deal with VMware that acquires the cloud computing software provider into the ownership of Broadcom for $69 billion. This landmark deal, completed in 2022, saw one of the world's leading infrastructure technology companies significantly expand its portfolio.
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Sam Altman reinstated to OpenAI as CEO
By Globe Banner | Nov 22, 2023
With an artificial intelligence boom on the verge, OpenAI finally reinstates former CEO Sam Altman to the head of the company only days after his initial firing. This recent development has been brought forward amidst speculation and scant transparency regarding Mr. Altman's dismissal.
BusinessEurope Director General Markus J. Beyrer Welcomes European Parliament's Approval of EU-New Zealand FTA
By Globe Banner | Nov 22, 2023
BusinessEurope Director General Markus J. Beyrer welcomed the European Parliament's approval of the free-trade agreement between the European Union and New Zealand. Beyrer commented on the plenary vote, stating, "This is a welcome step in the EU’s efforts to diversify its sources of supply, create new export market opportunities, and to increase its economic resilience in the face of rising geopolitical tensions."Beyrer emphasized the significance of the trade agreement in strengthening the EU's presence in the Indo-Pacific region, noting that it is home to some of the...
Emmett Shear named interim CEO for OpenAI, while the board regrets the ousting of Altman
By Globe Banner | Nov 20, 2023
``` Reuters reports that OpenAI recently called Emmett Shear, the former CEO of Twitch, to be the interim chief executive in place of Sam Altman. This change was necessitated due to a controversy surrounding Mr. Altman's exit from the company. The departure of Sam Altman from OpenAI has sparked notable reactions within the company. According to a Thomson Reuters article, today, almost every...
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Sam Altman unlikely to return to his position as CEO at OpenAI
By Globe Banner | Nov 20, 2023
``` BBC reports that the former CEO of OpenAI, Sam Altman, has recently posted a photo of himself at the company's headquarters; however, it is unlikely that he will make his way back ever again. This recent development has emerged amidst significant leadership changes at OpenAI. Altman's controversial departure from the company he helped establish has been closely monitored by various media outlets. According to a BBC article, Sam Altman posted on X a picture of...
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OpenAI board called to resign and reinstate CEO Sam Altman
By Globe Banner | Nov 20, 2023
BBC reports that employees of the artificial intelligence company OpenAI are calling for the board of the company to resign after the firing of former CEO Sam Altman. This comes in light of allegations that his dismissal was a deliberate attempt by the board to undermine the company.
Japan's central bank finally expected to come back to monetary stimulus
By Globe Banner | Nov 19, 2023
Reuters reports that some of Japan's biggest employers are going to include new pay hikes in 2024, pushing the average household spending. This move is seen as a strategic effort to stimulate economic growth amidst pressures of inflation and labor shortages.