Latest news with #global
Bloomberg
an hour ago
- Business
- Bloomberg
Weathering the Storm: Climate Risk Stress Tests
Extreme weather has always meant extreme risks for businesses and investors. Yet climate change has varied the calculus, and many businesses are facing new, potentially existential risks as the world and the energy transition heat up. As such, central banks and financial supervisors have begun conducting climate risk stress tests, to ensure these institutions are capable of mitigating the potential impacts of a changing climate. But what do these tests entail, which markets have been the most proactive in conducting them, and what exactly is 'climate risk' anyway? On today's show, Tom Rowlands-Rees is joined by Tifenn Brandily, BloombergNEF's head of transition risk and alignment, and special guest Edo Schets, Bloomberg's head of climate, nature and regulatory financial solutions, to discuss findings from the note 'Climate Risk Stress Test Review'.
Finextra
2 hours ago
- Business
- Finextra
Palla raises $14.5m for cross-border payments
Palla, a fintech that enables instant cross-border payments for global financial institutions and fintech firms, has raised $14.5 million in a Series A funding round led by Revolution Ventures. 0 Y Combinator, Ardent, Cowboy Ventures, Dash Fund, Uncommon Capital, Meta Fund, Evolution VC, First Check Ventures, Vitalize, and DeepWork Capital joined the round. Palla's platform enables partners to embed real-time international payments into their existing digital channels via a suite of APIs, white-label apps, and embeddable components. Unlike traditional money transfer providers that require customers to use separate, siloed apps, Palla allows financial institutions to offer international payments directly within their native applications - or via Palla's hosted infrastructure — tailored to each partner's cross-border use case and end customer needs. The firm has partnerships with more than 30 financial institutions and distribution partners, embedding directly into their digital channels. The funding will be used to broaden existing payment corridors and expand into new ones for both sending and receiving transfers. The company also plans to introduce new product lines and money-movement mechanisms. Enrique Perezalonso, CEO, Palla, says: 'This investment will accelerate our growth and further our mission to make international payments seamless and accessible to everyone.'
Wall Street Journal
3 hours ago
- Business
- Wall Street Journal
Oil Rises Amid Positive Market Sentiment
0011 GMT — Oil rises amid positive market sentiment after a federal trade court on Wednesday struck down President Trump's tariffs. The Court of International Trade ruled that Trump didn't have the authority to impose sweeping tariffs on virtually every country, voiding the levies that have triggered a global trade war. 'However, expectations that OPEC+ will press ahead with plans to raise output, potentially by 411,000 barrels per day in July, could continue to weigh on the market,' says George Pavel, general manager at Middle East, in an email. Front-month WTI crude oil futures are 0.8% higher at $62.32/bbl; front-month Brent crude oil futures are 0.7% higher at $65.33/bbl. (
Associated Press
3 hours ago
- General
- Associated Press
Mexican migrant family seeks to prevent deportation of ailing 4-year-old from the U.S.
The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world's population sees AP journalism every day.
RNZ News
5 hours ago
- Business
- RNZ News
Mainfreight full year net profit up nearly a third on previous year to $274.3 million
Mainfreight's net profit for the 12 months ended March was $274.3 million. Photo: Supplied Transport heavyweight Mainfreight full year net profit is up by nearly a third on the year earlier, with the Australian business the largest generator of revenue and profits. "We felt in certain parts of the business we could have been better," Mainfreight managing director Don Braid said, noting the underlying profit was slightly down on the year earlier by 3 percent. Key numbers for the 12 months ended March compared with a year ago: Braid said the outlook for the current year was uncertain, though the pause in the imposition of United States tariffs had seen an increase in bookings and volumes, along with an increase in sea freight costs. He said space availability was becoming tight with American businesses rushing to get products into warehouses and retail shelves. While that was seeing revenue rise, he said the outlook was uncertain. "It's all very well to have a small surge in volumes, but that is not of that much interest. What we're interested in is long term certainty, so that we have a steady trade," Braid said, adding that the uncertainty was affecting all global markets. He said the near-term focus for Mainfreight was to look after its customers. "The beauty of being in 27 different countries is that if the trade lanes change, if companies begin to think of of other countries other than the USA, then from an international shipping perspective we're able to assist their customers. "But at the same time it's business as usual across supply chains in the five regions we're in and we're working hard to win market share and provide an improving performance." Sales revenue increased in all five regions Mainfreight operated and its across transport, warehousing and air and ocean divisions. However, Asia, the Americas and New Zealand saw profits decline. Braid said economic uncertainty continued to affect the New Zealand market. "I think at the small end of town, whilst we might have seen an increase in dairy and the kiwifruit harvest was pretty healthy ... at the other end of the spectrum, I think people are still seeing it as a tough environment. "We're lucky enough to have won more market share then we've lost and we continue to build the business." Mainfreight was continuing to invest in new facilities in preparation for when the New Zealand economy began to improve, he said. "However, the likelihood of slower economic growth, coupled with the considerable investments made in the past year, particularly in New Zealand, will result in a more cautionary approach to property development and capital expenditure." However, he said there had been a small improvement in domestic freight movements over the past couple of weeks. "How that looks as we get into the rest of the year, we're uncertain and I think that's our biggest problem is that we just don't have any certainty about how the economy will perform over the next six to 12 months." Mainfreight would also pay staff bonuses of $30.5m to be shared with team members in branches who had contributed satisfactory profits in Australia, Asia and Europe regions. "Unfortunately, this year's performance will result in our people in New Zealand and the Americas regions foregoing bonuses as a consequence of contributing less profit than the year prior," Braid said. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
