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Bonn bulletin: Crunch time for climate finance

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Bonn bulletin: Crunch time for climate finance

Money talks

With the agenda adopted last Monday, negotiators on the post-2025 finance goal – known as the New Collective Quantified Goal (NCQG) – started exchanging opinions on a 63-page draft text.  

At this early stage – with the NCQG due to be agreed at COP29 in Baku in November – many countries are keeping suggestions on specific figures close to their chest, particularly as the UN is due to release a needs determination report in October which will offer guidance.

But the Arab Group has put forward a figure of $1.1 trillion a year from 2025 to 2029. Of this, $441 billion should be public grants and the rest should be money mobilised from other sources, including loans offered at rates cheaper than the market.

The group, backed on this by the G77+China, has even suggested how developed countries could raise that sum – through a 5% sales tax on developed countries’ fashion, tech and arms companies – plus a financial transaction tax.

Military emissions account for 5% of the global total, said Saudi Arabia’s negotiator. This surprised many observers, as Saudi Arabia is the world’s fourth-biggest per capita spender on the military and gets much of its equipment from Western arms companies.

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But developed countries insist they can’t stump up all the money and are asking for help. The EU’s negotiator said the NCQG should be a “global effort” while Canada’s said it should come from a “broad set of contributors”. In other words, wealthier and more polluting developing nations like the Gulf nations should also play their part.

But developing countries remain, at least publicly, united against these attempts to differentiate between them. They say developed countries have the money – it’s just a question of whether they have the “political will to prioritise climate change”.

The other emerging divide is whether to include a sub-target for loss and damage in the NCQG. Developing countries want this but developed countries are opposed.

Asked why, the EU’s negotiator told Climate Home the Paris Agreement “does not provide any basis for liability or compensation”, and that climate finance under the NCQG should consist only of two categories: mitigation and adaptation.

The talks’ co-chairs – Australian Fiona Gilbert and South African Zaheer Fakir have slimmed down the sprawling 63-page document they presented to Bonn into a mere 45-page one. Negotiators will continue hashing it out this week. Talks continue (and are livestreamed) at 3-5 pm today and tomorrow.

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Business continuity & disaster recovery in finance: Endpoint resiliency in a high-stakes world

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Business continuity & disaster recovery in finance: Endpoint resiliency in a high-stakes world

In financial services, “time is money” is more than a saying — it’s an unforgiving law. A few hours of downtime can mean millions lost, confidence shaken, and regulators knocking. 

As firms invest heavily in data protection, disaster recovery, and infrastructure redundancy, one critical layer often remains underinvested: endpoint resilience. The devices that connect analysts, traders, portfolio managers, risk teams, and back‑office staff to core systems are often the weakest link, and when they fail, the rest of the architecture can’t save you fast enough.

Why endpoints are the last mile of risk

Regulators are already raising the bar. The FFIEC’s modern guidance for U.S. financial institutions reframes the standard from simple business continuity and disaster recovery (BC&DR) plans to operational resilience, demanding full continuity even under cyber disruption. In 2025, global regulatory regimes are similarly shifting, like DORA in the EU, for example, mandating rigorous ICT risk management, continuity, and incident response rules across financial institutions. It isn’t enough to recover your back-end systems; your users must be able to reconnect securely and fast.

Here’s the hard truth: More than half of attacks in financial services begin at endpoints. In 2024, 65% of financial institutions reported ransomware attacks. Of those, 49% experienced full encryption of datathough many also mitigated before full encryption. The average recovery cost (excluding ransom) in finance hit $2.58M in 2024, and ransom demands routinely range into the millions. 

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When systems grind to a halt in finance, the effect isn’t just measured in spreadsheets — it’s seen on the trading floor, in anxious client calls, and across frozen payment screens. Downtime isn’t just a technical hiccup; it erodes trust and sends shockwaves across the business. A few minutes offline can mean missed trades, unsettled deals, and regulatory headaches that persist long after recovery.

Today, most downtime is tied to security incidents and not just IT failures. That means the pressure is higher, and expectations from regulators and clients are relentless. Traditional fixes like hardware swaps or reimaging can’t keep up. In finance, recovery needs to be instant, seamless, and leave no room for doubt because every moment counts.

The real costs of traditional endpoint recovery in finance

Let’s examine a few real-world barriers:

  • Scale & complexity: Financial institutions often manage tens of thousands of endpoints across trading floors, branch networks, remote staff, and data centers.
  • Critical prioritization: Some devices, such as those running trading desks or risk models, must come back online before others.
  • Forensic & compliance integrity: Overwriting or wiping devices can destroy audit trails needed for post-incident investigations and regulatory reviews.
  • Latency to value: Shipping replacement devices or reimaging at scale introduces unacceptable delays.
  • Dependency on VDI/remote desktop: But what if the endpoint itself is compromised or can’t initiate the remote session? That fallback collapses under attack.

Even in the most mature BC/DR strategies, endpoint recovery is typically an overlooked blind spot.

IGEL: Embedding continuity into every endpoint

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IGEL’s approach to BC&DR closes this gap with endpoint‑level resilience that matches the expectations in finance. Instead of treating endpoints as passive dependencies, IGEL turns them into active recovery enablers.

  • IGEL Dual Boot & USB fallback: Each device boots into an immutable IGEL environment separate from the main system, so users can regain secure access instantly, without wiping or losing the original partition.
  • Scale with control: IGEL Universal Management Suite (UMS) orchestrates recovery across thousands of endpoints from one console while enforcing policy and priority.
  • Preserve forensic integrity: The compromised partition remains untouched, preserving logs and evidence for regulators and investigations.
  • Regulator-ready workflow: IGEL’s architecture aligns with operational resilience frameworks (e.g. DORA, FFIEC, local mandates), enabling auditable and rapid recovery steps.
  • Minimized disruption: No hardware swaps, no freight delays, no extended downtime. Users reboot and resume work in minutes — not hours, not days.

For finance, this is more than a technical improvement, it’s a structural advantage. Imagine a trading desk seamlessly rebooting into a clean environment while IT investigates. 

Making endpoint recovery the next pillar of resilience

To adopt endpoint resilience, financial leaders should:

  1. Reframe endpoint risk: View endpoints as active assets in recovery, not passive liabilities.
  2. Simulate real attacks: Test a full-scale endpoint compromise in tabletop and live drills.
  3. Tier your devices: Assign priority levels (trading, risk modeling, client-facing) and map recovery SLAs accordingly.
  4. Integrate IGEL BC&DR: Deploy the IGEL Dual Boot failover plan across endpoints layered into your continuity playbooks.
  5. Audit & certify: Use IGEL’s immutable architecture and audit trails to satisfy regulators demanding proof of quick, reliable recovery.

Conclusion: Not just resilience — Continuity without compromise

In finance, downtime bleeds value faster than any other domain. The best business continuity and disaster recovery strategies already protect data, applications, and infrastructure. But true resilience demands one more layer at the endpoints.

IGEL BC&DR empowers financial services firms to convert their most vulnerable assets into recovery enablers, shrinking downtime from days to minutes, safeguarding compliance, preserving forensic visibility, and keeping clients, stakeholders, and regulators confident through disruption.

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If you’re ready to elevate your continuity approach and embed resilience where it really matters, see IGEL in action today.

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Asian stocks rise as US rate hopes soothe nerves after torrid week

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Asian stocks rise as US rate hopes soothe nerves after torrid week
Investors are awaiting the latest US inflation data this week that could guide the Federal Reserve’s decision-making on interest rates (RONALDO SCHEMIDT)

Asian markets mostly rose Monday as fresh hopes for a US interest rate cut provided some calm after last week’s rollercoaster ride fuelled by worries of a tech bubble.

The scramble to snap up all things AI has helped propel equities skywards this year, pushing several companies to records — with chip titan Nvidia last month becoming the first to top $5 trillion.

But investors have grown increasingly fearful that the vast sums pumped into the sector may have been overdone and could take some time to see profits realised, leading to warnings of a possible market correction.

That has been compounded in recent weeks by falling expectations the Federal Reserve will cut rates for a third successive time next month as stubbornly high inflation overshadows weakness in the labour market.

However, risk appetite was given a much-needed shot in the arm Friday when New York Fed boss John Williams said he still sees “room for a further adjustment” at the bank’s December 9-10 policy meeting.

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The remarks saw the chances of a cut shoot up to about 70 percent, from 35 percent earlier.

Focus is now on the release this week of the producer price index, which will be one of the last major data points before officials gather, with other key reports postponed or missed because of the government shutdown.

“The reading carries heightened importance following the postponement of October’s personal consumption expenditures report, originally scheduled for 26 November, which removes a key datapoint from policymakers’ assessment framework,” wrote IG market analyst Fabien Yip.

“A substantially stronger-than-expected PPI outcome could reinforce concerns that inflationary pressures remain entrenched, potentially constraining the Fed’s capacity to reduce rates in December despite recent labour market softening.”

After Wall Street’s rally Friday capped a torrid week for markets, Asia mostly started on the front foot.

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Hong Kong and Seoul jumped more than one percent, while Sydney, Singapore, Wellington and Taipei were also well up, though Shanghai and Manila retreated. US futures advanced.

Tokyo was closed for a holiday.

But while the mood is a little less fractious than last week, uncertainty continues to weigh on riskier assets, with bitcoin hovering around $87,000.

While that is up from its seven-month low of $80,553, it is still sharply down from its record $126,200 hit last month.

– Key figures at around 0230 GMT –

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Hong Kong – Hang Seng Index: UP 1.4 percent at 25,568.08

Shanghai – Composite: DOWN 0.1 percent at 3,829.71

Tokyo – Nikkei 225: Closed for a holiday

Dollar/yen: UP at 156.70 yen from 156.39 yen on Friday

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Euro/dollar: DOWN at $1.1515 from $1.1519

Pound/dollar: DOWN at $1.3096 from $1.3107

Euro/pound: UP at 87.92 pence from 87.88 pence

West Texas Intermediate: DOWN 0.2 percent at $57.93 per barrel

Brent North Sea Crude: DOWN 0.2 percent at $62.44 per barrel

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New York – Dow: UP 1.1 percent at 46,245.41 (close)

London – FTSE 100: UP 0.1 percent at 9,539.71 (close)

dan/rsc

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Donating Stock Instead of Cash Is the 2-for-1 Deal You’ll Love at Tax Time

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Donating Stock Instead of Cash Is the 2-for-1 Deal You’ll Love at Tax Time

For many families, the holiday season comes with familiar rituals: untangling last year’s Christmas lights, decorating the tree and rediscovering ornaments we swore we’d organize “better next year.”

Charitable giving should feel just as joyful and natural — but for many households, it’s also a moment when good intentions collide with inefficient habits.

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