Swiss competition watchdog investigates UBS, Credit Suisse for mobile pay agreements

Switzerland has launched an investigation into a number of its financial companies, including big banks like Credit Suisse and UBS. WEKO, the country’s competition watchdog, said Thursday that it will investigate some of the biggest financial firms for a suspected boycott of mobile payment solutions such as Apple Pay and Samsung. The list of firms to be investigated includes Aduno Holding, Postfinance, Swisscard and Swiss units of Credit Suisse and UBS, WEKO said. The competition watchdog also a


Switzerland has launched an investigation into a number of its financial companies, including big banks like Credit Suisse and UBS. WEKO, the country’s competition watchdog, said Thursday that it will investigate some of the biggest financial firms for a suspected boycott of mobile payment solutions such as Apple Pay and Samsung. The list of firms to be investigated includes Aduno Holding, Postfinance, Swisscard and Swiss units of Credit Suisse and UBS, WEKO said. The competition watchdog also a
Swiss competition watchdog investigates UBS, Credit Suisse for mobile pay agreements Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: spriha srivastava, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, investigates, units, firms, swiss, competition, credit, financial, investigated, suisse, mobile, companies, ubs, watchdog, weko, pay, agreements


Swiss competition watchdog investigates UBS, Credit Suisse for mobile pay agreements

Switzerland has launched an investigation into a number of its financial companies, including big banks like Credit Suisse and UBS.

WEKO, the country’s competition watchdog, said Thursday that it will investigate some of the biggest financial firms for a suspected boycott of mobile payment solutions such as Apple Pay and Samsung.

The list of firms to be investigated includes Aduno Holding, Postfinance, Swisscard and Swiss units of Credit Suisse and UBS, WEKO said.

The competition watchdog also added that raids were carried out at offices of the companies being investigated.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: spriha srivastava, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, investigates, units, firms, swiss, competition, credit, financial, investigated, suisse, mobile, companies, ubs, watchdog, weko, pay, agreements


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US jeweler Harry Winston buys ‘Pink Legacy’ diamond for $50 million

The “Pink Legacy,” a diamond weighing just under 19 carats, fetched a record $50 million, purchased by U.S.-based luxury jeweler Harry Winston, Christie’s said on Tuesday. Harry Winston jeweler — owned by Swatch whose CEO is Nayla Hayek, daughter of the late Swatch founder Nicolas Hayek — promptly renamed it “The Winston Pink Legacy,” adding it to its collection of rare jewels, the auction house said. “The Pink Legacy brought this extremely high price of $50 million, so $2.6 million per carat wh


The “Pink Legacy,” a diamond weighing just under 19 carats, fetched a record $50 million, purchased by U.S.-based luxury jeweler Harry Winston, Christie’s said on Tuesday. Harry Winston jeweler — owned by Swatch whose CEO is Nayla Hayek, daughter of the late Swatch founder Nicolas Hayek — promptly renamed it “The Winston Pink Legacy,” adding it to its collection of rare jewels, the auction house said. “The Pink Legacy brought this extremely high price of $50 million, so $2.6 million per carat wh
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Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, stone, winston, pink, million, jeweler, 50, hayek, christies, diamond, diamonds, harry, legacy, curiel, buys


US jeweler Harry Winston buys 'Pink Legacy' diamond for $50 million

The “Pink Legacy,” a diamond weighing just under 19 carats, fetched a record $50 million, purchased by U.S.-based luxury jeweler Harry Winston, Christie’s said on Tuesday.

Harry Winston jeweler — owned by Swatch whose CEO is Nayla Hayek, daughter of the late Swatch founder Nicolas Hayek — promptly renamed it “The Winston Pink Legacy,” adding it to its collection of rare jewels, the auction house said.

The semi-annual Geneva jewelry sale netted $110 million, with 86 percent of lots finding new owners, including 11 that brought more than $1 million, Francois Curiel, chairman of Christie’s luxury group told reporters.

“The Pink Legacy brought this extremely high price of $50 million, so $2.6 million per carat which is a world record price for a pink diamond,” Curiel, who is also a jewel expert, said. “This stone for me is the Leonardo Da Vinci of diamonds, I don’t think there is anything better.”

Graded “vivid”, the highest rating for a pink diamond’s color, the gem is internally pure with a rectangular cut, and mounted on a platinum ring.

Once owned by the Oppenheimer Family, who built De Beers into the world’s biggest diamond trader, the diamond had a pre-sale estimate of $30 to $50 million. The identity of the seller was not disclosed.

Vivid colored diamonds are the most strongly saturated gems, displaying the optimum hue of the stone. Most pink diamonds of this color weigh less than one carat, the auction house said.

There were at least five people bidding by phone for the pink stone, but the winning bidder was a Harry Winston representative sitting in the front row, Curiel said.

An important Asian collector was the direct under-bidder, Rahul Kadakia, international head of Jewelry at Christie’s told reporters.

“The stone is now going to be known as Pink Legacy Diamond which Mrs Hayek is thrilled to own. In 2013 they made their first important purchase after acquiring Winston, which was the 101 carat ‘D’ flawless diamond, which they named the Winston Legacy. With that stone they started the Legacy collection,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, stone, winston, pink, million, jeweler, 50, hayek, christies, diamond, diamonds, harry, legacy, curiel, buys


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US sues UBS over alleged crisis-era mortgage securities fraud

The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis. While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell. A UBS spokesma


The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis. While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell. A UBS spokesma
US sues UBS over alleged crisis-era mortgage securities fraud Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, investors, sues, crisisera, lawsuit, securities, alleged, mortgage, loans, sale, bank, talks, ubs, fraud, residential


US sues UBS over alleged crisis-era mortgage securities fraud

The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis.

UBS was accused of misleading investors about the quality of more than $41 billion of subprime and other risky mortgage loans backing 40 securities offerings in 2006 and 2007, the Department of Justice said in a complaint filed with the federal court in Brooklyn.

The lawsuit came after UBS rejected a government proposal that it pay nearly $2 billion to settle, according to a person familiar with the talks who was not authorized to speak publicly about them.

While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell.

A UBS spokesman and a Justice Department spokeswoman declined to comment on the settlement talks, but the bank said it will fight the lawsuit.

“The DOJ’s claims are not supported by the facts or the law,” it said in a statement. “UBS is confident in its legal position and has been fully prepared for some time to defend itself in court.”

U.S. officials are seeking unspecified fines against UBS under a federal law allowing it to pursue penalties up to the amounts the bank gained or others lost from alleged misconduct.

The case is one of the last addressing alleged misconduct in the pooling and sale by large banks of mortgage securities that were a major cause of the financial crisis.

Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley and Royal Bank of Scotland previously settled.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, investors, sues, crisisera, lawsuit, securities, alleged, mortgage, loans, sale, bank, talks, ubs, fraud, residential


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UBS expects to be sued by US Justice Department over crisis-era mortgage securities

The U.S. Department of Justice did not immediately respond to a request for comment. UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint. It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007. The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial


The U.S. Department of Justice did not immediately respond to a request for comment. UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint. It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007. The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial
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Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, justice, sued, group, expects, sale, sought, bank, ubs, law, mortgage, department, crisisera, settled, securities


UBS expects to be sued by US Justice Department over crisis-era mortgage securities

UBS Group, Switzerland’s largest bank, said it expects to be sued by the U.S. Department of Justice as early as Thursday on civil charges related to the sale of mortgage-backed securities in the run-up to the 2008-2009 financial crisis, according to a company statement.

The bank said the claims were not supported by the facts or the law and it would contest any such complaint “vigorously.”

The U.S. Department of Justice did not immediately respond to a request for comment.

UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint.

It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007.

The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial crisis.

The Department of Justice has settled similar claims with Citigroup, Deutsche Bank, JPMorgan Chase, Credit Suisse Group, Morgan Stanley, Goldman Sachs, Bank of America and Barclays.

Barclays settled for $2 billion in March after resisting a penalty the U.S. government sought near the end of the Obama administration in 2016. Justice had sought a much higher fine at the time and, when the two sides could not come to terms, the department filed a lawsuit.

More recently, HSBC Holdings agreed to pay $765 million last month to settle with the Justice Department over its sale of defective mortgage securities before the crisis, while major player Royal Bank of Scotland Group reached a $4.9 billion deal in May.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: fabrice coffrini, afp, getty images
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Koreas to inform IOC of intent to co-host 2032 Games

The rivals vowed to “actively participate” in international sports events hosted by each other and organize more friendly competitions between them. North Korean officials at the meeting were led by a counterpart, Won Kil U. North Korean leader Kim Jong Un and South Korean President Moon Jae-in during a summit in September agreed to pursue a joint bid for the 2032 Olympics and send combined teams to the 2020 Tokyo Summer Games and other major sports events. There continues to be doubts whether K


The rivals vowed to “actively participate” in international sports events hosted by each other and organize more friendly competitions between them. North Korean officials at the meeting were led by a counterpart, Won Kil U. North Korean leader Kim Jong Un and South Korean President Moon Jae-in during a summit in September agreed to pursue a joint bid for the 2032 Olympics and send combined teams to the 2020 Tokyo Summer Games and other major sports events. There continues to be doubts whether K
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Keywords: news, cnbc, companies, koreas, summit, events, inform, korean, organize, intent, competitions, ioc, olympics, south, games, 2032, kim, friendly, cohost, north


Koreas to inform IOC of intent to co-host 2032 Games

The rivals vowed to “actively participate” in international sports events hosted by each other and organize more friendly competitions between them.

“The plan is to organize friendly competitions marking meaningful anniversaries between the South and North, for example the first anniversaries of the (April) inter-Korean summit and the Pyeongchang Winter Olympics,” said South Korean Vice Sports Minister Roh Tae-kang, according to a pool report.

North Korean officials at the meeting were led by a counterpart, Won Kil U.

North Korean leader Kim Jong Un and South Korean President Moon Jae-in during a summit in September agreed to pursue a joint bid for the 2032 Olympics and send combined teams to the 2020 Tokyo Summer Games and other major sports events.

It would be extremely difficult to host the Olympics in North Korea under heavy U.S.-led sanctions, which are unlikely to be removed until the North takes concrete steps to relinquish its nuclear arsenal.

There continues to be doubts whether Kim will ever give up his arsenal he may see as his strongest guarantee of survival. There’s also declining public support among South Koreans for hosting mega sports events due to worries over huge costs.


Company: cnbc, Activity: cnbc, Date: 2018-11-02  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, koreas, summit, events, inform, korean, organize, intent, competitions, ioc, olympics, south, games, 2032, kim, friendly, cohost, north


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UK firms think their business models won’t exist in 5 years due to AI

A new report Wednesday found that 41 percent of British companies surveyed said their business models will cease to exist in the next five years thanks to artificial intelligence (AI). The research, conducted by Microsoft, surveyed more than 5,000 business leaders and employees of large enterprises across the United Kingdom. It also found 51 percent of the country’s business leaders surveyed do not have an AI strategy in place for their organizations. Organizations that used AI technology outper


A new report Wednesday found that 41 percent of British companies surveyed said their business models will cease to exist in the next five years thanks to artificial intelligence (AI). The research, conducted by Microsoft, surveyed more than 5,000 business leaders and employees of large enterprises across the United Kingdom. It also found 51 percent of the country’s business leaders surveyed do not have an AI strategy in place for their organizations. Organizations that used AI technology outper
UK firms think their business models won’t exist in 5 years due to AI Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-31  Authors: elizabeth schulze, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, firms, microsoft, workforce, think, surveyed, exist, models, business, ai, companies, report, wont, uk, leaders, technology, research


UK firms think their business models won't exist in 5 years due to AI

Artificial intelligence is changing business fast and many U.K. companies can’t keep up.

A new report Wednesday found that 41 percent of British companies surveyed said their business models will cease to exist in the next five years thanks to artificial intelligence (AI). The research, conducted by Microsoft, surveyed more than 5,000 business leaders and employees of large enterprises across the United Kingdom.

It also found 51 percent of the country’s business leaders surveyed do not have an AI strategy in place for their organizations.

“Like any change, sometimes it’s easier to do nothing than to do something,” Clare Barclay, Microsoft U.K.’s chief operating officer, told CNBC in a phone interview last week. “Every business is going to be touched by AI.”

The research found 45 percent of employees are concerned their job could be taken by AI, yet 51 percent are not learning skills to help prepare for changes in the workforce. Barclay highlighted the need for companies to view technologies like machine learning not just as a threat but as an opportunity.

“Based on the results we see, leaders need to focus on this AI to make businesses stronger and, in our opinion, not leaner,” she said.

The report wasn’t all doom and gloom when it comes to the impact of AI on the workforce. Organizations that used AI technology outperformed other businesses on factors like productivity, performance and business outcomes.

It found companies that develop strategies around the ethics of AI are even more productive.

Barclay said technology companies can take a leading role in helping develop safe and ethical AI platforms, for example by ensuring that human bias isn’t built into algorithms. Microsoft, like other tech giants including Amazon and Google, is making big investments in its AI capabilities.


Company: cnbc, Activity: cnbc, Date: 2018-10-31  Authors: elizabeth schulze, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, firms, microsoft, workforce, think, surveyed, exist, models, business, ai, companies, report, wont, uk, leaders, technology, research


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Daimler Q3 hit by Germany slump as CEO forecasts high demand in Q4

Daimler Chief Executive Dieter Zetsche on Thursday said customer demand remains strong even as a regulatory crackdown on diesel cars and a 13 percent sales slowdown for Mercedes-Benz cars in Germany weighed on third-quarter earnings. “The automotive industry and thus also Daimler are still in a very challenging environment. The continued high demand from our customers makes us confident for the fourth quarter,” Chief Executive Dieter Zetsche said in a statement. Daimler last week said its full-y


Daimler Chief Executive Dieter Zetsche on Thursday said customer demand remains strong even as a regulatory crackdown on diesel cars and a 13 percent sales slowdown for Mercedes-Benz cars in Germany weighed on third-quarter earnings. “The automotive industry and thus also Daimler are still in a very challenging environment. The continued high demand from our customers makes us confident for the fourth quarter,” Chief Executive Dieter Zetsche said in a statement. Daimler last week said its full-y
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Company: cnbc, Activity: cnbc, Date: 2018-10-25  Authors: fabrice coffrini, afp, getty images
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Daimler Q3 hit by Germany slump as CEO forecasts high demand in Q4

Daimler Chief Executive Dieter Zetsche on Thursday said customer demand remains strong even as a regulatory crackdown on diesel cars and a 13 percent sales slowdown for Mercedes-Benz cars in Germany weighed on third-quarter earnings.

“The automotive industry and thus also Daimler are still in a very challenging environment. The continued high demand from our customers makes us confident for the fourth quarter,” Chief Executive Dieter Zetsche said in a statement.

Daimler last week said its full-year operating profit would fall by over 10 percent because of “government proceedings and measures in various regions”, in what amounts to the company’s second profit warning in four months.


Company: cnbc, Activity: cnbc, Date: 2018-10-25  Authors: fabrice coffrini, afp, getty images
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Renault Q3 revenues fall 6% on emerging markets, Iran retreat

French carmaker Renault reported a 6 percent drop in third-quarter revenue, hit by a downturn in emerging-market sales and the group’s withdrawal from Iran. Revenue fell to 11.48 billion euros ($13.16 billion) in the three months ended Sept. 30, Renault said on Tuesday, with automotive division revenue down by a steeper 8.4 percent at 10.06 billion. Excluding the joint venture sales, Renault registrations outside Europe fell 10.4 percent. The revenue performance missed analysts’ expectations for


French carmaker Renault reported a 6 percent drop in third-quarter revenue, hit by a downturn in emerging-market sales and the group’s withdrawal from Iran. Revenue fell to 11.48 billion euros ($13.16 billion) in the three months ended Sept. 30, Renault said on Tuesday, with automotive division revenue down by a steeper 8.4 percent at 10.06 billion. Excluding the joint venture sales, Renault registrations outside Europe fell 10.4 percent. The revenue performance missed analysts’ expectations for
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Company: cnbc, Activity: cnbc, Date: 2018-10-23  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, emerging, fall, registrations, excluding, automotive, revenues, sales, q3, iran, group, revenue, billion, markets, retreat, euros, renault, fell


Renault Q3 revenues fall 6% on emerging markets, Iran retreat

French carmaker Renault reported a 6 percent drop in third-quarter revenue, hit by a downturn in emerging-market sales and the group’s withdrawal from Iran.

Revenue fell to 11.48 billion euros ($13.16 billion) in the three months ended Sept. 30, Renault said on Tuesday, with automotive division revenue down by a steeper 8.4 percent at 10.06 billion.

Renault’s global vehicle registrations rose 2.9 percent in the quarter, boosted by a new commercial van partnership with China’s Brilliance. Excluding the joint venture sales, Renault registrations outside Europe fell 10.4 percent.

The revenue performance missed analysts’ expectations for 12.17 billion euros at group level and 10.92 billion in automotive, excluding the Russian Avtovaz business.

Renault nonetheless reiterated full-year guidance for 2018 including an increase in revenue, positive automotive free cash flow and a group operating margin above 6 percent.


Company: cnbc, Activity: cnbc, Date: 2018-10-23  Authors: fabrice coffrini, afp, getty images
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UN warns rapid, unprecedented change needed to halt global warming

Without real change, the world is not even on course to reach the 2C target, experts said. The IPCC report said at the current rate of warming, the world’s temperatures would likely reach 1.5C between 2030 and 2052 after an increase of 1C above pre-industrial levels since the mid-1800s. Meeting the 1.5C target would keep the global sea level rise 0.1 meter (3.9 inches) lower by 2100 than a 2C target, the report says. “Even the scientists were surprised to see … how much they could really diffe


Without real change, the world is not even on course to reach the 2C target, experts said. The IPCC report said at the current rate of warming, the world’s temperatures would likely reach 1.5C between 2030 and 2052 after an increase of 1C above pre-industrial levels since the mid-1800s. Meeting the 1.5C target would keep the global sea level rise 0.1 meter (3.9 inches) lower by 2100 than a 2C target, the report says. “Even the scientists were surprised to see … how much they could really diffe
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Company: cnbc, Activity: cnbc, Date: 2018-10-08  Authors: paul souders, getty images, fabrice coffrini, afp
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UN warns rapid, unprecedented change needed to halt global warming

Keeping the Earth’s temperature rise to 1.5 degrees Celsius means making rapid, unprecedented changes in the way people use energy to eat, travel and live or we risk even more extreme weather and loss of species, a U.N. report said on Monday.

Meeting 1.5C (2.7 degrees Fahrenheit) above pre-industrial levels, rather than the 2C target agreed at global climate talks in Paris in 2015, would have “clear benefits to people and natural ecosystems,” the United Nations Intergovernmental Panel on Climate Change (IPCC) said on Monday.

Without real change, the world is not even on course to reach the 2C target, experts said.

U.N. World Meteorological Organization (WMO) secretary-general Petteri Taalas told reporters in Geneva: “There is clearly need for a much higher ambition level to reach even a 2 degrees target, we are moving more towards 3 to 5 (degrees) at the moment.”

The past 18 years have been the warmest on record since the 1850s when measurements began, he said. Scientists attribute the temperature rises and extreme weather mainly to greenhouse gases including carbon dioxide from fossil fuels such as coal, oil and gas.

The IPCC report said at the current rate of warming, the world’s temperatures would likely reach 1.5C between 2030 and 2052 after an increase of 1C above pre-industrial levels since the mid-1800s.

Meeting the 1.5C target would keep the global sea level rise 0.1 meter (3.9 inches) lower by 2100 than a 2C target, the report says. That could reduce flooding and give people on the world’s coasts, islands and river deltas time to adapt.

The lower target would also reduce species loss and extinction and the impact on ecosystems, the report said.

“Even the scientists were surprised to see … how much they could really differentiate and how great are the benefits of limiting global warming at 1.5 compared to 2,” Thelma Krug, IPCC vice-chair, told Reuters.

The IPCC met last week in Incheon, South Korea to finalise the report, prepared at the request of governments in 2015 to assess the feasibility and importance of limiting warming to 1.5C.

The report is the main scientific guide for governments on how to implement the 2015 Paris Agreement, agreed by nearly 200 nations, and will be debated at the Katowice Climate Change Conference in Poland in December.

U.S. President Donald Trump withdrew the United States from the accord last year, invoking concerns for the U.S. economy, and has espoused pro-fossil fuel policies. But U.S. states led by California and many cities are living up to their commitments to cut greenhouse gas emissions, WMO’s Taalas said.

“The USA is on the right track to reduce its emissions, you have already been reaching 50 percent of the pledges the Obama administration was having on the table as part of the Paris Agreement,” he said, and cited companies such as electric vehicle maker Tesla as helping bringing about change.

To contain warming at 1.5C, man-made global net carbon dioxide (CO2) emissions would need to fall by about 45 percent by 2030 from 2010 levels and reach “net zero” by mid-century. Any additional emissions would require removing CO2 from the air.


Company: cnbc, Activity: cnbc, Date: 2018-10-08  Authors: paul souders, getty images, fabrice coffrini, afp
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WTO sees technology adding one third to annual trade by 2030

Technology and innovation will increase global trade by 1.8-2.0 percentage points annually until 2030, the head of the World Trade Organization wrote in a report published on Wednesday. Blockchain, artificial intelligence, the internet of things, 3D printing, and other breakthroughs would fundamentally change trade, WTO Director-General Roberto Azevedo said as he launched the report. “Notwithstanding the current trade tensions, we predict that trade could grow yearly by 1.8 to 2.0 percentage poi


Technology and innovation will increase global trade by 1.8-2.0 percentage points annually until 2030, the head of the World Trade Organization wrote in a report published on Wednesday. Blockchain, artificial intelligence, the internet of things, 3D printing, and other breakthroughs would fundamentally change trade, WTO Director-General Roberto Azevedo said as he launched the report. “Notwithstanding the current trade tensions, we predict that trade could grow yearly by 1.8 to 2.0 percentage poi
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WTO sees technology adding one third to annual trade by 2030

Technology and innovation will increase global trade by 1.8-2.0 percentage points annually until 2030, the head of the World Trade Organization wrote in a report published on Wednesday.

Blockchain, artificial intelligence, the internet of things, 3D printing, and other breakthroughs would fundamentally change trade, WTO Director-General Roberto Azevedo said as he launched the report.

“This is structural, this is here to stay … It is a revolution,” he told a conference at the WTO’s headquarters in Geneva.

“Notwithstanding the current trade tensions, we predict that trade could grow yearly by 1.8 to 2.0 percentage points more until 2030 as a result of the falling trade costs, amounting to a cumulated growth of 31 to 34 percentage points over 15 years,” he wrote in his foreword to the WTO’s World Trade Report 2018.

That compares with a fall in global trade costs of 15 percent between 1996 and 2014, the report said.

Global e-commerce transactions were estimated to be worth $27.7 trillion in 2016, of which $23.9 trillion were business-to-business, the report said.


Company: cnbc, Activity: cnbc, Date: 2018-10-03  Authors: fabrice coffrini, getty images
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