Bank of England could include climate change impact in UK stress tests next year

The Bank of England (BOE) is making plans to include the impact of climate change in U.K. bank stress tests, the Financial Times reported Monday. The stress tests largely look at a bank’s capital buffers in times of severe financial stress but also include a separate “exploratory scenario” every two years. In 2017, the first exploratory scenario looked at the competition from financial technology but could concentrate on climate change in 2019, the FT said. And so the question is whether (climat


The Bank of England (BOE) is making plans to include the impact of climate change in U.K. bank stress tests, the Financial Times reported Monday. The stress tests largely look at a bank’s capital buffers in times of severe financial stress but also include a separate “exploratory scenario” every two years. In 2017, the first exploratory scenario looked at the competition from financial technology but could concentrate on climate change in 2019, the FT said. And so the question is whether (climat
Bank of England could include climate change impact in UK stress tests next year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: anmar frangoul, alexandros maragos, moment, getty images
Keywords: news, cnbc, companies, impact, include, bank, change, scenario, exploratory, tests, uk, times, financial, climate, england, ft, stress


Bank of England could include climate change impact in UK stress tests next year

The Bank of England (BOE) is making plans to include the impact of climate change in U.K. bank stress tests, the Financial Times reported Monday.

The stress tests largely look at a bank’s capital buffers in times of severe financial stress but also include a separate “exploratory scenario” every two years.

In 2017, the first exploratory scenario looked at the competition from financial technology but could concentrate on climate change in 2019, the FT said.

“From the first one we learnt a lot about how the banks managed or didn’t manage these types of issues,” BOE Governor Mark Carney told the FT in an interview.

“And it was quite instructive. And so the question is whether (climate change) is the next one, or the one after.”

Read the full story from the Financial Times here.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: anmar frangoul, alexandros maragos, moment, getty images
Keywords: news, cnbc, companies, impact, include, bank, change, scenario, exploratory, tests, uk, times, financial, climate, england, ft, stress


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Qatar reportedly considering increasing its stake in Deutsche Bank

Qatar is considering increasing its stake in Deutsche Bank, newspaper Handelsblatt reported on Sunday. The Qatari royal family already holds a 6.1 percent stake in Deutsche Bank, according to Deutsche Bank’s website. “We will invest in a large financial institution in Germany. This, and the fact that Christian Sewing, CEO of Deutsche Bank, was the only top manager of a German group to take part in the Doha Forum over the weekend clearly point to Deutsche Bank, the paper said. A spokesman for Deu


Qatar is considering increasing its stake in Deutsche Bank, newspaper Handelsblatt reported on Sunday. The Qatari royal family already holds a 6.1 percent stake in Deutsche Bank, according to Deutsche Bank’s website. “We will invest in a large financial institution in Germany. This, and the fact that Christian Sewing, CEO of Deutsche Bank, was the only top manager of a German group to take part in the Doha Forum over the weekend clearly point to Deutsche Bank, the paper said. A spokesman for Deu
Qatar reportedly considering increasing its stake in Deutsche Bank Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: martin leissl, bloomberg, getty images
Keywords: news, cnbc, companies, considering, qatar, increasing, institution, forum, doha, bank, deutsche, ceo, financial, handelsblatt, stake, reportedly


Qatar reportedly considering increasing its stake in Deutsche Bank

Qatar is considering increasing its stake in Deutsche Bank, newspaper Handelsblatt reported on Sunday.

The Qatari royal family already holds a 6.1 percent stake in Deutsche Bank, according to Deutsche Bank’s website. Qatar controls over 9 percent, once derivative positions are take into consideration, Handelsblatt said.

“We will invest in a large financial institution in Germany. This was discussed in the margins of the Doha Forum and will be announced shortly,” Yousuf Mohamed Al-Jaida, CEO of the state-owned Qatar Financial Center, told Handelsblatt.

Al-Jaida did not want to name the company, but he confirmed that it was an institution in which Qatar was already involved, Handelsblatt reported.

This, and the fact that Christian Sewing, CEO of Deutsche Bank, was the only top manager of a German group to take part in the Doha Forum over the weekend clearly point to Deutsche Bank, the paper said.

A spokesman for Deutsche Bank declined to comment.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: martin leissl, bloomberg, getty images
Keywords: news, cnbc, companies, considering, qatar, increasing, institution, forum, doha, bank, deutsche, ceo, financial, handelsblatt, stake, reportedly


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Hong Kong stocks stuck between a ‘rock and a hard place’ for 2019

Hong Kong stocks are closing out a rough year and the outlook for 2019 remains largely negative, according to analysts and investors. “I would say it’s between a rock and a hard place,” Hao Hong, managing director and head of research at BOCOM International in Hong Kong, told CNBC earlier this month about the outlook for the market. Hong Kong, a semi-autonomous former British colony over which Beijing resumed control in 1997, is a major trade and financial services hub vulnerable to the whims of


Hong Kong stocks are closing out a rough year and the outlook for 2019 remains largely negative, according to analysts and investors. “I would say it’s between a rock and a hard place,” Hao Hong, managing director and head of research at BOCOM International in Hong Kong, told CNBC earlier this month about the outlook for the market. Hong Kong, a semi-autonomous former British colony over which Beijing resumed control in 1997, is a major trade and financial services hub vulnerable to the whims of
Hong Kong stocks stuck between a ‘rock and a hard place’ for 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-15  Authors: kelly olsen
Keywords: news, cnbc, companies, place, vulnerable, outlook, 2019, market, stuck, trade, rock, hong, stocks, financial, hard, economy, china, growth, kong


Hong Kong stocks stuck between a 'rock and a hard place' for 2019

Hong Kong stocks are closing out a rough year and the outlook for 2019 remains largely negative, according to analysts and investors.

Headwinds from a weakening economy in China, the Beijing-Washington trade war, concerns about signs of emerging U.S. weakness and an expected slowdown in local initial public offerings after a banner 2018 are seen as likely to weigh on the market.

The benchmark Hang Seng Index closed Friday at 26,094.79, down about 13 percent for the year as the end of 2018 approaches. It has slumped some 22 percent from its peak of 33,484.08 on Jan. 29.

“I would say it’s between a rock and a hard place,” Hao Hong, managing director and head of research at BOCOM International in Hong Kong, told CNBC earlier this month about the outlook for the market.

Hong cited the expectation of a broad slowdown in China’s economy during the first half combined with volatility on Wall Street in the U.S., where less aggressive interest rate hikes by the Federal Reserve underscore worries growth in the world’s largest economy is waning.

Hong said the Hang Seng is clearly in the process of finding a bottom, but added: “I don’t think people should be hoping for a V-shaped rebound in the market.”

Hong Kong, a semi-autonomous former British colony over which Beijing resumed control in 1997, is a major trade and financial services hub vulnerable to the whims of larger economies, given its proximity to China and the Hong Kong dollar’s peg to the U.S. currency.

“Hong Kong … is vulnerable to further escalating U.S.-China trade tensions, possible disorderly tightening of global financial conditions, slower-than-expected growth in Mainland China, and a sharp housing market correction,” the International Monetary Fund said in a statement last week at the conclusion of regular consultations with local authorities.

Citi, in a report dated Dec. 5, said it expects Hong Kong banks to underperform the broader market next year as weak credit demand suppresses earnings and on concern over potential for capital outflows.

Ronald Wan, non-executive chairman at Partners Financial Holdings, suggested that a breakthrough in the tariff conflict in the form of China opening up key business sectors to meet U.S. demands is unlikely, while China’s economic growth is set to slow.

“I think the market will be even more challenging,” he said on Dec. 6 of next year’s outlook for Hong Kong.


Company: cnbc, Activity: cnbc, Date: 2018-12-15  Authors: kelly olsen
Keywords: news, cnbc, companies, place, vulnerable, outlook, 2019, market, stuck, trade, rock, hong, stocks, financial, hard, economy, china, growth, kong


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The secret to keeping next year’s financial resolutions

When it comes to money matters, most Americans worry about making ends meet, unexpected expenses and health-care costs, according to a separate study by LendingTree, which polled more than 1,000 adults about their resolutions for 2018. There is no magic formula for being able to make ends meet. It tells you how much you have for spending after accounting for bills and savings goal contributions. Then you can see how much money is left “in your pocket” for the day, week or month. Even a 1 percent


When it comes to money matters, most Americans worry about making ends meet, unexpected expenses and health-care costs, according to a separate study by LendingTree, which polled more than 1,000 adults about their resolutions for 2018. There is no magic formula for being able to make ends meet. It tells you how much you have for spending after accounting for bills and savings goal contributions. Then you can see how much money is left “in your pocket” for the day, week or month. Even a 1 percent
The secret to keeping next year’s financial resolutions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: sharon epperson, jessica dickler
Keywords: news, cnbc, companies, meet, spending, keeping, savings, secret, contributions, resolutions, money, ends, worry, expenses, unexpected, week, financial


The secret to keeping next year's financial resolutions

When it comes to money matters, most Americans worry about making ends meet, unexpected expenses and health-care costs, according to a separate study by LendingTree, which polled more than 1,000 adults about their resolutions for 2018.

There is no magic formula for being able to make ends meet. You have to live within your means, and to do that you need to budget. Having a budgeting app on your phone makes it easier to accomplish that.

Apps such as Mint or Albert keep tabs on your spending and help find places where some expenses can be cut, such as dining out, recurring subscriptions or streaming services you hardly use. You can even set budgets that alert you when they start to top out.

Pocketguard is a simpler alternative. It tells you how much you have for spending after accounting for bills and savings goal contributions. Then you can see how much money is left “in your pocket” for the day, week or month.

Take the surplus and deposit it into an emergency fund or raise the amount that is taken out of your paycheck for retirement plan contributions. Even a 1 percent to 2 percent increase may not seem like much but can have a significant impact on your savings over time.


Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: sharon epperson, jessica dickler
Keywords: news, cnbc, companies, meet, spending, keeping, savings, secret, contributions, resolutions, money, ends, worry, expenses, unexpected, week, financial


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Yellen warns of another potential financial crisis: ‘Gigantic holes in the system’

“I think things have improved, but then I think there are gigantic holes in the system,” Yellen said Monday night in a discussion moderated by New York Times columnist Paul Krugman at CUNY. She said regulators can only address such problems at individual banks not throughout the financial system. So I do worry that we could have another financial crisis.” Current Fed officials have pushed back against criticism that their reforms are making the system riskier, saying they are making the system


“I think things have improved, but then I think there are gigantic holes in the system,” Yellen said Monday night in a discussion moderated by New York Times columnist Paul Krugman at CUNY. She said regulators can only address such problems at individual banks not throughout the financial system. So I do worry that we could have another financial crisis.” Current Fed officials have pushed back against criticism that their reforms are making the system riskier, saying they are making the system
Yellen warns of another potential financial crisis: ‘Gigantic holes in the system’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-11  Authors: steve liesman, justin chin, bloomberg, getty images
Keywords: news, cnbc, companies, holes, fed, potential, regulatory, yellen, system, gigantic, crisis, think, things, financial, warns, current, york


Yellen warns of another potential financial crisis: 'Gigantic holes in the system'

Former Federal Reserve Chair Janet Yellen told a New York audience she fears there could be another financial crisis because banking regulators have seen reductions in their authority to address panics and because of the current push to deregulate.

“I think things have improved, but then I think there are gigantic holes in the system,” Yellen said Monday night in a discussion moderated by New York Times columnist Paul Krugman at CUNY. “The tools that are available to deal with emerging problems are not great in the United States.”

Yellen cited leverage loans as an area of concern, something also mentioned by the current Fed leadership. She said regulators can only address such problems at individual banks not throughout the financial system. The former fed chair, now a scholar at the Brookings Institution, said there remains an agenda of unfinished regulation. “I’m not sure we’re working on those things in the way we should, and then there remain holes, and then there’s regulatory pushback. So I do worry that we could have another financial crisis.”

In the wake of the financial crisis, some agency regulatory powers were vastly expanded, but others, for example, the ability of the Fed to lend to an individual company in a crisis, were curtailed. Current Fed officials have pushed back against criticism that their reforms are making the system riskier, saying they are making the system more efficient.

Speaking in London in June 2017, shortly after leaving office, Yellen had said she did not believe there would be another financial crisis in our lifetimes because of financial reforms. However, she did warn at the time about the deregulatory efforts just then underway.

WATCH: The Next Recession: Europe could ‘infect us’ says former Dallas Fed president Richard Fisher


Company: cnbc, Activity: cnbc, Date: 2018-12-11  Authors: steve liesman, justin chin, bloomberg, getty images
Keywords: news, cnbc, companies, holes, fed, potential, regulatory, yellen, system, gigantic, crisis, think, things, financial, warns, current, york


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Tokyo prosecutors indict Nissan’s ex-chairman Ghosn for financial misconduct

Both Nissan and its former chairman Carlos Ghosn have been charged by Japanese prosecutors over financial misconduct, according to a statement from Nissan. Ghosn was arrested in November for under-reporting his compensation in the company’s financial statements over a period of five years. Nissan added that, in regards to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” On Monday, Nissan confirmed that both Ghosn and Kelly had be


Both Nissan and its former chairman Carlos Ghosn have been charged by Japanese prosecutors over financial misconduct, according to a statement from Nissan. Ghosn was arrested in November for under-reporting his compensation in the company’s financial statements over a period of five years. Nissan added that, in regards to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” On Monday, Nissan confirmed that both Ghosn and Kelly had be
Tokyo prosecutors indict Nissan’s ex-chairman Ghosn for financial misconduct Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: spriha srivastava, issei kato, brent lewin, bloomberg, getty images
Keywords: news, cnbc, companies, nissans, ghosn, securities, underreporting, company, prosecutors, indict, statement, nissan, making, disclosures, tokyo, misconduct, exchairman, financial


Tokyo prosecutors indict Nissan's ex-chairman Ghosn for financial misconduct

Both Nissan and its former chairman Carlos Ghosn have been charged by Japanese prosecutors over financial misconduct, according to a statement from Nissan.

Ghosn was arrested in November for under-reporting his compensation in the company’s financial statements over a period of five years. The auto giant said in a statement in November that “over many years” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report.

Nissan added that, in regards to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” The company said Ghosn had also made inappropriate investments.

On Monday, Nissan confirmed that both Ghosn and Kelly had been indicted for “violating the Japan Financial Instruments and Exchange Act, namely making false disclosures in annual securities report.”

Prosecutors have also charged Nissan as a legal entity for the same violation, the company confirmed.

“Nissan takes this situation extremely seriously. Making false disclosures in annual securities reports greatly harms the integrity of Nissan’s public disclosures in the securities markets, and the company expresses its deepest regret,” Nissan said in a statement.

Ghosn, who headed the Renault-Nissan-Mitsubishi alliance, has previously denied the accusations.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: spriha srivastava, issei kato, brent lewin, bloomberg, getty images
Keywords: news, cnbc, companies, nissans, ghosn, securities, underreporting, company, prosecutors, indict, statement, nissan, making, disclosures, tokyo, misconduct, exchairman, financial


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Japan’s top three telcos to shun Huawei, ZTE network equipment: Kyodo

Last week sources told Reuters that Japan planned to ban government purchases of equipment from Huawei and ZTE to ensure strength in its defences against intelligence leaks and cyber attacks. A SoftBank Group Corp spokesman said Japan’s third-largest telco was closely watching government policy and is continuing to consider its options. Docomo does not use Huawei or ZTE network equipment, but it has partnered with Huawei on 5G trials. KDDI also does not use Huawei equipment in its “core” network


Last week sources told Reuters that Japan planned to ban government purchases of equipment from Huawei and ZTE to ensure strength in its defences against intelligence leaks and cyber attacks. A SoftBank Group Corp spokesman said Japan’s third-largest telco was closely watching government policy and is continuing to consider its options. Docomo does not use Huawei or ZTE network equipment, but it has partnered with Huawei on 5G trials. KDDI also does not use Huawei equipment in its “core” network
Japan’s top three telcos to shun Huawei, ZTE network equipment: Kyodo Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: johannes eisele, afp, getty images
Keywords: news, cnbc, companies, telcos, shun, softbank, kyodo, does, zte, huawei, japans, network, kddi, japanese, equipment, financial


Japan's top three telcos to shun Huawei, ZTE network equipment: Kyodo

Last week sources told Reuters that Japan planned to ban government purchases of equipment from Huawei and ZTE to ensure strength in its defences against intelligence leaks and cyber attacks.

A SoftBank Group Corp spokesman said Japan’s third-largest telco was closely watching government policy and is continuing to consider its options. The amount of equipment in use from Chinese makers “is relatively small”, he said.

The country’s top two telecommunications operators, NTT Docomo Inc and KDDI Corp, said the firms had not made any decision yet.

Docomo does not use Huawei or ZTE network equipment, but it has partnered with Huawei on 5G trials. KDDI also does not use Huawei equipment in its “core” network, a spokeswoman said, adding it does not use any ZTE network equipment.

Huawei did not respond to Reuters request for comment, while ZTE declined to comment.

Huawei has already been locked out of the U.S. market, and Australia and New Zealand have blocked it from building 5G networks amid concerns of its possible links with China’s government. Huawei has said Beijing has no influence over it.

Japan’s decision to keep it out would be another setback for Huawei, whose chief financial officer was recently arrested by Canadian officials for extradition to the United States.

World financial markets have been roiled since news of the arrest, on worries it could reignite a Sino-U.S. trade row that was only just showing signs of easing.

Shares of SoftBank, which has the deepest relationship with Huawei among the big Japanese telcos, fell the most among the three top Japanese telcos on Monday, ending down 3.5 percent.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: johannes eisele, afp, getty images
Keywords: news, cnbc, companies, telcos, shun, softbank, kyodo, does, zte, huawei, japans, network, kddi, japanese, equipment, financial


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Goldman warns a sharp US economic slowdown next year could see financial markets running ‘scared’

Global equity markets could struggle to come to terms with a dramatic slowdown from the world’s largest economy next year, one Goldman Sachs strategist told CNBC on Monday, with trade tensions elevating the risk of near-term volatility. Fresh signs of slowing global growth, and emerging pockets of weakness in the U.S., rattled financial markets last week. And the sell-off continued Monday, with weaker-than-anticipated data from the U.S., China and Japan adding to mounting worries about the globa


Global equity markets could struggle to come to terms with a dramatic slowdown from the world’s largest economy next year, one Goldman Sachs strategist told CNBC on Monday, with trade tensions elevating the risk of near-term volatility. Fresh signs of slowing global growth, and emerging pockets of weakness in the U.S., rattled financial markets last week. And the sell-off continued Monday, with weaker-than-anticipated data from the U.S., China and Japan adding to mounting worries about the globa
Goldman warns a sharp US economic slowdown next year could see financial markets running ‘scared’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: sam meredith, drew angerer, getty images
Keywords: news, cnbc, companies, markets, sharp, muellerglissmann, global, warns, told, sachs, goldman, economic, scared, financial, slowdown, worries, running, going, strategist


Goldman warns a sharp US economic slowdown next year could see financial markets running 'scared'

Global equity markets could struggle to come to terms with a dramatic slowdown from the world’s largest economy next year, one Goldman Sachs strategist told CNBC on Monday, with trade tensions elevating the risk of near-term volatility.

Fresh signs of slowing global growth, and emerging pockets of weakness in the U.S., rattled financial markets last week. And the sell-off continued Monday, with weaker-than-anticipated data from the U.S., China and Japan adding to mounting worries about the global economic outlook for 2019.

“Next year is going to be tough because I think one of the key changes to this year is that the U.S. is going to slowdown,” Christian Mueller-Glissmann, senior multi-asset strategist at Goldman Sachs, told CNBC’s “Squawk Box Europe” on Monday.

“We expect the U.S. to slow down to less than 2 percent by the end of next year and as a result of that you could see the market getting quite scared,” Mueller-Glissmann said.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: sam meredith, drew angerer, getty images
Keywords: news, cnbc, companies, markets, sharp, muellerglissmann, global, warns, told, sachs, goldman, economic, scared, financial, slowdown, worries, running, going, strategist


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India’s cenbank governor Urjit Patel steps down, stuns markets

“Quite clearly the resignation of Urjit Patel shows that nothing has changed,” Yashwant Sinha, a former finance minister and member of the ruling Bharatiya Janata Party, told CNBC-TV18. The Modi government has stacked the RBI’s 18-member board with its own nominees, in what critics say is a move to exert greater control over the central bank’s regulatory powers. Patel’s sudden resignation is expected to roil financial markets on Tuesday. Investors will be keen to know who is Patel’s replacement


“Quite clearly the resignation of Urjit Patel shows that nothing has changed,” Yashwant Sinha, a former finance minister and member of the ruling Bharatiya Janata Party, told CNBC-TV18. The Modi government has stacked the RBI’s 18-member board with its own nominees, in what critics say is a move to exert greater control over the central bank’s regulatory powers. Patel’s sudden resignation is expected to roil financial markets on Tuesday. Investors will be keen to know who is Patel’s replacement
India’s cenbank governor Urjit Patel steps down, stuns markets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: dhiraj singh bloomberg, bloomberg, getty images
Keywords: news, cnbc, companies, markets, patel, indias, urjit, stuns, rbi, resignation, regulatory, cenbank, minister, financial, banks, dispute, patels, steps, central, governor


India's cenbank governor Urjit Patel steps down, stuns markets

Analysts and market watchers said the recent dispute between the RBI and the government could have been a major factor in Patel’s decision to resign.

“Quite clearly the resignation of Urjit Patel shows that nothing has changed,” Yashwant Sinha, a former finance minister and member of the ruling Bharatiya Janata Party, told CNBC-TV18.

“The resignation is a clear sign of the government trying to interfere with the working of the RBI,” he added.

Prime Minister Narendra Modi’s government has been putting pressure on the RBI to ease its regulatory curbs on some banks, infuse more liquidity and relax capital norms as it faces a slowing economy ahead of general elections due by May.

RBI Deputy Governor Viral Acharya said in a speech in October that undermining a central bank’s autonomy could be “catastrophic”, prompting a public dispute that added to the rift between the bank and government.

The Modi government has stacked the RBI’s 18-member board with its own nominees, in what critics say is a move to exert greater control over the central bank’s regulatory powers.

Patel’s sudden resignation is expected to roil financial markets on Tuesday.

Investors will be keen to know who is Patel’s replacement and the direction of the central bank’s financial and monetary policy, analysts said.

“Markets certainly will be concerned unless there is further clarification that come through tonight,” said R. Sivakumar, head of fixed income at Axis Mutual Fund.

“I think tomorrow and over the next few days we can expect heightened volatility in the markets,” he added.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: dhiraj singh bloomberg, bloomberg, getty images
Keywords: news, cnbc, companies, markets, patel, indias, urjit, stuns, rbi, resignation, regulatory, cenbank, minister, financial, banks, dispute, patels, steps, central, governor


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Act on climate change or risk global financial instability, $32 trillion investor alliance warns

More than four hundred investors have urged governments to act on climate change or risk the stability of their financial systems. Lobby group The Investor Agenda (IA) issued a statement on Monday on behalf of 415 global investors, who collectively manage $32 trillion. The Paris Agreement was drafted in 2015 and set out targets to help international economies work towards reducing carbon emissions. Signatories of Monday’s statement agreed that lawmakers needed to address climate change “with urg


More than four hundred investors have urged governments to act on climate change or risk the stability of their financial systems. Lobby group The Investor Agenda (IA) issued a statement on Monday on behalf of 415 global investors, who collectively manage $32 trillion. The Paris Agreement was drafted in 2015 and set out targets to help international economies work towards reducing carbon emissions. Signatories of Monday’s statement agreed that lawmakers needed to address climate change “with urg
Act on climate change or risk global financial instability, $32 trillion investor alliance warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: chloe taylor, kacper pempel, the ocean cleanup
Keywords: news, cnbc, companies, global, paris, statement, group, alliance, warns, investor, work, instability, risk, climate, trillion, financial, investors, governments, change, agreement


Act on climate change or risk global financial instability, $32 trillion investor alliance warns

More than four hundred investors have urged governments to act on climate change or risk the stability of their financial systems.

Lobby group The Investor Agenda (IA) issued a statement on Monday on behalf of 415 global investors, who collectively manage $32 trillion.

The statement called on world governments to step up their efforts on achieving the goals of the Paris Agreement and commit to improve climate-related financial reporting. The IA also urged leaders to drive investment into low-carbon energy by taking action such as phasing out coal worldwide.

The Paris Agreement was drafted in 2015 and set out targets to help international economies work towards reducing carbon emissions.

Signatories of Monday’s statement agreed that lawmakers needed to address climate change “with urgency,” and warned that failing to act would create significant risks for the global economy, financial system and society.

“It is vital for our long-term planning and asset allocation decisions that governments work closely with investors to incorporate Paris-aligned climate scenarios into their policy frameworks,” the cohort said.

“The countries and companies that lead in implementing the Paris Agreement and enacting strong climate policies will see significant economic benefits and attract increased investment that will create jobs in industries of the future.”

The investors behind the statement include some of the world’s biggest insurers, pension funds and asset managers. A statement was originally drawn up in July but was reissued this week with backing from a record number of signatories, in conjunction with the COP24 summit on climate change in Katowice, Poland.

The Investor Group on Climate Change, whose members manage around $2 trillion in Australia and New Zealand, was one of the organisations driving support for the statement. CEO Emma Herd said in a statement in July that Group of 20 (G-20) leaders needed to set policies that provided investors with certainty to fund a secure and affordable low-emissions energy system.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: chloe taylor, kacper pempel, the ocean cleanup
Keywords: news, cnbc, companies, global, paris, statement, group, alliance, warns, investor, work, instability, risk, climate, trillion, financial, investors, governments, change, agreement


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