Multilateralism

Climate holdout Japan drove Australia’s LNG boom. Could the partnership go green?

Retrieved on: 
Wednesday, June 12, 2024

Japan is also becoming a major gas trader and today exports more gas to other countries than it imports from Australia.

Key Points: 
  • Japan is also becoming a major gas trader and today exports more gas to other countries than it imports from Australia.
  • Even as the world rapidly shifts to a clean energy future, Japan is emerging as a fossil fuel holdout.
  • Developing new clean energy partnerships with energy-hungry Asian nations such as Japan, China and South Korea could boost climate cooperation, grow new clean energy exports and promote investment.

Japanese funding, Australian gas

  • For example, last month, the Japan Bank for International Cooperation provided Australia’s biggest gas corporation, Woodside, with A$1.5 billion in loans to develop the Scarborough gas field offshore from Western Australia.
  • Japanese power utility JERA also received $1.2billion from the Japanese bank to acquire a 15% stake in the project, gaining rights to a share of the liquefied natural gas (LNG) produced.
  • Over the past decade, Australian gas projects have typically been delivered late and over budget and have delivered poor returns for investors.
  • In the years ahead, Australian gas projects will struggle to deliver gas at internationally competitive prices.

Tokyo’s neon lights will keep glowing

  • Last year, Japanese ambassador Yamagami Shingo claimed Australian gas exports were crucial to keeping the neon lights of Tokyo glowing.
  • In reality, Japan is now reselling more LNG to other Asian nations than it imports from Australia.
  • Japanese gas corporations are contracted to buy more gas over the next decade than Japan will use at home, and are planning to sell excess gas in other markets in Asia.

Renewables offer Japan true energy security

  • Methane has added almost a third (30%) of the extra heat building up since the industrial revolution.
  • While Japan buys and resells Australian gas, it’s own power grid is greening.
  • Shifting to renewables even faster would improve Japan’s energy security by reducing dependence on imported gas.
  • Recent analysis suggests Japan could achieve a 90% clean energy system by 2035.

Without Japanese funds, Australian gas would be dwindling

Digital innovation and banking regulation

Retrieved on: 
Wednesday, June 12, 2024
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Contents Abstract 2 Non-technical summary 3 1 Introduction 5 2 The promises and perils of digital innovation 6 3 The EU fosters digital trends 8 3.1 A level playing field for providers and deployers of AI systems 8 3.2 Cross-sectoral regulation of markets for crypto-assets 10 3.3 Oversight of critical cloud computing service providers 11 4 Banking regulation and digital trends 14 4.1 Gaps in banking regulation 14 4.2 How to foster a risk-based prudential framework 15 4.3 Market discipline through harmonised Pillar 3 disclosures 17 5 Conclusion 18 6 References 20 Digital innovation and banking regulation 1 Abstract The European Union is aiming to foster digital transformation in all sectors by 2030.

Key Points: 
    • Contents Abstract 2 Non-technical summary 3 1 Introduction 5 2 The promises and perils of digital innovation 6 3 The EU fosters digital trends 8 3.1 A level playing field for providers and deployers of AI systems 8 3.2 Cross-sectoral regulation of markets for crypto-assets 10 3.3 Oversight of critical cloud computing service providers 11 4 Banking regulation and digital trends 14 4.1 Gaps in banking regulation 14 4.2 How to foster a risk-based prudential framework 15 4.3 Market discipline through harmonised Pillar 3 disclosures 17 5 Conclusion 18 6 References 20 Digital innovation and banking regulation 1 Abstract The European Union is aiming to foster digital transformation in all sectors by 2030.
    • This paper discusses digital innovation in the banking sector in the context of the academic literature on financial innovation and non-banks.
    • The paper examines the digital transformation of European banks in the context of broader academic research into financial innovation and non-banks.
    • The ?dual nature of financial innovation? theory posits that cycles of prosperity arising from financial innovation are followed by cycles of severe disruption.
    • The challenges are not new, but the question remains: how should digital innovation in the banking sector be regulated?
    • To meet this need, the paper suggests initiating digital innovation plans drawn up by banks for five years, but updated annually.
    • The digital trends discussed in this paper include artificial intelligence (AI), crypto-assets and cloud computing services, which are all contemporary forms of financial innovation.
    • ?he Digital Finance Strategy sets out the EU?s commitment to creating a safe environment for digital financial service providers and their customers by attaining four objectives by 2030: (i) remove fragmentation in the digital single market, (ii) adapt the regulatory framework to facilitate digital innovation, (iii) promote data-driven innovation by creating a common financial data space, and (iv) address the challenges and risks from digital transformation.
    • To address the possibility of overreliance on digital innovation, this paper provides recommendations to shape a system of banking regulation that is fit for purpose.
    • The paper concludes that EU banking regulation should more purposefully reflect digital trends and the need for a state-of-the-art prudential and disclosure framework to promote the goal of adapting the regulatory framework to facilitate digital innovation.
    • Section 3 discusses how the EU is fostering digital trends in three specific regulations (the AI Act, MiCa and DORA).
    • Section 4 discusses the limitations of the current banking regulatory framework when it comes to reflecting risks from digital trends.
    • 5 See Digital Finance Strategy for the EU and 2030 Digital Compass: the European way for the Digital Decade.
    • These failures have not been prevented in the past owing to regulatory capture and overreliance on the promises of innovation (Hellwig, 2009).
    • Analysis of the 2008 financial crisis has shown the connection between increased demand for collateral in unregulated shadow banking markets and the financial innovation of securitised subprime mortgages (Gorton, 2010).
    • The fact that shadow banking was allowed to blossom and compete with commercial banking without appropriate regulation and supervision was one of the root causes of the financial crisis.
    • Regulatory and supervisory innovation need to accompany financial innovation.
    • Banking supervisors should also consider using regulatory sandboxes to remain technologically up-to-date Given the interest in AI tools for banking services, European banking supervisors will need to consider setting up regulatory sandboxes to ensure they remain technologically savvy about the risks and opportunities associated with supervised banks? use of digital trends.
    • Digital innovation challenges the barriers between banks, regulated entities and other commercial entities whose services are essential for regulated ones.
    • Digital innovation plans are suggested as a means of providing a comprehensive overview of all the risks to which a bank is exposed by using various types of digital trends.

Long Beach Economic Partnership Announces Select LA Investment Summit 2024 to Be Held in Long Beach

Retrieved on: 
Monday, June 3, 2024

Long Beach Economic Partnership is pleased to announce that the 2024 Select LA Investment Summit will be held in Long Beach on June 20, 8:00 AM – 4:00 PM, at the Hyatt Regency Long Beach, 200 S Pine Ave. Long Beach, CA 90802.

Key Points: 
  • Long Beach Economic Partnership is pleased to announce that the 2024 Select LA Investment Summit will be held in Long Beach on June 20, 8:00 AM – 4:00 PM, at the Hyatt Regency Long Beach, 200 S Pine Ave. Long Beach, CA 90802.
  • Traditionally held in Los Angeles, Select LA’s decision to hold the summit in Long Beach marks a major milestone for the city’s growing prominence in the Southern California region.
  • "The significance of having Select LA in Long Beach on the heels of the relaunch of the World Trade Center Long Beach is just tremendous,” says Felipe Cusnir, Executive Director, World Trade Center Long Beach.
  • Select LA provides international and local companies with a comprehensive understanding of the region’s investment ecosystem with actionable insights that can guide key business decisions.

Sinoma International Successfully Hosts The Second SINOMA Cement Green & Intelligent Summit

Retrieved on: 
Thursday, May 23, 2024

BEIJING, May 23, 2024 - (ACN Newswire) - The Second SINOMA Cement Green & Intelligent Summit was held in Nanjing, Jiangsu province on May 17.

Key Points: 
  • BEIJING, May 23, 2024 - (ACN Newswire) - The Second SINOMA Cement Green & Intelligent Summit was held in Nanjing, Jiangsu province on May 17.
  • He said SINOMA International has promoted local cement production and created massive jobs when joining large-scale cement projects, acknowledging the company's contribution to Ethiopia's cement industry.
  • The Second SINOMA Cement Green & Intelligent Summit provided an important platform for enterprises in the global green and intelligent building materials industry to enhance communication, build trust, and strengthen cooperation.
  • The event will keep telling SINOMA stories to the world, showcase the new technologies and achievements of SINOMA International, and contribute to the high-end, intelligent, and green development of the global cement industry.

Changzhou's "Grand Canal Meets Seine River" Cultural Exchange Event Arrives in France

Retrieved on: 
Monday, May 27, 2024

PARIS, May 27, 2024 (GLOBE NEWSWIRE) -- In mid-May, the Changzhou "Grand Canal Meets Seine River" cultural exchange event series arrived in France.

Key Points: 
  • PARIS, May 27, 2024 (GLOBE NEWSWIRE) -- In mid-May, the Changzhou "Grand Canal Meets Seine River" cultural exchange event series arrived in France.
  • Over 500 friends from various sectors of French society enjoyed an intimate encounter with the Chinese city of Changzhou.
  • The event featured live city presentations by Changzhou leaders, a city image video in French, introductions to the city via ancient books, and various visual displays, including Jintan paper cuttings and sand art scrolls themed "Grand Canal Meets Seine River".
  • The flowing Seine and the Grand Canal bear witness to another encounter, fusion, and mutual understanding between the two countries.

Global Times: Xi's fruitful Europe visit brings new impetus to ties

Retrieved on: 
Saturday, May 11, 2024

BEIJING, May 10, 2024 /PRNewswire/ -- President Xi Jinping left Budapest on Friday, wrapping up his fruitful three-nation Europe visit, which both Chinese and European analysts believe injects momentum into China-Europe relations as well as future multipolarity and global stability.

Key Points: 
  • BEIJING, May 10, 2024 /PRNewswire/ -- President Xi Jinping left Budapest on Friday, wrapping up his fruitful three-nation Europe visit, which both Chinese and European analysts believe injects momentum into China-Europe relations as well as future multipolarity and global stability.
  • On Thursday, China and Hungary decided to elevate bilateral relations to an all-weather comprehensive strategic partnership for the new era.
  • Hungary was the last leg of Xi's Europe visit, which also included France and Serbia.
  • For Europe, the real risk would be to do without China," Sébastien Périmony, an expert from the Schiller Institute in France, told the Global Times.

BRI cooperation leads a golden period of China-Hungary ties: Chinese Ambassador

Retrieved on: 
Friday, May 10, 2024

Could you introduce what new characteristics and directions China-Hungary cooperation under the BRI will have in the future?

Key Points: 
  • Could you introduce what new characteristics and directions China-Hungary cooperation under the BRI will have in the future?
  • The 10 years of BRI cooperation between the two countries can be described as a golden period of rapid development in economic and trade cooperation between the two countries.
  • Hungary will also issue long-term visas to Chinese citizens visiting the country for investment and business cooperation.
  • In terms of Chinese language teaching and studying in China, Hungary has always been at the forefront among European countries.

Unleashing the New Momentum for China-Germany (China-Europe) Economic and Technological Cooperation

Retrieved on: 
Friday, May 10, 2024

BEIJING, May 10, 2024 /PRNewswire/ -- On May 6, 2024, the press conference on BEIJING CHINA-GERMANY FORUM FOR INDUSTRIAL COOPERATION AND DEVELOPMENT -- China-Germany (China-Europe) Hidden Champions Forum 2024 (Hereinafter referred to as the Forum 2024) was held at China-Germany Plaza in Shunyi District of Beijing.

Key Points: 
  • The Forum 2024 will be held at the Beijing China-Germany International Conference and Exhibition Center in Shunyi District from May 12 to 14, 2024.
  • Additionally, Zhang Zhang (NICTC Executive Director-General) and Zhu Dongfang (President of Asia Digital Group) participated in the conference.
  • It is reported that the Forum 2024 will include the Opening Ceremony & Plenary Sessions, a Roundtable on Innovation-driven Development between German Enterprises and Industrial Park, New Energy and Intelligent Vehicle Industry Development Forum, "Digital Intelligence in Shunyi" China-Germany (China-Europe) Cooperation and Development Forum, and China-Germany (China-Europe) Hidden Champions Economic and Technological Exchanges and Cooperation Forum.
  • Concurrently, the Forum 2024 will host activities such as the Shunyi Tour for Hidden-Champion Entrepreneurs and the China-Germany (China-Europe) Economic and Technological Interaction Area.

Unleashing the New Momentum for China-Germany (China-Europe) Economic and Technological Cooperation

Retrieved on: 
Friday, May 10, 2024

BEIJING, May 10, 2024 /PRNewswire/ -- On May 6, 2024, the press conference on BEIJING CHINA-GERMANY FORUM FOR INDUSTRIAL COOPERATION AND DEVELOPMENT -- China-Germany (China-Europe) Hidden Champions Forum 2024 (Hereinafter referred to as the Forum 2024) was held at China-Germany Plaza in Shunyi District of Beijing.

Key Points: 
  • The Forum 2024 will be held at the Beijing China-Germany International Conference and Exhibition Center in Shunyi District from May 12 to 14, 2024.
  • Additionally, Zhang Zhang (NICTC Executive Director-General) and Zhu Dongfang (President of Asia Digital Group) participated in the conference.
  • It is reported that the Forum 2024 will include the Opening Ceremony & Plenary Sessions, a Roundtable on Innovation-driven Development between German Enterprises and Industrial Park, New Energy and Intelligent Vehicle Industry Development Forum, "Digital Intelligence in Shunyi" China-Germany (China-Europe) Cooperation and Development Forum, and China-Germany (China-Europe) Hidden Champions Economic and Technological Exchanges and Cooperation Forum.
  • Concurrently, the Forum 2024 will host activities such as the Shunyi Tour for Hidden-Champion Entrepreneurs and the China-Germany (China-Europe) Economic and Technological Interaction Area.

China-France joint statement has gathered voices of justice: Global Times editorial

Retrieved on: 
Wednesday, May 8, 2024

The joint statement is an important outcome of the meeting between the leaders of the two countries.

Key Points: 
  • The joint statement is an important outcome of the meeting between the leaders of the two countries.
  • The joint statement also covers other major issues related to Middle East peace.
  • This joint statement symbolizes the widespread expectation of the international community against hegemonic politics.
  • The joint statement issued by the heads of state of China and France regarding the situation in the Middle East holds significant importance.