Latest news with #ILC
The Guardian
10 hours ago
- Politics
- The Guardian
Countries should keep their statehood if land disappears under sea, experts say
States should be able to continue politically even if their land disappears underwater, legal experts have said. The conclusions come from a long-awaited report by the International Law Commission that examined what existing law means for continued statehood and access to key resources if sea levels continue to rise due to climate breakdown. Average sea levels could rise by as much as 90cm (3ft) by 2100 if climate scientists' worst-case scenarios come true, and recent research suggests they could even exceed projections. This is particularly important for small island developing states because many face an existential threat. But as well as the direct loss of land, rising sea levels cause flooding, threaten drinking water supplies and make farmland too salty to grow on. Having waded through international law and scholarship and analysed state views and practices, legal experts concluded that nothing prevents nations from maintaining their maritime boundaries even if the land on which they are drawn changes or disappears. These boundaries give countries navigation rights, access to resources such as fishing and minerals, and a degree of political control. There is also general agreement that affected nations should retain their statehood to avoid loss of nationality. Legal experts say these conclusions are essential for maintaining international peace and stability. Speaking at the UN Oceans conference in Nice, Penelope Ridings, an international lawyer and member of the ILC, said the commission's work was driven by the 'fundamental sense of injustice' that sea level rise would be felt worst by the most vulnerable states, which had also contributed the least to the problem. Research has found that a third of present-day sea level rise can be traced to emissions from the 122 largest fossil fuel producers and cement manufacturers. The Pacific nation of Tuvalu has been particularly vocal in its concerns. Sea levels on its nine islands and atolls have already risen by 4.8mm and are expected to get much higher over the coming decades. Australia was the first country to recognise the permanence of Tuvalu's boundaries despite rising sea levels. In 2023, it signed a legally binding treaty committing to help Tuvalu respond to major disasters and offering special visas to citizens who want or need to move. Nearly a third of citizens have entered a ballot for such a visa. Latvia followed with a similar pledge of recognition. At the oceans conference, the Tuvaluan prime minister, Feleti Teo, said his citizens were determined to stay on their land for as long as possible. The government has just finished the first phase of a coastal adaptation project, building concrete barriers to reduce flooding and dredging sand to create additional land. Teo noted that the US$40m scheme was 'very expensive' and it had taken years to secure money from the Green Climate Fund. He urged Tuvalu's development partners to be 'more forthcoming in terms of providing the necessary climate financing that we need to be able to adapt. And to give us more time to live in the land that we believe God has given us and we intend to remain on'. Ridings said it was now up to states to take the commission's work forward. Sign up to Down to Earth The planet's most important stories. Get all the week's environment news - the good, the bad and the essential after newsletter promotion Bryce Rudyk, a professor of international environmental law at New York University and legal adviser to the Alliance of Small Island States (Aosis), said the ILC had been very responsive to small states, which have traditionally not had their voices heard in matters of international law but are increasingly at the forefront of legal advances on climate change and marine degradation. In recent years, Aosis and the Pacific Islands Forum have both declared that their statehood and sovereignty, as well as their membership of intergovernmental organisations such as the UN, will continue regardless of sea level rise. The international court of justice, which will issue a highly anticipated advisory opinion on climate change in the coming months, was petitioned by Aosis to affirm this.
Yahoo
5 days ago
- Automotive
- Yahoo
Nissan applies for ILC charter from FDIC
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Nissan Motor Acceptance Co. has applied for an industrial loan company charter from the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions, the Japanese carmaker said Friday. 'Forming Nissan Bank U.S. gives us greater flexibility to serve dealers more efficiently and competitively – so they can better serve their customers,' Kevin Cullum, president of Nissan's financial services arm, said in a press release. 'From small towns to major markets, this Bank will help dealers access the tools they need to grow – while reinforcing our long-term investment in the U.S. market.' The carmaker did not detail what specific products a charter would allow it to offer to make financing more flexible or cost-effective. Nonetheless, Nissan joins a spate of automotive firms vying for an ILC charter. GM Financial, for example, resubmitted its application for an ILC charter in January. Ford, similarly, applied to become an industrial bank in 2022. Regulators' prevailing stance on ILCs appears to be shifting. FDIC Acting Chair Travis Hill, in an April speech, cited greater acceptance of ILCs as one of several ways to boost the number of new banks in the U.S. Some lawmakers, however, have long argued the ILC designation exempts companies from the definition of a 'bank' under the Bank Holding Company Act. As long as industrial banks don't offer demand deposit accounts, they can bypass oversight by the Federal Reserve, opponents have said. 'The Rakutens and the Googles of the world shouldn't be able to circumvent the Fed,' Sen. John Kennedy, R-LA, said in 2019, introducing a bill to close that 'loophole.' 'If they're allowed to handle your banking services, they're going to turn into continents,' he said. Michele Alt, a co-founder of financial services advisory and investment firm Klaros Group, which advised Nissan on its ILC move, said such charters have existed in the U.S. in some form for more than 100 years, noting that the Competitive Equality in Banking Act eliminated 'nonbank banks' but preserved ILCs. 'An ILC is a lawful charter type that the FDIC is directed to approve if an applicant satisfies applicable statutory criteria, and opposition by competitors is not part of that approval criteria,' Alt said. Independent Community Bankers of America, a trade group, represents some of those 'competitors.' 'Any company that wishes to own a full-service bank should be subject to the same restrictions and supervision that apply to any other bank holding company,' ICBA CEO Rebeca Romero Rainey has said. Prospects for ILCs have seesawed over the years. The FDIC went more than a decade without approving any ILC charter applications, until it gave green lights to fintech Square (now Block) and student loan servicer Nelnet in 2020. But the applications have often languished for years. GM Financial applied for an ILC charter in December 2020 – and gained conditional approval from Utah's financial regulator 3½ years later – in June 2024. However, GM pulled the application from FDIC consideration 'to address feedback' from the agency, the company said. As recently as last year, at least one lawmaker, now-former Sen. Mitt Romney, urged action on pending ILC charter applications, arguing that industrial banks would 'provide critical access to credit opportunities within the regulated banking sector.' Romney represented Utah; Nissan Bank would be based in Salt Lake City. But the FDIC, during the Biden era, was largely reluctant to embrace the ILC. The agency last July proposed a rule that would have demanded industrial banks operate independently of their parent companies and required the FDIC to evaluate whether the ILC would meet its community's lending needs. Hill, who now runs the regulator, voted no on that proposal. 'Given the gravity of the policy issues at play, I think it would make sense for the FDIC to engage in a thoughtful, deliberative policymaking process to provide transparency around how we might approach this and other ILC-related questions,' Hill said at the time. The rule was not finalized before President Donald Trump's election brought about a leadership change at the FDIC. Since then, the queue of companies awaiting the agency's approval on ILC charters has only grown longer. OneMain Financial applied to become an industrial bank in March. Investment firm Edward Jones applied in April. Edward Jones, for one, had initially sought an ILC charter in 2020 but withdrew its application in 2022, citing the 'environment' at the time. Recommended Reading Finance firms outpacing other industries in work flexibility: survey Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Business Standard
19-06-2025
- Health
- Business Standard
India flags concerns on ILO's biological hazard pact for informal sector
India has cautioned the International Labour Organisation (ILO) that the 'universal' coverage envisaged under the recently adopted convention on protecting workers from the devastating impact of uncontrolled biological hazards in the workplace may be challenging—particularly for the informal sector and micro, small and medium enterprises (MSMEs). India also expressed concern about the applicability of the convention beyond the workplace setting. "We understand the importance of labour safety, but it is also important to ensure that the definitions of the proposed instrument are not so broad that they apply beyond the workplace setting. The [Convention's] universal coverage approach may be challenging, particularly for informal sectors and MSMEs," said Labour Minister Mansukh Mandaviya in his address at the International Labour Conference (ILC). Virat Jaiswal, general secretary of the National Front of Indian Trade Unions (NFITU), said the government is concerned that the definitions used in the instrument are too broad, potentially resulting in its application outside the workplace and leading to over-regulation. Last week, during the annual ILC in Geneva, the United Nations body adopted the Biological Hazards in the Working Environment Convention—the first-ever international instrument specifically addressing biological hazards in the workplace at a global level. The convention aims to safeguard workers who may come into contact with microbes, DNA material, bodily fluids, parasites, toxins, allergens and other biological agents during the course of their work. It applies to all workers in all branches of economic activity but requires countries to take specific measures in high-risk sectors and occupations. B Surendran, organising secretary of the Bhartiya Mazdoor Sangh (BMS), said the need for such a convention was reinforced by the COVID-19 pandemic, which killed millions globally, disrupted economies and crippled health systems. 'A lot of people contracted COVID-19 at the workplace. Hence, the convention sets out mechanisms and frameworks to deal with such eventualities. It has always been important to address biological hazards in workplaces, but now it's becoming even more critical,' he added. The ILO's 187 member states—equally represented by governments, employers and trade unions in the ILC—are now required to ratify the convention.
Scoop
15-06-2025
- Politics
- Scoop
ILO Member States: Implement Resolution On Myanmar Junta
(BANGKOK, June 12, 2025)—International Labour Organization (ILO) member states and organizations should fully implement measures recommended by the ILO's governing body aimed at ending the Myanmar junta's abuses, said Fortify Rights. A resolution, passed last week by the International Labour Conference (ILC), calls on ILO member states and constituent organizations to 'disable' the junta's ability to commit atrocity crimes. 'The ILO's resolution on Myanmar lays a clear roadmap for states, trade unions, and employers' organizations to follow,' said Patrick Phongsathorn, Senior Advocate at Fortify Rights. 'While this commitment is welcomed, words are not enough. ILO member states and organizations must now act to comprehensively disable the junta's war machine through sanctions and actions targeting the junta's arms, funds, and impunity.' Passed on June 5 by consensus during the ILC's 113th session, the resolution on Myanmar invokes Article 33 of the ILO Constitution—an article reserved to address only the most serious instances of human and labor rights abuses. The actions set out in the resolution are aimed at achieving the Myanmar junta's compliance with recommendations made by an ILO Commission of Inquiry. In its report, issued August 4, 2023, the Commission of Inquiry found that measures imposed by the Myanmar military junta have had 'a disastrous impact on the exercise of basic civil liberties,' and contravened ILO conventions on workers' rights and forced labor, to which Myanmar is a state party. The resolution calls on governments, workers, and employers organizations to review their relations with the junta 'with the aim to disable all means that have abetted or empowered the perpetuation of … egregious violations.' It urges ILO member states and organizations to cease selling or supplying the junta with military equipment, jet fuel, and financing. Finally, the resolution calls on states to respect the principle of non-refoulement, considering that 'human rights defenders fleeing Myanmar are at serious risk of irreparable harm.' On January 14, Fortify Rights wrote to ILO Director-General Gilbert Houngbo recommending measures, including targeted sanctions, protection of refugees, and accountability initiatives, to be included in the resolution on Myanmar. In the letter, Fortify Rights stated that the measures it outlined, many of which were included in the final resolution, 'are vital to protecting Myanmar's workers and ensuring that the military regime is held accountable for its ongoing abuses.' Since the Myanmar military coup d'état in February 2021, Fortify Rights has documented extensive evidence of widespread and systematic human rights violations by the junta and its operatives that amount to crimes against humanity and war crimes. In particular, Fortify Rights has documented grave breaches of the laws of war, including the use of civilians as human shields and porters, and the forced military conscription of Rohingya refugees. 'The ILO resolution on Myanmar proposes strong and potentially effective measures to end the junta's crimes,' said Patrick Phongsathorn. 'Given the overwhelming support it has garnered from ILO member states and organizations, the resolution provides a mandate for action that must be met.'
NDTV
12-06-2025
- Politics
- NDTV
India's Social Security Coverage Increased By 64% In 10 Years: Centre
New Delhi: India has achieved a milestone in the realm of social protection coverage, recording one of the most significant expansions globally. According to the latest data from the International Labour Organisation's (ILO) ILOSTAT database, India's social security coverage has increased from 19% in 2015 to 64.3% in 2025, an unprecedented 45 percentage point surge over the past decade. While holding a bilateral discussion with the Director General, ILO, Gilbert F Houngbo on the sidelines of the International Labour Conference (ILC), Union Minister of Labour and Employment and Youth Affairs and Sports, Mansukh Mandaviya, highlighted the pro-poor and labour welfare schemes undertaken by the Modi Government over the past 11 years. According to an official release, Union Minister also apprised DG ILO about the national-level Social Protection Data Pooling Exercise that has been carried out by the Government in collaboration with the International Labour Organisation, a release said. Recognising these efforts, ILO acknowledged India's achievement and officially published on its dashboard that 64.3 per cent of India's population, i.e. over 94 crore people, are now covered under at least one social protection benefit. In 2015, this figure was just 19 per cent. In terms of beneficiary count, India now ranks second in the world, providing social protection to around 94 crore citizens. DG ILO praised India's focused welfare policies for the poor and labour class under Prime Minister Narendra Modi's leadership. ILO's Criteria for Scheme Consideration for each country include that the scheme should be legislatively backed, in cash and be active, and verified time series data of the last three years has to be provided. Speaking from Geneva, Mandaviya said, "This remarkable achievement stands as a testament to the visionary leadership of Prime Minister Narendra Modi and the relentless efforts of the Government in building an inclusive and rights-based social protection ecosystem. The increase marks the fastest expansion in social protection coverage worldwide, reflecting the Government's unwavering commitment to 'Antyodaya', i.e. empowering the last mile and fulfilling the promise of leaving no one behind". The release said it is important to note that the present figure reflects only Phase I of the data pooling exercise. "This phase focused on beneficiary data of Central sector schemes and women-centric schemes in the selected 8 States. With Phase II and further consolidation underway, it is expected that India's total social protection coverage will soon surpass the 100-crore mark upon verification of additional schemes by the ILO," the release said. India is also the first country globally to update its 2025 social protection coverage data in the ILOSTAT database, reinforcing its leadership in digital governance and transparency in welfare systems. The release said that increase in Social Protection Coverage will further strengthen India's global engagements, particularly in finalising Social Security Agreements (SSAs) with developed nations. These agreements will ensure the portability of social protection benefits for Indian professionals working overseas, while offering partner countries the transparency required for mutual recognition frameworks. This will further bolster India's position in trade and labour mobility negotiations by showcasing a credible and robust social protection regime, the release said. Mandaviya is leading an Indian delegation to Geneva, Switzerland, from June 10 to 12 to participate in the 113th session of the International Labour Conference (ILC) of the ILO.
