Finance
MAS Launches Finance for Net Zero Action Plan
Singapore, 20 April 2023… Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Financial Authority of Singapore (MAS) Deputy Chairman, in the present day introduced the launch of MAS’ Finance for Internet Zero (FiNZ) Motion Plan on the opening of the Sustainable and Inexperienced Finance Institute of the Nationwide College of Singapore.
2. The FiNZ Motion Plan units out MAS’ methods to mobilise financing to catalyse Asia’s internet zero transition and decarbonisation actions in Singapore and the area. It expands the scope of MAS’ Inexperienced Finance Motion Plan launched in 2019 to incorporate transition finance. Transition finance refers to funding, lending, insurance coverage, and associated providers to progressively decarbonise areas reminiscent of energy era, buildings, and transportation.
3. The FiNZ Motion Plan goals to attain the next 4 strategic outcomes:
- Information, Definitions & Disclosures. MAS will proceed to advertise constant, comparable, and dependable local weather information and disclosures to information resolution making by monetary market individuals, and safeguard in opposition to greenwashing dangers.
- MAS has been working with the business to co-create a code of conduct, which would require ESG rankings and information product suppliers to reveal how transition dangers are factored into their merchandise. A public session to collect wider suggestions will likely be carried out within the second half of the yr.
- MAS will work with related counterparts and stakeholders to boost interoperability of taxonomies throughout jurisdictions, to catalyse cross-border inexperienced and transition financing flows.
- MAS has been working with the Singapore Change and different authorities businesses to set out a roadmap for key monetary establishments (FIs) and listed firms to make Worldwide Sustainability Requirements Board (ISSB)-aligned disclosures on a risk-proportionate foundation. MAS will companion with related our bodies to construct up firms’ capabilities in sustainability reporting
- Local weather Resilient Monetary Sector. MAS will proceed to interact FIs to foster sound environmental danger administration practices and deepen local weather state of affairs evaluation and stress testing to determine climate-related monetary dangers. MAS will incorporate evolving worldwide finest practices within the supervision of FIs’ transition planning.
- Credible Transition Plans. To assist FIs’ adoption of science-based transition plans, MAS will have interaction worldwide companions such because the Worldwide Power Company to assist the event of credible regional sectoral decarbonisation pathways. FIs can reference these pathways once they set emissions discount targets, and once they have interaction with their shoppers on initiatives to decarbonise their companies.
- Inexperienced & Transition Options & Markets. MAS will promote progressive and credible inexperienced and transition financing options and markets to assist decarbonisation efforts and local weather danger mitigation.
- MAS will increase the scope of its sustainable bond and mortgage grant schemes to incorporate transition bonds and loans, with safeguards in place to mitigate the danger of “transition-washing” and guarantee alignment with internationally recognised taxonomy and transition finance rules
To qualify for the grants, the transition bonds and loans should be aligned with internationally recognised taxonomy and transition finance rules, and be accompanied by the disclosure of an entity-level transition plan. . To advertise transparency within the sustainable debt market, MAS will incentivise the early adoption of entity-level sustainability disclosures by issuers or debtors. MAS has put aside S$15 million over the subsequent 5 years until finish 2028 for the improved grant schemes. Extra particulars on these modifications will likely be launched shortly.
- MAS will prolong the Insurance coverage-Linked Securities (ILS) Grant Scheme until finish 2025 to assist the continued development of disaster bonds and extra local weather danger financing devices reminiscent of sidecars
Disaster bonds, sidecars and collateralised reinsurance are types of insurance-linked securities. Sidecars are monetary constructions that allow third occasion buyers to tackle danger and returns from a specified e book of re/insurance coverage. Collateralised reinsurance are reinsurance contracts that are fully-collateralised by buyers or third-party capital. and collateralised reinsurance preparations. This can allow extra financing for defense in opposition to catastrophe dangers to be raised from the capital markets. The S$15 million grant will defray the price of issuing disaster bonds and the expanded suite of insurance-linked securities that target Asia dangers.
- Constructing on previous efforts
For extra particulars, please discuss with “Blended Finance for the Internet-Zero Transition” – Opening Remarks by Mr Ravi Menon, Managing Director, Financial Authority of Singapore, on the Transition Finance in the direction of Internet Zero Convention on 4 October 2022 , MAS will scale blended finance, in partnership with the personal sector and philanthropic foundations, to mobilise financing for the decarbonisation of carbon-intensive sectors (e.g., managed phase-out of coal-fired energy vegetation). As well as, we’ll assist the event of carbon providers and carbon credit markets in Singapore, to channel financing in the direction of carbon abatement and removing tasks in Asia.
- MAS will increase the scope of its sustainable bond and mortgage grant schemes to incorporate transition bonds and loans, with safeguards in place to mitigate the danger of “transition-washing” and guarantee alignment with internationally recognised taxonomy and transition finance rules
4. To allow the above outcomes, MAS will proceed to develop and scale Inexperienced FinTech options. MAS can even proceed investing to develop the abilities and capabilities of the Singapore workforce.
*****
Finance
US jobs report crushes expectations as economy adds 254,000 jobs, unemployment rate falls to 4.1%
The US labor market added far more jobs than projected in September while the unemployment rate unexpectedly ticked lower, reflecting a stronger picture of the jobs market than Wall Street had expected.
Data from the Bureau of Labor Statistics released Friday showed the labor market added 254,000 payrolls in September, more additions than the 150,000 expected by economists.
Meanwhile, the unemployment rate fell to 4.1%, from 4.2% in August. September job additions came in higher than the revised 159,000 added in August. Revisions to both the July and August report showed the US economy added 72,000 more jobs during those two months than previously reported.
Wage growth, an important measure for gauging inflation pressures, rose to 4% year over year, from a 3.9% annual gain in August. On a monthly basis, wages increased 0.4%, in line with August’s reading.
The key question entering Friday’s report was whether the data would reflect significant cooling in the labor market, which could prompt another large Fed interest rate cut. Robert Sockin, Citi senior global economist, told Yahoo Finance that the better-than-expected jobs report makes it less likely the Fed moves with the “urgency” it did at its September meeting when the central bank cut interest rates by half a percentage point.
“This pushes the Fed out a lot,” he said, adding that it’s uncertain the Fed will make a 50 basis point cut again this year.
Read more: Jobs, inflation, and the Fed: How they’re all related
Following the report, markets were pricing in a roughly 5% chance the Fed cuts interest rates by half a percentage point in November, down from a 53% chance seen a week ago, per the CME FedWatch Tool.
“Looking at the labour market strength evident in September’s employment report, the real debate at the Fed should be about whether to loosen monetary policy at all,” Capital Economics chief North America economist Paul Ashworth wrote in a note to clients on Friday. “Any hopes of a [50 basis point] cut are long gone.”
Futures tied to major US stock indexes rallied on the news. S&P 500 futures (ES=F) put on nearly 0.8%, while Dow Jones Industrial Average futures (YM=F) added roughly 0.5%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) moved 1.1% higher.
Renaissance Macro head of economics Neil Dutta wrote in a note following the release that September’s jobs report was “undeniably good news” for the equity market.
“At the end of the day, the Fed is still cutting policy rates even as the economy grows,” Dutta wrote.
Also in Friday’s report, the labor force participation was flat from the month prior at 62.7%. Food services and drinking places led the job gains, rising 69,000 in the month. Meanwhile, healthcare added 45,000 jobs, and government jobs ticked higher by 31,000.
Earlier this week, data from ADP showed the private sector added 143,000 jobs in September, above economists’ estimates for 125,000 and significantly higher than the 99,000 seen in August. This marked the end of a five-month decline in private-sector job additions.
“This is a pretty healthy, widespread rebound,” ADP chief economist Nela Richardson said. “And probably unexpected by many people who thought the job market was on a downward slide. This month, of course, gives pause to those kinds of assessments. Hiring is still solid.”
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
Click here for in-depth analysis of the latest stock market news and events moving stock prices
Read the latest financial and business news from Yahoo Finance
Finance
Stock market today: US futures edge higher as investors gear up for key jobs report
US stock futures climbed on Friday as investors braced for a key monthly jobs report, with the Middle East crisis and a return to work at US ports also in high focus.
S&P 500 futures (ES=F) put on 0.3%, while Dow Jones Industrial Average futures (YM=F) added roughly 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) moved 0.4% higher.
Investors are marking time for the release of the September jobs report, expected to provide further evidence the labor market is cooling but not collapsing. A rapid weakening could prompt the Federal Reserve to once again lower interest rates by an outsized 0.5% in November.
Friday’s report, set for release at 8:30 a.m. ET, is expected to show nonfarm payrolls rose by 150,000. But Wall Street is likely to focus less on hiring and more on the unemployment rate, where a gain could boost bets on a larger rate cut.
Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards
While stocks are on track for weekly losses, the markets have shown some resilience in the face of a rough week of worrying headlines. The major gauges were off 1% or less as of Thursday’s close, with the S&P 500 and Dow still within striking distance of record highs.
In recent days, a huge ports strike, devastation from Hurricane Helene, and the prospect of a wider Mideast conflict brought the potential to lift prices and fan inflation. That in turn cast doubt on the Fed’s preferred 0.25% rate cut.
In a welcome move, the US dockworkers strike ended after a tentative wage deal was agreed late Thursday, though some issues remain to be settled by later this year.
On the downside, a barrage of strikes by Israel on Beirut kept alive the Mideast worries that have driven up oil prices. Western leaders warned about “uncontrollable escalation” as investors waited to see whether Israel will attack Iran’s oil facilities — a move President Biden said is under discussion.
Oil is on track for its biggest weekly gain in two years as tensions mount. Brent crude (BZ=F) and West Texas Intermediate (CL=F) futures rose over 1% on Friday morning, coming off a 5% gain the previous day.
Finance
Unlocking Private Credit Finance: A Conversation On Key White Papers and Industry Insights – Hosted By CMF DEI Council
October 9, 2024 2:00 PM-3:00 PM
Share to
Member Price | $0.00 |
Non-Member Price | $399.00 |
About the Event
Private Credit Finance is considered one of the fastest-growing segments of alternative investments. It has emerged as a dynamic and increasingly prominent sector within the global financial ecosystem. Unlike traditional bank loans or publicly traded bonds, private credit involves non-bank lending, where investment funds or other institutional investors provide capital directly to businesses.
Join MBA Education and industry experts for an exclusive webinar featuring a panel of distinguished experts from the Private Credit Finance sector, all of whom have contributed to influential white papers on the subject. This in-depth discussion will explore the historical evolution of the industry and analyze future trends based on data assessed in collaboration with leading economists.
Our panelists will highlight the key growth drivers within Private Credit Finance and discuss how these trends influence the traditional capital stack. Attendees will have the opportunity to engage directly with the experts through a live Q&A session.
Date/Time
- Wednesday, October 9 (2:00 PM – 3:00 PM ET)
Objectives
- Inform members and conduct an in-depth exploration of the Private Credit Finance landscape
- Analyze the evolution of Private Credit Finance and project its future trajectory
- Review detailed industry data presented by specialists who have contributed to White Papers in the field
Experience Level
- Entry-Level
- Intermediate
- Advanced
Target Audience
- Originators
- Producers
- Underwriters
- Attorneys
- Servicers
Speaker(s)
- Moderator: Amber Rao, CCIM, Senior Vice President/Senior Mortgage Banker, Key Bank Real Estate Capital
- Victor Calanog, Global Head of Research and Strategy, Manu Life
- Jan Sternin, Senior Vice President, Managing Director of Servicing, Berkadia
- Kevin Fagan, Senior Director & Head of CRE Economic Analysis, Moody’s Analytics
- Anuj Gupta, Chief Executive Officer, A10 Capital
-
Technology2 days ago
Charter will offer Peacock for free with some cable subscriptions next year
-
World1 day ago
Ukrainian stronghold Vuhledar falls to Russian offensive after two years of bombardment
-
News1 week ago
Video: Where Trump and Harris Stand on Democracy
-
World2 days ago
WikiLeaks’ Julian Assange says he pleaded ‘guilty to journalism’ in order to be freed
-
Technology21 hours ago
Beware of fraudsters posing as government officials trying to steal your cash
-
Business1 week ago
Visa, Google, JetBlue: A Guide to a New Era of Antitrust Action
-
Education1 week ago
Video: Los Angeles Bus Hijacked at Gunpoint
-
Politics1 week ago
FLASHBACK: VP Harris pushed for illegal immigrant to practice law in California over Obama admin's objections