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Straits Times
13 hours ago
- Business
- Straits Times
Explainer-What is the UN's development conference in Seville, and what can it achieve?
FILE PHOTO: World Bank President Ajay Banga attends the Milken Institute Global Conference 2025 in Beverly Hills, California, U.S., May 5, 2025. REUTERS/Mike Blake/File Photo FILE PHOTO: Nigeria's Amina Mohammed, Deputy Secretary-General of the United Nations, looks on during the official opening of the World Economic Forum on Africa in Cape Town, South Africa September 5, 2019. REUTERS/Sumaya Hisham/File Photo Explainer-What is the UN's development conference in Seville, and what can it achieve? LONDON - Global leaders will kick off the once-a-decade Conference on Financing for Development (FFD4) in Seville, Spain, on Monday, which aims to improve the world's aid and financial architecture. Ambitious reforms to everything from global tax to climate-focused funding are on the agenda. What is the event, who will attend, and what can it achieve? WHAT IS IT? The fourth such conference brings together political, financial and trade leaders to formulate a coherent approach to issues bedevilling global development - from aid to trade to debt. Leaders will formally adopt a 38-page document - dubbed the "Seville Commitment" - which was painstakingly negotiated and agreed prior to the event. It will be a blueprint for development financing for the coming decade, but it is a political commitment, rather than a legally binding agreement. The first FFD's "Monterrey Consensus" in 2002 produced targets for rich countries to spend 0.7% of gross national product on official development assistance and supported the Heavily Indebted Poor Countries Initiative, which eventually yielded billions in debt relief. The last FFD, in Addis Ababa in 2015, produced the 17 sustainable development goals that have guided multilateral funding for the past decade, and focused attention on strengthening taxation and stemming illicit financial flows. This year's backdrop is particularly challenging, with widespread aid cuts across the rich world - and climate change scepticism from U.S. President Donald Trump. WHAT ARE THIS YEAR'S OBJECTIVES? The Seville Commitment focuses on reforms to help poor nations adapt to climate crises, such as debt swaps, natural disasters debt pause clauses and an exploration of "global solidarity levies", which could tax highly polluting activities - or the super-rich - to finance sustainable development. It also targets progress towards better debt restructuring frameworks and innovations to boost funding, such as multilateral development banks' efforts to leverage special drawing rights. Leaders will also launch the Seville Platform for Action, which would form alliances to expedite concrete progress on the goals. WHO WILL BE THERE? UN Deputy Secretary-General Amina Mohammed said on Wednesday that more than 70 heads of state and government would attend. They include French President Emmanuel Macron, South African President Cyril Ramaphosa - this year's G20 chair - and sustainable finance rock stars such as Barbados Prime Minister Mia Mottley. World Bank President Ajay Banga is expected, along with development bank chiefs, the Gates Foundation and other campaign groups. Notably absent, however, is the United States, which withdrew during negotiations after it tried, unsuccessfully, to strip climate, sustainability and gender equality from the Seville Commitment. WHAT IMPACT COULD IT HAVE? The U.S. absence, and continued discord over the approach to certain other issues, such as debt, could hobble the event's impact. Trump's opposition to goals such as global tax rule changes could make success on that subject tougher. Meanwhile, disagreements between African leaders and key lending nations, such as China, over a debt convention also bedevil substantive progress. But sources said the event could be more successful without U.S. attendees trying to water down objectives, and there is a strong consensus that the world must take urgent action on issues such as climate adaptation funding. WHAT IS THE BACKDROP? The U.N. pegs the global financing gap for sustainable development at a whopping $4 trillion. Multilateral lenders are working to boost funding - but the cash they have been able to mobilise thus far is in the hundreds of billions, not trillions. At the same time, the average interest costs for developing countries as a share of tax revenues nearly doubled since 2014. China's lending to Africa has turned net negative as loan repayments come due, and an estimated 3.3 billion people - and more than half of Africans - live in countries that spend more on debt than health. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Mayor
16-05-2025
- Business
- Business Mayor
Nvidia says it is not sending GPU designs to China after reports of new Shanghai operation
Founder and CEO at Nvidia Jensen Huang is interviewed by Chairman of the Milken Institute Michael Milken (not pictured) during the Milken Institute Global Conference 2025 in Beverly Hills, California, U.S., May 5, 2025. Mike Blake | Reuters Nvidia said it won't be sending graphics processing unit plans to China following a report that the artificial intelligence chipmaker is working on a research and development center in Shanghai in light of recent U.S. export curbs. 'We are not sending any GPU designs to China to be modified to comply with export controls,' a spokesperson said in a statement to CNBC. The Financial Times was the first to report the news, citing two sources familiar with the matter. CEO Jensen Huang discussed the potential new center with Shanghai's mayor, Gong Zheng, during a visit last month, the FT reported. The center will assess ways to meet U.S. restrictions while catering to the local market, although production and design will continue outside China, according to the report. AI chipmakers such as Nvidia have been hit with major China roadblocks since 2022 as the U.S. began cracking down on sending advanced chips to China because of concerns of possible military use. Last week, the Trump administration said it would replace restrictions put in place under President Joe Biden with a 'much simpler rule that unleashes American innovation and ensures American AI dominance.' Nvidia said last month that it would take a $5.5 billion charge tied to selling its H20 GPUs in China and other countries. Huang has previously commented on the significance of China, which is one of the company's major market after the U.S., Singapore and Taiwan. He told CNBC this month that getting shut out of the world second-largest economy would be a 'tremendous loss,' estimating that China's AI market could hit $50 billion over the next two to three years. 'We just have to stay agile,' Huang told CNBC's Jon Fortt, in an interview alongside ServiceNow CEO Bill McDermott. 'Whatever the policies are of the government, whatever is in the best interest of our country, we'll support,' he added. Read the full FT report here. READ SOURCE
Qatar Tribune
06-05-2025
- Business
- Qatar Tribune
QCB governor meets executives from several global companies
LOS ANGELES: Governor of Qatar Central Bank (QCB) and Chairman of the Board of Directors of the Qatar Investment Authority (QIA) HE Sheikh Bandar bin Mohammed bin Saud Al Thani has met with CEO of HPS Investment Partners Scott Kapnick; Co-Founder, Chairman and CEO of Apollo Global Management Mark Rowan; Co-Founder and Co-Chairman of The Carlyle Group David Rubenstein; and President and Chief Operating Officer of The Blackstone Group Jonathan Gray. The meetings took place on the sidelines of the Milken Institute Global Conference 2025, which is being held in Los Angeles, USA, from May 4 to 7. The meetings reviewed the most prominent global financial and investment developments.
Yahoo
05-05-2025
- Automotive
- Yahoo
Electric Vehicles Update - Advancements in Battery Materials Boosting Innovation in EV Industry
NEO Battery Materials Ltd., a developer of low-cost silicon anode materials for lithium-ion batteries, has appointed Dr. Matthew Dawson, CEO of Elementium Materials, as a Senior Scientific Advisor. Dr. Dawson's extensive background in advancing energy transition technologies is expected to bring valuable insights and support to NEO's commercialization of its battery technology. This development highlights the ongoing advancements in the field of electric vehicle battery materials, particularly in enhancing battery performance and reducing costs, potentially impacting the broader electric vehicle industry by propelling innovations in longer-lasting and faster-charging batteries. In other market news, was trading firmly up 7.0% and finishing the session at HK$59.55, near its 52-week high. In the meantime, lagged, down 5.8% to end the day at CA$45.69. On Friday, the company raised its earnings guidance for 2025, expecting sales between $40.0 billion and $41.6 billion. Magna International's strategic moves towards restructuring and market expansion may soon elevate its margins and earnings, creating a critical opportunity for investors amidst potential macroeconomic pressures. Discover the full narrative of these timely developments and their implications by clicking here. Previously, our Market Insights article, "Automakers Caught in the Tariff Crossfire," explored the pressures on the auto industry amid rising tariffs and the implications for electric vehicle sales, investments, and opportunities. Catch up now before the market shifts further! finished trading at HK$382.40 up 3.3%. finished trading at $287.21 up 2.4%. settled at $10.28 up 1%. Ford Motors is set to present at the Milken Institute Global Conference 2025 in Los Angeles today. Dive into all 49 of the EV Stocks we have identified, like Changzhou Xingyu Automotive Lighting SystemsLtd, Elite Material and Mobileye Global, right here. Curious About Other Options? AI is about to change healthcare. These 25 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sources: Simply Wall St "NEO Battery Materials Appoints Dr. Matthew Dawson, CEO of Elementium Materials, as Senior Scientific Advisor" from NEO Battery Materials Ltd. on GlobeNewswire (published 02 May 2025) Companies discussed in this article include SEHK:9863 SEHK:1211 NasdaqGS:TSLA NYSE:F and TSX:MG. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
