news: The 13th consecutive interest rate announcement by the Bank of England to combat inflation is anticipated.
At 12:00 BST, the Bank of England is anticipated to announce its 13th consecutive increase in interest rates. This comes after the base rate was increased last month from 4.25% to 4.5%, the 12th straight increase and the highest rate in over 15 years. These actions are being taken by the Bank to curb price increases and combat inflation, which stayed at 8.7% in May despite forecasts that it would drop. Although it is anticipated that interest rates would increase to 4.75%, other analysts believe they may increase by 5%. Mortgage repayments for homeowners are anticipated to climb significantly as of Thursday, when the average rate for a two-year fixed agreement hit 6.19%.
Macron Calls for Massive Investment to Address Climate Emergency and Poverty at Paris Summit at 11 AM CET
At the Paris Summit, French President Emmanuel Macron called for enormous investment to address the poverty crisis and the climate disaster. The two-day summit’s goal is to find better ways to address the problems of poverty and climate change through altering the world financial system. The summit’s goal is to debate methods to overhaul the international financial system and deal with the debt, climate change, and poverty issues. It is being attended by more than 50 heads of state, world finance leaders, and activists. Macron maintained that there needs to be a “financing jolt” and greater investment from the public and private sectors.
10:30 CET – In a lawsuit, former Credit Suisse CEOs are charged with taking excessive risks. In a court filing, three former CEOs of Credit Suisse were charged with taking excessive risks. According to the lawsuit, the executives adopted a high-risk strategy that caused the bank and its stockholders to suffer large losses. The case was filed after various scandals, notably the failure of Greensill Capital and the Archegos Capital Management fiasco, devastated Credit Suisse. The bank has been criticised for its risk management procedures, and shareholders have called for a board overhaul.
10 AM CET: GAIA, a $1.5 billion climate finance platform, is launched by Mitsubishi UFJ Financial Group.
A new $1.5 billion platform dubbed GAIA has been developed by Mitsubishi UFJ Financial Group and its collaborators to promote climate-focused investment in emerging and developing nations. The project will combine funding from the corporate sector with grants from charitable organisations and the governmental sector. The platform seeks to have an impact on approximately 20 million individuals across 25 nations and is supported by several UN agencies as well as public, corporate, and nonprofit organisations.
9:30 AM CET – The necessity to invest in food systems is highlighted in a new UNEP, FAO, and UNDP report in order to meet the SDGs.
SDGs and climate objectives depend on food systems, but they urgently need to be transformed. In order to close the $350 billion budget deficit by 2030, private financing is crucial. The financial industry may affect change through persuading clients, rerouting money flows, and building sustainable portfolios. The paper from the UNEP-FI, FAO, and UNDP provides steps for private financiers and the necessity of a supportive political environment. View the complete report here.
9 AM CET – The Titan submarine must be saved in the next several hours.
Authorities are racing against time to find and rescue the submarine after it lost contact with its mother ship while investigating the depths of the Titanic disaster, leaving the crew of the Titan with just a few hours of oxygen. Visit this page to read our story in its entirety.
8 AM CET – The largest Carbon Credits contract to date is signed by Boston Consulting Group.
A substantial DAC agreement has been struck between BCG and CarbonCapture for the purchase of 40,000 tonnes of CO2 removal credits over a five-year period. The IPCC reports that DAC technology might play a significant role in scaling up carbon removal techniques to keep warming to 1.5°C. DAC technology removes CO2 from the atmosphere.