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Straits Times
18 hours ago
- Business
- Straits Times
G20 finance chiefs back central banks' independence as they seal communique
Find out what's new on ST website and app. FILE PHOTO: A woman walks at the Cape Town International Convention Centre during the G20 Finance Ministers meeting in Cape Town, South Africa February 24, 2025. REUTERS/Nic Bothma/File Photo DURBAN - Finance chiefs from the Group of 20 countries stressed the importance of central bank independence in a communique issued on Friday following a two-day meeting in South Africa's coastal city of Durban. The ministers and central bankers pledged to boost cooperation as they sealed their first communique since October 2024, a month before President Donald Trump's election victory and subsequent tariff war. The issue of central bank independence hung heavily over the meeting following Trump's repeated berating of U.S. Federal Reserve Chair Jerome Powell for not cutting interest rates, attacks that have roiled global financial markets. The communique was reached in the absence of U.S. Treasury Secretary Scott Bessent from the two-day meeting, though Washington was represented by Michael Kaplan, acting under secretary of the Treasury for international affairs. Bessent also skipped the previous G20 finance chiefs' gathering in Cape Town in February, even though Washington is due to assume the G20's rotating presidency in December. "Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner. Central bank independence is crucial to achieving this goal," the communique said. South Africa's deputy finance minister David Masondo told reporters that the meeting outcomes contained in the communique were "consented to by all members" and centred on "strategic macroeconomic issues". Top stories Swipe. Select. Stay informed. Singapore Critical infrastructure in S'pore under attack by cyber espionage group: Shanmugam Singapore What is UNC3886, the group that attacked Singapore's critical information infrastructure? Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Asia Indonesia court jails former trade minister for 4½ years in sugar graft case Singapore Singapore police in contact with Indonesian authorities over baby trafficking allegations Singapore NTU upholds zero grade for student accused of using AI in essay; panel found 14 false citations or data Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore Former NUH male nurse faces charges after he allegedly molested man at hospital The communique also recognised "the importance of the World Trade Organisation to advance trade issues", while adding the body needed reform. The agreement is seen as an achievement even though communiques issued by the G20, which emerged as a forum for cooperation to combat the 2008 global financial crisis, are non-binding. G20 finance ministers failed to reach a joint stance when they met in February, to the dismay of hosts South Africa. South Africa, under its presidency's motto "Solidarity, Equality, Sustainability", has aimed to promote an African agenda, with topics including the high cost of capital and funding for climate change action. The finance ministers and central bank governors said in Friday's communique that they were committed to addressing debt vulnerabilities in low- and middle-income countries in an effective, comprehensive and systematic manner. REUTERS
Straits Times
a day ago
- Business
- Straits Times
G20 finance chiefs approach consensus in South Africa despite US tariff tensions
Find out what's new on ST website and app. FILE PHOTO: A woman walks at the Cape Town International Convention Centre during the G20 Finance Ministers meeting in Cape Town, South Africa February 24, 2025. REUTERS/Nic Bothma/File Photo DURBAN - Finance chiefs of G20 countries expressed optimism for an agreement on a common position on trade and other global challenges on Friday despite U.S. President Donald Trump's tariffs which have overshadowed their meeting. The G20, which emerged as a forum for cooperation to combat the 2008 global financial crisis, failed to reach a joint stance when finance ministers and central bankers met in February, to the dismay of hosts South Africa. An agreement now would be considered an achievement even though G20 communiques are not binding and the precise wording is unclear. Canadian Finance Minister Francois-Philippe Champagne told Reuters late on Thursday he was cautiously optimistic the meeting in the coastal city of Durban would result in a final communique. An official of another G20 country, who requested not to be identified, expressed similar optimism. South Africa, under its presidency's motto "Solidarity, Equality, Sustainability", has aimed to promote an African agenda, with topics including the high cost of capital and funding for climate change action. Delegates at the meeting sought to agree lines on global economic challenges, including the uncertainty created by trade tensions, as well as wording on climate finance. Two delegates said the challenge was establishing what language Washington would accept, a task made harder by the absence of U.S. Treasury Secretary Scott Bessent from the two-day meeting. Bessent skipped February's Cape Town gathering as well, which several officials from China, Japan and Canada also did not attend, even though Washington is due to assume the G20 rotating presidency in December. Bessent's absence was not ideal, but the U.S. had been engaging in discussions on trade, the global economy and climate language, said a G20 delegate, who asked not to be named. Finance ministers from Brazil, China, India, France and Russia also missed the Durban meeting, though South Africa's Central Bank Governor Lesetja Kganyago said what mattered was that all G20 countries were represented. In opening remarks on Thursday, South African Finance Minister Enoch Godongwana said the G20 had a critical role to reinforce rules-based cooperation and drive collective action on global challenges that no country could solve alone. "The need for bold cooperative leadership has never been greater," he said. REUTERS
Straits Times
5 days ago
- Business
- Straits Times
G20's financial watchdog lays out climate plan but presses pause amid divisions
FILE PHOTO: A man walks at the Cape Town International Convention Centre during day two of the four day G20 Finance Ministers meeting in Cape Town, South Africa, February 25, 2025. REUTERS/Nic Bothma/File Photo LONDON - The G20's financial stability watchdog delivered a new plan on how to tackle climate risks on Monday, but paused further policy work amid a retreat by the United States that has tested efforts to advance a united financial policy on climate-related risks. The U.S. has withdrawn from multiple groups dedicated to exploring how flooding and wildfires and big climate-related policy shifts could impact financial stability. In its medium-term plan, the G20's Financial Stability Board pledged to step up coordination and data sharing on climate-related financial risk. However, it said while progress had been made to integrate climate risks into financial systems, some of its members, who include central bank governors and ministers, were keen to pause further climate work. "While many members feel there is a need for more work, some members feel that the work completed to date is sufficient," the FSB said in an update to its 2021 climate roadmap delivered to G20 finance ministers meeting in South Africa. "Going forward, the FSB will ... make determinations about what projects, if any, it will undertake." U.S. Treasury Secretary Scott Bessent was set to skip the G20 meeting, Reuters reported last week. The United States is due to head the G20 group, which it helped found in the aftermath of the global financial crisis, next year. Top stories Swipe. Select. Stay informed. Singapore Singapore to train more aviation and maritime officials from around the world Singapore Special edition SG60 Nets card now on sale for $10 Singapore 18 years' jail for woman who hacked adoptive father to death after tussle over Sengkang flat Life Pioneer performance artist Amanda Heng to represent Singapore at 2026 Venice Biennale Business Singapore's economy sees surprise expansion in Q2 despite US tariff uncertainty: Advance estimate Singapore Jail for woman who opened bank accounts that received over $640.7m, including scam proceeds Singapore Driver assisting with police probe after e-bike rider injured in hit-and-run in Hougang Sport After Olympic heartbreak, Singaporean swimmer Chantal Liew turns pain into inspiration The FSB said it would continue to consider climate-related topics each year and would focus on its role as a coordinator of international work on climate risks. The watchdog said it did not have plans to do any more significant policy work on integrating climate-related financial risks into its supervisory and regulatory work. Work on this topic is ongoing at many of its member institutions, it said. Earlier this year, the FSB published work on the usefulness of transition plans for financial stability and in 2024 presented a stocktake of supervisory and regulatory work on nature-related financial risks. "Rather than identifying such vulnerabilities a priority for further work, the FSB will leave that decision up to its annual work programme process," it said in the report. The report detailed progress made since 2023 by international standard setters and global banking regulators like the Basel Committee on climate disclosure. It also set out efforts to provide forward-looking data to help banks and companies quantify economic losses from climate shocks such as heatwaves. REUTERS
UPI
07-07-2025
- Health
- UPI
Three hospitalized, 21 injured after bee attack in France
Three people were hospitalized and 21 injured after being attacked by a swarm of bees in the French town of Aurillac on Sunday morning, according to authorities. File Photo by Nic Bothma/EPA July 7 (UPI) -- Three people were hospitalized and 21 more were injured after being attacked by a swarm of bees in the French town of Aurillac, authorities said. This occurred at around 10 a.m. local time on Sunday as passers-by were stung over the span of 30 minutes in the town. According to the mayor and the prefecture, the bees came from hives nearby on the roof of the town's large Bordeaux hotel. Emergency services treated the three victims before being admitted to the hospital after allergic reactions to being sung. One elder suffered a cardiac arrest but he was able to be resuscitated. According to the fire brigade, the victims' conditions have been stabilized by Sunday afternoon. The mayor of Aurillac, Pierre Mathonier, believed that this incident was linked to the invasion of Asian hornets in Europe, which potentially causes honey bees to be aggressive. "It raises questions about the presence of hives in the city center," said Mathonier as he had "never experienced such behavior" from the hotel bees. After this incident, the mayor said he was considering banning beehives in his municipality. According to the National Institute for Health and Clinical Excellence, there are between two to nine deaths from bee or wasp stings in the U.K. every year.
Straits Times
11-06-2025
- Climate
- Straits Times
Eight bodies recovered after South African school bus swept away by floods
FILE PHOTO: Residents walk across a flooded road following severe weather with heavy rain from a cold front in Masiphumelele, Cape Town, South Africa on May 20, 2025. REUTERS/Nic Bothma FILE PHOTO: A man stumbles as he tries to cross a flooded road following severe weather with heavy rain from a cold front in Masiphumelele, Cape Town, South Africa on May 20, 2025. REUTERS/Nic Bothma FILE PHOTO: Residents walk across a flooded road following severe weather with heavy rain from a cold front in Masiphumelele, Cape Town, South Africa on May 20, 2025. REUTERS/Nic Bothma FILE PHOTO: A vehicle drives along a flooded road following severe weather with heavy rain from a cold front in Masiphumelele, Cape Town, South Africa on May 20, 2025. REUTERS/Nic Bothma FILE PHOTO: Residents walk across a flooded road following severe weather with heavy rain from a cold front in Masiphumelele, Cape Town, South Africa on May 20, 2025. REUTERS/Nic Bothma Eight bodies recovered after South African school bus swept away by floods JOHANNESBURG - At least eight bodies have been recovered after a school bus was swept away by floods near Mthatha in South Africa's Eastern Cape province, officials said on Wednesday. South Africa has been lashed by heavy rain and snow since the weekend, in a severe winter cold front which disrupted transport and power networks. "It is indeed a sad thing and the search is still going on," Eastern Cape community safety official Xolile Nqatha told television station Newzroom Afrika. Three children were rescued from the bus, President Cyril Ramaphosa's office said. "President Ramaphosa offers his deep condolences to the bereaved families, affected communities and Eastern Cape residents at large," a statement said. Flooding has become more common and severe in South Africa as the impacts of climate change are felt. A storm on the East Coast in April 2022 killed about 400 people and left thousands homeless. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
