Finance
Peloton finance chief steps down, former Amazon executive to succeed
June 6th (Reuters) – Exercise bicycle maker Peloton Interactive Incorporation (PTON.O) said about Monday its Chief Fiscal Officer Jill Woodworth possessed decided to step along, and would be changed by former Amazon.contendo Inc (AMZN.O) exec Liz Coddington.
The transfer closely follows the alternative of top boss Bob Foley by former Spotify Technology SA (SPOT.N) together with Netflix Inc (NFLX.O) CFO Barry McCarthy earlier this year and comes at a time frame when the company is usually struggling with a funds crunch. read more
Coddington served as the Dérèglement President of Finance regarding Amazon Web Services, earlier to which she placed senior roles at organizations including Walmart Inc (WMT.N) and Netflix.
Woodworth, who has been having the company since 2018, will function a advisor for Peloton on a good interim basis.
Register right now for FREE unlimited use of Reuters.com
Reporting by Nathan Gomes in Bengaluru; Enhancing by Krishna Chandra Eluri
Our Standards: The Thomson Reuters news agency Trust Principles.
Finance
Rich nations met $100b climate finance goal two years late: OECD
PARIS: Wealthy countries met their target of providing $100 billion in annual climate aid to poorer countries for the first time in 2022 though two years later than promised, the OECD said Wednesday.
The failure to raise the money on time has eroded trust in climate negotiations and the OECD report comes as nations race to set a more ambitious goal by November.
In 2009, developed nations promised to raise $100 billion a year by 2020 to help low-income countries invest in clean energy and cope with the worsening impacts of climate change.
More than a decade later this target was finally met for the first time in 2022 with $115.9 billion raised, the Organisation for Economic Co-operation and Development said.
ALSO READ: World needs ‘trillions’ for climate action: COP28 president
“This achievement occurs two years later than the original 2020 target year,“ said the OECD, which tracks official figures on climate finance pledges.
The $100 billion target is nowhere near what experts say developing nations will need for renewable energy and adaptation measures like coastal defences against rising seas.
A panel convened by the UN estimates these countries — excluding China — will need $2.4 trillion a year by 2030 to meet their climate and development needs.
Donors have also been accused of repackaging existing aid pledges as climate finance and making the money largely available as loans instead of unconditional grants.
ALSO READ: WEF report: Climate change to cause millions of deaths by 2050
Climate finance is a thorny issue at the annual UN climate talks and negotiators have been working this year to try and set a new goal to replace and go beyond the $100 billion target.
The hosts of this year’s COP29 in gas-rich Azerbaijan have made the matter a priority and hope to have an ambitious agreement inked during the summit in November.
Finance
How the general election could affect your finances
With the date of the general election now set, finance is set to be a central issue with interest rates and inflation still high.
Money is still “so tight” for millions of people, said the Daily Express, meaning that the financial policies of the main political parties will be crucial in deciding who to vote for.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
SUBSCRIBE & SAVE
Sign up for The Week’s Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Pension policies
Savings reform
Tax thresholds
Housing
Finance
Hong Kong is more entrepreneurial, open and diverse than Singapore: Paul Chan
Addressing competition with Singapore and questions from US firms about expanding in the region, he said: “Hong Kong is a lot more entrepreneurial. When it comes to the entrepreneurial spirit and innovation, I think you’ll find it more interesting … Hong Kong is [also] more open and diverse. On lifestyle, Hong Kong is a lot more interesting too.
“Come talk to us. Depending on the scale of the investment, the size of operation, the stage of the technology that you’re bringing, we can tailor-make specific packages for you.”
He said the city was an ideal destination for businesses planning to expand into North Asia and the mainland, citing the connectivity that allowed travellers to reach more than half of the world’s population within five hours’ flight time.
Chan also highlighted the strengths of Hong Kong’s stock market, touting its advantages over Singapore’s, which he described as being “no comparison in terms of depth and breadth”.
The market capitalisation of companies listed on Hong Kong’s stock exchange stood at HK$32.1 trillion, compared with HK$7.4 trillion on Singapore’s bourse. But the city state has a larger economy that is considered more diversified.
The lunch event was co-organised by the Hong Kong Economic and Trade Office in San Francisco and the Bay Area Council, a California-based business association with more than 300 member companies. It was held in the dining hall of a luxury hotel in downtown San Francisco.
Attendees included about 100 representatives from California-based businesses, start-ups and trade associations, but no US officials were present.
In his speech, titled “Hong Kong’s New Chapter: Empowering Growth through Innovation and Sustainability”, Chan said Hong Kong remained attractive as “a springboard” for accessing the mainland and Asian markets.
“Coming to Hong Kong, on one hand you will have convenience and sometimes priority access to the mainland,” he said. “At the same time, from there, your international character and your international facets will be preserved. Talent, goods and data are movable.”
The memorandum of understanding signed between InvestHK and the Bay Area Council covered joint promotion investment with a focus on green finance and sustainable development.
San Francisco and Berkeley were the final destinations of the first-ever joint delegation composed of senior officials from Hong Kong, Macau and Guangdong province to promote business opportunities in the Greater Bay Area, a plan by Beijing to turn Hong Kong, Macau and nine Guangdong cities into a hi-tech economic powerhouse by 2025.
The joint delegation, which concluded a four-day visit in Paris before heading to the US, will stay in California until Friday to attend the US-China High-Level Event on Subnational Climate Action. It is also expected to take part in the Bay to Bay Dialogue event with Californian businesses.
The visit is Chan’s second to San Francisco in six months, after he attended the Asia-Pacific Economic Cooperation summit in November last year on behalf of city leader John Lee Ka-chiu.
Lee, who is sanctioned by the US, had cited a pre-scheduled agenda clash and turned down the invitation.
Chinese President Xi Jinping met his US counterpart, Joe Biden, during the summit, with both sides agreeing to work together to cooperate on risks posed by artificial intelligence.
Before their meeting, California Governor Gavin Newsom visited the mainland and made a brief stop in Hong Kong as part of a week-long trip last October, partly to “advance climate action”, according to his office.
The San Francisco Bay Area has reigned as a global hub for technological innovation, notable for the vast number of tech giants headquartered there, including Apple, Google and Facebook.
The Hong Kong delegation’s lobbying efforts come as the mainland also seeks foreign investment to revitalise its sluggish economy, which has been hampered by weak business confidence, partly due to a property market downturn.
-
Movie Reviews1 week ago
‘The Substance’ Review: An Excellent Demi Moore Helps Sustain Coralie Fargeat’s Stylish but Redundant Body Horror
-
Culture1 week ago
From Dairy Daddies to Trash Pandas: How branding creates fans for lower-league baseball teams
-
News1 week ago
Red Lobster files for bankruptcy after missteps including all-you-can-eat shrimp
-
World1 week ago
Panic in Bishkek: Why were Pakistani students attacked in Kyrgyzstan?
-
News1 week ago
The states where abortion is on the ballot in November : Consider This from NPR
-
Politics1 week ago
Michael Cohen swore he had nothing derogatory on Trump, his ex-lawyer says – another lie – as testimony ends
-
News1 week ago
City of Kyle falls short of ‘Kyle’ world record
-
Politics1 week ago
Anti-Israel agitators interrupt Blinken Senate testimony, hauled out by Capitol police