Latest News
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.
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...
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...
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...
BusinessEurope Reacts to EU Co-legislators' Deal on Ecodesign for Sustainable Products Regulation
By Globe Banner | Dec 5, 2023
BusinessEurope Reacts to EU Co-legislators' Deal on Ecodesign for Sustainable Products RegulationDec 5 2023Commenting on the political agreement reached last night by EU co-legislators on the proposal for an Ecodesign for Sustainable Products Regulation, BusinessEurope Director General Markus J. Beyrer expressed his views on the matter. Beyrer stated, "We welcome the deal on the ecodesign proposal, but concerns remain about the feasibility of information requirements."Beyrer further elaborated on the potential impact of the ecodesign regulation, stating, "The...
BitMEX co-founder: 'The treatment of CZ and Binance is absurd'
By Globe Banner | Dec 1, 2023
Arthur Hayes, co-founder and former CEO of crypto derivatives exchange BitMEX, has expressed his criticism towards the penalties imposed by the U.S. government on crypto exchange Binance and its founder Changpeng Zhao (CZ), considering them disproportionate to the alleged offenses. In a post on Substack dated November 27, Hayes compared these punishments to those faced by executives from major traditional financial institutions for their own missteps, which he believes were far more serious in nature.
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.
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...
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...
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...
The construction aggregates market in the US to grow by CAGR of 8.36%
By Globe Banner | Nov 19, 2023
Technavio released a report saying that the construction aggregates market in the US is expected to grow by $17.14 billion from 2023 to 2028. This substantial growth is primarily driven by an increasing interest in sustainable construction practices and government regulations.
The fish sauce market to expand by $915.54 million by 2028
By Globe Banner | Nov 18, 2023
Technavio released a report detailing the growth of the fish sauce market, which will be progressing at a CAGR of 6.83% during the forecast period of 2023-2028. The primary factor driving this growth is an increasing preference for convenience in cooking, as per the report.
EU Urged to Recognize Economic Migration's Role in Addressing Labor and Skills Needs
By Globe Banner | Nov 15, 2023
BusinessEurope Director General Markus J. Beyrer has emphasized the importance of economic migration in addressing Europe's labor and skills needs. Beyrer stated, “It is high time that the EU acknowledges the role of economic migration in helping to address Europe’s labour and skills needs.”Beyrer also highlighted the potential impact of the proposed Talent Pool, saying, “The proposed Talent Pool can be a game changer in making Europe a more attractive destination for the needed skilled workers from third countries around the world. Helping to match skilled third-country...
The global Glucagon-like Peptide 1 (GLP-1) market set to reach $18.75 billion by 2023
By Globe Banner | Nov 12, 2023
Ireland Research And Markets released a report detailing the growth of the Glucagon-like Peptide 1, or GLP-1, market which is predicted to grow at a CAGR of 6.48% during the projected period of 2022-2027.
Ahbap founder: Binance's donation for earthquake recovery shows how 'crypto can be harnessed for good'
By Globe Banner | Nov 10, 2023
Haluk Levent, founder of the Turkish nonprofit Ahbap, said Binance's donation will help support his organization's efforts to rebuild homes that were destroyed by the recent earthquake and also demonstrates how cryptocurrency and blockchain can support humanitarian efforts. Binance, the largest crypto exchange in the world, recently announced a crypto donation of $100,000 to help Ahbap construct earthquake-resistant steel homes in Turkey.
BusinessEurope Comments on EU Parliament Plenary Vote on EU Data Act
By Globe Banner | Nov 9, 2023
BusinessEurope Director General Markus J. Beyrer has commented on today's EU Parliament Plenary vote on the EU Data Act, emphasizing the importance of assessing its impact on the EU's global competitiveness. Beyrer stated, "Making data flows easier in Europe is a necessary step, but it will be key to assess the Data Act’s impact on the EU’s global competitiveness."Expressing the concerns of the European business community, Beyrer highlighted the need to prevent a chilling effect on data innovation investments in the EU. He stated, "The number one concern of the European...
US allocates $600,000 for developing economies' trade capacity-building
By Globe Banner | Nov 8, 2023
The World Trade Organization (WTO) has disclosed that the United States will provide a financial contribution of USD 600,000 (approximately CHF 535,000) in 2023 to the WTO's Global Trust Fund. This fund is designated to support training programs aimed at government officials from developing economies and least-developed countries (LDCs), according to a press release by WTO.