Category Archives: World Finance

#Bloomberg: Climate Is Next Race for Global Supremacy, Bank of America Says

Put aside the trade and technology wars. The next race for global political and economic supremacy will focus on climate.

That’s according to Bank of America Corp.s’ research group, which said climate change will be this decade’s most important theme, just as technology underpinned economic growth during the past decade. China has spent twice as much as the U.S. on climate action, said Haim Israel, the bank’s head of global thematic investing research, in a report Monday.

“We believe climate strategies offer a route to global supremacy,” he said. “Whether through regulation, limits on exports, tariffs or significant investments, we believe the U.S. and China will do whatever it takes to take the lead on climate action.”

The economic impact of climate change could reach $69 trillion this century, and investments in the energy transition need to increase to $4 trillion a year, Israel said. That will lead to more than $100 billion a year in research and development.

Bank of America estimates that the potential market capitalization for companies tackling climate to be about $6 trillion across things like renewables, electric vehicles, and environmental, social and governance. China dominates EVs and batteries, while Europe excels in renewables, the report says.

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GE close to selling private equity lender to top Canada pension fund


NEW YORK, June 7 (Reuters) – General Electric Co is near a deal to sell its private equity lending unit to the Canada Pension Plan Investment Board (CPPIB), a person familiar with the matter said, as the conglomerate takes a big step in a planned massive pullback from its finance operations.

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Indonesia could soon join China-backed Asian infrastructure bank

JAKARTA Nov 4 (Reuters) – Indonesia could decide as early as next week to join a China-backed Asian infrastructure bank, the finance minister told Reuters, as Southeast Asia’s largest economy looks for extra funding to build much needed ports, railways and roads.

China’s $50-billion Asian Infrastructure Investment Bank (AIIB), launched last month, is seen by the United States as a challenge to the Western-dominated World Bank and Asian Development Bank.

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World Bank’s arm to boost investments in Indonesia to $1 bln by June 2015

Oct 8 (Reuters) – The World Bank’s finance arm said on Wednesday it is boosting its investments in Indonesian companies by around a quarter to more than $1 billion for its fiscal year ended June 2015, mainly in the infrastructure and manufacturing sectors.

The International Finance Corporation (IFC) invested a record $804 million in Indonesia in the year ended June 2014, up 84 percent from the same period a year earlier.

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General Electric’s CEO Plans to Save a Vital Industry In Canada

Mining the oil sands is a difficult business, but it’s one of the biggest oil resources left in the world. Tapping into this resource can be an awfully dirty process. Now, though, General Electric CEO Jeff Immelt, a proven business leader with close relationships with Wall Street, Silicon Valley, and Capitol Hill, is trying to find a way to improve oil sands production by reducing its carbon footprint.

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GE’s Jeffrey Immelt on what it takes to run one of the world’s most admired companies

In an inteview with Corporate Dossier, GE’s Jeffrey Immelt shares his views on what it takes to run one of the world’s most admired companies.

Indonesia’s consumer confidence at record high ahead of presidential election

A gauge of consumer confidence in Indonesia has jumped to new highs as the country gears up for next month’s presidential election.

The ANZ Bank-Roy Morgan confidence index for May has found that a “super-majority” of 91 per cent of consumers expect good economic times over the next five years.

A record high of 85 per cent of Indonesians are positive about their financial situation for the next 12 months.

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Willis Launches the UK’s First Shariah Compliant Real Estate Insurance Solution


In response to growing demand from property investors for insurance cover that is compliant with Islamic law, Willis Group Holdings WSH -0.06% , the global risk adviser, insurance and reinsurance broker, has launched the UK’s first Shariah compliant commercial real estate insurance.

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Dubai Islamic Bank completes 24.9 pct stake buy in Indonesian lender

(Reuters) – Dubai Islamic Bank has completed the acquisition of a 24.9 percent stake in Bank Panin Syariah and will now seek regulatory approval to increase its holding in the Indonesian lender to 40 percent, it said on Monday.

The largest Islamic bank in the United Arab Emirates has bought 2.42 billion shares in the only listed sharia-compliant bank in the southeast Asian nation, it said in a stock market filing. No purchase price was given.

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Indonesia mandates banks for up to $1.5 bln sovereign sukuk

May 26 (Reuters) – Indonesia has mandated HSBC , Standard Chartered and CIMB Group Holdings Bhd to arrange a sovereign sukuk issue of up to $1.5 billion, sources aware of the matter told Reuters on Monday.

The head of the Indonesian finance ministry’s debt management office, Robert Pakpahan, confirmed that the government had appointed the three banks as underwriters. He did not specify the size of the planned issue or give other details.

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