New UK-Based Climate Group Emerges as Banks Retreat
It was a dank, drizzly February evening when about 120 people gathered in the brightly lit art gallery of London's Guildhall, surrounded by gold-framed paintings ranging from Pre-Raphaelites to realists.
At the event, Alok Sharma, a former member of the UK parliament who served as president-designate of the 26th United Nations Climate Change Conference in 2021, announced the launch of the Transition Finance Council. The goal of the London-based group, which includes banking executives, is to rally the City of London, companies and policymakers to scale funding for decarbonization efforts at home and abroad.
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New York Post
an hour ago
- New York Post
World economy faces ‘pivotal moment,' central bank body BIS says
Trade tensions and fractious geopolitics risk exposing deep fault lines in the global financial system, the central bank umbrella body, Bank for International Settlements, said in its latest assessment of the state of the world economy. The outgoing head of the BIS, often dubbed the central bankers' central bank, Agustín Carstens, said the US-driven trade war and other policy shifts were fraying the long-established economic order. He said the global economy was at a 'pivotal moment,' entering a 'new era of heightened uncertainty and unpredictability,' which was testing public trust in institutions, including central banks. 5 General Manager of the Bank for International Settlements (BIS) Agustín Carstens speaks at the forum Tokenization and the Financial System during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Wednesday, April 23, 2025. AP The bank's report is published just over a week before President Trump's trade tariff deadline of July 9 and comes after six months of intense geopolitical upheaval. When asked about Trump's criticisms of Federal Reserve Jerome Powell, which have included Trump labeling the Fed chair as 'stupid,' he was not overly critical. 'It is to be expected at certain points in time that there will be friction,' former Mexican central bank governor Carstens told reporters, referring to the relationship between governments and central banks. 'It is almost by design.' The BIS' annual report, published on Sunday, is viewed as an important gauge of central bankers' thinking given the Switzerland-based forum's regular meetings of top policymakers. 5 The Bank for International Settlement's report was released just over a week before President Trump's July 9 trade tariff deadline. AP Rising protectionism and trade fragmentation were 'particular concerning' as they were exacerbating the already decades-long decline in economic and productivity growth, Carstens said. There is also evidence that the world economy is becoming less resilient to shocks, with population aging, climate change, geopolitics and supply chain issues all contributing to a more volatile environment. The post-COVID spike in inflation seems to have had a lasting impact on the public's perception about price moves too, a study in the report showed. 5 Bank for International Settlements chief Agustín Carstens was not overly critical of President Trump's criticisms of Federal Reserve Chair Jerome Powell, above. Getty Images High and rising public debt levels are increasing the financial system's vulnerability to interest rates and reducing governments' ability to spend their way out of crises. 'This trend cannot continue,' Carstens said referring to the rising debt levels and he said that higher military spending could push the debt up further. Hyun Song Shin, the BIS's main economic adviser, also flagged the sharp fall in the dollar. It is down 10% since the start of the year and on track to be its biggest first-half drop since the free-floating exchange rate era began in the early 1970s. 5 Hyun Song Shin, the BIS's main economic adviser, flagged the sharp fall in the dollar, which is down 10% since the start of the year. AFP via Getty Images Shorter-term analysis, though, showed 'hedging' by non-US investors holding Treasuries and other US assets appears to have made an 'important contribution' to the dollar's slide over the last few months. 'We haven't seen anything (yet) that would give us any cause for alarm,' Shin added. The BIS had already published one part of its report last week that gave a stark warning about the rapid rise of so-called stablecoins. 5 The Bank for International Settlements headquarters in Basel, Switzerland. doganmesut – He said there was no evidence that this was the start of a 'great rotation' away from US assets as some economists have suggested, but acknowledged that it was still too early to know given sovereign funds and central banks move slowly. In terms of the BIS' own finances, it said it made a net profit of $1.2 billion, while its total comprehensive income reached a record high of $5.3 billion and currency deposits at the bank also reached a new high. 'It is important that the BIS has the highest creditworthiness out there,' Carstens said.
Hamilton Spectator
2 hours ago
- Hamilton Spectator
‘OK, we're really doing this?': Ontario's 22 Wing North Bay recounts its role in interception of wayward G7 plane
Members of an Ontario-based division of the Royal Canadian Air Force were hoping for a 'boring' day when world leaders arrived for the G7 Summit in Kananaskis, Alta. earlier this month. Instead, 22 Wing North Bay ended up playing a key role in a co-ordinated effort to intercept a wayward aircraft from restricted airspace, working in tandem with NORAD, the Canadian Armed Forces and the Royal Canadian Mounted Police. Also known as the Canadian Air Defence Sector, 22 Wing North Bay responded on June 15 when a private plane ignored warnings to leave the area. Major Ross Nevile, the Canadian Air Defence sector's lead planner and assistant director of operations, said special measures are put in place whenever the president of the United States or other world leaders come to Canada. 'We plan for the worst. We do all the contingency planning you can possibly imagine to respond and be ready for the worst day. But the best day for us is when it's absolutely boring,' said Nevile. The North Bay unit provides surveillance, identification, control and warning for the aerospace defence of Canada and North America at the Sector Air Operations Centre. Strict no-fly zones were in place during the summit, which included leaders from Canada, the U.S., Germany, Japan, France, the U.K, Italy and the European Union. Flight restrictions covered Kananaskis Village and Calgary International Airport. On June 15, the day world leaders were slated to arrive, weapons director Lt. Glenn Butler was looking at the radar feed through his scope when he saw an aircraft closing in on the restricted area. The plane was later determined to be a small fixed-wing unit. But Butler noted the plane appeared as a dot on his radar, so there was no way of knowing at the time whether it was a small plane or larger multi-engine aircraft. 'When we first saw the plane come up, there was a slight moment when we all looked at each other and said, 'OK, we're really doing this?'' he recalled. 'All the hard work that the planners had prepared us for really paid off once we decided this was happening.' Butler said the Canadian Air Defence Sector worked seamlessly with its partners to escort the aircraft away from the restricted airspace. 'All of our training kicked in and the teamwork really flowed together. All decisions and all the check marks we had to hit, we did in a timely and efficient manner,' he said. Once the Canadian Air Defence Sector determined the plane had entered the no-fly zone, the agency contacted its headquarters in Winnipeg, the RCMP and the government of Canada. Shortly thereafter, officials decided to take action against the aircraft. During the G7, 22 Wing North Bay had two concurrent crews working, one on the defence of Canada as a whole and a separate 'Operation Cadence' crew working on the protection of world leaders at the G7. 'We step up our game and work especially harder on the planning and enforcement side of things to keep Canadians safe while also maintaining our responsibility to Canada as a whole,' Nevile said. Nevile said months of security planning goes into each G7 summit held in Canada. During the 2018 G7 Summit in the Charlevoix region of Quebec, there were no issues with aircraft entering restricted airspace, Nevile added. Back then, Nevile held the role of weapons director, the same position Butler held for this year's event. But when the aircraft pilot didn't respond to warnings on June 15, Butler knew it wasn't going to be a routine afternoon. As the plane approached the restricted airspace, warnings were broadcast via a radio frequency pilots are required to follow. The pilot was warned to turn back or be intercepted. But with no response from the pilot, Butler said a decision was made to intercept the aircraft using two CF-18 Hornet fighter jets, which escorted the small plane to Cold Lake, Alta. While it wasn't the boring day the team was hoping for, Nevile said he was impressed with the way the crew handled the situation. 'I couldn't be more proud of the team,' he said. 'Everybody was professional and efficient and safe in the execution of the restricted airspace.' Despite a few protests, the recent G7 leaders' summit wrapped up peacefully on June 17. No arrests or tickets were issued, according to the RCMP . Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Yahoo
2 hours ago
- Yahoo
Is the Cryptocurrency Era About to Begin? Blockchain Expert Mr. Brijmohan Singh Explores the Future of Digital Finance
LONDON, UNITED KINGDOM / / June 29, 2025 / As we move deeper into 2025, it has become increasingly clear that the global financial system is undergoing a historic transformation. Cryptocurrencies once viewed as speculative assets are now emerging as credible instruments of value, trust, and financial access. The era of digital finance is not only beginning it's accelerating. The global cryptocurrency market capitalization reached $3.44 trillion in May 2025, marking a 5.2% increase since the beginning of the year. Bitcoin continues to lead as the dominant digital asset, but what's more significant is the growing participation across sectors from institutional investors to small-scale users in emerging economies. This growth is not just about asset prices. It reflects a broader shift toward decentralized financial infrastructure. More than 562 million people worldwide now use cryptocurrencies, a figure that has grown over 34% from 2024. Countries across Asia, Africa, and Latin America are leading adoption, often out of necessity rather than novelty. In many of these regions, digital currencies provide faster, cheaper, and more accessible alternatives to traditional banking. From my research and observations, the biggest hurdle now lies not in technology, but in regulation. Without clear rules, the industry remains vulnerable to misuse and misunderstanding. We must avoid a fragmented patchwork of rules that stifle innovation. Instead, I advocate for regulatory frameworks that are clean, simple, and technology-adaptive. This challenge is global. In many regions, lawmakers are still struggling to define what cryptocurrency is let alone how to govern it. But well-structured regulation can serve as a catalyst rather than a constraint. The purpose of policy should be to encourage innovation while ensuring consumer protection and financial stability. That balance is crucial. It is also essential that we shift public perception away from short-term speculation. The true power of blockchain lies in its utility: near-instant, peer-to-peer, borderless transactions. Today, aid organizations are using blockchain to deliver emergency funds across conflict zones in under three minutes. Entrepreneurs are using it to raise capital without relying on centralized financial systems. The technology is already making a real difference. Looking forward, blockchain investment is expected to reach $19 billion by the end of 2025, up from $12.4 billion in 2023. The market outlook remains strong, with projections estimating a total crypto market value of $5.43 trillion by 2029. These numbers reflect growing confidence and institutional integration but they also reflect the urgency of doing things right. The cryptocurrency era is not a trend it is a structural shift. We are witnessing the beginning of a more transparent, efficient, and inclusive financial world. But the path ahead demands informed leadership, responsible innovation, and global collaboration. The time to shape that future is now. Mr. Brijmohan Singh is a distinguished blockchain expert and financial investor with over a decade of hands-on experience in the digital finance sector. Since the early days of decentralized technology, he has been at the forefront of shaping the crypto and blockchain ecosystem, offering strategic insights and advisory to both emerging startups and established institutions. His deep understanding of blockchain's potential has positioned him as a trusted voice in bridging traditional finance with innovative, decentralized models. Throughout his career, Mr. Singh has played a key role in accelerating the adoption of digital assets by supporting multiple platforms in scaling their infrastructure, navigating regulatory frameworks, and unlocking the true value of blockchain utility. His mission is to help build a more transparent, efficient, and inclusive financial system by leveraging blockchain technology to its fullest. With a commitment to innovation and responsible growth, he continues to influence the next generation of global digital finance. Media Contact: Crypto whalesEmail: cryptowhales@ SOURCE: Crypto whales View the original press release on ACCESS Newswire
