The International Sustainability Standards Board (ISSB) has released the IFRS Sustainability Disclosure Taxonomy, designed to reflect the IFRSS1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRSS2 Climate-related Disclosures, along with their accompanying guidance. This taxonomy provides elements for tagging sustainability-related financial information prepared in accordance with IFRS Sustainability Disclosure Standards. These elements enable companies to tag information about their sustainability-related risks and opportunities in...
Sydney, Australia, May 22, 2024 – Global investment firm Carlyle (NASDAQ: CG) and Australian private credit manager amicaa have announced a NZ$140 million debt financing package for New Zealand fuel retailer NPD. The funding will support a management buyout of the family-owned business.
A recent working paper from the Federal Reserve has examined how financial institutions manage potential risks in their credit card portfolios. The study, titled “Managing Risk in Cards Portfolios: Risk Appetite and Limits,” finds that firms typically employ a consistent approach to risk assessment, constantly monitoring potential risks against predetermined limits or thresholds.
STRESA – Secretary of the Treasury Janet L. Yellen met with France’s Minister of Economy and Finance Bruno Le Maire today on the sidelines of the G7 Finance Minister and Central Bank Governor Meetings in Stresa, Italy.
FRANKFURT – Secretary of the Treasury Janet L. Yellen today convened a roundtable with German financial executives to discuss global macroeconomic trends and financial sector risks, including illicit finance and Russian sanctions evasion.
STRESA – Yesterday, Secretary of the Treasury Janet L. Yellen met with European Commissioner for the Economy Paolo Gentiloni on the sidelines of the G7 Finance Minister and Central Bank Governor Meetings in Stresa, Italy. During their meeting, Secretary Yellen commended the European Union’s economic growth in the first quarter, alongside falling inflation and continued strength in the labor market.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have released proposed guidance on the Clean Electricity Production Credit and Clean Electricity Investment Credit, established under President Biden’s Inflation Reduction Act. This move aims to provide clarity to developers of clean electricity projects, furthering President Biden’s Investing in America Agenda, supporting American jobs, and enhancing energy production and security while reducing energy costs for consumers.
STRESA – Secretary of the Treasury Janet L. Yellen met with Italy’s Minister of Economy and Finance Giancarlo Giorgetti on May 15, 2024, during the G7 Finance Minister and Central Bank Governor Meetings in Stresa, Italy.
On May 16, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three individuals and three entities associated with the malicious botnet tied to the residential proxy service known as 911 S5. The individuals sanctioned are Yunhe Wang, Jingping Liu, and Yanni Zheng. The entities include Spicy Code Company Limited, Tulip Biz Pattaya Group Company Limited, and Lily Suites Company Limited.
WASHINGTON – The United States has commended the productive Annual Meetings of the European Bank for Reconstruction and Development (EBRD) and acknowledged the re-election of President Odile Renaud-Basso to a second term. The U.S., as EBRD’s largest shareholder, also welcomed Iraq's membership and Benin as EBRD’s 75th member and first sub-Saharan African member, indicating progress toward EBRD’s limited expansion into sub-Saharan Africa.
KYIV – Deputy Secretary of the Treasury Wally Adeyemo met with Iryna Mudra, Deputy Head of the Presidential Office of Ukraine, during his visit to Kyiv. During the meeting, Deputy Secretary Adeyemo praised Mudra for her efforts in developing an international compensation mechanism aimed at holding Russia accountable for its actions against Ukraine. They discussed ongoing initiatives to unlock the value of immobilized Russian sovereign assets (RSA) to support Ukraine.
The Federal Reserve Bank of New York has published a white paper examining the financial impact of flooding on low- and moderate-income households in New York City. The study, titled "Flooding Impacts on Household Finances: Insights from Focus Groups in New York City," is based on focus groups conducted by the New York Fed’s Community Development team in 2023 with 31 residents whose homes have been affected by floods.
Secretary of the Treasury Janet L. Yellen met with European Central Bank President Christine Lagarde yesterday on the sidelines of the G7 Finance Minister and Central Bank Governor Meetings in Stresa, Italy.
On May 16, 2024, U.S. Secretary of the Treasury Janet Yellen, alongside Department of Agriculture Secretary Tom Vilsack, Department of Energy Secretary Jennifer Granholm, Senior Advisor for International Climate Policy John Podesta, National Economic Advisor Lael Brainard, and National Climate Advisor Ali Zaidi announced the release of a Joint Statement of Policy and new Principles for Responsible Participation in Voluntary Carbon Markets (VCMs). These markets have the potential to channel private capital towards decarbonization efforts.
In April, President Tom Barkin, Regional Executive Matt Martin, and Regional Economist Laura Ullrich from the Federal Reserve Bank met with local community and business leaders in North Carolina’s Surry and Yadkin counties. This visit was part of the Bank’s Community Conversations program aimed at understanding the economic strengths and opportunities facing the region.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has amended the Cuban Assets Control Regulations (CACR) to further support the Cuban people and independent private sector entrepreneurs. This move aligns with the policy announced by the Biden-Harris Administration on May 16, 2022. The regulatory amendments will take effect upon publication in the Federal Register on May 28, 2024.
The Federal Reserve Bank of New York has announced the results of the High School Fed Challenge, an academic competition where student teams research and analyze an economic theme, subsequently crafting podcast scripts that encapsulate their findings. The selected scripts will be published in this year's Journal of Future Economists, set for release this summer.
Deputy Secretary of the Treasury Wally Adeyemo recently delivered remarks at the Vice President’s Economic Opportunity Tour Event in Milwaukee, Wisconsin. He began by expressing his gratitude for the warm introduction and acknowledging the presence of Acting Secretary Adrianne Todman and Vice President Kamala Harris.
