SUNDAY, 19 MAY 2019

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2018_728x90px
GloriaJeans_266x90px
IMH LTD

New CBC Governor Warns Over Delays on Foreign Transactions

Syllouris and Russian Delegation Reconfirm Cyprus-Russia Close Relations

IMH LTD
GAP_Group_2018_468x60px

SERVICES

brought to you by Barclays

Central Banks Warn of Financial Risks in Open Letter

Central Banks Warn of Financial Risks in Open Letter

The heads of two major central banks have written a stark warning about the financial risks of climate change, the BBC reports.

Bank of England governor Mark Carney and France's François Villeroy de Galhau set out the dangers to the global economy in an open letter.

"If some companies and industries fail to adjust to this new world, they will fail to exist," they wrote.

The letter was co-signed by the chair of the climate-focused Network for Greening the Financial System (NGFS).

The NGFS is a coalition of 34 central banks which was formed in 2017, with the Bank of England as a founding member. It released its first major report into climate-related financial risks on 17 April.

In the letter published by the Bank of England on April 17, Carney and Villeroy de Galhau describe "the catastrophic effects of climate change" already having an impact on the planet, such as "blistering heatwaves in North America to typhoons in south-east Asia and droughts in Africa and Australia".

They say that "these events damage infrastructure and private property, negatively affect health, decrease productivity and destroy wealth".

The NGFS elaborates in its "call to action" report, saying that climate change will lead to "disruptive events such as mass migration, political instability and conflict".

This is why world leaders signed the Paris climate agreement in 2015 and committed to reducing their respective countries' carbon emissions, the letter continues, in order to limit the global temperature rise to well below 2 degrees Celsius.

"But this transition brings its own risks," they add.

 

MORE ON SERVICES

IDC MarketScape Names EY a Leader for Business Consulting Services

EY has been recognized as a leader for business consulting services in all geographies by ...

Demetra Investments Becomes Largest Shareholder in HB

Demetra Investments Ltd has increased its stake in Hellenic Bank from 18.42 per cent to ...

Bank of Cyprus Posts €95M Profit in Q1 2019

Bank of Cyprus has announced that it posted a €95 million profit for the first ...

FROM AROUND GOLDNEWS

   

Syllouris and Russian Delegation Reconfirm Cyprus-Russia Close Relations

The longstanding close and friendly relations between Cyprus and Russia at all levels were reconfirmed during a meeting President of the House of ...
   

EC Marks the International Day against Homophobia, Transphobia and Biphobia

Friday 17 May, marks the International Day against Homophobia, Transphobia and Biphobia, calling attention to discrimination suffered by the lesbian, gay, ...
   

IDC MarketScape Names EY a Leader for Business Consulting Services

EY has been recognized as a leader for business consulting services in all geographies by the IDC MarketScape: Business Consulting Services 2019 Vendor ...
   

QIWI Appoints Interim Chief Financial Officer

QIWI plc, a leading provider of next generation payment and financial services in Russia and the CIS, today announced the appointment of Varvara Kiseleva, ...
   

Amazon Invests in Food Courier Service Deliveroo

The online giant is the lead investor in a $575m financing round, The Guardian reports. Amazon is investing millions in Deliveroo in a boost to the UK food ...
   

Artificial Intelligence and Internet of Things to be Discussed at the 9th ICT Conference & Exhibition

The 9th Information and Communication, Technology Conference & Exhibition, presented by IMH, will take place on Friday, June 7, 2019 at Hilton Park Hotel ...
   

Burberry to Close One in 10 Stores Worldwide

Burberry is closing one in 10 stores around the world as part of an overhaul designed to take the luxury fashion brand more upmarket, The Guardian reports. ...
   

New CBC Governor Warns Over Delays on Foreign Transactions

Constantinos Herodotou, the new Governor of the Central Bank of Cyprus (CBC), called on the Cypriot banks to invest in technology and staff training to speed ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Gold_Digital_Edition_300x250px

IMH LTD